/raid1/www/Hosts/bankrupt/TCREUR_Public/040421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 21, 2004, Vol. 5, No. 78

                            Headlines

G E R M A N Y

EM.TV & MERCHANDISING: Joins EM.TV Vermogensverwaltungs Group
HEIDELBERGER DRUCKMASCHINEN: Preliminary Results Encouraging
MG TECHNOLOGIES: Sells Dynamit Nobel for EUR2.25 Billion


H U N G A R Y

RABA RT: Receives Additional Order for Military Trucks


N E T H E R L A N D S

GETRONICS N.V.: Acquires New EUR175 Million Credit Facility
HAGEMEYER N.V.: Cuts Net Debt by EUR334 Million in First Quarter
KENDRION N.V.: Voestalpine Buys out Kendrion Van Niftrik
KONINKLIJKE AHOLD: 2003 Results Bolster 'Road to Recovery' Plan
ROYAL SHELL: Restates Financial Report; CFO Steps Down


P O L A N D

ELEKTRIM SA: Banks Stonewall, Ignore EUR350 Mln Loan Request
LOT POLISH: Union Suggests Alternative Solutions to Woes


R U S S I A

COMMERCIAL INDUSTRIAL: Under Bankruptcy Supervision Procedure
CONCRETE PRODUCT: Declared Insolvent
INDUSTRIAL REPAIR: Kemerovo Court Appoints Insolvency Manager
KUROVSKOY TEXTILE: Insolvent Status Confirmed
NEFTE-GAZ-STROY: Krasnodar Court Hires Insolvency Manager

OSINSKOYE INDUSTRIAL: Proofs of Claim Deadline May 26
SHAHUNSKY BREAD-BAKING: Court Sets July 27 Hearing
TOKAM: Declared Bankrupt
VOSHOD: Under Bankruptcy Supervision Procedure
YASHKINSKOYE HPP: Deadline for Proofs of Claim May 26
YASHKINSKY BREAD: Court Confirms Insolvent Status


S W I T Z E R L A N D

ADECCO SA: Postpones Financial Reporting Anew
ADECCO SA: Delayed Reporting Earns Ratings Cut from S&P
SWISS INTERNATIONAL: Names Christoph Franz New Chief Executive


U K R A I N E

ELEMENT: Court Appoints Insolvency Manager
INTERTOP: Kyiv Economic Court Commences Bankruptcy Proceedings
PMK-41: Under Bankruptcy Investigation Procedure
SAT LAN: Court Appoints Insolvency Manager
STOV DOBROPILSKE: Donetsk Court Confirms Insolvent Status
VIDRODZHENNYA-OJL: Under Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

911 SALES: Fortis Bank Appoints Ernst & Young Receiver
ACEPLAN ASSOCIATES: Voluntary Winding up Resolution Passed
AMBA TOOLS: Hires Liquidators from Begbies Traynor
AXIOM ENGINEERING: Appoints Elwell Watchorn & Saxton Liquidator
BAGFILLA LIMITED: Shareholders Approve Winding up Resolutions

BALTIMORE TECHNOLOGIES: New Board Appointees Take up Posts
BALTIMORE TECHNOLOGIES: To Propose Radical Shakeup at EGM
BALTIMORE TECHNOLOGIES: Rejects Acquisitor's Business Proposal
BARTON & BARTON: Royal Bank of Scotland Appoints Receiver
BCD FOOD: Royal Bank of Scotland Hires Receiver

BED SHED: Appoints Wilson Pitts Administrator
BENTLEY DRIVES: Calls in Liquidator
BERKSHIRE METAL: Hires Administrative Receiver
BIELE LIMITED: Appoints Liquidators from Begbies Traynor
BRISTOL BUILDING: Hires Liquidator

CANARY WHARF: Recommends Songbird's Offer to Shareholders
CARDIFF SECURITY: Calls in Liquidator
CORUS GROUP: On the Defensive After Usmanov's Assault
CUMBRIAN VALLEY: Royal Bank of Scotland Appoints Receiver
EQUITABLE LIFE: Case Against Regulators Unrealistic, Experts Say

FRUITFUL FUNDRAISING: Appoints HKM Administrator
HUDSON MARKETING: Unsecured Creditors Meeting Set April 29
JS BARTON: Bank of Scotland Appoints Grant Thornton Receiver
LONDON & SCOTTISH: Assigns Assets, Liabilities to Ocean Marine
LONDON & SCOTTISH: Twelve Inactive Aviva Units Rolling into One

MARCONI CORPORATION: Sets Scheme Creditors Meeting May 17
MAYFLOWER CORPORATION: Offers for Transbus Due Today
MAYFLOWER ENERGY: Hires Receivers from Deloitte & Touche
PEAK POTATO: Creditors Meeting Set April 26
SHIREHOUSE DEVELOPMENTS: Appoints Parkin Booth Administrator

SOUTH ESSEX: Venture Finance Appoints S & W Limited Receiver
TFW RETAIL: Hires Sanderlings Administrator
WATERFORD WEDGWOOD: Signs up Paul D'Alton as New Finance Chief
YATES AND REECE: Hires PKF Administrator


                            *********


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


EM.TV & MERCHANDISING: Joins EM.TV Vermogensverwaltungs Group
-------------------------------------------------------------
The company hereby gives notice that the merger of EM.TV &
Merchandising AG into EM.TV Vermogensverwaltungs AG became
effective April 19, the day the transaction was entered in the
Handelsregister (German register of companies).

EM-TV Vermogensverwaltungs AG will now be named EM.TV AG.  With
the completion of the merger, EM-TV & Merchandising AG has
ceased to exist and all its shares stopped trading Monday.
Furthermore, the Management Board has decided to convert the
preferred shares allocated to existing shareholders within the
scope of the merger into ordinary shares and certificates.

In accordance with the conditions of the merger, existing
shareholders receive ten shares in EM.TV AG for 73 shares in the
old company, as well as ten certificates in two series.  Each
certificate carries an entitlement to 0.39 ordinary shares at a
price of EUR2.50 (series 1) and EUR3.50 (series 2) per share.
Initial listing of EM.TV AG shares on the Frankfurt stock
exchange within the regulated market (Prime Standard) is planned
for April 27, 2004, subject to admission.  Until then,
conversion rights can be traded under the existing ISIN
(DE0005684807).

                            *   *   *

Last month, EM.TV Vermogensverwaltungs reported -EUR11.7 million
(2002: EUR8.4 million) in group earnings before interest, tax,
depreciation and amortization (EBITDA) for 2003.  Earnings
before tax (EBT) amounted to -EUR135.2 million (2002: -EUR340.2
million).  Group loss for the year after shareholder interests
stood at EUR129.9 million (2002: EUR310.2 million).

CONTACT:  EM.TV AG
          PR
          Sabine Lais
          Phone: +49 (0) 89-99 500 461
          Fax:   +49 (0) 89-99 500 466

          Kommunikation fur Unternehmen GmbH
          Frank Eisner
          Phone: +49 (0) 5404-91 920
          Fax:   +49 (0) 5404-91 9229

          Investor Relation:
          Olaf Seidel
          Phone: +49 (0) 89-99 500 436
          Fax:   +49 (0) 89-99 500 466


HEIDELBERGER DRUCKMASCHINEN: Preliminary Results Encouraging
------------------------------------------------------------
Key data of Heidelberger Druckmaschinen AG's (FWB: HDD)
preliminary year-end results for FY 2003/04 (April 1 to March
31) are higher than the company had expected.  Heidelberg's
preliminary sales volume reached EUR3,661 million, which is
roughly 11% below previous year's sales volume (EUR4,130
million).  Adjusted to eliminate currency effects, the decrease
in sales amounted to 6%.

This year's preliminary operating result (previous year EUR102
million) exceeded the forecasted break-even.  Cost-cutting and
efficiency improvement measures have thus shown their effects
earlier than planned.  Despite high one-time disbursements for
efficiency improvement and restructuring, the free cash flow was
positive and therefore much better than forecasted (-EUR100
million).  Due to high one-time costs, the preliminary result
after taxes leveled out at -EUR690 million, which was in the
expected range (previous year -EUR138 million).

Altogether, the reporting year by the Heidelberg Group was
burdened by restructuring costs and expenses connected to
discontinued business activities, amounting to EUR565 million.
The discontinued business activities concerned are Digital and
Web Systems.  This affected the individual Heidelberg AG
financial statement in form of depreciations on financial assets
and financial receivables, amounting to EUR1.2 billion, which
are already accrued in the group closing.

Heidelberg's 4th quarter order intake totaled at EUR1.0 billion.
In light of the coming trade fair drupa (May 2004) and the
resulting low-key order intake, this can be seen as a
satisfactory level.

Further details will be disclosed with the preliminary figures
on May 3, 2004.  The entire year-end financial statement for the
year closing on March 31, 2004, as well as the transition to
Heidelberg's new segment reporting structure, will be introduced
at the year-end press and analysts' conference on June 8, 2004.

Further details are available at http://www.heidelberg.com

CONTACTS:  HEIDELBERGER DRUCKMASCHINEN AG
           Corporate Communications:
           Thomas Fichtl
           Phone: +49 6221 92 47 47
           E-mail: thomas.fichtl@heidelberg.com


MG TECHNOLOGIES: Sells Dynamit Nobel for EUR2.25 Billion
--------------------------------------------------------
Mg technologies AG sells its participation in Dynamit
Nobel AG, excluding the plastics business, which is currently in
negotiations with separate bidders.  Rockwood Specialties Group
Inc., a U.S.-based specialty chemicals company, will cough up
EUR2.25 billion to seal the deal.  The transaction does not
include the plastics division, since it is predominantly an
automotive supplier.

To finance the acquisition, Rockwood will conduct a capital
increase, which will be backed by Kohlberg Kravis Roberts & Co.
L.P. (KKR), a leading private equity company, and Credit Suisse
First Boston Private Equity (CSFB Private Equity).

Included in the purchase are four business units -- CeramTec,
Chemetall, Sachtleben and DNES (Custom Synthesis).  With annual
sales of EUR1.5 billion, they represent about two-thirds of
Dynamit Nobel's overall sales and more than three quarters of
its operative cash flows (EBITDA) in fiscal year 2003.  Closing
of the transaction is planned for the third quarter of 2004.
Completion will be subject to approval by the supervisory board
and annual general meeting of mg, as well as by the relevant
antitrust authorities.

Udo Stark, Chairman of the Executive Board of mg technologies
ag, comments: "The sale of these four Dynamit Nobel business
units is a substantial step towards mg's corporate re-alignment
that we decided on last fall.  Furthermore, the combination of
Dynamit Nobel and Rockwood will create a global leader in
specialty chemicals and advance materials.  Selling the
businesses as a package to an industrial buyer with strong
financial backing by two private equity firms is in the best
interest of all parties including those of employees."

The divestment process for the two business units Dynamit Nobel
Kunststoff GmbH (Plastics) and solvadis ag will continue as
planned.

Significant expansion of growth opportunities

"As announced, the proceeds from this transaction will
contribute to transform our current net debt position into a
positive cash position.  This substantially enhances our
financial flexibility and creates a sound basis for future
expansion via organic growth and acquisitions," Udo Stark
continued.

