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

                           E U R O P E

             Tuesday, June 29, 2004, Vol. 5, No. 127

                            Headlines

C Z E C H   R E P U B L I C

ALIATEL A.S.: Business Adviser Recommends Debt-for-equity Swap


F R A N C E

ALCATEL: Capgemini, SFR Join Eurely Consortium
ALCATEL: US$28 Mln Taiwan Railway Contract Under Investigation
PERRIER: Nestle Close to Putting up Water Brand for Sale
VIVENDI UNIVERSAL: Canal+ Sells Sportfive Stake for EUR274 Mln


G E R M A N Y

BERTELSMANN AG: Sells U.S. Office Tower for US$426.5 Million
CELANESE AG: BCP Crystal Offers EUR41.92 to Buy Remaining Shares
CELANESE AG: Celanese Chemicals Ups Isononanoic Acid Production


G R E E C E

ROYAL OLYMPIC: Expected Delisting to Happen Yesterday


I T A L Y

ALITALIA SPA: May Run out of Cash by September
FINMATICA SPA: Downgraded to 'CC' on Refinancing Concerns
PARMALAT U.S.A.: Farmland Dairies May 2004 Operating Report
PARMALAT U.S.A.: Milk Products May 2004 Monthly Operating Report
PARMALAT U.S.A.: Releases May 2004 Monthly Operating Report


K Y R G Y Z S T A N

AK-TILEK: Sets Creditors Meeting July 5
ALTYN-TOO: Bishek Court Appoints Insolvency Manager
FORA-L: Public Auction of Assets July 6
KURS: Selling Six Apartment Lots July 2
PRIGORODNYI: Creditors Meeting Set July 5
REF: To Auction Shares July 6
SEVERNAYA PMK: Schedules Public Auction July 6


L U X E M B O U R G

TK ALUMINUM: First-quarter Revenues Slightly Down
TK ALUMINUM: Rating Cut to 'CCC'; Placed on CreditWatch Negative


N E T H E R L A N D S

ROYAL SHELL: Divests Product Distribution Chain in Portugal
ROYAL SHELL: Details Philip Watts Compensation Package
ROYAL SHELL: U.S. Pension Funds File Class Action


N O R W A Y

DNO ASA: Decides to Pay Dividend
OPTICOM ASA: Thin Film Electronics Restructuring


R U S S I A

ALEKSIN-PROM-STROY: Sets Public Auction July 7
AVIASTAR-TRANS: Insolvent Status Confirmed
BASHTEKS: Bashkortostan Court Sets Proofs of Claim Deadline
BELOVSKY MEET: Schedules Public Auction July 16
FLAX-HEMP FACTORY: Public Auction Set July 20

LUKHOVITSKAYA GARMENT: Sets Public Auction July 28
PICHAEVO-REM-TEKH-PRED: Proofs of Claim Deadline August 10
TVERSKOY FACTORY: Deadline for Proofs of Claim July 10
VLADIMIRSKY REPAIR-ASSEMBLING: Court Sets October 7 Hearing
ZNAMENSKY BRICKWORKS: Declared Insolvent


S W E D E N

ADECCO SA: To Web cast June 29 Annual General Meeting


U K R A I N E

AIDA: Bankruptcy Supervision Procedure Begins
ARGO: Cherkassy Court Starts Bankruptcy Supervision Procedure
DNIPRO: Undergoes Bankruptcy Supervision
GOLDEN BRIDGE: Public Auction of Assets Set July 5
KOLOS: Court Appoints Temporary Insolvency Manager
LEBEDIN FOODSTUFF: Undergoes Bankruptcy Supervision Procedure
PEREMOZHETS: Vinnitsya Court Orders Debt Moratorium


U N I T E D   K I N G D O M

69 MANSELL: Hires Liquidators from Mazars
911 SALES: Meeting of Unsecured Creditors July 2
ABERDEEN ASSET: Corners New US$1.1 Bln Asset Management Deal
BARNSLEY ALHAMBRA: Eurohypo Aktiengesellschaft Hires Receiver
BIOCHEMINEX LIMITED: Appoints Liquidator from Gilderthorps

CABLE & WIRELESS: Subsidiary Faces GBP50 Million Lawsuit
CANARY WHARF: Songbird Offer Extended Until July 1
C & H MEATS: Calls in Liquidator
CORUS GROUP: S&P Retains 'B' Ratings, Stable Outlook
DIMITRIS RESTAURANT: Sets Creditors Meeting July 2

DUO AIRWAYS: Meeting of Creditors Set July 8
EGG PLC: Capital One Gaining Ground with GBP1.4 Billion Bid
EMERALD STEEL: Creditors to Name Liquidator July 1
EVES HOLDINGS: Calls in Liquidator
GEN RE: Sets Final Meeting July 26

HT COMMUNICATIONS: Board Sets Creditors Meeting July 1
INTER AIR: Administrative Receivers Call Creditors Meeting
INTERFUNCTION LTD.: Creditors to Convene July 2
JANES BEVERAGE: Creditors to Decide on Liquidation June 30
JB WORKFORCE: Creditors Meeting Scheduled June 30

KENT FURNISHERS: Creditors to Name Liquidator June 30
LUMLEY CAZALET: Members Final Meeting Set July 16
NETWORK RAIL: Two-day Union Strike Canceled
ONYX PLASTICS: Final General Meeting Set July 20
OXYGEN COMMUNICATIONS: Creditors Meeting Set July 2

PERCY THOMAS: Names Grant Thornton Administrator
PREMIER STRUCTURAL: Meeting of Creditors Set June 30
PST INTERNATIONAL: To Vote on Administrator's Proposals June 30
RAILSIDE U.K.: Creditors Meeting Set July 1
REDFRAME TIMBER: Hires Receivers from Robson Rhodes

RJS MOTORCYCLES: Creditors Meet June 30 to Hear Status Report
ST. DAVID'S: Royal Bank of Scotland Appoints Receiver
STEELRAY NO. 186: Sets Final Meeting July 23
TRANSLOGISTICA ONE: Members General Meeting Set July 20
WATERLOO ROOM: General Meeting Set July 20

* Large Companies with Insolvent Balance Sheets


                            *********


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


ALIATEL A.S.: Business Adviser Recommends Debt-for-equity Swap
--------------------------------------------------------------
A study by Pravda Capital s.r.o. shows telecommunications
company Aliatel may have to file for bankruptcy in April of next
year due to cash flow problems.

According to Czech Happenings, "the level of sales and costs in
the last four years shows that the company is unable to finance
itself from its own resources."  Last year, the firm's sales
grew by 38% to CZK2.55 billion, but its debt remained at CZK2.7
billion.  Debt to shareholders was CZK2 billion, but loss was
down 46% to CZK385 million.

Shareholders are due to choose between a bankruptcy and
restructuring at the company's general meeting.  The meeting was
originally called for July 1, but Aliatel spokesman Pavel Kaidl
told weekly Euro it would take place later in the summer months.

Pravda Capital, a business and management consultancy firm,
suggests a debt-for-equity swap in preparation for the
subsequent sale of the company, which will then be cleared of
debts.

"In particular RWE, the largest shareholder, is thinking about
this solution," one of the other shareholders told Euro.  Share
of owner's equity in total assets has been falling in recent
years.  In 2001 to 2003, shareholder's equity went down to 39%
from 13%.

Aliatel provides voice, data and Internet services.


===========
F R A N C E
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ALCATEL: Capgemini, SFR Join Eurely Consortium
----------------------------------------------
The Eurely consortium, comprising of Alcatel, Finmeccanica and
Vinci Networks, is now joined by Capgemini, one of the world's
providers of consulting, technology and outsourcing services and
SFR, the second mobile operator in France.  This consortium is
short-listed to become the Galileo concessionaire, the civilian
radio-navigation system initiated by the European Commission and
the European Space Agency.  The Eurely consortium is reinforcing
its partnership strategy to better serve the program needs.

The Galileo positioning system is based on a constellation of
thirty satellites providing global coverage.  It will serve both
institutional needs and commercial expectations in terms of
positioning as well as precise and dependable time.  This system
will be compatible with the American GPS system.

Samir Naessany, senior vice president of Alcatel's private
communications activities and representing the Eurely
consortium, said: "Eurely is proud to welcome SFR and Capgemini.
Telecoms will play an important role in the success of Galileo.
Alcatel has been committed for the past several years in
developing solutions using the Galileo signals, which will
benefit mobile operators and their customers.  The ultimate
quality of the Galileo signals delivered to the users will allow
numerous products and services innovations, in particular in the
transport domain and in personal and property safety."

Alexandre Haeffner, COO of Capgemini added: "European services
industry leaders need to combine their skills and efforts with
Eurely promoters to support the program.  Capgemini has skills
in consulting, system integration and deployment and we are
proud to have the chance to contribute to the largest European
infrastructure program.  Galileo services will reinforce our
customers' competitiveness."

Location based services are mandatory for people on the move.
With the "it's around you" service, SFR provides its customers
in France with useful information on shops, banks and
restaurants located around their area.  The high precision and
reliability provided by Galileo will enable mobile service
providers to offer new applications based on precise locations
in order to ease their customers' life, with a simple
application of their mobile phones.

Eurely and its partners have unrivalled experience in large
space infrastructure and concessions of a commercial and an
international nature.  Eurely has a unique vision and strategy
for the institutional needs and aims to exploit the numerous
synergies with the most attractive mobile telecom and transport
markets.

Deutsche Bank is the financial adviser of the Eurely consortium.

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees.  Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world.  With sales of
EUR12.5 billion in 2003, Alcatel operates in more than 130
countries.

About Finmeccanica

Based in Rome, Finmeccanica S.p.A. is Italy's largest aerospace
and defense group, a key player in European industry.
Finmeccanica S.p.A. is listed on the Milan stock exchange.  In
2003, the company had revenues of EUR8.6 billion and employed
almost 45,000 people around the world.  Finmeccanica has a
leading capability both as platform maker and system integrator:
network-centric solutions, space platform and satellite
services, homeland security and EEZ management systems, pilots
training, air traffic management and control, C4ISR, naval
combat management systems.

Finmeccanica provides systems and products for government
agencies and commercial customers and its core competency are
widely recognized by the market.

About Capgemini

Capgemini, one of the world's foremost providers of Consulting,
Technology and Outsourcing services, reported 2003 global
revenue of EUR5.7 billion and employs approximately 55,000
people worldwide.


ALCATEL: US$28 Mln Taiwan Railway Contract Under Investigation
--------------------------------------------------------------
The Taipei Prosecutor's Office is investigating Alcatel and
Siemens on suspicions of bid rigging in relation to the supply
contract the French company won from the Taiwan Railway
Administration.

Five people were arrested and held for questioning by
authorities on Friday.  Questioned were Jean-Philippe Benoist,
Alcatel's chief executive in Taiwan; Leslie Lok, president of
Siemens Ltd. Taiwan, Liu Ta-fu, aide to a ruling party
legislator, and two local businessmen.  They have been released
on bail.

According to the Financial Times, the so-called Black Gold
Investigation Centre at the Taiwan High Court Prosecutors'
Office have collected evidence that Mr. Liu and local
businessmen Wu Ding-fa and Tsai Ching-hung received payments for
helping Alcatel win the TW$940 million (US$28 million) contract.

It emerged in the investigation that Alcatel paid TW$70 million
to Mr. Liu, Mr. Tsai and Mr. Wu.  Part of the money was
suspected to have been given to Mr. Lok to encourage Siemens
Ltd. to withdraw its bid.  Mr. Liu denied receiving any
payments.  The Financial Times failed to reach the others for
comments.


PERRIER: Nestle Close to Putting up Water Brand for Sale
--------------------------------------------------------
Swiss-based company Nestle may sell its bottled water brand,
Perrier, within the year, according to just-drinks.com.

Nestle has not yet found a solution to the ongoing dispute of
Perrier and its workers, forcing it to consider divesting the
business.  Nestle said it will sell the unit if the parties fail
to settle their dispute within the year.

Andre Sembelie, spokesman of Nestle Water France, said
management has tried to find means to save Perrier like offering
early retirement to older employees; but the CGT union remains
adamant.  According to the report, the union generally opposes
the company's layoff plan to return Perrier to profitability.
Disclosed earlier in the year, this plan includes axing 365
jobs.

TCR-Europe previously said Perrier lost 35 million bottles in
April as workers nearly succeeded halting production at the
Vergeze-based plant.


