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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 18, 2004, Vol. 5, No. 97

                            Headlines

B E L G I U M

REAL SOFTWARE: Results Improve But Remain Negative


F R A N C E

RHODIA SA: Bonds Raise EUR700 Million
RHODIA SA: Francis Mer Joins Board of Directors
RHODIA SA: Ratings Affirmed; Off Standard & Poor's CreditWatch


G E R M A N Y

ALLIANZ AG: Reports EUR675 Million Profit in First Quarter
DURR AG: Bounces Back from Annual Loss with Strong Q1 Earnings
MG TECHNOLOGIES: Sells Solvadis Business for Undisclosed Sum
MOLOGEN AG: Maintains Forecast Despite Weak First Quarter
VIVA MEDIA: In Sell-off Talks with Viacom


G R E E C E

ROYAL OLYMPIC: Transfers Securities to Nasdaq Smallcap


I R E L A N D

MOUNTMELLICK TEXTILES: Plant Shutting down; Scores Going Jobless


I T A L Y

ARES FINANCE: Class E, F Notes on Rating Watch Negative
PARMALAT FINANZIARIA: Submits Final Draft of Restructuring Plan
PARMALAT FINANZIARIA: Prosecutors Step up Efforts to Nail Tanzi


L U X E M B O U R G

AKER KVAERNER: Brings Number of Press Sold to 60


N E T H E R L A N D S

LAURUS N.V.: Appoints Mr. Lubsen Supervisory Board Member


R U S S I A

BOS-INVEST: Belgorod Court Appoints Insolvency Manager
FERRO-CONCRETE PRODUCT: Under Bankruptcy Supervision Procedure
MICHURINSKY: Declared Insolvent
MORDOVO-AGRO: Tambov Court Commences Bankruptcy Proceedings
PRIGOROD: Under External Management Procedure

SELKHOZ-TECHNIKA: Deadline for Proofs of Claim Set June 7
SILEN: Insolvent Status Confirmed
VITYAZ: Bankruptcy Supervision Procedure Begins
ZAVETYU LENINA: Bankruptcy Proceedings Begin
ZMEINOGORSKY LIQUOR: Altay Court Appoints Insolvency Manager


S P A I N

DOGI INTERNATIONAL: Sales Dive Offsets Effect of Lower Net Loss


S W E D E N

ARLA FOODS: Sells Cremo Business


S W I T Z E R L A N D

SAS GROUP: Hikes Prices Due to Increased Aviation Fuel Costs


U K R A I N E

ASTRA: Insolvent Status Confirmed
BLAGODATNE: Bankruptcy Supervision Procedure Begins
KARLIVSKIJ ELEVATOR: Falls into Bankruptcy
MAGNEZIT: Declared Insolvent
PLANT PIT: Under Bankruptcy Supervision Procedure

TARASIVSKE: Declared Bankrupt
TRANS-SERVIS: Insolvent Status Confirmed
UNIVERSAL-STROJ: Herson Court Appoints Insolvency Manager
ZARYA: Deadline for Proofs of Claim June 8


U N I T E D   K I N G D O M

15 VICTORIA: Shareholders OK Special Resolution to Wind up Biz
ABERDEEN ASSET: To Dispose Property Investors Business
ABBEY NATIONAL: To Redeem Capital Securities June 15
ACT CONSULTANTS: Appoints P&A Partnership Administrator
ADVANCED CNC: Hires Receivers from Milner Boardman & Partners

ALARMS & AUDIO: Hires HKM Administrator
ARUNA PLC: Names Begbies Traynor Administrator
BRAND FIXING: HSBC Bank Appoints Receivers
C.BRAND: HSBC Bank Appoints Kelly and King Receivers
CEMENTONE-BEAVER: Hires Liquidator from PKF

CHARLES BARBER: Appoints Baker Tilly Liquidator
CORUS GROUP: Cancels Bond Offering; Cites Poor Market Condition
DOLLCO LIMITED: Creditors Meeting Set May 26
EUROTUNNEL PLC: Eurotunnel Appoints Financial Advisers
F G BROOKS: In Administrative Receivership

HEADSHORE LIMITED: Names Liquidator from Valentine & Co.
INVENSYS PLC: Shareholders Approve Disposal of Powerware Biz
KREDIETFINANCE LIMITED: Winding up Resolutions Passed
MARKS & SPENCER: To Revamp Supply Base and Distribution Network
MAYFLOWER CORPORATION: Sale of Transbus Expected this Week

MAYFLOWER CORPORATION: Meeting of Creditors May 28
QUEST FIELD: Appoints Receivers from DTE Leonard Curtis
RMT MECHATRONICS: Hires Milner Boardman & Partners Administrator
SOLID CAPITAL: Calls in Liquidator
SUCHARD LIMITED: Appoints KPMG Liquidator

TUNCO LIMITED: Hires Liquidator from Stoy Hayward
WEST 175: Files Company Voluntary Arrangement
WEST 175: Reports US$4.3 Million After Tax Loss in 2003
WEST 175: Board Proposes to Restore AIM Status
WEST 175: Appoints Andrew Andronikou of UHY Hacker Adviser

WEST 175: To Offer 90 Million Shares to Equity Market
WEST 175: Shareholders to Approve Voluntary Arrangement June 1
WEST 175: Liquidation Sure Without Voluntary Arrangement
WEST U.K.: Proposes Voluntary Arrangement
WIDNEY INVESTMENTS: Names Liquidators from KPMG

* Large Companies with Insolvent Balance Sheets

                            *********


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B E L G I U M
=============


REAL SOFTWARE: Results Improve But Remain Negative
--------------------------------------------------
Real Software reports positive operational result in spite of
previous uncertainty about continuity of its activities during
the first quarter.  The results in brief:

(a) Position consolidated and customer portfolio intact despite
    difficult circumstances.  Increased net ordinary group
    result to an almost break-even level;

(b) First positive signs of cost control in all divisions, also
    in Retail division although this division's profitability
    problem continues;

(c) Real Software is now well-positioned to address future
    opportunities and to set forth long term perspectives;

(d) Positive impact of Gores deal will show as from second
    quarter: equity in the extended definition becomes positive.

Results for first quarter of 2004 [1]

(a) During the first quarter of 2004, a group turnover of
    EUR36.2 million was generated.  This is -EUR4.7 million
    (-11.3%) less than comparable 2 figures for the first
    quarter of last year.

(b) An operating profit (EBIT) of EUR0.8 million (2.2%) was
    recorded in the first quarter of 2004 versus the comparable
    number in 2003 of EUR1.8 million (4.5%).

(c) The net ordinary group result (excluding depreciation of
    goodwill and extraordinary results) for the first quarter of
    2004 was EUR-0.1 million, up EUR0.4 million compared with
    the previous year (EUR-0,5 million).  This is mainly a
    result of lower financial charges and a decrease of 50% of
    paid taxes.

(d) The net group result for the first quarter of 2004 remains
    negative but increases compared to the same period of last
    year; it increases from -EUR3.2 million to -EUR2.6 million
    this quarter.  This result includes EUR1.8 million of
    ordinary depreciation of goodwill and an extraordinary
    result of -EUR0.7 million.

(e) Cash increased from EUR7 million at the end of 2003 to
    EUR8.6 million on March 31, 2004.

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

[1] These figures are have not been audited.

[2] Compared with the same consolidation scope.  In 2003 the
results of the Swiss subsidiary FSS, which was bought back at
the end of 2003 by its former owners, were included for the
first 10 months of 2003.

Copies of these financial results are available free of charge
at http://bankrupt.com/misc/RealSoftware_Q12004.pdf


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F R A N C E
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RHODIA SA: Bonds Raise EUR700 Million
-------------------------------------
Rhodia successfully completed the placement of its bond offering
with international institutional investors.

The issue includes two tranches due 2010:

(a) 647 million dollars principal amount, at an issue price of
    96.7%, bearing interest at 10.25%

(b) EUR181 million principal amount, at an issue price of
    96.8 %, bearing interest at 10.50%

Total gross proceeds of the bond offering are EUR700 million.

"Following the success of the capital increase, this bond issue
is a key step in our action plan," said Rhodia CEO Jean-Pierre
Clamadieu.

"Combined with the expected proceeds of over EUR700 million from
2004 divestitures, the proceeds from the capital increase and
bond issue will provide Rhodia with more than EUR1.8 billion in
new resources with which to strengthen the Group's financial
structure, to reduce its level of indebtedness and to extend the
maturity of its debt," he added.

Credit Suisse, First Boston, BNP Paribas and Goldman Sachs acted
as joint book running managers.

                            *   *   *

THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION
IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

This press release is not an offer of securities for sale in the
United States or any other jurisdiction.  Securities may not be
sold in the United States absent registration or an exemption
from registration.  Any public offering of securities to be made
in the United States or elsewhere will be made only by means of
a prospectus that may be obtained from Rhodia and that will
contain detailed information about Rhodia and its management, as
well as financial statements.  Copies of this announcement are
not being, and should not be, distributed in or sent into the
United States.

This communication is for distribution only to persons who (i)
are outside the United Kingdom or (ii) have professional
experience in matters relating to investments or (iii) are
persons falling within Article 49(2)(a) to (d) ("high net worth
companies, unincorporated associations etc.") of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001,
as amended (all such persons together being referred to as
"relevant persons").  This communication is only directed at
relevant persons and must not be acted on or relied on by
persons other than relevant persons.  Any investment or
investment activity to which this communication relates is
available only to relevant persons and will be engaged in only
with relevant persons.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders.  Rhodia generated net
sales of EUR5.4 billion in 2003 and employs 23,000 people
worldwide.  Rhodia is listed on the Paris and New York stock
exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Francis Mer Joins Board of Directors
-----------------------------------------------
At a meeting of Rhodia's Board of Directors on Thursday, Francis
Mer was coopted as a member of the Board, replacing Klaus
Mangold, a member of the Board of Management of Daimler-Benz.

This appointment of Francis Mer, who will bring to Rhodia's
Board of Directors extensive experience with industry,
illustrates Rhodia's board commitment to representation by
independent directors, in accordance with the principles of
better corporate governance in listed companies.

