/raid1/www/Hosts/bankrupt/TCREUR_Public/040430.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

             Friday, April 30, 2004, Vol. 5, No. 85

                            Headlines

F I N L A N D

METSO CORPORATION: Orders Increased, But Result Still in Red
METSO CORPORATION: Reorganizes Management Structure


F R A N C E

LBC HOLDINGS: Rated 'B' for Aggressive Financial Profile
WALT DISNEY: Comcast Drops Merger Plans


G E R M A N Y

MG TECHNOLOGIES: Chemieanlagenbau Buys Existing Biz in Chemnitz


I R E L A N D

GLANBIA PLC: Rating Cut to 'BB+' on Slow Financial Progress


I T A L Y

PARMALAT FINANZIARIA: Parma Court Declared Soccer Club Insolvent


L U X E M B O U R G

LUXEMBOURG HOLDINGS: Assigned (P)Caa2 Unsecured Issuer Rating


N E T H E R L A N D S

GETRONICS N.V.: First Quarter Results Benefits from Strategy
MILACRON CAPITAL: EUR115Mln Unsecured Eurobonds Rated Caa2
PETROPLUS N.V.: Expects Slightly Negative First Quarter
ROYAL SHELL: To Outsource Information Technology Operations


P O L A N D

GDYNIA SHIPYARD: To Be Merged With Nowa Szczecin


R U S S I A

ACCEPT-INVEST: Insolvent Status Confirmed
BALASHOV MUNICIPAL: Bankruptcy Procedure Commenced
FUELLING COMPANY: Under Bankruptcy Supervision Procedure
FUNITURE-MIRROR: Tomsk Court Appoints Insolvency Manager
MOBILE TELESYSTEMS: Ratings Up to 'BB-' on Improved Performance

PANINSKY: Under Bankruptcy Supervision Procedure
PRODUCTION PLANT: Volgograd Court Appoints Insolvency Manager
RESHETINSKY ROSIN: Declared Insolvent
SIBERIAN CREDIT: Declared Bankrupt
VOLZHSKY INDUSTRIAL: Court Set August 19 Hearing

ZHELEZO-BETON: Under External Management Bankruptcy Procedure


S W E D E N

CONCORDIA BUS: Rating Down to 'B-' on Higher-Than-Expected Loss


U K R A I N E

ANTIKOR-92: Falls into Bankruptcy
AVTOTRANSSERVIS: Declared Bankrupt
GEDIMEKS: Declared Insolvent
LIGA: Insolvent Status Confirmed
MARAFON: Declared Insolvent

PROGRES: Deadline for Proofs of Claim May 23
STAHANIVSK CITY: Under Bankruptcy Supervision Procedure
UKRTRANSENERGOATOM: Declared Insolvent
VENERA: Under Bankruptcy Supervision Procedure
ZOLOTA NIVA: Lugansk Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

101010 LIMITED: Calls in Liquidator
4 CYTE: In Administrative Receivership
ACCOYO LIMITED: Appoints Liquidator from Baker Tilly
ADZ ONLINE: Hires Liquidator
A J COMMERCIALS: Winding up Resolution Passed

ALL COLOURS: Appoints Solomons Liquidator
ASTON BODY: Names Liquidators from Elliot and Begbies Traynor
AVL MANAGEMENT: Winding up Resolutions Passed
BAE SYSTEMS: Govt. Frowns on Plan to Sell Submarine Yard
BALAWOOD LIMITED: Appoints Sheppard Liquidator

B P S CONTRACTORS: Hires Elwell Watchorn & Saxton Liquidator
CASTILLE PROPERTIES: Hires B & C Associates Liquidator
CDS LIMITED: Appoints Liquidators from Stoy Hayward
CHIL-TEX LIMITED: Creditors Meeting Set May 6
CSI LIMITED: Calls in Liquidator

D & G MARKETING: HSBC Bank Appoints PwC Receiver
DIXONS GROUP: To Close More than 100 Stores
DUBAL SERVICES: Names Ernst & Young Liquidator
EQUITABLE LIFE: Another Legal Case Brews
EUROSAVE TRAVEL: Members General Meeting Set May 14

GODADO.COM LIMITED: Hires Liquidator from Tomlinsons
MADDERN TRANSPORT: Meeting Set June 2
MAYFLOWER ENERGY: Appoints Deloitte & Touche Administrator
MODUS PROJECT: Hires Rothman Pantall Administrator
MONBRIDGE ELECTRICAL: Names Tenon Recovery Administrator

NAMEQUEST LIMITED: General Meeting Set June 17
OCTEL CORPORATION: Ratings Unchanged on Acquisition Plans
PRINT RESOURCE: Hires Vantis Business Recovery Liquidator
RBG RESOURCES: Former Directors Ordered to Return Cash
SHAW BROS: Members Final Meeting Set May 28

WILDSCENE LIMITED: AIB Group Appoints Tenon Recovery Receiver
XAMPLE LIMITED: Conance Limited Appoints Valentine & Co Receiver


                            *********



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F I N L A N D
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METSO CORPORATION: Orders Increased, But Result Still in Red
------------------------------------------------------------
In January-March, Metso Corporation's net sales totaled EUR928
million (1-3/2003: EUR983 million).  Despite profitability
improvements in Metso Minerals and Metso Automation, Metso's
operating profit before nonrecurring items and amortization of
goodwill was EUR0.5 million (EUR11.7 million).  The operating
profit was weakened mainly by cost provisions made in Metso
Paper for certain previously delivered projects.

After nonrecurring items and amortization of goodwill, the
operating loss was EUR12.1 million (positive EUR5.3 million).
Earnings per share were negative EUR0.18 (negative EUR0.09).
New orders worth EUR1.127 million (EUR1.425 million) were
received.  The Corporation's order backlog totaled EUR1.666
million at the end of March (EUR1.505 million at the end of
2003).  Gearing was 101.7% at the end of March (107.7% at the
end of 2003).

Demand for Metso's products in January-March remained mostly at
the previous year's level, but the demand for Metso Minerals'
products improved from the previous year in the North American
construction equipment market and globally in the mining
industry.  Metso received clearly more orders in January-March
than in the previous year's final quarter, but less than in
January-March of that year.  The order backlog increased by 11%
from the turn of the year.  Aftermarket operations accounted for
39% of net sales, up from 37% at the end of 2003.

The Corporation's operating result before nonrecurring items and
amortization of goodwill in January-March was slightly positive,
but after nonrecurring items and amortization of goodwill the
operating result was negative.  Jorma Eloranta, President and
CEO of Metso Corporation, acknowledges that the result is
unsatisfactory and that Metso, as the global market leader,
should be able to do better.

"We shouldn't try to find reasons for the weak profitability in
strategies, the portfolio or business cycles.  Instead, to
improve the situation, the management clearly should focus on
implementing the strategic and operational measures.  Metso's
balance sheet will strengthen substantially, which provides us
better opportunities to focus on improving the operational
profitability.  The increase in the order backlog supports our
efforts to improve the result," says Eloranta.

Metso Paper made an operating loss in January-March due to
additional project provisions.  "Our challenges in Metso Paper
are to react faster to the market situation and customer needs
and to streamline the cost structure.  The business area needs
to find new and more competitive ways to operate," says
Eloranta.  Metso Minerals' markets are recovering and its
profitability developed favorably in the first quarter.
However, the result was weakened by the nonrecurring expenses
from the divestiture of Dynapac, the road construction machinery
manufacturer.  "In Metso Minerals it is important to complete
the ongoing efficiency improvement measures, in order to
maintain our position as the market leader in the recovering
markets."

"Metso Automation has substantially improved its result.  Thanks
to the efficiency improvement measures that were implemented
firmly, we can gradually proceed into a phase of continuous
improvement in this business area," says Jorma Eloranta.
The operating result of the Metso Ventures business area was
slightly negative.  Metso Drives, supported by the favorable
market situation, improved its profitability.  The substantial
underutilization of Valmet Automotive's production capacity
weakened the business area's result.

Short-term outlook

Metso Paper's net sales and operating profit before nonrecurring
items for 2004 are expected to fall short of the level of the
previous year.  The favorable development of the beginning of
the year in Metso Minerals and Metso Automation is expected to
continue.  Overall, Metso Corporation's operating profit before
nonrecurring items for 2004 is expected to be on the previous
year's level.  Income before taxes is expected to be
significantly better than in the previous year.

Interim Review January-March 2004

CONTACT:  METSO CORPORATION
          Jorma Eloranta, President & CEO
          Phone: +358 204 84 3000

          Olli Vaartimo, Executive Vice President & CFO
          Phone: +358 204 84 3010

          Eeva Makela, Manager, Investor Relations
          Phone: +358 204 84 3253


METSO CORPORATION: Reorganizes Management Structure
---------------------------------------------------
Metso Corporation's Board of Directors decided to renew the
Corporation's Corporate Governance to make management more
efficient.  The Board of Directors will supervise the
Corporation's operations and management and decide on
significant matters relating to strategy, investments,
organization and finance.  The Board of Directors will have
permanent Audit and Compensation Committees.  The President and
CEO of Metso Corporation will be in charge of the management of
Metso.  The new corporate governance principles will become
effective as of May 1, 2004.

"By renewing our Corporate Governance and operating model, we
want to ensure the prerequisites for profitability improvement.
The current situation calls for a tighter and simpler
organization that will implement planned actions in an action-
oriented and hands-on way.  Together with our Business Area
management, we will concentrate on concrete projects to improve
the profitability and operational efficiency.  This will be
ensured by continuous follow-up," says Jorma Eloranta, President
and CEO of Metso Corporation.

Board Committees

The Board of Directors' Audit Committee will review the
Corporation's financial reporting, as well as assess the
compliance with laws and provisions, internal control and risk
management, internal auditing and matters relating to auditors.
The Audit Committee will consist of a committee's chairman and
two members of the Board of Directors.  All of them are
independent.  In its meeting, Metso's Board of Directors elected
among its members Maija-Liisa Friman as the Chairman of the
Audit Committee and Satu Huber and Jaakko Rauramo as members of
the Committee.