VIVENDI UNIVERSAL: Canal+ Sells Sportfive Stake for EUR274 Mln
--------------------------------------------------------------
RTL Group and Canal+ Group, a Vivendi Universal subsidiary, has
completed the sale of their interests in Sportfive.  Each of RTL
Group and Canal+ has received a consideration of EUR274 million
in cash for its respective 48.85% shareholding.

Under the terms of the transaction, funds managed by Advent
International, a leading global private equity fund, and RTL
Group have formed a new company that purchased all of the shares
in Sportfive held by RTL Group and Canal+ Group.  RTL Group
holds 25% of the new company; the remainder is held by Advent
International, Goldman Sachs and the management, with Advent
International holding a majority stake.

Jean-Claude Darmon, Chairman and CEO of Sportfive, has decided
to leave the company.  He will remain as Chairman of the Board
of Sportfive SA until 15 July 2004.  Philip Cordes, currently
Chief Operating Officer, has been appointed as Group Chief
Executive Officer and Alain Krzentowski as General Manager of
Sportfive S.A.  The other members of the Executive management
are: Erika Tertilt, Robert Muller von Vultejus and Thomas
Rottgermann.

Sportfive is a major force in international sports rights and
the number one in worldwide soccer television rights.  BNP
Paribas acted as sole advisor to RTL Group on this transaction.

About Sportfive

SPORTFIVE, Europe's leading sports marketing group, was founded
in 2001 and is listed on the Paris stock exchange.  It covers
the whole range of sports rights marketing, from stadium
advertising and hospitality programs to shirt sponsorships,
stadium consulting and the sale of international TV rights.  On
the whole, the group markets the rights of more than 250
individual clubs, 11 leagues and 40 national football
associations worldwide.  In Germany, SPORTFIVE is responsible
for the marketing of professional football clubs like Borussia
Dortmund, Hertha BSC Berlin and Hamburger SV, in France for
Paris St. Germain.  In addition to the core business football,
SPORTFIVE markets the image rights of the two heavyweight boxers
Vitali and Wladimir Klitschko and manages the worldwide TV- and
marketing rights of the International Handball Federation and
the worldwide TV rights of the Rugby Six Nations Tournament.

About RTL Group

RTL Group is Europe's leading commercial broadcaster, with
interests in 26 television channels and 24 radio stations in
nine countries and content production throughout the world.  Its
television portfolio includes RTL Television in Germany, M6 in
France, five in the U.K. and the RTL channels in the
Netherlands, Belgium, Luxembourg, Croatia and Hungary, as well
as Antena 3 in Spain.  RTL Group has also interests in other
radio stations in France, Germany, Belgium, the Netherlands and
Luxembourg.  RTL Group's content production arm, FremantleMedia
is one of the largest international producers outside the U.S.
It is currently producing more than 260 programs in over 39
countries including the USA, providing a wide range of drama,
entertainment and factual programming for viewers around the
world.

CONTACT:  VIVENDI UNIVERSAL S.A.
          Media
          Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80

          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82

          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86

          New York
          Flavie Lemarchand
          Phone: 212-572 1118

          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91

          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33

          New York
          Eileen McLaughlin
          Phone: 212-572-8961


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G E R M A N Y
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BERTELSMANN AG: Sells U.S. Office Tower for US$426.5 Million
------------------------------------------------------------
Rob Sorrentino, President and Chief Executive of Bertelsmann's
U.S. unit, confirmed the company has sold its office tower in
New York's Time Square.  The building was sold to Paramount
Group Inc. for US$426.5 million.

Mr. Sorrentino said the company sold the building to benefit
from "prime market conditions."  Germany's largest media bought
the tower for US$110 million more than 10 years ago.  "Selling
this property at this point of time at this rate was the right
thing to do," Mr. Sorrentino told Bloomberg News.

The building will house the combined music divisions of
Guetersloh, Germany-based Bertelsmann and Japan's Sony
Corporation as reported earlier by Frankfurter Allgemeine
Zeitung.  It will retain the name of Bertelsmann Building as
long as the German company remains the main tenant.


CELANESE AG: BCP Crystal Offers EUR41.92 to Buy Remaining Shares
----------------------------------------------------------------
At an extraordinary meeting on June 22, 2004, the Supervisory
Board of Celanese AG approved a domination and profit transfer
agreement, which was concluded with BCP Crystal Acquisition GmbH
& Co. KG the same day.  The contract was agreed upon because of
the group relationship between the two companies, which resulted
following the acquisition of more than 84% of outstanding shares
in Celanese AG by BCP.  The agreement is also a pre-condition
for the two companies to obtain a consolidated corporate and
business tax filing status.

As part of the domination and profit transfer agreement, BCP
will be offering cash compensation to shareholders to purchase
their shares for EUR41.92 per registered share.  BCP will also
guarantee that Celanese AG will provide those shareholders who
wish to retain their shares in Celanese AG a gross dividend of
EUR3.27 per registered share (current net dividend EUR2.89 per
registered share) for each full business year.

For the company valuation on which the level of the cash
compensation and guaranteed dividend are based, the Board of
Management of Celanese AG and the Managing Board of BCP were
advised by the financial auditors Ernst & Young.

PricewaterhouseCoopers which, in accordance with the applicable
German law, was appointed by court order to audit the domination
and profit transfer agreement, confirmed that the compensation
and the guaranteed dividend were appropriate.

The compensation offer and the guaranteed dividend were
determined using the German Institute of Auditors'(Institut der
Wirtschaftsprufer  IDW) S1 Standard, which is the legally
recognized procedure.  BCP's voluntary public tender offer, on
the other hand, was based on a market valuation of Celanese AG
considered as fair by the company after both the Board of
Management and the Supervisory Board gathered all essential
information and considered market conditions.  This offer was
accepted by a large majority of Celanese shareholders.  In the
reasoned opinions issued by the Board and the Supervisory Board
in connection with the voluntary public offer, they presented
the reasons for their determination, including two fairness
opinions one from Goldman Sachs and one from JP Morgan.

As the domination and profit transfer agreement requires
shareholder approval, Celanese AG has called an Extraordinary
General Meeting for July 30/31, 2004 to be held in Oberhausen,
Germany.  At the meeting, shareholders will also be asked to
approve a change in the company statutes in order to take
advantage of the consolidated tax filing status as soon as
possible.  BCP holds sufficient shares to ensure that such
shareholder approvals will be received.  Therefore, from
September 30, 2004 onwards, Celanese AG's business year will
begin on October 1 and end on September 30 of the following
year.  A short business year will run from January 1, 2004 until
September 30, 2004.

The invitation to the Extraordinary General Meeting, which will
contain the agenda and the text of the domination and profit
transfer agreement, will be published in the German
Elektronischer Bundesanzeiger Federal Gazette on June 25, 2004
and will be mailed to the shareholders.  It will also be
available at http://www.celanese.com.


CELANESE AG: Celanese Chemicals Ups Isononanoic Acid Production
---------------------------------------------------------------
Celanese Chemicals will utilize available capacity at its plant
in Bay City, Texas to further raise production of isononanoic
acid.  The resulting increase in output will relieve current
tightness in the market.

"By leveraging our technological know-how and optimizing
existing production capacities, we have quickly raised output
and in several weeks expect to be able to fully alleviate the
isononanoic acid shortage," said Jan Hille, Global Marketing
Manager Olefin Derivatives at Celanese Chemicals.  "We have also
taken special efforts to set up necessary logistic structures.
Until product is available from Bay City on a regular basis, we
will meet our customers' most immediate requirements with
material from our plant in Oberhausen."

Isononanoic acid is used to manufacture base-stocks for
synthetic lubricants, peroxides, paint driers and other chemical
intermediates.

                            *   *   *

In May 24, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its corporate credit rating on
Frankfurt, Germany-based Celanese AG to 'B+' from 'BBB'.
Ratings remain on CreditWatch with negative implications
awaiting the approval by shareholders of the domination
agreement and profit and loss transfer agreement, and for the
domination agreement to become effective.  The corporate credit
rating on CNA Holdings Inc. was also lowered to 'B+' from 'BBB'.

With the completion of the Blackstone Group's tender offer for
Celanese shares (shareholders owning 84% of the outstanding
shares have accepted the tender offer), Celanese has begun the
process of entering into domination and profit and loss transfer
agreements, which will allow Blackstone to control the
management and share in the profits and losses of Celanese and
provide for minority shares to receive a dividend or cash
compensation for their shares.  Upon receiving the necessary
approvals, the ratings would be affirmed and removed from
CreditWatch where they were placed on December 16, 2003.

"The downgrade reflects the sharp increase in debt at Celanese
to fund the Blackstone Group's tender offer for the shares of
this specialty chemical company in a transaction valued at about
$3.5 billion," said Standard & Poor's credit analyst Wesley E.
Chinn.

Standard & Poor's assigned its 'B+' senior secured bank loan
rating and its recovery rating of '3' to $608 million of
revolving credit facilities due 2009 and a $608 million term
loan due 2011.  The 'B+' rating is the same as the corporate
credit rating; this and the '3' recovery rating indicate that
bank lenders can expect meaningful (50%-80%) recovery of
principal in the event of default.  Standard & Poor's also
assigned a 'B+' corporate credit rating to BCP Caylux Holdings
Luxembourg S.C.A., which currently owns 84% of the ordinary
shares of Celanese AG, and a 'B-' rating to $1.565 billion of
senior subordinated notes due 2014 to be issued by BCP Caylux
Holdings.

BCP Caylux Holdings is a recently formed holding company and is
limited in its ability to exercise managerial control over
Celanese, including the payment of dividends and other
distributions by Celanese to BCP, until the domination agreement
has become effective.  Likewise, until that agreement takes
effect, Celanese is not an obligor on the subordinated notes and
on the issue date none of its subsidiaries will guarantee the
notes.  Proceeds from the subordinated note offering will be
used to refinance subordinated Bridge B and Bridge C loan
borrowings.  The rating on the subordinated notes reflects the
expectation that shareholders' approval will be received this
summer and the domination agreement will become effective soon
thereafter.  All ratings assume that the necessary approvals
will be obtained as planned while the CreditWatch indicates the
potential for lower ratings if this process is not completed.
Standard & Poor's also lowered the existing ratings on CNA
Holdings Inc.'s senior unsecured industrial revenue bonds to 'B'
from 'BBB', one notch below the corporate credit rating of
Celanese AG, to reflect the substantial amount of priority
claims now in the capital structure.

Prospective credit quality of Celanese AG and its subsidiaries
incorporates a considerable debt burden and aggressive financial
policies of the equity sponsor.  These weaknesses are only
partially offset by the company's solid business profile as an
integrated producer of diverse commodity and industrial
chemicals, prospects for improving cash flow generation, and
reasonable liquidity.  Significant product market shares and
competitive cost structures support good competitive positions
in its major products, and a diverse product portfolio that
includes a balance of commodity, intermediate, and more
specialized industrial chemical products serving a wide range of
end markets.  Celanese generates annual revenue of approximately
$4.7 billion, ranking the company among the larger and more
diversified global chemical businesses.


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G R E E C E
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ROYAL OLYMPIC: Expected Delisting to Happen Yesterday
-----------------------------------------------------
Royal Olympic Cruise Lines Inc. (Nasdaq: ROCLE) on Friday
announced that based on notices it had received from the Nasdaq
Stock Market, the Company expects its shares to be delisted from
the Nasdaq Stock Market at the opening of business on June 28,
2004 because the Company has failed to remain in compliance with
all listing requirements.

Specifically, the Company has failed to file its annual report
on Form 20-F for the fiscal year ended November 30, 2003 by the
appointed time.  As previously announced, the Company's failure
to file its annual report arose due to the more complicated
accounting and financial position stemming from the ongoing
Article 45 process in Greece involving the Company's
subsidiaries.

The Company is currently operating two cruise ships while under
the protection from creditors afforded by the Article 45
proceeding.  However, without successful resolution of the
discussions with its creditors there can be no guarantee of
continued operations.  The Company continues to discuss
available options with its bankers and creditors within the
Greek Article 45 process.

CONTACT:  ROYAL OLYMPIC CRUISE LINES INC.
          James R. Lawrence
          Phone:  +1-203-406-0106
          Mobile: +1-203-550-2621


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I T A L Y
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ALITALIA SPA: May Run out of Cash by September
----------------------------------------------
State-owned airline Alitalia must move fast to have its EUR400
million (US$495 million) state-backed loan approved by the
European Union Commission.  According to the Financial Times,
the carrier's cash is enough until the middle of September only.