Francis Mer, born on May 25, 1939, is a former student of the
Ecole Polytechnique and holds a degree in engineering awarded by
the Ecole des Mines.  He joined the Saint-Gobain Pont-a-Mousson
Group in October 1970 in the Corporate Strategy Department
before being appointed Planning Director at Saint-Gobain Pont-a-
Mousson (1973), Managing Director of Saint-Gobain Industries
(1974-1978) and, in September 1978, Deputy Managing Director of
the Saint-Gobain Group, in charge of industrial policy.  In July
1982, he became Chairman and Managing Director of Pont-a-Mousson
S.A. and Director of the Saint-Gobain Group's Pipelines and
Mechanical Engineering Division.  In September 1986, he was
appointed Chairman of the new entity created from the merger of
Usinor and Sacilor and, subsequently, Chairman of Usinor Sacilor
privatized in 1995 before sponsoring the creation of the Arcelor
Group in 2001.  Since June 1988, he has been Chairman of the
French Steel Federation (Federation Francaise de l'Acier).
Francis Mer served as Minister of the Economy, Finance and
Industry in the French Government from May 7, 2002 to March 30,
2004.

CONTACT:  RHODIA S.A.
          Press Relations
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Ratings Affirmed; Off Standard & Poor's CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
and 'B' short-term corporate credit ratings and 'CCC+' senior
unsecured debt rating on France-based chemicals manufacturer
Rhodia S.A., and removed the ratings from CreditWatch, where
they had been placed on December 24, 2003.  The rating action
follows the successful completion of the group's recent
recapitalization measures.  The outlook is stable.

The recapitalization averted a potential near-term liquidity
crisis due to the significant decline in the group's cash flow
generation in 2003 and the acceleration of some of the group's
long-term financial debt.  Net proceeds raised through the
recapitalization amount to almost EUR1.2 billion before fees and
expenses, and consist of about EUR470 million from an equity
rights issue and EUR700 million from high yield bonds maturing
in 2010.  In addition, a new refinancing facilities agreement
with a syndicate of banks was made available to Rhodia on May
14, 2004. The agreement will expire in March 2006.

The recapitalization will be complemented by an asset disposal
program, which is expected to raise more than EUR700 million of
proceeds during the next few months, including about EUR400
million from already agreed transactions.  Furthermore, two
large-scale savings initiatives target about EUR245 million in
additional annual cost reductions by the end of 2006.

"The combined effects of these measures should enable Rhodia to
meet its financial and operating cash requirements until the
first quarter of 2006," said Standard & Poor's credit analyst
Christine Hoarau.

"We expect that Rhodia's near-term liquidity provisions should
be sufficient to cover the group's cash requirements during the
two-year implementation phase of its restructuring program, and
that the group's financial performance will gradually improve
over time as a result of cost savings," added Ms. Hoarau.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          christine_hoarau@standardandpoors.com
          ralf_kortuem@standardandpoors.com
          olivier_beroud@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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G E R M A N Y
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ALLIANZ AG: Reports EUR675 Million Profit in First Quarter
----------------------------------------------------------
                                1. Quarter 2003   1.Quarter 2004
Group Key Figures
Net income  (in million EUR)          -546               675
Shareholders' equity (in billion EUR) 28.6(1)          29.81
Key figures by lines of business
Insurance
Statutory premiums(2)(in billion EUR) 25.1             25.0
Combined ratio (3) (in %)             97.7             95.8
Banking (4)
Net revenues(5)(in million EUR)      1,893            1,664
Net loan loss loan provision
(in million EUR)                      -351             -135
Administrative expenses
(in million EUR)                   -1,479           -1,354
Asset Management
Third party assets under management    553              598
(in billion EUR)

(1) Year end 2003

(2) including premiums from investment products in life
    insurance

(3) property and casualty

(4) Dresdner Bank - contribution to banking segment of Allianz
    Group

(5) Net interest income and net fee and commission income and
    net trading income


DURR AG: Bounces Back from Annual Loss with Strong Q1 Earnings
--------------------------------------------------------------
With earnings before taxes of EUR4.3 million (first quarter of
2003: -EUR14.5 million), the Durr Group returned to black in the
first quarter of 2004, after finishing fiscal 2003 with earnings
before taxes of -EUR6.9 million due to restructuring.

The Durr Group's gross margin improved in the first quarter of
2004 to 17.3%, while having amounted to 16.1% in fiscal 2003.
Earnings before interest expense, taxes, depreciation, and
amortization (EBITDA) increased to EUR16.3 million from -EUR0.1
million in the previous year's period.  With consolidated net
income of EUR2.2 million (first quarter of 2003: net loss of
EUR8.4 million), earnings per share amounted to EUR0.16 (first
quarter of 2003: -EUR0.59).  The earnings improvement is
primarily attributable to the SPRINT earnings enhancement
program.

Durr was able to raise consolidated sales in the first quarter
of 2004 by 21% to EUR486.7 million (first quarter of 2003:
EUR403.8 million).  The increase is primarily the result of
completing a large contract in North America.  Consolidated
incoming orders in the first three months of 2004 amounted to
EUR415.1 million and thus returned to a normal level, as
expected, after the extraordinarily high previous year's figure
of EUR1,123.8 million.

For the full year 2004, Durr expects earnings before taxes above
the figure achieved in 2003 before restructuring expense
(EUR18.7 million).  The SPRINT program is expected to contribute
substantially to the earnings improvement.

The financial statements for the first quarter of 2004 have been
prepared in accordance with U.S. GAAP.

Following an internal review, Durr has determined that order-
specific receivables were valued too high, and accruals too low,
in the financial statements for the first quarter of 2003.  It
has subsequently adjusted the affected items in the statements
of income for that quarter.  The adjustment has no effect on the
consolidated financial statements dated December 31, 2003,
because the presented earnings effects reversed themselves in
the subsequent quarters.

CONTACT:  DURR AG
          Susanne E. Langer
          Head of Public & Investor Relations
          Phone: +49 (0) 711 136-1785
          Fax:   +49 (0) 711 136-1034
          E-mail: corpcom@durr.com


MG TECHNOLOGIES: Sells Solvadis Business for Undisclosed Sum
------------------------------------------------------------
Following the sale of Dynamit Nobel AG in April, mg technologies
AG is now completing the disposal of its Chemicals division by
selling its Solvadis business to Chemdis Limited, a subsidiary
of the private equity fund Special Situations Venture Partners
L.P. (SSVP).  The parties to the deal have agreed not to reveal
the sale price for the chemicals distribution company. Mg is
generating a positive enterprise value from the disposal of this
business and a positive sale price for its shareholders' equity.
As anticipated, the mg Group will incur a deconsolidation loss
on this disposal as a result of the high book value of solvadis
and after deduction of all liabilities associated with the
business.

"By selling the entire Chemicals division for an enterprise
value in excess of EUR2.7 billion, we have achieved the main
goal of the mg Group's reorganization after just over six
months," says mg CEO Udo Stark. "Further objectives are to merge
mg's and GEA's holding companies at a single location in Bochum
and to turn around our industrial plant engineering business.
Mg is now poised in the starting blocks to achieve renewed
growth."

The solvadis business is due to be transferred before the end of
the second quarter of this year, subject to approval by the
relevant antitrust authorities.  Excluding the contribution made
by Safic-Alcan, a French subsidiary already sold, solvadis
generated sales of approximately EUR462 million in fiscal 2003
with a workforce of just under 490 people.  From its head office
in Frankfurt am Main, solvadis works with subsidiaries and sales
offices throughout Europe.

SSVP, which is advised by Orlando Management GmbH, Munich, aims
to put in place the right conditions to enable it to develop
solvadis' business successfully.  Orlando Management has a
wealth of experience in supporting independently managed small
and medium-sized enterprises.  The investor has equity capital
of over EUR160 million and is invested in four other production
and trading companies in Germany and Austria.

Fact Sheet: solvadis AG

Sales[1] (2003): EUR462 million[2]
Employees (average number in 2003): 488[3]

Sales breakdown by region[4]: 41% Germany, 35% Rest of E.U., 13%
Rest of Europe, 11% Rest of the world.

At a glance

solvadis group is a leading European distributor of industrial
chemicals and basic chemicals.  The group offers tailor-made
services that cover the entire chemical distribution value
chain.  solvadis does business in various European markets and
provides service to companies from a broad range of industries.
Business units:

(a) Industrial Chemicals: Distribution of commodity chemicals,
    specialty chemicals, polymers, and specialty gases.  The
    service spectrum includes sourcing, storage,
    blending/formulation, filling, packaging, transportation,
    recycling and supply chain management solutions.

(b) Basic Chemicals: Marketing of sulphur, sulphuric acid and
    methanol.

Customers

(a) Customers from various industries: chemicals, pharma,
    construction, automotive, energy, metallurgy, paper,
    textiles.

(b) Customers ranging from small companies to large
    corporations.

Market position

(a) No. 5 in the European market for chemical distribution.

(b) Leading market positions in basic chemicals in Europa (No.1
    in sulphur, No. 3 in sulphuric acid, No. 4 in methanol)

Subsidiaries/facilities

(a) Subsidiaries and sales offices in Germany, France, The
    Netherlands, Spain, Austria, Switzerland, Poland,
    Norway, South Africa and India.

(b) 10 storage locations in Europe.

(c) International network via Chemworld Alliance (with American,
    British and Asian partners).

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

[1] Pro forma figures as solvadis is reported under
'discontinued operations' in the 2003 annual financial
statements.

[2] not including sales of EUR954 million by the French
subsidiary Safic-Alcan, which has already been sold.  Total
sales solvadis in fiscal year 2003 including Safic-Alcan:
EUR1.416 billion.

[3] Number of employees including Safic-Alcan (333): 821

[4] Figures relate to solvadis excluding Safic-Alcan

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003 it employed
around 29,000 people and is one of the world's market and
technology leaders in 90 percent of its businesses.

CONACT:  MG TECHNOLOGIES AG
         Kommunikation
         Bockenheimer Landstrasse 73-77
         D-60325 Frankfurt am Main
         Phone: +49-69-7 11 99-241
         Fax:   +49-69-7 11 99-112
         E-mail: info.mg@mg-technologies.com
         Web site: http://www.mg-technologies.com


MOLOGEN AG: Maintains Forecast Despite Weak First Quarter
---------------------------------------------------------
MOLOGEN has put intense and focused efforts into licensing out
parts of its advanced technology and product portfolio.  The
result of these activities is a number of ongoing negotiations
with strong partners in Europe, the United States and especially
in the People's Republic of China.

Until 31st March 2004 these contacts had not yet lead to sales-
related transactions.  Therefore the first quarter of 2004 was
still characterized by very low sales revenues.  At the same
time the expenditures for business development have been
increased.  In the first three-month of 2004 MOLOGEN group
(MOLOGEN) the negative EBIT increased by 24% to -EUR0.8 million
compared to the first three months of 2003.  Deficit increased
from EUR0.6 million to  EUR0.8 million.  Earnings per share were
EUR0.16 (EUR0.11).

The negative cash flow is -EUR0.8 million in the first three
months 2004, compared to -EUR0.5 million in the first three
months 2003.  On March 31, 2004 MOLOGEN had financial holdings
of EUR2.1 million.

