/raid1/www/Hosts/bankrupt/TCREUR_Public/040511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 11, 2004, Vol. 5, No. 92

                            Headlines

L U X E M B O U R G

MILLICOM INTERNATIONAL: Annual General Meeting Set May 25
STOLT-NIELSEN: Moves Annual General Meeting to July 7


N O R W A Y

PETROLEUM GEO-SERVICES: To Discuss First Quarter Results May 13


P O L A N D

UNITEDGLOBALCOM INC.: Books US$150 Mln First-quarter Net Loss


R U S S I A

GORNYAK: Bankruptcy Supervision Procedure Begins
HIGH TECH: Deadline for Proofs of Claim May 16
IGNATOVSKAYA WOOLLEN: Bankruptcy Supervision Procedure Begins
IRKUTSK FEED: Succumbs to Bankruptcy
NERCHINSKY DISTILLERY: Bankruptcy Court Sets June 16 Hearing

NERCHINSKY FOOD: Bankruptcy Court Names Insolvency Manager
OBLVODOKANAL: Belgorod Court Orders Bankruptcy Supervision
PROGRESS: Under Bankruptcy Supervision Procedure
ROTOR: Ulyanovsk Court Appoints Insolvency Manager
VYKSUNSKAYA AGRICULTURAL: Under Bankruptcy Supervision


S W E D E N

SKANDIA INSURANCE: Names New Chief of Swedish Operations


U K R A I N E

AGROINVEST: Court Prescribes Bankruptcy Proceedings
AUTO-TRANSPORT: Deadline for Proofs of Claim May 30
FORTETSYA: Declared Insolvent
KIROVOGRADBUDTRANS: Insolvent Status Confirmed
KRASNOGRAD PLANT: Under Bankruptcy Supervision Procedure
KRISTAL-S: Donetsk Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

AHA ARCHITECTURE: Meeting of Creditors Set May 19
BATONGRANGE LIMITED: Winding up Resolutions Passed
BEALES PROPERTY: Hires PricewaterhouseCoopers Liquidator
CANARY WHARF: CWG Boasts Enough Votes to Reject Morgan Bid
CBC MEDIA: Euro Sales Finance Appoints Grant Thornton Receiver

CHEQUERS FINANCIAL: Hires Liquidators from Numerica
CHERBOURG INVESTMENT: Hires Benedict Mackenzie Liquidator
CONCEPT TIMBER: Hires Begbies Traynor Administrator
DOVERGATE PROPERTIES: Winding up Special Resolution Passed
EXEL SCAFFOLDING: Brings in Receiver from Bridgestones

HALBERSTADT LIMITED: Hires Liquidator from BN Jackson Norton
HEIRLOOM FURNITURE: In Administrative Receivership
HOLLINGER INTERNATIONAL: Cinven, Daily Mail Part Ways
INFINITY MEDIA: Appoints Receivers from Begbies Traynor
INNERCASTLE LIMITED: Calls in Liquidator

JOOLS INTERNATIONAL: Names Administrative Receiver
J. W. SAUNDERS: Brings in Liquidator from Poppleton & Appleby
KBIM INTERNATIONAL: Appoints KPMG Liquidator
KBPB HOLDINGS: Hires Liquidators from KPMG
MAGNETIC MEMORY: Creditors Meeting May 21

MATSUSTA GRAPC: Names Liquidator from Stoy Hayward
MEDIA MOULDING: Deadline for Proxy Forms May 20
PETER REED: Creditors Meeting Set May 18
ROYAL MAIL: 2003 Operating Profit Jumps to GBP250 Million
SKILLED ENGINEERING: Shareholders Pass Winding up Resolution

TARGETMARKET LIMITED: Appoints Hacker Young Administrator
TEMPORARY SITE: Close Invoice Finance Brings in Receiver
VELVETEEN BEAN: Names Receiver from Houghton Stone Business

* Large Companies with Insolvent Balance Sheets


                            *********


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


MILLICOM INTERNATIONAL: Annual General Meeting Set May 25
---------------------------------------------------------
NOTICE OF ANNUAL GENERAL MEETING

MILLICOM INTERNATIONAL CELLULAR S.A.
Societe anonyme
Registered office: 75, route de Longwy
L-8080 Bertrange
Grand Duchy of Luxembourg
R.C. Luxembourg: B-40.630

NOTICE IS HEREBY GIVEN that the ordinary general meeting of
shareholders of Millicom International Cellular S.A. will be
held at Chatau de Septfontaines, 330 rue de Rollingergrund,
Lusembourg, Grand Duchy of Luxembourg on May 25, 2004 at 4:00
p.m. to consider and vote on the following resolutions:

(a) To receive the Management Report of the Board of Directors
    and the Report of the Auditors on the consolidated and
    parent company accounts at December 31, 2003.

(b) To approve the consolidated and parent company accounts for
    the years ended December 31, 2003.

(c) To allocate the result of the year ended December 31, 2003.

(d) To discharge the Board of Directors and the Auditors for the
    year ended December 31, 2003.

(e) To appoint the Directors.

(f) To appoint Auditors.

(g) To pass a resolution in accordance with the requirement of
    article 100 of the law of August 10, 1915 as amended.

(h) To approve the grant of stock options.

(i) To approve the change in the vesting period of certain stock
    options.

There is no quorum of presence requirement for the meeting.
Participation in the annual general meeting is reserved to
shareholders who file their intention to attend the meeting by
mail and/or return a duly completed proxy form at the following
address:  Millicom International Cellular S.A., 75, route de
Longwy, L-8080 Bertrandge, attention: Veronique Mateu, Phone: +
352 27 759 287, Fax: +352 27 759 359 no later than Friday, May
21, 2004, 5:00 p.m. Proxy forms are available upon request at
the registered office of the Company.

Holders of Swedish Depository Receipts wishing to attend the
meeting or be represented at the meeting via proxy have to
request a power of attorney from Fischer Partners Fondkommission
AB, P.O. Box 16027, SE-103-21 Stockholm, Sweden, Phone: +46 8
463 85 00 and send it duly completed to the following address:
Millicom International Cellular S.A., 75, route de Longwy, L-
8080 Bertrange, attention: Veronique Mateu, Phone: + 352 27 759
287, Fax: + 352 27 759 359, no later than, Friday May 21, 2004
at 5:00 p.m.  Those holders of Swedish Depository Receipts
having registered their Swedish Depository Receipts in the name
of a nominee must temporarily register the Swedish Depository
Receipts in their own name in the records maintained by VPC AB
in order to exercise their shareholders' rights at the meeting.
Such registration must be completed no later than Friday, May
14, 2004.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Marc Beuls
           President and Chief Executive Officer
           Phone:  + 352 27 759 327
           Web site: http://www.millicom.com

           SHARED VALUE LTD
           Andrew Best
           Investor Relations
           Phone:  + 44 20 7321 5022


STOLT-NIELSEN: Moves Annual General Meeting to July 7
-----------------------------------------------------
Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI) has
rescheduled its Annual General Meeting of shareholders to
Wednesday, July 7, 2004 at 2:00 p.m. local time at the offices
of Services Generaux de Gestion S.A., 23, avenue Monterey, L-
2086 Luxembourg.  All shareholders of record as of May 25, 2004
will be entitled to vote at the meeting.