Alitalia had EUR260 million in cash at the end of March, but it
continues to lose an estimated EUR70 million monthly.  This,
despite improved revenues, mainly due to increased
intercontinental flights.  A company executive said revenues
from intercontinental flights rose 10% in May from a year
earlier and were projected to be "strong" during the June-August
summer period.

The company had a net loss of EUR520 million for 2003.
Accountant Deloitte & Touche previously refused to certify this
financial result in the absence of a restructuring plan to stem
these losses.  The European Union also would have to see the
rescue program before approving the crucial loan organized by
Mediobanca and other Italian lenders.


FINMATICA SPA: Downgraded to 'CC' on Refinancing Concerns
---------------------------------------------------------
Fitch Ratings on Friday downgraded Finmatica S.p.A.'s Senior
Unsecured rating to 'CC' from 'B-'.  The rating remains on
Rating Watch Negative.  The downgrade reflects concerns over the
challenges that Finmatica faces in the refinancing of its
financial debt, the deterioration of its financial profile and
performance as well as the execution risk in connection with its
announced strategic turnaround plan.  The financial viability of
the company hinges on the support from its relationship banks.
Fitch notes that should the company fail to renegotiate the
terms of its outstanding financial debt, this would lead to a
further major downgrade.

Finmatica has announced that it needs to restructure its
financial debt as its cash generation capability is not
sufficient to honor the current debt repayment schedule.  The
substantial amount of liquidity (EUR78.6 million) as presented
at FYE03 has been progressively utilized to meet working capital
pressures and bank debt repayment.  At 31 March 2004 its net
debt stood at EUR235 million (including c. EUR60 million of debt
from Finmatica Real Estate (FRE)) compared to EUR221 million at
FYE03. Finmatica has also announced that it is seeking an
additional short-term credit line in the amount of EUR21
million.  Considering the company's EBITDA forecast as presented
in the May 2004 industrial plan, Fitch estimates that pro-forma
FYE04 net debt/EBITDA will be 19.3x, and 13.3x when excluding
FRE's debt, reflecting an extremely distressed financial
profile.  The agency notes that additional liquidity to reduce
debt could be realized through the sale of financial assets in
the amount of c. EUR10 million.

The industrial plan assumes major cost containment measures,
which should achieve EUR10 million in cost reductions in 2004 in
order to realign Finmatica's current heavy fixed and corporate
cost base.  Management has also confirmed its intention to
dispose the real estate assets, although the timing of which is
uncertain.  Fitch believes that while the plan seems to address
the structural issues necessary for the turnaround of the
company, the associated execution risk is considerable.  Fitch
will closely monitor the developments to timely assess any
potential impact on Finmatica's current 'CC' rating.

Finmatica is a quoted Italian independent software vendor with a
current share float of 44%.  Pier Luigi Crudele, the company's
founder, is the key shareholder who directly and indirectly
holds 56%.  Revenues (EUR71 million in FY03) stem from its
finance (40% of FY03 revenues), B2B/Supply Chain Management
(34%), security (11%) and other (15%) divisions.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 8790 87213

          Albert Hofman, London
          Phone: +44 (0) 20 7417 4282

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


PARMALAT U.S.A.: Farmland Dairies May 2004 Operating Report
-----------------------------------------------------------
                      Farmland Dairies, LLC
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                              $6,113,559
Accounts Receivable-Trade                            48,075,507
Accounts Rec.-Securitization                        (44,678,656)
Notes Receivable                                        276,176
Inventory                                            15,574,804
Prepaid Expenses                                     14,553,868
Other Current Assets                                  1,218,435
                                                   ------------
Total Current Assets                                 41,133,693

Fixed Assets                                        214,746,256
Accumulated Depreciation                            114,668,066
                                                   ------------
Net Fixed Assets                                    100,078,190

Other Assets                                         38,933,437
Intercompany Receivables                             71,666,796
                                                   ------------
Total Assets [sic.]                                $251,812,116
                                                   ============

Liabilities Subject to Compromise:
   Accounts Payable                                  14,843,745
   Accrued Expenses                                   3,327,875
   Intercompany Payables                             25,318,781
   Capital Lease                                     95,000,000
                                                   ------------
Total Liabilities Subject to Compromise             138,490,401

Liabilities:
   Notes & Loans Payable                                      0
   Capital Leases - Short Term                            1,026
   Accounts Payable                                  17,230,409
   Accrued Expenses                                  22,376,404
                                                   ------------
Total Current Liabilities                            39,607,839

Notes & Loans Payable                                14,826,563
Capital Leases - Long Term                               50,832
Other                                                 8,389,235
                                                   ------------
Total Long Term Liabilities                          23,266,630

Intercompany Payables                               (82,068,989)
                                                   ------------
Total Liabilities                                   119,295,881

Equity
Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (23,483,744)
                                                   ------------
Total Equity                                        142,332,551
                                                   ------------
Total Liabilities & Owners' Equity [sic.]          $261,628,432
                                                   ============


                      Farmland Dairies, LLC
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                      $40,906,304
   Less: Returns & discounts                          1,212,273
                                                   ------------
   Net sales                                         39,694,031

Expenses
   Raw Materials & Ingredients                       27,529,854
   Packaging                                          2,799,702
   Direct Labor                                         703,437
   Power                                                442,026
   Freight                                              310,927
   Distribution                                       2,726,714
   Industrial Depreciation                              409,568
   Production Overhead                                2,236,307
   Warehouse (Cooler)                                 1,747,763
   Marketing Costs                                      832,889
   Sales Admin Expenses                                 477,059
   General Expenses                                   1,032,001
   Financial Costs                                      770,994
   Goodwill/trademarks                                    6,756
   Extraordinary                                        118,370
   Corporate Allocation                                 (50,000)
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                    42,094,367

Reorganization Expenses                               4,131,822
                                                   ------------
Net Profit (Loss)                                   ($6,532,158)
                                                   ============


                      Farmland Dairies, LLC
                 Cash Receipts and Disbursements
               From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                            $3,514,210

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                          528,314
   Postpetition                                      37,566,773
                                                   ------------
   Total Operating Receipts                          38,095,086

Non - Operating Receipts
   Proceeds from GE Capital                           3,000,000
   Voided Checks (Prepetition)                                -
   Adjustments                                          600,381
   Deposits -- Other                                    847,488
   Transfers                                          3,500,000
                                                   ------------
   Total Non-Operating Receipts                       7,947,868
                                                   ------------
   Total Receipts                                    46,042,955
                                                   ------------
Total Cash Available                                 49,557,165
Operating Disbursements
   Chemicals                                            601,865
   Commissions                                          107,927
   Consulting/Legal                                      96,518
   Co-packing                                           495,877
   Employee & Employee-related expenses                 994,624
   Equipment Leases                                     532,165
   Freight & Postage                                    108,514
   Fuel                                                 213,514
   Transportation                                       783,187
   Ingredients                                        2,041,861
   Insurance                                            419,046
   Lab Fees                                              49,376
   Licenses & Taxes                                     181,880
   Marketing                                             26,634
   Other                                                656,008
   Packaging                                          2,569,300
   Pallets/Cases/Bossies                                217,768
   Milk Producers                                    21,146,353
   Marketing Administrator                                    0
   Purchased Products                                 1,256,444
   R & M, Parts, Supplies                               899,881
   Raw Milk                                           2,198,713
   Rebates                                              389,240
   Rent                                                 192,894
   Security                                             135,763
   Temporary Labor                                       77,513
   Travel & Entertainment                                47,801
   Utilities                                          1,378,417
   Securitization Payments                              439,874
   Payroll                                            2,614,119
   Payroll Taxes                                        488,762
   Voided Checks (Postpetition)                          (7,802)
                                                   ------------
   Total expenses                                    41,354,415

Reorganization Expenses
   Professional Fees                                  1,980,613
   U.S. Trustee Fees                                     10,250
   DIP Interest & Fees                                   59,889
                                                   ------------
   Total Reorganization Expenses                      2,050,752
                                                   ------------
Total Disbursements                                  43,405,166
                                                   ------------
Net Cash Flow                                         2,637,788
                                                   ------------
Cash - End of Month                                  $6,151,999


PARMALAT U.S.A.: Milk Products May 2004 Monthly Operating Report
----------------------------------------------------------------
                  Milk Products of Alabama, LLC
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                              $1,795,546
Accounts Receivable-Net                               2,997,336
Inventory                                             1,287,472
Prepaid Expenses                                        262,441
Other Current Assets                                      4,521
                                                   ------------
Total Current Assets                                  6,010,917

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,590,490
                                                   ------------
Net Fixed Assets                                      4,335,733

Other Assets                                            885,023
Intercompany Receivables                                      0
                                                   ------------
Total Assets                                        $11,568,072
                                                   ============

Liabilities Subject to Compromise
   Accrued Expenses                                     $45,227
   Intercompany Payables                              8,338,493
                                                   ------------
Total Liabilities Subject to Compromise               8,383,720

Liabilities:
   Accounts Payable                                     194,670
   Accrued Expenses                                      96,084
                                                   ------------
Total Current Liabilities                               290,754

Long Term Notes Payable - Intercompany
Other                                                    43,738
                                                   ------------
Total Long Term Liabilities                              43,738

Intercompany Payables                                 2,872,138
                                                   ------------
Total Liabilities                                    11,590,350

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                   (40,692)
                                                   ------------
Total Equity                                            (22,278)
                                                   ------------
Total Liabilities & Owners' Equity                  $11,568,072
                                                   ============


                  Milk Products of Alabama, LLC
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                       $4,119,490
   Less: Returns & discounts                              1,990
                                                   ------------
   Net sales                                          4,117,500

Expenses
   Raw Materials & Ingredients                        2,880,672
   Packaging                                            344,090
   Direct Labor                                          81,521
   Power                                                 78,401
   Freight                                              126,606
   Industrial Depreciation                               35,392
   Production Overhead                                  208,553
   Warehouse (Cooler)                                     8,526
   Marketing Costs                                            0
   Sales Admin Expenses                                  27,818
   General Expenses                                      59,590
   Financial Costs                                       20,734
   Goodwill/trademarks                                        0
   Extraordinary                                         39,119
   Corporate Allocation                                  50,000
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                     3,961,022

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                      $156,478
                                                   ============


                  Milk Products of Alabama, LLC
                 Cash Receipts and Disbursements
              From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                            $1,750,129

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                0
   Postpetition                                       3,604,367
                                                   ------------
   Total Operating Receipts                           3,604,367

Non - Operating Receipts
   Transfers                                         (3,500,000)
   Other                                                     73
                                                   ------------
   Total Non-Operating Receipts                      (3,499,927)
                                                   ------------
   Total Receipts                                       104,440
                                                   ------------
Total Cash Available                                  1,854,568

Operating Disbursements
   Bank Charges                                               -
   Freight                                                    -
   Ingredients                                                -
   Licenses & Taxes                                           -
   Packaging                                                  -
   Raw Milk                                                   -
   R & M, Parts, Supplies                                     -
   Other                                                  3,943
   Letter of Credit                                      57,579
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total expenses                                        61,522

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                      61,522
                                                   ------------
Net Cash Flow                                            42,917
                                                   ------------
Cash - End of Month                                  $1,793,046
                                                   ============


PARMALAT U.S.A.: Releases May 2004 Monthly Operating Report
-----------------------------------------------------------
                    Parmalat USA Corporation
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                   ------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                   ------------
Net Fixed Assets                                              0

Other Assets                                        326,010,087
Intercompany Receivables                             25,210,233
                                                   ------------
Total Assets                                       $351,220,320
                                                   ============

Liabilities Subject To Compromise:
   Long Term Debt & Interest                        $19,836,909
   Intercompany Payables                            212,783,632
                                                   ------------
Total Liabilities Subject to Compromise             232,620,541

Liabilities
   Accounts Payable                                           0
   Notes & Loans Payable                                      0
   Accrued Expenses                                     320,445
   Intercompany Payables                                      0
                                                   ------------
Total Liabilities                                   232,940,986

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (427,835)
                                                   ------------
Total Equity                                        118,279,334
                                                   ------------
Total Liabilities & Owners' Equity                 $351,220,320
                                                   ============


                    Parmalat USA Corporation
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                               $0
   Less: Returns & discounts                                  0
                                                   ------------
   Net sales                                                  0

Expenses
   Raw Materials & Ingredients                                0
   Packaging                                                  0
   Direct Labor                                               0
   Power                                                      0
   Freight                                                    0
   Distribution                                               0
   Industrial Depreciation                                    0
   Production Overhead                                        0
   Warehouse (Cooler)                                         0
   Marketing Costs                                            0
   Sales Admin Expenses                                       0
   General Expenses                                           -
   Financial Costs                                       80,144
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                        98,650

Reorganization Expenses                                     250
Professional Fees                                             -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                            250
                                                   ------------
Net Profit (Loss)                                      ($98,900)
                                                   ============


                    Parmalat USA Corporation
                 Cash Receipts and Disbursements
               From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                                    $0

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                -
   Postpetition                                               -
                                                   ------------
   Total Operating Receipts                                   0

Non - Operating Receipts
   Transfers                                              1,123
   Other                                                      -
                                                   ------------
   Total Non-Operating Receipts                           1,123
                                                   ------------
   Total Receipts                                         1,123
                                                   ------------
Total Cash Available                                      1,123

Operating Disbursements
   Rebates                                                1,123
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                         1,123

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              0
                                                   ------------
Total Disbursements                                       1,123
                                                   ------------
Net Cash Flow                                                 0
                                                   ------------
Cash - End of Month                                           0
                                                   ============
                                                   ============


===================
K Y R G Y Z S T A N
===================


AK-TILEK: Sets Creditors Meeting July 5
---------------------------------------
Creditors of Ak-Tilek agricultural farm will meet on July 5,
2004 at 11:00 a.m. (local time).  It will be held at the
building of the local government of Chui region, Chui, Ibraimova
str. 27.   Creditors who want to be represented at the meeting
may appoint proxies.  Proxies must have authorization to vote.