The purchase price of EUR2.25 billion represents the enterprise
value of the four business units of Dynamit Nobel on a debt-free
basis.  The equity value will result from the pension
liabilities and bank debts that the buyer will take over and
will be derived from the closing balance sheet.

                            *   *   *

Rockwood Specialties Group Inc. is a Princeton-based specialty
chemicals business focused on inorganic pigments, a variety of
specialty additives, specialty compounds and electronic
chemicals.  Rockwood had sales of approximately EUR700 million
in fiscal year 2003.  Dynamit Nobel and Rockwood represent
combined sales of about EUR2.2 billion and count almost 10,000
employees worldwide.

CONTACT:  MG TECHNOLOGIES AG
          Media Contact:
          Horst Borghs
          Phone: +49 (0) 69 711 99 - 241

          U.K. Media Contact:
          Duncan Campbell-Smith
          Phone: +44 (0) 20 7379 5151

          Communications:
          Phone: +49 (69) 7 11 99-241
          Fax:   +49 (69) 711 99-112
          Web site: http://www.mg-technologies.com


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


RABA RT: Receives Additional Order for Military Trucks
------------------------------------------------------
Vehicles and auto parts maker, Raba Rt, won an additional order
from the Hungarian military, according to Budapest Business
Journal.

The state entered another contract to buy 65 units of trucks for
HUF3 billion in addition to the 90 vehicles it ordered for
HUF4.2 billion.  This order adds to the 15-year contract to
supply the military with 8,000 all-terrain vehicles.  Raba Rt is
looking for new business after it shifted away from building
buses.  Its net loss last year widened to HUF7.26 billion from a
restated HUF1.86 billion in 2002.


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


GETRONICS N.V.: Acquires New EUR175 Million Credit Facility
-----------------------------------------------------------
Getronics signed a new 3-year credit facility with ABNAMRO Bank
N.V., ING Bank N.V., Rabobank and Barclays Bank PLC.  The new
credit facility of EUR175 million consists of a EUR100 Revolving
Tranche for general corporate purposes and a EUR75 million Term
Tranche for acquisitions.  The EUR175 million facility will
replace the existing EUR100 million facility.

Getronics CEO Klaas Wagenaar comments: "The new credit facility
provides the Company flexibility to pursue its strategic
objectives.  We will have sufficient cash headroom available for
the normal course of business and will also be able to finance
our growth strategy."

ABNAMRO Bank, ING Bank N.V., Rabobank and Barclays Bank PLC are
acting as Joint Mandated Lead Arrangers for this new facility.
ABNAMRO Bank N.V. is acting as Co-coordinator and Barclays Bank
PLC acts as Agent Bank.

                            *   *   *

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.

Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003).  Getronics designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.

Getronics headquarters are in Amsterdam, with regional offices
in Boston, Madrid and Singapore.  Getronics' shares are traded
on Euronext Amsterdam (GTN).  For further information about
Getronics, visit http://www.getronics.com

CONTACT:  GETRONICS N.V.
          Press Inquiries:
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: mail@getronics.com

          Investor Inquiries:
          Phone: +31 20 586 1982
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


HAGEMEYER N.V.: Cuts Net Debt by EUR334 Million in First Quarter
----------------------------------------------------------------
As announced in the press release of January 16, 2004 concerning
the figures for Q3 2003, the sales of Hagemeyer U.K. for the
period January to September 2003 were reduced by EUR14 million
as a result of an adjustment in the estimate for direct
deliveries.  As a result, the figures given here for sales and
organic growth in Q1 2003 differ slightly from those given in
last year's Trading Update for the first quarter 2003.  In line
with its earlier announcement, Hagemeyer is publishing a trading
update on the first quarter of 2004.

In the first quarter of 2004, net sales for the Group amounted
to EUR1,294 million (Q1 2003: EUR1,799 million).  Divestments,
mainly Tech Pacific, Stokvis Tapes Group and part of the retail
activities in Germany, as well as the termination of the
contract with Puma led to a net decrease in sales of EUR474
million.

The negative effect of foreign exchange rate movements compared
to the same period last year was EUR45 million.  Therefore,
organic growth for the Group as a whole was 1.1% (EUR14
million), with the improvement mainly occurring at the end of
the quarter.  In the first quarter of 2004 organic growth of
virtually all of the PPS operating companies improved as
compared to organic growth in the fourth quarter of 2003.

However, it is still premature to speak of a structural
recovery: for example, Central Europe, Asia-Pacific and the
Agencies/Consumer Electronics division continued to experience
difficult market conditions during the first three months of
2004.

PROFESSIONAL PRODUCTS AND SERVICES (PPS)

Net sales for the PPS division amounted to EUR1,192 million (Q1
2003: EUR1,253 million).  Divestments, in particular Stokvis
Tapes Group and part of the retail activities in Germany, led to
a decrease in sales of EUR32 million.  Foreign exchange rate
movements had a negative impact of EUR44 million.  Organic
growth for the PPS division was 1.3% positive (EUR15 million).
On a same number of working day basis, organic growth for the
PPS division was 0.1% negative, compared to 5.4% negative in the
fourth quarter of 2003.

The regions developed are:

(a) Europe

Organic growth, on a same working day basis, for the first
quarter was 0.4%, compared to 4.9% negative during the fourth
quarter of 2003.

(b) Central Europe

In Germany the drastic restructuring of operations in 2003 and
the continuing weak markets in combination with fierce price
competition had a negative effect on the development of
Hagemeyer's sales.

(c) Nordics

Nordics showed positive organic growth due to increased sales in
telecommunications products, specifically in China2, and
improved market conditions in the C&I and industrial markets in
Scandinavia.

(d) U.K. and Ireland

Market circumstances for the distribution of electrical
materials in the U.K. continued to be weak in the first quarter
of 2004.  Partly due to a recovery in the service levels, the
decrease in sales as compared to the same period last year, was
stopped during the first quarter of 2004.

(e) Spain

Despite significantly increased competition in the main sales
regions, the organic growth of Hagemeyer in Spain is in line
with the market.

(f) North America

Sales developed positively during the first quarter, partly due
to a slight improvement of market conditions in U.S.
manufacturing, the market in which Hagemeyer North America
generates the majority of its sales.  Organic growth, on a same
working day basis, for the first quarter of 2004 was 1.0%,
compared to negative organic growth of 7.0% for the fourth
quarter of 2003.

(g) Asia-Pacific

Strongly increased (price) competition in Australia was one of
the causes of the negative organic growth, on a same working day
basis, of 6.3% during the first quarter of 2004 (Q4 2003: 4.8%
negative).  In addition, initiatives to improve cash flow,
launched in the fourth quarter of 2003, had negative
consequences for inventory levels of a number of essential
products.  Together with delayed replenishment of inventories
due to the relocation of a distribution center in Melbourne and
too tight replenishment protocols over the past few months, this
had a negative effect on service levels, which in turn resulted
in loss of sales and market share.

AGENCIES/CONSUMER ELECTRONICS

Sales of the Agencies/Consumer Electronics division in the first
quarter were EUR102 million (Q1 2003: EUR142 million).  Foreign
exchange rate movements had a negative 2 the activities in China
are a satellite operation of our Nordics region and are
therefore consolidated within this region.  Impact on sales of
EUR1 million, while divestments, specifically the Puma
activities, had a negative effect on sales of EUR38 million.
Organic growth (not adjusted for the number of working days) was
1.0% negative (Q4 2003: 0.8% negative).

FINANCIAL POSITION

Net total debt per March 31, 2004 was EUR593 million versus
EUR927 million per December 31, 2003.  This reduction of EUR334
million consisted of a reduction due to the net impact of the
equity issue (EUR432 million), an increase of around EUR25
million due to a strengthening of borrowing currencies versus
the Euro, as well as a negative cash flow in the first quarter.
The latter was mainly caused by financial expenses, exceptional
restructuring expenses, a negative EBITDA and a seasonal
increase in working capital.

Note: All figures are preliminary unaudited estimates.

To see full copy of financial results:
http://bankrupt.com/misc/Hagemeyer_Q12004.pdf

CONTACT:  HAGEMEYER N.V.
          R.A.J. Hin
          Phone: +31 (0) 35 6957676
          Web site: http://www.hagemeyer.com


KENDRION N.V.: Voestalpine Buys out Kendrion Van Niftrik
--------------------------------------------------------
Polynorm N.V., a company of the division motion of the listed
voestalpine AG, signed on April 16, 2004 a Sales and Purchase
Agreement with Kendrion N.V. to acquire all outstanding shares
of Kendrion Van Niftrik B.V. in Putte, the Netherlands.

Van Niftrik produces injection-molding components mainly used
for the automotive industry, and has a turnover of more than
EUR30 million and 250 employees.  The acquisition is a result of
voestalpine -- division motion's strategic mission to further
develop its added value towards its customers.  This acquisition
allows Polynorm to make significant steps to further enhance its
position in multi-material component solutions.  Van Niftrik
will benefit from the pool of technology resource and financial
strength of Polynorm and the voestalpine group and its
subsidiaries to enter a path of sustainable growth and
expansion.

The actual transfer of the shares is planned to take place
before the end of April 2004, after approval by relevant
competition authorities.  After completion of this transaction,
Kendrion Van Niftrik B.V. will be renamed Polynorm Van Niftrik
B.V.


KONINKLIJKE AHOLD: 2003 Results Bolster 'Road to Recovery' Plan
---------------------------------------------------------------
Koninklijke Ahold released Monday its 2003 annual report.
Commenting on the results, Chief Financial Officer Hannu
Ryopponen, said: "We are pleased to announce that we have
clearly improved results in 2003, an extremely challenging year.
A very turbulent period for the company was marked by the events
announced in February 2003, as well as a tough trading
environment in our key markets."

CEO Anders Moberg said: "Months of ongoing effort resulted in a
number of achievements, specifically defining a new strategy and
creating the financial platform to move forward.   At the end of
last year we indicated that 2003 in many respects had been a
lost year, but [Monday's] announcement also shows that Ahold is
on track with its 'Road to Recovery' program."

Executive Summary

(a) Improved results in a very challenging year

Results for 2003 were heavily impacted by challenging markets,
negative currency movements and non-recurring items.  However,
Ahold generated a modest net loss of EUR1 million in 2003
compared to a loss of EUR1.2 billion for 2002.

(b) Operating income in line with expectations

Operating performance was in line with expectations, with no
major additional goodwill impairment write-downs needed.  The
most important elements were the major negative swings in U.S.
Foodservice's results from profit to loss as a result of
primarily the sharp deterioration in pricing leverage with
suppliers, the competitive pressure on U.S. and European retail
operations, and the exceptional items on the sale of various
companies.   The costs associated with the irregularities and
investigations of 2003 also impacted operating income.

(c) Higher net sales in local currencies

Although economic conditions in all of Ahold's major trading
areas were tough and competition remained intense, sales in
local currencies nevertheless were resilient on an annual basis.
The main retail trade operations, except Albert Heijn, showed
net sales increases in local currencies, as well as U.S.
Foodservice.  The influence of the weak U.S. dollar throughout
2003 can clearly be seen on Ahold's reported net sales numbers
in EUR.  Divestments that took place in 2003 only had a slight
impact on net sales.