The Board of Directors' Compensation Committee will review and
monitor the competitiveness of the remuneration and incentive
systems within Metso, as well as prepare and make proposals to
the Board for the remuneration and benefits of the President and
CEO and the officers reporting to the CEO.  The Compensation
Committee will consist of a chairman and two members of the
Board of Directors.  Matti Kavetvuo was elected as the Chairman
of the Compensation Committee and Risto HautamAki and Juhani
Kuusi as members of the Committee.

Nomination Committee established by the Annual General Meeting
Metso's Annual General Meeting on April 6, 2004 established a
Nomination Committee representing shareholders.  The Committee
will prepare proposals in respect of the composition of the
Board and the director remuneration for the following General
Meeting.

Corporation's management

The President and CEO will guide and supervise the operations of
Metso and its Business Areas.  The President and CEO will
prepare the matters on the agenda of the Board of Directors and
its Committees and implements their decisions.  The President
and CEO will also act as chairman of the Corporate Executive
Team and the Business Area Boards.

The Metso Executive Team will assist the President and CEO in
preparation of matters such as Metso's strategy, policies and
other matters of joint importance within Metso.  The Board of
Directors of Metso Corporation appointed Jorma Eloranta, Metso's
President and CEO, Chairman of Metso's Executive Team.  Olli
Vaartimo, Metso's Executive Vice President and CFO, was
appointed Vice Chairman of the Executive Team and Business Area
Presidents Bertel Karlstedt (Metso Paper), Matti KAhkonen (Metso
Automation), Bertel Langenskiold (Metso Minerals) and Vesa Kainu
(Metso Ventures) members of the Executive Team.  Metso's
previous Extended Executive Board was abolished.

The Business Area Presidents will be in charge of the day-to-day
management of their respective business areas, and will report
to the President and CEO.

The Business Area Boards will consist of Metso's President and
CEO and two to four other members.  The Board of Directors of
Metso Corporation has appointed Jorma Eloranta Chairman of Metso
Paper's Board.  Metso Paper Board members are Olli Vaartimo;
Bertel Karlstedt; Harri Luoto, General Counsel of Metso
Corporation and Jyrki Vesaluoma, Senior Vice President, Finance,
Metso Paper.  Jorma Eloranta was appointed Chairman of Metso
Minerals Board.  Metso Minerals Board members are Olli Vaartimo,
Bertel Langenskiold, Harri Luoto and Juha Seppala, the head of
Metso Minerals Finance and Control.  Correspondingly, Jorma
Eloranta was appointed Chairman of Metso Automation's Board,
with Olli Vaartimo, Matti KAhkonen, Harri Luoto and Eeva-Liisa
Virkkunen, Senior Vice President, Finance and Administration,

Metso Automation as members of the Board.

Metso Corporation 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 were
EUR4.3 billion.  It has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

CORPORATE GOVERNANCE

General Governance Issues

The duties of the various bodies within Metso Corporation and
its subsidiaries (Metso) are determined by the laws of Finland
and by Metso's corporate governance policy, which complies with
the Finnish Companies Act and Finnish Securities Market Act.
As recommended by the Helsinki Exchanges, Metso follows the
guidelines issued by the Central Chamber of Commerce and the
Confederation of Finnish Industry and Employers (TT) relating to
the governance of publicly quoted joint stock companies with the
exception that Metso's Board of Directors does not have a
nomination committee as Metso's Annual General Meeting has
established a shareholders' nomination committee on April 6,
2004.

Metso further complies with the guidelines for insiders
published by the above bodies and the Helsinki Exchanges.
Metso is listed also in the New York Stock Exchange and
therefore follows NYSE's and Sarbanes-Oxley Act's requirements
for foreign companies when not in conflict with the law of
Finland.

The Board of Directors (Board) and the President and Chief
Executive Officer (CEO) are responsible for the management of
Metso.  Other governance bodies have an assisting and supporting
role.  The Board shall assure good corporate governance practice
within Metso.

Board

The Board supervises the operation and management of Metso and
decides on significant matters relating to strategy,
investments, organization and finance.

These are the main duties of the Board:

(a) To approve Metso's long term goals and strategies for
    achieving them.

(b) To approve Metso's annual business and other major action
    plans.

(c) To approve Metso's organizational structure and the main
    principles for the incentive systems and to nominate the
    President and CEO, the Presidents of the Business Areas and
    the members of the Metso Executive Team.

(d) To approve Metso's corporate policies in key management
    areas, like corporate governance, risk management, financial
    control, financing, internal control, information security,
    corporate communications, human resources, ethical values
    and environment.

(e) To decide on matters the Board delegates to the President
    and CEO for decision.

(f) To ensure, that supervision of the bookkeeping and the
    financial matters are properly organized, and to ensure
    proper preparation of the interim and the yearly financial
    statements.

(g) To ensure the adequacy of planning, information, and control
    systems for monitoring results and managing risks in
    operations.

(h) To monitor and evaluate the performance of the President and
    CEO and to decide upon his remuneration and benefits.

(i) To make proposals for and convene the General Meetings of
    Shareholders.

(j) To decide upon other matters not belonging to the day-to-day
    operations, such as major investments, acquisitions and
    divestitures, and major joint ventures and loan agreements.
    The Board also decides upon guarantees given by Metso
    Corporation.

(j) To decide upon other matters in accordance with the
    provisions in the Companies Act.

The agenda for the Board Meetings with all attached material to
the Board members will be distributed at least five (5) days
before the meeting.

Board Committees

To ensure that sufficient time and efforts will be devoted to
matters regarding Internal and External Audit as well as
Executive Compensation, the Board will have two permanent
committees, i.e. an Audit Committee and a Compensation
Committee.  The Board will supervise the activities of these
committees.

The Audit Committee consists of the committee's chairman and two
members, who all are elected by the Board from among its
independent members.  The Audit Committee draws up a written
working order for itself.  Duties of the Audit Committee
include: review of financial reporting by auditing of draft
financial statements and interim reports and of Metso's
accounting principles and auditing of significant or exceptional
business transactions and of the management's assessments,
review of normalization and compliance with this by assessment
of compliance with laws and provisions and compliance with code-
of-conduct procedures and assessment, review of internal control
and risk management by assessment of Metso's internal control
system and assessment of the appropriateness of risk management,
review of internal audit by assessment of the internal audit and
approval of the audit plan and follow-up of internal audit
reporting, matters relating to auditors such as preparation for
the election of auditors, assessment of the audit plan, thorough
study of the auditor's reports and discussion about these with
the auditors and assessment of the quality and scope of the
audit.

The Compensation Committee consists of the committee's chairman
and two members, who are all elected by the Board from among its
members.

The Compensation Committee shall review and monitor the
competitiveness of the remuneration and incentive systems within
Metso, prepare and make proposals to the Board for the
remuneration and benefits of the President and CEO and decide
upon the remuneration and benefits of the officers reporting to
the President and CEO.  The committee may authorize its Chairman
to decide upon the remuneration and benefits of these officers.

President and CEO

The Board nominates a President and CEO, who shall be in charge
of the management of Metso in accordance with the provisions in
the Companies Act and instructions given to him by the Board.
The President and CEO reports to the Board and keeps the Board
sufficiently informed of Metso's business environment such as
customers, competition and markets as well as of the financial
and other status of Metso.  The President and CEO prepares the
matters on the agenda of the Board and Board committees and
implements the decisions made by the Board and Board committees
if not otherwise decided by the Board in particular.  The
President and CEO shall guide and supervise the operations of
Metso and its Business Areas.  The President and CEO will also
act as chairman for Metso Executive Team and for the Business
Area Boards.  Metso Executive Team President and CEO and other
members designated by the Board form.

Metso Executive Team.

Metso Executive Team assists the President and CEO in
preparation of matters such as Metso plan, strategies, Metso
policies and other matters of joint importance within Metso as
requested by the President and CEO.  Metso Executive Team will
convene when called by the President and CEO.

Business Area Presidents

The Business Area Presidents report to the President and CEO and
keep him sufficiently informed of the Business Areas' business
environment such as customers, competition and markets as well
as of the financial and other status of the Business Areas.
The Business Area Presidents shall be in charge of the day-to-
day management of the Business Areas.

Business Area and other Metso Boards

The president and CEO as Chairman and two to four other members
will form the Business Area Board.  The Business Area Boards
will ascertain that operations in all companies within the
Business Area are managed in accordance with the prevailing
laws, regulations and Metso policies.  The specific
responsibilities of the boards of holding and other similar
companies within Metso will be defined by the President and CEO.

Legal Compliance and Ethical Standards

It is a strong commitment on Metso's part to conduct business
under policies and procedures, which incorporate high ethical
standards and compliance with applicable laws.

Metso is subject to a wide range of legal requirements, which in
many cases may be quite complex.  Each of the Metso's Business
Areas is expected to implement and adhere to a code of ethical
conduct and initiate appropriate procedures to assure legal
compliance.  These should extend to all appropriate matters,
including particularly laws governing environment, workplace
safety and product safety, antitrust and unfair trade practices,
employment discrimination and harassment, and improper use of
confidential information.

Guidelines should be in place, which ensure that employees are
familiar with those laws, which apply to their activities, that
they conduct themselves in compliance with those laws, and that
those who have questions as to their legal or ethical
obligations seek appropriate clarification from a designated
senior officer.

Nomination committee established by the annual general meeting
on April 6, 2004

The Nomination Committee prepares proposals for the following
General Meeting with respect to the composition of the Board
along with the director remuneration.  Representatives of four
major shareholders are elected to the Nomination Committee along
with the Chairman of the Board as an expert member.  The right
to appoint members representing shareholders is held by the four
shareholders registered in Metso's shareholder register, which
is maintained by the Finnish Central Securities Depository Ltd.,
which, on December 1 prior to the General Meeting, hold the most
votes in Metso.  The Nomination Committee is convened by the
Chairman of the Board, and the Committee elects a chairman from
among its members.  The Nomination Committee shall present its
proposal to the Board no later than February 1 prior to the
General Meeting.