Prospects

MOLOGEN is currently negotiating these business transactions:

(a) Canine Leishmaniasis: To license out the dog vaccine
    candidate to pharma companies;

(b) Human Leishmaniasis: Cooperation with one or several
    institutions, in order to achieve financial and
    epidemiological support for the development of a human
    vaccine

(c) To license out MOLOGEN technology for four indications to
    Chinese companies for the territory of the People's Republic
    of China and possibly the Asian Region;

(d) Tumor therapy: To achieve financial support for further
    clinical studies by a strong partner.

Due to the advanced stage of negotiations in these projects and
due to several smaller business opportunities MOLOGEN confirms
the forecast to realize business transactions with an amount of
EUR1.6 million before the end of the year.

For more information, visit http://www.mologen.com

About MOLOGEN

MOLOGEN is focused on using its proprietary DNA technologies in
the creation and development of treatment for high-unmet-need
illnesses.  The main focus of the development activities is
MOLOGEN's unique and patented MIDGE technology.  Based
on this platform, MOLOGEN is developing DNA-based vaccines and
therapeutics to prevent or cure a wide range of diseases.
MOLOGEN AG currently is negotiating with pharma companies to
establish co-operations in order to achieve market readiness for
its vaccines and therapeutics.

Going public in 1998, MOLOGEN was one of the first German
biotechnology companies to be floated on the stock exchange.
The MOLOGEN shares are traded on the Geregelter Markt in
Frankfurt.

CONTACT:  MOLOGEN AG
          Matthias Reichel
          Phone: +49 (0) 30 - 84 17 88-0
          Fax:   +49 (0) 30 - 84 17 88-50
          E-mail: investor@mologen.com
          Web site: http://www.mologen.com


VIVA MEDIA: In Sell-off Talks with Viacom
-----------------------------------------
U.S. media group Viacom is interested in buying troubled German
broadcasting company Viva Media, according to the Financial
Times.  It is conducting due diligence on Viva Media on the way
to a possible EUR300 million offer, people close to the talks
said.   The sources, however, cautioned that discussions are at
an early stage and a firm deal is not yet certain.

Viacom is seen as the frontrunner in the transaction over rivals
such as German broadcasters ProSiebenSat.1 and RTL as it appears
more willing to pay a higher price for the operation.  But a
transaction may arouse competition concerns as it would lessen
the number of media players in the European market.  An
acquisition will likely include the company's Viva Plus, its
loss-making German channel.

Two of Viva's music TV channels in Germany are also struggling
to maintain ratings amidst fierce competition from MTV.  The
luster of music video channels has waned in recent years.  In
effect, music companies are spending less on advertising.  Viva
Media company recently reported a first-quarter operating loss
of EUR2.6 million on revenues of EUR22.9 million.


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


ROYAL OLYMPIC: Transfers Securities to Nasdaq Smallcap
------------------------------------------------------
Royal Olympic Cruise Lines (Nasdaq: ROCLF) announced that, as a
result of its inability to maintain a minimum market value of
publicly held shares (MVPHS) of US$5 million over the previous
90 consecutive calendar days, as required by Marketplace Rule
4450(e)(1), and the advice by The Nasdaq Stock Market, Inc. that
the company de-list from the NASDAQ National Market at the
opening of business on May 13, 2004, as previously reported on
May 10, 2004, the company has decided to exercise its right to
apply to Nasdaq to transfer its securities to The Nasdaq
SmallCap Market.

According to Nasdaq rules, upon the Company submitting its
transfer application and paying the applicable listing fees by
May 11, 2004, initiation of the delisting proceedings will be
stayed pending Nasdaq staff's review of the transfer
application.  The transfer application is subject to Nasdaq
approval, and there can be no assurance at this time of the
result.

Royal Olympic Cruise Lines is currently operating two cruise
ships owned by subsidiary companies that are under the
protection of Article 45 of the Greek Courts.  Discussions with
creditors and lenders continue and the company continues to seek
capital needed to continue operations of the company.


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MOUNTMELLICK TEXTILES: Plant Shutting down; Scores Going Jobless
----------------------------------------------------------------
Ireland's Mountmellick Textile will shut down its plant located
at County Laois in eight week's time.  The industry has barely
survived these past several years due to an increasingly bleak
economic climate.  Never had the owners expected this thing to
happen, but the dire condition of the business has forced them
to wrap up after 50 years of service.

The closure will result to the lay off of 33 workers, mostly
female staff.  These workers have been in service for more then
25 years in the plant.  Mountmellick Textile has been the source
of income to the villagers of the small town that the worker's
family are devastated by the closure of the plant.


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I T A L Y
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ARES FINANCE: Class E, F Notes on Rating Watch Negative
-------------------------------------------------------
Fitch Ratings placed ARES Finance S.r.l.'s following Classes of
notes on Rating Watch Negative (RWN):  EUR30.0 million Class E
notes due 2011 ISIN XS0134905388: 'BBB-' EUR15.0 million Class F
notes due 2011 ISIN XS0134905545: 'BB'.

The action reflects the uncertainties on the future recoveries
of certain outstanding claims, the continuous underperformance
of the deal against the servicer's business plan, and the
declining recovery performance to date.

The latest servicer-issued performance report (dated March 2004)
stated that "unresolved borrower positions also include certain
claims on transferred loans that have been initiated by ARES
under the transfer and indemnity agreement and disputed by the
seller" (Banca Nazionale del Lavoro or BNL).

Current cumulative gross collections as of March 2004 totaled
EUR347.0 million, well below the issuer's gross revised target
of EUR528.7 million, are still broadly in line with Fitch's base
case expectations.  Cumulative servicing fees and recovery
expenses totaling EUR48.2 million or 14% of total gross
collections are also in line with Fitch's expectations.
However, the actual cumulative recovery rate on fully resolved
loans, calculated as actual collections of EUR228.4 million on
resolved loans over the resolved pool gross book value of
EUR398.7 million, has declined to the current 57.3% from 72.7%
in September 2002.  Although this was already factored into the
servicer's original securitization base case business plan, the
delay in timing, together with the decreasing recovery rate,
will still have an impact on the transaction due to fixed senior
expenses and the cost of servicing the notes.

As a result, Fitch has requested and received an updated pool
cut from the servicer on which it is performing detailed credit
analysis with modeling assumptions revised in light of
historical evidence to date.  Fitch is also awaiting additional
clarifying information and status of the outstanding claims.
Available information to date, as well the uncertainty
surrounding the aforementioned disputed claims, leads Fitch to
believe that the ratings of the Class E and F notes are likely
to be negatively affected by these issues, and thus, placed on
RWN.

Fitch will keep reviewing the transaction performance with the
special servicers Societa Gestione Crediti and Archon Group
Italia Srl, and expects to publish updated ratings in the very
near future.  The status of RWN means that possible outcomes
following this review are limited to downgrade or affirmation of
the ratings of the Class E and F notes, respectively.

ARES was the first publicly-rated issue of notes backed by a
pool of EUR1,540.5 million Italian non-performing loans
originated by BNL and principaled by Whitehall 2001 and Goldman
Sachs International.  The special servicers are rated
'RSS2IT/CSS2IT'.  Further deal information and historical
performance data are available on the agency's subscription web
site, http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Alessandro Gustapane, London,
          Phone: +44(0) 20 7862 4036
          E-mail: alessandro.gustapane@fitchratings.com

          Marina Paoletti
          Phone: +44 (0) 20 7417 4322
          E-mail: marina.paoletti@fitchratings.com

          Andy Brewer
          Phone: +44 (0) 20 7417 3481
          E-mail: andy.brewer@fitchratings.com

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


PARMALAT FINANZIARIA: Submits Final Draft of Restructuring Plan
---------------------------------------------------------------
Parmalat Extraordinary Commmissioner Dr. Enrico Bondi confirms
that as previously announced at a meeting with creditors on 26
March 2004, he intends to file with the Minister for Production
Activities a plan for the restructuring of the Group and a
proposal for an agreement with creditors in order that Parmalat
can emerge from Extraordinary Administration.

Taking advantage of the changes introduced by Legislative Decree
no. 119 of 3 May 2004 that introduced new rules aimed at
facilitating the presentation and implementation of an agreement
with creditors, Extraordinary Commissioner and Presiding Judge
Dr. Vittorio Zanichelli have suspended the process to verify the
list of creditors of companies in Extraordinary Administration.
The Extraordinary Commissioner intends to present a proposal for
an agreement[1] with creditors in relation to these companies:

COMPANIES PREVIOUSLY                    HEARING DATE
PUBLISHED

Parmalat S.p.A.                         May 19, 2004
Parmalat Finanziaria S.p.A.             May 26, 2004
Eurolat S.p.A.                          May 31, 2004
Lactis S.p.A.                           June 4, 2004
Geslat s.r.l.                           July 2, 2004
Parmengineering s.r.l.                  July 2, 2004
Contal s.r.l.                           July 6, 2004
Dairies Holding International B.V.      June 28, 2004
Parmalat Capital Netherlands B.V.       June 29, 2004
Parmalat Finance Corporation B.V.       June 28, 2004
Parmalat Netherlands B.V.               June 29, 2004
Olex S.A.                               June 30, 2004
Parmalat Soparfi S.A.                   July 1, 2004
Eliair s.r.l.                           September 2, 2004
Newco s.r.l.                            September 2, 2004
Panna Elena C.P.C. s.r.l.               September 3, 2004
Centro Latte Centallo s.r.l.            September 3, 2004
Eurofood IFSC Limited                   July 7, 2004

As a result of this provision by the Presiding Judge, the
various hearings referred to above to establish the total
indebtedness of these companies will now not take place.  This
will simplify the claims process for creditors.  Given what
follows, creditors are still encouraged to continue to register
claims to be included in the list of the companies' creditors by
following the procedures that are set out on the Court Web site
http://web.ltt.it/tribunale/home.htmsince these claims will
still be considered.

The Extraordinary Commissioner's intention is to file with the
Minister of Production Activities a restructuring plan and a
proposed agreement with creditors, including a provisional list
of creditors, very shortly.  The current objective, as
communicated to the meeting with creditors that took place on 26
March 2004 is that the plan and the proposed agreement with
creditors will be filed on 31 May 2004.

As foreseen under Italian law, the agreement will be subject to
the approval of creditors.  As normal, only those creditors that
are registered in the final list that the Presiding Judge will
compile with the cooperation of the Extraordinary Commissioner
will be eligible to vote.

In order to be sure to be able to exercise their vote on the
agreement, and in any case so as to be recognized as creditors
ahead of any distribution, interested parties:

(1) Should continue to register their claims to be included in
    the list of creditors.  From those claims received a
    provisional list of creditors will be compiled by the
    Extraordinary Commissioner[2].  Creditors are recommended to
    follow this procedure in as much as this will keep to a
    minimum the task of addressing with those issues
    arising out of point 2 below.