The Company needs additional time to complete its year-end
financials and audit, which were significantly more complex due
to the financial restructurings undertaken in fiscal 2003.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
The Company also owns 49.4 percent of Stolt Offshore S.A.
(Nasdaq: SOSA; Oslo Stock Exchange: STO), which is a leading
offshore contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and sub-sea engineering, flowline and pipeline lay,
construction, inspection, and maintenance services.  Stolt Sea
Farm, wholly owned by the Company, produces and markets high
quality Atlantic salmon, salmon trout, turbot, halibut,
sturgeon, caviar, bluefin tuna, and tilapia.

CONTACT:  REGISTERED OFFICE
          23, avenue Monterey,
          L-2086 Luxembourg

          PRINCIPAL EXECUTIVE OFFICES
          Stolt-Nielsen Limited
          Aldwych House, 71-91 Aldwych,
          London WC2B 4HN, England
          Phone: 44-207-611-8960
          Web site: http://www.stolt-nielsen.com


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


PETROLEUM GEO-SERVICES: To Discuss First Quarter Results May 13
---------------------------------------------------------------
Petroleum Geo-Services ASA (OTC: PGEOY; OSE: PGS) will hold the
conference call, which will be broadcast live over the Internet,
on Thursday, May 13, 2004 at 4:30 p.m. Central European Time
(CET) (10:30 a.m. Eastern Daylight Time (EDT)), to discuss PGS'
first quarter financial results.  The results will be released
before the Oslo Stock Exchange closes and prior to trading in
the United States that same day.

PGS will not be hosting an analyst meeting at its headquarters
in Oslo simultaneously with the Web cast and conference call.

Interested parties can listen to the conference call over the
Internet while viewing a corresponding slide presentation,
posted at PGS' Web site, http://www.pgs.com

What:  Petroleum Geo-Services 2004 First Quarter Results

When:  Thursday, May 13, 2004 at 4:30 p.m. CET (10:30 a.m. EDT)

Where: http://www.pgs.com

How: Log on to PGS' Web site at its front page or under
"Investor Relations" at least fifteen minutes early to register,
download and install any necessary audio software. An archive of
the conference call will be available at PGS' Web site.

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location, and reference "PGS/Svein
Knudsen":


     Location            Dial-In Number
     Norway (Toll-Free): +47 8008 0119
     U.S. (Toll-Free):   +1 888-428-4478
     Canada:             +1 651-291-5254
     U.K. and Other:     +47 2300 0400

A replay of the conference call will be available through
Thursday, May 20, 2004 at +47 2276 9121.  After dialing in,
enter account number 1270, followed by the pound key (#); press
1, enter conference number 270, followed by the pound key (#);
then press 1 to play.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs).
PGS operates on a worldwide basis with headquarters in Oslo,
Norway.  For more information on Petroleum Geo-Services visit
http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400
          Suzanne M. McLeod
          Phone: +1 281-589-7935
          Home Page: http://www.pgs.com


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


UNITEDGLOBALCOM INC.: Books US$150 Mln First-quarter Net Loss
-------------------------------------------------------------
UnitedGlobalCom, Inc. (UGC)[1] (Nasdaq: UCOMA), announces
operating and financial results for the first quarter ended
March 31, 2004.  These are the highlights for the first quarter
compared to the same period last year:

(a) Revenue increase of 26% to US$547 million;

(b) Operating Cash Flow[2] increase of 67% to US$204 million;

(c) Operating Cash Flow margin of 37% compared to 28%;

(d) Net loss of US$(150) million compared to net income of US$17
    million;

(e) Net RGU increase of 92,300, a 90% increase compared to first
    quarter 2003 RGU growth;

(f) Free Cash Flow[3] increase of 111% to US$36 million

Executive Summary

We are pleased to announce results for the quarter ended March
31, 2004.  Revenue increased 26% to US$547 million compared to
the same period last year and Operating Cash Flow reached a new
high of US$204 million in the first quarter, a year-over-year
increase of 67%.  Net loss was US$(150) million for the first
quarter ended 2004 compared to net income of US$17 million for
the same period last year, primarily as a result of less
favorable foreign currency exchange movements on fewer U.S.
dollar denominated debt securities.

Subscriber growth was robust in the first quarter 2004 as we
added 92,300 net new RGUs, including 60,600 Internet
subscribers.  This represents a 90% increase from our net gain
during last year's first quarter.  In Europe, Internet
subscribers during the period increased by 50,800 or 22%
sequentially from the seasonally strong fourth quarter.  At
March 31, 2004, total RGUs exceeded 9.2 million.

Mike Fries, President and Chief Executive Officer of UGC said,
"This was a strong first quarter for us financially,
operationally and strategically.  We made good progress on our
key priority of driving top-line growth.  Revenue increased 26%
year-on-year, and while the majority of this increase was
attributable to the strong euro, we demonstrated good organic
growth at the operating company level.  Our rate increase
initiatives in the Netherlands are moving in the right direction
and customer growth was ahead of budget in nearly every country
and product.  In particular, Internet subscriber growth
accelerated from the seasonally strong fourth quarter as a
result of our aggressive tiering and pricing campaigns.  While
the European high-speed Internet market remains very
competitive, we continue to see higher than expected demand as
dial-up customers convert to broadband.

"We are also making good progress on launching new services
across all of our core product groups.  Earlier this year we
expanded our digital TV reach in France with a head end-in-the-
sky (or HITS) service, which has significantly outperformed our
sales expectations.  We are live with our VOIP trial in the
Netherlands and have moved up our commercial launch dates to
late summer.  And our recent bundling initiatives continue to
drive RGUs and ARPU per customer.  As of March 31, our ARPU per
customer in Europe ranged from a high of more than EUR35.00 per
month in Austria to an average of EUR16.78 across the entire
platform.

"Operating Cash Flow reached a record US$204 million for the
quarter which, despite a slightly stronger euro than forecasted,
puts us well on track to meet our full-year guidance of US$800
million.  We continue to benefit from organizational, operating
and network efficiencies, all of which helped to push our
Operating Cash Flow margins to 37%, up from 28% one year ago.

