/raid1/www/Hosts/bankrupt/TCREUR_Public/040428.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

            Wednesday, April 28, 2004, Vol. 5, No. 83

                            Headlines

C Z E C H   R E P U B L I C

IPB BANKA: Prosecutors Dropping Case Against Former Executive
TELESYSTEM INTERNATIONAL: S&P Keeps 'B-' Rating; Outlook Stable


F I N L A N D

METSO CORPORATION: Selling Dynapac to Altor for EUR275 Million


F R A N C E

RHODIA SA: Proposed New EUR625 Million Notes Rated (P)B3


G E R M A N Y

COMMERZBANK AG: First-quarter Earnings Dwarf Market Expectations
HEIDELBERGCEMENT AG: All Moody's Ratings Assigned Stable Outlook


H U N G A R Y

MALEV RT: Workers Demanding Wage Hike Launch Industrial Action


I T A L Y

PARMALAT FINANZIARIA: Swiss Keep Bank Documents from Italians
PARMALAT FINANZIARIA: Former BofA Exec Links Bank to Fraud


N E T H E R L A N D S

VENDEX KBB: Moody's Lowers Ratings; More Downgrades Loom
VENDEX N.V.: Recommends EUR1.4 Bln Bid of Kohlberg-led Group


R O M A N I A

MOBIFON HOLDINGS: Unsecured 2010 Notes Soar to 'B-' from 'CCC+'


R U S S I A

AGRO-KHIM-PARTNER: Deadline for Proofs of Claim May 9
ANZHERSKIYE CENTRAL: Insolvent Status Confirmed
ARCHEDINSKY BREAD: Bankruptcy Proceedings Begin
BELOGORSKY MEAT: Amur Court Appoints Insolvency Manager
METROMEDIA INTERNATIONAL: Inquiry Clears Magticom of Misconduct

NERCHINKY MINE: Under Bankruptcy Supervision Procedure
SAINT-PETERSBURG CENTER: Falls into Bankruptcy
SAKHALIN FISHING: Sakhalin Court Appoints Insolvency Manager
VASILJEVSKY DISTILLERY: Court Sets May 26 Hearing
YUKOS OIL: Long-term Corporate Credit Rating Slips to 'CCC'
ZARYA: Ordered to Undergo Bankruptcy Supervision
ZUBR: Bankruptcy Supervision Procedure Begins


S P A I N

CIRSA BUSINESS: S&P Rates Long-term Corporate Credit 'BB-'


S W I T Z E R L A N D

LM ERICSSON: Dangles EUR237.3 Million to Italian Subsidiary


U K R A I N E

AROHNYANKA: Succumbs to Bankruptcy
DOBROBUT: Under Bankruptcy Supervision Procedure
DZHANKOJ TIN: Bankruptcy Supervision Procedure Begins
KOPICHINSK PROCESSING: Deadline for Proofs of Claim May 20
KRANOBUDIVNIJ ZAVOD: Declared Insolvent

PERVOMAISKIJ PLANT: Court Commences Bankruptcy Proceedings
SFERA-Export: Insolvent Status Confirmed
SKALA-PODILSKE: Ternopil Court Appoints Insolvency Manager
YEVPATORIYA AUTO: Bankruptcy Proceedings Begin


U N I T E D   K I N G D O M

2M RECORDINGS: Appoints Liquidator from David Rubin & Partners
ASTER BUILDING: Shareholders Okay Voluntary Winding up
AUTOWASH LUXURY: Appoints Ian Brown Liquidator
BAE SYSTEMS: Thales May Bid for Shipbuilding Business
BALTIMORE TECHNOLOGIES: Acquisitor Holdings Mulls Libel Suit

BALTIMORE TECHNOLOGIES: To Pursue Complaint Against Acquisitor
BATISTE PUBLICATIONS: Names Liquidators from Benedict Mackenzie
BERRY RECRUITMENT: Vantis Business Recovery Appointed Liquidator
CANARY WHARF: CWG Acquisition's Offer Remains Open Until May 21
CANARY WHARF: CWG Posts Acceptance Form, Supplemental Document

CAREER DEVELOPMENT: Creditors Meeting Set May 7
CEDAR WALK: Appoints Milsted Langdon Liquidator
CONCENTRIC CONTROLS: Creditors Meeting Set May 4
COURTYARD CAFE: Hires Liquidator from Leonard Curtis & Co
CPC FOODS: In Administrative Receivership

DEGNAN UTILITY: Appoints Moore Stephens Administrator
D & L FABRICATIONS: Winding up Resolutions Passed
FOFANA LIMITED: Calls in Liquidator
FREETH CARTWRIGHT: Hires Liquidators
GA DESIGN: Bank of Scotland Appoints KPMG Receiver

HOLLINGER INC.: Apax Partner to Bid for Telegraph with Candover
KINGSBRIDGE ADVISORS: Names Begbies Traynor Administrator
K&J LUGGAGE: Hires Receivers from Tenon Recovery
LOWER DON: Brings in Liquidator
MALLARD ACCESSORIES: Appoints Tenon Recovery Administrator

MAX IMAGING: Hires Deloitte & Touche Administrator
MCL ENGINEERING: Appoints Administrative Receiver
MYRATECH.NET PLC: Company Profile
NORTH WEST: Final General Meeting May 28
PAGE-JOHNSON: Sets General Meeting May 28

ROBERNS HOMES: Meeting of Creditors May 10
SWINDON TRUCK: Final Meeting Set May 25
TRAVEL DESIGN: Names Tenon Recovery Administrator
WEMBLEY PLC: To Unveil BLB Investors' Revised Offer this Week
YORKSHIRE GROUP: Shares Suspended on Delayed Reporting


                            *********


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


IPB BANKA: Prosecutors Dropping Case Against Former Executive
-------------------------------------------------------------
Libor Prochazka, former executive of Investicni a postovni
banka, could walk away unscathed from the cases he is facing in
relation to the collapse of the bank in 2000.

Citing Czech daily Lidove noviny, Inter-fax said Czech
authorities are reportedly dropping the criminal charges against
him after expert analysis determined him to be innocent.  The
report quoted an unnamed official with the police anti-
corruption and financial crime unit saying: "Only one conclusion
follows from the analysis ... that is the closure of the
criminal prosecution."

Mr. Prochazka is facing charges of mismanagement in relation to
transactions he facilitated between 1997 and 1999.  These deals
allegedly harmed the Restitution Investment Fund.  The dismissal
of the case will mark Mr. Prochazka's second victory in the
ongoing prosecution of individuals allegedly responsible for the
bank's fall into administration.  In 2002, he and former
colleague, Aladar Blaas, were cleared of charges of misuse of
business information.


TELESYSTEM INTERNATIONAL: S&P Keeps 'B-' Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on wireless holding company Telesystem
International Wireless Inc. (TIW).  The outlook is stable.  TIW
owns and operates wireless telecommunications companies in
Romania through MobiFon Holdings B.V. (MobiFon Holdings), and in
the Czech Republic through TIW Czech N.V.

Both TIW Czech and MobiFon Holdings are held indirectly through
subsidiary ClearWave N.V., in which TIW has 99.9% economic and
99.8% voting ownership.  ClearWave owns 100% of MobiFon
Holdings, which in turn owns 63.5% of operating company MobiFon
S.A.  ClearWave also has 27.1% economic (50.8% voting) ownership
in TIW Czech, which in turn owns 99.87% of operating company
Cesky Mobil A.S.

The ratings on TIW are consolidated and equalized with those on
subsidiary MobiFon Holdings (B-/Stable/--).

"TIW's recent increase in ownership of intermediate holding
company ClearWave gives TIW effectively full ownership and
control over both ClearWave and MobiFon Holdings," said Standard
& Poor's credit analyst Joe Morin.  "Although TIW currently has
a cash balance estimated at more than US$70 million, and has no
debt and only modest corporate overhead expenses, the company is
still dependent on MobiFon Holdings for dividends in the long
term."

TIW's other operating subsidiary, TIW Czech, is credit neutral
to the ratings on TIW.  TIW Czech is not expected to be in a
position to provide dividends for several years.  Then again,
TIW Czech has no recourse to TIW, and therefore the default risk
at TIW is delinked from TIW Czech.

MobiFon Holdings' only asset is its 63.5% interest in operating
subsidiary MobiFon S.A.  The ratings on MobiFon Holdings reflect
the creditworthiness of MobiFon S.A. as the source of dividends,
but also reflect the resultant weak cash interest coverage of
its notes (currently about 2x) given high debt leverage and
substantial foreign currency exposure at both MobiFon Holdings
and MobiFon S.A. (collectively referred to as MobiFon).
MobiFon's financial risk profile is deemed to be high due to its
overall leverage as an emerging market operator, and the debt
structure that is in place (with senior secured debt at MobiFon
S.A. and structurally subordinated debt at MobiFon Holdings).
In addition, MobiFon has substantial foreign currency exposure
to Romania, given revenues are denominated in Romania lei and
all debt is denominated in U.S. dollars.  Although management
sets tariffs in U.S. dollars and bills in lei, there is a risk
that they would not be able to fully offset a material
devaluation of the lei.  These factors are somewhat mitigated by
MobiFon's lead market position in the Romanian wireless
industry, high EBITDA margins, and sizable and growing free cash
flows.

The stable outlook reflects Standard & Poor's expectation that
TIW will continue to receive sufficient funds from MobiFon S.A.,
through MobiFon Holdings and ClearWave, to ensure that corporate
overhead and other corporate obligations are met.  The outlook
also assumes that TIW will not incur any additional debt.


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


METSO CORPORATION: Selling Dynapac to Altor for EUR275 Million
--------------------------------------------------------------
After reviewing the development alternatives for its compaction
and paving equipment business line, Dynapac, Metso Corporation
has signed an agreement to divest the business to the Nordic
private equity investor, Altor, for approximately EUR275 million
on a debt-free basis.  The divestiture of Dynapac will be
completed after the relevant regulatory approvals.  The final
price of the divestment will be based on the net asset value at
the closing date.  The divestment will have a significant
positive effect on Metso's gearing which will decrease
approximately by 26 percentage points.

"The divestiture of Dynapac implements Metso's strategy,
strengthens considerably Metso's balance sheet and gives us
better opportunities to concentrate on improving our operational
excellence," says Jorma Eloranta, President and CEO of Metso
Corporation.

"The acquisition of Dynapac is consistent with Altor's strategy
to invest in leading Nordic mid-market companies with strong
growth potential," said Harald Mix, a founding partner of Altor.

"We see strong potential for further profitable growth for
Dynapac as an independent company both through geographical
growth, particularly in North America and China, as well as
through new product introductions," commented Jaakko Kivinen,
investment director at Altor.

Dynapac's President Ronald Kok stated he is very pleased to have
Altor as a new owner, and said: "We see a very positive outlook
for our current product offering, including several recent new
product introductions, and are enthusiastic to be able to focus
on developing our business.  We pride ourselves on offering a
wide range of innovative and cost efficient, high-quality
solutions as well as committed service for our customers around
the world."

Dynapac, part of Metso Minerals, is a leading global
manufacturer of compaction and paving equipment.  In 2003, the
net sales of Dynapac totaled EUR322 million, which represents
less than a fifth of Metso Minerals' net sales.  At the end of
2003 Dynapac employed some 1,800 people.  Dynapac designs,
manufactures and sells under its strong and established brand
name rollers, pavers, planers and concrete and light compaction
equipment and services.

Dynapac has seven manufacturing plants, located in Sweden,
Germany, France, Brazil and China.  In addition, the company
operates in more than 50 countries.  Dynapac became part of
Metso Corporation in 2001 as a result of its acquisition of
Svedala.  Dynapac has been operating as an independent business
with relatively limited synergies with the other businesses
within Metso Minerals.  Dynapac was established in 1934 in
Karlskrona, Sweden.

Related to the divestment of Dynapac, Metso will book
nonrecurring expenses of approximately EUR7 million in the first
quarter of 2004.  Following the divestiture the value of
goodwill and other intangible assets on Metso's balance sheet
will decrease by approximately EUR130 million.

