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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

             Wednesday, June 9, 2004, Vol. 5, No. 113

                            Headlines

C Z E C H   R E P U B L I C

IPB: Former Management Blamed for CZK9 Billion Loss
KTP QUANTUM: Investigators Indict Executives for Fraud
TELEAXIS PRAHA: Falls into Bankruptcy


D E N M A R K

MAERSK AIR: Code-sharing with Continental Airlines Starts


F I N L A N D

METSO CORPORATION: ThyssenKrupp Automotive Gives up Valmet Stake


F R A N C E

ALSTOM SA: Corners Railway Electrification Project in Algeria
RHODIA SA: Tender Offer to EMTN Noteholders Approved


G E R M A N Y

PRIMACOM: Executives Favor Takeover by Creditors
WESTLB AG: Luxembourg Branch Reports 25% Jump in Earnings


H U N G A R Y

BORSODCHEM RT: Shareholders Approve Proposed Stock Split


I T A L Y

LAZIO SPA: Attracts Group of Local Investors
PARMALAT FINANZIARIA: Woes Dent Parmalat Australia's Results


N E T H E R L A N D S

KABEL DEUTSCHLAND: Senior Notes Assigned 'B+' Rating


R U S S I A

ACCUMULATOR: Public Auction of Properties Set July 1
AVIASTAR: Ulyanovsk Court Names New External Insolvency Manager
COMMERCIAL BANK: Assigned Default Ratings
GEORGIEVSKY BREWERY: Court Sets August 5 Hearing
KRASNOGORSKY FACTORY: Succumbs to Bankruptcy

MEKH-ENERGO-STROY: Public Auction of Properties July 2
PERMSKY GLASS: Deadline for Proofs of Claim June 27
PROKOPYEVSK FOOD: Insolvent Status Confirmed
VOLGOGRADSKY MOTOR: Volgograd Court Appoints Insolvency Manager
YUKOS OIL: Tax Evasion Case Hearing Set Thursday

YUKOS OIL: Oil Giant Has Enough Cash to Pay All Liabilities
YUTAZINSKAYA SEL: Declared Insolvent
ZVEREVSKOYE MINE: Under Bankruptcy Supervision Procedure


S L O V A K   R E P U B L I C

MOROVAN-AEROPLANES: Expected to File for Bankruptcy this Week


U K R A I N E

ANTEJ-S: Court Sets Proofs of Claim Deadline
DUGES: Deadline for Proofs of Claim June 21
GRONO-K: Declared Insolvent
KORNIV LTD: Deadline for Proofs of Claim June 22
MIK: Kyiv Court Appoints Insolvency Manager

MUROVANO-KURILOVETSK': Under Bankruptcy Supervision Procedure
RANOK: Under Bankruptcy Supervision Procedure
TITAN: Insolvent Status Confirmed
UKRSOYUZ: Declared Insolvent
VINPRODTORG LTD: Court Prescribes Bankruptcy Procedure


U N I T E D   K I N G D O M

ART AUTOMOTIVE: In Administrative Receivership
A T ROFFEY: Hires Administrator from ThorntonRones
BALANCE FITNESS: Members Final Meeting Set June 28
BALTIMORE TECHNOLOGIES: To Hold EGM, AGM July 5
BARNSLEY SKILLSHOP: Members Final Meeting Set July 15

BARRONTEAM LIMITED: Winding up Resolutions Passed
BRITISH ENERGY: Issues Output Statement for May
BRITISH ENERGY: Chief Nuclear Officer Appointed
CANARY WHARF: Songbird Offer Open Until Thursday
EASYJET PLC: Expects Difficulties to Continue this Year

EURODIS ELECTRON: Appoints Non-executive Director
FERRO MOLY: Names Tomlisons Administrator
HOLLEY PAPER: Hires Liquidator from Altman Blane
JONES LIMITED: Appoints Numerica Administrator
KINGSGATE PRESS: Calls in Liquidator

LIMPSFIELD LITHOGRAPHIC: Special Winding up Resolution Passed
LIONTRUST FIRST: Hires PricewaterhouseCoopers Liquidator
LIVINGROOM LEISURE: Scottish Courage Appoints Administrator
LONDON ENTERPRISES: Hires Liquidators from UHY Hacker Young
MECHANICAL ELECTRICAL: Appoints Tenon Recovery Administrator

MODUS RAIL: Meeting of Creditors Set June 11
MOSSLEY SPINNING: Appoints Mazars Liquidator
NTL INC.: GBP2.43 Bln Fund-raising Fails to Generate Interest
PARAGON CONSULTING: Calls in Liquidator
PHOENIX OVERSEAS: Appoints Tomlinsons Liquidator

ROBINSON METAL: HSBC Bank Appoints Mazars Receiver
SPENCER STEEL: Winding up Resolutions Passed
SSL INTERNATIONAL: Mark Moran Appointed Group Finance Director
WEMBLEY PLC: BLB Investors' Offer Receives 48.9% Acceptance


                            *********


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


IPB: Former Management Blamed for CZK9 Billion Loss
---------------------------------------------------
Authorities investigating the bankruptcy of Investicni a
Postovni banka (IPB) have concluded that mismanagement was
behind the bank's CZK9 billion loss in 2000, which became the
proverbial straw that broke the camel's back.

According to daily Mlada fronta Dnes, investigators trace the
huge losses to loans extended to affiliated firms for the
purpose of purchasing bad loans.  Unfortunately, the former
management failed to recoup the money.  The police have
identified Alfred Sebek, Jan Klacek, Libor Prochazka, Jiri
Fabian, Petr Benes, and Aladar Blaas -- all former executives --
as the brains behind the fiasco.  They face imprisonment of up
to 8 years, the report said.

Mr. Prochazka, former deputy director of IPB, insists the
transactions were legitimate.  He has a pending complaint
against the investigators, the paper said.  "The board of
directors, the supervisory board knew about it, while the CNB
[central bank] was not opposed," Mr. Prochazka said.

Pavel Racocha, in charge of bank supervision at CNB, disputes
this: "The CNB never approved transactions of this type."

IPB went into administration in the summer of 2000.


KTP QUANTUM: Investigators Indict Executives for Fraud
------------------------------------------------------
The police have recommended fraud charges against executives of
KTP Quantum, citing their failure to warn clients of potential
risk in the product they were offering, police spokeswoman
Blanka Kosinova told Czech News Agency.

A commissioner of the Office for the Investigation of Corruption
and Financial Crime alleged Karel Takac and Oldrich Bakus did
not disclose to clients substantial facts about the management
of their deposits.  The investigator said the lapse cost
depositors at least CZK3.9 billion, according to Ms. Kosinova.

The Supreme State Attorney's Office in Prague is now preparing
charges against the two executives.  They face 12 years in
prison.  KTP Quantum went bust in March 2002 in what has been
considered the biggest bankruptcy not only in the domestic
capital market, but also in the entire post-Communist history,
according to economists.


TELEAXIS PRAHA: Falls into Bankruptcy
-------------------------------------
Creditors of Teleaxis Praha have until the next few days to
register claims against the bankrupt company, Czech News Agency
reported citing Internet server Euro OnLine.

Teleaxis Praha was declared bankrupt on May 14 and creditors
were given 30 days to file claims after the declaration, company
administrator, Jiri Rydval, said.  Mr. Rydval was previously
appointed by the Municipal Court in Prague as preliminary
administrator to find out whether the firm was insolvent or not.

Teleaxis Praha was set up in 1992 as a limited-liability company
and in 1994 was transformed into a joint-stock company.  It
entered liquidation February 16.

CONTACT:  Jiri Rydval
          Horicka 46, 678 01 Blansko
          v.s. 250
          Mobil: 737243162
          607962493 (Mojmir Vagner)
          ICO: 65336984
          DIC: 283-65336984
          Bankovni Spojeni: 86-1164670267/0100
          E-mail: rydvak@atreaprofi.cz


=============
D E N M A R K
=============


MAERSK AIR: Code-sharing with Continental Airlines Starts
---------------------------------------------------------
Continental Airlines and Maersk Air of Denmark began codesharing
June 5 on flights between the Danish cities of Copenhagen and
Billund and London/Gatwick and between Billund and Amsterdam,
enabling quicker and easier connections to and from Denmark for
Continental customers.  A marketing agreement between the two
airlines also provides benefits for members of Continental's
frequent flyer program, OnePass.

Continental has placed its code (CO*) on Maersk Air's flights
between both Copenhagen and Billund and London/Gatwick and on
its flights between Billund and Amsterdam, which connect with
Continental's flights between London/Gatwick and Amsterdam and
the airline's hubs at New York/Newark, Houston and Cleveland.

Continental customers need to check in only once for these
flights, receiving seat assignments and boarding passes through
to their final destinations, as well as seamless luggage
transfers.

OnePass members can earn and redeem miles on Continental
codeshare flights operated by Maersk Air.

"Continental already has an extensive European route network,
but this alliance enhances it further by giving our customers
better access to Denmark," said David Grizzle, Continental's
senior vice president-marketing strategy and corporate
development.  "We look forward to a successful cooperation with
Maersk."

Maersk Air, part of the A.P. Moller-Maersk Group, is Denmark's
leading privately owned airline and is engaged in international
scheduled services, charter flights, leasing of aircraft and
freight agency activities.  The airline commenced operation in
1970 and today has some 40 aircraft and employs 1,200 dedicated
staff.  Under the new "fly as you like" concept with flexibility
on all tickets, free choice of legroom and one-way low fares,
Maersk Air offers 27 European routes out of Copenhagen and 11
out of Billund Airport.

Continental Airlines is the world's sixth largest airline with
more than 2,800 daily departures throughout the Americas, Europe
and Asia.  Continental serves 149 domestic and 117 international
destinations -- more than any other airline in the world -- and
nearly 200 additional points are served via codeshare partner
airlines.  With 41,000 mainline employees, the airline has hubs
serving New York, Houston, Cleveland and Guam, and carries
approximately 51 million passengers per year.  Continental is
OAG Airline of the Year 2004, based on voting by frequent flyers
worldwide.  FORTUNE ranks Continental one of the 100 Best
Companies to Work For in America, an honor it has earned for six
consecutive years.  FORTUNE also ranks Continental as the top
airline in its Most Admired Global Companies in 2004.  For more
information, visit http://www.continental.com.