Improved balance sheet

Ahold concluded 2003 with a significantly improved balance sheet
as part of the 'Road to Recovery' Program that will be continued
in 2004 and 2005.  Net debt was reduced by a very substantial
EUR4.8 billion, as a result of the rights issue and initiatives
to improve cash flow from the businesses.  The strengthening of
Ahold's financial position continues; further proof was
delivered last week, when Ahold announced EUR920 million early
debt redemption.

Strong cash flow generation

Whereas 2003 remained a tough year for all our businesses, net
cash from operating activities remained strong.  At the same
time, selective investments lead to a sharp decrease in cash
outflow from investing activities.  As a result net cash before
financing activities increased sharply to EUR1.5 billion for the
full year, compared to a net outflow in the previous year of
EUR107 million.

The full Consolidated Financial Statement tables are included in
Annex A.

Ahold 2003 Full Year Results

Ahold prepares its financial statements in accordance with
accounting principles generally accepted in the Netherlands
(Dutch GAAP).  Dutch GAAP differs in certain material aspects
from accounting principles generally accepted in the United
States (U.S. GAAP).  All financial information in this press
release is based on Dutch GAAP unless otherwise noted.

The figures reported in this press release are unaudited.  Ahold
plans to publish its Annual report and file the Annual report on
Form 20-F on the 6th of May.

In certain instances, results presented in this press release
either exclude the impact of fluctuations in currency exchange
rates used in the translation of Ahold's foreign subsidiaries'
financial results into Euros or are presented in local
currencies, which provides a better insight into the operating
performance of foreign subsidiaries.  For more information
regarding the non-GAAP financial measure excluding currency
impact, see "Definitions" below.

In addition, in certain instances, operating income for Ahold's
business segments is presented excluding the impact of the
impairment and amortization of goodwill and exceptional items.
Operating income before impairment and amortization of goodwill
and exceptional items is a non-GAAP financial measure.  A
reconciliation of this non-GAAP financial measure to the Dutch
GAAP measure of operating income, as well as management's
explanation for the use of this measure, are set forth in Annex
B.

In this press release net cash flow before financing is used,
which totals the net cash from operating activities and net cash
from investing activities.

Ahold adopted EITF 02-16 "Accounting by a Customer (including a
Reseller) for certain Consideration Received from a Vendor" in
the fourth quarter of 2003.  Because this issue was effective
for Ahold for the period beginning December 30, 2002, the
results previously announced in the quarterly press releases
differ from the results included in the full year 2003.

Net sales

Net sales down 10.6%, but up 2.7% excluding currency impact

Many of Ahold's business areas posted increased net sales in
local currencies despite challenging economic conditions and
intense competition.

The 10.6% decrease in net sales was largely attributable to
lower currency exchange rates against the Euro, particularly for
the U.S. Dollar.  The average U.S. Dollar to Euroexchange rate
decreased approximately 16.5% in 2003 compared to 2002.  Net
sales excluding currency impact increased by 2.7% mainly due to
increases in net sales excluding currency impact of 2.7% in the
U.S. retail trade operations, 1.7% for the Europe retail trade
operations, 2.3% at U.S.  Foodservice and 17.8% in South
America.

Net sales in 2003 were favorably impacted by the full-year
consolidation in Ahold's consolidated financial statements of
Disco, Ahold's subsidiary in Argentina, which began to be
consolidated in the second quarter of 2002 and the full-year
impact of the acquisitions at U.S. Foodservice in 2002.  The
divestments of various operations during 2003 only slightly
negatively impacted net sales.

Operating income

Operating income before impairment and amortization of goodwill
and exceptional items was primarily affected by a sharp decrease
at U.S.  Foodservice and by advisory fees Business profitability
came under pressure in 2003 led by a sharp decrease at U.S.
Foodservice, and competitive pressure on U.S. and European
retail operations.

Operating income before impairment and amortization of goodwill
and exceptional items in 2003 decreased to EUR1,065 million
compared to EUR2,144 million in 2002.

U.S.  Foodservice swung from a positive EUR314 million of
operating income before impairment and amortization of goodwill
and exceptional items in 2002 to a EUR72 million loss in 2003 as
the loss of leverage with suppliers impacted gross margins and
increased operating costs, resulting from the repercussions from
accounting irregularities announced and investigations conducted
in 2003.  Operating expenses also increased in large part as a
result of additional audit, legal, consultancy fees and other
costs primarily in connection with the forensic accounting and
legal investigations and the audit of the 2002 financial
statements (approximately EUR170 million).

Operating income in line with expectations including minor
impairment charges

Operating income improved to EUR718 million compared to EUR239
million in 2002 which was in line with expectations.  This was
mainly due to a more than EUR1.2 billion drop in the level of
goodwill impairment charges compared to 2002, and also from
lower exceptional items.

Goodwill amortization

Goodwill amortization in 2003 amounted to EUR166 million, a
decrease of 34.1% compared to 2002.   This decrease was
primarily due to lower goodwill balances at year-end 2002
resulting from the goodwill impairment charges recorded in 2002
and to the lower average currency exchange rate of the U.S.
Dollar against the EUR.

Goodwill impairment

Goodwill impairment charges decreased from EUR1,281 million in
full year 2002 to EUR45 million in full year 2003.

Exceptional items: mostly non-cash items with no impact on
equity

A loss of EUR136 million was recorded in 2003 compared to an
exceptional loss of EUR372 million in 2002.  The 2003
exceptional items mainly related to the divestment of foreign
subsidiaries, principally Ahold's Chilean and Malaysian
operations.  Of these exceptional items, EUR96 million related
to the recognition of accumulated foreign currency translation
adjustments in the statement of operations and EUR44 million to
the reversal of part of the goodwill, both of which had
previously been charged to shareholders' equity.  These
exceptional items were non-cash and had no impact on the overall
level of shareholders' equity.  Exchange rate differences
related to the translation of the financial statements of a
foreign subsidiary into EURs are recorded directly in
shareholders' equity.  When these exchange rate differences are
realized upon the sale of the relevant foreign subsidiary, the
cumulative foreign currency translation adjustments are
recognized in the statement of operations.  Under Dutch GAAP,
goodwill previously deducted directly from shareholders' equity
upon the acquisition of the subsidiary has to be reclassified
pro-rata to the statement of operations if the subsidiary is
sold within six years of the initial acquisition.  The
exceptional loss in 2002 was caused by the default by Velox
Retail Holdings, Ahold's former joint venture partner, on bank
debt that Ahold had guaranteed.

Net loss

Break-even result

Ahold closed 2003 with a small net loss of EUR1 million,
compared to a net loss of EUR1.2 billion in 2002 under Dutch
GAAP.  This was primarily caused by the significant reduction in
goodwill impairment charges and by the lower amount of
exceptional items as mentioned above.

The company reported an operating loss at U.S. Foodservice as
well as lower operating income at a number of other business
segments and at corporate the company had significantly higher
audit, legal, consultancy and banking fees as well as other
costs.  The weakening of the U.S. Dollar against the Euro also
had a negative impact on net income.

Net financial expense includes substantial banking fees for the
2003 credit facility

Net financial expense, which comprises net interest expenses,
gains and losses on foreign exchange and other financial income
and expense, was EUR938 million in 2003 compared to EUR1.0
billion in 2002.  Net interest expenses in 2003 amounted to
EUR952 million, an increase of 0.8% compared to 2002.  Excluding
the impact of currency exchange rates, net interest expenses
would have increased by 14.4%.  This increase was primarily
caused by banking fees under the credit facilities entered into
in March and December 2003 and fees in connection with the
extension and amendment of accounts receivable securitization
programs at U.S.  Foodservice, as well as the higher applicable
borrowing rate under the March 2003 credit facility compared
with the previous credit facility.  These fees amounted to a
total of approximately EUR80 million.

The March 2003 credit facility was cancelled and repaid in
December 2003, and the company does not expect to draw on the
new December 2003 credit facility (other than for letters of
credit) during 2004 and beyond.

The gain on foreign exchange in 2003 amounted to EUR14 million
and mainly related to the positive impact of the revaluation of
the Argentine Peso on U.S. Dollar-denominated debt in Argentina.
In 2002, a foreign exchange loss of EUR50 million was incurred
mainly related to the negative impact of the devaluation of the
Argentine Peso on U.S. Dollar-denominated debt and inflation
adjustment losses related to Argentine Peso-denominated debt in
Argentina.

Income taxes benefit from release of provisions

The effective income tax rate, excluding the impact of non-tax-
deductible impairment and amortization of goodwill and
exceptional items, decreased to 0.9% in 2003 compared to 36.8%
in 2002.

Tax Information

Apart from the impact of the different geographic mix of income,
the substantial reduction of income taxes was caused by:

(a) Release of tax provisions due to the partial closure of the
    1999 - 2001 U.S. tax audit;

(b) Release of tax provisions due to the closure of a large
    1997-2002 Dutch tax audit; Tax-deductible losses as a result
    of Asian divestments.

Share in income (loss) of joint ventures and equity investees
Share in income of joint ventures and equity investees in 2003
amounted to EUR161 million compared to a loss of EUR38 million
in 2002, with 2003 benefiting from a sale and leaseback gain at
ICA while 2002 included losses at DAIH which was consolidated as
of the third quarter of 2002.

U.S. GAAP

U.S. GAAP result

Net loss in accordance with U.S. GAAP decreased from EUR4.3
billion in 2002 to a net loss of EUR747 million in 2003.

U.S. GAAP reconciliation

The difference between U.S. GAAP and Dutch GAAP of EUR746
million was mainly caused by the different treatment under U.S.
GAAP of assets held for sale (EUR506 million), and the
cumulative effect of the change in accounting principles for
certain consideration from vendors (EUR100 million).  Both are
non-cash items.

Under U.S. GAAP if the expectation is that, more likely than
not, an asset will be sold before the end of its estimated
useful life, an impairment analysis should be performed.  Since
it was also concluded that these assets are held for sale, in
this impairment analysis the carrying value includes the
unrealized cumulative translation adjustment of EUR582 million,
that was previously accounted for in shareholders equity.

During 2003 EITF 02-16 "Accounting by a Customer (Including a
Reseller) for certain Consideration Received from a Vendor" was
adopted for both Dutch and U.S. GAAP.  Under Dutch GAAP the
cumulative effect adjustment of EUR100 million was recorded in
opening equity, under U.S. GAAP, in accordance with APB Opinion
20, the amount of the cumulative effect was included in the
income statement.

The full reconciliation of net income in accordance with Dutch
GAAP to net income in accordance with U.S. GAAP can be found in
Annex C.

Improved Balance Sheet

Ahold closed 2003 with a much-improved balance sheet, with net
debt reduced by EUR4.8 billion.  The EUR2.9 billion rights
offering, completed in December, was critical to putting the
company on a stronger financial footing.  Ahold's financial
position also benefited significantly from initiatives to
improve cash flow from the business as the working capital
improvement program continued to yield positive results, capital
expenditures were significantly reduced from 2002 and Ahold
completed its first divestments.

Balance sheet total

Balance sheet total is reduced, reflecting reduced capex,
improved working capital and divestments

The company has significantly strengthened the balance sheet by
increasing equity by EUR2.2 billion.  The company was able to
repay its 3% convertible notes of EUR678 million in September
from the cash flow before financing activities.  A major event
of 2003 was the rights issue, which enabled the company to repay
the March 2003 credit facility in December and left the company
in a strong liquidity position at year-end.