The Altor 2003 Fund is a Nordic private equity fund with EUR650
million in committed capital.  Altor focuses on control
investments in the middle market segment of the Nordic region,
concentrating on investment opportunities where it can
contribute to long-term value creation through operational
improvements and growth initiatives.  Since its establishment,
Altor has completed three acquisitions, namely Lindorff, Contant
and Aco Hud.  Altor was named Fund of the year at the 2003
European Private Equity Summit and Awards, organized by the
European Private Equity and Venture Capital Association (EVCA),
Real Deals Magazine and INSEAD.

                            *   *   *

Metso Corporation, whose corporate credit is rated 'BB+' by
Standard & Poor's, is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation
reached EUR4.3 billion.  It has approximately 26,000 employees
in 50 countries.  Metso Corporation is listed on the Helsinki
and New York Stock Exchanges.

CONTACT: METSO CORPORATION
         Jorma Eloranta, President and CEO
         Phone: +358 204 843 000

         Olli Vaartimo, Executive Vice President and CFO
         Phone: +358 204 843 010

         Eeva Makela, Manager, Investor Relations
         Phone: +358 20 484 3253

         Web sites: http://www.metso.com
                    http://www.altor.com


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


RHODIA SA: Proposed New EUR625 Million Notes Rated (P)B3
--------------------------------------------------------
Moody's Investors Service affirmed the current ratings of
intermediates and specialty chemicals group, Rhodia S.A.,
considering the company's refinancing plan, and disposal
program.  The rating agency affirmed these ratings:

(a) current B2 Senior Implied

(b) B3 Senior Unsecured Notes

(c) B3 Issuer ratings

(d) Caa1 Senior Subordinated notes' ratings.

The outlook for all debt security ratings remains negative.
Concurrently, it assigned:

(a) (P)B3 rating to the proposed new EUR625 million 144A notes
    issuance

(b) new B2 rating to the EUR638 million medium term and EUR119
    million short term bank facilities of Rhodia S.A.

Moody's said the affirmation reflects: the resolution and
signing of a medium-term financing plan for the group; the
higher than expected underwritten equity issuance amounting to
EUR471 million in gross proceeds; and the realization of its
EUR320 million in gross disposal proceeds from the food
additives sale at a higher than expected multiple (~10x).  It
expects Rhodia to "meet and even exceed its target disposal
proceeds for the year at multiples that will allow for group
deleveraging."


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


COMMERZBANK AG: First-quarter Earnings Dwarf Market Expectations
----------------------------------------------------------------
In the first quarter of 2004, the Commerzbank Group achieved an
operating profit of EUR435 million, thereby exceeding market
expectations.  The momentum of earnings growth is revealed by
the consolidated profit in particular, which improved from EUR3
million in the first quarter of 2003 to EUR254 million.  This is
the strongest three-month result since autumn 2000.

Operating expenses (EUR1.104 million) and provision for possible
loan losses (EUR238 million) declined further.  With continuing
improvement in the average lending margin, net interest income
after provisioning (EUR480 million) was 6% higher in the first
quarter than a year previously; net commission income (EUR597
million) rose by 15%.  At EUR314 million, the trading profit was
even 36% higher.  As the proceeds from disposals of investments
were only limited in scale, the results impressively demonstrate
the progress made in operative business.

Klaus-Peter Muller, chairman of the bank's management board,
commented: "With this jump in earnings, we have confirmed the
upward trend that has been maintained over the past year.  It
shows that we are well positioned in our core business lines and
are able to benefit from favorable capital-market conditions in
our securities activities.  The traditionally good first-quarter
result should not be projected on to the year as a whole.  The
management board is confident, though, that the adopted measures
will generate positive results in the further course of the year
as well."

The complete interim report -- including segment reporting --
will be published on May 10.

Commerzbank: consolidated income statement (in million euros):

                   Q1 2004  Q1 2003   change in %

Net interest income   718          705      1.8
Provision for possible
loan losses              -238         -252          -5.6
Net interest income
after provisioning   480          453      6.0
Net commission income   597          520     14.8
Net result on
hedge accounting           4           10        -
Trading profit         314          231     35.9
Net result on
investments and
securities portfolio    77          105    -26.7
Other operating result    67           32    109.4
Total income       1,539        1,351          13.9
Operating expenses      1,104        1,179     -6.4
Operating profit         435          172    152.9
Regular amortization
of goodwill                20           30    -33.3
Restructuring expenses     -          104        -
Pre-tax profit         415           38       -
Taxes                     128            2       -
After-tax profit         287           36            -
Profit attributable to
minority interests   -33          -33            -
Consolidated profit   254            3            -
Earnings per
share in euros        0.43         0.01
Operative cost/income
ratio in %              62.1        73.50
Operative return
on equity in %*)        17.0         6.00
(*) annualized


HEIDELBERGCEMENT AG: All Moody's Ratings Assigned Stable Outlook
----------------------------------------------------------------
Moody's Investors Service changed its outlook on all the ratings
assigned to HeidelbergCement AG from negative to stable, citing
expectations that the company's operating performance will
moderately improve this year.

The rating agency also noted HeidelbergCement's improved
liquidity profile after its refinancing.  It believes the
company should be able to further reduce debt and lift debt
protection metrics above year-end 2003 levels by virtue of its
free cash flows and disposal program.

Ratings affected by this change in outlook to stable are:

HeidelbergCement AG:

(a) Ba1 senior implied rating (affirmed).

(b) Ba1 for senior unsecured debt guaranteed by key operating
    subsidiaries.

(c) Ba3 for the senior unsecured un-guaranteed issuer rating and
    senior unsecured MTN.

(d) Not-Prime for short-term debt.

HeidelbergCement Finance B.V.:

(a) Ba1 for senior notes guaranteed by HeidelbergCement and key
    operating subsidiaries.

(b) Ba3 for senior debt guaranteed by HeidelbergCement, only.

(c) Ba3 for senior unsecured MTN guaranteed by HeidelbergCement.

(d) Not-Prime for short-term debt guaranteed by
    HeidelbergCement.

HeidelbergCement Financial Services AB:

(a) Ba1 for senior notes guaranteed by HeidelbergCement and key
    operating subsidiaries.

(b) Ba3 for senior debt guaranteed by HeidelbergCement only.

(c) Ba3 for senior unsecured MTN guaranteed by HeidelbergCement.

(d) Not-Prime for short-term debt guaranteed by
    HeidelbergCement.


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


MALEV RT: Workers Demanding Wage Hike Launch Industrial Action
--------------------------------------------------------------
Malev Rt's ground workers at Ferihegy International Airport
staged a one-day strike Tuesday, according to Budapest Business
Journal.

The workers, belonging to Independent Airline Workers' Union,
are complaining about management's failure to submit written
wage hike proposal as provided in the labor code.  They plan to
launch further actions until they get a solid deal from
management.

Malev has been aiming to cut losses (HUF8.7 billion in the first
nine months of 2003) in order to receive a HUF3 billion capital
injection from the State Privatization and Holding Company in
the first quarter of 2004.


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


PARMALAT FINANZIARIA: Swiss Keep Bank Documents from Italians
-------------------------------------------------------------
Italian prosecutors failed to convince Swiss authorities to
grant them access to bank accounts earlier frozen as part of an
inquiry into the Swiss subsidiaries of Parmalat.

The Federal Tribunal on Saturday said only the Swiss federal
public ministry was competent to judge the Italian request.
Prosecutors in the northern Italian city of Parma had requested
for documents to strengthen their case against former executives
believed to have masterminded Europe's largest financial fraud.

The Swiss government froze the accounts of two Parmalat
subsidiaries in January and March in relation to its probe on
possible money laundering or accounting fraud.  Parmalat filed
for administration in December after the discovery of more than
EUR14.2 billion (US$16.8 billion) in missing funds from the
company's books.


PARMALAT FINANZIARIA: Former BofA Exec Links Bank to Fraud
----------------------------------------------------------
Court documents show former Bank of America official, Luca Sala,
helped Parmalat misrepresent its transaction to the public,
according to Bloomberg News.

In his court testimony, Mr. Sala was shown to have a hand in
drafting a press release from the dairy group that described a
US$300 million share sale in 1999.  The press release said the
bank led a group of North American investors in buying an 18%
stake in the dairy company's main Brazilian unit in a
transaction worth about US$1.35 billion.

The deal -- which is actually a loan transaction partly secured
by the Brazilian stake, according to documents filed in Italian
and U.S. courts -- values the stake at more than two-thirds of
Parmalat's total market value at the time.  As a result the
group's shares rose 17% higher, its largest one-day gain in
seven months.

"The reality is that, from the beginning, the operation never
was an equity investment," Milan financial police said in court
papers summarizing Mr. Sala's testimony in February and March.

The lawyer representing Mr. Sala, Salvatore Catalano, did not
return calls to comment on the issue, according to Bloomberg.
Mr. Sala worked as consultant for Parmalat for six months after
he resigned from Bank of America's Milan office in June 2003.


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


VENDEX KBB: Moody's Lowers Ratings; More Downgrades Loom
--------------------------------------------------------
Moody's Investors Service last week lowered Vendex KBB's senior
implied rating to Ba2 from Ba1, issuer rating to Ba2 from Ba1,
and EUR200 million senior subordinated note rating to B1 from
Ba3.  The note is due 2010.  The ratings remain on review for
possible downgrade.

The rating agency said the action relates specifically to the
operating issues that were highlighted after the company
announced in February it might be bought out by a private equity
house.  It also factors in Moody's expectation that retail
environment in Holland and Belgium will continue to be
challenging in 2004, and Moody's view that "Vendex's credit
metrics as at January 2004 (Total Cover at 1.7 times, Net
adjusted debt/EBITDAR at 4.9 times) are only expected to improve
modestly over the intermediate term."

The rating agency predicts the fashion segment and businesses
with significant apparel content to be under sustained pressure.
Positively, Moody's recognizes "the quality and stability of
earnings derived from Vendex's DIY operations and the earnings
resilience of its HEMA general merchandise business."  It also
notes cost-cutting at V&D, while warning that due to tough
retail environment, a return to profitability for the business
in the intermediate term is an uphill journey.


VENDEX N.V.: Recommends EUR1.4 Bln Bid of Kohlberg-led Group
------------------------------------------------------------
A consortium comprising investment funds affiliated with and/or
managed by Kohlberg Kravis Roberts & Co. L.P., Change Capital
Partners L.L.P. and Alpinvest Partners N.V. intends to make a
recommended cash offer of EUR15.40 per (depositary receipts of)
ordinary share in Vendex KBB.

The supervisory and management boards support the intended
offer.  Offer price represents a 35% premium to closing share
price of  February 5, 2004.

Koninklijke Vendex KBB N.V. and VDXK Acquisition B.V. (Offeror),
a holding company newly incorporated in the Netherlands, jointly
announce that the expectation is justified that agreement can be
reached in connection with a public offer for all outstanding
(depositary receipts of) ordinary shares Vendex KBB at an offer
price of EUR15.40 (the Offer Price) per (depositary receipts of)
ordinary share (the Offer).  The Offeror is controlled by a
consortium comprising investment funds affiliated with and/or
managed by Kohlberg Kravis Roberts & Co. L.P., Change Capital
Partners L.L.P. and AlpInvest Partners N.V. (altogether the
Consortium).

The reduction in the price from the EUR16.00, previously
indicated in the press release published by Vendex KBB on March
31, 2004, reflects the continued challenging retail environment
and market outlook in the Netherlands, Belgium, France and
Germany and their negative impact both on the Company's recent
performance and on the expected speed of recovery of certain of
Vendex KBB's businesses.  These have resulted in further
discussions with the Consortium's financing banks and
negotiations between the parties.  The amount of funds to be
committed by the Consortium to the intended Offer has not
changed and the reduction in price will result in additional
liquidity being provided to the Company's businesses and in a
stronger financial position in the current economic environment.

The Supervisory Board and the Management Board of Vendex KBB
after giving due consideration to the strategic, financial and
social aspects of the proposed transaction support the intended
Offer and conclude that the offer is in the best interests of
the shareholders and all other stakeholders of Vendex KBB and
intend to recommend that shareholders accept the intended Offer.

Vendex KBB and the Offeror expect to reach definitive agreement
on the intended Offer over the next few weeks, subject inter
alia to advice from the central works council of Vendex KBB and
the Offeror agreeing final financing documentation with its
financing banks.  The intended Offer will be made after a
definitive agreement has been reached between Vendex KBB and the
Offeror.  It is currently expected that the Offer can be made
and that consequently an offer memorandum will be published in
mid May 2004.