In Europe and the Middle East, Continental serves 17 cities in
11 countries, operating up to 168 departures weekly to its U.S.
gateway hubs at New York/Newark, Houston and Cleveland, with
onward connections to cities throughout North America, Latin
America and the Caribbean.  Continental's alliance carriers in
Europe and the Middle East include Air Europa, Emirates, Flybe.
(British European), KLM Royal Dutch Airlines and Virgin Atlantic
Airways.

This month, Continental will launch non-stop service to New
York/Newark from Edinburgh, Scotland and Oslo, Norway.  Web
site: http://www.continental.com

                            *   *   *

Maersk Air blamed two extraordinary expenditures for its DKK622
million net loss for 2003.  The first was a DKK476 million
write-down of the value of its aircraft, components and spare
parts primarily due to the fall of dollar exchange rate during
the year.  The second was DKK246 million in connection with the
sale of Maersk Air Ltd (U.K.).


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


METSO CORPORATION: ThyssenKrupp Automotive Gives up Valmet Stake
----------------------------------------------------------------
ThyssenKrupp Automotive AG has informed Metso Corporation that
aside from its decision not to acquire further shares in Valmet
Automotive, it will also give up its current 10% minority
shareholding in the car manufacturer.

The parties have agreed that Metso, in accordance with the
original agreement, will reacquire ThyssenKrupp's shares in
Valmet Automotive in a point of time to be decided later.
According to the reacquisition conditions of the minority
ownership, Metso will reverse EUR5 million of the originally
booked approximately EUR10 million gain from the 2001 sale of
the 10 percent stake during the second quarter 2004.

Valmet Automotive will continue as an independent supplier of
car industry contract manufacturing in cooperation with European
partners in the field.  It will cooperate also in the future
with ThyssenKrupp Automotive, which is an important systems
supplier for car industry.  Valmet Automotive, a part of Metso
Corporation, specializes in the contract manufacturing and
development of demanding specialty cars.  Valmet Automotive will
continue its work to search for manufacturing agreements for new
car models. According to its strategy, Metso will continue to
try to find cooperation or partnership arrangements for Valmet
Automotive.

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

CONTACT:  METSO CORPORATION
          Olli Vaartimo
          Executive Vice President
          Phone: +358 204 84 3010

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


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


ALSTOM SA: Corners Railway Electrification Project in Algeria
-------------------------------------------------------------
The national Algerian railway company, SNTF, has awarded an
Alstom-led consortium a contract worth EUR88 million for the
electrification of three railway lines in the suburbs of the
capital, Algiers.  The contract was signed on 5 June in the
presence of Nicolas Sarkozy, France's Minister of Economy,
Finance and Industry; Mohamed Maghlaoui, Algeria's Minister of
Transport; Patrick Kron, Chairman and CEO of Alstom; and
Abdelhamid Lalaimia, CEO of SNTF.

Under the scope of the contract, Alstom will supply and install
300 kilometers of catenary and three power substations (25 kV).
Alstom's share of the contract is EUR71 million.  The
electrification of the lines -- Algiers to Thenia, Oued Smar to
Gue of Constantine, and El Harrach to El Afroun -- is scheduled
to be completed by the end of 2007.  The upgrade will allow the
SNTF to improve service in the Algiers suburbs.

New electric multiple units with passenger carrying capacity of
1,800 and top speeds of 120 km/h will operate on the lines.  The
SNTF expects to increase its traffic from 20 million passengers
a year currently to 60 million by the year 2010.  Alstom's
partners in the consortium are Infrarail, a subsidiary of SNTF,
which will carry out civil works; and Baticim, which will supply
poles and other steelwork.

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com


RHODIA SA: Tender Offer to EMTN Noteholders Approved
----------------------------------------------------
Following the filing with the Autorite des marches financiers on
June 2 of an invitation to tender to the holders of the Notes
issued pursuant to Rhodia's EMTN program (EUR500,000,000 EMTN
6.25% due May 2005) (Code ISIN XS0111855929), the Group
announced Monday that the note d'information related to this
tender offer received visa no. 04-534 from the Autorite des
marches financiers on June 3, 2004.

The Offer will be open from June 7, 2004 through June 11, 2004
inclusive.  A detailed calendar of the Offer and its conclusion
will be published by Euronext Paris S.A.

                            *   *   *

This press release does not constitute or form part of an offer
for securities, or an invitation to purchase securities.

This press release may not be published, distributed, diffused
or otherwise sent into the United States of America (including
its territories and possessions, every State in the United
States and the District of Columbia), Canada, Italy, the United
Kingdom or Luxembourg.  This press release does not constitute
an extension into the United States, Canada, Italy, the United
Kingdom or Luxembourg of the offer mentioned in this press
release, nor does this press release constitute nor form part of
an offer to sell securities or the solicitation of an offer to
buy securities in the United States, Canada, Italy, the United
Kingdom or Luxembourg.  The securities mentioned in this press
release have not been and will not be registered under the
United States Securities Act of 1933, as amended (the
"Securities Act "), and may not be offered or sold in the United
States absent registration or exemption from registration under
the Securities Act. There will not be any public offering of
securities in the United States, Canada, Italy, the United
Kingdom, or Luxembourg.

This press release has not been issued in the context of a
public tender offer in Italy within the meaning of Article 1,
paragraph I, letter (v) of Legislative Decree No. 58 of February
24 1998 ("Decree 58/98'), and has therefore not been submitted
to the Commissione Nazionale per le Societa e la Borsa
("CONSOB") pursuant to Art. 102 of Decree 58/98.  There will not
be any public tender offer in Italy.

This press release has not been prepared in the context of a
public tender offer in the United Kingdom within the meaning of
the Public Offers of Securities Regulations 1995 as amended.
There will not be any public tender offer in the United Kingdom.

The release, publication or distribution of this press release
in certain jurisdictions may be restricted by law, and therefore
persons in such jurisdictions into which this press release is
released, published or distributed must inform themselves about
and observe such restrictions.  Receipt of this press release
will not constitute an offer in those jurisdictions in which it
would be illegal to make the offer or to offer securities and in
such circumstances it will be deemed to have been sent for
information purposes only.

CONTACT:  RHODIA S.A.
          Investor Relations
          Nicolas Nerot
          Director
          Phone: +33 1 55 38 43 08

          Press:
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


PRIMACOM: Executives Favor Takeover by Creditors
------------------------------------------------
The management of German TV cable operator PrimaCom are planning
to cede control of the company to creditors to save it from
insolvency, according to Europe Intelligence Wire.

Under the proposal, all the assets of PrimaCom will be
transferred to BK Breitband Kabelnetz Holding, a company
controlled by Apollo Management and JPMorgan Chase, the
creditors of Primacom.  In return, shareholders will receive
EUR5 million, giving the shares a value of EUR0.25.

The plan is strongly opposed by shareholders, in particular by
shareholders group, SdK.  This group believes there are other
options available to the management like the sale of Dutch
subsidiary Multikabel.  SdK members call the current plan
unacceptable as it is tantamount to selling the company for less
than its stock value.  Shares in PrimaCom traded at EUR0.52 on
Friday.

PrimaCom has debts of almost EUR1 billion.  Its loss in the
first quarter was almost EUR26 million, 12% higher than last
year's.  The loss is due mainly to interest charges that during
the first quarter amounted to almost EUR30 million.


WESTLB AG: Luxembourg Branch Reports 25% Jump in Earnings
---------------------------------------------------------
Earnings at WestLB International S.A. Luxembourg rose by 25.3%
to EUR37.6 million in 2003.  As in the previous years, a
dividend of EUR30 million was distributed to WestLB AG.

All areas of business contributed to the positive result.
Earnings from the private banking business improved appreciably
as a result of the recovery on the equity markets.  The Capital
Markets and Treasury units successfully benefited from the
volatility in the money and capital markets.  New investments in
credit secondary market assets continued to be made with issuers
of very high creditworthiness.  Total assets grew by EUR0.4
billion to EUR15.8 billion.  At December 31, 2003, the Bank
employed 160 staff, compared to 169 in the previous year.  On
the whole, the Bank expects to post a good result once again in
the current financial year.

WestLB International S.A. is a subsidiary of WestLB AG,
Dusseldorf/Munster.  It conducts business in the areas of Credit
Portfolio Management, Treasury and Capital Markets and Private
Banking.


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


BORSODCHEM RT: Shareholders Approve Proposed Stock Split
--------------------------------------------------------
RE:     BorsodChem Rt 144a/Reg S - Split of GDRs
        CUSIP #: 100 064 104 (144A GDR)
        ISIN #: US100 064 1043 (144A GDR)
        CUSIP #: 100 064 203 (Reg S GDR)
        ISIN #: US100 064 2033 (Reg S GDR)
        Common Code: 6357369

Please be advised that The Bank of New York, as depositary, has
received a notice from Borsodchem Rt. that the 1:5 stock-split
has been approved by the 2004 Annual General Meeting.
Consequently, ordinary shareholders will receive 5 (five) new
ordinary shares with nominal value HUF202 each for every one (1)
old ordinary share with nominal value HUF1,010.

The above-mentioned corporate action will not entail a mandatory
exchange of GDRs.  However, to affect one (1) for five (5) split
to the GDR holders, the Depositary will execute a 400% stock
distribution to GDR holders.  Holders of record of GDRs will
receive four (4) additional GDRs for every one (1) GDR held on
the record date.  After the split each GDR will represent the
new ordinary share of the Company with the nominal value HUF202
and the ratio will remain the same.

The Master Receipts will be overstamped to reflect the new
nominal value and ratio.  The pertinent details are:

GDR RECORD DATE FOR STOCK DISTRIBUTION:  June 11, 2004
GDR PAYABLE DATE FOR STOCK DISTRIBUTION: June 18, 2004

                            *   *   *

In April 27, 2004, Standard & Poor's Ratings Services assigned
its 'BB' long-term corporate credit rating to BorsodChem Rt, a
chemicals group based in Hungary, reflecting the group's
position in various segments of the Central and Eastern European
chemicals market.  The outlook is stable.

"The rating is constrained by BorsodChem's limited scale in each
of its competing markets, its exposure to the cyclical
construction industry, and to the very cyclical polyvinyl
chloride and caustic soda markets," said Standard & Poor's
credit analyst Christine Hoarau.  These negative rating factors
are partially offset by the group's leading positions in the
polyvinyl chloride, toluene di-isocyanate, and methylene di-
para-phenylene isocyanate markets in the Central and Eastern
European markets, its good profitability and presence in the
growing toluene di-isocyanate and methylene di-para-phenylene
isocyanate markets, and its solid financial profile.