The total balance sheet decreased by EUR1,339 million as a
result of lower fixed assets and improved working capital.  In
2003 the company selectively invested in the key operating
companies in such a way that the overall capital expenditure was
lower than depreciation.  The balance sheet total was also
impacted by the lower U.S. Dollar rate.

The cash impact of working capital improvement in 2003 amounted
to EUR446 million compared to EUR107 million in 2002 and was the
result of negotiating better accounts payable terms in Europe
and managing the inventory levels at U.S. Foodservice.

Equity

Equity increased by EUR2.2 billion

The positive liquidity impact from the rights issue was
approximately EUR2.9 billion.  This was however offset by a
negative currency impact and other changes of EUR666 million and
an opening balance adjustment of EUR100 million net of tax
resulting from the adoption of EITF 02-16, as outlined in Annex
D.

The other details related to changes in equity are outlined in
Annex E.

Net debt

Net debt reduced substantially by EUR4.8 billion

Net debt is substantially impacted by the lower U.S. Dollar to
Euroexchange rate.

In the fourth quarter Ahold was in compliance with the financial
ratios of the covenant of the December 2003 Credit Facility.
The ratios consist of Net Debt/EBITDA and EBITDA/net interest
expenses.

Improved cash flow before financing activities

Ahold generated nearly EUR1.5 billion in net cash flow before
financing activities in 2003, underscoring control over capital
expenditures, the continued success of working capital
initiatives, initial divestments proceeds and curtailing of
acquisitions.

The full detailed Consolidated Statement of Cash Flows is
included in Annex A.

Net cash before financing activities

Net cash flow before financing activities in 2003 increased to
EUR1.461 million compared to a net cash outflow of EUR107
million in 2002.  This increase was including the result of
lower net cash outflow related to investing activities of
EUR2.145 million.

Net cash from operating activities: working capital improvements
offset by lower operating income before impairment and
amortization of goodwill and exceptional items

Changes in working capital resulted in a cash inflow of EUR446
million in 2003 mainly due to lower inventory levels at all
operating companies, primarily at U.S. Foodservice as a result
of focusing on controlling inventory levels and purchases from
vendors.

Net cash from operating activities in 2003 decreased by EUR577
million compared to 2002, mainly as a consequence of lower
operating income before impairment and amortization of goodwill
and exceptional items at U.S. Foodservice and the fees paid to
auditors, lawyers, consultants and other costs of approximately
EUR170 million.

Net cash from investing activities: lower capital expenditures
and acquisitions curtailed

Net cash used in investing activities was reduced by EUR2.1
billion primarily as a result of a reduction in investments in
tangible fixed assets of EUR822 million to EUR1,183 million in
2003 compared to EUR2,005 million in 2002.  Acquisitions of
group companies were limited to EUR58 million, related to the
acquisition of some stores at Stop & Shop, compared to EUR977
million in 2002.  Divestments of tangible and intangible fixed
assets amounted to EUR555 million in the full year 2003 compared
to EUR590 million in 2002.

Divestments of subsidiaries contributed an additional EUR284
million.

Net cash from financing activities: rights issue and debt
repayment

Net cash from financing activities amounted to EUR1,065 million.
This is mainly the result of the proceeds of the shares issue of
EUR2.9 billion.  In 2003 the company, among other things, repaid
the 3% convertible notes of EUR678 million from its net
operating cash flow in September and further repaid the March
2003 credit facility in December.

Segment Information

Retail Trade - United States

Full Year 2003: Performance Powered by Stop & Shop and Giant-
Carlisle

Net sales in the U.S. retail trade operations in 2003 increased
by 2.7% in U.S.  Dollars compared to 2002.

Identical sales in U.S. Dollars increased 0.1% and comparable
sales in U.S. Dollars increased by 0.9% in 2003 compared to
2002.

Stop & Shop and Giant-Carlisle showed strong U.S. Dollar net
sales, resulting from comparable store gains, as well as from
the opening of stores.  Net sales in 2003 were impacted by
heightened competition and competitive store openings,
particularly in the southeastern United States.

Operating income before impairment and amortization of goodwill
and exceptional items in the U.S. retail trade business in U.S.
Dollars decreased by 10.7% compared to 2002.  Operating expenses
in the U.S. retail trade business in 2003 were affected by
higher administrative expenses and pension expenses, as well as
continued rising health care costs.

Operating income in U.S. Dollars was relatively flat in 2003
when compared to 2002.

Fourth Quarter 2003:

Impact of impairment, additional expenses and intense
competition

Net sales in U.S. Dollars in the U.S. retail trade business
increased 0.8% compared to the fourth quarter of 2002.
Identical sales in U.S. Dollar declined 0.1% for the U.S. retail
trade operations, while both Stop & Shop and Giant-Carlisle
showed identical sales growth.  Comparable sales increased 0.6%
in the fourth quarter of 2003.

Operating income before impairment and amortization of goodwill
and exceptional items in U.S. Dollars in the fourth quarter of
2003 decreased by 21.9%.

Stop & Shop continued its strong performance during the quarter,
while Giant-Landover reported a decrease due to heightened
competitive activity including pressure from alternative
formats.

Operating income before impairment and amortization of goodwill
and exceptional items at Other USA Retail was significantly
impacted by impairment charges relating to long-lived assets of
US$30 million, mainly at Tops, compared to US$13 million in the
fourth quarter of 2002.  Also, Other USA Retail was adversely
affected in the fourth quarter of 2003 by the intense
competition and increased promotional activity, primarily in the
southeast.

Operating income in U.S. Dollars in the fourth quarter of 2003
increased 33.7% mainly as a result of non-recurring goodwill
impairment charges in the fourth quarter of 2002.

Retail Trade - Europe

Full Year 2003: Competitive pressure in most markets
Net sales in the Europe retail operations increased 0.9%
compared to 2002.  Excluding currency impact in Central Europe,
the increase of the net sales in the Europe retail operations
would have been 1.7%.

Net sales at Albert Heijn in 2003 declined by 1.7% compared to
2002.  Identical sales at Albert Heijn in 2003 declined by 2.7%
primarily due to lower consumer spending and a negative market
sentiment towards Albert Heijn.  As a result, Albert Heijn
introduced its price repositioning strategy in October 2003 and
regained market share in the fourth quarter.

Net sales at other Europe retail trade operations in 2003
increased by 2.9% compared to 2002, primarily due to strong net
sales growth at Schuitema and an increase in net sales in
Central Europe and Spain.   The increase in net sales was
marginally offset by the divestments of Ahold's specialty stores
(Jamin and De Tuinen) in The Netherlands, which were completed
in the second quarter of 2003.  In Central Europe and Spain, net
sales increased due to the opening of new stores.  Net sales in
Central Europe, however, were negatively impacted by currency
exchange rates, deflation and the sale of two hypermarkets in
Poland.

Operating income before impairment and amortization of goodwill
and exceptional items in the Europe retail trade operations
decreased 28.4% primarily due to lower operating income at
Albert Heijn.  This was principally caused by lower net sales
during the first three quarters, lower gross margins due to the
price repositioning strategy and costs relating to its
restructuring program.

Operating income before impairment and amortization of goodwill
and exceptional items at other Europe retail trade operations in
2003 decreased compared to 2002 mainly as a result of increased
costs related to new stores and lower real estate gains.

The operating income before impairment and amortization of
goodwill and exceptional items in Spain was at the same level as
in 2002.

Operating income returned from a loss of EUR654 million in 2002
to a profit of EUR188 million in 2003 because of the significant
decrease in goodwill impairment charges in 2003 compared to
2002.

Fourth Quarter 2003: Albert Heijn price repositioning strategy
leads to market share gains

Net sales in the fourth quarter of 2003 slightly decreased by
0.5% and 0.7% if excluding currency impact.  Albert Heijn
recovered market share but reported lower net sales.  Identical
sales fell 1.5% in the fourth quarter in 2003.

The lower net sales at other Europe retail trade operations were
the result of lower net sales in Spain.

Operating income before impairment and amortization of goodwill
and exceptional items decreased in 2003 by 32.9% compared to
2002.

Operating income before impairment and amortization of goodwill
and exceptional items at Albert Heijn in the fourth quarter of
2003 decreased compared to the same period in 2002.  The
decrease was primarily due to lower net sales and gross margins
partially offset by lower operating expenses.  The price
repositioning strategy resulted in Albert Heijn regaining market
share in the fourth quarter.

Operating income before impairment and amortization of goodwill
and exceptional items at other Europe retail trade operations
decreased in the fourth quarter of 2003, compared to the fourth
quarter of 2002.  This decrease was primarily due to an
operating loss at Schuitema as a result of, amongst others,
fixed asset impairments.

In Central Europe, the company reported operating income before
impairment amortization of goodwill and exceptional items
turning to a positive result, since no further impairment on
long-lived assets was needed.  Spain reported a lower operating
loss before impairment and goodwill amortization of goodwill and
exceptional items in the fourth quarter of 2003 primarily due to
lower impairments on long-lived assets.

Operating income in the fourth quarter of 2003 increased from a
loss of EUR820 million to a profit of EUR44 million primarily
because of the significant decline of goodwill impairment
charges in 2003 compared to 2002.

Foodservice

Foodservice - United States

Full Year 2003: Sharp loss of profitability at U.S. Foodservice
Net sales at U.S. Foodservice increased by US$402 million, or
2.3%, in 2003 compared to net sales in 2002.  The acquisition of
Allen Foods in December 2002, and certain assets of Lady
Baltimore in September 2002, contributed approximately 1.3% of
the net sales growth.  Excluding acquisitions and the increase
in food price inflation as estimated by the company, net sales
would have slightly declined in 2003.

An operating loss before impairment and amortization of goodwill
and exceptional items of US$74 million was incurred in 2003
compared to income of US$292 million in 2002.  This was
primarily due to U.S. Foodservice experiencing a weakening of
its procurement leverage as vendors raised prices and shortened
payment terms, largely related to irregularities announced and
investigations conducted in 2003.  U.S. Foodservice also
experienced higher operating costs.  Operating loss was in line
with the operating loss before impairment and amortization of
goodwill and exceptional items since the goodwill amortization
was at the same level in 2003 as in 2002.

Foodservice - Europe: Economic pressures

Net sales at the Deli XL food service operations, located in The
Netherlands and Belgium, in 2003 decreased by 3.8% compared to
2002.  This decrease was primarily due to continuing unfavorable
market conditions.  As a result operating income at the European
food service operations in 2003 decreased by 25.0% compared to
2002.

Fourth Quarter 2003: strong sales

Net sales of U.S. Foodservice in U.S. Dollars in the fourth
quarter increased by 6.0%.

Operating income before impairment and amortization of goodwill
and exceptional items of U.S. Foodservice in the fourth quarter
of 2003 benefited significantly from the release of previously,
in 2003, accrued employee benefits.

Other Business Areas: Divestment program underway

Retail Trade - South America

Net sales in the South America retail trade operations in 2003
increased by 3.5% compared to 2002.  This increase was mainly
due to the full-year consolidation in 2003 of Disco, which began
to be consolidated in the second quarter of 2002.  This increase
was partially offset by the impact of the divestment of Santa
Isabel's Chilean and, to a lesser extent, Paraguayan and
Peruvian operations in July, September and December 2003,
respectively.