ALTYN-TOO: Bishek Court Appoints Insolvency Manager
---------------------------------------------------
The arbitration court of Bishek region has appointed Mrs.
Bubusaira Nogoibayeva (License No. 0318) as temporary insolvency
manager of LLC Altyn-Too.  The appointment was made June 10,
2004.

CONTACT:  Mrs. Bubusaira Nogoibayeva
          Phone: (0-312) 21-12-67, 29-90-50


FORA-L: Public Auction of Assets July 6
---------------------------------------
The bidding organizer and insolvency manager of LLC Fora-L set
the public auction of the firm's properties on July 6, 2004,
10:00 a.m. (local time).  It will be held at Kyrgyzstan,
Bishkek, Erkindik 57 Ave. Room 101.  The asset for sale is a
land property with unfinished building.  Starting price:
KGS33,000 inclusive of VAT (US$1 = KGS42.8366).

Preliminary examination and reception of bids are done daily
until 12:00 noon, July 5, 2004.  The list of requirements and
description of the property are available at Bishkek, 4th Micro
District, House 31 No. 40.  To participate, bidders should
deposit an amount equivalent to 10% of the starting price.  For
more details, call (0-502) 32-11-97 or (0-312) 47-10-42.


KURS: Selling Six Apartment Lots July 2
---------------------------------------
The bidding organizer and insolvency manager of Kurs enterprise
set the public auction of the firm's properties on July 2, 2004
at 2:00 p.m.  It will be held at the building of the local
government of Chui region, Alamudun district, Leninskaya.  Up
for sale are six apartment lots.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 4:00 p.m. until July 1, 2004.  Documents for
participants are available at Bishkek, Sovetskaya Str. 220.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the cashier of Kurs enterprise.

CONTACT:  Bishkek, Sovetskaya Str. 220
          Phone: (0-312) 62-39-69


PRIGORODNYI: Creditors Meeting Set July 5
-----------------------------------------
The creditors of agricultural farm Prigorodnyi will meet on July
5, 2004 at 10:00 a.m. (local time).  It will be held at Chui
region, Prigorodnaya, Str. Ubileinaya 17.  Creditors who want to
be represented at the meeting may appoint proxies.  Proxies must
have authorization to vote.


REF: To Auction Shares July 6
-----------------------------
The bidding organizer and insolvency manager of LLC Ref set the
public auction of the firm's shares on July 6, 2004 at 11:00
a.m. (local time).  It will be held at Kyrgyzstan, Bishkek,
Trudovaya Str. 9.  Starting price: KGS85,000 (US$1 =
KGS42.8366).

Documents for participants are available at Bishkek, Trudovaya
str. 9.  To participate, bidders must deposit an amount
equivalent to 20% of the starting price.  For more details, call
(0-312) 24-47-34.


SEVERNAYA PMK: Schedules Public Auction July 6
----------------------------------------------
The bidding organizer and insolvency manager of JSC Severnaya
PMK set the public auction of the firm's properties on July 6,
2004 at 9:00 a.m. (local time).  It will be held at Kyrgyzstan,
Bishkek, Fatianova Str. 1.  Up for sale are 15 lots of
properties of unfinished buildings, cars, systems and office
equipment.

Preliminary examination and reception of bids are done daily
until 12:00 noon, July 5, 2004.  Documents for participants are
available at Bishkek, Fatianova str. 1.  To participate, bidders
must deposit an amount equivalent to 10% of the starting price.

CONTACT:  Kyrgyzstan, Bishkek,
          Fatianova Str. 1
          Phone: (0-312) 42-39-68


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


TK ALUMINUM: First-quarter Revenues Slightly Down
-------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a.r.l., SCA, on Friday reported its unaudited
consolidated financial results for the quarter ended March 31,
2004.

Net revenues for the quarter, at EUR221.4 million, decreased by
EUR14.7 million or 6.2% compared to the quarter ended March 31,
2003.  While sales volumes increased by 3.8%, revenues declined
by EUR13.5 million due primarily to the unfavorable impact of a
price dispute and the adverse impact of changes in foreign
exchange rates.

Adjusted EBITDA was EUR12.3 million for the quarter, or 5.5% of
net revenue, compared to EUR19.3 million, or 8.2% of net
revenue, in the first quarter of 2003.  Adjusted EBITDA has been
adjusted for certain expenses which have been reimbursed by
Teksid Spa under the terms of the purchase agreement and in 2003
for certain non-recurring transaction expenses.  Reported loss
from operations equaled EUR2.8 million for the quarter versus an
operating income of EUR4.9 in Q1 2003.  Attached to this release
is a reconciliation of reported income (loss) from operations to
Adjusted EBITDA.

During the first quarter of 2004 the decrease in Adjusted EBITDA
versus 2003 was due to a negative shift in the mix of products
sold and the effect of a price dispute, which is currently under
negotiation, with a significant customer in North America.  The
positive impact of increased volumes in the quarter was more
than offset by the temporary effect of a sharp increase in North
American aluminum prices, which under contract may be passed
through to customers following a lag period of one to nine
months, and contracted price decreases which have not been fully
offset by cost reductions.

Including EUR62.7 million of cash and cash equivalents, net debt
at March 31, 2004 amounted to EUR255.1 million, a EUR9.5 million
increase from December 31, 2003, primarily due to seasonal
increases in working capital, and a EUR8.8 million decrease from
the first quarter of 2003.  Total shareholders equity equaled
EUR158.4 million, including EUR35.4 million of cumulative non-
cash losses related to foreign exchange translation (including
EUR22.1 million of Cumulative Translation Adjustment, EUR18.6 of
accumulated Foreign Exchange Losses since the acquisition and
EUR5.3 million in gains from foreign currency swaps recognized
in Other Income (Expense)).

Net capital expenditures for the first quarter of 2004 totaled
EUR15.5 million compared to EUR13.2 million in 2003.
Approximately EUR2.6 million of capital expenditures in the
first quarter of 2004 are related to items for which the Company
will be reimbursed by Teksid Spa under the terms of the purchase
agreement.

As of March 31, 2004 the Company was in full compliance with all
of the covenants of its Senior Credit Agreement.  Subsequent to
year-end the Company amended its Senior Credit Agreement to
reset financial covenant limits through the maturity of the
Senior Credit Agreement in 2008 to provide the Company with
additional long term operating flexibility.

Results are unaudited and have been presented in accordance with
accounting principles generally accepted in the United States.
The Company will make available on its Web site,
http://www.teksidaluminum.com,the TK Aluminum Ltd.  Unaudited
Condensed Consolidated Financial Statements on or before June
24, 2004.

About Teksid Aluminum

Teksid Aluminum is a leading independent manufacturer of
aluminum engine castings for the automotive industry. Our
principal products include cylinder heads, cylinder blocks,
transmission cases and suspension components.  We operate 15
manufacturing facilities in Europe, North America, South America
and Asia.  Information about Teksid Aluminum is available on our
Web site at http://www.teksidaluminum.com.

Until September 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between September 30, 2002 and November
22, 2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG
Global Investment Corp.  As a result of the sale, Teksid
Aluminum is owned by its equity investors through TK Aluminum
Ltd., a Bermuda holding company.

On July 17 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA issued
EUR240 million aggregate principal amount of senior notes due in
2011.  The notes were sold to qualified institutional buyers in
the United States pursuant to Rule 144A of the U.S. securities
laws and to persons outside United States pursuant to Regulation
S of the U.S. securities laws.  The proceeds of the sale were
used to repay amounts borrowed to finance the acquisition of
Teksid Aluminum and pay certain fees and expenses.

CONTACT:  TK ALUMINUM LTD.
          Domenico Orlandi
          Senior Vice President and General Counsel
          Phone: +39-011-979-4875 or

          Massimiliano Chiara
          Finance Manager
          Phone: +39-011-979-4889


TK ALUMINUM: Rating Cut to 'CCC'; Placed on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term
corporate credit rating on Bermuda-based aluminum auto parts
manufacturer TK Aluminum Ltd. (TKA) to 'CCC' from 'B', owing to
substantially weaker earnings in the first quarter of 2004,
which were also significantly below our expectations.

The rating on the guaranteed EUR240 million senior unsecured
notes that TKA issued through its financing unit, Teksid
Aluminum Luxembourg S.a.r.l., S.C.A. was lowered to 'CC' from
'CCC+', reflecting solely their subordination to all existing
and future priority debt.  In addition, all ratings were placed
on CreditWatch with negative implications.

"The rating downgrades and CreditWatch placement follows the
group's announcement of significantly weaker EBITDA generation
in the first quarter of 2004," said Standard & Poor's credit
analyst Martin Amann.  "We believe, therefore, that the
company's financial performance is no longer in line with a 'B'
rating category."

In addition, we are concerned about whether TKA has remained in
compliance with its financial covenants from the second quarter
of 2004 ending June 30.  The company has said it was in
compliance in the first quarter.

Although TKA's sales volumes increased by 3.8% in the first
quarter of 2004, revenues declined by EUR13.5 million, due
primarily to the unfavorable effect of a price dispute with a
significant customer in North America, and the adverse effect of
changes in foreign exchange rates.  Standard & Poor's is also
concerned about the effect this price dispute will have on the
overall financial performance of the group in the second quarter
and beyond.

In its review of the CreditWatch status, Standard & Poor' will
focus on:

(a) The company's ability to generate EBITDA in 2004 following
    the price dispute, aluminum price increases, and the
    company's operating efficiency measures;

(b) An examination of the company's financial profile; and

(c) Its liquidity and financial flexibility, in particular with
    respect to compliance with financial covenants.

"Standard & Poor's intends to resolve the CreditWatch status
once the second-quarter results have been published," said Mr.
Amann.  "The ratings could be lowered further if the company
were to breach its covenants in the second quarter, if the price
dispute cannot be resolved with reasonable conditions for TKA,
or if the company's financial profile further deteriorates in
the course of the second quarter."

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
on Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          martin_amann@standardandpoors.com
          bob_ukiah@standardandpoors.com
          CoporateFinanceEurope@standardandpoors.com


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


ROYAL SHELL: Divests Product Distribution Chain in Portugal
-----------------------------------------------------------
Shell Petroleum Company Limited and Repsol YPF have signed a
Sale and Purchase Agreement relating to the divestment of
Shell's Oil Products businesses in Portugal, excluding the
lubricants and LPG marketing businesses.

The divestment includes a network of 303 retail service
stations, a 15% stake in Compania Logistica de Combustibles
(CLC) and distribution assets geographically spread across
Portugal.  The sale is subject to regulatory approval and
completion is expected to take place by the end of 2004.
Shell's LPG and Lubricants marketing businesses will continue to
operate in Portugal.