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F R A N C E
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LBC HOLDINGS: Rated 'B' for Aggressive Financial Profile
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to LBC Holdings LLC, a provider of liquid chemical
products storage for chemical manufacturers.  The outlook is
stable.

At the same time, Standard & Poor's has assigned its 'CCC+'
rating to LBC's proposed EUR150 million senior subordinated
notes due in 2014, which are expected to be issued in May.  The
two-notch difference between this and the long-term corporate
credit rating reflects contractual and structural subordination,
in line with Standard & Poor's issue ratings methodology.  The
company's priority liabilities (including notably those at the
operating level) exceed the limit of 30% of consolidated assets,
which is the threshold for a two-notch differential with a
corporate credit rating in the sub-investment-grade category.

"The rating on LBC reflects the company's very aggressive
financial profile and relatively small size, as well as the
chemical storage industry's high capital intensity, difficult
market conditions during the past few years, and some contract
concentration," said Standard & Poor's credit analyst Christine
Hoarau.  "Partially offsetting these factors are LBC's strong
profitability and good revenue visibility, and the industry's
fairly high barriers to entry."

U.S.-based private equity firm One Equity Partners (a Bank One
company) has entered into talks expected to be completed in May
2004, to purchase LBC for EUR255 million.  Of this figure,
EUR190 million is debt (chiefly a EUR150 million senior
subordinated note) and EUR65 million is equity.  The new debt
will refinance almost all the existing indebtedness.

"Standard & Poor's expects that LBC's earnings and cash flow
will moderately improve in the short-to-medium term, and that
the company will focus all its limited free cash flows on debt
repayment," added Ms. Hoarau.


WALT DISNEY: Comcast Drops Merger Plans
---------------------------------------
Comcast Corporation on Wednesday withdrew its proposal to merge
with Disney.

Brian L. Roberts, President and Chief Executive Officer of
Comcast, said: "We have always been disciplined in our approach
to acquisitions.  Being disciplined means knowing when it is
time to walk away.  That time is now."

"It has become clear that there is no interest on the part of
Disney's management and Board in putting Comcast and Disney
together," Mr. Roberts continued.  "As a result, we have
withdrawn our offer."

"Comcast is in the best shape in its history," Mr. Roberts said.
"As emphasized by our first quarter numbers, we are off to a
great start this year and are uniquely positioned to deliver
superior growth and value to our shareholders in 2004 and
beyond.  With over 21% cash flow growth this quarter, we are the
fastest growing media and telecommunications company in the
nation.  In addition, now that we have withdrawn the Disney
proposal, we are once again in a position to move forward with
our previously announced US$1 billion stock repurchase program."

Key highlights from Comcast's first quarter results include:

(a) 21% OCF growth in cable and 67.9% increase in OCF in content

(b) 35,000 more basic cable subscribers

(c) 394,000 more high-speed data customers while growing ARPU
    from US$41.33 in the fourth quarter of 2003 to US$42.46 in
    the first quarter of 2004

(d) Almost US$400 million in free cash flow after all taxes and
    interest

Comcast Corporation (http://www.comcast.com)is principally
involved in the development, management and operation of
broadband cable networks and in the provision of programming
content.  The Company is the largest cable company in the United
States, serving more than 21 million cable subscribers.  The
Company's content businesses include majority ownership of
Comcast Spectacor, Comcast SportsNet, E! Entertainment
Television, Style, The Golf Channel, Outdoor Life Network and
G4.  Comcast Class A common stock and Class A Special common
stock trade on The NASDAQ Stock Market under the symbols CMCSA
and CMCSK, respectively.

CONTACT:  COMCAST CORPORATION
          D'Arcy Rudnay
          Vice President, Corporate Communications
          Phone: +1-215-981-8582

          Marlene S. Dooner
          Vice President, Investor Relations
          Phone: +1-215-981-7392
          Web site: http://www.comcast.com


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G E R M A N Y
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MG TECHNOLOGIES: Chemieanlagenbau Buys Existing Biz in Chemnitz
---------------------------------------------------------------
As announced at the beginning of last December, Lurgi AG, a
subsidiary of the mg Group, has transferred part of the business
run by its Chemnitz-based subsidiary Lurgi Life Science GmbH to
the newly established Chemieanlagenbau Chemnitz GmbH (CAC) and
sold this company as part of a management buy-out.

The company has been bought by Joachim Engelmann, the former
managing director of Lurgi Life Science GmbH, and by Jorg
Engelmann, divisional manager at the company.  CAC will offer a
broad range of engineering services and execute regular orders
for the business acquired from Lurgi Life Science.

The Renewable Resources business, which previously belonged to
Lurgi Life Science, is one of the core businesses of Lurgi AG
and is being continued by the latter.  The disposal will become
effective retroactively as from April 1 of this year and is
subject to various conditions precedent.  The parties to the
deal have agreed not to disclose the purchase price.  Lurgi AG's
support for the management buy-out will enable the roughly 140
employees at the Chemnitz site to be retained by the new
company.

The Chemnitz-based Lurgi Life Science GmbH was de-merged from
Lurgi in October 1999 and made into a separate legal entity.
The company's activities focused on plant engineering for the
pharmaceutical and chemical sectors.  Lurgi Life Science GmbH
also supplied technologies and industrial plant for the
processing of renewable resources --into bio-diesel and bio-
ethanol, for example.  The newly established CAC will operate as
a medium-sized company, concentrating on engineering services
and building industrial plant for clients from the chemical, oil
and pharmaceutical sectors.  Its regional focus will be on
German-speaking countries and eastern Europe.

This disposal represents a continuation of the reorganization of
mg's industrial plant engineering activities.  "In the future,
Lurgi will concentrate on proprietary technologies and exclusive
licenses in its core businesses.  At the same time, it will
extend its market and technology leadership in the fast-growing
areas of gas-to-petrochemicals and synthetic fuels,
petrochemicals, and renewable resources, such as bio-fuels and
cooking oil", stressed Klaus Moll, mg's executive director
responsible for engineering.

Mg technologies AG is an international technology group with
core competencies in engineering and chemicals.  In the future,
the company will concentrate on specialty mechanical engineering
-- focusing on process engineering and components -- and plant
engineering.  Excluding discontinued operations, mg generated
sales of EUR6.4 billion in fiscal 2003.  By the end of 2003, mg
employed around 30,800 people and is one of the world's market
and technology leaders in 90% of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0) 69 71199-241
          Web site: http://www.mg-technologies.com


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GLANBIA PLC: Rating Cut to 'BB+' on Slow Financial Progress
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Irish food manufacturer Glanbia PLC
to 'BB+' from 'BBB-' due to an insufficient improvement in the
group's financial profile.  The outlook is stable.  In addition,
Standard & Poor's lowered its preferred stock rating on related
entity Avonmore Delaware, L.P. to 'BB-' from 'BB'.

"Although Glanbia's financial profile has improved over the past
three years, it remains below Standard & Poor's expectations and
is unlikely to meet expectations in the near term," said
Standard & Poor's credit analyst Vincent Allilaire.

"Furthermore, anticipated higher expenditures on productive
investments in 2004, which are likely to weigh on the group's
free cash flow generation, are expected to constrain further
debt reduction in the short term."

Glanbia's profitability remained stable overall at a low level
in 2003 because the pricing environment remained weak in
international dairy markets.  Net debt (adjusted for leases and
pension obligations) at January 3, 2004, fell to EUR383 million
from EUR410 million one year earlier, as it benefited from free
cash flow generation, proceeds from disposals, and from
favorable currency fluctuations. The group is expected to
sustain financial profile consistent with the rating level
despite its exposure to a volatile pricing environment.


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


PARMALAT FINANZIARIA: Parma Court Declared Soccer Club Insolvent
----------------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that its subsidiary Parma Associazione Calcio
S.p.A., on April 21, 2004 applied for insolvency status with the
Civil Court of Parma.  The Court accepted the application and
declared Parma Associazione Calcio S.p.A. insolvent.
Parma Associazione Calcio S.p.A., under Legislative Decree no.
347 of December 23, 2003, by decree of the Minister of
Production of Activities, was put under Extraordinary
Administration on April 23, 2004 and Dr. Enrico Bondi was named
Extraordinary Commissioner of the above-mentioned company.

                            *   *   *

According to The Associated Press, a report by the Italian news
agency Ansa said Parma has debts of EUR309.6 million (US$366
million), liquid assets of EUR400,000 and EUR41 million credit
lines available.

CONTACT: PARMALAT FINANZIARIA
         Sede legale: 43044 Collecchio (Pr)
         Via Oreste Grassi, 26
         Codice fiscale e iscrizione nel Registro delle
         Imprese di Parma 00175250471
         Partita I.V.A. 01938950340
         R.E.A. Parma n. 188325 - U.I.C. n. 730
         Sede amministrativa: 20122 Milano -
         Piazza Erculea, 9
         Phone: (39) 02 8068801
         Fax: (39) 02.8693863
         E-mail: x_affari_societari_it@parmalat.net


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


LUXEMBOURG HOLDINGS: Assigned (P)Caa2 Unsecured Issuer Rating
-------------------------------------------------------------
Moody's Investors Service assigned for the first time a (P)B2
senior implied rating to chemical storage company LBC Holdings
LLC.  The outlook is stable.

It also assigned a (P)Caa1 rating to the EUR150 million senior
subordinated notes due 2014 to be issued by LBC Luxembourg
Holding S.C.A., and a (P)Caa2 unsecured issuer rating to LBC
Holdings LLC.

The (P)B2 senior implied rating of LBC reflects, among others,
the company's small size, high customer concentration, reliance
on the continuity of its contracts, high fixed cost base,
exposure to volume cyclicality within the chemical industry, and
potential cash outflows related to forthcoming changes in
European and North American environmental legislation.

Positively it reflects the company's leading position, strategic
location, stable revenue line, strong operating margins, and
competitive position.

Luxembourg Holdings has revenues of EUR122 million in 2003.