Offer Highlights

The intended Offer will be a cash offer for all the issued and
outstanding (depositary receipts of) ordinary shares in the
capital of Vendex KBB.  Based on the intended Offer Price of
EUR15.40 per (depositary receipt of) ordinary share, Vendex
KBB's outstanding capital is valued at approximately EUR1.4
billion.

The Offer Price of EUR15.40 per (depositary receipt of) ordinary
share represents:

(a) A 35% premium over the closing price of EUR11.41 on February
5, 2004, the day of the press release regarding the approach to
Vendex KBB by leading international private equity houses; and

(b) A 61% premium over the average closing share price of
EUR9.56 for the 12 months prior to February 5, 2004.

The intended Offer is cum dividend: no final dividend for
2003/04 will be distributed by Vendex KBB as announced on April
6, 2004, and no further dividends are expected to be declared
prior to completion of the Offer.

The Consortium also intends to offer holders of (depositary
receipt) preference B shares EUR40.00 per (depositary receipt)
preference share, an amount equal to the nominal value of these
shares, plus any accrued but unpaid dividends related thereto.

Upon completion of the Offer, the Consortium will fund
acceptances under the Offer through a combination of committed
equity funds and credit lines.

Background to the Offer

In recent years the management of Vendex KBB has focused on
streamlining the business, reducing its complexity by selling or
liquidating non-core and underperforming assets, on operational
improvements and on the continuous development of the core
retail formats with further growth potential, including
internationalizing its businesses where appropriate and
expanding DIY through a series of acquisitions.

Towards the end of 2003 Vendex KBB was approached by a number of
leading international private equity houses with respect to a
possible public offer for the Company.  In reaction, the
Supervisory Board and Management Board of Vendex KBB decided to
explore the possibilities of effecting a transaction with a
selected number of parties, who expressed their interest in the
Company as a whole and endorsed Vendex KBB's corporate strategy.
Four parties were initially selected to participate in this
process.  Following the receipt of initial proposals an
announcement was made that proposals had been received at around
EUR14.00 per share and two parties were allowed to participate
in an open and competitive process to carry out more extensive
due diligence.  At the end of March 2004, the Company entered
into exclusive discussions with this Consortium.

The intended Offer will have a number of advantages for Vendex
KBB, its shareholders, employees, customers and other
stakeholders:

The Offeror supports the overall strategy for Vendex KBB;
The Consortium comprises investors who have extensive retail
expertise and who can provide Vendex KBB with financial and
management resources to help the Company realize its strategy;
The intended Offer provides current shareholders the opportunity
to sell their interest in Vendex KBB at an attractive premium
providing the opportunity to realize immediate value in cash for
their shares.

Commenting on the proposed Offer, Ed Hamming (Chief Executive
Officer Vendex KBB) said: "This Offer is the outcome of a
competitive bidding process and represents a higher value than
any other proposal received by the Company.  It represents a
fundamental step in the development of Vendex KBB, providing new
opportunities for our businesses to optimize its operations and
setting the basis for future growth.  Vendex KBB will benefit
from the extensive experience and support of the Consortium to
implement our strategy for the Company."

Commenting on the proposed Offer, Todd Fisher (Partner of
Kohlberg Kravis Roberts & Co. L.P.) on behalf of the Consortium
said: "The consortium is uniquely suited to help the company
achieve its full potential over the medium to long term due to
the members' extensive retail expertise, financial capacity and
knowledge of the Netherlands.  We are supportive of management's
overall strategy and intend to develop the strong formats and
market positions in Dutch non-food retail as well as in other
European countries.  We are looking forward to supporting the
management as they develop the business and to helping each of
its retail formats achieve their full potential."

Future of Vendex KBB

Vendex KBB will continue its operations under its present names
and labels.  The intended transaction is not expected to have
negative consequences regarding employment and employment
conditions of the employees of Vendex KBB and any of its
subsidiaries.

The members of the Management Board and a number of managers of
Vendex KBB will be invited to participate in the share capital
of the Offeror.  The current Supervisory Board members intend to
step down following completion of the Offer and a new
Supervisory Board will be appointed as of completion of the
Offer.

If the intended Offer is declared unconditional, it is intended
that Vendex KBB's listing on the Official Market of Euronext
Amsterdam N.V. will be terminated as soon as possible.
Furthermore, subject to the necessary threshold being reached,
the Consortium expects to initiate the statutory procedure
contemplated by the Dutch Civil Code in order to acquire all
shares and depositary receipts held by minority shareholders or
take such other steps to terminate the listing and/or acquire
shares not being tendered, including effecting a legal merger).

Conditions precedent to declaring the intended Offer
unconditional

As conditions precedent to declaring the intended Offer
unconditional, the customary conditions for this kind of
transaction will apply.  Amongst these will be regulatory
approvals and the condition that at least 95% of each class of
the issued and outstanding share capital of Vendex KBB has been
tendered under the Offer, with the objective of acquiring all of
the share capital of Vendex KBB and delisting the Company from
Euronext Amsterdam.

Further Process

Vendex KBB and the Consortium expect to reach full agreement on
the intended Offer over the next few weeks, subject inter alia
to Central Works Council's advice and final financing
documentation.

The offer memorandum containing the terms and conditions of the
Offer is currently expected to be published in mid May 2004, and
the Management Board and the Supervisory Board will thereafter
discuss the Offer in a general meeting of shareholders.  This
meeting is expected to coincide with the Annual General Meeting
of Shareholders in which, amongst other things, the annual
accounts for the year 2003/04 will be discussed and is currently
envisaged to be held at the beginning of June.  Details of this
meeting will be made available to shareholders along with the
offer memorandum.  At the beginning of June, Vendex KBB also
will publish the financial results of the first quarter of the
current year 2004/05.

The Financial Markets Authority (Autoriteit Financiele Markten),
Euronext Amsterdam N.V. and the Social Economic Council (Sociaal
Economische Raad) have been informed of the intended Offer.  The
relevant trade unions have been duly notified.  As earlier
announced the Central Works Council of Vendex KBB has been asked
for advice and the European Works Council will be consulted.
Clearance for this transaction will also be sought from the
European competition authorities.

Indicative Timetable

Early May 2004     Filing with European Commission

Mid-May 2004       Publication Offer Memorandum

June 2, 2004       Vendex KBB first quarter report 2004/05

Early June 2004    General Meeting of Shareholders of Vendex KBB

Citigroup Global Markets acts as financial advisor to the
Supervisory Board of Vendex KBB.  ABN AMRO Corporate Finance
acts as financial advisor to Vendex KBB.  The Supervisory Board
of Vendex KBB has also received separate legal advice.  Morgan
Stanley & Co. Limited and UBS Limited act as financial advisors
to the Consortium.

This announcement is a public announcement as meant within
section 9b paragraph 2 sub a of the Dutch Securities Markets
Supervision Decree (Besluit toezicht effectenverkeer 1995).

Profile of Vendex KBB

Vendex KBB's is the leading non-food retailer in the
Netherlands.  The group has various retailing formats in other
Western European countries.  The Company operates through
department stores, variety stores and specialty stores.  The
store formats are grouped into six business units on the basis
of the markets they address. These business units are HEMA
(variety stores), V&D and Bijenkorf (department stores), DIY,
Fashion and Consumer Electronics (speciality stores).  In total
the Company operates 15 store formats and some 1,800 outlets in
The Netherlands, Belgium, Denmark, France, Germany, Luxembourg
and Spain.

Vendex KBB key financial 2003/04 and 2002/03 (February 1 to
January 31)

(in EUR millions)
                                    2003/04    2002/03

Net turnover continued activities   4,451       4,327

Operating result on
retail activities                      37          98
Internal rental income
                                       36          40
Results from operations                73         138

Operating result
on continued activities                64         142
Operating result on
discontinued activities                -3         162
Total operating result                 61         304
Net financial debt                    842         689

Trading update

Continued difficult macro economic conditions have resulted in a
slow start to the year.  This is expected to result in operating
profits for the first quarter, which has historically been the
least important quarter of the year in terms of profit, being
below last year's first quarter.

Profile of Consortium members

Kohlberg Kravis Roberts & Co. L.P. is one of the world's leading
private equity firms.  Its investment approach is focused on
investing in attractive businesses to implement value creating
strategies.  Founded in 1976, KKR has completed more than 115
transactions in North America and Europe.  KKR has completed
twelve transactions in the U.K. and continental Europe since
1996.  Its current portfolio consists of more than 30 companies
based in the U.S., Canada, Germany, Austria, France and the
U.K., including Yellow Pages Group, Demag Holding, Legrand,
Rockwood, Tenovis (formerly Bosch Private Networks), Willis
Group, Shoppers Drug Mart, Wincor Nixdorf (formerly Siemens
Nixdorf), MTU and Zumtobel.

Change Capital Partners is an independent, privately owned
private equity firm focusing on investing in businesses
throughout Western Europe that leverage its extensive retail and
consumer industries expertise.  The firm was created by three
partners in January 2003:  Luc Vandevelde, Chairman and former
CEO of Marks & Spencer, Steven Petrow, former Managing Director
of Bain Capital, Ltd., and Frederic Hufkens, founder of Hufkens
Asset Management & Co. Ltd.

AlpInvest Partners N.V. is a major player in the global private
equity market with EUR20 billion under management and with
specific expertise within The Netherlands market.  AIP has also
created significant expertise in retail through its diverse
investments across Europe and the U.S.

This press release appears in Dutch also.  In the event of any
inconsistency, the English version will prevail above the Dutch
version.

                            *   *   *

This is a joint press release of Koninklijke Vendex KBB N.V. and
VDXK Acquisition B.V., a company controlled by a consortium
consisting of investment funds affiliated with and/or managed by
Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners
L.L.P. and AlpInvest Partners N.V.  Not for release, publication
or distribution, in whole or in part, in or into the Canada,
Australia or Japan.  This announcement and related materials do
not constitute an offer for (depositary receipts of) ordinary
shares in Koninklijke Vendex KBB N.V., but the expectation is
justified that an offer will be made in due course as set out in
this press release.


=============
R O M A N I A
=============


MOBIFON HOLDINGS: Unsecured 2010 Notes Soar to 'B-' from 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on MobiFon Holdings B.V. to 'B-' from
'B'.  At the same time, the rating on MobiFon Holdings' senior
unsecured notes, due 2010, were raised to 'B-' from 'CCC+'.  The
outlook is stable.

"The change in ratings reflects our review of the control
relationship between MobiFon Holdings and its subsidiary MobiFon
S.A. (unrated), and of the insulation of MobiFon S.A. from
default at MobiFon Holdings," said Standard & Poor's credit
analyst Joe Morin.

As a result of this review Standard & Poor's has shifted the
ratings methodology to a stand-alone ratings basis from a
consolidated ratings basis.  Standard & Poor's has determined
that given the rights of the minority interest (held by Vodafone
Europe B.V. (20%) and certain financial sponsors 16.5%), MobiFon
Holdings' creditworthiness reflects primarily the quality of the
dividend stream received from MobiFon S.A.  In the event of a
credit event or deterioration, MobiFon Holdings would not be
able to independently transfer additional liquidity from MobiFon
S.A., nor would any creditor have direct recourse to MobiFon
S.A. or its assets.

As a result, MobiFon Holdings has a separate risk of default
than MobiFon S.A.

Although unrated, Standard & Poor's views the credit quality of
MobiFon S.A. on a stand-alone basis in the 'BB-' ratings
category.  MobiFon S.A.'s credit quality is the anchor point to
the MobiFon Holdings ratings.

In deconsolidating MobiFon Holdings from MobiFon S.A., Standard
& Poor's views MobiFon S.A. as an equity investment, whereby
interest payments on the notes at MobiFon Holdings are dependent
on dividends received from MobiFon S.A.  The notes provide no
direct recourse to MobiFon S.A., nor do the shares held in
MobiFon S.A secure them.  The only external debt at the MobiFon
Holdings level is the US$225 million senior unsecured notes.