Rob Routs, Chief Executive Officer Shell Oil Products, said, "I
am delighted that we have been able to realize the full value of
these assets through this deal.  The transaction is consistent
with our strategy to increase the profitability of the
downstream assets through greater focus in key countries."

Shell has also completed a review of its Oil Products businesses
in Spain -- excluding the LPG, Lubricants, Marine and Aviation
businesses.  Shell is now in discussion with a number of
prospective buyers with a view to divesting its Spanish Retail
and Commercial fuels businesses and distribution assets.  A
further announcement about this deal will be made in the coming
months.


ROYAL SHELL: Details Philip Watts Compensation Package
------------------------------------------------------
Sir Philip Watts' severance payment following his resignation as
director of The Shell Transport and Trading Company, p.l.c.
(ST&T), and as an employee in March 2004 consisted of a lump sum
payment of GBP1,057,971.  This amount was based on his salary as
an employee until his normal retirement date in June 2005.  No
Director's fees are being paid for this period.  Sir Philip
received no performance-related annual bonus in respect of
2003 or 2004, and he forfeited various stock options and share
grants.

The situation for ST&T share options and grants is as follows:

(a) All 232,500 of the performance-linked stock options granted
    to Sir Philip in March 2001 have lapsed.

(b) The 427,872 shares granted to Sir Philip in August 2003
    under the Long Term Incentive Plan were forfeited.

(c) The exercise term of Sir Philip's remaining 2,847,000 stock
    options has been shortened, so that they expire five years
    after his resignation, on 2 March 2009, or earlier if the
    original expiry date was prior to 2 March 2009.  This
    adjustment is consistent with the Group's general practice
    of allowing employees to continue to hold options after
    leaving employment by mutual agreement.

(d) Half of the 885,000 stock options granted in 2002 remain
    subject to further performance conditions and may lapse.

(e) Of the remaining options that are outstanding, the value of
    the options on 308,750 shares that exceed the price upon
    grant and are currently exercisable is GBP114,237.50 at the
    current share price.

(d) The schedule for the remainder of Sir Philip's stock options
    is disclosed in the Remuneration Report of the 2003 Annual
    Report and Accounts of The Shell Transport and Trading
    Company, p.l.c.

(e) By his own choice, Sir Philip had elected to invest part of
    his previously-earned bonuses in The Shell Transport and
    Trading Company, p.l.c. shares under the Deferred Bonus
    Plan, which allows for matching shares to be granted to
    those who hold them for three years. In Sir Philip's case,
    no matching shares have been awarded.

(f) Sir Philip has the legal right to a pension of GBP584,070
    per annum under the Shell pension scheme to which he has
    contributed over the past 35 years.

CONTACT:  ROYAL SHELL
          Shell Centre
          London SE1 7NA,
          United Kingdom

          Mary Brennan
          Media Relations, Shell International Limited
          Phone: +44-(0)-20-7934-3505
             Or: +44-(0)-7810-505869
          Fax:   +44-(0)-20-7934-5252
          E-mail: mary.brennan@shell.com
          Web site: http://www.shell.com


ROYAL SHELL: U.S. Pension Funds File Class Action
-------------------------------------------------
Securities lawyer William Lerach on Friday added a new class
action to the growing number of lawsuits lodged against Royal
Dutch/Shell Group.

The veteran class action lawyer filed the case against the oil
company and its top executives at a New Jersey state court,
according to Reuters.

The suit is made in behalf of UNITE National Retirement Fund and
the Plumbers and Pipefitters National Pension Fund.  It alleges
that Shell executives failed to uphold their fiduciary duties
and therefore violated the new Sarbanes-Oxley U.S. corporate
reform law.  The compensation claim was not specified.

The funds are demanding the return of executive bonuses and
compensation that was given as incentive for overstated
financial and operating performance.  It also calls on the
company to consolidate its dual ownership structure, increase
accountability and give shareholders the right to name three
directors.  Shell is 60% owned by Royal Dutch Petroleum, with
the rest held by London's Shell Trading & Transport.

A Shell spokeswoman did not immediately respond to calls seeking
comment, the report said.


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


DNO ASA: Decides to Pay Dividend
--------------------------------
DNO ASA held an extraordinary general meeting on 22 June 2004.
The resolution concerning distributions to the shareholders was
made in accordance with the Board of Directors' proposal sent
out together with the notice of the extraordinary general
meeting.

The share will be listed exclusive of dividend from and
including 10 August 2004, with dividend being paid as soon as
practicable thereafter.  Dividend will be paid to shareholders
registered at the closing of the stock exchange on 9 August
2004.

                            *   *   *

Minutes of Extraordinary General Meeting held at Munkedamsvn.
45, Oslo on 22 June 2004.

(1) The Chairman of the Board opened the meeting, informing that
    the 50 participants present at the meeting represented
    21,863,012 shares and 38.66% of the total share
    capital.  Of the attending shareholders, 39 represented own
    shares, 5 were proxies, and 6 represented both own shares
    and proxy shares.  The company's managing director and
    auditor were also present at the meeting.

(2) Attorney-at-law, Per Seime, was unanimously elected chairman
    of the meeting.  Ragnvald Storli was unanimously elected to
    sign the minutes together with the chairman of the meeting.

(3) The chairman bid the meeting welcome, referring to its
    notice.  No remarks were made on the notice of the meeting,
    and the Extraordinary General Meeting was declared legally
    convened and valid.  The meeting agenda was presented. No
    objections were made to the proposed agenda.

(4) Distributions to shareholders

    The Board of Directors proposed dividends of:

    (i) NOK 4 per share and

   (ii) 1 Share in DNO ASA for each 20th share.  In case of an
        uneven number, the difference will be compensated by
        cash payment, using the share price on the date of the
        Annual General Meeting as the basis for calculation.

Payment is to take place by 10 September 2004, on minimum 14
days notice.  The share will be listed exclusive of dividend
from and including 10 August 2004, with dividend being paid as
soon as practicable thereafter.  Dividend will be paid to
shareholders registered at the closing of the stock exchange on
9 August 2004.

The Extraordinary General Meeting unanimously adopted the
proposal of the Board of Directors.

There were no other items on the Extraordinary General Meeting
agenda.  The chairman of the meeting closed the Extraordinary
General Meeting.

Oslo, 22 June, 2004
Per Seime Ragnvald Storli


OPTICOM ASA: Thin Film Electronics Restructuring
------------------------------------------------
Opticom's operating subsidiary group Thin Film Electronics (TFE)
initiated a thorough review of its activities, capabilities and
budgets in May.  The purpose of the review is to restructure its
activities within the limits of Opticom's funding capability.

TFE's financial situation mandated immediate and significant
manning reductions. The negotiations with the employee unions at
Thin Film Electronics AB (TFE AB) in Linkoping, Sweden have now
been completed.  21 employees will leave TFE AB at this time,
while 22 are retained for the time being.

The retained employees will continue the work exploring the
technical and commercial prospects for TFE's memory technology.
It has also been decided to close TFE's facility in Albequeque,
New Mexico and concentrate design work in Linkoping.  The
current remaining four employees in Thin Film Electronics Inc
will leave the company.

A restructuring charge related to the manning reductions and
other resolved restructuring actions will be made in second
quarter.  Certain fixed assets will be written down.  The
amounts are not determined at this stage.

The future structure and capabilities of the TFE group will be
resolved later, depending on the results and conclusions of the
review.  The review is far reaching and at this stage nothing
has been ruled in or out.  The key results of the review,
shareholder funding of Thin Film Electronics ASA and consequent
restructuring actions will be reported as soon as they are
determined.

25 June 2004
Opticom ASA

CONTACT:  OPTICOM ASA
          Oslo Atrium
          P.O. Box 1872 Vika
          NO-0124 Oslo Norway
          Phone: +47 2301 1240
          Fax:   +47 2301 1241


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


ALEKSIN-PROM-STROY: Sets Public Auction July 7
----------------------------------------------
The bidding organizer of OJSC Aleksin-Prom-Story set the public
auction of the firm's properties on July 7, 2004 at 11:00 a.m.
(Moscow time).  It will be held at Russia, Tula, Krasnoarmeysky
Pr. 7, Conference Hall.  Assets for sale are five lots of
buildings.  Starting price: RUB6,750,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 4:00 p.m.  Documents for participants are
available at Russia, Yula, Krasnoarmeysky Pr. 7. Office 96.  To
participate, bidders must deposit an amount equivalent to 5% of
the starting price to the settlement account
40702810800000001254, TIN 7111003271 in OJSC Bank Tulsky
Promyshlennik of Tula, BIC 047003729, correspondent account
030101810700000000729.

CONTACT:  ALEKSIN-PROM-STROY
          301361, Russia, Tula region,
          Aleksin, Pakhomova Str. 7/12


AVIASTAR-TRANS: Insolvent Status Confirmed
------------------------------------------
The Arbitration Court of Ulyanovsk region declared CJSC
Aviastar-Trans insolvent and introduced bankruptcy proceedings.
The case is docketed as A72-361/04-20/9-B.  Mr. D. Monogarov has
been appointed insolvency manager.  Creditors have until August
10, 2004 to submit their proofs of claim to the temporary
insolvency manager at 432063, Russia, Ulyanovsk, Post User Box
4644.

CONTACT:  AVIASTAR-TRANS
          Russia, Ulyanov region,
          Inzhenerny Pr. 51

          Mr. D. Monogarov
          Insolvency Manager
          432063, Russia, Ulyanovsk,
          Post User Box 4644
          Phone/Fax: (8-8422) 44-29-63


BASHTEKS: Bashkortostan Court Sets Proofs of Claim Deadline
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic declared OJSC
Bashteks (TIN 0262011955) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A07/8267/04-G-ADM.  Mr. V.
Kryuvhkov has been appointed insolvency manager.  Creditors have
until August 10, 2004 to submit their proofs of claim to the
temporary insolvency manager at 453300, Russia, Bashkortostan
republic, Kumertau, Promyshlennaya Str. 1.

CONTACT:  BASHTEKS
          Russia, Bashkortostan Republic,
          Kumertau, Magistralnaya Str. 5

          Mr. V. Kryuvhkov
          Insolvency Manager
          453300, Russia,
          Bashkortostan Republic,
          Kumertau Promyshlennaya Str. 1
          Phone/Fax: 4-81-44

BELOVSKY MEET: Schedules Public Auction July 16
-----------------------------------------------
The bidding organizer and insolvency manager of OJSC Belovsky
Meet Packing Plant set the public auction of the firm's
properties on July 16, 2004 at 2:00 p.m. (local time).  It will
be held at Russia, Kemerovo region, Kemerovo, Krasnoarmeyskaya
Str. 8, Room of the Arbitrary Manager.  Up for sale is a tourist
center with building, two fishing houses, a two-door apartment,
sauna, garage, boiler, water tower and a pavilion.  Starting
price: RUB418,000.

Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 10:00 a.m.  Documents for participants are
available at Russia, Kemerovo region, Belovsky Region,
Pomortsevo.  To participate, bidders must deposit an amount
equivalent to 20% of the starting price.

CONTACT:  BELOVSKY MEET PACKING PLANT
          Russia, Kemerovo region,
          Belovsky region, Pomortsevo

          Mr. V. Klopov
          Arbitrary Manager
          Russia, Kemerovo region,
          Kemerovo, Krasnoarmeyskaya 8,
          Room of Arbitrary Manager
          Phone: 8-903-944-07-58


FLAX-HEMP FACTORY: Public Auction Set July 20
---------------------------------------------
The Center of Business Support set the public auction of Flaz-
Hemp factory on July 20, 2004, 12:00 noon (local time).  It will
be held at Russia, Bryansk, Staleliteynaya Str. 20.  Starting
price: RUB2,807,975.

Preliminary examination and reception of bids are done daily
(except Sundays) from 12:00 noon to 3:00 p.m. until July 16,
2004.  Documents for participants are available at Russia,
Bryansk, Staleliteynaya Str. 20.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price at the settlement account
40702810508000104540, TIN/KPP 3255041270/32301001, correspondent
account 30101810400000000601 in RGTs GU Bank of Russia in
Bryansk region, BIC 041501601 on or before July 16, 2004.