The operating loss before impairment and amortization of
goodwill and exceptional items in 2003 was the result of the
general economic depression in South America and vendors'
reaction to the announcements of Ahold's divestments in the
region.

Retail Trade - Asia Pacific

Net sales in the Asia Pacific retail trade operations in 2003
amounted to EUR364 million, a decrease of 20.5% compared to
2002.  This decrease was primarily due to the divestment of our
operations in Malaysia and Indonesia completed in September 2003
and a decline in net sales in Thailand of 6.9% fully due to a
currency exchange rate impact of the Thai Baht compared to the
EUR.

Operating loss before impairment and amortization of goodwill
and exceptional items in the Asia Pacific retail trade
operations in 2003 amounted to EUR16 million, compared to an
operating loss of EUR31 million in full year 2002.  This was
primarily due to the divestment of operations in Malaysia and
Indonesia, as well as performance improvement in Thailand.

Other Activities

Other activities mainly include operations of three real estate
companies that acquire, develop and manage store locations in
Europe and the United States and corporate overhead costs of the
Ahold parent company.

The operating loss before impairment and amortization of
goodwill and exceptional items in 2003 partially reflected
corporate costs of EUR263 million compared to EUR33 million in
2002.  The higher corporate costs in 2003 were mainly caused by
the significant costs incurred in connection with the forensic
accounting and legal investigations, ongoing litigation, ongoing
government and regulatory investigations and higher audit fees
in connection with the audit of the 2002 financial statements
(approximately EUR130 million).  Furthermore, corporate costs
increased as a result of an additional contribution to the loss
reserve of the self-insurance program in the U.S. (EUR45
million).  Gains from the sale of real estate included in other
activities were at the same level in 2003 compared to 2002.

Operating loss of the total other business areas decreased from
a loss of EUR678 million in 2002 to a loss of EUR422 million in
2003.  The exceptional items were reduced from EUR372 million in
2002 to EUR136 million in 2003.  The exceptional loss in 2003
relates primarily to the losses of the Chilean and Malaysian
divestments, with regards to the foreign currency translation
adjustment and goodwill reversals, which do not impact equity.
Goodwill impairment reduced from EUR271 million in 2002 to EUR42
million in 2003.

Share in Income (Loss) of Joint Ventures and Equity Investees

The share in income of joint ventures and equity investees in
2003 amounted to EUR161 million, compared to a loss of EUR38
million in 2002.  This was primarily caused by the inclusion in
this line item for 2002 of a EUR126 million loss at DAIH, until
it began to be consolidated beginning in the third quarter of
2002.  The share in income of ICA, included in European joint
ventures, increased considerably in 2003 mainly as a result of a
gain related to the sale and leaseback of several distribution
centers.

The loss at DAIH reflected the losses incurred at Disco and
Santa Isabel during the period that they were not consolidated
in the financial statements.  The loss at DAIH was mainly caused
by the negative impact of the devaluation of the Argentine Peso
on U.S.  Dollar-denominated debt.

2004: A Year of Transition

General

2004 will be a year focused on continued efforts to strengthen
the organization, and restructure and integrate the businesses
in order to build a solid platform for future growth and
profitability.  Management will concentrate on achieving the
previously announced Road to Recovery performance objectives for
2005 and beyond.

Ahold will continue to strengthen and improve its internal
controls and corporate governance, as well as solidify
compliance with the regulatory environment in 2004.  All of
these changes are important cornerstones of our Road to Recovery
strategy.  They will require considerable resources and effort
from our operations and corporate support office in 2004.

Retail operations will continue to face increased competition
and price pressure.  On the other hand, Ahold expects healthy
sales development in the foodservice sector.

U.S. retail

Net sales growth in U.S. retail operations in 2004 is expected
to be only modest as a result of continued competitive pressure.
One of the key efforts in the U.S. for 2004 will be the
integration of Stop & Shop and Giant-Landover, which will
improve the long-term competitiveness and cost-effectiveness of
these brands.  This integration will require an initial
investment during 2004, but will result in significant benefits
in 2005 and beyond.  At Tops we continue to focus on
repositioning its 'go to market strategy' and improving its
operational performance.  The intended divestment in 2004 of BI-
LO/Bruno's is expected to negatively impact net sales in 2004.

Europe retail

Ahold expects net sales in its Europe retail operations to
increase in 2004 in a generally tough environment with weak
economies, consumer focus on price, and increased competition.
There will be a continued focus on efficiency and
competitiveness in Europe.  The planned divestment of our
Spanish operations in 2004 will reduce European net sales.

Foodservice

Market conditions, in particular in the U.S., are expected to be
favorable for the foodservice industry.  However, increasing
fuel costs and food commodity prices may have a negative effect
on industry pricing and competitiveness.  It is possible that
net sales may experience a small reduction in 2004 at U.S.
Foodservice, as a result of an effect of improved customer mix
specifically related to certain national accounts.  Operating
income before impairment and amortization of goodwill and
exceptional items is expected to be positive for 2004 and exceed
the level of 2002, no later than 2006.

Capital expenditures and working capital

Capital expenditures will continue to be made strategically and
will increase from the low levels of 2003 to approximately
depreciation level.  Investments will be focused on the growth
of our food retail business.  Initiatives to improve working
capital started in 2003 and will be continued with expected
further improvements in 2004.  Net cash from operations is
expected to improve.

Finance and Tax

Further reduction of net finance expense in 2004 is expected as
a result of lower fees for our new credit facility and lower net
interest expenses due to the continued reduction of net debt.
Ahold expects its tax position to normalize during 2004, with a
rate marginally above 30%.

Net Debt

The continued recovery and development of our operations
together with the on-going divestment program is expected to
lead to further reductions of net debt (excluding currency
impact) in line with our objectives to reach investment grade
profile by the end of 2005.

Divestments and Other Issues

The clearly improved financial position and liquidity gives us
the platform to manage our divestment in an orderly fashion,
i.e. no need for 'fire-sales'.

The company plans to have divested its remaining operations in
South America and Spain, as well as BI-LO/Bruno's and the
remaining convenience stores at Tops in the United States, by
the end of 2004.  As announced in March 2004, Ahold completed
the divestment of its stake in CRC Ahold in Thailand, and thus
its exit from the Asia Pacific region.

However, exceptional items are expected upon completion of the
divestitures of certain South American operations as well as the
divestment of BI-LO/Bruno's.  The completion of these
divestitures will lead to the recognition of accumulated foreign
currency translation adjustments (CTA) in the statement of
operations as well as in some cases the reversal of goodwill,
both previously charged to shareholders' equity.  The cumulative
exchange rate differences charged to shareholders' equity for
these operations at the beginning of 2004 amounted to EUR648
million.  The aggregate amount of goodwill that would have been
required to be reversed if these operations had been divested at
the beginning of 2004 would have been EUR309 million.  The net
consequence of this is a significant exceptional loss in our
statement of operations with an identical positive adjustment to
net equity.  These likely exceptional items will have a
significant impact on net income, but no net impact on equity
and are non-cash items.

Operating expenses in 2004 will also be significantly impacted
by a number of factors, in particular costs related to the
ongoing legal proceedings and governmental and regulatory
investigations, including possible fines or judgments that may
be levied or awarded.  Initiatives underway to enable the
company to begin reporting under International Financial
Reporting Standards, as required for 2005, and ongoing work to
comply with the internal controls requirements of Section 404 of
the U.S.  Sarbanes-Oxley Act, required to be completed by the
end of fiscal year 2005, will also have an impact.

In summary, 2004 will be a year of execution and transition for
Ahold and has to be seen as an important step on its Road to
Recovery, which is well on track for continued progress beyond
2004.

Annexes

ANNEX A
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash flows

ANNEX B
Reconciliation of operating income (loss) to operating income
(loss) before impairment and amortization of goodwill and
exceptional items

ANNEX C
U.S. GAAP reconciliation

ANNEX D
Accounting principles

ANNEX E
Shareholders' Equity

ANNEX F
Quarterly sales and trends per region

Definitions

Identical sales compare sales from exactly the same stores.
Comparable sales are identical sales plus sales from replacement
stores.

Currency impact is the impact of using different exchange rates
to translate the financial figures of subsidiaries to Euros.
For results presented excluding currency impact, the financial
figures of the previous year are adjusted using the current year
exchange rates.

Net debt/EBITDA: Net debt includes long- and short-term interest
bearing debt as well as capitalized lease commitments, netted
with cash and cash investments (excluding cash on hand), divided
by EBITDA excluding exceptional items.

EBITDA/net interest: EBITDA excludes exceptional items.  Net
interest excludes financing arrangement fees.

Net income (loss) after preferred dividends per common share is
basically calculated as net income (loss) after preferred
dividends, divided by the weighted average number of common
shares outstanding during the applicable period.

A copy of the annual results is available free of charge at
http://bankrupt.com/misc/Ahold_2003.pdf

CONTACT:  AHOLD CORPORATE COMMUNICATIONS
          Phone: +31 75 659 5720
          Within the U.S.: (212) 889 4350

          ROYAL AHOLD N.V.
          P.O.  Box 3050 1500
          HB Zaandam Netherlands
          Phone: +31 (0) 75 659 57 20
          Fax:   +31 (0) 75 659 83 02


ROYAL SHELL: Restates Financial Report; CFO Steps Down
------------------------------------------------------
The Royal Dutch/Shell Group of Companies released the executive
summary and proposed remedial measures sections from the report
to the Group Audit Committee into the facts and circumstances
surrounding the recategorization of the Group's hydrocarbon
reserves.  A copy of this report is available free of charge at
http://bankrupt.com/misc/gac_report.pdf

In addition, Shell released the outcome of its reserves
recategorization review prepared with the assistance of the
Ryder Scott Company, an outside consulting firm.  This follows
the interim conclusions announced on March 18, 2004.

Shell also announced changes to its reserves practices to
address the issues raised by these reports and establish a sound
base for future reserves reporting by Group companies.

Summary

(a) Shell's Boards fully accept the findings of the GAC report
    and will ensure prompt action on its recommendations.

(b) 90% of Shell's proved oil and gas reserves have been
    reviewed, with external assistance.   The final result of
    all the recent reviews is that a total of 4.35 billion
    barrels of oil equivalent (BOE) will be recategorized as
    at end 2002.   Additionally, 2003 reserves will fall by 0.5
    billion boe.

(c) External experts will be involved in the annual audit and
    reporting of reserves.

(d) Shell has decided to restate financial statements in the
    2002 Form 20-F, which is to be amended.  The impact on
    earnings averages around $100 million per year, less than 1%
    of earnings in the period 2000-2003.

(e) Ms. Judith Boynton has stepped aside from her position as
    Group Chief Financial Officer, but will remain an employee
    of the Group.  Tim Morrison has been appointed as acting
    Group Chief Financial Officer with immediate effect.

(f) The review of corporate governance announced on 18 March,
    2004 is to be accelerated.

The non-executive directors unanimously give their complete
support to the current executives of the Committee of Managing
Directors (CMD).

Jeroen van der Veer, Chairman of the CMD, said: "The report to
the GAC and the reserves recategorization review draw a line
under the uncertainties that have surrounded the status of our
reserves since January 9.  The controls we now have in place
will be rigorously enforced and will be subject to far greater
levels of scrutiny within Shell.  Despite the difficulties of
recent months Shell is a sound and profitable business.  We are
making the changes to our reserves practices to ensure that that
remains the case."