MobiFon Holdings receives 63.5% of any dividend payments made by
MobiFon S.A., which are made after capital expenditures and debt
servicing on the credit facility.  Under Romanian law, dividends

are restricted to 100% of net income.  The other gating factor
for dividend payments is compliance with covenants under the
senior secured credit facility, under which MobiFon S.A.
currently has substantial headroom.  The credit facility also
requires that MobiFon S.A. maintain a cash balance sufficient
for six months of debt servicing.

MobiFon Holdings' only asset is its 63.5% interest in operating
subsidiary MobiFon S.A.  The ratings on MobiFon Holdings reflect
the creditworthiness of MobiFon S.A. as the source of dividends,
but also reflect the resultant weak cash interest coverage of
its notes (currently about 2x) given high debt leverage and
substantial foreign currency exposure at both MobiFon Holdings
and MobiFon S.A.  MobiFon S.A.'s below-average business profile
reflects the economic and political risks of operating in
Romania.  These weaknesses are only partially mitigated by
MobiFon S.A.'s position as a leading cellular operator in
Romania, continuing subscriber and revenue growth, high EBITDA
margins, and substantial free cash flow after debt servicing at
the operating company level.  The ratings are further supported
by the strategic support from Vodafone and an improving economic
and political environment in Romania.


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


AGRO-KHIM-PARTNER: Deadline for Proofs of Claim May 9
-----------------------------------------------------
The Arbitration Court of Republic of Altay commenced bankruptcy
supervision procedure on agriculture chemical company, LLC Agro-
Khim-Partner.  The case is docketed as A02-3479/03.  Mr. A.
Bermeshev has been appointed temporary insolvency manager.

Creditors have until May 9, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 656015, Russia, Republic
of Altay, Lenin prosp.69, Post User Box 3942.  A hearing will
take place on May 14, 2004, 10:00 a.m. at the Arbitration Court
of Republic of Republic of Altay.

CONTACT:  AGRO-KHIM-PARTNER
          659700, Russia, Republic of Altay,
          Gorno-Altaysk, Socialisticheskaya str.3,
          Post User Box 316

          Mr. A. Bermeshev, temporary insolvency manager
          656015, Russia, Republic of Altay, Lenin prosp.69,
          Post User Box 3942


ANZHERSKIYE CENTRAL: Insolvent Status Confirmed
-----------------------------------------------
The Arbitration Court of Kemerovo region declared Anzherskiye
Central Electromechanical Workshops insolvent and introduced
bankruptcy proceedings.  The case is docketed as A27-14201/2003-
4.  Mr. V. Trofimov has been appointed insolvency manager.
Creditors have until June 9,2004 to submit their proofs of claim
to the insolvency manager at: 650065, Russia, Kemerovo,
Moskovsky prosp.45B-107.

CONTACT:  ANZHERSKIYE CENTRAL ELECTROMECHANICAL WORKSHOPS
          652470, Russia, Kemerovo region, Anzhero Sudzhensk,
          Gorky str.21

          Mr. V. Trofimov, insolvency manager
          650065, Russia, Kemerovo, Moskovsky prosp.45B-107


ARCHEDINSKY BREAD: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Volgograd region declared OJSC
Archedinsky Bread-Baking Complex (TIN 3432001085) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A12-
15967/03-c49.  Mr. A. Kharlanov has been appointed insolvency
manager.  Creditors have until June 9, 2004 to submit their
proofs of claim to the insolvency manager at: 400087, Russia,
Volgograd, Post User Box-1100.

CONTACT:  ARCHEDINSKY BREAD-BAKING COMPLEX
          403530, Russia, Volgograd region, Frolovo,
          Gagarin str.1

          Mr. A. Kharlanov, insolvency manager
          400087, Russia, Volgograd, Post User Box-1100


BELOGORSKY MEAT: Amur Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Amur region declared OJSC Belogorsky
Meat-Packing Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A04-2209/02-15/168B.
Ms. I. Lagutina has been appointed insolvency manager.
Creditors have until June 12, 2004 to submit their proofs of
claim to the insolvency manager at: 675000, Russia, Amur region,
Blagoveschensk, Shimanovskogo str. 46/2.

CONTACT:  BELOGORSKY MEAT-PACKING FACTORY
          676500, Russia, Amur region, Belogorsk, 9-May str.212

          Ms. I. Lagutina, insolvency manager
          675000, Russia, Amur region, Blagoveschensk,
          Shimanovskogo str. 46/2


METROMEDIA INTERNATIONAL: Inquiry Clears Magticom of Misconduct
---------------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia and the Republic of Georgia, announced the
following events concerning Magticom Ltd., the Company's
business venture in the Republic of Georgia operating a wireless
communications network and marketing mobile voice communication
services nationwide to private and commercial users.

The Company's wholly owned subsidiary International Telcell
Communications, Inc. is the managing member of Telcell Wireless
LLC, which in turn today has a 49% ownership interest in
Magticom.  Dr. George Jokhtaberidze, co-founder of Magticom,
today owns directly the remaining 51% of Magticom.  ITC has a
70.41% ownership interest in Telcell, giving the Company an
indirect 34.5% ownership interest in Magticom.

Magticom issued a dividend of US$14 million on April 23, 2004.
Telcell, which is entitled to US$6.86 million of this dividend,
agreed to loan this amount to Dr. Jokhtaberidze by redirecting
its share of the dividend distribution to him.  As security for
the loan, Dr. Jokhtaberidze has assigned to Telcell his right to
receive future dividends from Magticom until the loan, which
matures on December 31, 2004, is paid in full.  The Company
expects that Magticom will declare and pay dividends during the
remainder of 2004 in an amount necessary to make this repayment.
However, as described more fully below, the Company expects this
loan to be repaid during second quarter of 2004, as part of a
business combination transaction with Dr. Jokhtaberidze.

The Company, Telcell's other member and Dr. Jokhtaberidze have
entered into a binding memorandum of understanding, providing
for, upon execution of definitive documents and satisfaction of
certain conditions, Dr. Jokhtaberidze to convey his 51% interest
in Magticom to ITC in exchange for a 49.9% interest in ITC plus
certain cash consideration.  The Company will retain the
remaining 50.1% majority ownership of ITC.  After completion of
all transactions contemplated by this memorandum of
understanding, the Company will have the largest effective
ownership interest in Magticom at 42.8% and will be able to
exert operational control over Magticom as a result of its
status as managing member of Telcell and majority stockholder of
ITC.  A portion of Dr. Jokhtaberidze's cash proceeds from these
transactions will be used to repay the aforementioned loan, with
US$4.83 million of this repayment being distributed to the
Company in consequence of its current 70.41% ownership interest
in Telcell.  The parties anticipate that all transactions
contemplated in the memorandum of understanding will be
concluded by end of second quarter 2004.

The previously announced Georgian Government investigations into
past business and tax payment practices of Magticom have been
completed with no adverse findings.  The previously announced
prosecution by the Georgian Government of Dr. Jokhtaberidze has
been dropped without finding any wrong-doing and Dr.
Jokhtaberidze has been released from the investigative detention
in which he had been held since February 20, 2004.  The Company
believes that the Georgian Government will undertake no further
investigations or prosecutions of Magticom, Magticom personnel
or Dr. Jokhtaberidze with respect to past business or tax
payment practices.

In making these announcements, Mark Hauf, Chairman and Chief
Executive Officer, commented: "I am very pleased that
investigations into past activities of Magticom and Dr.
Jokhtaberidze undertaken earlier this year by the newly formed
post-revolutionary government of Georgia have now concluded
without any adverse finding.  We were very confident from the
onset of these investigations that all of Magticom's past
actions would be found to be in good order.  Although the
investigations themselves and the Georgian media coverage they
drew were quite disruptive to our business activities in
Georgia, we maintained a cooperative posture with the new
Georgian government throughout.  Now that this matter appears to
be satisfactorily concluded, we look forward to further
development of our business in Georgia."

With respect to the various transactions announced here, Mr.
Hauf commented further:  "The US$14 million dividend Magticom
just distributed and a US$7 million dividend previously
distributed in February derive from Magticom's very successful
performance for year 2003.  This strong financial performance
and the realistic prospect of further profitable development at
Magticom underscores our enthusiasm for continued presence and
investment in Georgia.  The agreements we announced will put in
place a corporate governance framework through which we can
exercise clear operational control over our core Georgian
business interests.  This will create a stable and workable
foundation for further developments at Magticom and other
investments we undertake in Georgia."

With respect to the financial terms of the ownership
restructuring of Magticom arising from the agreements announced
on Monday, Ernie Pyle, Executive Vice President and Chief
Financial Officer, commented: "After giving effect to all cash
outflows required by the transactions contemplated in the
memorandum of understanding and to the cash inflow arising from
the expected repayment of the loan made to Dr. Jokhtaberidze, I
believe we have sufficient corporate cash on hand to support the
Company's planned operating, investing and financing cash flows
through the end of 2004, including the Company's US$8.0 million
semi-annual interest payment due on September 30, 2004 on its 10
1/2% Senior Discount Notes due 2007.  This estimate does not
take into account cash inflows that might reasonably arise from
operating unit dividend distributions or sales of additional
non-core assets; either of which would further strengthen our
current liquidity position."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Europe and the
Republic of Georgia.  These include mobile and fixed line
telephony businesses, wireless and wired cable television
networks and radio broadcast stations.  The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses.  The Company's remaining non-core media
businesses consist of nineteen radio businesses operating in
Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech
Republic and one cable television network in Lithuania.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.

                            *   *   *

Early in April the company received notification from the
trustee of its Series A and B 10 1/2% Senior Discount Notes Due
2007 (Senior Notes) concerning non-compliance with certain
covenants in the indenture governing the Senior Notes.

The trustee reported that it had not received these documents
from the Company:

(a) The Company's Annual Report on Form 10-K for the fiscal year
    ended December 31, 2003 (the 2003 Annual Report) as
    required pursuant to Section 4.3 of the Indenture;

(b) The Company's Officers' Certificate required pursuant to
    Section 4.4(a) of the Indenture; and

(c) The CPA statement required pursuant to Section 4.4 (b) of
    the Indenture.

The trustee reported that, under the terms of the Indenture, the
Company must resolve these compliance matter no later than June
1, 2004, the sixtieth day following the receipt of the trustee's
letter in order to avoid an event of default.   If such default
were declared, the trustee or holders of at least 25% aggregate
principal value of Senior Notes outstanding could demand all
Senior Notes to be due and payable immediately.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380, Ext. # 103
          E-mail: investorrelations@mmgroup.com


NERCHINKY MINE: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
supervision procedure on OJSC Nerchinky Mine Group.  The case is
docketed as A78-455/04-B-17.  Mr. S. Sahnenko has been appointed
temporary insolvency manager.

Creditors have until May 12, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 672000, Russia,
Chita, Central Post Office, Post User Box 891.  A hearing will
take place on July 19, 2004, 10:00 a.m. at the Arbitration Court
of Chita region.

CONTACT:  NERCHINKY MINE GROUP
          Russia, Chita region, Priargunsky district, Klichka

          Mr. S. Sahnenko, temporary insolvency manager
          672000, Russia, Chita, Central Post Office,
          Post User Box 891

          Arbitration Court of Chita region
          672000, Russia, Chita, Vystavochnaya str.6


SAINT-PETERSBURG CENTER: Falls into Bankruptcy
----------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad
commenced bankruptcy supervision procedure on CJSC Saint-
Petersburg Center of Refrigerating Machinery.  The case is
docketed as A56-8751/04.  Mr. I. Ziganov has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to the temporary insolvency manager at:
192212, Russia, Saint-Petersburg, Belgorodskaya str.32-15.

CONTACT:  SAINT-PETERSBURG CENTER OF A REFRIGERATING MACHINERY
          192007, Russia, Saint-Petersburg, Kurskaya str.27

          Mr. I. Ziganov, temporary insolvency manager
          192212, Russia, Saint-Petersburg, Belgorodskaya
          str.32-15


SAKHALIN FISHING: Sakhalin Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
supervision procedure on CJSC Sakhalin Fishing Company.  The
case is docketed as A59-6549/04-C-16.  Mr. A. Chirkov has been
appointed temporary insolvency manager.   Creditors have until
June 12, 2004 to submit their proofs of claim to the temporary
insolvency manager at: 693013, Russia, Sakhalin region, Yuzhno-
Sakhalinsk, Komsomolskaya str.280.