"To help fund these initiatives and accelerate our broader goal
of prudently expanding our footprint in Europe, we recently
completed the issuance of a EUR500 million convertible bond with
a coupon of 1.75% and an effective conversion price at the issue
date of US$12.00 per share.  Together with the US$1.0 billion of
rights offering proceeds received in February, we now have cash
and equivalents of more than US$1.9 billion and a net debt to
annualized operating cash flow ratio of 3.1x.  As previously
announced, we propose to use a portion of this cash to
facilitate a partial refinancing of our bank debt in Europe
which will, among other benefits, reduce our borrowing costs and
improve our free cash flow."

Recent Events

Update On Dutch Analog Video Rate Increase: Recently we
announced that we would increase rates for analog video
customers in The Netherlands towards a standard rate, effective
January 1, 2004.  As previously reported, we have been enjoined
from, or have voluntarily waived, implementing these rate
increases in certain cities within The Netherlands.  Thus far,
we have reached agreement with several municipalities including
the municipality of Amsterdam, allowing us to increase our
standard cable tariffs from EUR11.36 to EUR15.20 throughout the
course of the year.  We are currently negotiating with other
municipalities and expect a satisfactory resolution.

UGC Completes EUR500 million Convertible Debt Offering: On April

6, 2004, we successfully completed the sale of EUR500 million
aggregate principal amount of 1 3/4% Convertible Senior Notes
due April 15, 2024, for gross proceeds of EUR500 million.  The
Notes are convertible into shares of UGC's Class A common stock
at an initial conversion price of EUR9.7561 per share, which was
equivalent to a conversion price of US$12.00 per share on the
date of issue.

European Bank Facility Refinancing:  On April 19, 2004, we
announced that we are in discussions with our lenders about
refinancing a portion of the outstanding amount under the UPC
Distribution Bank Facility.  We have proposed to use up to
EUR450 million of our cash on hand to facilitate a refinancing
that would, among other things, reduce interest rates on the
indebtedness under the facility and provide us with additional
flexibility to finance a portion of the Noos acquisition and
other potential acquisitions with debt.

First Quarter 2004 Results

Our significant and consolidated operating subsidiaries in
Europe include UPC Broadband -- our cable television and
broadband division with operations in 11 countries, and
chellomedia -- our media and programming division, which also
includes our CLEC, Priority Telecom. In Latin America, our
primary operation is VTR GlobalCom (VTR), our cable television
and broadband provider in Chile.  Please refer to the Financial
Highlights and Consolidated Financial Statements section at the
end of this press release for additional segment information.

Revenue

Revenue for the three months ended March 31, 2004 was US$547
million, an increase of 26% or US$111 million compared to the
same period in the prior year.

Approximately 74% of the full year sales increase was due to
foreign exchange rate fluctuations (primarily the appreciation
of the Euro vs. the US$).  Excluding the impact of foreign
exchange rates, organic year-over-year revenue growth was 6.7%
for the first quarter of 2004 driven primarily by higher average
monthly revenue per subscriber (ARPU) and RGU growth.  This is
below our long-term growth target of 10% organic revenue growth
due to several factors.  First, and most important, UPC
Broadband revenue growth was reduced by 2.4% due to the negative
impact of foreign currency movements, particularly the
depreciation of Eastern European currencies against the euro.
Other reasons for the shortfall include the lack of RGU growth
during the first 9 months of 2003 and the corresponding impact
of annualizing those customer additions, the delayed analog
video rate increase in The Netherlands, a sequential decline in
our Chilean broadband revenue due to seasonality, and a 10%
sales decline at our CLEC, Priority Telecom.

ARPU per RGU for the three months ended March 31, 2004 was
US$18.66 an increase of 22% compared to the prior year.  A
significant portion of the ARPU increase was due to foreign
exchange rate fluctuations (primarily the appreciation of the
Euro vs. the US$).  Our overall European ARPU per RGU increased
4% to EUR14.23 from last year's first quarter, while ARPU per
customer relationship was EUR16.78 at March 31, 2004.  Excluding
the impact of foreign exchange rates, the ARPU increase was
driven by higher rates for analog video service, offset by
declining ARPUs for our Internet and telephone services.

Operating Cash Flow

Operating Cash Flow for the three months ended March 31, 2004
was US$204 million, an increase of 67% compared to the same
period in the prior year.  Excluding the impact of foreign
exchange rate fluctuations, our organic Operating Cash Flow
growth was 42% for the period.  In addition, we continue to
benefit from organizational, operating, and network
efficiencies, as our consolidated Operating Cash Flow margin
improved to 37% for first quarter 2004 compared to 28% for the
same period last year.  On a functional currency basis, European
operating expenses decreased 6.7% for the three months ended
March 31, 2004 compared to the same period in the prior year.
The decrease in operating expense resulted from continued
improvement in operational cost control, more effective
procurement of support services and lower customer care and
billing and collection charges, particularly in The Netherlands.
In addition, European selling, general and administrative (SG&A)
expense decreased 10% for the three months ended March 31, 2004
compared to the same period in the prior year.  The decrease
SG&A expense reflects continued improvement in cost control,
reduced infrastructure cost, a reduction in outsourced support
and translation effects, offset by an increase in marketing
expenditures.

Net Income (Loss)

Net loss was US$(150) million for the three months ended March
31, 2004, which compares with net income of US$17 million for
the same period in 2003.  The larger loss in first quarter 2004
is primarily due to a US$(22) million foreign currency exchange
loss in the period compared to a gain of US$151 million in last
year's first quarter as a result of less favorable foreign
currency exchange movements on few U.S. dollar denominated
securities.

Free Cash Flow and Capital Expenditures

We remain focused on improving the underlying cash flow
generation of our business.  Free Cash Flow for the three months
ended March 31, 2004 was US$36 million, a 111% improvement
compared to the same period last year.  The increase was driven
by a 56% improvement in cash flow from operating activities,
offset by a 39% increase in capital expenditures.

Capital expenditures increased to US$80 million for the three
months ended March 31, 2004, compared to US$58 million for same
period last year.  The primary reason for the increase was
higher spending on customer premise equipment (CPE) due to the
significant increase in RGU growth in the first quarter 2004
compared to the same period last year.

Operating Statistics

As of March 31, 2004, total RGUs were 9,274,100, an increase of
4.0%, or 359,800 compared to the prior year. Since December 31,
2003, we added 92,300 net new RGUs, of which 60,600 were
Internet subscribers.  Our net gain in the first quarter 2004
represents an increase of 90% from our net gain in the same
period last year.  Due to the seasonality of our business, we
believe that our first quarter net gain in RGUs puts us on track
to meet our guidance of 500,000 net new RGUs in 2004.