A copy of the reserves categorization review is available free
of charge at http://bankrupt.com/misc/Shell_review.htm

CONTACT:  ROYAL SHELL
          Investor Relations:
          Gerard Paulides
          Phone: +44 20 7934 6287

          Bart van der Steenstraten
          Phone: +31 70 377 3996

          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations:

          Andy Corrigan
          Phone: +44 20 7934 5963

          Herman Kievits
          Phone: +31 70 377 8750


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


ELEKTRIM SA: Banks Stonewall, Ignore EUR350 Mln Loan Request
------------------------------------------------------------
Zygmunt Solorz, Elektrim's main shareholder, wants to clarify
what is keeping banks from granting a loan for the firm's Patnow
II power plant.  The project has been idle for about a year
while Elektrim waits for the banks to approve a EUR350 million
loan.  The delay is a puzzle to Elektrim as it already met
conditions for the loan: the company already extended the
investment deadline set by the National Grid, and has a new main
contractor.

"We don't have our backs against the wall.  We have other
options we can call on, but first we have to know their
opinion," the Warsaw Business Journal quoted Mr. Solorz.


LOT POLISH: Union Suggests Alternative Solutions to Woes
--------------------------------------------------------
The Pilot's Trade Union at Lot Polish Airline is endorsing last-
minute reorganization proposals that would help it protect
salaries under the company's restructuring.

The workers want management to consider entering into leasing
contracts, pursue other cost-cutting measures, and make new
investments in plant, according to Warsaw Business Journal.
This would help them avoid giving up 20% of their salaries to
help the company recover.  In addition, they also want
management to step up effort to win more charters instead of
withdrawing from the loss-making business, which they suspect is
under consideration.

According to the report, it is not clear how much of the
suggestions would be taken up by management given that the
restructuring program is already set and expected to be unveiled
next month.  The restructuring would save Lot PLN500 million by
2006.


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


COMMERCIAL INDUSTRIAL: Under Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on LLC The Commercial And Industrial
House.  The case is docketed as A12-390/04-c24.  Mr. A. Titov
(Moscow) has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 400005, Russia, Volgograd, 7-th
Gavardeyskaya str.2a, office 400.  A hearing will take place on
June 23, 2004, 9:00 a.m. at the Arbitration Court of Volgograd
region.

CONTACT:  THE COMMERCIAL AND INDUSTRIAL HOUSE
          404103, Russia, Volgograd region, Vozhsky, Khimcomlex

          Mr. A. Titov, temporary insolvency manager
          400005, Russia, Volgograd, 7-th Gavardeyskaya str.2a,
          Office 400


CONCRETE PRODUCT: Declared Insolvent
------------------------------------
The Arbitration Court of Tver region declared OJSC Concrete
Product Plant no. 6 insolvent and introduced bankruptcy
proceedings.  The case is docketed as A66-1255-04.  Mr. A.
Trifonov (Moscow) has been appointed insolvency manager.
Creditors have until May 26, 2004 to submit their proofs of
claim to the insolvency manager at: 170000, Russia, Tver,
Glavpochtamt, Post User Box 366.

CONTACT:  CONCRETE PRODUCT PLANT#6
          171260, Russia, Tver region,
          Konakovsky district, Redkino, Pogruzochnaya street

          Mr. A. Trifonov, Insolvency Manager
          170000, Russia, Tver, Glavpochtamt,
          Post User Box 366


INDUSTRIAL REPAIR: Kemerovo Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on municipal enterprise Industrial Repair
Corporation.  The case is docketed as A27-56/2004-4.  Mr. A.
Turkin has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) The Arbitration Court of Kemerovo region: Russia, Kemerovo,
    Krasnaya str.8,

(b) Temporary insolvency manager at: 650024, Russia, Kemerovo,
    Glinka str.13.

CONTACT:  INDUSTRIAL REPAIR CORPORATION
          650024, Russia, Kemerovo region, Kemerovo,
          Glinka str.13

          Mr. A. Turkin, temporary insolvency manager
          650024, Russia, Kemerovo region, Kemerovo, Glinka
          str.13

          The Arbitration Court of Kemerovo region,
          Russia, Kemerovo, Krasnaya str.8


KUROVSKOY TEXTILE: Insolvent Status Confirmed
---------------------------------------------
The Arbitration Court of Moscow region declared textile
enterprise, OJSC Kurovskoy Textile, insolvent and introduced
bankruptcy proceedings.  The case is docketed as A41-K2-
14147/03.  Mr. P. Timofeev (Moscow) has been appointed
insolvency manager.  Creditors have until May 26, 2004 to submit
their proofs of claim to the insolvency manager at: 127287,
Russia, Moscow, Post User Box 6.

CONTACT:  KUROVSKOY TEXTILE
          142640, Russia, Moscow region, Kurovskoye,
          Sovetskaya str.105

          Mr. P. Timofeev, insolvency manager
          127287, Russia, Moscow, Post User Box 6


NEFTE-GAZ-STROY: Krasnodar Court Hires Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on oil-gas building company OJSC Nefte-
Gaz-Stroy.  The case is docketed as A32-15203-2/134B.  Mr. A.
Mayngard has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 350059, Russia, Krasnodar,
Uralskaya str.134.  A hearing will take place on April 19, 2004
at the Arbitration Court of Krasnodar region.

CONTACT:  Mr. A. Mayngard, temporary insolvency manager
          350059, Russia, Krasnodar, Uralskaya str.134


OSINSKOYE INDUSTRIAL: Proofs of Claim Deadline May 26
-----------------------------------------------------
The Arbitration Court of Perm region declared CJSC Osinskoye
Industrial Repair Enterprise insolvent and introduced bankruptcy
proceedings.  The case is docketed as A50-28862/2003-B.  Mr. G.
Savinov has been appointed insolvency manager.  Creditors have
until May 26, 2004 to submit their proofs of claim to the
insolvency manager at: 618120, Russia, Perm region, Osa,
Pugachyev str.6.

CONTACT:  OSINSKOYE INDUSTRIAL REPAIR ENTERPRISE
          618120, Russia, Perm region, Osa, Pugachyev str.6

          Mr. G. Savinov, insolvency manager
          618120, Russia, Perm region, Osa, Pugachyev str.6


SHAHUNSKY BREAD-BAKING: Court Sets July 27 Hearing
--------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on LLC Shahunsky Bread-Baking
Complex.  The case is docketed as A43-3060/04-24-70.  Mr. V.
Scorodumov has been appointed temporary insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: Russia, Nizhny-
Novgorod region, Shahunya, Sovetskaya str.28.  A hearing will
take place on July 27, 2004, 10:30 a.m. at the Arbitration Court
of Nizhny-Novgorod region.

CONTACT:  SHAHUNSKY BREAD-BAKING COMPLEX
          Russia, Nizhny-Novgorod region, Shahunya,
          Sovetskaya str.28

          Mr. V. Scorodumov, temporary insolvency manager
          Russia, Nizhny-Novgorod region, Shahunya,
          Sovetskaya str.28


TOKAM: Declared Bankrupt
------------------------
The Arbitration Court of Chelyabinsk region declared Kusinsky
precise technical stones factory, Tokam, insolvent and
introduced bankruptcy proceedings.  The case is docketed as A76-
17931/03-55-16.  Mr. E. Lysov has been appointed insolvency
manager.  Creditors are asked to submit their proofs of claim to
the insolvency manager at: 456940, Russia, Chelyabinsk region,
Kusa, Bubnov str.11.

CONTACT:  TOKAM
          456940, Russia, Chelyabinsk region, Kusa,
          Bubnov str.11

          Mr. E. Lysov, insolvency manager
          456940, Russia, Chelyabinsk region, Kusa,
          Bubnov str.11


VOSHOD: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Arbitration Court of Novgorod region commenced bankruptcy
supervision procedure on OJSC spinning mill, Voshod.  The case
is docketed as A44-1445/04-C4.  Mr. V. Alyeshechkin has been
appointed temporary insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 174400, Russia,
Novgorod region, Borovichi, Glavpochtamt, Post User Box 17,
Phone/Fax: (81664) 2-07-63.  A hearing will take place on June
3, 2004, 11:00 a.m. at the Arbitration Court of Novgorod region.

CONTACT:  VOSHOD
          174411, Russia, Novgorod region, Borovichi,
          Kolhoznaya str.15a

          Mr. V. Alyeshechkin, temporary insolvency manager
          174400, Russia, Novgorod region, Borovichi,
          Glavpochtamt, Post User Box 17,
          Phone/Fax: (81664) 2-07-63


YASHKINSKOYE HPP: Deadline for Proofs of Claim May 26
-----------------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC
Yashkinskoye HPP (TIN 4247001188) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A27-4583/2003-
4.  Mr. V. Shapovalov has been appointed insolvency manager.
Creditors have until May 26, 2004 to submit their proofs of
claim to the insolvency manager at: 652010, Russia, Kemerovo
region, Yashkino, Post User Box 107.

CONTACT:  YASHKINSKOYE HPP
          652010, Russia, Kemerovo region, Yashkino,
          Sovetskaya str.132

          Mr. V. Shapovalov, insolvency manager
          652010, Russia, Kemerovo region,
          Yashkino, Post User Box 107


YASHKINSKY BREAD: Court Confirms Insolvent Status
-------------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC
Yashkinsky Bread-Baking Complex (TIN 4247000120) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A27-
9193/2003-4.  Mr. V. Shapovalov has been appointed insolvency
manager.  Creditors have until May 26, 2004 to submit their
proofs of claim to the insolvency manager at: 652010, Russia,
Kemerovo region, Yashkino, Post User Box 107.

CONTACT:  YASHKINSKY BREAD-BAKING COMPLEX
          652010, Russia, Kemerovo region, Yashkino,
          Suvorov str.60

          Mr. V. Shapovalov, insolvency manager
          652010, Russia, Kemerovo region,
          Yashkino, Post User Box 107


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


ADECCO SA: Postpones Financial Reporting Anew
---------------------------------------------
The Board of Directors of Adecco S.A. announces that the Company
will postpone the release of its audited full-year 2003 results
and its results for the first quarter of 2004.

While significant progress has been made towards completion of
the 2003 audit, the Board has carefully assessed the situation
with respect to the release of 2003 financial information.  The
Board has decided not to release 2003 results, pending
completion of certain aspects of the independent review by Paul,
Weiss, Rifkind, Wharton and Garrison and continuing audit work
by Ernst & Young.

The Company is working diligently to assist Ernst & Young with
the completion of their audit work and release the 2003 audited
results as soon as practicable.  The Board reiterates that,
based on information currently available to it, to date no
evidence demonstrating major misappropriations or irregularities
that would be financially significant to the company as a whole
in 2003 has been found.  The independent review is currently
focusing on e-mail correspondence by senior professionals in the
Company.

The timetable for release of the 2003 audited results and
results for the first quarter of 2004, as well as the timing of
the AGM, will be provided as soon as practicable following the
completion of the 2003 audit.  The Company intends to seek a
waiver of the covenant under its Syndicated Loan Facility
requiring delivery of its 2003 audited financial statements by
April 26, 2004.