(2) The claims received after the Extraordinary Commissioner
    will have filed the provisional of creditors and before the
    end of a period to be determined by the Presiding Judge[3]
    will be considered by the Judge as comments on the
    provisional list compiled by the Extraordinary Commissioner,
    on the amounts of credits indicated and on the claims to
    preferential treatment. Creditors that decide not to file
    their claims can, however, present documents and written
    submissions containing their observations on the provisional
    list of creditors drawn up by the Extraordinary
    Commissioner, on the amounts of the credits indicated and on
    relevant claims to preferential treatment[4].  The Presiding
    Judge will use these claims and comments to complete or
    update the provisional list of creditors prepared by the
    Extraordinary Commissioner and to produce a definitive list
    of named creditors.

Bond issues, like all other credits acknowledged by the
companies listed above, will be included in the list of
creditors even for that portion for which no named creditors
have made a specific claim.  In any case all bondholders are
encouraged to register their claims for inclusion in the list of
creditors since only those creditors named in the Presiding
Judge's list will be eligible to vote.

In the coming weeks the Extraordinary Commissioner will issue
press releases that will detail the restructuring plan and the
proposed agreement with creditors. It is also his intention to
call a further meeting of creditors, the timing of which will
also be made public.

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

[1] Article 3, comma 1, point d) of Legislative Decree of 3 May
2004 no. 119 allows the Extraordinary Commissioner, even before
the presentation of a proposed agreement with creditors, to ask
the Presiding Judge to suspend the verification process to
establish the total of indebtedness of the company or companies
towards creditors.

[2] According to Article 4, comma 2 of the Law of 18 February
2004 no. 39.

[3] Article 3, comma 1, point d) of the Legislative Decree of 3
May 2004 no. 119.

[4] Article 3, comma 1, point d) of the Legislative Decree of 3
May 2004 no. 119.

CONTACT:  PARMALAT FINANZIARIA S.P.A.
          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

          20122 Milano - Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863


PARMALAT FINANZIARIA: Prosecutors Step up Efforts to Nail Tanzi
---------------------------------------------------------------
A second indictment request is being prepared for people and
entities involved in the collapse of Parmalat Finanziaria
S.p.A., people familiar with the probe said, according to
Bloomberg News.

Milan prosecutors this week will file indictment against
Parmalat founder, Calisto Tanzi, 28 others, Bank of America
Corporation's Italian unit, Deloitte & Touche S.p.A. and Grant
Thornton International's former Italian member firm, the sources
said.

The move came after a Milan judge in March junked the
prosecutors' bid for an immediate trial on the individuals, and
companies.  Unlike the stringent proof required for a fast-track
trial, the indictment request will only need enough evidence to
send suspects to trial.  If the prosecutors are successful a
hearing may be scheduled after the summer, lawyers said.

The Tanzi party sees a hearing as a chance to explain the true
circumstances leading to the group's collapse in December, when
Parmalat revealed that a US$4.9 billion account at Bank of
America didn't exist.  Mr. Tanzi already admitted diverting at
least EUR500 million to his family tourism businesses.


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


AKER KVAERNER: Brings Number of Press Sold to 60
------------------------------------------------
Kvaerner Pulping AB won an order for three Compact Press units
as a part of the upgrade to the brown stock washing system at
Domtar Industries Ink's Nekoosa mill in Wisconsin, USA.  This
takes the total number of Compact Press units sold to 60 since
the wash press was first launched in early 2001.

The new units will be part of an environmental project at the
Nekoosa mill, a project that includes modernization of the brown
stock washing system.  Sandwell Miron EPC, a joint venture of
Sandwell Engineers Corporation and Miron Construction Co. Inc.,
is the EPC Contractor, who in conjunction with Domtar, selected
and purchased the equipment.

These are the first Compact Press units to be installed in North
America.

"When we launched Compact Press, we were quite confident that we
had developed a state-of-the-art pulp washer.  Now we have sold
60 units over a period of 40 months, a monthly average of 1 1/2
units - a fact that speaks for itself," says Per-Ake Farnstrand,
President, Kvaerner Pulping.  Start-up is scheduled for June
2005.

Compact Press is a wash press used in most of the fiberline
washing and bleaching applications for manufacturing of chemical
pulp.  The unique features of the Compact Press make it an
obvious choice when installing new washing systems as well as
when upgrading and modernizing existing plants.

Aker Kvaerner ASA, through its subsidiaries and affiliates, is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately USD4.5 billion and employs around 22,000 employees
in more than 30 countries.  The Aker Kvaerner group consists of
a number of separate legal entities.  Aker Kvaerner is used as
the common brand/trademark for most of these entities.  The
parent company in the group is Aker Kvaerner ASA.

Kvaerner Pulping is a leading supplier of machines, process
systems and service for the chemical pulp industry worldwide.
The products are used for continuous cooking, washing, oxygen
delignification, bleaching and recausticizing plants.  Kvaerner
Pulping aims to improve customers' products, productivity and
profitability through innovative technical solutions and strong
commitments.  Kvaerner Pulping, headquartered in Karlstad,
Sweden, has annual revenues of approximately USD175 million and
employs more than 600 employees in 13 countries.

CONTACT:  AKER KVAERNER
          Media:
          Per-Ake Farnstrand,
          President, Kvaerner Pulping, Sweden
          Phone: +46 54 19 46 14
              or +46 70 633 39 46

          Anders Thoren,
          Communications Manager,
          Kvaerner Pulping, Karlstad, Sweden;
          Phone: +46 54 19 47 66
              or +46 703 55 64 22


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


LAURUS N.V.: Appoints Mr. Lubsen Supervisory Board Member
---------------------------------------------------------
Laurus N.V. announces that as from 15 May 2004 Mr. S. (Guus)
W.W. Lubsen MBA (60) joins the Supervisory Board of Laurus.

Mr. Lubsen has more than 30 years experience in commercial and
management related functions in: Dresser Industries Inc. (USA),
Avery Dennison Corporation (U.S.A.) and Quaker Chemical
Corporation (USA).  In his last function (1995-2002 inclusive)
he was member of the Executive Board of Heineken N.V.

Principal current positions:

(a) Chairman Supervisory Board Bakkersland Holding B.V.

(b) Member of Supervisory Board Honeywell Holding B.V.

(c) Member Supervisory Board Heineken Nederlands Beheer B.V.

(d) Chairman Supervisory Board Athenian Breweries S.A.

(e) Member of Board Teleflex Inc. USA

(f) Member Supervisory Board Ruttchen Holding B.V.

Mr. Lubsen does not hold any shares in Laurus N.V.

The Supervisory Board appoints Mr. Lubsen i.a. because of his
wide general international entrepreneurial insight.  In addition
thereto, Mr. Lubsen has experience in the international food
industry, where he was involved in ICT-projects, manufacturing,
quality control and logistics.

The general meeting as well as the central works council did not
object to the proposed appointment.

The appointment of Mr. Lubsen is connected with the resignation
of Mr. J.M. Hessels (at his own request) from the Supervisory
Board as from 14 May 2004, thereby complying with the
requirement of the Corporate Governance Code ('Tabaksblat
Code'), which sets a maximum limit on the number of supervisory
directorships of listed companies which an individual may hold.
Laurus thanks Mr. Hassels for his commitment.

Laurus also announces that Mr. J-B. Hernu has been relieved of
his responsibilities as delegated supervisory director as from
14 May 2004.  The Supervisory Board has appointed Mr. Hernu as
its vice-chairman as from 15 May 2004.  The Supervisory Board
does not have a vice-chairman at present.  These changes are in
compliance with the requirements of the Corporate Governance
Code.


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


BOS-INVEST: Belgorod Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on industrial-commercial concern LLC PKF
Bos-Invest (TIN 3123044941).  The case is docketed as A08-
2973/04-2B.  Mr. Y. Yakovlev (Moscow) has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 308002, Russia, Belgorod, Post
User Box 32.  A hearing will take place on June 30, 2004 at the
Arbitration Court of Belgorod region.

CONTACT:  BOS-INVEST
          Russia, Belgorod, Michurina str.102

          Mr. Y. Yakovlev, temporary insolvency manager
          308002, Russia, Belgorod, Post User Box 32
          Phone: (0722) 313894


FERRO-CONCRETE PRODUCT: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on OJSC FERRO-CONCRETE PRODUCT PLANT #4
(TIN 3124013632).  The case is docketed as A08-2975/04-2B.  Mr.
Y. Yakovlev (Moscow) has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 308002, Russia, Belgorod, Post
User Box 32.  A hearing will take place on July 1, 2004 at the
Arbitration Court of Belgorod region.

CONTACT:  FERRO-CONCRETE PRODUCT PLANT #4
          Russia, Belgorod, Frunze str.230

          Mr. Y. Yakovlev, temporary insolvency manager
          308002, Russia, Belgorod, Post User Box 32
          Phone: (0722) 313894


MICHURINSKY: Declared Insolvent
-------------------------------
The Arbitration Court of Tambov region declared agricultural
industrial complex Michurinsky insolvent and introduced
bankruptcy proceedings.  The case is docketed as A64-2684/02-2.
Ms. N. Korobova has been appointed insolvency manager.
Creditors have until July 7, 2004 to submit their proofs of
claim to the insolvency manager at: Russia, Tambov region,
Gavrilovsky district, Annenka.

CONTACT:  MICHURINSKY
          Russia, Tambov region, Gavrilovsky district, Annenka

          Ms. N. Korobova, insolvency manager
          Russia, Tambov region, Gavrilovsky district, Annenka


MORDOVO-AGRO: Tambov Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Tambov region declared agricultural
enterprise OJSC Mordovo-Agro-Prom-Snab-Service insolvent and
introduced bankruptcy proceedings.  The case is docketed as A64-
3727/03-2.  Mr. R. Achmetov has been appointed insolvency
manager.  Creditors have until July 7, 2004 to submit their
proofs of claim to the insolvency manager at: 392015, Russia,
Tambov -15, Post User Box 3.

CONTACT:  MORDOVO-AGRO-PROM-SNAB-SERVICE
          393000, Russia, Tambov region, Mordovsky district,
          Mordovo, Technicheskaya str.5

          Mr. R. Achmetov, insolvency manager
          392015, Russia, Tambov -15, Post User Box 3


PRIGOROD: Under External Management Procedure
---------------------------------------------
The Arbitration Court of Magadan region commenced external
management bankruptcy procedure on agriculture chemical company
OJSC Prigorod-Agrokhimiya.  The case is docketed as A37-2726/03-
2.  Ms. I. Sosnitskaya (Moscow) has been appointed external
insolvency manager.  The address for the correspondence to
external insolvency manager is 685000, Russia, Magadan,
Kozhzavodskaya str.3.