In Europe we added 50,800 new Internet subscribers during the
quarter, a 22% sequential improvement from the 41,700 additions
in the seasonally strong fourth quarter as a result of our
tiering strategy.  We now offer tiered services across all of
our European markets where we offer the Internet product.
Offsetting the higher than expected customer additions, most of
our new Internet customers are taking lower-priced, lower-speed
tiers of service which, in turn, is causing ARPUs to decline.
Currently, our blended average ARPU for Internet across all
countries in Europe is approximately EUR36.50 ($43.00).

About UnitedGlobalCom

UGC is the leading international broadband communications
provider of video, voice, and Internet services with operations
in 14 countries.  Based on UGC's operating statistics at March
31, 2004, the Company's networks reached approximately 12.8
million homes and had over 9.2 million RGUs, including
approximately 7.5 million video subscribers, 742,000 telephone
subscribers and 984,300 Internet access subscribers.  For more
information visit http://www.unitedglobal.com.

----------
Footnotes:

[1] Including the "Company", "we, "us", "our", and similar
terms.

[2] Previously disclosed as Adjusted EBITDA. Please see pages 4
and 5 of this press release for a full explanation of Operating
Cash Flow, more detail on Operating Cash Flow by company, and a
reconciliation of Operating Cash Flow to Net Income (Loss).

[3] Please see page 5 of this press release for an explanation
of Free Cash Flow.

UGC's financial statements are available free of charge at
http://bankrupt.com/misc/UGC_Q12004.htm


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


GORNYAK: Bankruptcy Supervision Procedure Begins
------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Gornyak.  The case is docketed as
A72-903/04-21/5-B.  Mr. A. Sobitnyuk has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 433513, Russia, Ulyanovsk
region, Dimitrovgrad-13, Post User Box 962, Phone/Fax: (8422)
44-29-63.  A hearing will take place on June 24, 2004, 9:00 a.m.
at the Arbitration Court of Ulyanovsk region.

CONTACT:  GORNYAK
          433394, Russia, Ulyanovsk region, Kuchuri

          Mr. A. Sobitnyuk, temporary insolvency manager
          433513, Russia, Ulyanovsk region, Dimitrovgrad-13,
          Post User Box 962
          Phone/Fax: (8422) 44-29-63


HIGH TECH: Deadline for Proofs of Claim May 16
----------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
supervision procedure on LLC research and industrial company
High Tech.  The case is docketed as A49-477/04-24b/20.  Mr. D.
Scherban has been appointed temporary insolvency manager.

Creditors have until May 16, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 440008, Russia,
Penza, Pushkin str.2, office 707.  A hearing will take place on
August 5, 2004, 12:00 noon at the Arbitration Court of Penza
region.

CONTACT:  HIGH TECH
          440015, Russia, Penza, Egorov str.3

          Mr. D. Scherban, temporary insolvency manager
          440008, Russia, Penza, Pushkin str.2,
          Office 707


IGNATOVSKAYA WOOLLEN: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on LLC Ignatovskaya Woollen-Goods Factory.
The case is docketed as A72-2050/04-21/11-B.  Mr. D. Monogarov
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 433513, Russia, Ulyanovsk
region, Dimitrovgrad-13, Post User Box 962, Phone/Fax: (8422)
44-29-63.  A hearing will take place on May 31, 2004, at 1:30
p.m. at the Arbitration Court of Ulyanovsk region.

CONTACT:  IGNATOVSKAYA WOOLLEN-GOODS FACTORY
          433152, Russia, Ulyanovsk region, Ignatovka

          Mr. D. Monogarov, temporary insolvency manager
          433513, Russia, Ulyanovsk region, Dimitrovgrad-13,
          Post User Box 962
          Phone/Fax: (8422) 44-29-63


IRKUTSK FEED: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Irkutsk region declared OJSC Irkutsk
Feed Compound Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-15353/03-34.  Mr. V.
Safonov has been appointed insolvency manager.  Creditors are
asked to submit their proofs of claim to the insolvency manager
at: 664025, Russia, Irkutsk, Post User Box 146.

CONTACT:  IRKUTSK FEED COMPOUND FACTORY
          664014, Russia, Irkutsk, Polyarnaya str.95

          Mr. R. Kravzov, temporary insolvency manager
          664025, Russia, Irkutsk, Post User Box 146a


NERCHINSKY DISTILLERY: Bankruptcy Court Sets June 16 Hearing
------------------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
supervision procedure on SUE Nerchinsky Distillery (TIN
7513004557).  The case is docketed as A78-799/04-B-6.  Mr. S.
Karpov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 672007, Russia, Chita,
Kurnatovskogo str.19a-34.  A hearing will take place on June 16,
2004, 10:00 a.m. at the Arbitration Court of Chita region.

CONTACT:  NERCHINSKY DISTILLERY
          Russia, Chita region, Nercnsk, Yaroslavsky str.34

          Mr. S. Karpov, temporary insolvency manager
          672007, Russia, Chita, Kurnatovskogo str.19a-34


NERCHINSKY FOOD: Bankruptcy Court Names Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
supervision procedure on OJSC Nerchinsky Food Integrated Works
(TIN 7513001436).  The case is docketed as A78-5890/04-B-1.
Ms. S. Karpov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 672007, Russia, Chita,
Kurnatovskogo str.19a-34.  A hearing will take place on June 14,
2004, 10:00 a.m. at the Arbitration Court of Chita region.

CONTACT:  NERCHINSKY FOOD INTEGRATED WORKS
          673400, Russia, Chita region, Nercnsk,
          Yaroslavsky str.34

          Mr. S. Karpov, temporary insolvency manager
          672007, Russia, Chita, Kurnatovskogo str.19a-34


OBLVODOKANAL: Belgorod Court Orders Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on Belgorod SUE Oblvodokanal.  The case is
docketed as A08-3375/04-2 B.  Mr. O. Savkin has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Belgorod, Pushkin
str.49a, office 6.  A hearing will take place on July 1, 2004 at
the Arbitration Court of Belgorod region.

CONTACT:  Oblvodokanal
          Russia, Belgorod, Litvinov str.85a

          Mr. O. Savkin, temporary insolvency manager
          Russia, Belgorod, Pushkin str.49a, office 6


PROGRESS: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on agricultural industrial complex
Progress.  The case is docketed as A14-1870-04/18/7b.  Mr. S.
Bychanov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 394018, Russia, Voronezh, Kirov
str.9, LLC LISTT.  A hearing will take place on June 16, 2004,
10:00 a.m. at the Arbitration Court of Voronezh region.