CONTACT:  Mr. A. Chirkov, temporary insolvency manager
          693013, Russia, Sakhalin region, Yuzhno-Sakhalinsk,
          Komsomolskaya str.280


VASILJEVSKY DISTILLERY: Court Sets May 26 Hearing
-------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on CJSC Vasiljevsky Distillery.  The case
is docketed as A48-903/04-17b.  Ms. O. Zinina has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 302004, Russia, Orel region, 5-
August str.54, Post User Box 56.  A hearing will take place on
May 26, 2004 at the Arbitration Court of Orel region.

CONTACT:  VASILJEVSKY DISTILLERY
          Russia, Orel region, Vasiljevka.

          Ms. O. Zinina, temporary insolvency manager
          302004, Russia, Orel region, 5-August str.54,
          Post User Box 56


YUKOS OIL: Long-term Corporate Credit Rating Slips to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Russian oil company OAO NK Yukos to
'CCC' from 'BB-', following a court decision to ban it from
selling or pledging assets, except for products [for example,
stock in key production subsidiaries and OAO Siberian Oil Co.
(Sibneft)], in connection with a US$3.5 billion tax claim that
Yukos is challenging in court.  In addition, the ratings on
Yukos remain on CreditWatch, where they were placed on October
31, 2003, but the implications have been revised to developing
from negative.  At the same time, the Russia national scale
rating on Yukos was lowered to 'ruB' from 'ruAA-'.

In a related action, Standard & Poor's also lowered its long-
term corporate credit rating on Russian oil company Sibneft to
'B' from 'B+', following the court decision to freeze Yukos'
assets, including the company's 92% stake in Sibneft.  The
rating remains on CreditWatch with developing implications,
where it was placed on October 31, 2003.  At the same time, the
Russia national scale rating on Sibneft was lowered to 'ruA-'
from 'ruAA-'.

"The downgrade and the potential downside of the CreditWatch
status on Yukos reflect Standard & Poor's concerns about the
increasing risk of Yukos losing ownership rights over its key
cash-generating subsidiaries and uncertainties regarding
liquidity," said Standard & Poor's credit analyst Elena
Anankina.  "There is also mounting political pressure on the
company, which might weaken Yukos' position in the tax case; the
court hearings are scheduled in May."

Under the stress scenario, if Yukos loses the tax case, the
company may find itself under threat of forced sale of core
assets, insolvency procedures, or effective nationalization of
its assets.

"The downgrade and the CreditWatch status on Sibneft reflect
increasing uncertainties about the potential reversal of the
acquisition of Sibneft by Yukos and, consequently, about
Sibneft's shareholding structure and financial policy," said Ms.
Anankina.  "The rating action also highlights the risk that the
mounting pressure on Yukos might affect Sibneft."

In addition, potential pressure on the rating on Sibneft comes
from the company's aggressive corporate governance practices, as
illustrated by the opportunistic use of the weakness of Russia's
institutions to try to unwind the takeover by Yukos via
regulatory and legal pressure.  The company's financial policy
has been aggressive, as demonstrated by the large dividends paid
in 2001, 2002, and 2003, and active usage of aggressive tax
optimization mechanisms.  Nevertheless, Sibneft's strong
operating performance (19.4% organic production growth in 2003
and a 32% EBITDA margin in the first half of 2003) suggests some
upside from the 'B' rating level, if financial structure,
ownership, control, and governance issues can be resolved.

"Yukos does not have any effective control over Sibneft's
management, assets, or cash flows, as illustrated by several
failures to elect its representatives to Sibneft's board of
directors.  Therefore, although the rating on Yukos affects the
rating on Sibneft, it does not act as a formal constraint,"
added Ms. Anankina.

Standard & Poor's will continue to closely monitor developments
between Yukos and Sibneft and the implications for both
companies.


ZARYA: Ordered to Undergo Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
supervision procedure on OJSC pochepskaya textile-knitting
factory, Zarya.  The case is docketed as A09-873/04-26.  Mr. V.
Semernyev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 241050, Russia, Bryansk,
Krasnoarmeyskaya str.136, Phone: (0832)66-04-87.  A hearing will
take place on September 02, 2004 at the Arbitration Court of
Bryansk region.

CONTACT:  ZARYA
          243400, Russia, Bryansk region, Pochep,
          Pervomayskaya str.4

          Mr. V. Semernyev, temporary insolvency manager
          241050, Russia, Bryansk, Krasnoarmeyskaya str.136,
          Phone: (0832) 66-04-87


ZUBR: Bankruptcy Supervision Procedure Begins
---------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on OJSC ZUBR.  The case is docketed as
A33-2606/04-c4.  Mr. A. Bagan has been appointed temporary
insolvency manager.

Creditors have until May 9, 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 3, 2004, 9:00 a.m. at the Arbitration Court of
Krasnoyarsk region.

CONTACT:  ZUBR
          660010, Russia, Krasnoyarsk, Kalinina str.175

          Mr. A. Bagan, temporary insolvency manager
          660017, Russia, Krasnoyarsk, Post User Box 20647


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


CIRSA BUSINESS: S&P Rates Long-term Corporate Credit 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Spanish gaming group Cirsa Business
Corp. S.A.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' senior
unsecured debt rating to the group's proposed EUR260 million
($308 million) bond to be issued by related entity Cirsa Finance
Luxembourg S.A. and guaranteed by Cirsa and some of its
subsidiaries.

"The ratings on Cirsa reflect the group's aggressive financial
profile; Standard & Poor's expectation of limited free cash flow
generation in the next two years; and the group's high
percentage of profits generated from Argentina, which we regard
as inherently more unpredictable than the group's domestic
operations in Spain," said Standard & Poor's credit analyst Olli
Rouhiainen.  "These factors are partly mitigated, however, by
the group's leading position in the Spanish gaming market;
predictable cash flow generation from the group's domestic slot
machine, bingo, and casino operations; and adequate liquidity."

Cirsa had revenues of EUR955 million in 2003 and Standard &
Poor's expects the group's total debt after the proposed bond
issue to be about EUR374 million.

"The predictable cash flow from Cirsa's Spanish gaming
operations and the group's manageable liquidity position should
mitigate any short-term cash flow volatility from the group's
Latin American operations or from unsuccessful investments,"
added Mr. Rouhiainen.


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


LM ERICSSON: Dangles EUR237.3 Million to Italian Subsidiary
-----------------------------------------------------------
Ericsson intends to make a public cash offer for the 28.81% of
the shares in its Italian subsidiary Ericsson S.p.A. not already
owned by Ericsson.  Ericsson presently holds 71.19% of the
shares in Ericsson S.p.A.

Ericsson will, through a newly formed Italian company, offer
EUR32.00 in cash for each Ericsson S.p.A. share.  The offer
value of the shares not already owned by Ericsson (28.81%) is
EUR237.3 million.  The offer price represents a premium of 19.2%
over the reference price of Ericsson S.p.A. shares on April 23,
2004 and a premium of 25.4% over the average Ericsson S.p.A.
share price during the last three months.  Ericsson S.p.A. is
listed on the Milan Stock Exchange (Mercato Telematico Azionario
in Milan).

The reason for the offer is to continue to simplify the Ericsson
Group structure and to reduce the number of listed subsidiaries.
This was the rational behind the offers for the minority shares
in Ericsson's listed subsidiaries in Brazil in 1998 and Mexico
in 1995. Ericsson S.p.A. is the only remaining listed subsidiary
within the Ericsson Group.  It is Ericsson's aim to concentrate
trading in Ericsson shares to a limited number of key markets,
i.e. Stockholm, London and NASDAQ in the U.S.

Ericsson has successfully operated in Italy for 86 years.  The
Italian market is important to Ericsson.  Ericsson will continue
to show strong commitment to the Italian market, one of the
early adopters of cutting-edge broadband multi-media
technologies including EDGE and WCDMA.

The offer is conditional upon the offer being accepted to such
an extent that Ericsson becomes the owner of more than 90% of
the shares in Ericsson S.p.A.  However, Ericsson reserves the
right to implement the offer at a lower level of acceptance.
The offer is also subject to the absence of certain force
majeure events.  Further information regarding the offer is
included in the communication that has been distributed on the
Italian market and is also available on Ericsson's Web site,
http://www.ericsson.com/press. Further information will also be
available in the offer document, which is expected to be
published in the second half of May.  The acceptance period for
the offer will start a few days after the offer document has
been published.  ABN AMRO is financial advisor to Ericsson in
relation to the offer.

Ericsson S.p.A.'s net consolidated sales in 2003 were EUR1,074.6
million and the consolidated EBIT was EUR52.0 million.  Ericsson
S.p.A. has today more than 2,200 employees in Italy and is the
leading vendor of telecommunications equipment both for mobile
and fixed telephony in the Italian market.

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

                            *   *   *

Standard & Poor's rates Ericsson 'BB/Negative/B'.

CONTACT:  LM ERICSSON
          Media
          Pia Gideon,
          Vice President, External and Market Communications
          Phone: +46 705 198 903
          Ericsson press phone: +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Ase Lindskog,
          Head of Media Relations, Communications
          Phone: +46 730 244 872
          Ericsson press phone: +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Investors and analysts
          Gary Pinkham,
          Head of Investor Relations, Communications
          Phone: +46 8 719 0000
          E-mail: investor.relations@ericsson.com


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


AROHNYANKA: Succumbs to Bankruptcy
----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Arohnyanka (code EDRPOU 05501445)
in March.  The case is docketed as 15/262B.  Mrs. Vishnevska
N.N. (license holder 668268) has been appointed temporary
insolvency manager.  Creditors are asked to submit their proofs
of claim at: 83008, Ukraine, Donetsk, Ugoslavska str.,28; Phone:
(0622) 53-47-48.

Arohnyanka holds account number, 26007301610020, at
Prominvestbank of Donetsk, Kujbishev branch, MFO 334408.

CONTACT:  Mrs. Vishnevska N.N., temporary insolvency manager
          83008, Ukraine, Donetsk, Ugoslavska str.,28
          Phone: (0622) 53-47-48


DOBROBUT: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on LLC Dobrobut (code EDRPOU 30854327).

The case is docketed as 10/35.  Arbitral manager Mr. Bahtin V.
V. (license holder AA 419493 approved December 10, 2002) has
been appointed temporary insolvency manager.

Creditors and sanators have until May 20, 2004 to submit their
requests and proofs of claim.  Dobrobut holds account number,
2600063113, at APPB Aval of Uzhgorod, Zakarpatska region branch,
MFO 312345.

CONTACT:   DOBROBUT
           Ukraine, Zakarpatska region, Mukachev district,
           Puznyakivci, 69a

           Mr. Bahtin V. V., temporary insolvency manager
           Ukraine, Uzhgorod, B. Hmelnitski square, 2/205

           ARBITRATION COURT OF ZAKARBATSKA REGION
           88000, Ukraine, Zakarpatska region, Uzhgorod,
           Kotsubinski str.,2a


DZHANKOJ TIN: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------
The Economic Court of AK Krim region commenced bankruptcy
supervision procedure on OJSC Dzhankoj Tin Plant (code EDRPOU
00374338).  The case is docketed as 2-8/3829-2004.  Mr. Tkachuk
Pavel Yakubovich (license holder AA 047905) has been appointed
temporary insolvency manager.  Creditors have until May 20, 2004
to submit their proofs of claim.

Dzhankoj Tin Plant maintains account number, 26002327133001, at
KRU CB Privatbank of imferopol, MFO 384436.

CONTACT:  DZHANKOJ TIN PLANT
          96109, Ukraine, AR Krim, Dzhankoj, Krimska str., 1

          Mr. Tkachuk Pavel Yakubovich
          Temporary insolvency manager
          97554, Ukraine, AR Krim, Simferopol district,
          Pozharske, Dobrovolski str.,35
          Phone: 27-56-07

          ARBITRATION COURT OF AR KRIM
          9500, Ukraine, Simferopol, K. Marks str., 18


KOPICHINSK PROCESSING: Deadline for Proofs of Claim May 20
----------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on LLC Kopichinsk Processing Agriculture
Combine (code EDRPOU 30865124).  The case is docketed as 11/B-
367.  Mrs. Zub Ludmila (license holder AA 047819 approved
October 15, 2001) has been appointed temporary insolvency
manager.  Creditors have until May 20, 2004 to submit their
proofs of claim.