With sales of about EUR530 million in 2003, Hungary-based
BorsodChem is the largest producer of polyvinyl chloride, the
sole producer of methylene di-para-phenylene isocyanate, and the
leading producer of toluene di-isocyanate in Central and Eastern
European.

"The stable outlook reflects that the group is expected to
maintain a solid financial structure, despite the heavy
investments planned over the next two years," said Ms. Hoarau.
The group's net debt-to-capital ratio is expected to peak at
about 30% at year-end 2005, which remains strong for the rating.
The group's FFO-to-net debt ratio is expected to remain in
excess of 25%.


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


LAZIO SPA: Attracts Group of Local Investors
--------------------------------------------
Lazio says a group of Roman investors is planning to provide the
Serie A ball club the financing it badly needs, according to
Irish Times.

Federlazio, a regional group of small and medium businesses,
plans to set up a vehicle for Rome's entrepreneurs to invest
money in the club, Lazio in a statement said.  Shares in Lazio
were suspended in March after the outfit reported net loss of
EUR68 million for the July-December period.  The loss was mainly
due to a slump in capital gains made on player sales.

Lazio, one of three Italian clubs listed on the stock exchange,
was forced to sell star players to save Cirio, its previous
owner that collapsed in November 2002.


PARMALAT FINANZIARIA: Woes Dent Parmalat Australia's Results
------------------------------------------------------------
Parmalat Pacific Holdings Pty Ltd., the holding company of
Parmalat Australia, lodged its statutory audited accounts for
the year ended 31 December 2003 with the Australian Securities
Investment Commission.

While the holding company's overall result was impacted by one-
off extraordinary items caused by the insolvency of its parent
entity and 100% shareholder Parmalat Finanziaria S.p.A., the
trading performance of its primary operating company Parmalat
Australia improved significantly for the year.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) generated from the trading operations of the Parmalat
Australia Group rose 13% to $46.69 million [Australian domestic
operations $55.1 million, Asian operations ($8.4 million)].
Earnings before interest and taxes (EBIT) increased by $5.8
million to $14.1 million after the significant goodwill
amortization of $13.6 million.

Net profit before tax and extraordinary items improved to $9.2
million, up by $39.5 million over the previous year benefiting
from a $31.7 million foreign exchange turnaround.  The Parmalat
Australia Group generated positive cash flows from operating
activities (after interest and tax) of $23 million.

Parmalat Australia Managing Director David Lord said the trading
result was driven by a strong performance across all of Parmalat
Australia's divisions including Pasteurized Milk, Flavoured Milk
and Fresh Division (yoghurts and desserts).

"The operating performance of Parmalat Australia in 2003
supports our stance, and that of administrator Enrico Bondi,
that this company is a strong and viable business, with positive
cash flow, quality brands and established, solid markets," he
said.

"In 2003 Australian domestic operations performed well with
volume gains in key market segments.  This combined with
operating efficiency gains contributed to a very encouraging
result.  However, the domestic result was impacted by an $8.4
million loss incurred by Parmalat's Asian operations in 2003,"
he added

Mr. Lord said despite the strong trading result, Parmalat
Pacific Holdings, Parmalat Australia and its subsidiaries
incurred significant provisioning losses as a consequence of the
ultimate parent entity Parmalat Finanziaria S.p.A. being placed
under Extraordinary Administration in 2003.

"In light of the difficulties faced by our parent company, we
carefully examined any amounts that were owing to us by Parmalat
group companies, and as appropriate we have made provision for
the diminution in value of investments or loans receivable," he
said.  "Specifically, we have fully provided for a $145 million
bond issued by Parmalat Finance Corporation B.V., which is
currently under Extraordinary Administration, and also $43.9
million in amounts owing by non Australian members of the
Parmalat group."

Mr. Lord said that of the $43.9 million, $32.5 million had been
loaned to the global Parmalat group and the remaining $11.5
million had been incurred during the establishment of Parmalat's
Asian operations (Thailand, Indonesia, Vietnam and a regional
headquarters).

"We have now sold Parmalat Thailand and are in the process of
winding down operations in Indonesia and Vietnam.  This will
have a significant positive impact on the operating results of
Parmalat Australia in 2004 and subsequent years as the demand
for funding of these businesses ceases," he said.

"By providing for these extraordinary one-off losses in the 2003
accounts we are able to start afresh in 2004 and beyond as a
core member of the restructured new Parmalat group."

Mr. Lord said Parmalat Australia's existing loan facilities with
Australian bankers would need to be renegotiated in early 2005,
and after the full restructuring plan of the Parmalat group is
approved.

"We are confident of securing the ongoing support of our banks,
especially given the stability that will be provided by the
pending global restructuring plan and the important role of the
Australian operations within the 'new Parmalat'," he said.

Mr. Lord said Parmalat Australia was already well-placed to
drive the strategy for the restructured group as summarized in
the administrator's March 2004 outline restructure plan -- to
position Parmalat as a leading global player in the added-value
foods sector, with its core business in beverages (milk and
fruit juice) and milk related products that have a strong
nutritional and healthy lifestyle focus.

"Parmalat Australia's operations, market standing and brands are
already closely aligned to this desired positioning and our
divisions have made aggressive headways in 2003 to further our
strength in those areas," he said.

"We have achieved strong sales growth in the flavored milk
segment through expanded distribution of market-leading brands
such as IceBreak, Breaka and Rush," he said. "Our Fresh division
recorded a solid result, led by the success of our national
Vaalia yoghurt brand, which achieved double digit volume growth
for the year."

Mr. Lord said key brands such as REV, Skinny Milk, Trim and
PhysiCAL in Parmalat Australia's Pasteurized Milk Division all
added a valuable contribution to the company's bottom line.

He said the company would continue to pursue further initiatives
to build on its strong demonstrated performance in 2003.

"We remain positive about the outlook for Parmalat Australia in
2004 and beyond.  This trading result verifies the company's
viability as a strong and profitable business with the capacity
to meet financial forecasts and commitments," he said.

CONTACT:  PARMALAT FINANZIARIA S.P.A.
          Katie Bickford
          Phone: (07) 3230 5000 or 0417 763 741

          Josie Brophy
          Phone: (07) 3230 5000 or 0402 037 969

          Damien Jones
          Phone: (07) 3230 5000 or 0413 339 727


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


KABEL DEUTSCHLAND: Senior Notes Assigned 'B+' Rating
----------------------------------------------------
Fitch Ratings on Monday assigned Kabel Deutschland GmbH's
proposed EUR1,575 million senior notes due 2014 an expected
rating of 'B+'.  The agency has also assigned a Senior Unsecured
'BB-' rating to KDG and a 'BB+' rating to the group's EUR2.6
billion senior secured credit facilities.  The rating Outlook is
Stable.

The Senior Unsecured 'BB-' rating reflects Fitch's balanced
assessment of the business and financial risks for KDG, as
outlined below.  The expected 'B+' rating reflects the notes'
structural subordination to the EUR2.6 billion senior secured
credit facilities and other obligations, including hedging
exposures and leases, albeit with some credit support provided
by a second-ranking share pledge and subordinated guarantee.
The three-notch differential between the senior secured credit
facilities and the senior subordinated notes reflects Fitch's
view of the disparity in recovery prospects for these two
classes of investors in the event of a distress scenario.

KDG has a well-established market position, with significant
revenues and operating cash flow generation through its
portfolio of regional cable television franchises in the Federal
Republic of Germany.  While other platforms may offer a longer-
term competitive threat, in the near term this is considered to
be limited, given KDG's incumbent position, and low average
revenues per user (ARPU) levels.  As a result of blended ARPU
rising to EUR6.98 in 2003 from EUR6.00 in 2002 and against the
backdrop of a difficult economic environment, the business saw
total subscribers decline by 0.5 million to 9.6 million last
years.

A key measure of the group's success will be its ability to
increase subscriber numbers in a market where consumers have a
greater choice between viewing modes than in the past.  In
addition, there is an element of regulatory risk since KDG's
prices are subject to ex-post regulation by RegTP, the German
telecommunications regulator.

Operationally, KDG has performed well over the last two years in
reducing costs.  As a result, EBITDA margins have risen to 38%
in 2003 from 30% in 2001, with EBITDA minus capex more than
doubling as investment levels were cut back to maintenance
levels.  Management expects future capital expenditure to be no
more than 10% of revenues, which are seen growing broadly in
line with inflation.  When it comes to the rollout of bi-
directional broadband services on the KDG network, the current
management's ambitions are limited to improving penetration
where it has existing network capacity.  Management has
confirmed that its network is already fully enabled to offer
digital TV.  Nevertheless, with 91% of core revenues coming from
the analogue platform in 2003, and as the industry standard
migrates to digital over the coming years, the group's
aggressive capital structure, may limit its strategic and
financial flexibility to respond to market developments, at a
time of significant technological change. The group faces a
prospective peak net debt to EBITDA around 5.4x.

In April 2004, KDG agreed to acquire Ish, Kabel BW and Iesy; the
cable networks in the three German regions not already
controlled by KDG, for a combined purchase price of EUR2, 688
million (including assumed debt).  The acquisitions are subject
to regulatory clearance.  Fitch understands that KDG's leverage
profile and capital structure will be similar whether or not the
acquisitions are completed.

CONTACT:  FITCH RATINGS
          Albert Jan Hofman, London
          Phone: +44 (0) 20 7417 4282

          Raymond Hill
          Phone: +44 (0) 20 7417 4314

          Roger Coyle
          Phone: +44 (0) 20 7862 4105

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


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


ACCUMULATOR: Public Auction of Properties Set July 1
----------------------------------------------------
M. Cherny, the bidding organizer and insolvency manager of CJCS
Kursky Plant, Accumulator, set the public auction of the firm's
properties on July 1, 2004, 12:00 p.m. (local time) at 305026,
Russia, Kursk, Leninskogo Komsomola Pr., 40.

The assets for sale are: property complex for production of
chemical sources and data of accounting and inventory for April
1, 2004.  Starting price is RUB410 million.  Preliminary
examination of auction conditions and reception of biddings are
done daily (except weekends) from 10:00 a.m. until 12:00 p.m.
and from 2:00 p.m. until 4:00 p.m.  Document list for
participants and description of lots are available at 305026,
Russia, Kursk, Leninskogo Komsomola Pr., 40.  All transactions
will be closed at 12:00 p.m. of June 30, 2004.