CONTACT:  PROGRESS
          Russia, Voronezh region, 1st Mikchaylovka

          Mr. S. Bychanov, temporary insolvency manager
          394018, Russia, Voronezh, Kirov str.9, LLC LISTT

          The Arbitration Court of Voronezh region,
          394030, Russia, Voronezh, Srednemoskovskaya
          str.77, Hall 314


ROTOR: Ulyanovsk Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Rotor.  The case is docketed as
A72-1918/04-17/10-B.  Mr. P. Kondratyev has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 432011, Russia, Ulyanovsk, Post
User Box 9814, Phone/Fax: (8422) 44-29-63.  A hearing will take
place on July 15, 2004, 10:00 a.m. at the Arbitration Court of
Ulyanovsk region.

CONTACT:  ROTOR
          432072, Russia, Ulyanovsk, Sozidateley str.37

          Mr. P. Kondratyev, temporary insolvency manager
          432011, Russia, Ulyanovsk, Post User Box 9814,
          Phone/Fax: (8422) 44-29-63


VYKSUNSKAYA AGRICULTURAL: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on OJSC Vyksunskaya
Agricultural Macnery Enterprise.  The case is docketed as A43-
4428/04-33-117.  Mr. S. Slepov (Moscow) has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 603001, Russia, Nizhny-
Novgorod, Pochainskaya str.20, Phone: 8-290-5-37-48.  A hearing
will take place on October 12, 2004, 1:45 p.m. at the
Arbitration Court of Nizhny-Novgorod region.

CONTACT:  VYKSUNSKAYA AGRICULTURAL MACNERY ENTERPRISE
          607063, Russia, Nizhny-Novgorod region,
          Vyksa, Zaprudnaya str.1

          Mr. Y. Voronin, temporary insolvency manager
          603001, Russia, Nizhny-Novgorod, Pochainskaya str.20,
          Phone: 8-290-5-37-48


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


SKANDIA INSURANCE: Names New Chief of Swedish Operations
--------------------------------------------------------
Gert Engman, 54, has been appointed as the new head of Skandia
Sweden and Executive Vice President of the Skandia group.  He
will also have global responsibility for IT matters with the
group and will be included in Skandia's executive management for
both of these capacities.

Gert Engman is currently Executive Vice President, CIO and head
of Shared Services at Foreningssparbanken.  He has nearly 30
years of experience in the financial sector, including as
director of international operations for FinansSkandic, regional
manager for Securum, and numerous other positions with
Foreningssparbanken, including regional manager of the bank's
Western region.  In addition, as head of Foreningssparbanken's
Online Services he was responsible for building up the bank's
online and telephone bank operations into the biggest in the
Nordic region.

Skandia's CEO, Hans-Erik Andersson, comments: "Gert Engman
possesses exactly the professional qualities along with the
breadth and depth of experience from the financial sector that
are needed to take on the important task of developing Skandia's
Swedish operations into a coordinated, powerful unit.  Gert's
expertise in IT and from online banking is also strategically
important for Skandia - both for adopting a coordinated approach
to our IT activities and for continuing the development of
SkandiaBanken and other IT-based customer offerings.  Gert
Engman has been my preferred candidate, and I am very happy to
welcome m onboard at Skandia."

Gert Engman comments: "I have always had great respect for
Skandia's position and competence.  I look forward to taking the
baton and developing the Swedish operations and Skandia's global
IT strategy.  These assignments will give me an opportunity to
use all the experience I have obtained in the financial sector -
from marketing to product development and IT."

Gert Engman will assume his new position August 1.

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

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


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


AGROINVEST: Court Prescribes Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kirovograd region declared LLC Agroinvest
(code EDRPOU 23683059) insolvent and introduced bankruptcy
proceedings on April 7, 2004.  The case is docketed as 14/112.
Arbitral manager Mrs. Suhorukova Natalie (License Number AA
485219) has been appointed liquidator/insolvency manager.

CONTACT:  AGROINVEST
          Ukraine, Kirovograd region, Kirovograd district,
          Bereznka

          Mrs. Suhorukova Natalie, Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd, Timiryazev str., 62/2, 7
          Phone/Fax: 8 0522 24-35-67

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


AUTO-TRANSPORT: Deadline for Proofs of Claim May 30
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Auto-transport Enterprise-# 12362
(code EDRPOU 03116878).  The case is docketed as 25/44.
Mrs. Martinenko Natalie (License Number 572 approved April 17,
2001) has been appointed temporary insolvency manager.

Creditors have until May 30, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager at: 69035, Ukraine, Zaporizhya,
    Mayakovski Avenue, 12/5

(b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine,
    Zaporizhya, Shaumyana str., 4

Auto-transport Enterprise-# 12362 maintains Account Number
26007302290231 at JSCB National credit, MFO 313775.

CONTACT:  AUTO-TRANSPORT ENTERPRISE-# 12362
          69035, Ukraine, Zaporizhya, Ferosplavna str., 1

          Mrs. Martinenko Natalie, Temporary Insolvency Manager
          69035, Ukraine, Zaporizhya, Mayakovski Avenue, 12/5
          Phone: 13-50-14

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


FORTETSYA: Declared Insolvent
-----------------------------
The Economic Court of Kirovograd region declared LLC Fortetsya
(code EDRPOU 31308513) insolvent and introduced bankruptcy
proceedings on April 7, 2004.  The case is docketed as 14/114.
Arbitral manager Mrs. Suhorukova Natalie (License Number AA
485219) has been appointed liquidator/insolvency manager.

CONTACT:  FORTETSYA
          Ukraine, Kirovograd region, Kirovograd district,
          Bereznka

          Mrs. Suhorukova Natalie, Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd, Timiryazev str., 62/2, 7
          Phone/Fax: 8 0522 24-35-67

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


KIROVOGRADBUDTRANS: Insolvent Status Confirmed
----------------------------------------------
The Economic Court of Kirovograd region declared OJSC
Kirovogradbudtrans (code EDRPOU 04541684) insolvent and
introduced bankruptcy proceedings on March 25, 2004.  The case
is docketed as 10/85.  Arbitral manager Mrs. Suhorukova Natalie

(License Number AA 485219) has been appointed
liquidator/insolvency manager.

CONTACT:  Mrs. Suhorukova Natalie, Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd, Timiryazev str., 62/2, 7
          Phone/Fax: 8 0522 24-35-67

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


KRASNOGRAD PLANT: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on CJSC Krasnograd Plant of Food Goods
(code EDRPOU 00380126) in January.  The case is docketed as B-
39/01-04.  Arbitral manager Mr. Zadruzhnij D. (License Number AA
249706 approved October 19, 2001) has been appointed temporary
insolvency manager.