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


GETRONICS N.V.: First Quarter Results Benefits from Strategy
------------------------------------------------------------
CEO Klaas Wagenaar comments: "Improvements in operational margin
are being achieved by focusing on the quality of revenue and
operational effectiveness.  It is encouraging to see that the
commercial backlog and pipeline improved in Q1, reflecting our
efforts to enhance marketing reach by strengthening our ICT
solutions across all major geographies.  With our strong
position in Network and Desktop Outsourcing (NDOS) we can
capitalize on the forecast industry growth in this market area.
This developed and extensive NDOS platform provides us the
ability to cross-sell our other ICT solutions and services."

(a) Service revenue was broadly flat at EUR437 million compared
    to ongoing Q1 2003, based on constant currency rates.

(b) Product revenue declined 16% to EUR149 million (ongoing Q1
    2003: EUR177 million) in line with our strategy to
    de-emphasize non-strategic product revenue.

(c) Gross margin improved to 17.1% (ongoing Q1 2003: 14.5%) with
    improvements in both service and product gross margins.

(d) Selling, general and administrative expenses were down 11%
    at constant currency rates.

(e) EBITA improved to EUR7 million from negative EUR22 million
    in Q1 2003 ongoing.

(f) Improved productivity resulted in increased operational
    profitability per average employee.

(g) Growing pipeline for Network and Desktop Outsourcing (NDOS)
    provides increased opportunities for the medium term.

(h) Number of average employees reduced by 8% to 21,773 in Q1
    2004 (Q1 2003: 23,672).

(i) 100 million new shares placed at EUR2.40 euro per share on
    27 February 2004.

(j) 2008 Installment Bonds fully redeemed on 31 March 2004.

UNAUDITED Q1 2004

The global ICT market, with the exception of continental Europe,
demonstrated modest signs of recovery during the quarter.

Q1 and Q3 can be typically characterized as the Company's
weakest quarters.  The Company closed the quarter
satisfactorily, with a significant improvement in operating
performance compared to the same quarter in 2003.

The Company is currently strengthening its ability to deliver
its market-relevant portfolio of solutions and services across
all major geographies, by investing in seven proven global ICT
solutions that meet client needs: network and desktop
outsourcing; security; converged communications; enterprise
content management; mobility; storage, data and network
integration; and application integration and management.  Our
own focus and efforts on sales and marketing and a marginally
improved market resulted in an improved commercial backlog and
pipeline in Q1.

During the quarter, the Company was able to fully redeem its
2008 Installment Bonds using the net proceeds of the
successfully placed institutional share offer of 100 million
shares at EUR2.40 per share.  As a result, the Company had no
net debt by the end of the quarter.

Recently, the Company signed a new 3-year credit facility of
EUR175 million consisting of a EUR100 million Revolving Tranche
for general corporate purposes and a EUR75 million Term Tranche
for acquisitions, replacing the previous credit facility of
EUR100 million.

As announced in the Company's Annual Report and discussed at the
recent Annual Meeting of Shareholders, the Company will buy back
5.5 million ordinary shares (representing just over 1% of
outstanding ordinary shares) in the open market, at the best
price available and over an appropriate period, to enable it to
cover employee options granted in 2003 and 2004.

CEO Klaas Wagenaar comments: "We have closed the book on the
financial challenges of 2003 and we are now focusing on actively
strengthening the Company's go-to-market model and improving our
operational effectiveness.

The heart of the Company's strategy is to offer best-in-class
ICT solutions and services based upon our core competencies.
Our aim is to be the long-term trusted ICT partner for major
organizations in the geographies in which we operate.

We are encouraged to see the positive reaction from customers
and our strategic alliances to our recently launched Global
Solutions Portfolio.  Combined with our best-in-class service
delivery, this clearly validates our global leadership position
in the Network and Desktop Outsourcing business (source IDC NDOS
survey).

The Company is continuing to make good progress reducing the
costs of delivering its solutions and services.  The Company has
seen increased activity in providing more remote services to its
clients and is actively optimizing and transforming its remote
services capability by setting up two additional Global Service
Centers (GSC) in Eastern Europe and Asia Pacific, in addition to
its existing GSC in Mexico.  This will be combined with a
further consolidation of the Company's own global ICT
infrastructure to provide a more effective set of tools and
processes to both run the Company and deliver services to
clients across the globe.

The Company has experienced increased new commercial activities
across the globe in Q1 2004, but expects the conversion to
contracted revenue to take at least another six to nine months,
due to continuing economic uncertainty, particularly in
continental Europe".

UPDATED COMPANY PRESENTATION

Getronics also published an updated Company presentation on its
website: http://www.getronics.com

Getronics will publish its first half-year 2004 results on
Monday 2 August 2004.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003).  Getronics designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics headquarters are in Amsterdam, with
regional offices in Boston, Madrid and Singapore.  Getronics'
shares are traded on Euronext Amsterdam (GTN).  For further
information about Getronics, visit http://www.getronics.com

CONTACT:  GETRONICS NV
          Press Inquiries:
          Phone: +31 20 586 1581
          E-mail: media@getronics.com

          Investor Inquiries:
          Phone: +31 20 586 1982
          E-mail: investor.relations@getronics.com


MILACRON CAPITAL: EUR115Mln Unsecured Eurobonds Rated Caa2
----------------------------------------------------------
Moody's Investors Service assigned a Caa2 rating to Milacron
Capital Holdings B.V.'s EUR115 million (approximately US$136
million equivalent) of 7.625% senior unsecured Eurobonds due
April 2005.  The bonds are guaranteed by its U.S. parent,
Milacron Inc.

Concurrently, Moody's assigned:

(a) a Caa1 rating for Milacron Escrow Corporation's proposed
    US$225 million of guaranteed senior secured notes due 2011,
    to be issued under Rule 144A with registration rights

(b) a Caa1 senior implied rating for Milacron Inc.

(c) a Caa2 senior unsecured issuer rating.

The rating actions are done in conjunction with the planned
second phase of the company's recapitalization program that will
follow a proposed issuance of US$225 million guaranteed senior
secured notes due 2011.

The company must complete the proposed new senior secured notes
offering and obtain the proposed new senior secured credit
facility to avoid possible downgrades.

In the event the plan goes awry, Moody's said: "Milacron would
incur events of default of its Series B step-up notes and its
interim US$140 million senior secured credit facility, and would
not have access to a clear source of funds for repayment of its
near-term debt maturities.  Milacron's liquidity would be
stressed, and the company would face a high probability of
further restructuring."


PETROPLUS N.V.: Expects Slightly Negative First Quarter
-------------------------------------------------------
First quarter net income, including non-recurring proceeds from
the sale of Tango and the partial release of a provision, has
resulted in a positive result of approximately EUR47 million for
the company.

Petroplus International NV has realized a slightly negative net
income from its normal operations over the first quarter of
2004.  After releasing part of a provision made at the end of
2003 to cover a claim against a non-performing counter-party in
the Dubai office, the consolidated net income will be slightly
positive.  After the settlement of the final closing accounts,
the book profit from the sale of Tango will amount to
approximately EUR46 million.

Petroplus' slightly negative result from its normal operations
over the first quarter 2004 is mainly due to the fact that the
refinery in Antwerp is currently in the implementation phase of
a reorganization, after having reached an agreement with the
unions at the end of December.  Without the Antwerp refinery,
the first quarter net income from normal operations would have
been positive.  This situation is in spite of the continuing
weak US dollar and average refining margins being below mid-
cycle level for Petroplus.

The definitive completion of the sale of Tango is in its final
phase.  The closing balance as per transfer date has been
audited by the accountants and final discussions with the buyer
are currently underway.  As a consequence of various adjustments
in the financials as per the closing date, the estimated book
profit Petroplus will realize from the sale of Tango currently
amounts to approximately EUR46 million compared to previous
estimates of EUR52 million.

In the course of the first quarter, an agreement was reached
regarding a claim the Dubai Supply & Trading office has against
a non-performing counter party, for which a EUR7.1 million
provision was made at the end of 2003.  Based on this agreement,
Petroplus expects that a large share of the provision will be
released in installments over the course of 2004.  In the first
quarter of 2004, a first payment was received, resulting in the
release of approximately EUR2.1 million of the provision.

In accordance with the financial calendar, Petroplus will
announce its first quarter 2004 results on 19 May.

Furthermore, the printed version of the Petroplus 2003 Annual
Report is available as of 4 May and can be obtained via
IR@petroplus.nl or downloaded from the website
http://www.petroplusinternational.com

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O.  Box 85002 3009 MA Rotterdam
          Phone: +31 (0) 10 242 5900
          Fax:   +31 (0) 10 242 6052
          E-mail: IR@petroplus.nl
          Web site: http://www.petroplusinternational.com
          Contact:
          CMarcel van Poecke
          Willem Willemstein
          Executive Board

          Martijn Schuttevaer
          Investor Relations Manager
          Phone: +31 10 242 5900
          Web site: http://www.petroplusinternational.com


ROYAL SHELL: To Outsource Information Technology Operations
-----------------------------------------------------------
With the reported plan of Royal Dutch/Shell to move its
operations to India and Malaysia, up to 2800 employees of the
troubled oil giant's information technology division are in
danger of losing their jobs, The Scotsman reports.

The company has information technology divisions in the U.K.,
the Netherlands, the United States and Malaysia. It was not
revealed which of these countries will be affected, but it is
understood the Scotland site will be spared, according to the
Scotsman report.

Shell said that by the end of 2006, between 1900 and 2800 of the
technology division's 9,300-strong staff will be dropped from
the payroll, as it would enable the company to save GBP475.3
million in personnel costs.

"This is not just about cutting jobs.  It is about looking at
how we can improve efficiency by streamlining systems and
infrastructure," a spokeswoman for Shell said.


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


GDYNIA SHIPYARD: To Be Merged With Nowa Szczecin
------------------------------------------------
The Polish government has decided to merge Nowa Szczecin
Shipyard and Gdynia Shipyard for the formation of a new entity
to be named Stocznie Polskie, relates the Warsaw Business
Journal.