CONTACT:  PRIGOROD-AGROKHIMIYA
          685000, Russia, Magadan, Kozhzavodskaya str.3

          Ms. I. Sosnitskaya, external insolvency manager
          685000, Russia, Magadan, Kozhzavodskaya str.3


SELKHOZ-TECHNIKA: Deadline for Proofs of Claim Set June 7
---------------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on agricultural machinery
enterprise OJSC Selkhoz-Technika.  The case is docketed as A43-
3061/04-24-72.  Mr. A. Skorodumov has been appointed temporary
insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the temporary insolvency manager at 603000, Russia,
Nizhny-Novgorod, Gorky str.4/2, Post User Box 115.  A hearing
will take place on July 27, 2004 at the Arbitration Court of
Nizhny-Novgorod region.

CONTACT:  SELKHOZ-TECHNIKA
          606841, Russia, Nizhny-Novgorod region,
          Sharanga, Svoboda str35

          Mr. A. Scorodumov, temporary insolvency manager
          Russia, Nizhny-Novgorod region, Gorky sq.4/2,
          Post User Box 115


SILEN: Insolvent Status Confirmed
---------------------------------
The Arbitration Court of Republic of Altay declared OJSC Silen
(TIN 2232000660) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A02-2211/2003.  Mr. V.
Epikchin has been appointed insolvency manager.  Creditors have
until July 7, 2004 to submit their proofs of claim to the
temporary insolvency manager at 649000, Russia, Republic of
Altay, Gorno-Altaysk, Glavpochtamt, Post User Box 413.

CONTACT:  SILEN
          649000, Russia, Republic of Altay, Gorno-Altaysk,
          Kommunistichesky prosp.45/1.

          649000, Russia, Republic of Altay, Gorno-Altaysk,
          Glavpochtamt, Post User Box 413


VITYAZ: Bankruptcy Supervision Procedure Begins
-----------------------------------------------
The Arbitration Court of Republic of Bashkortostan commenced
bankruptcy supervision procedure on OJSC Ishimbayevsky transport
mechanical engineering factory Vityaz.  The case is docketed as
A07/8065/04-G-RSA.  Mr. A. Yusupov has been appointed temporary
insolvency manager.  Creditors are asked to submit their proofs
of claim to the temporary insolvency manager at 453210, Russia,
Republic of Bashkortostan, Ishimbay, Industialnoye shosse 2.

CONTACT:  VITYAZ
          453210, Russia, Republic of Bashkortostan,
          Ishimbay, Industialnoye shosse 2

          Mr. A. Yusupov, temporary insolvency manager
          453210, Russia, Republic of Bashkortostan,
          Ishimbay, Industialnoye shosse 2


ZAVETYU LENINA: Bankruptcy Proceedings Begin
--------------------------------------------
The Arbitration Court of Tambov region declared agricultural
industrial complex Zavetyu Lenina insolvent and introduced
bankruptcy proceedings.  The case is docketed as A64-2683/02-2.
Mr. N. Koblov has been appointed insolvency manager.  Creditors
have until July 7, 2004 to submit their proofs of claim to the
insolvency manager at: Russia, Tambov region, Gavrilovsky
district, Demjanovka.

CONTACT:  ZAVETYU LENINA
          Russia, Tambov region, Gavrilovsky district,
          Demjanovka

          Mr. N. Koblov, insolvency manager
          Russia, Tambov region, Gavrilovsky district,
          Demjanovka


ZMEINOGORSKY LIQUOR: Altay Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Republic of Altay commenced external
management bankruptcy procedure on OJSC Zmeinogorsky Liquor-
Vodka Factory.  The case is docketed as A03-9331/03.  Mr. V.
Lyutov has been appointed external insolvency manager.   The
address for the correspondence to external insolvency manager is
656049, Russia, Republic of Altay, Barnaul, Sotsialistichesky
prosp.85, Post User Box 3503, Phone 8(3852) 361843.

CONTACT:  ZMEINOGORSKY LIQUOR-VODKA FACTORY
          658480, Russia, Republic of Altay,
          Zmeinogorsk, Vlkov str.84

          Mr. V. Lyutov, external insolvency manager
          656049, Russia, Republic of Altay, Barnaul,
          Sotsialistichesky prosp.85, Post User Box 3503
          Phone 8 (3852) 361843


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


DOGI INTERNATIONAL: Sales Dive Offsets Effect of Lower Net Loss
---------------------------------------------------------------
Dogi International Fabrics narrowed its first quarter net loss
from EUR1.18 million last year to EUR689,000 in 2004.  The
improvement came as performance in Asia picks-up.

Sales of the company, meanwhile, declined from EUR40.72 million
in first quarter last year to EUR38.52 million for the same
period this year.

Dogi International, one of Europe's largest textile
manufacturers, makes elastic fabrics and yarns for lingerie,
swimwear, and sports apparel.  Founded in 1954, the company now
has about ten plants located in the Americas, Asia, and Europe.

CONTACT:  DOGI INTERNATIONAL
          Pintor Domenech Farre
          13-15 08320 El Masnou
          Barcelona, Spain
          Phone: +34-93-462-80-00
          Fax: +34-93-462-80-34
          Contact:
          Jose Domenech Gimenez, Chairman and President
          Francisco Schroder Quijano, CFO
          Marisa Engel Lopez, CIO


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


ARLA FOODS: Sells Cremo Business
--------------------------------
Arla Foods sold its Cremo business to Kerry Group after owning
it for 11 years, according to just-food.com.  The selloff was
triggered by the ongoing financial problem at the Danish-Swedish
dairy group.

According to Henrik Andersen, sales director of Arla Foods
Ingredients, the company was facing a situation where it must
decide whether to consolidate or dispose the business.  Kerry
Ingredients' offer was so enticing that they decided to sell the
business, he said.

Cremo produces food ingredients and flavorings for applications
in prepared foods, bakery, ready meals and snack sectors.

The company is based in Glamsbery in Funen, Denmark.


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


SAS GROUP: Hikes Prices Due to Increased Aviation Fuel Costs
------------------------------------------------------------
As a result of the recent extremely high prices for aviation
fuel, the SAS Group is adjusting its fares in line with other
European and American airlines.

In Scandinavian Airlines' case, this adjustment will involve a
fare increase per leg of approximately EUR4 on domestic routes
and approximately EUR6 on European routes.  Fares will also be
raised on the intercontinental routes.  The fare increases will
be introduced not later than June 1.

In Spain, Spanair has increased its prices by 3-6 percent.  SAS
Braathens, Wideroe and Blue1 will also raise their prices by 3-
6%.

CONTACT:  SAS GROUP
          Bertil Ternert, Director
          Corporate Communications
          Phone: +46 8 797 2081


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


ASTRA: Insolvent Status Confirmed
---------------------------------
The Economic Court of Lugansk region declared LLC Astra (code
EDRPOU 21807586) insolvent and introduced bankruptcy proceedings
on May 27, 2003.  The case is docketed as 9/161B.  Mr.
Nesterchuk Oleksandr (License Number AA 669651 approved July 31,
2003) has been appointed liquidator/insolvency manager.
Creditors have until June 8, 2004 to submit their proofs of
claim.

CONTACT:  ASTRA
          Ukraine, Lugansk, Oktyabrska str., 95

          Mr. Nesterchuk Oleksandr,
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region, Krasnij Luch,
          Volnij str., 9/148

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


BLAGODATNE: Bankruptcy Supervision Procedure Begins
---------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on OJSC Blagodatne (code EDRPOU 00413386)
in April.  The case is docketed as 32/42-0402136.  Mr. Pritula
Dmitro (License Number AA 250167 approved October 22, 2001) has
been appointed temporary insolvency manager.

Blagodatne holds Account Number 26008310752601 at JSB Pivdennij,
Odesa branch, MFO 328209.

CONTACT:  BLAGODATNE
          67452, Ukraine, Odesa region, Rozdilnyansk district,
          Limanske, Mehanichnij lane, 2

     ECONOMIC COURT OF ODESA REGION
     65032, Ukraine, Odesa, Shevchenko avenue, 4


KARLIVSKIJ ELEVATOR: Falls into Bankruptcy
------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Karlivskij Elevator.  The case is
docketed as 10/72.  Mr. Sergienko A. (holder of license no.
668326 of October 29, 2003) has been appointed as a temporary
insolvency manager.

Creditors have until June 8, 2004 to submit their proofs of
claim to: Economic Court Of Poltava Region
          36000, Ukraine
     Poltava, Zigina str., 1-a

Karlivskij Elevator (code EDRPOU 00955696) maintains account no.
26005100271807 with CB "Privatbank", Poltava regional branch,
MFO 331401.

CONTACT:   OJSC KARLIVSKIJ ELEVATOR
            39500, Poltava region
            Karlivka, Zavodska str., 1a

  ECONOMIC COURT OF POLTAVA REGION
  36000, Ukraine, Poltava, Zigina str., 1


MAGNEZIT: Declared Insolvent
----------------------------
The Economic Court of Dnipropetrovsk region declared
CJSC production enterprise Magnezit (code EDRPOU 30540036)
insolvent and introduced bankruptcy proceedings on April 16,
2004.  The case is docketed as B 26/110/03.  Arbitral manager
Mr. Talan Leonid has been appointed liquidator/insolvency
manager.

CONTACT:  MAGNEZIT
          49038, Ukraine, Dnipropetrovsk, Stolyarov str., 3a

          Mr. Talan Leonid, Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk, a/b 158
          Phone: (0562) 92-53-18

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


PLANT PIT: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on OJSC Plant Of Pit Oils (code EDRPOU
00376722).  The case is docketed as 32-24/293-03-9692.
Arbitral manager Mr. Bezpalko A. (License Number AA 520128
approved June 26, 2003) has been appointed temporary insolvency
manager.

Creditors have until June 8, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF ZHITOMIR REGION at 10014,
Ukraine, Zhitomir, Berdichivska str., 25.

Plant Of Pit Oils maintains account number 2600530014693 at JSCB
Ukrsocbank.

CONTACT:  PLANT OF PIT OILS
          30455, Ukraine, Odesa,
          Chornomorske Kozatstvo str., 137

     ECONOMIC COURT OF ODESA REGION
     65032, Ukraine, Odesa, Shevchenko avenue, 4


TARASIVSKE: Declared Bankrupt
-----------------------------
The Economic Court of Mikolaiv region declared agricultural LLC
Tarasivske (code EDRPOU 01529866) insolvent and introduced
bankruptcy proceedings on April 20, 2004.  The case is docketed
as 4/64.  Arbitral manager Mrs. Chudajkina Ludmila (License
Number AA 487778 approved April 15, 2003) has been appointed
liquidator/insolvency manager.