CONTACT:  FLAX-HEMP FACTORY
          Russia, Bryansk,
          Trubchevsk, Naberezhnaya Str. 12
          Phone: (0832) 57-77-81, 57-57-49


LUKHOVITSKAYA GARMENT: Sets Public Auction July 28
--------------------------------------------------
The OJSC Lukhovitskaya Garment Factory has set its properties
for auction on July 28, 2004 at 2:00 p.m.  It will be held at
140500, Russia, Moscow region, Lukhovitsy, Sovetskaya Str. 3.
The assets for sale are administrative and boiler buildings.
Starting price: RUB6,750,000.

Preliminary examination and reception of bids are done daily
(except Sundays) from 10:00 a.m. to 4:00 p.m. until July 26,
2004.  Documents for participants are available at 115583,
Russia, Moscow, Kashirskoye Shosse, 65, Building 1, Office 319.
To participate, bidders must deposit an amount equivalent to 10%
of the starting price.

CONTACT:  LUKHOVITSKAYA GARMENT FACTORY
          Russia, Bryansk, Trubchevsk,
          Naberezhnaya Str. 12

          ANTI-CRISIS ARBITRARY MANAGEMENT
          Bidding Organizer
          109651, Russia, Moscow,
          Novocherkassky Avenue, 20
          Phone: (0832) 57-77-81, 57-57-49


PICHAEVO-REM-TEKH-PRED: Proofs of Claim Deadline August 10
----------------------------------------------------------
The Arbitration Court of Tambov region declared OJSC Pichaevo-
Rem-Tekh-Pred insolvent and introduced bankruptcy proceedings.
The case is docketed as A64-3217/03-2.  Mr. S. Bessonov has been
appointed insolvency manager.  Creditors have until August 10,
2004 to submit their proofs of claim to the temporary insolvency
manager at 393916, Russia, Tambov region, Morshansky region, M.
Kuliki, Olkhovaya Str. 18.

CONTACT:  PICHAEVO-REM-TEKH-PRED
          Russia, Tambov region, Pichaevo

          Mr. S. Bessonov
          Insolvency Manager
          393916, Russia, Tambov region,
          Morshansky region, M. Kuliki,
          Olkhovaya Str. 18


TVERSKOY FACTORY: Deadline for Proofs of Claim July 10
------------------------------------------------------
The Arbitration Court of Tver region declared OJSC Tverskoy
Factory of Viscose Strings insolvent and introduced bankruptcy
proceedings.  The case is docketed as A66-3286-04.  Mr. A.
Yulygin has been appointed insolvency manager.  Creditors have
until July 10, 2004 to submit their proofs of claim to the
temporary insolvency manager at 170000, Russia, Tver, Gagarina
Str. 1.

CONTACT:  TVERSKOY FACTORY OF VISCOSE STRINGS
          170000, Russia, Tver,
          Gagarina Str. 1

          Mr. A. Yulygin
          Insolvency Manager
          453300, Russia, Bashkortostan republic,
          Kumertau, Promyshlennaya Str. 1
          Phone/Fax: 4-81-44


VLADIMIRSKY REPAIR-ASSEMBLING: Court Sets October 7 Hearing
-----------------------------------------------------------
The Arbitration Court of Vladimir region declared state unitary
enterprise Vladimirsky Repair-Assembling Combine (TIN
3302020880) insolvent and introduced bankruptcy proceedings.
The case is docketed as A11-3495/2004-K1-34B.  Ms. T. Morozova
has been appointed insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 600025, Russia,
Vladimir region, Nikitskaya Str. 27A.  A hearing will take place
at 1:30 p.m., October 7, 2004

CONTACT:  VLADIMIRSKY REPAIR-ASSEMBLING COMBINE
          600025, Russia, Vladimir region,
          Nikitskaya Str. 27A

          Ms. T. Morozova
          Insolvency Manager
          600025, Russia, Vladimir region,
          Nikitskaya Str. 27A


ZNAMENSKY BRICKWORKS: Declared Insolvent
----------------------------------------
The Arbitration Court of Tambov region declared CJSC Znamensky
Brickworks insolvent and introduced bankruptcy proceedings.  The
case is docketed as A64-4140/03-18.  Mr. V. Filatov has been
appointed insolvency manager.  Creditors have until August 10,
2004 to submit their proofs of claim to the temporary insolvency
manager at Russia, Tambov, Astrakhanskaya Str. 1/1, Office 19.

CONTACT:  ZNAMENSKY BRICKWORKS
          Russia, Tambov region,
          Znamenka, Kirpichnozavodskaya Str.

          Mr. V. Filatov
          Insolvency Manager
          Russia, Tambov,
          Astrakhanskaya Str. 1/1
          Office 19


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


ADECCO SA: To Web cast June 29 Annual General Meeting
-----------------------------------------------------
As previously announced, Adecco S.A.'s 2004 Annual General
Meeting of shareholders will take place in Lausanne,
Switzerland, on June 29, 2004 at 10:30 a.m. CET.  The event will
be Web cast in three languages: English, French and German.  Web
cast details can be found at http://www.adecco.com. The
biographies of Board Nominees can be viewed free of charge at:
http://bankrupt.com/misc/Adecco_Biographies.pdf

CONTACT:  ADECCO S.A.
          Media Center:
          Phone: +41 1 878 8888
          E-mail: investor.relations@adecco.com


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


AIDA: Bankruptcy Supervision Procedure Begins
---------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Firm Aida (code EDRPOU 14285377)
on May 14, 2004.  The case is docketed as 2/81-04-3486.  Mr.
Ivanov Vladislav (License Number AA 250152 approved on January
25, 2002) has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  AIDA
     65114, Ukraine, Odesa region,
     Zhukov str. 53

(b)  Temporary Insolvency Manager
     65011, Ukraine, Odesa region,
     a/b 46

(c)  ECONOMIC COURT OF ODESA REGION
     65032, Ukraine, Odesa region,
     Shevchenko Avenue, 4

Aida holds account number 2600730102 at LLC CB FEB, Odesa
region, MFO 328599.

CONTACT:  AIDA
          65114, Ukraine, Odesa region,
          Zhukov str., 53

          Mr. Ivanov Vladislav
          Temporary Insolvency Manager
          65011, Ukraine, Odesa region,
          a/b 46

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


ARGO: Cherkassy Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Argo (code EDRPOU 31878841).  The
case is docketed as 14/931.  Arbitral manager Mr. Zanko Mikola
has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  ARGO
     19032, Ukraine, Cherkassy region,
     Kanivskij district, Yabluniv

(b)  Temporary Insolvency Manager
     18000, Ukraine, Cherkassy region,
     Geroyiv Dnipra str. 81/409

(c)  ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy region,
     Shevchenko Avenue, 307

Argo holds account number 26007166901 at JSCB Integral Bank,
Kyiv, MFO 320735.

CONTACT:  ARGO
          19032, Ukraine, Cherkassy region,
          Kanivskij district, Yabluniv

          Mr. Zanko Mikola
          Temporary Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Geroyiv Dnipra str. 81/409

     ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


DNIPRO: Undergoes Bankruptcy Supervision
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Dnipro (code EDRPOU 03733996).  The
case is docketed as 5/306-04.  Mr. Leshenko Anatolij (License
Number AA 484190 approved on December 29, 2002) has been
appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  DNIPRO
     Ukraine, Vinnitsya region,
     Vinnitsya district, Sokirintsi

(b)  Mr. Leshenko Anatolij
     Temporary Insolvency Manager
     Ukraine, Vinnitsya region,
     Vinnitsya district, Sokirintsi

(c)  ECONOMIC COURT OF VINNITSYA REGION
     21100, Ukraine, Vinnitsya region,
     Hmelnitske Shose, 7

Dnipro holds account numbers 260023011309 and 260093041309 at
JSCB Mriya, Vinnitsya branch, MFO 302559, and account numbers
260481155, 260499993439 and 260079800 at JSPPB Aval, Vinnitsya
branch, MFO 302247.

CONTACT:  DNIPRO
          Ukraine, Vinnitsya region,
          Vinnitsya district, Sokirintsi

          Mr. Leshenko Anatolij
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Vinnitsya district, Sokirintsi

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


GOLDEN BRIDGE: Public Auction of Assets Set July 5
--------------------------------------------------
Ukrainian Universal Trade Exchange, on behalf of associated
member (broker office number 134), sets for public auction the
properties of Production-Intermediary Building-Erection Company
Golden Bridge on July 5, 2004, 2:00 p.m. at Ukraine, Uzhgorod,
Gojdi str. 10/63.

The property is being sold as one lot with a price discounted 5%
from original valuation.

The properties for sale are:

(a)  Administrative building.  Starting price: UAH41,430.00
     (inclusive of VAT).

(b)  Shop.  Starting price: UAH15,924.00 (inclusive of VAT).

(c)  Gatekeeper's office.  Starting price: UAH1,812.00
     (inclusive of VAT).

(d)  Storehouse.  Starting price: UAH11,685.00 (inclusive of
     VAT).

(e)  Joiner's department.  Starting price: UAH8,669.00
     (inclusive of VAT).

(f)  Pump premises.  Starting price: UAH580.00 (inclusive of
     VAT).

(g)  Auto workshop.  Starting price: UAH11,149.00 (inclusive of
     VAT).

(h)  Storehouse, workshop, garages.  Starting price:
     UAH16,946.00 (inclusive of VAT).

(i)  Saw-tool.  Starting price: UAH18,483.00 (inclusive of VAT).

(j)  Reinforced concrete node.  Starting price: UAH1,709.00
     (inclusive of VAT).

(k)  Color department.  Starting price: UAH12,501.00 (inclusive
     of VAT).

(l)  Awning.  Starting price: UAH6,237.00 (inclusive of VAT).

(m)  Scales-awning.  Starting price: UAH481.00 (inclusive of
     VAT).

(n)  Lavatory.  Starting price: UAH173.00 (inclusive of VAT).

(o)  154 lots of assorted equipment.  Starting price:
     UAH135,929.00 (inclusive of VAT).

Total price of the lot, in accordance with expert judging, is
UAH291,486.00  The discounted price is UAH276,911.70.  The
properties are located at Ukraine, Zakarpatska region, Hust, I.
Franko str. 187.

The properties for sale include a complex of brick buildings,
shop with a hotel and railroad branch.  The properties also have
central water supply, autonomous heating, electric illumination
and gas supply.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17.00 until July 2, 2004.  The amount must be
deposited to account number 26007016000088 at LLC CIB
Koopinvestbank, Uzhgorod, MFO 312248, EDRPOU 30376252.

Participating individuals for the auction must submit
competitive propositions to Ukraine, Uzhgorod, Gojdi str.,
10/63.  For more information about the auction, contact auction
committee at Ukraine, Uzhgorod, Gojdi str. 10/63.

Requirements:

(a) Physical persons: document that certifies physical person
(copy of passport's 1st and 2nd pages), document of payment of
guarantee and registration installments, copy of identification
number and declaration of income for the previous accounting
period.

(b) Juridical persons: notarized certificate of registration of
business activity, copies of statutory documents, and warrant on
the propositions submitted.

CONTACT:  GOLDEN BRIDGE
     Ukraine, Zakarpatska region,
          Hust, I. Franko str., 187

     Auction committee
     Ukraine, Uzhgorod, Gojdi str., 10/63
     Phone: (03122) 3-33-52, 4-27-00
     Fax: (03122) 3-33-52


KOLOS: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Kolos (code EDRPOU 31160978).  The
case is docketed as 01/980.  Arbitral manager Mr. Perederko
Anatolij has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  KOLOS
     19032, Ukraine, Cherkassy region,
     Kanivskij district, Yabluniv

(b)  Temporary Insolvency Manager
     18000, Ukraine, Cherkassy region,
     Vatutin str., 170/60

(c)  ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy region,
     Shevchenko Avenue, 307

Kolos account number 26005135901 at JSCB Integral Bank, Kyiv
region, MFO 320735.

CONTACT:  KOLOS
          19032, Ukraine, Cherkassy region,
          Kanivskij district, Yabluniv

          Mr. Perederko Anatolij
          Temporary Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Vatutin str., 170/60

     ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


LEBEDIN FOODSTUFF: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Lebedin' Foodstuff Plant (code
EDRPOU 00379672) on April 2, 2004.  The case is docketed as
7/37-04.  Arbitral manager Mr. Babenko Eduard (License Number AA
487826 approved on May 20, 2003) has been appointed temporary
insolvency manager.