The plan requires that the State Treasury provide Gdynia
Shipyard PLN800 million in fresh capital and Nowa Szczecin to
purchase the assets of the Porta Holding Group.  The deal is
estimated to cost Nowa Szczecin between PLN110 million and
PLN130 million.

The president of the Industrial Development Agency, which is in
charge of the consolidation, also said the office wants to buy
additional companies of the group.  Potential acquisitions are
Porta Styl and Porta Transport.  If the deal pushes through, the
total acquisition stands to rise to PLN200 million.

The State Treasure promised to provide the agency some PLN30
billion from the state restructuring fund and further cash from
the ongoing privatization in the industry.  But even then, the
Industrial Development Agency will still be PLN60 million short,
the report said.


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


ACCEPT-INVEST: Insolvent Status Confirmed
-----------------------------------------
The Arbitration Court of Ivanovo-region declared LLC investment
company Accept-Invest insolvent and introduced bankruptcy
proceedings.  The case is docketed as A838/10-B.  Mr. L. Morskov
has been appointed insolvency manager.  Creditors have until
June 22, 2004 to submit their proofs of claim to the insolvency
manager at: Russia, Ivanovo, Almetyevsk, Sosnovaya str.1.

CONTACT:  Mr. L. Morskov, insolvency manager
          Russia, Ivanovo, Almetyevsk, Sosnovaya str.1


BALASHOV MUNICIPAL: Bankruptcy Procedure Commenced
--------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on Balashov Municipal Heat-Power
Enterprise Of Thermic Networks.  The case is docketed as A57-
113B/03-23.  Mr. A. Peskov (Moscow) has been appointed temporary
insolvency manager.  Creditors have until May 22, 2004 to submit
their proofs of claim to the temporary insolvency manager at:
410601, Russia, Saratov, Post User Box 14.

CONTACT:  BALASHOV MUNICIPAL HEAT-POWER ENTERPRISE
          OF THERMIC NETWORKS
          412304, Russia, Saratov region,
          Balashov, Saratov shosse 2

          Mr. A. Peskov, temporary insolvency manager
          410601, Russia, Saratov, Post User Box 14


FUELLING COMPANY: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on CJSC Fuelling Company.  The case is
docketed as A45-2573/04-CB/22.  Mr. V. Bolkonsky has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the:

(a) Arbitration Court of Novosibirsk region at: Russia,
    Novosibirsk, Kirov str.3;

(b) Temporary insolvency manager at: Russia, Novosibirsk,
    Chaplygina str.92, CJSC Impuls

A hearing will take place on August 30, 2004, 10:00 a.m. at the
Arbitration Court of Novosibirsk region.

CONTACT:  FUELLING COMPANY
          Russia, Novosibirsk region, Ob

          Mr. V. Bolkonsky, temporary insolvency manager
          Russia, Novosibirsk, Chaplygina str.92, CJSC Impuls

          Arbitration Court of Novosibirsk region:
          Russia, Novosibirsk, Kirov str.3, Hall 911


FUNITURE-MIRROR: Tomsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
supervision procedure on OJSC Funiture-Mirror Factory.  The case
is docketed as A67-3044/04.  Mr. A. Zarubin has been appointed
temporary insolvency manager.

Creditors have until May 22, 2004 to submit their proofs of
claim to the:

(a) Arbitration Court of Tomsk region at: Russia, Tomsk, Kirov
    str.10;

(b) Temporary insolvency manager at: 650070, Russia, Kemerovo,
    Post User Box 2691;

(c) Debtor

A hearing will take place on September 10, 2004, 10:00 a.m. at
the Arbitration Court of Tomsk region.

CONTACT:  FUNITURE-MIRROR FACTORY
          634026, Russia, Tomsk, R.Lyuksemburg str.115

          Mr. A. Zarubin, temporary insolvency manager
          650070, Russia, Kemerovo, Post User Box 2691;

          Arbitration Court of Tomsk region:
          Russia, Tomsk, Kirov str.10


MOBILE TELESYSTEMS: Ratings Up to 'BB-' on Improved Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday raised its long-
term corporate credit rating on leading Russian mobile
telecommunications operator Mobile TeleSystems (OJSC) to 'BB-'
from 'B+', due to sustained leading market positions and solid
growth of cash flow from operations.  The outlook is stable.  In
addition, Standard & Poor's also raised its senior unsecured
debt rating on related entity Mobile Telesystems Finance S.A. to
'BB-' from 'B+'.

"The upgrade reflects the proven ability of Mobile TeleSystems
to maintain leading market positions in the growing Russian and
Ukrainian mobile telecoms markets and deliver strong cash flow
generation from operations in Russia and Ukraine despite growing
exposure to low-end subscribers," said Standard & Poor's credit
analyst Pavel Kochanov.

"The upgrade was based on the company's expected future
sustainable financial policy and continued degree of financial
separation from MTS' lower-rated major shareholder, Sistema."

AFK Sistema (B/Stable/--) is a diversified Russian holding
company whose 50.6% stake in Mobile TeleSystems is a key
strategic asset.  The separation mainly stems from a 25.1% stake
held in MTS by T-Mobile, a subsidiary of Deutsche Telekom AG
(BBB+/Watch Pos/A-2), and the shareholders agreement stipulating
a moderate dividend policy.  A sustainable financial policy and
financial separation from Sistema are expected to be
demonstrated by Mobile TeleSystems through a noncredit-dilutive
dividend policy and continued moderate debt levels to fund its
business development.  Critically, it is assumed that MTS will
not participate in funding potential Sistema investments.

Standard & Poor's expects Mobile TeleSystems to improve its
operating cash flow after capital expenditures, acquisitions,
and dividends and turn it from the current substantially
negative position to positive in 2005 even if moderate
additional investment in third-generation mobile technology is
assumed.


PANINSKY: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on OJSC mechanical factory Paninsky.  The
case is docketed as A14-1963-04/22/7b.  Mr. V. Zanin has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at: 394068, Russia, Voronezh, Begovaya str.2/1-90.

CONTACT:  PANINSKY
          Russia, Voronezh region, Panino, 9-Yanvarya str.100

          Mr.V.Zanin, temporary insolvency manager
          394068, Russia, Voronezh, Begovaya str.2/1-90


PRODUCTION PLANT: Volgograd Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on CJSC Production Plant On
Processing Secondary Metals.  The case is docketed as A12-
4695/04-C55.  Mr. A. Kharlanov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 400087,Russia, Volgograd, Post
User Box 1100.  A hearing will take place on July 20, 2004,
11:00 a.m. at the Arbitration Court of Volgograd region.

CONTACT:  PRODUCTION PLANT ON PROCESSING SECONDARY METALS
          404140, Russia, Volgograd region, Uralsky
          Office: 404140, Russia, Volgograd region, Volzhsky,
          Karbysheva str.76, office 621

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


RESHETINSKY ROSIN: Declared Insolvent
-------------------------------------
The Arbitration Court of Krasnoyarsk region declared CJSC
Reshetinsky Rosin Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A33-34/97-C4.  Mr. A.
Tarasov has been appointed insolvency manager.  Creditors have
until June 22, 2004 to submit their proofs of claim to the
Arbitration Court of Krasnoyarsk region at: Russia, Kemerovo,
Lenin prosp.148-20.

CONTACT:  RESHETINSKY ROSIN FACTORY
          Russia, Krasnoyarsk region, Kanifolny

          Mr. A. Tarasov, insolvency manager
          Russia, Kemerovo, Lenin prosp.148-20.


SIBERIAN CREDIT: Declared Bankrupt
----------------------------------
The Arbitration Court of Republic of Tyva declared commercial
bank, Siberian Credit insolvent and introduced bankruptcy
proceedings.  The case is docketed as A69-1493/03-8.  Mr. O.
Oorazhak has been appointed insolvency manager.  Creditors are
asked to submit their proofs of claim to the insolvency manager
at: 667000, Russia, Republic of Tyva, Kyzyl, Lenin str.23,
office 302.

CONTACT:  SIBERIAN CREDIT
          Russia, Republic of Tyva, Kyzyl,
          Krasnyh Partizan str.28

          Mr. O. Oorazhak, insolvency manager
          667000, Russia, Republic of Tyva, Kyzyl,
          Lenin str.23, office 302


VOLZHSKY INDUSTRIAL: Court Set August 19 Hearing
------------------------------------------------
The Arbitration Court of Republic of Mari-El commenced
bankruptcy supervision procedure on OJSC Volzhsky Industrial
Building Combine.  The case is docketed as A38-11/181-2004.
Mr. V. Chaly has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 424003, Russia, Republic of
Mari-El, Yoshkar-Ola, Post User Box 54.  A hearing will take
place on August 19, 2004 at the Arbitration Court of Republic of
Republic of Mari-El.

CONTACT:  VOLZHSKY INDUSTRIAL BUILDING COMBINE
          425000, Russia, Republic of Mari-El,
          Volzhsk, Pomarsskoya shosse 10

          Mr. V. Chaly, temporary insolvency manager
          424003, Russia, Republic of Mari-El, Yoshkar-Ola,
          Post User Box 54
          Phone: (83631) 6-23-54


ZHELEZO-BETON: Under External Management Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Tymen region commenced external
management bankruptcy procedure on LLC ferro-concrete company
Zhelezo-Beton.  The case is docketed as A70-4084/3-2004.  Mr. V.
Kravchenko has been appointed external insolvency manager.

CONTACT:  ZHELEZO-BETON
          Russia, Tymen region, Tobolsk, BSI-1

          Mr. V. Kravchenko, external insolvency manager
          Russia, Tymen, Roza Luksemburg str.12B


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


CONCORDIA BUS: Rating Down to 'B-' on Higher-Than-Expected Loss
---------------------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday it lowered
its long-term corporate credit rating on Sweden-based bus
service provider Concordia Bus AB to 'B-' from 'B', following
the group's announcement of a higher-than-expected fourth
quarter operating loss, which depressed results for fiscal 2004
and weakened the group's credit profile.  The outlook is
negative.