Creditors have until June 8, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 54058, Ukraine, Mikolaiv,
    Lazurna str., 2b/1041
    Phone: (0512) 41-60-48

(b) ECONOMIC COURT OF MIKOLAIV REGION: 54009, Ukraine, Mikolaiv,
    Admiralska str., 22

Tarasivske maintains Account Number 260093043 at JSPPB Aval,
Bashtansk branch, MFO 326182.

CONTACT:  TARASIVSKE
          56134, Ukraine, Mikolaiv region, Bashtansk district,
          Tarasivka, Molodizhna str.

          Mrs. Chudajkina Ludmila, Liquidator/Insolvency Manager
          54058, Ukraine, Mikolaiv, Lazurna str., 2b/1041
          Phone: (0512) 41-60-48

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


TRANS-SERVIS: Insolvent Status Confirmed
----------------------------------------
The Economic Court of Zakarpatska region declared LLC Trans-
Servis (code EDRPOU 13589537) insolvent and introduced
bankruptcy on April 16, 2004.  The case is docketed as 16/326.
Mr. Senyuk Zenovij (License Number AA 047538 approved July 4,
2001) has been appointed liquidator/insolvency manager.

CONTACT:  TRANS-SERVIS
          Ukraine, Zakarpatska region, Hustskij district, Iza,
          Nankivska str., 88

          Mr. Senyuk Zenovij, Liquidator/Insolvency Manager
          Ukraine, Zakarpatska region, Hust, Shkilna str., 8/3

     ECONOMIC COURT OF ZAKARPATSKA REGION
     88000, Ukraine, Zakarpatska region, Uzhgorod,
          Kotsubinski str., 2a


UNIVERSAL-STROJ: Herson Court Appoints Insolvency Manager
---------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Universal-Stroj (code EDRPOU
30768055).  The case is docketed as 6/82-B.  Arbitral manager
Mr. Nikolenko Sergij (License Number AA 249973 approved October
30, 2001) has been appointed temporary insolvency manager.
Creditors have until June 8, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF HERSON REGION at 73000, Ukraine,
Herson, Gorkij str., 18.

CONTACT:  UNIVERSAL-STROJ
          Juriditial address: 73000, Ukraine, Herson,
          Perekopska str., 61

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


ZARYA: Deadline for Proofs of Claim June 8
------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on CJSC Zarya (code EDRPOU 03785467).
The case is docketed as 5/32.  Arbitral manager Mr. Kossenko
Sergij (License Number AA 249849 approved October 22, 2001)
has been appointed temporary insolvency manager.  Creditors have
until June 8, 2004 to submit their proofs of claim to the
ECONOMIC COURT OF HERSON REGION at 73000, Ukraine, Herson,
Gorkij str., 18.

CONTACT:  ZARYA
          Judicial address: 75310, Ukraine, Herson region,
          Genicheskij district, Rivne

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


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


15 VICTORIA: Shareholders OK Special Resolution to Wind up Biz
--------------------------------------------------------------
At an Extraordinary General Meeting of the 15 Victoria Place
Limited Company on April 28, 2004 held at 15 Victoria Place,
Carlisle CA1 1EW, the Special Resolution to wind up the Company
was passed.  Arthur Charles Custance of Armstrong Watson, 15
Victoria Place, Carlisle CA1 1EW has been appointed Liquidator
for the purpose of such winding-up.


ABERDEEN ASSET: To Dispose Property Investors Business
------------------------------------------------------
The Board of Aberdeen announces that at the Extraordinary
General Meeting held the resolution to approve the disposal of
the entire issued share capital of each of Aberdeen Property
Investors International Limited (APII) and Aberdeen Property
Investors Limited  (API) was passed.  In addition, the
resolution to appoint Robert Gordon Wilson as a non-executive
director of Aberdeen was also passed.  Mr. Wilson will join the
Board with immediate effect.

The Board would also like to announce the retirement of Mr. John
Solan as a non-executive director of Aberdeen.  The Board would
like to record their thanks for his past contributions and
support and wish him well for the future.

Aberdeen confirms that there is no further information to be
disclosed under Para 6F.2 (b) to (g) of the Listing Rules.

CONTACT:  ABERDEEN ASSET MANAGEMENT PLC
          Martin Gilbert
          Phone: 020 7463 6000

          Gavin Anderson
          Mark Lunn
          Phone: 020 7554 1400

          INTELLI CORPORATE FINANCE LIMITED
          Gordon Neilly
          Phone: 020 7653 6300


ABBEY NATIONAL: To Redeem Capital Securities June 15
----------------------------------------------------
Abbey National plc has given notice in accordance with the terms
of its 7.25% Perpetual Subordinated Capital Securities that on
June 15, 2004 it will redeem all of its outstanding 7.25%
Perpetual Subordinated Capital Securities at a redemption price
equal to 100% of the principal amount thereof (in denominations
of $25).  Accrued interest, if any, from the date of the last
interest payment on March 15, 2004 to the redemption date will
be payable to the record holders as of May 31, 2004.

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

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


ACT CONSULTANTS: Appoints P&A Partnership Administrator
-------------------------------------------------------
The Act Consultants Limited Company has appointed Philip Andrew
Revill and Andrew Philip Wood of The P&A Partnership as joint
administrative receivers.  The appointment was made May 5, 2004.

Act Consultant provides distance learning materials.  The
Company's registered office address is located at 93 Queen
Street, Sheffield S1 1WF.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Receivers:
          Philip Andrew Revill
          Andrew Philip Wood
          (IP Nos 6421 and 9148)


ADVANCED CNC: Hires Receivers from Milner Boardman & Partners
-------------------------------------------------------------
The Advanced CNC Technology Limited Company has appointed Colin
Burke and Gary J Corbett both of Milner Boardman & Partners as
joint administrative receivers.  The appointment was made May
10, 2004.

Advanced CNC manufactures metalworking tools.  The Company's
registered address is at The Center, Marlborough Close, Parkgate
Industrial Estate, Knutsford WA16 8XN.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire
          Receivers:
          Colin Burke
          Gary J Corbett
          (IP Nos 8803, 9018)


ALARMS & AUDIO: Hires HKM Administrator
---------------------------------------
The Alarms & Audio Communications Ltd. Company has appointed
Kirankumar Mistry and John Phillip Walter Harlow both of HKM as
joint administrative receivers.  The appointment was made April
29, 2004.

Alarms & Audio's nature if business is selling mobile phone
accessories.  The Company's registered office address is c/o
HKM, The Old Mill, 9 Soar Lane, Leicester LE3 5DE.

CONTACT:  HKM
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Receivers:
          Kirankumar Mistry
          John Phillip Walter Harlow
          (IP Nos 008795, 008319)


ARUNA PLC: Names Begbies Traynor Administrator
----------------------------------------------
The Aruna PLC Company appointed Paul Michael Davis and Timothy
John Edward Dolder of Begbies Traynor as joint administrative
receivers.  The appointment was made May 10, 2004.  The
establishment is into software consultancy and selling software
supplies.

CONTACT:  BEGBIES TRAYNOR
          24-30 King Street,
          Watford, Hertfordshire WD18 0BP
          Receivers:
          Paul Michael Davis
          Timothy John Edward Dolder
          (IP Nos 7805, 9008)


BRAND FIXING: HSBC Bank Appoints Receivers
------------------------------------------
Name of Company: Brand Fixing Services Limited

Reg No 03017793

Previous Name of Company:
Brand Precast Limited and Adultengine Limited

Nature of Business: Precast Concrete Manufacturers

Trade Classification: 11

Date of Appointment of Joint Administrative Receivers:
May 4, 2004

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

Joint Administrative Receivers:  Robert Hunter Kelly
                                 Charles Graham John King
                                 (Office Holder Nos 8582, 8985)
                                 PO Box 61, Cloth Hall Court,
                                 14 King Street, Leeds LS1 2JN


C.BRAND: HSBC Bank Appoints Kelly and King Receivers
----------------------------------------------------
Name of Company: C.BRAND & COMPANY (ESTD 1868) LIMITED

Reg No 00518967

Nature of Business:
Manufacturer of Concrete Products and Cement

Trade Classification: 11

Date of Appointment of Joint Administrative Receivers:
May 4, 2004

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

Joint Administrative Receivers:  Robert Hunter Kelly
                                 Charles Graham John King
                                 (Office Holder Nos 8582, 8985)
                                 PO Box 61, Cloth Hall Court,
                                 14 King Street, Leeds LS1 2JN


CEMENTONE-BEAVER: Hires Liquidator from PKF
-------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cementone-Beaver Limited Company on April 29, 2004 held at
Ulverscroft Works, Ulverscroft Road, Leicester LE4 6BW, the
Special and Ordinary Resolutions to wind up the Company were
passed.  Brian J Hamblin and Edward T Kerr of PKF have been
appointed as Joint Liquidators of the Company for the purpose of
the voluntary winding-up.


CHARLES BARBER: Appoints Baker Tilly Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Charles Barber & Co
Limited held at Gordons Solicitors, 14 Piccadilly, Bradford BD1
3LX, the Special, Ordinary and Extraordinary Resolutions to wind
up the Company were passed.  Robert Henry Barker and Alec
Pillmoor of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          2 Whitehall Quay,
          Leeds LS1 4HG
          Contact:
          Robert Henry Barker, Liquidator
          Alec Pillmoor, Liquidator


CORUS GROUP: Cancels Bond Offering; Cites Poor Market Condition
---------------------------------------------------------------
On the 30 April the Company announced its intention to offer
approximately EUR500 million of senior notes due in 2011 to
refinance existing bonds maturing in 2006-2008.  Since this
announcement, conditions in the debt markets have deteriorated
materially in response to global events outside the control of
the company.  As a result, and despite a good response from the
institutional investor road show, the company has decided to
withdraw its offer of a bond and tender offer for its 5 3/8%
bonds due in 2006.

As the company stated at the time of its announcement in April
and reaffirms, 'the fundamentals in the global steel industry
are positive and our financial performance is improving as
evidenced by the return to operating profit in the first quarter
of 2004 and the expectation of further progress as the year
develops'.

The company will continue to review its options in respect of
the refinancing of the existing bonds maturing in the period
2006-2008 and will update the market as appropriate.

David Lloyd, Corus Director Finance, said:

"We intended to take advantage of the favorable conditions in
the bond markets to refinance existing bonds maturing in the
period 2006-2008.  These conditions have worsened significantly
since we launched the offer and we no longer consider it cost
effective to pursue the offering at this time.  We will consider
returning to the markets when global conditions improve."