Krasnograd Plant Of Food Goods maintains Account Number
26002349335001 at HBCB Privatbank, Krasnograd branch, MFO
351533.

CONTACT:  KRASNOGRAD PLANT OF FOOD GOODS
          Ukraine, Harkiv region, Krasnograd, Lenin str., 2

          Mr. Zadruzhnij D., temporary insolvency manager
          61057, Ukraine, Harkiv, Pushkinska str., 5/408

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


KRISTAL-S: Donetsk Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Donetsk region declared LLC Kristal-S
(code EDRPOU 30379578) insolvent and introduced bankruptcy
proceedings on April 14, 2004.  The case is docketed as 5/61B.
Mrs. Babich Svitlana (License Number AA 630006 approved October
30, 2003) has been appointed liquidator/insolvency manager.
Creditors have until May 29, 2004 to submit their proofs of
claim.

CONTACT:  KRISTAL-S
          86200, Ukraine, Donetsk region, Shahtarsk,
          Lenin str., 71


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


AHA ARCHITECTURE: Meeting of Creditors Set May 19
-------------------------------------------------
There will be a Creditors Meeting of the AHA Architecture
Limited Company on May 19, 2004 at 11:00 a.m.  It will be held
at Begbies Traynor, Chiltern House, 24-30 King Street, Watford
WD18 0BP.

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, Chiltern House, 24-30 King
Street, Watford WD18 0BP not later than 12:00 noon, May 18,
2004.

CONTACT:  BEGBIES TRAYNOR
          Cltern House
          24-30 King Street,
          Watford WD18 0BP
          Contact:
          Vivian Murray Bairstow, Joint Administrator
          Paul Michael Davis, Joint Administrator


BATONGRANGE LIMITED: Winding up Resolutions Passed
--------------------------------------------------
Name of Companies:
Batongrange Limited
Mornington Hotel Limited

At Extraordinary General Meetings of the Members of these
Companies on April 22, 2004, the Extraordinary and Ordinary
Resolutions to wind up the Companies were passed.  F C Satow and
S P Holgate of the firm of PKF, Accountants and business
advisors have been appointed as Joint Liquidators of the
Companies for the purpose of the voluntary winding-up.

CONTACT:  PKF
          Contact:
          F C Satow, Liquidator
          S P Holgate, Liquidator


BEALES PROPERTY: Hires PricewaterhouseCoopers Liquidator
--------------------------------------------------------
Name of Companies:
Beales Property Services Limited
Brogdens Limited
Clayton Booth & Partners Limited
David Ford & Gray Limited
Gillands Holdings Limited
Hunters Of Lincoln Limited
John Pickles & Company Limited

At the Extraordinary General Meeting of these Companies on April
23, 2004 the Special and Ordinary Resolutions to wind up the
Company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed Joint Liquidators of the
Company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street,
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com
          Contact:
          Tim Walsh, Liquidator
          Jonathan Sisson, Liquidator


CANARY WHARF: CWG Boasts Enough Votes to Reject Morgan Bid
----------------------------------------------------------
Shareholders led by fund managers Hermes, Franklin and Scottish
Widows and CWG Acquisition are rallying others to vote against
the 295p-a-share offer of Morgan Stanley.

According to The Telegraph, the company confirmed the existence
of ongoing consultations aimed at convincing shareholders to
reject the offer of Songbird, the consortium led by Morgan.  The
dissidents led by Brascan, the Canadian conglomerate which
offered 275p a share for Canary Wharf; and Canary Wharf founder
Paul Reichmann are confident they will have the votes to block
Morgan's offer on May 21.  Morgan's offer needs 50% acceptance
to go through.

Brascan and Mr. Reichmann, the two groups making up CWG
Acquisition, hold 18% voting rights; while the three fund
managers combine for 13%.  They believe Morgan's offer, which
values the docklands developer at GBP4.7 billion including net
debt of GBP3 billion, is too low.  CWG Acquisition had recently
improved its offer but Canary Wharf's independent committee has
written shareholders, recommending Songbird's offer.

Committee Chairman Sir Martin Jacomb believes Songbird's bid has
"a very attractive outcome."   He said: "[If rejected]...
Songbird's offer will lapse and there is a risk that the share
price will fall to a level significantly below Songbird's offer
price."

Telegraph sources say other shareholders like hedge funds are
inclined to accept Morgan's offer.


CBC MEDIA: Euro Sales Finance Appoints Grant Thornton Receiver
--------------------------------------------------------------
Name of Company: CBC Media Limited

Reg No 01742532

Nature of Business: Advertising

Trade Classification: 46

Date of Appointment of Joint Administrative Receivers:
April 27, 2004

Name of Person Appointing the Joint Administrative Receivers:
Euro Sales Finance PLC

Joint Administrative Receivers:  GRANT THORNTON
                                 Grant Thornton House,
                                 Melton Street, Euston Square,
                                 London NW1 2EP
                                 Receivers:
                                 Anthony Norman Flynn
                                 Martin Gilbert Ellis
                                 (Office Holder Nos 8619, 1183)


CHEQUERS FINANCIAL: Hires Liquidators from Numerica
---------------------------------------------------
At an Extraordinary General Meeting of the Chequers Financial
Services Limited Company on April 23, 2004 held at 81 Station
Road, Marlow, Buckinghamsre SL7 1SX, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Frank Wessely and Peter James Hughes-Holland both of Numerica
have been appointed Joint Liquidators for the purpose of the
voluntary winding-up.

CONTACT:  NUMERICA
          66 Wigmore Street
          100a Chalk Farm Road
          Phone: 020 7467 4000
                 020 7284 4995
          Web site: http://www.numerica.biz
          Contact:
          Frank Wessely, Liquidator
          Peter James Hughes-Holland, Liquidator


CHERBOURG INVESTMENT: Hires Benedict Mackenzie Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of the Cherbourg Investment
Limited Company on April 23, 2004 held at Via Montepulciano 7,
20124, Milan, Italy, the Special Resolution to wind up the
Company was passed.  Ian Donald Williams of Benedict Mackenzie,
of 62 Wilson Street, London EC2A 2BU has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  BENEDICT MACKENZIE
          62 Wilson Street,
          London EC2A 2BU
          Contact:
          Ian Donald Williams, Liquidator


CONCEPT TIMBER: Hires Begbies Traynor Administrator
---------------------------------------------------
Name of Company: Concept Timber Products Limited

Registered Office: Strattons House, Strattons Walk, Melksham,
Wiltsre SN12 6JL

Nature of Business: Precision-engineered Timber Frame Panels and
Structures and Roof Trusses

Trade Classification: 09

Date of Appointment: April 22, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                58 Queen Square,
                                Bristol BS1 4LF
                                Receivers:
                                Andrew Howard Beckingham
                                Simon Robert Haskew
                                (IP Nos 8683, 8988)


DOVERGATE PROPERTIES: Winding up Special Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Dovergate Properties Limited Company on April 28, 2004 held at
25 Harley Street, London W1G 9BR, the Special Resolution to wind
up the Company was passed.  Bernard Hoffman has been appointed
Liquidator for the purpose of such winding-up.