At the same time, Standard & Poor's lowered its subordinated
debt rating on Concordia's EUR160 million bond, due 2010, to
'CCC' from 'CCC+' and its senior secured debt rating on
Concordia Bus Nordic AB's EUR130 million bond, due 2009, to
'CCC+' from 'B-'.  Concordia is the indirect parent of Concordia
Bus Nordic and guarantor of the EUR130 million bond.

"The downgrade reflects our concerns about unexpected additional
costs in the fourth quarter of 2004, ended February 29, which
depressed the group's financial performance; uncertainty
relating to the group's ability to gain adequate compensation
for cost increases from contracts linked to consumer indices;
and a weakening credit profile," said Standard & Poor's credit
analyst Leigh Bailey.

Concordia's profitability fell below expectations in the fourth
quarter of 2004, as an operating loss of SKR129 million (US$16.9
million) was reported.  The disappointing operating performance
reflects the increase in Concordia's cost base, particularly in
personnel costs, which rose 6% in the fourth quarter, and a net
increase in the provision for commitments under loss-making
contracts of SKR60 million. As Concordia's labor costs outstrip
inflationary-linked indices, the group's operating performance
has suffered.  At February 2004, more than 30% of group revenues
have contract costs linked to a Consumer Price Index (CPI),
which, in the current Swedish low inflation environment, does
not allow the group to be fully compensated for increased
expenditure.  Additional provisions for loss-making contracts
over the next two years were unexpected and are a result of
changes in Swedish GAAP, but they will not have an impact on
cash.

The negative outlook on Concordia reflects the group's poor
trading performance in 2004, continued difficult operating
environment, and the likelihood that any further deterioration
in performance will compromise the liquidity of the group.
Already factored into the ratings is Standard & Poor's
expectation that Concordia will be able to improve profitability
and cash flow to at least maintain liquidity levels.  Failure to
do so will lead to a review of the ratings.


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


ANTIKOR-92: Falls into Bankruptcy
---------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Antikor-92 (code EDRPOU 13441639)
The case is docketed as B15/26/04.  Mr. Ryabchij Sergij (license
holder AA 047946) has been appointed temporary insolvency
manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: Ukraine,
    Dnipropetrovsk, Panikaha str., 2

(b) ECONOMIC COURT OF DNIPROPETROVSK REGION: 49600, Ukraine,
    Dnipropetrovsk, Kujbishev str., 1a

Antikor-92 holds account number, 26007118038001 at CB
Privatbank, MFO 305299.

CONTACT:  ANTIKOR-92
          49059, Ukraine, Dnipropetrovsk, Geroi Stalingrada
          str., 151

          Mr. Ryabchij Sergij, Temporary Insolvency Manager
          Ukraine, Dnipropetrovsk, Panikaha str., 2

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


AVTOTRANSSERVIS: Declared Bankrupt
----------------------------------
The Economic Court of Kirovograd region declared LLC
Avtotransservis (code EDRPOU 32040055) insolvent and introduced
bankruptcy proceedings on March 25, 2004.  The case is docketed
as 10/85.  Arbitral manager Mrs. Muravska O.S. (license holder
AA 249695 approved October 30, 2001) has been appointed
liquidator/insolvency manager.

Avtotransservis maintains account number, 26002420105331 at KOF
JSCB Ukrsotsbank, MFO 323293.

CONTACT:  AVTOTRANSSERVIS
          25006, Ukraine, Kirovograd, Lenin str., 14

          Mrs. Muravska O.S., Liquidator/Insolvency Manager
          25031, Ukraine, Kirovograd, Geroi Stalingradu
          str., 32/115

     THE ECONOMIC COURT OF KIROVOGRAD REGION
     Ukraine, Kirovograd, Lunacharski str. 29


GEDIMEKS: Declared Insolvent
----------------------------
The Economic Court of Vinnitsya region declared LLC kombi-stern
plant Gedimeks (code EDRPOU 00686440) insolvent and bankruptcy
proceedings were introduced at the company.  The case is
docketed as 5/245-04.  A representative of Krizhopil CSTI has
been appointed liquidator/insolvency Manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to the:

(a) Liquidator/Insolvency Manager at: Ukraine, Vinnitsya region,
    Krizhopil, Pionerska str., 30

(b) ECONOMIC COURT OF VINNITSYA REGION: 21100, Ukraine,
    Vinnitsya, Hmelnitske Shose, 7

Gedimeks holds account number, 26005279496001 at CB Privatbank,
Vinnitsya branch, MFO 302689.

CONTACT:  GEDIMEKS
          24600, Ukraine, Vinnitsya region, Krizhopil,
          Kujbishev str., 82

          Representative of Krizhopil CSTI,
          Ukraine, Vinnitsya region, Krizhopil,
          Pionerska str., 30

     ECONOMIC COURT OF VINNITSYA REGION
     21100, Ukraine, Vinnitsya, Hmelnitske Shose, 7


LIGA: Insolvent Status Confirmed
--------------------------------
The Economic Court of Mikolaiv region declared JSCTC Liga (code
EDRPOU 3070092) insolvent and introduced bankruptcy proceedings
on April 1, 2004.  The case is docketed as 14/128.  Mrs.
Dudnikova N. G. (license holder AA 630150 approved January 17,
2004) has been appointed liquidator/insolvency manager.

CONTACT:  LIGA
          57500, Ukraine, Mikolaiv region, Ochakiv district,
          Chornomorka

          Mrs. Dudnikova N. G., Liquidator/Insolvency Manager
          54000, Ukraine, Mikolaiv, Admiralska str., 29/19

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


MARAFON: Declared Insolvent
---------------------------
The Economic Court of Herson region declared LLC Marafon (code
EDRPOU 30143804) insolvent and introduced bankruptcy proceedings
on March 30, 2004.  The case is docketed as 5/173-B.  Mr. Pavluk
Sergij (license AA # 315490 of August 1, 2002) has been
appointed liquidator/insolvency manager.

CONTACT:  MARAFON
          74300, Ukraine, Herson region, Berislav, Pershe
          Travnya str., 179

          Mr. Pavluk Sergij, Liquidator/Insolvency Manager
          Phone: (05549) 7-71-09

     ECONOMIC COURT OF HERSON REGION
     73000, Ukraine, Herson, Gorkij str., 18


PROGRES: Deadline for Proofs of Claim May 23
--------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on agricultural LLC Progres (code EDRPOU
03757324).  The case is docketed as 14/30.  Arbitral manager Mr.
Biluga I. (license holder AA 249645 approved October 30, 2004)
has been appointed temporary insolvency manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: Ukraine, Kirovograd region,
    Novoukrainka, Kirov str., 111/46

(b) THE ECONOMIC COURT OF KIROVOGRAD REGION: 25022, Ukraine,
    Kirovograd, Lunacharski str. 29

Progres maintains account number 26008301198 at State
Specialized Commercial Savings Bank of Ukraine, Oleksandrivsk
branch # 3327, MFO 323817.

CONTACT:  PROGRES
          27324, Ukraine, Kirovograd region,
          Oleksandrivsk district, Ivangorod

          Mr. Biluga I., Temporary Insolvency Manager
          Ukraine, Kirovograd region, Novoukrainka,
          Kirov str., 111/46

     THE ECONOMIC COURT OF KIROVOGRAD REGION
     25022, Ukraine, Kirovograd, Lunacharski str. 29


STAHANIVSK CITY: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on JSCTC Stahanivsk City Milk Plant (code
EDRPOU 00444719).  The case is docketed as 9/18v.  Mrs. Ivanova
Marina (license holder AA 719886 approved March 10, 2004) has
been appointed temporary insolvency manager.

Stahanivsk City Milk Plant maintains account number,
2600661530002 at Ukrkommunbank of Lugansk, MFO 304988.

CONTACT:  STAHANIVSK CITY MILK PLANT
          Ukraine, Lugansk region, Almazna, 43-th village, 7

          Mrs. Ivanova Marina, Temporary Insolvency Manager
          Ukraine, Lugansk, Oboronna str., 99/5

     ECONOMIC COURT OF LUGANSK REGION
     91000, Ukraine, Lugansk, Geroi VVV square., 3a


UKRTRANSENERGOATOM: Declared Insolvent
--------------------------------------
The Economic Court of Kirovograd region declared CJSC
Ukrtransenergoatom (code EDRPOU 30049034) insolvent and
introduced bankruptcy proceedings on March 25, 2004.  The case
is docketed as 10/84.  Arbitral manager Mrs. Muravska O.S.
(license holder AA 249695 approved October 30, 2001) has been
appointed liquidator/insolvency manager.

Ukrtransenergoatom maintains account number, 26004301331844 at
Prominvestbank, Central branch of Kirovograd, MFO 323301.

CONTACT:  UKRTRANSENERGOATOM
          25006, Ukraine, Kirovograd, Lunacharski str., 40

          Mrs. Muravska O.S., Liquidator/Insolvency Manager
          25031, Ukraine, Kirovograd, Geroi Stalingradu
          str., 32/115

     THE ECONOMIC COURT OF KIROVOGRAD REGION
     Ukraine, Kirovograd, Lunacharski str. 29


VENERA: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Venera (code EDRPOU 23768643) in
March.  The case is docketed as 15/44B.  Mr. Gumbakov Sergij
(license holder AA 047933) has been appointed temporary
insolvency manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: 85322, Ukraine, Donetsk
    region, Dimitrov, Vatutin str., 24/16

(b) ECONOMIC COURT OF DONETSK REGION: 83048, Ukraine,
    Donetsk, Artema str., 157

Venera maintains account number, 26007301600061 at
Prominvestbank, Dimitrov branch, MFO 334806.