CONTACT:  CORUS GROUP
          Media Contact:
          Mike Hitchcock, Corus Corporate Relations
          Phone: +44 (0) 20 7717 4502


DOLLCO LIMITED: Creditors Meeting Set May 26
--------------------------------------------
There will be a Creditors Meeting of the Dollco (Hull) Limited
Company on May 26, 2004 at 1:00 p.m.  It will be held at The
Quality Hotel Royal, Ferensway, Hull HU1 3UF.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jacksons Jolliffe Cork, Lowgate House, Lowgate,
Hull HU1 1EL not later than 12:00 noon, May 25, 2004.

CONTACT:  JACKSONS JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Contact:
          M C Bowker, Administrator


EUROTUNNEL PLC: Eurotunnel Appoints Financial Advisers
------------------------------------------------------
Following the Board meeting held in Paris on 13 May 2004,
Eurotunnel announces the appointment of Lazard (global
coordinator) and Lehman Brothers as bank advisors to the
company.

Dresdner Kleinwort Wasserstein will continue to assist the group
as structuring adviser.

These banks will work closely with Herve Huas, deputy chief
executive, responsible for the financial strategy of the Group.

Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and
Calais/Coquelles, France.  It is market leader for cross-Channel
travel.  Eurotunnel also earns toll revenue from other train
operators (Eurostar for rail passengers, and EWS and SNCF for
rail freight), which use the Tunnel.  Eurotunnel is quoted on
the London, Paris and Brussels Stock Exchanges.

                            *   *   *

Operations at the Channel Tunnel fell into turmoil when costs to
build the tunnels that connect U.K. and France started to
overrun before it opened in 1994.  Worsening the problem is an
over-optimistic traffic forecasts that crashed when tourist
traffic fell following the Iraq war.

CONTACT:  EUROTUNNEL PLC
          Kevin Charles
          Phone: + 44 (0) 1303 288728

          Investor Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


F G BROOKS: In Administrative Receivership
------------------------------------------
The F G Brooks & Sons (City) Limited Company appointed Brian
Johnson and Stephen M Katz of Fisher Partners joint
administrative receivers.  The appointment was made April 30,
2004.  The establishment is involved in the construction
business.

CONTACT:  FISHER PARTNERS
          Acre House,
          11-15 William Road,
          London NW1 3ER
          Receivers:
          Brian Johnson
          Stephen M Katz
          (IP Nos 9288, 8681)


HEADSHORE LIMITED: Names Liquidator from Valentine & Co.
--------------------------------------------------------
At an Extraordinary General Meeting of the Headshore Limited
Company on April 27, 2004 held at 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS, the subjoined Special and Ordinary
Resolutions to wind up the Company were passed.  Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed as Liquidator of the Company for the purpose
of such winding-up.

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


INVENSYS PLC: Shareholders Approve Disposal of Powerware Biz
------------------------------------------------------------
Invensys plc confirms that the resolution proposed at the EGM of
the Company held on 14 May 2004 was passed and the result of the
poll is detailed below:

Resolution: To approve the proposed disposal of the Powerware
business of Invensys plc as described in the circular to
shareholders dated 27 April 2004.

FOR                    AGAINST                   TOTAL

No. of Votes    %     No. of Votes   %            No. of votes

2,803,891,769  99.99   291,113      0.01          2,804,182,882

Invensys plc further confirms that two copies of the resolution
passed as an ordinary resolution at the EGM have been submitted
to the U.K. Listing Authority, in accordance with paragraphs
9.31 and 9.32 of the Listing Rules.

This resolution will shortly be available to the public for
inspection at the U.K. Listing Authority's Document Viewing
Facility that is situated at:

          The UK Listing Authority
          25 The North Colonnade
          Canary Wharf
          London E14 5HS
          Phone: 020 76761000

Name of contact and telephone number for queries: Victoria
Scarth, Senior Vice President, Director - Group Marketing and
Communications 020 78213539

Name of Company official responsible for making notification:
Jaime Tham, Assistant Secretary

                            *   *   *

Invensys plc signed an agreement to sell its Powerware business
to Eaton Corporation for a gross cash consideration of US$560
million.  Proceeds from this disposal will be used to further
reduce the Group's debt and legacy liabilities.

Powerware is a leading global provider of comprehensive power
quality and power management solutions, primarily serving the
computer, telecoms, institutional and corporate data service
industries.  In the year ended March 31, 2003, the business
reported sales of GBP463 million and operating profit1 of GBP23
million.  The net operating assets of Powerware, which are the
subject of the disposal, were GBP88 million at March 31, 2003
and goodwill at that date amounted to GBP507 million, of which
GBP363 million had been written off to reserves.

The transaction is expected to complete by the end of June.


KREDIETFINANCE LIMITED: Winding up Resolutions Passed
-----------------------------------------------------
At a General Meeting of the sole Member of the Kredietfinance
(U.K.) Limited Company, the Special, Ordinary and Extraordinary
Resolutions to wind up the Company were passed.

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

CONTACT:  DELOITTE & TOUCHE
          PO Box 36833,
          180 Strand, London WC2R 1WL
          Contact:
          J R D Smith, Liquidator
          N J Dargan, Liquidator


MARKS & SPENCER: To Revamp Supply Base and Distribution Network
---------------------------------------------------------------
Marks & Spencer Chief Executive Roger Holmes is expected to
unveil the details of a wide-ranging overhaul of the company's
supply base and distribution network at an annual results
presentation next week.

The revamp of its stores is part of the firm's plan to cut costs
to survive competition with lower priced high street and
supermarket rivals, and prestigious fashion stores.  A number of
jobs cuts is expected.

Mr. Holmes co-authored the strategy with Vittorio Radice, the
head of the firms general merchandise operations.  The plan is
in addition to the reform made to its supply chain.  The group
had moved a large part of its production offshore, but retained
its warehousing system and delivery.

Meanwhile, it is also reported that the group's flagship Marble
Arch store is facing demolition under Mr. Holmes direction.


MAYFLOWER CORPORATION: Sale of Transbus Expected this Week
----------------------------------------------------------
Transbus' Scarborough-based Plaxton unit has been sold, raising
hopes that the whole operation could be sold as a going concern.

Nick Dargan, lead administrator of Mayflower Corporation,
Transbus' parent, said in a statement Plaxton was already sold
in a management buyout, according to The Scotsman.  The buyers
are a group backed by Aberdeen Murray Johnstone Private Equity,
and led by Brian Davidson and Mike Keaney.  The transaction is
thought to be worth GBP15 million.

With this, Mr. Dargan expects to announce the sale of Transbus
as a going concern by the end of the week.  He said this would
save 900 jobs at the operation.  Some 136 workers have already
been made redundant in April after the fall into administration
of Mayflower.


MAYFLOWER CORPORATION: Meeting of Creditors May 28
--------------------------------------------------
MAYFLOWER ENERGY LIMITED
MAYFLOWER ENERGY HOLDINGS LIMITED
MAYFLOWER MANAGEMENT SERVICES LIMITED
MAYFLOWER VEHICLE SYSTEMS PLC
THE MAYFLOWER CORPORATION PLC
TRANSBUS INTERNATIONAL LIMITED
TRANSBUS FLEET MANAGEMENT LIMITED

There will be a Creditors Meeting of these Companies on May 28,
2004 at 11:00 a.m.  It will be held at the Renaissance London
Heathrow Hotel, Bath Road, Hounslow, Middlesex TW6 2AQ.  N J
Dargan, N G Edwards, J C Reid, W K Dawson, I Brown and A P
Peters of Deloitte & Touche have been appointed joint
administrators for the Companies.

CONTACT:  DELOITTE & TOUCHE LLP
          PO Box 36833,
          180 Strand,
          London WC2R 1WL
          Joint Administrators:
          N J Dargan
          N G Edwards
          J C Reid
          W K Dawson
          I Brown
          A P Peters


QUEST FIELD: Appoints Receivers from DTE Leonard Curtis
-------------------------------------------------------
The Quest Field Marketing Services Limited Company has appointed
A Poxon and J M Titley both of DTE Leonard Curtis as joint
administrative receivers.  The appointment was made May 7, 2004.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Receivers:
          A Poxon
          J M Titley
          (IP Nos 8620, 8617)


RMT MECHATRONICS: Hires Milner Boardman & Partners Administrator
----------------------------------------------------------------
The RMT Mechatronics Limited Company has appointed Colin Burke
and Gary J Corbett of Milner Boardman & Partners as joint
administrative receivers.  The appointment was made May 10,
2004.  The Company's nature of business is manufacturing
metalworking tools.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire
          Receivers:
          Colin Burke
          Gary J Corbett
          (IP Nos 8803, 9018)


SOLID CAPITAL: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the Solid
Capital Markets (U.K.) Limited Company on May 4, 2004 held at
Devonshire House, 1 Devonshire Street, London W1W 5DR, the
Resolutions to wind up the Company were passed.  Murzban
Khurshed Mehta of Citroen Wells, Devonshire House, 1 Devonshire
Street, London W1W 5DR has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street,
          London W1W 5DR
          Contact:
          Murzban Khurshed Mehta, Liquidator


SUCHARD LIMITED: Appoints KPMG Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Suchard Limited
Company on April 30, 2004 held at St. George's House, Bayshill
Road, Cheltenham, Gloucestershire GL50 3AE, the Special and
Ordinary Resolutions to wind up the Company were passed.  Mark
Jeremy Orton and Allan Watson Graham of 2 Cornwall Street,
Birmingham B3 2DL have been appointed Joint Liquidators for the
purpose of such winding-up.

CONTACT:  KPMG COPORATE RECOVERY
          2 Cornwall Street,
          Birmingham B3 2DL
          Contact:
          Jeremy Orton, Liquidator
          Allan Watson Graham, Liquidator


TUNCO LIMITED: Hires Liquidator from Stoy Hayward
-------------------------------------------------
At an Extraordinary General Meeting of the Tunco (2003) 109
Limited Company on May 7, 2004 held at Cedar House, 91 High
Street, Caterham, Surrey CR3 5UH, the subjoined Special
Resolutions to wind up the Company were passed.  Martha H
Thompson of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX has been appointed Liquidator for the
purpose of such winding-up.