EXEL SCAFFOLDING: Brings in Receiver from Bridgestones
------------------------------------------------------
Name of Company: Exel Scaffolding Limited

Registered Office: 295 Fleetwood Road North, Thornton,
Cleveleys, Lancasre FY5 4LE

Nature of Business: General Construction and Civil Engineering

Trade Classification: 4521

Date of Appointment: April 21, 2004

Joint Administrative Receiver:  BRIDGESTONES
                                125-127 Union Street,
                                Oldham OL1 1TE
                                Receivers:
                                Robert L Cooksey
                                Jonathan G Lord
                                (IP Nos 9040, 9041)


HALBERSTADT LIMITED: Hires Liquidator from BN Jackson Norton
------------------------------------------------------------
At an Extraordinary General Meeting of the Halberstadt U.K.
Limited Company on April 23, 2004 held at 823 Salisbury House,
29 Finsbury Circus, London EC2M 5QQ, the Special and
Extraordinary Resolutions to wind up the Company were passed.
Michael Colin John Sanders of BN Jackson Norton, 1 Gray's Inn
Square, Gray's Inn, London WC1R 5AA has been appointed
Liquidator of the Company for the purpose of such winding-up.

CONTACT:  BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn
          London WC1R 5AA
          Contact:
          Michael Colin John Sanders, Liquidator


HEIRLOOM FURNITURE: In Administrative Receivership
--------------------------------------------------
Name of Company: Heirloom Furniture Limited

Registered Office: c/o Lucie Smith & Co, 144 Portland Road,
Hove, East Sussex

Nature of Business: Manufacture of Furniture

Date of Appointment: April 28, 2004

Joint Administrative Receiver:  MILNER BOARDMAN & PARTNERS
                                Century House, Ashley Road,
                                Hale, Chesre
                                Receivers:
                                Colin Burke
                                Gary J Corbett
                                (IP Nos 8803, 9018)


HOLLINGER INTERNATIONAL: Cinven, Daily Mail Part Ways
-----------------------------------------------------
The partnership of Daily Mail & General Trust and venture
capitalist Cinven, which earlier submitted a joint bid for
Hollinger International, has ended.

Although neither of them confirmed the report, The Telegraph
said yesterday the two groups split up over what appears to be a
disagreement on the amount of "underwriting fee" due Cinven.
The Daily Mail group allegedly regards Cinven's asking fee worth
tens of millions of pounds as too high.  Under their joint bid,
Cinven would have automatically acquired the Telegraph Group if
the government forced Daily Mail to sell the assets on
competition grounds.

Earlier, lawyers warned the Daily Mail group that its bid faces
a strong competition case due to its ownership of the Daily Mail
newspaper.  Hollinger International owns the Daily Telegraph and
its sister paper The Sunday Telegraph.  Media regulator Ofcom
has warned the successful bidder may be scrutinized by a panel.

Sources privy to the situation told The Telegraph the Daily Mail
group is now seeking other private equity groups willing to join
its bid under favorable terms.  The absence of a partner,
though, will not stop it from going after Hollinger or its
newspapers since it has the finances to sustain an independent
bid.

Aside from the Daily Mail group, there are five others bidding
for either Hollinger, a holding company, or its newspapers, The
Telegraph and The Sunday Telegraph.  They have until May 20 to
submit "full and final" offers of no less than GBP600 million.

Meanwhile, Hollinger International filed Friday a fresh lawsuit
against former Chairman Lord Black and other top officials,
seeking US$484.5 million in damages, the report added.


INFINITY MEDIA: Appoints Receivers from Begbies Traynor
-------------------------------------------------------
Name of Company: Infinity Media & Entertainment Ltd

Registered Office: 58 Queen Square, Bristol BS1 4LF

Nature of Business: Magazine Publishing

Trade Classification: 46

Date of Appointment: April 23, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                58 Queen Square,
                                Bristol BS1 4LF
                                Receivers:
                                Andrew Howard Beckingham
                                Simon Robert Haskew
                                (IP Nos 8683, 8988)


INNERCASTLE LIMITED: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of the
Innercastle Limited Company on April 26, 2004 held at Leopold
House, 43-44 Leopold Street, Derby DE1 2HF, the Special
Resolution to wind up the Company was passed.  Brian Andrew
Scott of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJ has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  JOHNSON TIDSALL
          81 Burton Road,
          Derby DE1 1TJ
          Contact:
          Brain Andrew Scott, Liquidator


JOOLS INTERNATIONAL: Names Administrative Receiver
--------------------------------------------------
Name of Company: Jools International Limited

Nature of Business: Wholesale Distribution

Trade Classification: Division 3 (13)

Date of Appointment: April 28, 2004

Administrative Receiver:  Stephen Cork
                          (IP No 8627)
                          Bartlett House,
                          9-12 Basinghall Street,
                          London EC2V 5NS


J. W. SAUNDERS: Brings in Liquidator from Poppleton & Appleby
-------------------------------------------------------------
At an Extraordinary General Meeting of the J.W. Saunders & Son
(Farms) Limited Company on April 19, 2004 held at Stoulton
Grange, Froggery Lane, Stoulton, Worcestersre WR7 4RQ, the
subjoined Special Resolution to wind up the Company was passed.
M T Coyne of Poppleton & Appleby, 35 Ludgate ll, Birmingham B3
1EH has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate ll,
          Birmingham B3 1EH
          Contact:
          M T Coyne, Liquidator


KBIM INTERNATIONAL: Appoints KPMG Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the KBIM International
Limited Company on April 23, 2004 held at 10 Fenchurch Street,
London EC3M 3LB, the Special, Ordinary and Extraordinary
Resolutions to wind up the Company were passed.  Jeremy Simon
Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB have been appointed Joint Liquidators
for the purpose of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Contact:
          Jeremy Simon Spratt, Liquidator
          Finbarr Thomas O'Connell, Liquidator


KBPB HOLDINGS: Hires Liquidators from KPMG
------------------------------------------
At an Extraordinary General Meeting of the KBPB Holdings Limited
Company on April 23, 2004 held at 10 Fenchurch Street, London
EC3M 3LB, the Special, Ordinary and Extraordinary Resolutions to
wind up the Company were passed.  Jeremy Simon Spratt and
Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB have been appointed Joint Liquidators for the purpose
of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Contact:
          Jeremy Simon Spratt, Liquidator
          Finbarr Thomas O'Connell, Liquidator
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


MAGNETIC MEMORY: Creditors Meeting May 21
-----------------------------------------
There will be a Creditors Meeting of the Magnetic and Memory
Technology Limited Company on May 21, 2004 at 11:00 a.m.  It
will be held at The Best Western, St Mary's Hotel and Country
Club, St Mary ll, Pencoed, Bridgend, Mid Glamorgan CF35 5EA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, Chartered Accountants, 5th Floor,
Exchange House, 446 Midsummer Boulevard, Central Milton Keynes
not later than 12:00 noon, May 20, 2004.