Creditors have until July 9, 2004 to submit their proofs of
claim to:

(a)  LEBEDIN' FOODSTUFF PLANT
     42200, Ukraine, Sumi region,
     Lebedin, Karpov str. 3

(b)  Temporary Insolvency Manager
     04114, Ukraine, Kyiv region,
     Polupanov str. 14, 2nd floor
     Phone: (044) 464-15-85, 464-15-81
     Fax: (044) 464-15-85, 464-15-81

(c)  ECONOMIC COURT OF SUMI REGION
     40477, Ukraine, Sumi region,
     Ribalko str. 2

Lebedin' Foodstuff Plant holds account number 260024323 at JSPPB
Aval, Sumi regional branch, MFO 337483.

CONTACT:  LEBEDIN' FOODSTUFF PLANT
          42200, Ukraine, Sumi region,
          Lebedin, Karpov str.,3

          Mr. Babenko Eduard
          Temporary Insolvency Manager
          04114, Ukraine, Kyiv region,
          Polupanov str., 14, 2nd floor
          Phone: (044) 464-15-85, 464-15-81
          Fax: (044) 464-15-85, 464-15-81

     ECONOMIC COURT OF SUMI REGION
     40477, Ukraine, Sumi region,
          Ribalko str., 2


PEREMOZHETS: Vinnitsya Court Orders Debt Moratorium
---------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Peremozhets (code
EDRPOU 30807282) and ordered a moratorium on the satisfaction of
creditors' claims.  The case is docketed as 10/66-04.  Arbitral
manager Mr. Tushevskij U. (License Number 250425 approved on
March 29, 2003) has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  PEREMOZHETS
     22065, Ukraine, Vinnitsya region,
     Hmelnitskij district,
     Shiroka Greblya

(b)  Temporary Insolvency Manager
     Ukraine, Vinnitsya region,
     Peremogi str. 27-A/57
     Phone: 35-63-09

(c)  ECONOMIC COURT OF VINNITSYA REGION
     21100, Ukraine, Vinnitsya region,
     Hmelnitske Shose, 7

Peremozhets holds account 260059338 at JSPPB Aval, Hmilnik
branch, MFO 302247.

CONTACT:  PEREMOZHETS
          22065, Ukraine, Vinnitsya region,
          Hmelnitskij district,
          Shiroka Greblya

          Mr. Tushevskij U.
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Peremogi str. 27-A/57
          Phone: 35-63-09

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


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


69 MANSELL: Hires Liquidators from Mazars
-----------------------------------------
At an Extraordinary General Meeting of the 69 Mansell Limited
Company on June 14, 2004 held at 24 Bevis Marks, London EC3A
7NR, the subjoined Special Resolution to wind up the company was
passed.  David Richard Thorniley and Christopher Rodney Ashurst
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
          Liquidators:
          David Richard Thorniley
          Christopher Rodney Ashurst


911 SALES: Meeting of Unsecured Creditors July 2
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                IN THE MATTER OF 911 Sales Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the 911
Sales Ltd. Company will be held at Crown Plaza Hotel Wellington
Street, Leeds LS1 4DL on July 2, 2004 at 10:00 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address above.

C G J King, Joint Administrative Receiver
May 21, 2004


ABERDEEN ASSET: Corners New US$1.1 Bln Asset Management Deal
------------------------------------------------------------
Aberdeen Asset Management said it won US$1.1 billion (GBP602
million) new mandates to manage assets from global institutions
in the six months to the end of March.

The mandates include six Asia Pacific ex-Japan contracts, two
Asia Pacific deal including Japan, one Singaporean equities, and
one global emerging equities brief.  The deal increased its
total assets under management to about US$40.6 billion (GBP22.2
billion) as at April 30, 2004.  Its total mandate in the Asia
Pacific/Pan-Asia region is now US$6.5 billion (GBP3.6 billion)
as at April 20, 2004.

The transaction highlights the troubled company's move out of
retail and into institutional fund handling, according to The
Scotsman.  Aberdeen's reputation had been tarnished by its
involvement in the collapse of the split-capital investment
trust sector.


BARNSLEY ALHAMBRA: Eurohypo Aktiengesellschaft Hires Receiver
-------------------------------------------------------------
Name of Companies:
Barnsley Alhambra Limited
Greycoat Bishopsgate Limited
Greycoat Cannon Street (No. 2) Limited
Greycoat City Estates Limited
Greycoat London Estates Investments Limited
Precis (2270) Limited
Precis (2271) Limited

Reg Nos:
02329063
02329086
02258647
02477079
01386579
04487290
04496622

Eurohypo Aktiengesellschaft called in Richard Heis and Jane
Bronwen Moriarty of KPMG LLP as receivers for these companies.
The application was made June 18, 2004.  These companies develop
and sell real estates.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Receivers:
          Richard Heis
          Jane Bronwen Moriarty
          (Office Holder Nos 8618, 9095)


BIOCHEMINEX LIMITED: Appoints Liquidator from Gilderthorps
----------------------------------------------------------
At an Extraordinary General Meeting of the Biocheminex Limited
Company on June 17, 2004 held at Gilderthorps, 22 Paul Street,
Shepton Mallet, Somerset BA4 5LA, the Extraordinary Resolutions
to wind up the company were passed.  Robert Stanley Gilderthorp
of Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4
5LA has been appointed the Liquidator of the Company for the
purpose of such winding-up.

CONTACT:  GILDERTHORPS
          22 Paul Street
          Shepton Mallet,
          Somerset BA4 5LA
          Liquidator:
          Robert Stanley Gilderthorp


CABLE & WIRELESS: Subsidiary Faces GBP50 Million Lawsuit
--------------------------------------------------------
Australia-Japan Cable (AJC), a telecoms firm based in Bermuda,
has lodged a multi-million dollar case against Pender, Cable &
Wireless' offshore insurance subsidiary, in the Commercial Court
in London.

AJC claims the company did not pay out on a policy covering a
project to lay submarine cable between Japan and Australia.  The
project hit delays mainly due to bad weather, causing the firm
to incur losses.  It is now claiming at least at least GBP50
million (US$92.5 million) from the company.  The case is
understood the latest in a chain of lawsuits lodged against the
Isle of Man-based firm.

Robin Russell, the chief executive of AJC, said: "We have tried
to engage Cable & Wireless about settling the claim, but they
have been unresponsive.  We trust that these proceedings will
serve as a framework for a resolution of the issue."   Cable &
Wireless said it is "vigorously contesting" the claim, according
to The Telegraph.

Although Pender's liabilities are partially covered by its
reinsurance policies, Cable & Wireless could still be faced with
a final bill for tens of millions of pounds, according to the
report.  Cable & Wireless last year was forced to shell out
GBP19 million to pay claims against Global Crossing, a telecoms
group insured by Pender.

Pender was set in 1990 as a "captive insurance" company to
manage the telecoms group's insurance policies.  The company
started to write insurance business for third parties in 1997,
stopping only in March 2003 after an internal investigation by
Cable & Wireless.


CANARY WHARF: Songbird Offer Extended Until July 1
--------------------------------------------------
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.  The Offer has subsequently been extended on three
further occasions, most recently until 24 June 2004.

As at 1:00 p.m. (London time) on 24 June 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 386,999,647 Canary Wharf Shares,
representing approximately 66.15% 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% 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 former members of
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% of the
issued share capital of Canary Wharf.

As at the close of business on 23 June 2004, the Morgan Stanley
Group was the beneficial owner of 944 Canary Wharf Shares and
held 27,295 Canary Wharf Shares on behalf of clients.  Valid
acceptances have been received by Songbird in respect of 8,804
of these Canary Wharf Shares.  As at the close of business on 23
June 2004, Goldman Sachs International was the beneficial owner
of 239 Canary Wharf Shares.  Valid acceptances have not been
received by Songbird in respect 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.

                Extension of Offer to 1 July 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 1 July 2004.  The Offer will then close unless further
extended.

As a result of the extension of the Offer, Canary Wharf
Shareholders who accept the Offer will continue to be entitled
to receive the basic consideration of 238 pence in cash and 0.57
of a Class B Share for each Canary Wharf Share.

However, although 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, the extent to which these elections will be satisfied
will depend on there being sufficient countervailing elections
for cash and Class B Shares.  As such, Canary Wharf Shareholders
are no longer guaranteed to receive 295 pence in cash per Canary
Wharf Share even if they so elect.

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 24 June 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 1 July 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 24 June 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 1 July 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.

Settlement of the consideration due to Canary Wharf Shareholders
who accept the Offer after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 24 June 2004 will be made within 14 days of a
valid acceptance.

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 1 July 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, +44 20
8639 2157).

CONTACT:  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


C & H MEATS: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Members of the C & H
Meats (Sheffield) Limited Company on June 14, 2004 held at
Novotel Sheffield, 50 Arundel Gate, Sheffield, South Yorkshire
S1 2PR, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Jonathan Elman Avery-Gee has been
appointed Liquidator for the purpose of such winding-up.


CORUS GROUP: S&P Retains 'B' Ratings, Stable Outlook
----------------------------------------------------
Standard & Poor's Ratings Services said on Friday that its
ratings and outlook on U.K.-based steel consortium Corus Group
PLC (B/Stable/B) remain unchanged following a positive trading
update from the company.

Corus expects to report a significantly stronger operating
profit year-on-year of more than GBP125 million (US$228 million)
in the first half of 2004, helped by better market conditions
and benefits from restructuring.

Although this is a positive development, a significant gap in
profitability still remains for Corus compared with key European
competitors such as Arcelor S.A. (BBB/Stable/A-2) and
ThyssenKrupp AG (BB+/Stable/B), which have also reported
stronger earnings in 2004 at this favorable point in the steel
price cycle.

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


DIMITRIS RESTAURANT: Sets Creditors Meeting July 2
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Dimitris Restaurants Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Dimitris
Restaurants Ltd company will be held at New Maxdov House 130
Bury New Road Manchester M25 0AA, on July 2, 2004, at 11:30 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at New Maxdov House
130 Bury New Road Manchester M25 0AA not later that 12:00 noon
on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
New Maxdov House 130 Bury New Road Manchester M25 0AA before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Tony Freeman & Co, New Maxdov House 130 Bury
New Road Manchester M25 0AA on two business days next before the
meeting.

By Order of the Board.

D Griliopoulos, Director


DUO AIRWAYS: Meeting of Creditors Set July 8
--------------------------------------------
Name of Companies:
Duo Airways Limited
Duo Group Limited
Duo Holdings Limited

The Creditors of these companies will have an initial Meeting on
July 8, 2004 at 11:00 a.m.  It will be held at the
Renaissance Solihull Hotel, 651 Warwick Road, Solihull, West
Midlands B91 1AT.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, 201 Deansgate, Manchester
M60 2AT not later than 12:00 noon, July 7, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          201 Deansgate,
          Manchester M60 2AT
          Joint Administrators:
          W K Dawson
          A P Peters


EGG PLC: Capital One Gaining Ground with GBP1.4 Billion Bid
-----------------------------------------------------------
U.S. credit card company Capital One is understood frontrunner
in the race to acquire Egg plc, the internet bank controlled by
Prundential.

Capital One's GBP1.4 billion bid for Egg turned out as MBNA, the
world's largest independent credit card lender, took time
discussing prices with Prudential, which owns 79% of Egg.

Egg was successful with its credit card operation in the U.K.,
cornering nearly 6% of the U.K. market with 2.7 million in
customers.  But a venture in France with its "La Carte Egg"
credit card in 2002 turned out a disaster.  Figures failed to
meet expectations, forcing it to almost double its investment
budget and delay a target for breaking even by a year to 2005.


EMERALD STEEL: Creditors to Name Liquidator July 1
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Emerald Steel Fabrications Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Emerald Steel
Fabrications Ltd company will be held at The Old Exchange 234
Southchurch Road Southend-on-Sea SS1 2EG, on July 1, 2004, at
11:30 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Prospect House
Footscray High Street Sidcup DA14 5HN not later that 12:00 noon
on the business day before the Meeting.

Notice is a also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
Prospect House Footscray High Street Sidcup DA14 5HN before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

David Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

F Hitchcock, Director
June 8, 2004


EVES HOLDINGS: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the Eves
Holdings Limited Company on June 16, 2004 held at Heathcote
House, 136 Hagley Road, Edgbaston, Birmingham B16 9PN, the
Special Resolution to wind up the company was passed.  Gerald
Frederick Davis has been appointed Liquidator for the purpose of
such winding-up.