To participate in the auction, bidders are required to transfer
deposits amounting to 20% of the starting price to the
settlement account of CJCS Kursky Plant Accumulator: TIN
4630004629 KPP 463001001.  The settlement account is
40702810400500000406 in OJSC Kurskprombank subsidiary office,
the Industrial Department.  The correspondent account is
30101810800000000708, BIC 043807708.

CONTACT:  CJCS KURSKY ACCUMULATOR PLANT ACCUMULATOR
          305026, Russia, Kursk
          Leninskogo Komsomola Pr., 40

          Mr. M. Cherny
          External Insolvency Manager
          305026, Russia, Kursk
          Leninskogo Komsomola Pr., 40
          Phone: (07122) 48-881.


AVIASTAR: Ulyanovsk Court Names New External Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ulyanovsk region has discharged Mr. I.
Igin from his duties as external insolvency manager.  The case
is docketed as A72-3923/02-Sk236-B.  Mr. E. Ryndenko has been
appointed as the new external insolvency manager.

CONTACT:  AVIASTAR
     Russia, Ulyanovsk,
          Antonova Pr., 1

          Mr. E. Ryndenko
          External Insolvency Manager
          150014, Russia, Yaroslavl region,
          Rybinsk, Post User Box 13


COMMERCIAL BANK: Assigned Default Ratings
-----------------------------------------
Fitch Ratings on Monday downgraded Russia-based Commercial Bank
Credittrust's ratings to International Long-term 'D' from 'CC',
National Long-term 'D(rus)' from 'CCC-(rus)' and Short-term 'D'
from 'C' and removed them from Rating Watch Negative.

The rating action has been taken because Credittrust has stopped
making foreign and local currency payments on its obligations.
Credittrust's liquidity has been negatively affected in recent
weeks by market perceptions of its association with
Sodbusinessbank, whose license was revoked by the Central Bank
of Russia last month.  Although retail funds are not a
substantial part of its funding base, Credittrust subsequently
suffered from some exodus of such funds and its access to the
money markets has effectively been closed.  RUB500 million of
new share capital was injected into the bank very recently to
shore up its balance sheet.

Credittrust is a small bank, with assets of less than RUB9
billion.  It is headquartered in Moscow.

CONTACT:  FITCH RATINGS
          Alexander Giles, London
          Phone: +44 20 7417 6330

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901


GEORGIEVSKY BREWERY: Court Sets August 5 Hearing
------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on OJSC Georgievsky Brewery (TIN
2625022756).  The case is docketed as A63-134/2004-S5.  Mr. D.
Voroshilov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 357200, Russia, Stavropol
region, Mineralnye Vody, Proletarskaya Str., 38.  A hearing will
take place on August 5, 2004 at 11:00 a.m.

CONTACT:  GEORGIEVSKY BREWERY
          357820, Russia, Stavropol region,
          Georgievsk, Chugurina Str., 13

          Mr. D. Voroshilov
          Temporary Insolvency Manager
          357200, Russia, Stavropol region,
          Mineralnye Vody, Proletarskaya Str., 38


KRASNOGORSKY FACTORY: Succumbs to Bankruptcy
--------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on OJSC Krasnogorsky Factory of The
Abrasive Tool (TIN 7403000373).  The case is docketed as A76-
4444/04-55-5.  Mr. V. Opryshko has been appointed temporary
insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to 620075, Russia, Ekaterinburg, Pushkina Str., 9a, Office
306.  A hearing will take place on August 26, 2004, 4:00 p.m. at
the Arbitration Court of Chelyabinsk region.

CONTACT:  KRASNOGORSKY FACTORY OF THE ABRASIVE TOOL
          456580, Russia, Chelyabinsk region,
          Emanzhinsk, Krasnogorsky,
          Promyshlenny Kvartal,1

          Mr. V. Opryshko
          Temporary Insolvency Manager
          620075, Russia, Ekaterinburg,
          Pushkina Str., 9a, Office 306

          Arbitration Court of Chelyabinsk region
          Russia, Chelyabinsk,
          Vorovskogo Str., 2


MEKH-ENERGO-STROY: Public Auction of Properties July 2
------------------------------------------------------
The bidding organizer of RSGU Fund of Properties of Chuvashya
OJSC Mekh-Energo-Stroy set the public auction of the firm's
properties for July 2, 2004 at 3:00 p.m. (local time).

The assets for sale are:

Lot 1: 14 objects of real estate and 169 units of equipment
       Starting price: RUB21,742,900.

Lot 2: Real estate: household premise ABK and workshop
       Starting price: RUB2.276 million.

Lot 3: Objects of sanitary preparations site and garage (6
       units). Starting price: RUB5.821 million.

Lot 4: Uncompleted production of large panel housing
       construction factory.  Starting price: RUB3.710
       million.

Lot 5: Automobile KamAZ-43101.  Starting price: RUB230,000.

Acceptance of bids and transfer of deposits started May 31, 2004
and will end August 28, 2004 at 3:00 p.m.  The deposit is 10% of
the starting price for each lot.

CONTACT:  OJSC MEKH-ENERGO-STROY
          429950, Russia, Republic of Chuvashiya
          Novocheboksarsk, Promyshlennaya Str., 12.

          RSGU "FUND OF PROPERTIES OF CHUVASHYA"
          Russia, Republic of Chuvashiya
          Cheboksary, Ivanova K. Str., 84
          Phone: (8352): 42-58-13
          Fax: 42-58-13


PERMSKY GLASS: Deadline for Proofs of Claim June 27
---------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on OJSC Permsky Glass Factory.  The case
is docketed as A50-7638/2004-B.  Mr. A. Korotaev has been
appointed temporary insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to 624222, Russia, Sverdlovsk region, Nizhnyaya Tura,
Iljicha Str., 11.  A hearing will take place on September 24,
2004, 10:00 a.m. at the Arbitration Court of Perm region, hall
104.

CONTACT:  PERMSKY GLASS FACTORY
          618503, Russia, Perm region,
          g.p. Sylva of Perm region

          Mr. A. Korotaev
          Temporary Insolvency Manager
          624222, Russia, Sverdlovsk region,
          Nizhnyaya Tura, Iljicha Str., 11


PROKOPYEVSK FOOD: Insolvent Status Confirmed
--------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC
Prokopyevsk Food Machine Building Factory insolvent and
introduced bankruptcy proceedings.  The case is docketed as A27-
6924/2002-4.  Mr. S. Kuchin has been appointed insolvency
manager.   Creditors have until July 27, 2004 to submit their
proofs of claim to the insolvency manager at 653013, Russia,
Kemerovo region, Prokopyevsk, 40 Years of October Str., 1

CONTACT:  PROKOPYEVSK FOOD MACHINE BUILDING FACTORY
          653013, Russia, Kemerovo region,
          Prokopyevsk, 40 Years of October Str., 1

          Mr. I. Peshekhonov
          Temporary Insolvency Manager
          653013, Russia, Kemerovo region,
          Prokopyevsk, 40 Years of October Str., 1


VOLGOGRADSKY MOTOR: Volgograd Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Volgogradsky Motor Factory.  The
case is docketed as A12-8912/04-S55.  Ms. A. Kartashova has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to 400012, Russia, Volgograd,
Dorozhnaya Str., 36.

CONTACT:  VOLGOGRADSKY MOTOR FACTORY
          Russia, Volgograd,
          Aviatorov Shosse, 8

          Ms. A. Kartashova
          Temporary Insolvency Manager
          400012, Russia, Volgograd,
          Dorozhnaya Str., 36


YUKOS OIL: Tax Evasion Case Hearing Set Thursday
------------------------------------------------
The Moscow Arbitration Court will hear on June 11 the tax
evasion charges brought by the Tax Ministry against Yukos oil,
company counsel Sergei Pepelyayev said, according to reports.

The Tax Ministry filed tax evasion case after investigating
Yukos' 2000 accounts.  The agency said the top management used a
number of methods to evade taxes: they created subsidiaries in
regions with tax benefits but failed to invest in the area as
part of the agreement.  In April, it ordered the oil giant to
pay RUB99.3 billion (US$3.42 billion) in tax arrears, including
interest.  The court suspended the ministry's claim in May, and
upheld it on June 1.

Yukos subsequently appealed the order.  The Moscow Arbitration
Court scheduled a hearing on the appeal for May 26 but adjourned
until June 1.  Yukos warned it might be forced into bankruptcy
if the amount is forcibly collected.


YUKOS OIL: Oil Giant Has Enough Cash to Pay All Liabilities
-----------------------------------------------------------
John Rutherfurd Jr., CEO of Moody's Investors Service, disputes
Yukos Oil's incapacity to pay a recently affirmed US$3.4 billion
tax bill.

In a recent press conference in Moscow, Mr. Rutherfurd said the
oil giant has sufficient cash flow to pay not only the tax
arrears but also its entire outstanding debts.  This assertion
contradicts the company's official statement, claiming that it
has no more than US$1 billion cash on hand.

"Yukos continues to generate large cash flows which could
certainly pay any tax liabilities Yukos might have and also
repay the debts outstanding," Moscow Times quoted Mr. Rutherfurd
in Moscow Monday.

It was Yukos CFO Bruce Misamore, speaking at a UBS-sponsored
energy conference in Scottsdale, Arizona on Thursday, who said
"we don't have the cash to pay the bill."  Last year, the
company borrowed US$1 billion from banks including Citigroup and
Societe Generale, and another US$1.6 billion in a loan organized
by Societe Generale and backed by Group Menatep, which owns 44
percent of Yukos.

Aside from the tax bill affirmed by a local court recently, the
second-largest oil producer in Russia faces pressure from
creditors who have declared the company in default of its loans
and have threatened to seize export revenues to cover interest
payments on those loans.


YUTAZINSKAYA SEL: Declared Insolvent
------------------------------------
The Arbitration Court of Tatarstan Republic declared
agricultural machinery enterprise OJSC Yutazinskaya Sel-Hoz-
Technika insolvent and introduced bankruptcy proceedings.  The
case is docketed as A65-3780/2003-SG4-31.  Mr. O. Ruvinsky has
been appointed insolvency manager.  Creditors are asked to
submit their proofs of claim to the insolvency manager at
420044, Russia, Tatarstan Republic, Kazan, Post User Box 125,
Phone: 8432) 18-73-54.

CONTACT:  YUTAZINSKAYA SEL-HOZ-TECHNIKA
          423963, Russia, Tatarstan Republic,
          Yutazinsky region, Bayryaka,
          Selkhoztexhnika

          Mr. O. Ruvinsky
          Insolvency Manager
          420044, Russia, Tatarstan Republic,
          Kazan, Post User Box 125
          Phone: (8432) 18-73-54


ZVEREVSKOYE MINE: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Zverevskoye Mine Group.  The case
is docketed as A53-4254/2004-S2-7.  Mr. S. Baludin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 344002, Russia, Rostov-Don,
Gezetny Per., 34, Office 323.  A hearing will take place on
August 06, 2004 at 2:20 p.m.