CONTACT:  VENERA
          85320, Ukraine, Donetsk region, Dimitrov,
          Bryanska str., 12/3

          Mr. Gumbakov Sergij, Temporary Insolvency Manager
          85322, Ukraine, Donetsk region, Dimitrov,
          Vatutin str., 24/16

     ECONOMIC COURT OF DONETSK REGION
     83048, Ukraine, Donetsk, Artema str., 157


ZOLOTA NIVA: Lugansk Court Appoints Insolvency Manager
------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on agricultural LLC Zolota Niva (code
EDRPOU 30714078).  The case is docketed as 10/10b.  Mr. Sedlyar
Oleksandr (license holder AA 047874 approved October 19, 2001)
has been appointed temporary insolvency manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: Ukraine, Lugansk region,
    Krasnodon district, Vlasovka, Oktyabrskij quarter, 4

(b) ARBITRATION COURT OF ZHITOMIR REGION: 10014, Ukraine,
    Zhitomir, Berdichivska str., 25

Zolota Niva holds account number, 26000550025140 at JSCB
Ukrsotsbank, Lugansk Regional branch, MFO 304018.

CONTACT:  ZOLOTA NIVA
          Ukraine, Lugansk region, Troitskij district,
          Rassipnoye

          Mr. Sedlyar Oleksandr, Temporary Insolvency Manager
          Ukraine, Lugansk region, Krasnodon district, Vlasovka,
          Oktyabrskij quarter, 4

          ARBITRATION COURT OF ZHITOMIR REGION
          10014, Ukraine, Zhitomir, Berdichivska str., 25


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


101010 LIMITED: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the 101010
Limited Company on April 7, 2004 held at Gable House, 239
Regents Park Road, Finchley, London N3 3LF, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.
Glyn Mummery and Jeremy Stuart French, of Vantis Redhead French
Limited have been appointed Joint Liquidators for the Company.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          Glyn Mummery, Liquidator
          Jeremy Stuart French, Liquidator


4 CYTE: In Administrative Receivership
--------------------------------------
Name of Companies:
4 Cyte Limited
Micyte Limited
Spidacyte Limited

Nature of Business: Manufacture

Trade Classification: 11 Other Manufacture

Date of Appointment: April 16, 2004

Administrative Receiver:  ROTHMAN PANTALL
                          26-27 Oxendon Street,
                          London SW1Y 4EP
                          Receivers:
                          Robert Smailes
                          Stephen Ryman
                          (IP Nos 4731, 8975)


ACCOYO LIMITED: Appoints Liquidator from Baker Tilly
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Accoyo
(U.K.) Limited Company on April 22, 2004 held at Elgar House,
Holmer Road, Hereford HR4 9SF, the Special Resolutions to wind
up the Company were passed.  Edwin Francis Hunt of Baker Tilly,
Elgar House, Holmer Road, Hereford HR4 9SF has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  BAKER TILLY
          Elgar House
          Holmer Road, Hereford HR4 9SR
          Contact:
          Edwin Francis Hunt, Liquidator


ADZ ONLINE: Hires Liquidator
----------------------------
At an Extraordinary General Meeting of the Members of the Adz
Online Limited Company on April 20, 2004 held at Langley House,
Park Road, London N2 8EX, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  T Papanicola
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT:  T Papanicola, Liquidator


A J COMMERCIALS: Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the A J
Commercials Limited Company on April 20, 2004 held at Lewis
Alexander & Collins, 103 Portland Street, Manchester M1 6DF, the
Extraordinary Resolution to wind up the Company was passed.
Stephen Hoffman and Bernard Hoffman of Lewis Alexander &
Collins, 103 Portland Street, Manchester M1 6DF and Gerald
Edelman, of 25 Harley Street, London W1G 9BR have been nominated
Liquidators for the purpose of the winding-up.

CONTACT:  LEWIS ALEXANDER & COLLINS
          103 Portland Street,
          Manchester M1 6DF
          Contact:
          Stephen Hoffman, Liquidator
          Bernard Horrman, Liquidator

          Gerald Edelman, Liquidator
          25 Harley Street,
          London W1G 9BR


ALL COLOURS: Appoints Solomons Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Members of the All
Colours Trade Print Limited Company on April 6, 2004 held at
Gable House, 239 Regents Park Road, London N3 3LF, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  M S E Solomons has been appointed Liquidator for
the purpose of such winding-up.

CONTACT: M S E Solomons, Liquidator


ASTON BODY: Names Liquidators from Elliot and Begbies Traynor
-------------------------------------------------------------
At an Extraordinary General Meeting of the Aston Body & Paint
Ltd Company on April 14, 2004 held at the offices of Elliot,
Woolfe & Rose, 1st Floor, Equity House, 128-136 High Street,
Edgware, Middlesex HA8 7TT, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Melvyn L Rose of
Elliot, Woolfe & Rose, 1st Floor, Equity House, 128-136 High
Street, Edgware, Middlesex HA8 7TT and Jamie Taylor, of Begbies
Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-
Sea, Essex SS1 2EG have been appointed Joint Liquidators for the
Company.

CONTACT:  ELLIOT, WOOLFE & ROSE
          1st Floor, Equity House,
          128-136 High Street, Edgware,
          Middlesex HA8 7TT
          Contact:
          Melvyn L Rose, Liquidator

          BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Contact:
          Jamie Taylor, Liquidator


AVL MANAGEMENT: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the AVL Management
Services Limited Company on April 16, 2004 held at the offices
of Clarke Bell Chartered Accountants, Parsonage Chambers, 3 The
Parsonage, Manchester M3 2HW, the Special and Ordinary
Resolutions to wind up the Company were passed.  John Bell of
Clark Bell Chartered Accountants has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  CLARK BELL CHARTERED ACCOUNTANTS
          Parsonage Chambers
          3 The Parsonage,
          Manchester M3 2HW
          Contact:
          John Bell, Liquidator


BAE SYSTEMS: Govt. Frowns on Plan to Sell Submarine Yard
---------------------------------------------------------
The plan of BAE Systems to include its submarine yard in the
possible disposal of its shipbuilding division has Ministry of
Defense officials shaking their heads in objection, according to
The Telegraph.

The report cited a source in the ministry suggesting officials
are uncomfortable about a change of control of Britain's only
nuclear submarine builder.  It is also concerned for the
"security of supply for Britain's armed forces."

BAE Systems was reported hoping to include its yards at Barrow-
in-Furness, Lancashire in its disposal plans.  The Barrow yard
is the site for the troubled Astute submarine project.

The company also has shipbuilding yards at Govan and Scotstoun
on the Clyde in Glasgow.  Analysts estimate the entire business
could be sold for GBP400 million as a whole.


BALAWOOD LIMITED: Appoints Sheppard Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Balawood Limited
Company (formerly Woodlands Restaurants Limited) on April 22,
2004 held at Devlin House, 36 St George Street, Mayfair, London
W1S 2FW, the Extraordinary and Ordinary Resolutions to wind up
the Company were passed.  Eric William Sheppard of 1 Harlands
Close, Haywards Heath, West Sussex RH16 1PS has been appointed
as Liquidator of the Company for the purpose of such winding-up.

CONTACT:  Eric William Sheppard, Liquidator
          1 Harlands Close,
          Haywards Heath, West Sussex RH16 1PS


B P S CONTRACTORS: Hires Elwell Watchorn & Saxton Liquidator
------------------------------------------------------------
At an Extraordinary General Meeting of the B P S Contractors
Limited Company on April 19, 2004 held at Verna House, 9
Bicester Road, Aylesbury, Buckinghamshire HP19 9AG, the
subjoined Extraordinary Resolution to wind up the Company was
passed.  John Michael Munn and Richard John Elwell of Elwell
Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12
7NN have been appointed Joint Liquidators for the Company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire LE12 7NN
          Contact:
          John Michael Munn, Liquidator
          Richard John Elwell, Liquidator


CASTILLE PROPERTIES: Hires B & C Associates Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Castille Properties Management Limited Company on April 20, 2004
held at Trafalgar House, Grenville Place, Mill Hill, London NW7
3SA, the Extraordinary Resolution to wind up the Company was
passed.  Jeffrey Brenner of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill, London NW7 3SA
          Contact:
          Jeffrey Brenner, Liquidator


CDS LIMITED: Appoints Liquidators from Stoy Hayward
---------------------------------------------------
At an Extraordinary General Meeting of the CDS (U.K.) Limited
Company on April 20, 2004 held at the offices of BDO Stoy
Hayward LLP, 8 Baker Street, London W1U 3LL, the subjoined
Extraordinary Resolution to wind up the Company was passed.
Martha H Thompson and Anthony Peter Supperstone of BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX and BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL
respectively have been appointed Joint Liquidators for the
Company.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road, Reading,
          Berkshire RG1 3EX
          Contact:
          Martha H Thompson, Liquidator

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Contact:
          Anthony Peter Supperstone, Liquidator


CHIL-TEX LIMITED: Creditors Meeting Set May 6
---------------------------------------------
There will be a Creditors Meeting of the Chil-Tex Limited
Company on May 6, 2004 at 10:00 a.m.  It will be held at the
Renaissance Hotel, Junction 28 M1 Motorway, Carter Lane East,
South Normanton DE55 2EH.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, 30 Park Cross Street, Leeds LS1
2QH not later than 12:00 noon, May 5, 2004.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Joint Administrators:
          Michael Richard Ellingworth
          Gary Edward Blackburn


CSI LIMITED: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the CSI Limited Company
on April 20, 2004 held at 5 Park Court, Pyrford Road, West
Byfleet, Surrey, the Extraordinary Resolution to wind up the
Company was passed.  Lynn Gibson and Robert David Hewitt both of
5 Park Court, Pyrford Road, West Byfleet have been appointed
Joint Liquidators of the Company.

CONTACT:  Lynn Gibson, Liquidator
          Robert David Hewitt, Liquidator
          5 Park Court, Pyrford Road,
          West Byfleet


D & G MARKETING: HSBC Bank Appoints PwC Receiver
------------------------------------------------
Name of Company: D & G Marketing Limited

Reg No 03270131

Trading Name: Worldwide Mobility

Previous Name of Company: Said and Done Limited

Nature of Business: Wholesale of Mobility Vehicles

Trade Classification: 15 Other Wholesale

Date of Appointment of Joint Administrative Receivers:
April 20, 2004

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

Joint Administrative Receivers:  PRICEWATERHOUSECOOPERS LLP
                                 Benson House,
                                 33 Wellington Street,
                                 Leeds LS1 4JP
                                 Receivers:
                                 Edward Klempka
                                 Nicholas Edward Reed
                                 (Office Holder Nos 5791, 8639)


DIXONS GROUP: To Close More than 100 Stores
-------------------------------------------
Citing the high cost of high street rents, the chief executive
of British electrical retailer Dixons will close in the next
three months a total of 106 loss-making shops.