The Board provides these trading update for the first quarter of
2004:

(a) Information available to date shows sales of EUR3.8
    billion, an increase of 5% in local currency compared with
    the first quarter of 2003;

(b) Operating income before amortization excluding the costs
    incurred related to the audit delay is expected to be below
    last year due, in part, to a change in business mix and the
    expensing of stock options; and

(c) Net debt has been further reduced to below EUR850 million
    at the end of March 2004, including off-balance sheet debt.

The Board wishes to thank the Company's management team and
employees around the world for their commitment and hard work
and the Company's clients and associates for their loyalty
during this period.

                            *   *   *

Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions.  The Adecco Group network connects 650,000 associates
with business clients each day through its network of 28,000
employees and 5,800 offices in 68 territories around the world.
Registered in Switzerland, and managed by a multinational team
with expertise in markets spanning the globe, the Adecco Group
delivers an unparalleled range of flexible staffing and career
resources to corporate clients and qualified associates.

The Adecco Group comprises four Divisions, Adecco Staffing,
Ajilon Professional, LHH Career Services and jobpilot e-HR
Services.  In Adecco Staffing, the Adecco staffing network
focuses on flexible staffing solutions for global industries in
transition, including automotive, banking, electronics,
logistics and telecommunications; Ajilon Professional offers an
unrivalled range of specialized branded businesses; LHH Career
Services encompasses our portfolio of outplacement and coaching;
jobpilot e-HR focuses on online recruiting activities for the
Adecco Group.

Adecco S.A. is registered in Switzerland and its shares (ISIN:
CH0012138605) are listed on the Swiss Stock Exchange with
trading on Virt-x (SWX/VIRT-X:ADEN), the New York Stock Exchange
(NYSE:ADO) and Euronext Paris - Premier Marche (EURONEXT: ADE).

Additional information is available at the Company's Web site
http://www.adecco.com

CONTACT:  ADECCO SA
          Media Center:
          Phone: +41 1 878 8888


ADECCO SA: Delayed Reporting Earns Ratings Cut from S&P
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Switzerland-based personnel services
group Adecco S.A. to 'BB+' from 'BBB-', following the group's
announcement of a further and unspecified delay in the
publication of its 2003 audited accounts.  The ratings on
Adecco -- the world leader in temporary staffing -- and related
entities remain on CreditWatch with negative implications, where
they were placed on Jan. 20, 2004.

Adecco announced that it is again postponing the publication of
its 2003 results -- initially expected Tuesday -- pending the
completion by law firm Paul, Weiss, Rifkind, Wharton & Garrison
of certain aspects of its independent inquiry, and continuing
audit work by Ernst & Young.

"The downgrade reflects Standard & Poor's view that the renewed
delay in the publication of Adecco's 2003 audited accounts may
have an adverse impact on the group's liquidity and business
positions, making them inconsistent with investment-grade
ratings.  In addition, Adecco has given no timetable of when it
is likely to publish the 2003 results," said Standard & Poor's
credit analyst Melvyn Cooke.  "Although the group claims that it
has no indications of major misappropriations or irregularities,
there is very limited information on the reasons for such a
delay," added Mr. Cooke.

Adecco is likely to fall in breach of its covenant to provide
information under the EUR580 million (US$697 million) bank
facility, which requires delivery of its 2003 audited financial
statements by April 26, 2004.  Such a breach could lead the
group to use its own funds as collateral for its letters of
credit, which are currently drawn for business purposes at about
EUR150 million under this facility.  Although Adecco is
estimated to enjoy cash and cash equivalents of nearly EUR1
billion (at Sept. 30, 2003), the group has to repay its EUR360
million convertible bond, due in November 2004.

"In addition, the nature of the business usually requires
significant temporary cash outflows -- estimated currently to be
more than EUR200 million -- which are linked to changes in
working capital when the level of activity increases; this could
further reduce the group's financial flexibility," said Mr.
Cooke.

The current situation is likely to result in greater-than-
expected direct costs to Adecco's business, such as legal,
counseling, IT, administrative, and funding costs.  Furthermore,
although there has not been any significant customer
disaffection to date, there may be future indirect costs, such
as potential damage to the brand and loss of market share.  It
may take some time for Adecco to streamline its internal
processes and restore the full confidence of its customers and
the investment community.

Standard & Poor's will continue to closely monitor the
situation.  Upon resolution of the CreditWatch placement, the
ratings could be either lowered or affirmed.  The ratings would
be further lowered if Adecco's liquidity position were to
deteriorate rapidly or if auditors' and independent
investigators' findings were to permanently impair the group's
credit profile.  However, the ratings could be affirmed if the
impact of the current situation on the group's business and
financial position was to prove limited in scope and nature.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          melvyn_cooke@standardandpoors.com
          trevor_pritchard@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


SWISS INTERNATIONAL: Names Christoph Franz New Chief Executive
--------------------------------------------------------------
The Swiss Board of Directors named Christoph Franz, 43, as the
airline's new Chief Executive Officer.  His appointment follows
an extensive recruitment process.  Holder of a doctorate in
Business Administration, Christoph Franz spent the past nine
years in top management positions with Deutsche Bahn AG (DB),
the German national railway.  His most recent position was as a
member of executive management in charge of Passenger Sales.
From 1990 to 1994 he was with Lufthansa.  During his time with
the German national carrier, he was part of the team that
planned the airline's financial turnaround.  Christoph Franz, a
German citizen, will join Swiss on May 1 for a transitional
period before officially assuming the role of CEO as of July 1.

The Board of Directors also announced a key decision regarding
the future of the airline's charter activities.  As of the 2004
winter timetable, Swiss International Air Lines will operate two
of the three aircraft currently in service on charter routes.
Commercial considerations and a market analysis prompted this
decision.  SWISS will tap all available operational and
commercial synergies in order to succeed with a quality product
in the hard-fought charter sector.

Chairman of the Board Pieter Bouw himself headed the thorough
recruitment process in search of a new CEO for Swiss.  Six
candidates were short-listed and invited for intensive
interviews.  In the end the recruitment committee unanimously
recommended Frankfurt native Christoph Franz to the Swiss board.
Born May 2, 1960, Mr. Franz is married to a French citizen and
is the father of five children.  After completing studies in
Germany, France and the United States, graduating with a
doctorate (Dr. rer. pol) at the Technische Universitat
Darmstadt, he joined Lufthansa, where he was involved in
projects dealing with strategy, sales and controlling in
Germany, France and Turkey.  He later headed an IT project for
the Passenger Sales division.

From 1992 to 1994 he was part of the team that planned and
implemented Lufthansa's post Gulf War turnaround, in which he
reported directly to then CEO Jurgen Weber.  Following the
successful completion of this project, Mr. Franz joined Deutsche
Bahn AG, holding a variety of key positions during a nine-year
tenure with the German national railway.  These included the
role of turnaround manager for City Night Line.  Most recently
he was a member of executive management and responsible for
Passenger Sales, a division consisting of 70,000 employees.

Swiss has chosen Christoph Franz on the basis of his strong
personality and his managerial accomplishments in different
sectors of the transport industry, both on the ground and in the
air.  His specific know-how in the field of turnaround
management was also a deciding factor in his favor.  The Board
of Directors is convinced that Christoph Franz will bring the
company's turnaround to a successful conclusion and position
Swiss correctly in the market.

Charter business

The two remaining aircraft designated for charter operations
will be integrated into the regular Airbus fleet.  The precise
modalities for this are now being negotiated with the pilots'
unions.

The goal of this optimization is to operate a competitive
charter business also during the 2004/2005 winter timetable
period.  The two Airbus A320 charter aircraft are especially
configured for this market segment.  The product is already well
established and appreciated by customers.  All current contracts
with external tour operators will be continued.

CONTACT:  SWISS CORPORATE COMMUNICATIONS
          P.O.  Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax:   +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ELEMENT: Court Appoints Insolvency Manager
------------------------------------------
The Economic Court of Dnipropetrovsk region on March 18, 2004
declared limited private company, Element, insolvent and
introduced bankruptcy proceedings.  The case is docketed as B
26/15/04.  Arbitral manager Ms. Ivanova Victoria Vasilivna,
holder of license no. 484179 approved December 20, 2002, has
been appointed liquidator/insolvency manager.  Element holds
account no. 26003580190100 with DOD APPB Aval of Dnipropetrovsk
, MFO 305653; code EDRPOU 31586140.

CONTACT:  ELEMENT
          49000, Dnipropetrovsk, Kirova str.23

          Ms. Ivanova, Liquidator/Insolvency Manager
          49081, Dnipropetrovsk, Newspaper "Pravda" str., 14/21
          Phone: 31-87-12

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


INTERTOP: Kyiv Economic Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Kyiv on March 18, 2004 declared Closed JSC
Intertop insolvent and introduced bankruptcy proceedings.  Mr.
Dyachenko Sergey Viktorovich, holder of license 047796 approved
October 15, 2001, has been appointed liquidator/ insolvency
manager.  Intertop holds account no. 2600834 at JSB Ukrgazbank,
MFO 320478; code EDRPOU 24592241.

CONTACT:  INTERTOP
          Kyiv, Novozabarska str., 2/6

          Mr. Dyachenko S., Liquidator/Insolvency Manager
                     Phone: (044) 236-11-17

          THE ECONOMIC COURT OF KYIV
          01030, Kyiv, B. Hmelnitski str., 44-c


PMK-41: Under Bankruptcy Investigation Procedure
------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy investigation
procedure on Closed JSC PMK-41.  The case is docketed as 2-
11/4841-2004.  Mr. Golovachov. V. D, holder of license AA 485251
approved March 27, 2003, has been appointed temporary insolvency
manager.  Creditors have until May 9, 2004 to file their proofs
of claim at the Economic court of AR Krym.  PMK-41 holds account
no. 26006303390434 at Prominvestbank of AR Krym, Krasnoperekopsk
branch.

CONTACT:  PMK-41
          Ukraine, 96012, AR Krym
          Armyansk, Shkilna str.,55a

          Mr. Golovachov. V. D, Temporary Insolvency Manager
          AR Krym, Krasnogvardiyski district
          Petrivka, quarter of Yegudin, 38/14

          THE ECONOMIC COURT OF AR KRYM
          96000, Simferopol, Karl Marks str., 18


SAT LAN: Court Appoints Insolvency Manager
------------------------------------------
The Economic Court of Harkiv region declared SAT Lan (EDRPOU
30142041) insolvent and introduced bankruptcy proceedings.  The
case is docketed as B-19/182-03.  Mr. Volchek S. I., holder of
license AA 668320 approved October 29, 2003, has been appointed
liquidator/insolvency manager.  SAT Lan holds account no.
26005278305001 at TV BV HFKB Privatbank of Krasnograd, MFO
351533.

CONTACT:  SAT LAN
          Ukraine, 64423, Harkiv region
          Zachepilivski district, Nikolaivka

          Mr. Volchek S. I., Liquidator/Insolvency Manager
          61162, Harkiv, Geroi Stalingrada str., 138-B/34

          ECONOMIC COURT OF HARKIV REGION
          Ukraine, 61022, Harkiv, Svoboda str.5


STOV DOBROPILSKE: Donetsk Court Confirms Insolvent Status
---------------------------------------------------------
The Economic Court of Donetsk region declared Stov Dobropilske
(EDRPOU 30051232) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 12/116B.  Arbitral manager
Mr. Samsonov O.O. (license no. 249558) has been appointed
liquidator/insolvency manager.