CONTACT:  ZVEREVSKOYE MINE GROUP
     346000, Russia, Rostov region,
          Zverevo, Obuhova Str., 7

          Mr. S. Baludin
          Temporary Insolvency Manager
          344002, Russia, Rostov-Don,
          Gezetny Per., 34, Office 323


=============================
S L O V A K   R E P U B L I C
=============================


MOROVAN-AEROPLANES: Expected to File for Bankruptcy this Week
-------------------------------------------------------------
Czech aircraft maker Moravan-Aeroplanes will file for bankruptcy
within the week.  The company blames the series of strikes
staged by workers, which accordingly drained its coffers.

Refuting weekend reports that the company has already filed for
bankruptcy, board chairman Libor Soska told Czech News Agency
Moravan-Aeroplanes wants to file for bankruptcy in the middle of
this week.  The company, which failed to pay employees several
month's worth of wages, was beset by workers strike since it
entered preliminary receivership in April 19.  It was also
unable to update social insurance remittances, as a result of
which it is currently facing criminal complaint filed by the
Czech Social Security Office.

Mr. Soska, meanwhile, denied the dismissal of union leader Milan
Mazel on Friday has anything to do with the leak to the media
that the firm has filed for bankruptcy. He said: "The reasons
that led us to this step are much more relevant.  We will file a
criminal complaint against him."

Moravan-Aeroplanes is a unit of a group composed of Letecke
zavody Kunovice, Moravan-Air Containers, Moravan-Transport
Systems, Moravan-Safety Belts and Moravan-Technicke sluzby
Otrokovice.


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


ANTEJ-S: Court Sets Proofs of Claim Deadline
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Antej-S (code EDRPOU 30419304) in
April.  The case is docketed as 9/26B.  Mr. Shvidkij Oleksij
(License Number AA 719866 approved March 1, 2004) has been
appointed temporary insolvency manager.

Creditors have until June 25, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 91054, Ukraine,
    Lugansk, Narinskij quarter, 5/132
    Phone: 8-050-971-61-32

(b) ECONOMIC COURT OF LUGANSK REGION: 91000, Ukraine,
    Lugansk, Geroi VVV square., 3a

Antej-S holds Account Number 260039688 at JSPPB Aval, Lugansk
regional branch, MFO 304007 as well as Account Number
26008565673910 at JSCB Ukkrsocbank, Rubizhne branch, MFO 304018.

CONTACT:  ANTEJ-S
          93400, Ukraine, Lugansk region, Severodonetsk,
          Mayakovskij str, 20-A

          Mr. Shvidkij Oleksij
          Temporary Insolvency Manager
          91054, Ukraine, Lugansk,
          Narinskij quarter, 5/132
          Mobile: 8-050-971-61-32

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


DUGES: Deadline for Proofs of Claim June 21
-------------------------------------------
The Economic Court of Odesa region declared LLC Duges (code
EDRPOU 21019506) insolvent and introduced bankruptcy proceedings
on April 30, 2004.  The case is docketed as 32/51-04-2140.  Head
of liquidation commission Mr. Hyome-Novoselitskij R. has been
appointed liquidator/insolvency manager.  Creditors have until
June 21, 2001 to submit their proofs of claim to 66200, Ukraine,
Odesa region, Savran, Lermontov str., 15.

CONTACT:  DUGES
          66200, Ukraine, Odesa region,
          Savran, Lermontov str., 15

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


GRONO-K: Declared Insolvent
---------------------------
The Economic Court of Kyiv declared LLC Grono-K (code EDRPOU
24261283) insolvent and introduced bankruptcy proceedings on
April 30, 2004.  The case is docketed as 43/117.  Mr. Koveza A.
(License Number AA 668342 approved October 23, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  GRONO-K
          01010, Ukraine, Kyiv,
          Arsenalna square, 1b

          ECONOMIC COURT OF KYIV:
          01030, Ukraine, Kyiv,
          B. Hmelnitskij boulevard, 44-B


KORNIV LTD: Deadline for Proofs of Claim June 22
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on LLC Korniv Ltd (code EDRPOU
31573764).  The case is docketed as B-6/4.  Mr. Rudik I.
(License Number AA 047639 approved September 25, 2001) has been
appointed temporary insolvency manager.   Creditors have until
June 22 to submit their proofs of claim.  Korniv Ltd holds
Account Number 26004340035381 with JSCB UkrsocbankIvano-
Frankivsk regional branch, MFO 336019.

CONTACT:  KORNIV LTD
          Ukraine, Ivano-Frankivsk region,
          Gorodenkivskij district,
          Korniv, Shkilna str., 32

          Mr. Rudik I.
          Temporary Insolvency Manager
          76008, Ukraine,
          Ivano-Frankivsk - 8, a/b 130

     ECONOMIC COURT OF IVANO-FRANKIVSK REGION:
          76000, Ukraine, Ivano-Frankivsk,
          Grunvaldska str.,11


MIK: Kyiv Court Appoints Insolvency Manager
-------------------------------------------
The Economic Court of Kyiv declared LLC Mik (code EDRPOU
21458571) insolvent and introduced bankruptcy proceedings on
April 15, 2004.  The case is docketed as 15/186-b.  Mr. Koveza
A. (License Number AA 668342 approved October 23, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  MIK
          Ukraine, Kyiv,
          Verhovna Rada boulevard, 22/84

          ECONOMIC COURT OF KYIV:
          01030, Ukraine, Kyiv,
          B. Hmelnitskij boulevard, 44-B


MUROVANO-KURILOVETSK': Under Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Murovano-Kurilovetsk' Auto-
Transport Enterprise 10546 in April.  The case is docketed as
5/290-04.  Arbitral manager Mr. Leshenko A. (License Number AA
484190 approved December 29, 2002) has been appointed temporary
insolvency manager.

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

(a) Temporary Insolvency Manager:
    Phone: 8-0432-26-12-26

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

Murovano-Kurilovetsk' Auto-Transport Enterprise 10546 holds
Account Number 260006763 at JSPPB Aval, Murpvano-Kurilovets
branch, MFO 302247.

CONTACT:  MUROVANO-KURILOVETSK' AUTO-TRANSPORT ENTERPRISE 10546
          23400, Ukraine, Vinnitsya region,
          Ukraine, Murovano-Kurilovetsk district,
          Murovani Kurilivtsi

          Mr. Leshenko A.
          Temporary Insolvency Manager:
          Phone: 8-0432-26-12-26

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


RANOK: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Ranok (code EDRPOU 02137720).
The case is docketed as 01/1210.  Arbitral manager Mr.
Pastolenko Volodimir has been appointed temporary insolvency
manager.

Creditors have until June 25, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 18000, Ukraine, Cherkassy,
    Gromov str., 29/1-708

(b) ECONOMIC COURT OF CHERCASSY REGION: 18000, Ukraine,
    Cherkassy, Shevchenko avenue, 307

Ranok holds Account Number 26046301257 at State Savings Bank,
Mankivskij branch 3323, MFO 354637.

CONTACT:  RANOK
          20120, Ukraine, Cherkassy region,
          Mankivskij district, Popivka

          Mr. Pastolenko Volodimir
          Temporary Insolvency Manager
          18000, Ukraine, Cherkassy,
          Gromov str., 29/1-708

          ECONOMIC COURT OF CHERCASSY REGION:
          18000, Ukraine, Cherkassy,
          Shevchenko avenue, 307


TITAN: Insolvent Status Confirmed
---------------------------------
The Economic Court of Kyiv declared scientific-production firm
Titan (code EDRPOU 3575824) insolvent and introduced bankruptcy
on April 30, 2004.  The case is docketed as 43/115.  Mr. Koveza
A. (License Number AA 668342 approved October 23, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  TITAN
          01010, Ukraine, Kyiv, Tankov str., 6

          ECONOMIC COURT OF KYIV:
     01030, Ukraine, Kyiv,
          B. Hmelnitskij boulevard, 44-B


UKRSOYUZ: Declared Insolvent
----------------------------
The Economic Court of Kyiv declared LLC firm Ukrsoyuz (code
EDRPOU 30523618) insolvent and introduced bankruptcy proceedings
on April 15, 2004.  The case is docketed as 15/146-b.  Mr.
Kitsul Sergij (License Number AA 487782 approved April 23, 2003)
has been appointed liquidator/insolvency manager.  Ukrsoyuz
holds Account Number 2600800001485 at JSCB Praveks-Bank, Kyiv
branch, MFO 321983.

CONTACT:  UKRSOYUZ
          01054, Ukraine, Kyiv,
          Gonchar str., 79/14

          Mr. Kitsul Sergij
          Liquidator/Insolvency Manager
          03127, Ukraine, Kyiv,
          Lomonosov str., 11/1
          Phone:  (044) 257-38-02
          Mobile: 8-067-295-08-03

     ECONOMIC COURT OF KYIV:
          01030, Ukraine, Kyiv,
          B. Hmelnitskij boulevard, 44-B


VINPRODTORG LTD: Court Prescribes Bankruptcy Procedure
------------------------------------------------------
The Economic Court of Vinnitsya region introduced bankruptcy
proceedings at LLC Vinprodtorg Ltd (code EDRPOU 23105078) in
April.  The case is docketed as 136/10-353.  Arbitral manager
Mr. Severin Sergij has been appointed liquidator/insolvency
manager.  Vinprodtorg Ltd holds Account Number 2600834501 at JSB
Energobank, Vinnitsya branch, MFO 302731.

CONTACT:  VINPRODTORG LTD
          Juridical address: Ukraine, Vinnitsya,
          Chehov str., 31-A
          Location Address: Ukraine, Vinnitsya,
          Soborna str., 52/13

          Mr. Severin Sergij
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya,
          Hmelnitske shose str., 2-A/710
          Phone: 52-03-55

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


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


ART AUTOMOTIVE: In Administrative Receivership
----------------------------------------------
HSBC Bank Plc called in Philip Michael Lyon and Alistair Steven
Wood receivers for Art Automotive Limited (Reg No 03150134,
Trade Classification: 2924).  The application was filed May 26,
2004.  The company previously named, Do the Business Limited,
manufactures general machineries.