CONTACT:  BAKER TILLY
          Chartered Accountants
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes
          Contact:
          G P Bushby, Joint Administrative Receiver


MATSUSTA GRAPC: Names Liquidator from Stoy Hayward
--------------------------------------------------
At an Extraordinary General Meeting of the Matsusta Grapc
Communication Systems (U.K.) Limited Company on April 28, 2004
held at 9-1 raide Industrial Park, Utsunomiya City Tocgi, 321-
8502 Japan, the subjoined Special Resolution to wind up the
Company was passed.  Martha Hanora Thompson and Anthony Peter
Supperstone of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berksre RG1 3EX have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road, Reading,
          Berksre RG1 3EX
          Contact:
          Martha Hanora Thompson, Liquidator
          Anthony Peter Supperstone, Liquidator


MEDIA MOULDING: Deadline for Proxy Forms May 20
-----------------------------------------------
There will be a Creditors Meeting of the Media Moulding
Technology Limited Company on May 21, 2004 at 11:00 a.m.  It
will be held at The Best Western St Mary's Hotel and Country
Club, St Mary ll, Pencoed, Bridgend, Mid Glamorgan CF 35 5EA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, Chartered Accountants, 5th Floor,
Exchange House, 446 Midsummer Boulevard, Central Milton Keynes
not later than 12:00 noon, May 20, 2004.

CONTACT:  BAKER TILLY
          Chartered Accountants
          5th Floor, Exchange House,
          446 Midsummer Boulevard
          Central Milton Keynes
          Contact:
          G P Bushby, Joint Administrative Receiver


PETER REED: Creditors Meeting Set May 18
----------------------------------------
There will be a Creditors Meeting of the Peter Reed Group
Limited Company on May 18, 2004 at 10:00 a.m.  It will be held
at Commercial Buildings, 11-15 Cross Street, Manchester.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Commercial Buildings, 11-15 Cross Street,
Manchester not later than 12:00 noon, May 17, 2004.


ROYAL MAIL: 2003 Operating Profit Jumps to GBP250 Million
---------------------------------------------------------
Royal Mail employees are set to receive at least GBP800 each if
company earnings continue to improve this year, according to The
Telegraph.

The windfall is a personal commitment of Chairman Allan Leighton
who had promised to give out the bonus if the company makes a
profit of GBP400 million by March 2005.  It appears this bonus
will be distributed a year early, according to an executive who
said Royal Mail will report a GBP250 million operating profit in
three week's time.

"We're on course to make GBP400 million this year [FY2004]," the
unnamed executive said. "The payout to each of our 200,000
people will probably be GBP1,000."

The wholly owned government firm is currently in the second year
of a turnaround plan authored by Mr. Leighton, the former Asda
boss; and Adam Crozier, the former chief executive of the FA.
Last year, it booked a whooping GBP197 million net loss.  The
year to March 2004 results will be announced later this month,
according to The Telegraph.

The unnamed executive believes the GBP400 million benchmark is
attainable in FY2004, although some of his colleagues caution
that the current year will be a tough one.  They believe the new
scheme to compensate commercial customers for poor service will
weigh down next year's results.  Postwatch, the body that
represents users of the postal system, said this scheme could
result to as much as GBP80 million in penalties this year.

Meanwhile, the government appears to be quietly working on plans
to privatize the business.  This could take effect next year
since no disposal would go ahead until Royal Mail has at least
two years of steady and profitable trading behind it.

"If a sale proceeds, it would be the biggest privatization --
probably valued at more than GBP4 billion -- since British
Rail's tracks and stations were sold to investors as Railtrack
in 1996," The Telegraph says.


SKILLED ENGINEERING: Shareholders Pass Winding up Resolution
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Skilled Engineering (U.K.) Ltd (formerly Skilled Compupeople
Ltd) Company on April 29, 2004 held at Russell Bedford House
City Forum, 250 City Road, London EC1V 2QQ, the Special
Resolution to wind up the Company was passed.  Laurence Baehr
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT: Laurence Baehr, Liquidator


TARGETMARKET LIMITED: Appoints Hacker Young Administrator
---------------------------------------------------------
Name of Company: Targetmarket Limited

Nature of Business: Licensed Premises

Trade Classification: 48

Date of Appointment: April 23, 2004

Joint Administrative Receiver:  HACKER YOUNG & PARTNERS
                                St Alphage House,
                                2 Fore Street,
                                London EC2Y 5DH
                                Receivers:
                                Andrew Andronikou
                                Ladislav Hornan
                                (IP Nos 1253, 2059)


TEMPORARY SITE: Close Invoice Finance Brings in Receiver
--------------------------------------------------------
Name of Company: Temporary Site Services Limited

Reg No 3281752

Previous Name of Company: Boxworth Limited

Trade Classification: 27

Date of Appointment of Administrative Receiver: April 22, 2004

Date of Charge: February 27, 2003

Nature of Charge: Fixed and Floating

Name of Person Appointing the Administrative Receiver:
Close Invoice Finance Limited

Administrative Receiver:  ANTONY BATTY & COMPANY
                          New House, Suite 24,
                          67-68 Hatton Garden,
                          London EC1N 8JY
                          Receiver:
                          William Antony Batty
                          (Office Holder No 1049)


VELVETEEN BEAN: Names Receiver from Houghton Stone Business
-----------------------------------------------------------
Name of Company: The Velveteen Bean Bear Company Ltd

Nature of Business: Manufacture of Games and Toys

Trade Classification: 3650

Date of Appointment: April 27, 2004

Administrative Receiver:  HOUGHTON STONE BUSINESS RECOVERY
                          The Conifers,
                          Filton Road, Hambrook,
                          Bristol BS16 1QG
                          Receiver:
                          Simon Thornton
                          (IP No 9031)


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

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


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


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


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


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Dollfus-Mieg                                      187       28
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


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


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      36,359   (1,948)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
Yell Group PLC                      (196)       3,964      289

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


                            *********


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

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

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

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

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

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

                 * * * End of Transmission * * *