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


WEST 175: Files Company Voluntary Arrangement
---------------------------------------------
On 16 February 2004, West 175 Media Group Inc. announced that it
intended to implement a company voluntary arrangement under Part
One of the Insolvency Act 1986 (CVA) and certain other matters.
The Company now announces that it has filed the necessary CVA
documents into Court and that it has conditionally raised
GBP450,000 (before expenses) by a placing of new shares of the
Company.  The CVA is conditional, inter alia, on the approval of
shareholders of resolutions to increase the authorized share
capital of the Company and to approve the CVA.  The Conditional
Placing is conditional upon Completion of the CVA.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: Reports US$4.3 Million After Tax Loss in 2003
-------------------------------------------------------
The Company disposed of its last trading subsidiary in March
2003 and is now a non-trading shell.  It owns the whole of the
issued share capital of West 175 Media Limited and West 175
Productions Inc and 50% of the share capital of Union 175
Limited (in administrative receivership), all of which are non-
trading companies.

The Company posted to shareholders its audited results for the
years ended 31 March 2003 and 31 March 2004.

Turnover of the discontinued operations in the year ended 31
March 2003 amounted to US$ 8,418,022 (2002: US$ 12,132,041).
After all provisions and write-downs, the Company made a loss
after tax of US$ 4,342,284 in respect of the year ended 31 March
2003 (2002: US$ 16,963,989).  Part of this loss is a trading
loss and part a capital loss on disposal of subsidiaries and the
auditors have been unable to ascertain the correct allocation
between the two, although in their opinion the profit and loss
account gives a true and fair view of the overall loss for the
period.  The financial statements for 2003 do not contain a
statement of cash flow, thus resulting in a qualified opinion
from the auditors.

Also in relation to 2003, the auditors do not express any
opinion on the adequacy or completeness of the notes.  However
the financial statements for 2004 have no such qualifications or
disclaimers, save for the reference to the comparative figures
for 2003 as described above.  In the audited statements for both
years, the auditors have drawn attention to the uncertainty as
to the future trading and funding requirements of the group but
the auditors' opinions on the statements are not qualified in
this respect.

In the year ended 31 March 2004, neither the Company nor any
subsidiary traded or entered into any capital transaction.  No
turnover was recorded.  After all operating costs (US$ 153,895),
net interest payable (US$145,790) and exchange losses
(US$418,965), the loss after tax amounted to US$718,650.  The
net deficiency of assets as at 31 March 2004 was US$4,078,800
(2003: $3,306,181).

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: Board Proposes to Restore AIM Status
----------------------------------------------
In order to provide some compensation for the Creditors and
Shareholders, the Board has explored a number of alternative
options.  To this end, the Board has resolved to seek to
maintain the Company's status as an AIM-quoted company with a
view to the Company acquiring media assets in the future.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: Appoints Andrew Andronikou of UHY Hacker Adviser
----------------------------------------------------------
A CVA is a formal procedure introduced by Part 1 of the
Insolvency Act 1986, which enables a Company to enter into an
arrangement with its unsecured creditors.  Although the Company
is not incorporated in the U.K., the applicable provisions of
the Insolvency Act 1986 can be invoked by the Company by reason
of it being centrally managed and controlled from the United
Kingdom.  The CVA will bind creditors of the Company in the
United Kingdom if the requisite majorities of Creditors and
Shareholders approve the CVA and the Resolutions to be proposed
at the second Special Meeting on 1 June 2004.  However, the
Directors are aware of only four Creditors of the Company based
outside the United Kingdom and those Creditors have agreed to be
specifically bound by the Company's CVA.  Andrew Andronikou of
UHY Hacker Young has been appointed as the Nominee to advise the
Company in all aspects of the CVAs of both the Company and West
U.K.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: To Offer 90 Million Shares to Equity Market
-----------------------------------------------------
Pursuant to the Placing Agreement between the Company, Numis and
Ludgate, a total of 90,000,000 New West Shares have been
conditionally placed by Numis and Ludgate on behalf of the
Company at a price of 0.5p per New West Share to raise
GBP450,000 (before expenses).  The Conditional Placing is
conditional, inter alia, upon Completion of the CVA.  Under the
Placing Agreement, Numis and Ludgate have conditionally arranged
for placees to provide the GBP450,000 to Numis' solicitors,
Marriott Harrison, to be held in escrow pending Completion of
the  CVA.

If the Company's CVA is not approved and completed and Admission
of the New West Shares does not occur by 31 January (or, if
earlier, within 10 business days of completion of the CVA), the
escrow monies referred to above will be returned to the placees
with interest, the Conditional Placing will not take place and
the Company's quotation on AIM will be cancelled.

Strategy

After the proposed CVA of the Company and the Conditional
Placing have been completed, the Directors will be enabled more
actively to review with their advisers suitable acquisitions for
the Company of media assets and businesses.  The Directors are
hopeful of concluding a successful acquisition within a year and
hopefully before the end of 2004.

Arrangements with Directors

The Directors have agreed to waive their rights to participate
in a dividend to Creditors in the Company's CVA or West U.K.'s
CVA in respect of all unpaid fees and expenses which have
accrued up to 1 June 2004, and subject to the CVA being approved
by Shareholders and Creditors.  In relation to their holdings of
Loan Notes (amounting to GBP274,505 in aggregate), the Directors
are being treated in the Company's CVA in exactly the same way
as all other Loan Note Holders and they have waived all claims
to unpaid interest.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: Shareholders to Approve Voluntary Arrangement June 1
--------------------------------------------------------------
A special meeting of Creditors has been convened for 10.00 a.m.
on 1 June 2004 to approve the CVA.  Assuming it is approved, it
will be followed on the same day by a first Special Meeting of
Shareholders to approve the CVA and by a second Special Meeting
of Shareholders for the purpose of increasing the authorized
share capital, ratifying all acts of the directors and amending
the Bylaws of the Company to provide for a three directors to
serve on the Board in place of the current requirement for five
directors.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST 175: Liquidation Sure Without Voluntary Arrangement
--------------------------------------------------------
The Company is currently insolvent.  If the Resolutions are not
passed, neither the Company's CVA nor the Conditional Placing
will be able to proceed.  If the Company's CVA is not approved
by Shareholders and Creditors the Company would have
insufficient working capital to continue as a going concern and
the Directors would have no alternative but to place the Company
in liquidation.   If the Conditional Placing does not become
unconditional, even though the CVA is approved by Shareholders
and Creditors, the Company will have insufficient working
capital.  In these circumstances, the quotation of the Shares on
AIM would be cancelled and the Directors consider it is unlikely
that the Shareholders would derive any value for their Shares.

Circular and Accounts

A Circular containing details of the Company's CVA and the
audited accounts of the Company for the years ended 31 March
2003 and 31 March 2004 have been dispatched to shareholders.
Copies of these documents have been sent to the London Stock
Exchange and will be available from the offices of Withers LLP,
16 Old Bailey, London EC4M 7EG for a period of one month from
the date hereof.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WEST U.K.: Proposes Voluntary Arrangement
-----------------------------------------
Two separate CVAs are being proposed: one for the Company and
one for West U.K., the Company's wholly owned subsidiary.  The
Creditors of each Company are receiving separate documentation.
The document for the Company's CVA is also being sent to
shareholders

The statement of affairs of West U.K. shows a deficiency to
Creditors of approximately GBP188,400.

The CVA Proposal for the Company

If the CVA is approved and becomes unconditional, Trade
Creditors will receive in full and final settlement of their
debt (except for the Placing Fees):

(a) either a cash payment of 10 pence per each GBP1 of their
    debt;

(b) or, if they so elect, 25p per GBP1 of their debt in New West
    Shares (to be issued at 1.5p per share) (the Share
    Alternative).

Loan Note Holders will receive only the Share Alternative.

Fractional entitlements to New West Shares will be rounded down
to the nearest whole number of New West Shares (issued at 1.5 p
per share).

Assuming the Company's CVA is approved and becomes
unconditional, a Trade Creditor owed GBP1,000 will receive in
full and final settlement either a cash payment of GBP100 or if
the Trade Creditor so elects, 16,666 New West Shares.

The above amounts are calculated on the basis of the claims
received to date from Creditors.   If the amount of Creditors'
claims admitted in the Company's CVA differ from these amounts,
the amount to be paid to Creditors in settlement of their debts
will vary accordingly.

The Placing Fees are to be paid in full out of the proceeds of
the Conditional Placing.  Creditors and Shareholders should note
that the conditions of the Conditional Placing include
Completion of the CVA and the Proposal being implemented on
terms that the Placing Fees are paid in full.  If Creditors and/
or Shareholders seek to vary or reject the CVA, the Conditional
Placing will therefore not proceed.

Financing the Company's CVA

If all the Trade Creditors were to accept the offer of 10p in
GBP1, a sum of approximately GBP35,000 would become payable in
cash. However, certain Creditors (including Ludgate and Numis)
have undertaken, conditional on Completion of the CVA, that they
will elect for New West Shares so as to reduce the cash
requirement.

Professional fees and expenses associated with the CVA amount to
GBP35,000, with the result that up to GBP65,000 is required in
order to implement the Company's CVA.

John Gunn and NCL Nominees Limited have provided the CVA Funds
by way of loan to the Company in order to fund this amount.
Subject to the passing of the Resolutions, this amount is
convertible in whole or in part (together with accrued interest,
if they so elect) at the option of Mr. Gunn and NCL Nominees
Limited into New West Shares at 0.4p per Share.  If the whole of
the principal of these loans were so converted, this would
result in the issue of 16,250,000 New West Shares.   So far as
the Directors are aware, none of the persons providing any of
the CVA Funds through NCL Nominees Limited has any connection
with any Director.

The Directors stress that, without the CVA Funds, the Company's
CVA would be unable to proceed.

Effect of the Company's CVA

Once the Company's CVA has been completed, the Company will
become a shell with no known liabilities other than professional
fees and expenses incurred in connection with the Conditional
Placing which are only payable upon and subject to Admission.
The Directors estimate that the Company's annual running costs,
including all professional fees and the cost of remaining on
AIM, for the year ending 31 March 2005 will not exceed
GBP150,000.

A complete copy of the CVA proposal is available free of charge
at: http://bankrupt.com/misc/West175_CVA_Proposal.htm


WIDNEY INVESTMENTS: Names Liquidators from KPMG
-----------------------------------------------
At an Extraordinary General Meeting of the Widney Investment
Limited Company on May 10, 2004 held at KPMG LLP, 2 Cornwall
Street, Birmingham B3 2DL, the Special and Ordinary Resolutions
to wind up the Company were passed.  Mark Jeremy Orton and Allan
Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street,
Birmingham B3 2DL have been appointed Joint Liquidators for the
purpose of such winding-up.

CONTACT:  KPMG CORPORATE RECOVERY
          2 Cornwall Street,
          Birmingham B3 2DL
          Contact:
          Mark Jeremy Orton, Liquidator
          Allan Watson Graham, Liquidator


* 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)
Primacom AG                                     1,264      (50)
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)      40,326     (977)
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.


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