GEN RE: Sets Final Meeting July 26
----------------------------------
Members of Gen Re Securities Investments Company will have a
Final Meeting on July 26, 2004 at 10:30 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.

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:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Liquidator:
          Richard Setchim


HT COMMUNICATIONS: Board Sets Creditors Meeting July 1
------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF HT Communications Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of HT Communications Ltd
company will be held at The Belmont House Hotel De Montfort
Street Leicester LE1 7GR, on July 1, 2004, at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Mill 9
Soar Lane Leicester LE3 5DE not later that 12:00 noon on the
business day before the Meeting.

Notice is a also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
The Old Mill 9 Soar Lane Leicester LE3 5DE before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

J P W Harlow of HKM Harlow Khandhia Mistry The Old Mill 9 Soar
Lane Leicester LE3 5DE is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

M Williams, Director
June 10, 2004


INTER AIR: Administrative Receivers Call Creditors Meeting
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                IN THE MATTER OF Inter Air Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
Inter Air Ltd. Company will be held at Southampton Park Hotel
Cumberland Place, Southampton on June 30, 2004 at 10:30 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at his at the address above.

G Johnston, Administrative Receiver
June 8, 2004


INTERFUNCTION LTD.: Creditors to Convene July 2
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

               IN THE MATTER OF Interfunction Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
above-named Company will be held at Crown Plaza Hotel Wellington
Street, Leeds LS1 4DL on July 2, at 10:00 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address above.

C G J King, Joint Administrative Receiver

May 21, 2004


JANES BEVERAGE: Creditors to Decide on Liquidation June 30
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Janes Beverage Systems Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Janes Beverage
Systems Ltd company will be held at The Bonnington Hotel 92
Southampton Row London WC1B 4BM, on June 30, 2004, at 12:30 p.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later that
12:00 noon on the business day before the Meeting.

Notice is a also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

David Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

S Janes, Director
June 8, 2004


JB WORKFORCE: Creditors Meeting Scheduled June 30
-------------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

             IN THE MATTER OF JB Workforce (Kent) Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the JB Workforce (Kent)
Ltd company will be held at Kent House Station Road Ashford TN23
1PP, on June 30, 2004, at 12:00 p.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Kent House
Station Road Ashford TN23 1PP not later that 12:00 noon on the
business day before the Meeting.

Notice is a also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
Kent House Station Road Ashford TN23 1PP before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Gerald Edelman, Kent House Station Road
Ashford TN23 1PP on two business days next before the meeting.


By Order of the Board.

C Boucher, Director
June 7, 2004


KENT FURNISHERS: Creditors to Name Liquidator June 30
-----------------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

               IN THE MATTER OF Kent Furnishers Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Kent Furnishers Ltd
company will be held at Virgin 1st Class Passenger Lounge Euston
Station London, on June 30, 2004, at 12:00 p.m. for the purpose

of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Unique Business Finance Ltd, Lockside Office
Park Lockside Road Preston PR2 2YS on two business days next
before the meeting.

By Order of the Board.

M Butler, Director
June 1, 2004


LUMLEY CAZALET: Members Final Meeting Set July 16
-------------------------------------------------
There will be a Final Meeting of Members of Lumley Cazalet
Limited Company on July 16, 2004 at 10:45 a.m.  It will be held
at 1 Snow Hill, London EC1A 2EN.

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 the Liquidator at No 1
Snow Hill, London EC1A 2EN not later than 12:00 noon, July 15,
2004.

CONTACT:  D Rolph, Liquidator
          No 1 Snow Hill,
          London EC1A 2EN


NETWORK RAIL: Two-day Union Strike Canceled
-------------------------------------------
Network Rail on Friday confirmed that it has been informed by
the RMT union that the national rail strike scheduled for June
29 and 30 has been cancelled.

Network Rail Chief Executive John Armitt said: "This is
excellent news for passengers.  I am pleased that we have been
able come to an agreement without any need for a strike.

"This confirms my belief that this dispute was always best
resolved through talking rather than striking.  We had reached
agreement on the issues of pay and travel some weeks ago, and I
am pleased now that the pensions issue is resolved too.

"This is a fair deal for the Company and our employees,
rewarding length of service and commitment to Network Rail.
Rail passengers all over the country will share our delight that
we have come to an agreement."

The new offer will mean a fair deal for all with new entrants to
Network Rail joining a new defined contributions pension scheme
and rewards length of service to the Company by allowing
entrance to the final salary scheme after five years service.

                            *   *   *

The key elements of the 2004 pay offer for signalers are:

(a) Two-year pay deal with a 3.5% increase in year one, plus an
    increase of RPI + 0.75% in year two (subject to a minimum
    year two increase of 3% and a maximum of 4%).

(b) Creation of a Pensions Forum to provide an opportunity for
    the trade unions to negotiate and be consulted upon pensions
    matters.

(c) After five years service, members of the defined
    contributions scheme will be allowed entry into the final
    salary scheme, should they choose to.  The length of service
    of employees joining Network Rail under TUPE arrangements as
    part of the bringing in-house of maintenance will count
    towards the five year eligibility criteria.

(d) Provision of travel benefits to all employees, with a 25%
    discount off a home-to-work season ticket

Bold italics indicates new element

The key elements of the offer for maintenance workers are:

(a) One-year pay deal, with a 3.0% increase

(b) A one-off lump sum payment of o100 to all

(c) All maintenance workers allowed into the Network Rail
    2003/04 general bonus scheme on a pro-rata basis

(d) Creation of a Pensions Forum to provide an opportunity for
    the trade unions to negotiate and be consulted upon pensions
    matters.

(e) After five years service, members of the defined
    contributions scheme will be allowed entry into the final
    salary scheme, should they choose to.  The length of service

    of employees joining Network Rail under TUPE arrangements as
    part of the bringing in-house of maintenance will count
    towards the five year eligibility criteria.

(f) Provision of travel benefits to all employees, with a 25%
    discount off a home-to-work season ticket

CONTACT:  NETWORK RAIL
          Media Inquiries:
          Phone: 020 7557 8292 / 3


ONYX PLASTICS: Final General Meeting Set July 20
------------------------------------------------
The Final General Meeting of the Members of Onyx Plastics 2
Limited Company will be held at July 30, 2004 at 11:30 a.m.  It
will be held at the offices of BDO Stoy Hayward LLP, Kings
Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

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 BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX not
later than 12:00 noon, July 19, 2004.

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


OXYGEN COMMUNICATIONS: Creditors Meeting Set July 2
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Oxygen Communications Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
Oxygen Communications Ltd company will be held at Crown Plaza
Hotel Wellington Street, Leeds LS1 4DL on July 2, 2004 at 10:00
a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address above.

C G J King, Joint Administrative Receiver

May 21, 2004


PERCY THOMAS: Names Grant Thornton Administrator
------------------------------------------------
Architectural firm, Percy Thomas Partnership (Architects)
Limited have appointed Richard Hawes and Nigel Morrison of Grant
Thornton as joint administrative receivers.  The appointment was
made June 15, 2004.

CONTACT:  GRANT THORNTON
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Receivers:
          Richard Hawes
          Nigel Morrison
          (IP Nos 8954, 8938)


PREMIER STRUCTURAL: Meeting of Creditors Set June 30
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Premier Structural Timber Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Premier Structural
Timber Ltd company will be held at The Quality Hotel Royal
Ferensway Hull HU1 3UF, on June 30, 2004, at 10:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Lowgate House
Lowgate Hull HU1 1EL not later that 12:00 noon on the business
day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Lowgate House Lowgate Hull HU1 1EL before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Jacksons Jolliffe Cork, Lowgate House Lowgate
Hull HU1 1EL on two business days next before the meeting.

By Order of the Board.

T Cawkwell , Director
May 28, 2004


PST INTERNATIONAL: To Vote on Administrator's Proposals June 30
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF PST (International) Ltd

Notice is hereby given that a Meeting of Creditors in the matter
of PST (International) Ltd is to be held at The Westbury Hotel
Bond Street London W1S 2YF on June 30, 2004 at 11:00 a.m. to
consider my proposals under section 23(1) of the Insolvency Act
1986, and to consider establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at Sherlock
House 73 Baker Street London W1U 6RD not later than 12:00 noon
the business day before the meeting. A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of my proposals is available, on written request, to the
Administrator Sherlock House 73 Baker Street London W1U 6RD.

S J Parker, Joint Administrator
June 14, 2004


RAILSIDE U.K.: Creditors Meeting Set July 1
-------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

                IN THE MATTER OF Railside (UK) Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Railside (UK) Ltd
company will be held at The Beauchief Hotel 161 Abbeydale Road
South Sheffield S7 2QW, on July 1, 2004, at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 289 Abbeydale
Road South Sheffield S17 3LB not later that 12:00 noon on the
business day before the Meeting.

Notice is a also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
289 Abbeydale Road South Sheffield S17 3LB before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Wilson Field, 289 Abbeydale Road South
Sheffield S17 3LB on two business days next before the meeting.


By Order of the Board.

A Clarke, Director


REDFRAME TIMBER: Hires Receivers from Robson Rhodes
---------------------------------------------------
The Redframe Timber Engineering Limited Company have appointed
Matthew Dunham and Charles William Anthony Escott of Robson
Rhodes as joint administrative receivers.  The appointment was
made June 17, 2004.  The company is engaged in timber
engineering.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Receivers:
          Matthew Dunham
          Charles William Anthony Escott
          (IP Nos 8376, 8913)


RJS MOTORCYCLES: Creditors Meet June 30 to Hear Status Report
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF RJS Motorcycles Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the RJS Motorcycles Ltd
company will be held at Mountview Court 1148 High Road Whetstone
London N20 0RA, on June 30, 2004, at 10:30 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Mountview Court
1148 High Road Whetstone London N20 0RA not later that 12:00
noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Mountview Court 1148 High Road Whetstone London N20 0RA before
the Meeting, a statement giving particulars of their security,
the date when it was given, and the value at which it is
assessed.

Elizabeth Arakapiotis of Kikis Kallis & Co Mountview Court 1148
High Road Whetstone London N20 0RA is a person qualified to act
as an Insolvency Practitioner in relation to the Company who
will, during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

R J Sargeant,
June 9, 2004


ST. DAVID'S: Royal Bank of Scotland Appoints Receiver
-----------------------------------------------------
The Royal Bank of Scotland plc called in Thomas Merchant Burton
and Patrick Joseph Brazzill of Ernst & Young LLP as receivers
for St. David's Investment Trust Plc (Reg No 03258111, Trade
Classification: 38).  The application was filed June 17, 2004.
The company is an investment trust.

CONTACT:  ERNST & YOUNG LLP
          Ten George Street,
          Edinburgh EH2 2DZ
          Receives:
          Thomas Merchant Burton
          Patrick Joseph Brazzill
          (Office Holder Nos 8224, 8569)


STEELRAY NO. 186: Sets Final Meeting July 23
--------------------------------------------
Members of Steelray No. 86 Limited Company will have a Final
Meeting on July 23, 2004 at 10:30 a.m.  It will be held at
Haines Watts, 6 St Stephens Court, 15-17 St Stephens Road,
Bournemouth BH2 6LA.

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 Haines Watts, 6 St
Stephens Court, 15-17 St Stephens Road, Bournemouth BH2 6LA not
later than 12:00 noon, July 22, 2004.

CONTACT:  HAINES WATTS
          6 St Stephens Court
          15-17 St Stephens Road,
          Bournemouth BH2 6LA
          Liquidator:
          D M Clements


TRANSLOGISTICA ONE: Members General Meeting Set July 20
-------------------------------------------------------
The Translogistica One Limited Company (formerly Translogistica
Limited) will have a Members General Meeting on July 30, 2004 at
11:00 a.m.  It will be held at the offices of BDO Stoy Hayward
LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

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 BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX not
later than 12:00 noon, July 19, 2004.

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


WATERLOO ROOM: General Meeting Set July 20
------------------------------------------
Members of The Waterloo Room & Power Co Limited will have a
General Meeting on July 20, 2004 at 10:30 a.m.  It will be held
at Pelican House, 10 Currer Street, Bradford BD1 5BA.

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.


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

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


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     176       17


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


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


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


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         149       26
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.
Olsece SPA                                        180      (64)


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


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


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


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


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


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Swisslog Holding-R                                354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

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


                            *********


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

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

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

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

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

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


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