CONTACT:  Philip Michael Lyon
          Alistair Steven Wood
          (Office Holder Nos 002108, 007929)
          Cartwright House, Tottle Road,
          Nottingham NG2 1RT


A T ROFFEY: Hires Administrator from ThorntonRones
--------------------------------------------------
R J Rones has been appointed administrator for A T Roffey & Co
Ltd (Reg No 01355968).  The appointment was made May 27, 2004.
The company that specializes NDT conducts its business from this
address: c/o First Floor, 167 High Road, Loughton, Essex IG10
4LF.

CONTACT:  THORNTONRONES
          First Floor,
          167 High Road,
          Loughton, Essex IG10 4LF
          Contact:
          R J Rones
          (Office Holder No 8807)


BALANCE FITNESS: Members Final Meeting Set June 28
--------------------------------------------------
Members of Balance Fitness Services Ltd Company will have a
Final Meeting on June 28, 2004 at 10:30 a.m.  It will be held at
15 Main Road, Grendon, Northamptonshire.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with R N Marshman at 15 Main
Road, Grendon, Northamptonshire not later than 12:00 noon, June
27, 2004.

CONTACT:  R N Marshman, Liquidator
          15 Main Road, Grendon,
          Northamptonshire


BALTIMORE TECHNOLOGIES: To Hold EGM, AGM July 5
-----------------------------------------------
Baltimore Technologies plc (London: BLM) on Monday posted a
circular to its Shareholders giving notice of its Annual General
Meeting and of the Extraordinary General Meeting requisitioned
by Acquisitor Holdings (Bermuda) Ltd.

AGM and EGM

In order to save costs, the Board will hold both the AGM and the
EGM requisitioned by Acquisitor on the same day, Monday, 5 July
2004.  The AGM will be held at 12:00 noon at Cafe Royal, 68
Regent Street, London W1R 6EL and the EGM will take place
immediately thereafter.

Proxy forms for both meetings, as enclosed with the circular,
must be received by no later than 12:00 noon on Saturday, 3 July
2004 for the AGM and no later than 12:15 p.m. on the same date
for the EGM.  Proxy forms should, therefore, be posted no later
than Thursday, 1 July 2004 to meet this deadline.  The circular
is available on Baltimore Technologies' Web site at
http://www.baltimore.com.

In addition to the resolutions proposed by the Board, the AGM
will consider resolutions proposed by Acquisitor for the removal
of the entire Board and the appointment of its own
representatives, as requested by Acquisitor on 7 May 2004.  The
subsequent EGM, requisitioned by Acquisitor on 17 May 2004, will
consider precisely the same resolutions it proposed for the
preceding AGM.  In light of this, the Board has asked Acquisitor
to withdraw its EGM requisition to further save costs and
simplify the process for Shareholders, but Acquisitor has
refused.

Bijan Khezri, non-Executive Chairman of Baltimore Technologies,
said: "Given that the resolutions Acquisitor has proposed for
both meetings are identical, it is disappointing that it has
refused our request for shareholders to consider its resolutions
in one meeting.  As a result, Acquisitor has escalated the cost
and complexity of the process for Shareholders to no apparent
benefit."

Cash return to Shareholders

As stated in the circular, subject to the approval of the
proposed capital reduction by Shareholders in the AGM,
confirmation by the Court and compliance with any requirements
of the Court, the Board currently expects that the value of the
cash return to Shareholders by way of a special dividend will be
18.6 pence per share, or GBP10 million in aggregate, to be paid
by end 2004.

CONTACT:  BALTIMORE TECHNOLOGIES

          Smithfield
          Andrew Hey
          Nick Bastin
          Will Swan
          Phone: +44 (0) 20 7360 4900


BARNSLEY SKILLSHOP: Members Final Meeting Set July 15
-----------------------------------------------------
There will be a Final Meeting of the Members of Barnsley
Skillshop Limited Company on July 15, 2004 at 11:00 a.m.  It
will be held at the offices of Gibson Booth, 15 Victoria Road,
Barnsley S70 2BB.

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

CONTACT:  GIBSON BOOTH
          15 Victoria Road,
          Barnsley S70 2BB
          Contact:
          E C Wetton, Liquidator


BARRONTEAM LIMITED: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Barronteam Limited Company on May 18, 2004 held at Farringdon
Place, 20 Farringdon Road, London EC1M 3AP, the Special and
Ordinary Resolutions to wind up the Company were passed.
Jonathan D Newell of PKF has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.


BRITISH ENERGY: Issues Output Statement for May
-----------------------------------------------
A summary of net output from British Energy's power stations in
May 2004 is given in the table below, together with comparative
data for the previous financial year:

                        2003/04

                 May                Year to Date
            Output   Load         Output      Load
             (TWh)  Factor (%)    (TWh)     Factor
                                              (%)

U.K. Nuclear     5.97      84      11.49       82
U.K. Other       0.35      25       0.73       26

                      2004/05

                 May              Year to Date
            Output   Load        Output      Load
             (TWh)  Factor (%)    (TWh)     Factor
                                              (%)

U.K. Nuclear    4.94      69       10.07       72
U.K. Other      0.45      32        1.04       37

Planned Outages

(a) A statutory outage was completed on one reactor at Heysham 2
    and another started on one unit at Hartlepool.

(b) Low load refueling was carried out on one reactor at
    Heysham 2 and on both reactors at Hinkley Point B.

Unplanned Outages

(a) One generating unit at Sizewell B has been shutdown since
    19th April to replace the alternator rotor, which had an
    earth fault.  It is expected to return to service later this
    month.  The other generator unit continues to operate at
    nominal full load.

(b) The planned outage at Torness to carry out planned boiler
    instrumentation modifications was extended to carry out
    additional work to restore boiler performance.  As a result
    one reactor was shutdown for most of May.

(c) Heysham 2, Dungeness B and Hunterston B were each affected
    by less significant unplanned outages during the month.

Overview

The outages to date this year are within the Company's planning
contingencies.  For this reason the Company's indicative target
for nuclear output for 2004/05 of 64.5TWh remains unaltered.

CONTACT:  BRITISH ENERGY
          Media Enquiries
          Andrew Dowler
          Phone: 020 7831 3113

          Investor Relations
          Paul Heward
          Phone: 01355 26 2201

          Web site: http://www.british-energy.com


BRITISH ENERGY: Chief Nuclear Officer Appointed
-----------------------------------------------
British Energy is pleased to announce the appointment of Roy
Anderson as Chief Nuclear Officer.  In this role, he will be
responsible for the operation of British Energy's fleet of eight
U.K. Nuclear Power Generation Stations.  Mr. Anderson will be a
member of the Executive Committee reporting to CEO Mike
Alexander.  He will join British Energy on 5th July 2004.

Mr. Anderson is currently President of PSEG Nuclear in the U.S.
where he is responsible for all nuclear production.  He was
previously Chief Nuclear Officer of Nuclear Management Company
and prior to that of Florida Power Corporation.  His earlier
career spanned Caroline Power & Light Company, Boston Edison
Company and General Electric Company.  He has a degree in Marine
& Nuclear Engineering and an MBA in Operation Research.

Mike Alexander, Chief Executive of British Energy, said: "Roy
has significant experience of nuclear turnarounds and his
experience will be invaluable to British Energy as we progress
the Performance Improvement Program.  He joins at an important
time in the restructuring of the Company."

Mr. Anderson commented: "The challenge at British Energy is an
exciting one, and I am pleased to be joining the Company at this
time.  I believe that British Energy staff are committed and
professional and I look forward to leading them through this
period of change."

David Gilchrist, currently Managing Director, British Energy
generation subsidiaries, will take on the new group wide
position of Technical Director, which will strengthen the
technical and operational involvement in key regulatory and
commercial support areas across British Energy.  Mr. Gilchrist
will take up this new role on 5th July 2004.

CONTACT:  BRITISH ENERGY
          Media Enquiries
          Andrew Dowler
          Phone: 020 7831 3113

          Investor Relations
          Paul Heward
          Phone: 01355 26 2201

          Web site: http://www.british-energy.com


CANARY WHARF: Songbird Offer Open Until Thursday
------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.

As at 1:00 p.m. (London time) on 4 June 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 381,890,529 Canary Wharf Shares,
representing approximately 65.27% of the existing issued share
capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5
percent of the issued share capital of Canary Wharf, which have
been acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family in respect
of 13,288,000 Canary Wharf Shares, representing approximately
2.3% of the issued share capital of Canary Wharf.  Also included
in the acceptances are those received from the Canary Wharf
Directors comprising the Independent Committee, George Iacobescu
and Peter Anderson, who stated in the Offer Document their
intention to accept the Offer in respect of their beneficial
holdings of 3,955,001 Canary Wharf Shares, representing
approximately 0.7 percent of the issued share capital of Canary
Wharf.

As at the close of business on 3 June 2004, the Morgan Stanley
Group was the beneficial owner of 732,328 Canary Wharf Shares
and held 2,099,635 Canary Wharf Shares on behalf of clients.
Valid acceptances have been received by Songbird in respect of
968,755 of these Canary Wharf Shares.  As at the close of
business on 3 June 2004, Goldman Sachs International was the
beneficial owner of 340,543 Canary Wharf Shares.  Valid
acceptances have been received by Songbird in respect of 11,704
of these Canary Wharf Shares.  Goldman Sachs International was
also the discretionary manager of 10,000 Canary Wharf Shares.
Valid acceptances have been received by Songbird in respect of
10,000 of these Canary Wharf Shares.  Goldman, Sachs & Co. was
the discretionary manager of 15,000 Canary Wharf Shares.  Valid
acceptances have been received by Songbird in respect of 15,000
of these Canary Wharf Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.

Offer Extended Until 10 June 2004

Songbird announces that the Offer will remain open for
acceptances until 1:00 p.m. (London time)/8:00 a.m. (New York
time) on Thursday, 10 June 2004.  Songbird also announces that
Canary Wharf Shareholders will continue to be able to elect to
vary the proportions of Class B Shares and cash consideration
they receive in respect of their Canary Wharf Shares.

Previously under the Mix and Match Election, Canary Wharf
Shareholders were able to elect to vary the proportions of Class
B Shares and cash consideration that they would receive in
respect of their holdings of Canary Wharf Shares and were also
able to elect to receive Class C Shares in lieu of consideration
to which they would otherwise be entitled.  As stated in the
Offer Document, elections for Class C Shares would only be
satisfied, subject to a minimum of 25 million Class C Shares
being issued.  As at 1:00 p.m. (London time)/8:00 a.m. (New York
time) on 4 June 2004, insufficient elections had been made for
the Class C Shares, and therefore no Class C Shares will be
issued and Canary Wharf Shareholders who have elected to receive
Class C Shares under the Mix and Match Election will receive
Class B Shares instead.