Kopichinsk Processing Agriculture Combine maintains account
number, 26005300236, at Oshadnij Bank Ukraini, Gusyatinsk
branch, MFO 398080.

CONTACT:  KOPICHINSK PROCESSING AGRICULTURE COMBINE
          Ukraine, Ternopil region, Gusyatinsk district,
          Kopichintsi

          Mrs. Zub Ludmila, temporary insolvency manager
          Ukraine, Ternopil, Mostova Bichna str., 4

          ARBITRATION COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil, Ostrozski str., 14a


KRANOBUDIVNIJ ZAVOD: Declared Insolvent
---------------------------------------
The Economic Court of Dnipropetrovsk region declared nikopol
production corporation Kranobudivnij Zavod (code EDRPOU
31686984) insolvent and introduced bankruptcy proceedings on
March 30, 2004.  The case is docketed as B24/87/03.

Arbitral manager Mr. Lihopyek Denis Pavlovich (license holder AA
249601) has been appointed liquidator/insolvency manager.
Kranobudivnij Zavod maintains account number, 2600530177516, at
Prominvestbank of Nikopol, MFO 305534.

CONTACT:  KRANOBUDIVNIJ ZAVOD
          53207, Ukraine, Nikopol, K. Libkneht str., 169

          Mr. Lihopyek Denis Pavlovich,
          Liquidator/Insolvency manager
          49000, Ukraine, Dnipropetrovsk, a/b 37
          Phone: (0562) 342-068

          ARBITRATION COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a


PERVOMAISKIJ PLANT: Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Mikolaiv region declared OJSC Pervomaiskij
Plant of Building Materials (code EDRPOU 00291285) insolvent and
introduced bankruptcy proceedings on March 9, 2004.  The case is
docketed as 14/166.  Arbitral manager Mr. Balev V. P. (license
holder AA 487832 approved May 26, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  PERVOMAISKIJ PLANT OF BUILDING MATERIALS
          55200, Ukraine, Mikolaiv region, Pervomajsk,
          Gvardijtsi Rodintseva str.,54

          Mr. Balev V. P., liquidator/insolvency manager
          26600, Ukraine, Kirovograd region, vct Vilshanka,
          Kirov str., 65
          Phone: (05250) 9-61-68

          ARBITRATION COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv, Admiralska str., 22


SFERA-Export: Insolvent Status Confirmed
----------------------------------------
The Economic Court of Rivne region declared LLC Sfera-Export
(code EDRPOU 23310140) insolvent and introduced bankruptcy
proceedings on August 14, 2004.  The case is docketed as 4/20.

Arbitral manager Mr. Sokotun Vitalij Apollinariyovich (license
holder 249679) has been appointed liquidator/insolvency manager.

CONTACT:  SFERA-EKSPORT
          Rivne, D. Galitski str., 3


SKALA-PODILSKE: Ternopil Court Appoints Insolvency Manager
----------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Skala-Podilske (code EDRPOU
30811697).  The case is docketed as 11/B-385.  Mr. Didich
Volodimir Yevgeniyovich (license holder AA 047819 approved
October 15, 2001) has been appointed temporary insolvency
manager.  Creditors have until May 20, 2004 to submit their
proofs of claim.

Skala-Podilske maintains account number, 2600230052, at OJSC
Derzhavnij Oshadnij Bank Ukraini, Borshivsk branch 6353, MFO
398068.

CONTACT:  SKALA-PODILSKE
          Ukraine, Ternopil region, Borshivskij district,
          Skala-Podilska

          Mr. Didich Volodimir, temporary insolvency manager
          Ukraine, Ternopil, Kopernik str., 3

          ARBITRATION COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil, Ostrozski str., 14a


YEVPATORIYA AUTO: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of AR Krim declared OJSC Yevpatoriya Auto-
Transport Enterprise (code EDRPOU 1268590) insolvent and
introduced bankruptcy proceedings on March 29, 2004.  The case
is docketed as 2-11/3324-2003.

Arbitral manager Ms. Gorulko Larisa Anatolivna (license holder
0250218 approved December 28, 2001) has been appointed
liquidator/insolvency Manager.

CONTACT:  YEVPATORIYA AUTO-TRANSPORT ENTERPRISE
          Ukraine, AR Krim, Evpatoriya, Chornomorske shoes, 19

          Mrs. Gorulko Larisa, liquidator/insolvency manager
          50000, Ukraine, Krivij Rig, Lenin str.,10/39
          Phone/Fax: 72-80-16

          ARBITRATION COURT OF AR KRIM
          9500, Ukraine, Simferopol, K. Marks str., 18


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


2M RECORDINGS: Appoints Liquidator from David Rubin & Partners
--------------------------------------------------------------
At an Extraordinary Meeting of the Members of the 2M Recordings
Limited Company on April 16, 2004 held at the offices of David
Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE,
on 16 April 2004, the Extraordinary Resolution to wind up the
Company was 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


ASTER BUILDING: Shareholders Okay Voluntary Winding up
------------------------------------------------------
At an Extraordinary General Meeting of the Aster Building
Services Limited Company on April 8, 2004 held at The Sheridan
Suite, The Hendon Hall Hotel, Ashley Lane, London NW4 1HF, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  Robert Valentine, Liquidator
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS


AUTOWASH LUXURY: Appoints Ian Brown Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Autowash Luxury Hand
Car Wash Limited Company on April 15, 2004 held at the offices
of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB,
the subjoined Extraordinary Resolutions to wind up the Company
were passed.  Ian C Brown of 44 Old Hall Street, Liverpool L3
9EB has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  Ian C Brown, Liquidator
          44 Old Hall Street,
          Liverpool L3 9EB


BAE SYSTEMS: Thales May Bid for Shipbuilding Business
-----------------------------------------------------
French defense giant Thales is seen as a likely bidder for the
shipbuilding business of BAE Systems, according to The
Telegraph.  A bid may come as a joint transaction from Thales
and another defense company, sources close to Thales said.

The British defense firm admitted recently it received offers
for its two shipyards in Glasgow and a submarine yard at Barrow-
in-Furness, Lancashire.  The two are currently working on a
GBP2.9 billion aircraft carrier contract, or "CVF" program.

A Thales spokesman said: "Thales will examine the implications
of BAE's initiative in the context of Thales's leading role in
major naval programs, particularly CVF.  Thales will proceed in
close co-operation with its partners involved in these programs
and with the U.K. Ministry of Defense."

Other parties that may have interest in bidding for the business
includes VT Group, and General Dynamics, the U.S. defense giant,
the report said.   Analysts at Dresdner Kleinwort Wasserstein
estimates the price of a possible deal at about GBP400 million.
The shipbuilding business made a profit of GBP10 million on
turnover of GBP800 million last year.


BALTIMORE TECHNOLOGIES: Acquisitor Holdings Mulls Libel Suit
------------------------------------------------------------
In an announcement circulated to the press April 25, 2004,
Baltimore Technologies plc falsely alleged that Acquisitor
Holdings (Bermuda) Ltd's.' actions between March 22 and March 31
"may amount to market abuse."

As a result of the false information and allegations contained
in the release circulated to the press, Acquisitor Holdings is
seeking legal advice on bringing defamation and libel
proceedings against Baltimore.  Acquisitor Holdings notes
Baltimore's unreserved apology, issued earlier, but will also be
demanding a complete retraction of the statement as well as
seeking substantial damages from Baltimore.

Representatives for Acquisitor Holdings will also be contacting
the UKLA and the FSA at the earliest possible time to discuss
the issue with them and to seek sanctions against Baltimore's
Board for bringing the market into disrepute.  In the meantime
we would urge Baltimore shareholders to focus on the main issue
at hand ahead of the Company's Extraordinary General Meeting on
May 6, which is the selection of the most appropriate and
effective management team to maximize the Company's shareholder
value.

Further information can be obtained at
http://www.baltimoreaction.com

Information on Acquisitor Holdings can be obtained at
http://www.acquisitorholdings.com

CONTACT:  BALTIMORE TECHNOLOGIES
          Gavin Anderson & Company
          Neil Bennett
          Ken Cronin
          Janine Brewis
          Phone: 020 7554 1400


BALTIMORE TECHNOLOGIES: To Pursue Complaint Against Acquisitor
--------------------------------------------------------------
Baltimore (London BLM) wishes to point out a factual inaccuracy
in its announcement, which has been released at 7:00 a.m. on
Monday morning.  This announcement states that the price of
Baltimore shares fell from 45 to 41 pence on March 30, 2004,
whereas, in fact, it rose from 42.5 to 45 pence on that day, on
which date Acquisitor made an announcement critical of Baltimore
and also purchased 400,000 shares.

Baltimore apologizes unreservedly to Acquisitor for this factual
inaccuracy.  However Baltimore intends to pursue its complaint
to the Financial Services Authority concerning Acquisitor's
purchases of Baltimore shares following the release of
announcements critical of Baltimore.

The text of a corrected version of Baltimore's earlier
announcement on Monday is set out:

Baltimore Technologies Plc made formal complaints to the
Financial Services Authority regarding the behavior of
Acquisitor Holdings (Bermuda) Limited as a consequence of
inaccurate statements it has released relating to the Company
from March 22 to 31, 2004.  During this period and whilst making
such statements Acquisitor has been an active purchaser of
shares in the market.  The Company is concerned that this
behavior may amount to market abuse under the Financial Services
and Markets Act 2000 as being likely to give a regular user of
the market a false and/or misleading impression of the value of
the Company.  For example, on March 30, 2004, Acquisitor made an
announcement, which was critical of the Company and acquired
400,000 shares in the Company.

The Company has requested the Financial Services Authority to
exercise its statutory powers under the Act to investigate the
behavior of Acquisitor.

About Baltimore Technologies

Following the completion of the disposal of Baltimore
Technologies' core PKI business on December 2, 2003, the
continuing Group's assets consist primarily of cash.

CONTACT:  BALTIMORE TECHNOLOGIES
          Smithfield
          Phone: +44 (0) 20 7360 4900
          Andrew Hey
          Phone: +44 (0) 7836 276 068
          Nick Bastin
          Phone: +44 (0) 7931 500 066
          Will Swan
          Phone: +44 (0) 7787 197 508
          Web site: http://www.baltimore.com


BATISTE PUBLICATIONS: Names Liquidators from Benedict Mackenzie
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Batiste Publications Limited Company on April 16, 2004 held at
Holiday Inn Hotel, London Road, Wrotham Heath, Kent TN15 7RS,
the Extraordinary and Ordinary Resolutions to wind up the
Company were passed.  Graham P. Petersen and Julie P. Vahey of
Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West
Sussex have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  BENEDICT MACKENZIE
          5-6 the Courtyard, East Park,
          Crawley, West Sussex
          Contact:
          Graham P Petersen, Liquidator
          Julie P Vahey, Liquidator


BERRY RECRUITMENT: Vantis Business Recovery Appointed Liquidator
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Berry
Recruitment Group PLC Company on April 6, 2004 held at 60
Victoria Street, St Albans, Hertfordshire, the subjoined Special
Resolution to wind up the Company was passed.  Nigel Hamilton-
Smith and Michael Young of Vantis Business Recovery, Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD have
been appointed Joint Liquidators for the purposes of such
winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Contact:
          Nigel Hamilton-Smith, Liquidator
          Michael Young, Liquidator


CANARY WHARF: CWG Acquisition's Offer Remains Open Until May 21
---------------------------------------------------------------
CWG Acquisition announces that, as set out in the Revised Offer
Document dated April 23, 2004, the Revised Offer will remain
open for acceptance until 1:00 p.m. (London time)/8:00 a.m. (New
York time) on May 21, 2004.

CWG Acquisition also announces that, as at 3:00 p.m. on April
23, 2004, being a previously announced closing date of the
Original Offer, valid acceptances had been received in respect
of a total of 111,270,766 Canary Wharf Shares, representing
approximately 19.0% of the issued share capital of Canary
Wharf.

The total of valid acceptances received as at 3:00 p.m. on April
23, 2004 referred to above includes acceptances received in
respect of 105,843,338 Canary Wharf Shares held by concert
parties of CWG Acquisition (or by persons who may be deemed by
the Panel to be acting in concert with CWG Acquisition).
Acceptances relating to 105,713,539 of such Canary Wharf Shares
are pursuant to irrevocable undertakings given by Trilon and RF
Holdings described in the Original Offer Document and in the
Revised Offer Document.