Dixons CEO John Clare said: "Following a prolonged period of
disappointing trading in our smaller Dixons stores, we have
decided to close operations in 106 locations."  It means the
loss of GBP185 million sales, and an exceptional charge of GBP48
million, which will be reported for the year ending May 1, 2004.

The total number of shops comprise one-third of Dixons' 220
shops.  Of the remaining 214, several might be closed in the
future, Mr. Clare hinted, according to The Telegraph.

The 160 shops employ about 1,000 people.  Mr. Clare said only a
few will be made redundant since most of them will be redeployed
to the group's other stores.  Dixons owns Currys, PC World and
The Link.

CONTACT:  DIXONS GROUP
          Jeremy Darroch, Group Finance Director
          Phone: 01727 203201
          Hamish Thompson, Head of Press and PR
          Phone: 01727 203195 / 07702 684290

          TULCHAN COMMUNICATIONS
          Katie Macdonald-Smith
          Phone: 020 7353 4200


DUBAL SERVICES: Names Ernst & Young Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Dubal Services
Limited Company on April 18, 2004 held at Jebel Ali, Dubai, UAE
(more commonly known as PO Box 3627, Dubai, UEA), the Special
Resolution to wind up the Company was passed.  Patrick Joseph
Brazzill and Alan Lovett of Ernst & Young LLP, 1 More London
Place, London SE1 2AF have been appointed Liquidators for the
purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Contact:
          Patrick Joseph Brazzill, Liquidator
          Alan Lovett, Liquidator


EQUITABLE LIFE: Another Legal Case Brews
----------------------------------------
With the intention of demanding compensation for lost
policyholders' money, action group Equitable Life Trapped
Annuitants (ELTA) said Tuesday it is planning to file a legal
case against insurance company Equitable Life, reveals The
Scotsman.

Since the company was forced to honor a staggering GBP1.5
billion-guaranteed annuity rates promise to clients in 2000, the
annuity holders have seen its pension lose 40% of its value.

The Scotsman report quoted ELTA chairman Peter Scawen as saying:
"We are totally disillusioned with the Equitable board and the
government.  If they won't respond to the moral case for
compensation, we'll have to use the courts instead." The group
also criticized Equitable's board for failing to take action
after the report of Lord Penrose into the near collapse of the
company was made public.

There are more than 61,000 Equitable annuity holders.  ELTA said
it already has the support of 700 of them.  It is currently
working to gain the backing of the rest of the policyholders,
and would be finalizing their stand before May 14.

Another action group, ELAG, is gathering support to mount a case
against the government for its alleged failure to supervise the
society.


EUROSAVE TRAVEL: Members General Meeting Set May 14
---------------------------------------------------
There will be a General Meeting of the Members of the Eurosave
Travel Club Limited on May 14, 2004 at 10:00 a.m.  It will be
held at the offices of Vantis Business Recovery, The White
Cottage, 19 West Street, Epsom, Surrey KT18 7BS.

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:  VANTIS BUSINESS RECOVERY
          The White Cottage
          19 West Street, Epsom,
          Surrey KT18 7BS
          Contact:
          R L H Knight, Liquidator


GODADO.COM LIMITED: Hires Liquidator from Tomlinsons
----------------------------------------------------
At an Extraordinary Meeting of the Godado.Com Limited Company on
March 30, 2004 held at Vie della Valle 48/B, Carate Brianza,
Milan, Italy, the Resolutions to wind up the Company were
passed.  Alan H Tomlinson of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL has been appointed as
Liquidator of the Company for the purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court
          72 Gartside Street, Manchester M3 3EL
          Contact:
          Alan H Tomlinson, Liquidator


MADDERN TRANSPORT: Meeting Set June 2
-------------------------------------
There will be a Meeting of the Members of the Maddern Transport
Limited Company on June 2, 2004 at 10:20 a.m.  It will be held
at Le Bourg des Templiers, Shuthonger, Tewkesbury,
Gloucestershire GL20 6EQ.

CONTACT: A J Leopard, Liquidator


MAYFLOWER ENERGY: Appoints Deloitte & Touche Administrator
----------------------------------------------------------
Name of Company: Mayflower Energy Holdings Limited

Nature of Business: Investment Holding Company

Trade Classification: 6531

Date of Appointment: April 21, 2004

Administrative Receiver:  DELOITTE & TOUCHE LLP
                          180 Strand,
                          London WC2R 1WL
                          Receivers:
                          Nicholas James Dargan
                          Ian Brown
                          (IP Nos 008024, 007236)


MODUS PROJECT: Hires Rothman Pantall Administrator
--------------------------------------------------
Name of Company: Modus Project Consultancy Limited

Nature of Business: Manufacture

Trade Classification: 11 Other Manufacture

Date of Appointment: April 16, 2004

Administrative Receiver:  ROTHMAN PANTALL
                          26-27 Oxendon Street,
                          London SW1Y 4EP
                          Receivers:
                          Robert Smailes
                          Stephen Ryman
                          (IP Nos 4731, 8975)


MONBRIDGE ELECTRICAL: Names Tenon Recovery Administrator
--------------------------------------------------------
Name of Company: Monbridge Electrical Limited

Nature of Business: Electrical Contractors

Registered Office:
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ

Trade Classification: 4531-Installation of Electrical Wiring

Date of Appointment: April 5, 2004

Administrative Receiver:  TENON RECOVERY
                          Highfield Court,
                          Tollgate, Chandlers Ford,
                          Eastleigh, Hampshire SO53 3TZ
                          Receivers:
                          Carl Stuart Jackson
                          Michael Ralph Eastwood Matthews
                          (IP Nos 8860, 2228)


NAMEQUEST LIMITED: General Meeting Set June 17
----------------------------------------------
There will be a General Meeting of the Namequest Limited Company
(formerly Modus Consulting Engineers Ltd) on June 17, 2004 at
11:00 a.m.  It will be held at Carolyn House, 29-31 Greville
Street, London EC1N 8RB.

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:  C R Hammond, Liquidator


OCTEL CORPORATION: Ratings Unchanged on Acquisition Plans
---------------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday that the
ratings and outlook on Octel Corp. (BB/Stable/--) remain
unaffected by the group's planned July 2004 acquisition, for
US$43 million, of the 50% stake it does not already own in its
U.S.-based petroleum specialties joint-venture Octel Starreon
(not rated).

Although this acquisition will entirely be debt-financed,
Standard & Poor's believes that Octel's debt ratios will still
be solid for the rating at year-end 2004.  The group enjoys a
strong financial profile, with only US$39.2 million of net debt
outstanding at end-March 2004, and Octel Starreon is expected to
have a positive contribution to earnings and cash flow in 2004.

In addition, integration risk is considered to be minimal,
because Octel Starreon has already been operating as a group
subsidiary for the past five years.


PRINT RESOURCE: Hires Vantis Business Recovery Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the the
Print Resource Company Limited Company on April 16, 2004 held at
144 High Street, Epping CM16 4AS, the Special Resolution to wind
up the Company was passed.  Robert Leonard Harry Knight of
Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS has been appointed the Liquidator of the
Company for the purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage
          19 West Street, Epsom,
          Surrey KT18 7BS
          Contact:
          Robert Leonard Harry Knight, Liquidator


RBG RESOURCES: Former Directors Ordered to Return Cash
------------------------------------------------------
The High Court ordered the return of more than US$307 million
(GBP210 million) to the collapsed metal trading firm RBG
Resources, The Telegraph relates.

The report said Justice Hard told Viren Rastogi and Anand Jain,
former directors, to pay the amount plus interest to RBG's
liquidator, Grant Thornton.

The two entered transactions in behalf of RBG with more than 250
companies they secretly controlled.  The companies supposedly
purchased metal from RBG, when the transaction worth more than
US$400 million was in fact a loan.

RBG went into provisional liquidation in May 2002 and was wound
up in June after its auditors at Pricewaterhousecoopers resigned
January of the same year.


SHAW BROS: Members Final Meeting Set May 28
-------------------------------------------
There will be a Final Meeting of the Members of the Shaw Bros
(Bawtry) Limited Company on May 28, 2004 at 11:30 a.m.  It will
be held at Tong Hall, Tong, West Yorkshire BD4 0RR.

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.  Proxies to be used at the Meeting must be lodged at
Tong Hall, Tong, West Yorkshire BD4 0RR not later than 12:00
noon, May 27, 2004.

CONTACT:  P H Finn, Liquidator


WILDSCENE LIMITED: AIB Group Appoints Tenon Recovery Receiver
-------------------------------------------------------------
Name of Company: Wildscene Limited

Reg No 4624941

Nature of Business: Buy and Sell Real Estate

Trade Classification: 7012

Date of Appointment of Joint Administrative Receivers:
April 13, 2004

Name of Person Appointing the Joint Administrative Receivers:
AIB Group (U.K.) plc

Joint Administrative Receivers:  TENON RECOVERY
                                 Arkwright House,
                                 Parsonage Gardens,
                                 Manchester M3 2LF
                                 Receivers:
                                 Derek Oakley
                                 Simon Thomas
                                 (Office Holder Nos 008630,
                                 009876)


XAMPLE LIMITED: Conance Limited Appoints Valentine & Co Receiver
----------------------------------------------------------------
Name of Company: Xample Limited

Reg No 3374097

Nature of Business:
Manufacture of other Outerwear, Wholesale of Clothing and
Footwear

Trade Classification: 1822 and 5142

Date of Appointment of Administrative Receiver:
April 16, 2004

Name of Person Appointing the Administrative Receiver:
Conance Limited

Administrative Receiver:  VALENTINE & CO
                          4 Dancastle Court,
                          14 Arcadia Avenue,
                          London N3 2HS
                          Receiver:
                          Mark Reynolds
                          (Office Holder No 008838)


                            *********


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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