As a result of the extension of the Offer until 10 June 2004,
Canary Wharf Shareholders will be able to accept the Offer and
make an election to vary the proportions of Class B Shares and
cash consideration that they receive in respect of their
holdings of Canary Wharf Shares.  If they so elect, Canary Wharf
Shareholders will be able to receive 295 pence in cash per
Canary Wharf Share.  However they will not be able to elect to
receive Class C Shares in lieu of consideration to which they
would otherwise be entitled.

Canary Wharf Shareholders who have not accepted the Offer, but
who wish to do so, should note therefore that the Offer will
remain open for acceptance until 10 June 2004.  The Offer will
then close unless further extended.

As permitted by the terms and conditions of the Offer, Songbird
will elect to treat elections received (or validated or
completed) during the period from 1:00 p.m. (London time)/8:00
a.m. (New York time) on 4 June 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on Thursday 10 June 2004 as
forming a separate pool of elections for the purposes of
determining the cash and Class B Shares available to meet such
elections.  The number of Class B Shares that will therefore be
made available to meet elections made after 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 4 June 2004 until 1:00 p.m.
(London time)/8:00 a.m. (New York time) on Thursday 10 June 2004
for the purposes of paragraph 6 of Part B of Appendix 1 to the
Offer will be determined based upon the number of valid
acceptances received (or validated or completed) during that
period.

Canary Wharf Shareholders should note that, if any elections
received during this period purport to make an election for
Class C Shares, those elections will be deemed to be elections
for Class B Shares and will be dealt with accordingly.

Settlement of the consideration due to Canary Wharf Shareholders
under the Offer will be made as:

(a) In the case of acceptances received complete in all respects
    on or before 21 May 2004, on 11 June 2004; or

(b) In the case of acceptances received complete in all respects
    after 21 May 2004 but while the Offer remains open for
    acceptance, within 14 days of such receipt or, if later, on
    11 June 2004.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on Thursday 10 June 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, Phone:
+44 20 8639 2157).

CONTACT:  CANARY WHARF
          Press Inquiries:
          MORGAN STANLEY
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG CORPORATE FINANCE
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


EASYJET PLC: Expects Difficulties to Continue this Year
-------------------------------------------------------
Passenger statistics for May 2004 and trading update

Below are the easyJet passenger statistics for May 2004.  This
information is published on the fifth working day of every
month.


Month ending;             May 2004        May 2003        Change
Passengers1               2,092,709       1,759,659       19%
Load Factor2              81%             83%              N/A

Rolling 12 months ending; May 2004        May 2003        Change
Passengers1               22,388,318      18,146,542      23%
Load Factor2              84%             84%             N/A
Revenue (unaudited)3   GBP1,015 mln    GBP816 min         24%

easyJet is amending its monthly reporting format to include a
rolling 12-month revenue number.  Over the coming months, this
will provide shareholders with a body of data to give insight
into underlying business trends and greater year-round
visibility of the performance of easyJet's seasonal business.
Given recent events, we also take the opportunity to provide
more detailed guidance on this occasion.

We indicated in our interim announcement that we were seeing
unprofitable and unrealistic pricing by airlines across all
sectors of the European industry.  We expect this to continue
during the rest of the year.

While demand for low cost travel remains strong, the forward
pricing environment is exceptionally competitive.  We will
vigorously defend our market position and, unlike some airlines,
have the financial strength to do so -- even after having
already arranged financing facilities for 82 incoming aircraft
over the coming 3-4 years.  We will continue to extend our
network reach, growing capacity by some 20% this financial year,
maintaining our leading market position and optimizing the use
of our scale.  Capacity deployment for financial year 2005 is
currently under review.

Fuel prices continue to be a concern.  For the second half of
this financial year, easyJet has approximately 55% of its fuel
capped at US$301/tonne.  For the first two months of the second
half, the average fuel price was $360/tonne (before hedging).
If this price continues, our results would be adversely affected
by approximately GBP4 million at current exchange rates.

Management continues to implement cost-reduction initiatives.
Last week we announced another tender to select low-cost
airports for the next stage of our development.  Also last week
we made history when every single passenger on a flight checked-
in themselves and their baggage using self-check-in kiosks.
This will result in more efficient operations (and lower costs)
at airports as we roll out this new process across the network.
The 16 Airbus A319s now in the fleet continue to reduce our unit
costs (7 more to be delivered this financial year) and have
helped us to attain excellent levels of punctuality and
operational stability in the last few months.

Assuming a slight easing in global oil prices and that Sterling
remains reasonably strong against the U.S. Dollar, we would
expect a stable geopolitical environment to allow us to generate
pre tax profits in the current year that at least exceed the
GBP52 million achieved last year.

Ray Webster, Chief Executive of easyJet said: "At our Interim
results we indicated the increasingly competitive nature of the
European airline market for this year. This continues and, as
Europe's number one low-cost airline, we will use our market and
financial strength to protect our leading position.  While this
may have a bearing on the growth in our profits this year, it
will ensure sound medium and long-term growth for easyJet, in a
market place where there will be fewer carriers."

(a) Represents the number of earned seats flown.  Earned seats
    include seats that are flown whether or not the passenger
    turns up because easyJet is a no-refund airline, and once a
    flight has departed a no-show customer is generally not
    entitled to change flights or seek a refund.  Earned seats
    also include seats provided for promotional purposes and to
    staff for business travel.

(b) Represents the number of passengers as a proportion of the
    number of seats available for passengers.  No weighting of
    the load factor is carried out to recognize the effect of
    varying flight (or 'stage') lengths.

(c) Represents statutory revenue (unaudited)


EURODIS ELECTRON: Appoints Non-executive Director
-------------------------------------------------
Eurodis Electron PLC appointed Mr. Bill Alexander as a Non-
Executive Director of the Company with immediate effect.

Mr. Alexander, 44, qualified as a Chartered Accountant with
KPMG, and then worked as a senior manager at Mars Inc. and then
Guinness plc.  Over the past eight years he has been Group
Finance Director for United Carriers plc and Metroline plc.

Doug Rogers, Chairman, commented:

"I am delighted that Bill is joining the Board.  I am sure his
extensive financial experience will be of great value to the
Company going forward."

There is no further information to be disclosed under paragraphs
16.4(a) and 6.F 2 (b) to (g) of the UKLA Listing Rules.

                            *   *   *

The Board of Eurodis announced last year proposals to raise
approximately GBP17.8 million (EUR25.2 million), before
expenses, by means of an issue of New Ordinary Shares.  This
month the company said the successful conclusion of the GBP39
million equity raising at the beginning of March has enabled the
business to get back to operating on a normal footing.  The
equity proceeds have been deployed in line with the plans stated
during the fund raising, which is to strengthen the Group's
balance sheet and finance the Group's working capital
requirements.

CONTACT:  EURODIS ELECTRON
          Doug Rogers, Chairman
          Phone: 01737 242 464

          BELL POTTINGER FINANCIAL
          John Coles
          Emily MacKay
          Phone: 020 7861 3232


FERRO MOLY: Names Tomlisons Administrator
-----------------------------------------
The Ferro Moly Limited has appointed Alan H Tomlinson on
Tomlinsons as joint administrative receiver.  The appointment
was made April 27, 2004.

The registered office address of Ferro Moly is located at Surrey
Street, Glossop, Derbyshire SK13 7AL.  The company is engaged in
processing metal.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3FL
          Receiver:
          Alan H Tomlinson
          (IP No 6585)


HOLLEY PAPER: Hires Liquidator from Altman Blane
------------------------------------------------
At an Extraordinary General Meeting of the Holley Paper Limited
Company on May 26, 2004 held at Middlesex House, 29-45 High
Street, Edgware, Middlesex HA8 7LH, the Special Resolution to
wind up the Company was passed.  Alan Blane of Altman Blane &
Co., Middlesex House, 29-45 High Street, Edgware, Middlesex HA8
7LH has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  ALTMAN BLANE & CO
          Middlesex House
          29-45 High Street, Edgware,
          Middlesex HA8 7LH
          Contact:
          Alan Blane, Liquidator


JONES LIMITED: Appoints Numerica Administrator
----------------------------------------------
Jonathan Mark Birch and Nicholas Hugh O'Reilly of Numerica have
been appointed joint administrative receivers for Jones 'Toutes
Directions' Limited Company.  The appointment was made May 26,
2004.  The company sells clothing.

CONTACT:  NUMERICA
          PO Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Receivers:
          Jonathan Mark Birch
          Nicholas Hugh O'Reilly
          (IP Nos 5328, 8309)


KINGSGATE PRESS: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Kingsgate Press
Limited Company on May 26, 2004 held at Middlesex House, 29-45
High Street, Edgware, Middlesex HA8 7LH, the Special Resolution
to wind up the Company was passed.  Alan Blane, Middlesex House,
29-45 High Street, Edgware, Middlesex HA8 7LH has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  ALTMAN BLANE & CO
          Middlesex House
          29-45 High Street, Edgware
          Middlesex HA8 7LH
          Contact:
          Alan Blane, Liquidator


LIMPSFIELD LITHOGRAPHIC: Special Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the Limpsfield
Lithographic Services Limited Company on May 26, 2004 held at
Middlesex House, 29-45 High Street, Edgware, Middlesex HA8 7LH,
the Special Resolution to wind up the Company was passed.  Alan
Blane of Altman Blane & Co., Middlesex House, 29-45 High Street,
Edgware, Middlesex HA8 7LH has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  ALTMAN BLANE & CO
          Middlesex House
          29-45 High Street, Edgware
          Middlesex HA8 7LH
          Contact:
          Alan Blane, Liquidator


LIONTRUST FIRST: Hires PricewaterhouseCoopers Liquidator
--------------------------------------------------------
At the Extraordinary General Meeting of Liontrust First U.K.
Investment Trust Plc on May 28, 2004, the Special Resolution to
wind up the Company was passed.  Richard Setchim and Jonathan
Sisson of PricewaterhouseCoopers LLP have been appointed
Liquidators of the Company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          United Kingdom
          Contact:
          Richard Setchim, Liquidator
          Jonathan Sisson, Liquidator
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


LIVINGROOM LEISURE: Scottish Courage Appoints Administrator
-----------------------------------------------------------
Scottish Courage Limited has appointed Andrew Andronikou as
joint administrative receiver for Livingroom Leisure Limited.
The appointment was made May 25, 2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Receiver:
          Andrew Andronikou
          (IP No 1253)


LONDON ENTERPRISES: Hires Liquidators from UHY Hacker Young
-----------------------------------------------------------
At an Extraordinary General Meeting of the London Enterprises
Limited Company on May 24, 2004 held at the offices of UHY
Hacker Young, 2 Fore Street, London EC2Y 5DH, the Special and
Ordinary Resolutions to wind up the Company were passed.
Ladislav Hornan and Peter Kubik of UHY Hacker Young, St Alphage
House, 2 Fore Street, London EC2Y 5DH have been appointed
Liquidators for the purpose of such winding-up.