At the start of the Offer Period (which began on June 6, 2003):

    (i) CWG Acquisition did not hold or have any rights over any
        Canary Wharf Shares;

   (ii) Concert parties of CWG Acquisition held or had rights
        over 52,864,899 Canary Wharf Shares representing
        approximately 9.0% of the issued share capital of Canary
        Wharf; and

  (iii) Mr. Paul Reichmann and the Reichmann Interests, who may
        be deemed by the Panel to be acting in concert with CWG
        Acquisition, held or had rights over 51,915,085 Canary
        Wharf Shares representing approximately 8.9% of the
        issued share capital of Canary Wharf.

Between June 6, 2003 and April 22, 2004 (being the latest
practicable date prior to the date of this announcement):

    (i) CWG Acquisition has not directly acquired any Canary
        Wharf Shares but has, pursuant to the irrevocable
        undertakings described in the Original Offer Document,
        acquired rights over 145,677,257 Canary Wharf Shares,
        representing approximately 24.9% of the issued share
        capital of Canary Wharf.  The irrevocable undertaking
        given by Franklin Mutual representing 39,963,718 Canary
        Wharf Shares has now lapsed and, therefore, CWG
        Acquisition has, at the date of this announcement,
        rights over 105,713,539 Canary Wharf Shares,
        representing approximately 18.1% of the issued share
        capital of Canary Wharf;

   (ii) Trilon has acquired 1,048,454 Canary Wharf Shares
        representing approximately 0.18% of the issued share
        capital of Canary Wharf;

  (iii) Other concert parties of CWG Acquisition have acquired
        1,036,516 Canary Wharf Shares representing approximately
        0.18% of the issued share capital of Canary Wharf and
        disposed of 877,757 Canary Wharf Shares representing
        approximately 0.15% of the issued share capital of
        Canary Wharf, none of such acquisitions and disposals
        being connected with the Original Offer or the Revised
        Offer; and

   (iv) Mr. Paul Reichmann and the Reichmann Interests, who may
        be deemed by the Panel to be acting in concert with CWG
        Acquisition, have reorganized certain of their
        arrangements in relation to the 51,915,085 Canary Wharf
        Shares referred to above (as more particularly described
        in the Original Offer Document).  So far as CWG
        Acquisition is aware, the shareholdings and dealings of
        Lehman, financial adviser to Mr. Paul Reichmann and the
        Reichmann Interests, remain as stated in the Original
        Offer Document.

Save as disclosed above, neither CWG Acquisition, nor any person
who was or may have been deemed to be acting in concert with CWG
Acquisition, held any Canary Wharf Shares or rights over Canary
Wharf Shares before the start of the Offer Period, nor have they
acquired or agreed to acquire any Canary Wharf Shares or rights
over Canary Wharf Shares since that date.

Canary Wharf Shareholders who have already completed and
returned the Original Form of Acceptance for the Original Offer
(and not withdrawn such acceptance) and who do not wish to elect
to receive their consideration in some other manner do not need
to return a Revised Form of Acceptance or take any further
action.

Canary Wharf Shareholders who have not accepted the Original
Offer and who wish to accept the Revised Offer, or who have
accepted the Original Offer but wish to elect to receive their
consideration in some other manner, should complete and
return the Revised Form of Acceptance, whether or not their
Canary Wharf Shares are held in uncertificated form (i.e. in
CREST), by post or (during normal business hours) by hand to
Computershare Investor Services PLC, PO Box 859, The Pavilions,
Bridgwater Road, Bristol BS99 1XZ or (during normal business
hours) by hand only to Computershare Investor Services PLC, 7th
Floor, Jupiter House, Triton Court, 14 Finsbury Square, London
EC2A 1BR, as soon as possible and, in any event, so as to arrive
no later than 1:00 p.m. (London time)/8:00 a.m. (New York time)
on May 21, 2004.

Terms defined in the Revised Offer Document have the same
meaning in this announcement.

CONTACT:  CANARY WHARF
          Brascan
          Katherine Vyse
          Phone: +1 (416) 363 9491

          DEUTSCHE BANK
          Debbie Robertson-Bond
          David Church
          James Agnew
          Phone: +44 (0) 20 7545 8000

          MERRILL LYNCH INTERNATIONAL
          Kevin J. Smith
          Simon Fraser
          Paul Golding
          Phone: +44 (0) 20 7628 1000

          THE MAITLAND CONSULTANCY
          Angus Maitland
          Philip Gawith
          Martin Leeburn
          Phone: +44 (0) 20 7379 5151


CANARY WHARF: CWG Posts Acceptance Form, Supplemental Document
--------------------------------------------------------------
On April 23, 2004, CWG Acquisition posted the Revised Offer
Document, the Revised Form of Acceptance and the Supplemental
Thames River Document to those Canary Wharf Shareholders who are
able to receive it.

Canary Wharf Shareholders are reminded that the Revised Offer
consists of:

(a) An all-cash offer of 275 pence for each Canary Wharf
    Share;

(b) A basic Class A Share Alternative under which Canary
    Wharf Shareholders who validly accept the Revised Offer may
    elect to receive, in respect of each Canary Wharf Share,
    1.2991 Class A Ordinary Shares in lieu of 29.2828 pence in
    cash to which they would otherwise be entitled under the
    Cash Offer.  On the basis that the Class A Ordinary Shares
    have been valued at approximately 28.6 pence per share, this
    values the Class A Share Alternative at approximately 282.87
    pence per Canary Wharf Share;

(c) A basic Class B Share Alternative under which Canary
    Wharf Shareholders who validly accept the Revised Offer may
    elect to receive, in respect of every 1.9083 Canary Wharf
    Shares, 1.1091 Class B Restricted Shares in lieu of 25 pence
    in cash to which they would otherwise be entitled under the
    Cash Offer.  On the basis that the Class B Restricted Shares
    have been valued at approximately 28.6 pence per share, this
    values the Class B Share Alternative at approximately 278.52
    pence per Canary Wharf Share; and a Loan Note Alternative.

In addition, Additional Share Election Facilities have been made
available such that Canary Wharf Shareholders who validly accept
the Revised Offer and elect for one of the Share Alternatives
may elect to receive additional Thames River Shares on the basis
of 1.1091 Thames River Shares in lieu of 25 pence in cash to
which they would otherwise be entitled under the Cash Offer.
Such elections will only be satisfied to the extent that other
Canary Wharf Shareholders elect for the Cash Offer and not for
the Class A Share Alternative or the Class B Share
Alternative.

The greater the number of Thames River Shares that a Canary
Wharf Shareholder receives in addition to his basic entitlement
under one of the Share Alternatives, the greater the value of
the Revised Offer will be to that shareholder.  For example, a
Canary Wharf Shareholder who elects to receive his entire
consideration in the form of Thames River Shares, and whose
election is satisfied in full, will receive consideration having
the value of approximately 348 pence per Canary Wharf Share.

Further details of the Revised Offer, including the Revised
Offer's full terms and conditions, are set out in the Revised
Offer Document and the Revised Form of Acceptance.

Further details of the Class A Ordinary Shares and Class B
Restricted Shares in Thames River Office Properties PLC and the
proposed admission of the Class A Ordinary Shares to the
Alternative Investment Market of the London Stock Exchange are
contained in the Supplemental Thames River Document.

CONTACT:  CANARY WHARF
          Brascan
          Katherine Vyse
          Phone: +1 (416) 363 9491

          DEUTSCHE BANK
          Debbie Robertson-Bond
          David Church
          James Agnew
          Phone: +44 (0) 20 7545 8000

          MERRILL LYNCH INTERNATIONAL
          Kevin J. Smith
          Simon Fraser
          Paul Golding
          Phone: +44 (0) 20 7628 1000

          THE MAITLAND CONSULTANCY
          Angus Maitland
          Philip Gawith
          Martin Leeburn
          Phone: +44 (0) 20 7379 5151


CAREER DEVELOPMENT: Creditors Meeting Set May 7
-----------------------------------------------
There will be a Creditors Meeting of the Career Developments
U.K. Limited on May 7, 2004 at 11:00 a.m.  It will be held at
North Lakes Gateway Hotel, Ullswater Road, Penrith CA11 8QT.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kroll Limited, 5th Floor, Airedale House, 77
Albion Street, Leeds LS1 5AP not later than 12:00 noon, May 6,
2004.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street, Leeds LS1 5AP
          Contact:
          S C E Mackellar, Joint Administrator
          C P Holder, Joint Administrator


CEDAR WALK: Appoints Milsted Langdon Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Cedar Walk
Farms Limited on April 15, 2004 held at Winchester House, Deane
Gate Avenue, Taunton, Somerset TA1 2UH, the Extraordinary
Resolution to wind up the Company was passed.  Timothy Alexander
Close of Milsted Langdon, Winchester House, Deane Gate Avenue,
Taunton, Somerset TA1 2UH has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton, Somerset TA1 2UH
          Contact:
          Timothy Alexander Close, Liquidator


CONCENTRIC CONTROLS: Creditors Meeting Set May 4
------------------------------------------------
There will be a Creditors Meeting of the Concentric Controls
Limited Company on May 4, 2004 at 11:00 a.m.  It will be held at
Enterprise House, 115 Edmund Street, Birmingham B3 2HJ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Enterprise House, 115 Edmund Street, Birmingham
B3 2HJ not later than 12:00 noon, April 30, 2004.

CONTACT:  N Tombs, Joint Administrative Receiver
          Enterprise House
          115 Edmund Street,
          Birmingham B3 2HJ


COURTYARD CAFE: Hires Liquidator from Leonard Curtis & Co
---------------------------------------------------------
At an Extraordinary General Meeting of the Courtyard Caf,
Limited Company on April 15, 2004 held at Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW, the
Extraordinary Resolution to wind up the Company was passed.  N
Bennett of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW has been appointed the Liquidator of
the Company for the purpose of such winding-up.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Contact:
          N Bennett, Liquidator


CPC FOODS: In Administrative Receivership
-----------------------------------------
Name of Company: CPC Foods U.K. Limited

Nature of Business: Wholesale of Food

Trade Classification: 12

Date of Appointment of Administrator: April 15, 2004

Joint Administrative Receiver:  DAVID RUBIN & PARTNERS
                                Pearl Assurance House,
                                319 Ballards Lane,
                                London N12 8LY
                                Receivers:
                                David Rubin
                                Asher Miller
                                (IP Nos 2591, 9251)


DEGNAN UTILITY: Appoints Moore Stephens Administrator
-----------------------------------------------------
Name of Company: Degnan Utility Services Ltd

Nature of Business: Plant Hire

Trade Classification: Rent Construction Equipment

Date of Appointment of Administrator: April 20, 2004

Joint Administrative Receiver:
                          MOORE STEPHENS CORPORATE RECOVERY
                          3-5 Rickmansworth Road,
                          Watford, Hertfordshire WD18 0GX
                          Receivers:
                          Steven Draine
                          David Rolph
                          (IP Nos 8866, 5930)


D & L FABRICATIONS: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the D & L
Fabrications Limited Company on April 20, 2004 held at the
offices of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  Colin Burke of
Milner Boardman & Partners, Century House, Ashley Road, Hale,
Cheshire WA15 9TG has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House
          Ashley Road, Hale,
          Cheshire WA15 9TG
          Contact:
          Colin Burke, Liquidator


FOFANA LIMITED: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Fofana Limited
Company on April 8, 2004 held at 6 Main Avenue, Moor Park,
Northwood, Middlesex HA6 2HJ, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Michael George
Beattie of 6 Main Avenue, Moor Park, Northwood, Middlesex HA6
2HJ has been appointed Liquidator for the Company.

CONTACT:  Michael George Beattie, Liquidator
          6 Main Avenue
          Moor Park, Northwood,
          Middlesex HA6 2HJ


FREETH CARTWRIGHT: Hires Liquidators
------------------------------------
At an Extraordinary General Meeting of the Members of the Freeth
Cartwright Hunt Dickins Services Company on April 8, 2004 held
at 80 Mount Street, Nottingham NG1 6HH, the Special Resolution
to wind up the Company was passed.  John Phillip Walter Harlow
and Kirankumar Mistry have been appointed Joint Liquidators for
the purpose of such winding-up.