CONTACT:  UHY HACKER YOUNG
          St Alphage House
          2 Fore Street,
          London EC2Y 5DH
          Contact:
          Ladislav Hornan, Liquidator
          Peter Kubik, Liquidator


MECHANICAL ELECTRICAL: Appoints Tenon Recovery Administrator
------------------------------------------------------------
The Mechanical & Electrical Services Limited has appointed S R
Thomas and S J Parker of Tenon Recovery as joint administrative
receivers.  The appointment was made June 1, 2004.

The company installs electrical wiring etc and plumbing.  Its
registered office address is located at Service House, 145
Gosport Road, Walthamstow, London E17 7LX.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Receivers:
          S R Thomas
          S J Parker
          (IP Nos 8920, 8989)


MODUS RAIL: Meeting of Creditors Set June 11
--------------------------------------------
Creditors of Modus Rail Limited will have a Meeting on June 11,
2004 at 11:30 a.m.  It will be held at the offices of Rothman
Pantall & Co., Clareville House, 26-27 Oxndon Street, London
SW1Y 4EP.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co not later than 12:00 noon,
June 10, 2004.

CONTACT:  ROTHMAN PANTALL & CO.
          Clareville House,
          26-27 Oxndon Street,
          London SW1Y 4EP
          Joint Administrators:
          Robert Derek Smailes
          Stephen Blandford Ryman


MOSSLEY SPINNING: Appoints Mazars Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Mossley Spinning
Limited Company on May 28, 2004 held at 24 Bevis Marks, London
EC3A 7NR, the subjoined Special Resolution to wind up the
Company was passed.  Christopher Rodney Ashurst and David
Richard Thorniley of Mazars, 24 Bevis Marks, London EC3A 7NR
have been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Contact:
          Christopher Rodney Ashurst, Liquidator


NTL INC.: GBP2.43 Bln Fund-raising Fails to Generate Interest
-------------------------------------------------------------
Ten weeks have passed but Credit Suisse First Boston, Goldman
Sachs, Deutsche Bank and Morgan Stanley are still struggling to
attract participants to NTL's GBP2.43 billion fund-raising.

According to Bloomberg News, these banks have already raised the
interest margin on GBP900 million of the loan to 3 percentage
points from 2.75 percentage points to attract more institutional
investors such as hedge funds and insurance companies.  Still
takers are few and far between.

Brokers interviewed by the newswire say investors find the cable
sector risky.  Yuri Garbuzov, who helps oversee US$1 billion in
loans at Pacific Investment Management Co. in London, told
Bloomberg: "European banks have had some bad experiences
investing in cable."

"We're not wild about the U.K. cable sector, and there are too
many risks associated with a merger of Telewest [and NTL]," adds
Simon Hood, referring to the rumored merger of the two most
dominant cable operators in the U.K.  A managing director at ING
Capital Management in London, who oversees EUR650 million
(US$796 million) in high-yield loans, Mr. Hood refused to buy
NTL's credit.

Bloomberg says the offering will close in the coming days.  The
arrangers had originally set the last day of transaction for May
28, but extended it in hopes of attracting more buyers.  In the
case of Deutsche and Goldman, which are arranging the fund-
raising for Cablecom Holding AG, the two banks have given money
managers, hedge funds and insurers until next week to bite.
Moody's rates this loan B1, four steps below investment grade,
Bloomberg says.

Cablecom is Switzerland's largest cable provider.  A group
investors led by Soros Private Equity Partners, Apollo
Management LP and Goldman Sachs Capital Partners carved out the
company from NTL Europe in November under its debt-restructuring
plan.  Also under that plan, creditor banks had to write off
some of their loans in exchange for equity in the Zurich-based
company.  Market observers expect these banks to abandon the
company down the road.

"No doubt there'll be some sort of refinancing in the next few
years and they'll want to exit the business," Mr. Hood of ING
Capital, who said he will invest in Cablecom's loan told
Bloomberg. "We're reasonably comfortable with the plan."


PARAGON CONSULTING: Calls in Liquidator
---------------------------------------
Name of Companies:
Paragon Consulting (CS) Limited
Paragon Consulting (RW) Limited

At an Extraordinary General Meeting of these Companies on May
27, 2004 held at 111 Baker Street, London W1U 6RR, the Special,
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Jane Lindsay Gandon, of 2 Preston Park Avenue,
Brighton BN1 6HJ has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  Jane Lindsay Gandon, Liquidator
          2 Preston Park Avenue,
          Brighton BN1 6HJ


PHOENIX OVERSEAS: Appoints Tomlinsons Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Phoenix Overseas
Limited Company on April 30, 2004 held at Flat 2, 7 Hill Street,
London W1J 5LE, the Resolutions to wind up the Company were
passed.  Alan H Tomlinson of Tomlinsons, 2 AC Court, High
Street, Thames Ditton, Surrey KT7 0SR has been appointed
Liquidator of the Company for the purpose of such winding-up.

CONTACT:  TOMLISONS
          2 AC Court
          High Street, Thames Ditton,
          Surrey KT7 0SR
          Contact:
          Alan H Tomlinson, Liquidator


ROBINSON METAL: HSBC Bank Appoints Mazars Receiver
--------------------------------------------------
HSBC Bank Plc called in Martin Dominic Pickard and Alistair
Steven Wood receivers for Robinson Metal Work (Luton) Limited
Company (Reg No 00676588, Trade Classification: 06).  The
application was filed May 25, 2004.  The company manufactures
other fabricated metal products.

CONTACT:  MAZARS
          The Atrium,
          Park Street West,
          Luton LU1 3BE
          Receivers:
          Martin Dominic Pickard
          Alistair Steven Wood
          (Office Holder Nos 006833, 007929)


SPENCER STEEL: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary Meeting of the Members of the Spencer Steel
Metal Trading Limited Company on May 28, 2004 held at 1st Floor,
26-28 Bedford Row, London WC1R 4HE, the Special and
Extraordinary Resolutions to wind up the Company were passed.
Paul Appleton of David Rubin & Partners, 1st Floor, 26-28
Bedford Row, London WC1R 4HE has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor
          26-28 Bedford Row,
          London WC1R 4HE
          Contact:
          Paul Appleton, Liquidator


SSL INTERNATIONAL: Mark Moran Appointed Group Finance Director
--------------------------------------------------------------
SSL International plc the manufacturer and distributor of
healthcare products appointed Mark Moran as Group Finance
Director.  Mark succeeds Garry Watts who was appointed Chief
Executive on 1st April 2004.

Mark, aged 44, was previously Group Finance Director at Porvair
plc prior to which he held senior management roles with Caradon
plc.  Mark graduated from Oxford before training as a Chartered
Accountant.  He is married with three children.

Ian Martin, SSL's Chairman said: "I am delighted to welcome Mark
to the Board.  His experience will be of great benefit to Garry
and his team as we focus on building SSL into a successful
consumer healthcare business."

There are no further disclosures required to be made in relation
to Paragraphs 16.4(a) and 16.4(b) of the FSA Listing Rules.

CONTACT:  SSL INTERNATIONAL PLC
          Garry Watts, Chief Executive
          Jan Young, Head of Investor Relations
          Phone: 020 7367 5773

          THE MAITLAND CONSULTANCY
          William Clutterbuck
          Brian Hudspith
          Phone: 020 7379 5151


WEMBLEY PLC: BLB Investors' Offer Receives 48.9% Acceptance
-----------------------------------------------------------
(a) Level of acceptances

BLB Investors, L.L.C. announces that, in relation to the
recommended cash offer made by J.P. Morgan plc on behalf of BLB
Worldwide Acquisition, Inc. (BLB Acquisition), an indirect
wholly-owned subsidiary of BLB Investors, and, in the United
States, by BLB Acquisition itself, for the entire issued and to
be issued share capital of Wembley plc as set out in the offer
document dated 1st May, 2004, as at 3:00 p.m. (London time) on
5th June, 2004, valid acceptances of the Offer had been received
in respect of 17,009,424 Wembley Shares representing
approximately 48.9% of the existing issued share capital of
Wembley.

Prior to the announcement of the Offer on 20th April, 2004, BLB
Acquisition had acquired 7,732,500 Wembley Shares from Active
Value (representing approximately 22.2% of Wembley's issued
share capital), all at a price of 800 pence for each Wembley
Share.

Accordingly, as at 3:00 p.m. (London time) on 5th June, 2004,
BLB Acquisition had either acquired or received valid
acceptances of the Offer in respect of 24,741,924 Wembley Shares
representing approximately 71.2% of the existing issued share
capital of Wembley.

Save as disclosed in this announcement or in the Offer Document,
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors held any Wembley Shares (or
rights over any Wembley Shares) prior to the Offer Period and
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors have acquired or agreed to

acquire any Wembley Shares (or rights over any Wembley Shares)
since the commencement of the Offer Period.

(b) Extension of Offer

The Offer has been further extended and will remain open for
acceptance until 3:00 p.m. (London time) on 19th June, 2004.

Forms of Acceptance not yet returned should be completed and
returned in accordance with the instructions set out in the
Offer Document and in the Form of Acceptance so as to be
received as soon as possible and, in any event, by not later
than 3:00 p.m. (London time) on 19th June, 2004.  Any further
extensions of the Offer will be publicly announced by 8.00 a.m.
(London time) on the business day following the day on which the
Offer was otherwise due to expire.

The Offer remains subject to the terms and conditions set out in
the Offer Document.

Terms defined in the Offer Document bear the same meanings
herein.
                            *   *   *

Not For Release, Publication Or Distribution In, Into Or From
Australia, Canada Or Japan

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

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

          CAPITA IRG PLC
          Phone: 0870 162 3100 (or +44 20 8639
          2157 if telephoning from outside the U.K.)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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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.

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