CONTACT:  John Philip Walter Harlow, Liquidator
          Kirankumar Mistry, Liquidator


GA DESIGN: Bank of Scotland Appoints KPMG Receiver
--------------------------------------------------
Name of Companies:
GA Design International Limited
HLM Design International Limited
HLM Design International (Holdings) Limited

Reg No 03166196
Reg No 02424914
Reg No 03705307

Date of Appointment of Joint Administrative Receivers:
March 17, 2004

Name of Person Appointing the Joint Administrative Receivers:
Bank of Scotland

Type and Date of Instrument of Appointment:
Debenture 11 February 2002

Joint Administrative Receivers:  KPMG LLP
                                 24 Blythswood Square,
                                 Glasgow G2 4QS
                                 Receivers:
                                 Blair Carnegie Nimmo
                                 Gary Steven Fraser


HOLLINGER INC.: Apax Partner to Bid for Telegraph with Candover
---------------------------------------------------------------
Apax Partners and Candover are expected to join forces in
bidding for the Telegraph Group, according to The Scotsman.  The
private equity groups have separate bids for British assets of
Hollinger International, but they may soon combine their offers
to top a GBP700 million offer from other bidders.

Candover is believed to be offering GBP600 million, but was told
weeks ago it had to increase the price if it wants to proceed to
the final stage of the auction.  It then reportedly approached
Apax for a possible tie-up.  Kohlberg Kravis Roberts and German
group Axel Springer are believed frontliners in the bidding for
the entire business of Hollinger International, the publishing
company of Lord Conrad Black.


KINGSBRIDGE ADVISORS: Names Begbies Traynor Administrator
---------------------------------------------------------
Name of Company: Kingsbridge Advisors Limited

Nature of Business: Life Assurance

Registered Office of Company:
Begbies Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB

Trade Classification: 6601

Date of Appointment of Administrator: March 31, 2004

Name and Address of Administrator:  BEGBIES TRAYNOR
                                    1 Winckley Court,
                                    Chapel Street, Preston,
                                    Lancashire PR1 8BU
                                    Receiver:
                                    Gordon Craig
                                    (IP No 0978)


K&J LUGGAGE: Hires Receivers from Tenon Recovery
------------------------------------------------
Name of Company: K & J Luggage Limited

Nature of Business: Wholesale of Travel Goods

Registered Office of Company:
Sherlock House, 73 Baker Street, London W1U 6RD

Date of Appointment of Administrator: April 16, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Sherlock House,
                                73 Baker Street,
                                London W1U 6RD
                                Receivers:
                                S R Thomas
                                T J Binyon
                                (IP Nos 8920, 9285)


LOWER DON: Brings in Liquidator
-------------------------------
At an Extraordinary General Meeting of the Lower Don Valley
Community Development Trust Limited Company on March 26, 2004
held at Premier Lodge Sheffield, Sheffield Road, Meadowhall,
Sheffield S9 2YL, it was unanimously agreed that the Company
should be wind up.  S R Dawson of 37 Adelaide Road, Sheffield S7
1SQ has been appointed Liquidator.

CONTACT:  S R Dawson, Liquidator
          37 Adelaide Road,
          Sheffield S7 1SQ


MALLARD ACCESSORIES: Appoints Tenon Recovery Administrator
----------------------------------------------------------
Name of Company: Mallard Accessories Limited

Nature of Business: Wholesale of Travel Goods

Registered Office of Company:
Sherlock House, 7 Baker Street, London W1U 6RD

Date of Appointment: April 16, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Sherlock House,
                                73 Baker Street,
                                London W1U 6RD
                                Receivers:
                                S R Thomas
                                T J Binyon
                                (IP Nos 8920, 9285)


MAX IMAGING: Hires Deloitte & Touche Administrator
--------------------------------------------------
Name of Company: Max Imaging Systems Limited

Nature of Business: Image Processor

Trade Classification: 38

Date of Appointment: April 15, 2004

Joint Administrative Receiver:  DELOITTE & TOUCHE LLP
                                Blenheim House,
                                Newport Road,
                                Cardiff CF24 0TS
                                Receivers:
                                Dominic Lee Zoong Wong
                                Neville Barry Kahn
                                (IP Nos 009232, 008690)


MCL ENGINEERING: Appoints Administrative Receiver
-------------------------------------------------
Name of Company: MCL Engineering Limited

Nature of Business:
Manufacturers of Aluminium and Zinc Die Cast Components

Registered Office of Company:
17 St Andrews Crescent, Cardiff CF10 3DB

Trade Classification: Engineering and Allied Industries

Date of Appointment of Administrator: April 16, 2004

Name and Address of Administrator:  DEWEY & CO
                                    17 St Andrews Crescent,
                                    Cardiff CF10 3DB
                                    Receiver:
                                    Peter Richard Dewey
                                    (IP No 7806)


MYRATECH.NET PLC: Company Profile
---------------------------------
NAME: Myratech.net Plc

ADDRESS: Vittoria House
         1-7 Vittoria Street
         Birmingham
         B1 3ND

PHONE: 0121 628 6000

FAX: 0121 212 1573

EMAIL: info@myratech.net

HOME PAGE: http://www.myratech.net

TYPE OF BUSINESS: Myratech.net plc is a leading provider of
financial software and innovative e-business services to the
small and medium business sector.  It delivers accounting,
technology; and business process solutions to over 400
customers.  Its high-end solutions and services are focused on
delivering a range of strategic, integrative and bespoke
technologies to companies with more than GBP10 million in
turnover.

EXECUTIVES: Duncan Sperry, Chief executive officer
            Nicholas Hamilton, Non-Executive Chairman
            Peter Reynolds, Non-Executive Director

AUDITOR: BAKER TILLY
         City Plaza
         Temple Row
         Birmingham
         B2 5AF
         Phone: 0121 214 3100
         Fax: 0121 214 3101
         E-mail: gary.moreton@bakertilly.co.uk


ADMINISTRATOR: BDO STOY HAYWARD
               125 Colmore Row
               Birmingham, B3 3SD
               Phone:  0121 200 4600
               Fax:  0121 200 4650
               E-mail:  birmingham@bdo.co.uk
               Contact:
               Kim Rayment
               E-mail: kim.rayment@bdo.co.uk

Latest copy of financial results is available free of charge at:
http://bankrupt.com/misc/Myratech.Net_Financials.htm


NORTH WEST: Final General Meeting May 28
----------------------------------------
There will be a Final General Meeting of the Members of the
North West London Training and Enterprise Council Company on May
28, 2004 at 11:00 a.m.  It will be held at the offices of BDO
Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.

The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted.  Members who want
to be represented at the Meeting may appoint proxies.

CONTACT:  BDO STOY HAYWARD
          8 Baker Street,
          London W1U 3LL
          Contact:
          M Cohen, Joint Liquidator


PAGE-JOHNSON: Sets General Meeting May 28
-----------------------------------------
A General Meeting of the Members of the Page-Johnson Homes
Limited Company will be on May 28, 2004 at 10:00 a.m.  It will
be held at St John's Court, Wiltell Road, Lichfield WS14 9DS.

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 want to be represented at the Meeting may appoint
proxies.

CONTACT:  M F P Smith, Liquidator
          St John's Court
          Wiltell Road, Lichfield WS14 9DS


ROBERNS HOMES: Meeting of Creditors May 10
------------------------------------------
There will be an initial Creditors Meeting of the Roberns Homes
Limited Company on May 10, 2004 at 2:00 p.m.  It will be held at
the offices of Tenon Recovery, Charnwood House, Gregory
Boulevard, Nottingham NG7 6NX.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Charnwood House, Gregory
Boulevard, Nottingham NG7 6NX not later than 12:00 noon, May 9,
2004.

CONTACT:  TENON RECOVERY
          Charnwood House
          Gregory Boulevard,
          Nottingham NG7 6NX
          Contact:
          Patrick Ellward, Joint Administrator
          Dilip Dattani, Joint Administrator


SWINDON TRUCK: Final Meeting Set May 25
---------------------------------------
There will be a Final Meeting of the Swindon Truck Stop Company
on May 25, 2004 at 10:00 a.m.  It will be held at Hurst Morrison
Thomson Corporate Recovery LLP, 5 Fairmile, Henley on Thames,
Oxfordshire RG9 2JR.

Members who want to be represented at the Meeting may appoint
proxies.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Contact:
          P W Ellison, Liquidator


TRAVEL DESIGN: Names Tenon Recovery Administrator
-------------------------------------------------
Name of Company: The Travel Design & Accessories Group Limited

Nature of Business: Wholesale of Travel Goods

Registered Office of Company:
Sherlock House, 73 Baker Street, London W1U 6RD

Date of Appointment: April 16, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Sherlock House,
                                73 Baker Street,
                                London W1U 6RD
                                Receivers:
                                S R Thomas
                                T J Binyon
                                (IP Nos 8920, 9285)


WEMBLEY PLC: To Unveil BLB Investors' Revised Offer this Week
-------------------------------------------------------------
BLB Investors, L.L.C. and Wembley plc announced that the offer
document in relation to BLB Investors' recommended offer for
Wembley is expected to be posted no later than Saturday, May 1,
2004.

On March 30, 2004, BLB Investors announced its firm intention to
make an offer for Wembley.  Following the announcement by MGM
MIRAGE on April 8, 2004 of a revised offer for Wembley, BLB
Investors announced an increased and recommended offer for
Wembley on April 20, 2004.

Rule 30.1 of the Code normally requires offer documentation to
be posted within 28 days of an offer announcement, which would
mean that the documentation in respect of BLB Investors' offer
would have to be posted on or before April 27, 2004.  As a
result of the revisions to BLB Investors' offer on April 20,
2004 and to enable the parties to finalize the necessary
documentation to effect the revised offer, Wembley and BLB
Investors have agreed with the Panel Executive to defer the
posting of the offer document until no later than May 1, 2004.

Terms defined in BLB Investors' announcement on April 20, 2004
bear the same meanings herein.

CONTACT:  JPMORGAN
          Edward Banks
          Phone:  +44 (0) 20 7742 4000

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          Phone:  +44 (0) 20 7353 4200

          HAWKPOINT
          Paul Baines
          Vinay Ghai
          Phone:  +44 (0) 20 7665 4500

          MERRILL LYNCH
          Simon Mackenzie-Smith
          Phone:  +44 (0) 20 7628 1000

          COLLEGE HILL
          Matthew Smallwood
          Justine Warren
          Phone:  +44 (0) 20 7457 2020


YORKSHIRE GROUP: Shares Suspended on Delayed Reporting
------------------------------------------------------
The Company said it will not be in a position to finalize its
results for the year ended December 31, 2003 by April 29, 2004.
This has resulted in the suspension by the London Stock Exchange
of the Company's shares in accordance with the Listing Rules of
the U.K. Listing Authority.

On February 3, 2004, the Company sent a circular to shareholders
seeking approval for the sale of the Americas Dye Business to
Dystar.  The sale was approved by shareholders on February 19,
2004.  The circular set out the revised banking facilities,
which had been agreed with the Company's lenders and explained
that the Group did not have sufficient working capital for its
present requirements.

The Company is pursuing discussions with potential purchasers of
property assets, having received a number of offers and is
having related discussions with its lenders to strengthen the
financial position of the Group.  Progress has been made in
these discussions but no definitive results have yet emerged.
As a result of these discussions, and other delays to the
process of finalizing the Company's accounts for the year ended
December 31, 2003, the Company will not be able to publish the
results by April 29, 2004.  The Board is seeking to be in a
position to publish the results by the end of May but the timing
will depend on the outcome of the aforementioned discussions.

While the turnover of the Group has been in line with the
expectations of the Board when the Circular was published,
trading conditions remain difficult, especially in the Asia
Pacific region.  Cash constraints are limiting the ability of
the Group to trade as efficiently as the Board had intended. The
Board anticipates that satisfactory resolution of the
discussions with the Group's lenders, would alleviate these cash
constraints, and continues to believe that the Group is capable
of returning to profitability at the operating level in the
medium term.

CONTACT:  YORKSHIRE GROUP PLC
          Andrew Dick
          Phone: 0113 244 3111


                            *********


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

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