CONTACT:  STOV DOBROPILSKE
          Ukraine, 85000, Donetsk region
          Dobropilski district, Svitle

          Mr. Samsonov O., Liquidator/Insolvency Manager
          35030, Donetsk region, Dobropilski district
          Krivirizhya
          Komsomolska str., 62
          Phone: (06277) 24006

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


VIDRODZHENNYA-OJL: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on Vidrodzhennya-Ojl (code EDRPOU 30969157).  The case
is docketed as 2-11/4841-2004.  Mr. I. Gusar (license no.
719858) has been appointed temporary insolvency manager.
Creditors have until May 9, 2004 to submit their proofs of
claim.  Vidrodzhennya-Ojl holds account no. 260070009753001 at
Ukrinbank, Kyiv branch, MFO 300142.

CONTACT:  VIDRODZHENNYA-OJL
          02002, Ukraine, Kyiv, Raskovoi str., 4-a

          Mr. Gusar, Temporary Insolvency Manager
          02002, Ukraine, Kyiv, Raskovoi str., 4-a

          The Economic Court of Kyiv:
          01030, Kyiv, B. Hmelnitskogo str., 44B


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


911 SALES: Fortis Bank Appoints Ernst & Young Receiver
------------------------------------------------------
Name of Companies:
911 sales LIMITED
CONNECTIONS + LIMITED
INTERFUNCTION LIMITED
LIMCO EIGHTY SIX LIMITED
OXYCOM LIMITED
OXYGEN COMMUNICATIONS LIMITED

Reg No 03098670
Reg No 03165234
Reg No 02931669
Reg No 04380493
Reg No 03670825
Reg No 03349316

Nature of Business: Call Centers

Trade Classification: 38

Date of Appointment of Administrative Receivers:
April 8, 2004

Name of Person Appointing the Administrative Receivers:
Fortis Bank S.A./N.V.

Administrative Receivers:  ERNST & YOUNG LLP
PO Box 61, Cloth Hall Court,
14 King Street, Leeds LS1 2JN
Receivers:
G Wilson
C G J King
(Office Holder Nos 09062, 08985)


ACEPLAN ASSOCIATES: Voluntary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Aceplan Associates
Limited Company on April 5, 2004 held at Gable House, 239
Regents Park Road, London N3 3LF, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Jeremy Berman of
Berley, 76 New Cavendish Street, London W1G 9TB has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB
          Contact:
          Jeremy Berman, Liquidator


AMBA TOOLS: Hires Liquidators from Begbies Traynor
--------------------------------------------------
At an Extraordinary Meeting of the Members of the Amba Tools
Limited Company on March 25, 2004 held at The Luton Travelodge,
Junction 11 of the M1, 641 Dunstable Road, Luton, Bedfordshire
LU4 8RQ, the Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Peter A Blair and Richard A B Saville,
of Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham
NG1 5DU have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Contact:
          Peter A Blair, Liquidator
          Richard A B Saville, Liquidator


AXIOM ENGINEERING: Appoints Elwell Watchorn & Saxton Liquidator
---------------------------------------------------------------
At an Extraordinary General Meeting of the Axiom Engineering
Limited (t/a Axiom Metal Treatments) Company on April 8, 2004
held at 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR,
the subjoined Extraordinary Resolution to wind up the Company
was passed.  Richard John Elwell and Graham Stuart Wolloff of
Elwell Watchorn & Saxton, 2 Axon, Commerce Road, Lynchwood,
Peterborough PE2 6LR have been appointed Joint Liquidators for
the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Contact:
          Richard John Elwell, Liquidator
          Graham Stuart Wolloff, Liquidator


BAGFILLA LIMITED: Shareholders Approve Winding up Resolutions
-------------------------------------------------------------
Name of Companies:
Bagfilla Limited
Bagfilla (Overseas) Limited

At an Extraordinary General Meeting of the Members of these
Companies on April 2, 2004 held at The Conifers, Filton Road,
Hambrook, Bristol BS16 1QG, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  Simon Thornton
has been appointed Liquidator for the purpose of such winding-
up.


BALTIMORE TECHNOLOGIES: New Board Appointees Take up Posts
----------------------------------------------------------
Following the filing by Baltimore Technologies of its Group
accounts for the year ended 31 December 2003 with the U.S.
Securities and Exchange Commission, the company confirms that
the new Directors, David Weaver, Alfredo Goyanes, John Uttley
and James Huston, named in its announcement of 13 April (RNS
Number: 5425X) took up their Board appointments Monday.  As
previously announced new Director Richard Eyre will be taking up
his Board appointment on 4 May 2004.

About Baltimore Technologies

Following the completion of the disposal of Baltimore
Technologies' core PKI business on 2 December 2003, the
continuing Group's assets consist primarily of cash.  For more
information, visit http://www.baltimore.com

CONTACT:  BALTIMORE TECHNOLOGIES
          Smithfield
          Nick Bastin
          Will Swan
          Phone: 020 7360 4900

          Will Swan
          Phone: +44 (0) 7787 197 508


BALTIMORE TECHNOLOGIES: To Propose Radical Shakeup at EGM
---------------------------------------------------------
Open Letter to Baltimore's shareholders from Duncan Soukup,
Deputy Chairman, Acquisitor Holdings (Bermuda) Ltd.:

Dear fellow Baltimore shareholder,

I am writing to you as a fellow shareholder concerned about the
future of a company that has already seen GBP1 billion of its
assets squandered and as a shareholder intent on protecting the
Company's remaining GBP24.7 million of cash before this too is
squandered.  If you have been reading the Press in recent weeks,
or seen our Web site, http://www.baltimoreaction.com,you will
know that Acquisitor Holdings has acquired a 13.6% stake in
Baltimore and is now Baltimore's largest shareholder by a
significant margin.

We have been asked a number of questions over the last few weeks
and I am writing to you [] to answer those questions as best I
can and to explain why we would like to you to vote for our
proposals at the EGM.

(a) Why has Acquisitor acquired its stake in Baltimore?

Our current stake is 13.6%.  Acquisitor Holdings takes strategic
stakes in publicly quoted companies deemed to be undervalued by
our Board of Directors and then actively proceeds to enhance or
unlock value for the benefit of ALL shareholders.  It's what we
do for a living.

(b) What's so great about Acquisitor Holdings?

Contrary to the Baltimore assertions, Acquisitor Holdings has an
unblemished record of acting in the best interests of ALL
shareholders in the pursuit of capital protection and
enhancement, and treating all shareholders equally.
Our performance record stands comparison against any other
investment trust, unit trust or index in the U.K. or USA.  In
the four fiscal years between January 2000 and September 2003
Acquisitor Holdings/Acquisitor plc have generated a 64% gross
return on investment during the worst bear market since 1929.
The Board of Acquisitor Holdings is proud of its performance
record and happy to compare it to the FTSE or FTSE All Small
index or any investment trust or unit trust in the U.K. or
Baltimore!

(c) Why do you want the current board to be removed?

We believe that the Baltimore Board grossly overpaid for its
acquisitions.  Indeed Mr. Khezri, the current Chairman, summed
up the situation most eloquently in his statement to the
Financial Times on 19 October 2001 when he stated: "I wonder if
we have made any money from any of our transactions.  They have
not been properly priced." And in a subsequent statement to the
Financial Times on 14 December 2001 Mr. Khezri went even further
stating that the Content transaction "did not make any sense".

The Content acquisition was unanimously recommended by the
Baltimore Board, of which Mr. Khezri had been a member since
1998, as being in the best interest of Baltimore's shareholders.
We believe that the acquisition at 30.2 times annualized
revenues and 129 times book value was not in the best interest
of shareholders.  Notwithstanding his direct involvement in
Baltimore's massive losses, we note Mr. Khezri alone has taken
GBP460,000 in compensation from the Company in the last
6 months -- close to 2% of the Company's total cash reserves --
and GBP610,000 in the last year.  Mr. Kelly, the outgoing
executive director, has no doubt also benefited hugely in that
time. What further percentage of the GBP405,000 accrued bonus
allocation has gone to the senior management responsible for the
Company's predicament?  We want to protect Baltimore's remaining
cash from being squandered by the existing board and invested in
another unproven, high-risk plan that could result in the
remaining assets of the Company being wiped out.

(d) Why don't you like Baltimore's new idea on clean energy?

We have, like other shareholders, carefully read the
announcement from Baltimore regarding its proposal to "build a
leading business focused on providing clean energy solutions".
We note that in a five-page announcement there is not a single
number that relates to:

    (i) Market size

   (ii) Market growth rates

  (iii) Intended market share

   (iv) Competitors, or

    (v) Specific investment size

Furthermore, there is no description or explanation of
Baltimore's competitive advantage in this field.  Mr. Weaver,
the Chief Executive (designate), refers to his achievement of
having built "a $1 billion clean energy business from scratch"
at BP.  We can only presume that it didn't make money or Mr.
Weaver would have no doubt been quick to point out how
profitable it was.  In fact we note that BP's European Gas,
Power and Renewable business unit saw operating profit fall 85%
in the 3 years to 2003 to $37 million -- indicating how
difficult it is, even for one of the oil majors, to create
profitable businesses in these markets.  Mr. Weaver has also
omitted to tell shareholders that BP spent close to $600
million, between 2001 and 2003, growing its European Gas, Power
and Renewable business -- and more than $1.26 billion globally.
We also note with extreme concern that the Baltimore Board only
"believes that the Company's cash assets are sufficient to
initiate its strategy".  We read this to mean that Baltimore
shareholders' capital will be quickly spent and more equity
required -- potentially diluting existing shareholders -- in the
pursuit of yet more acquisitions by a Company that has already
destroyed more than GBP1 billion of shareholder value through
the failed execution of a business plan in a similarly embryonic
sector.

The proposed new strategy is no different to the original
Baltimore plan.  It entails unquantifiable risk and
unquantifiable returns.  What is clear, however, is that the
Board plans to spend all of the Company's remaining cash assets
on its initiation, potentially leaving shareholders with
nothing.

(e) Why won't you give the Board the benefit of the doubt?

Mr. Khezri has written in his letter of 10 April 2004 that
Baltimore "has for the first time in many years a growth
opportunity for the future"(our emphasis).  Yet he told
shareholders in 2001 that "there is a strong and growing market
opportunity" for Baltimore's products and that it was "well-
positioned to profitably exploit" this potential.  He also told
shareholders that the restructuring program should provide
Baltimore with the "necessary resources to take it into the next
growth phase".  In 2002 he again told shareholders Baltimore
"has been repositioned for future growth".  And also in 2002 he
stated that during 2003 Baltimore "will offer a very tangible
proposal as both an investment opportunity as well as a business
Partnership."

Shareholders will not need reminding that since the first of
these pronouncements, the value of their shares fell nearly 80%.
Why should the Board be believed now when they talk about their
new "attractive business opportunity" increasing the value of
the Company's shares in a "relatively short period of time"?

(f) We've heard very little about your plans - why?

We hope that shareholders understand that until such time as we
have had the chance to review and fully understand the Company's
true financial position and have been mandated by shareholders,
we feel unable to discuss specific plans.

In general, however, we propose that Baltimore's remaining
capital be invested in one or more businesses that fulfill some
or all of the following attributes

    (i) They should have favorable and enduring economic
        characteristics

   (ii) They should be run by talented and honest managers

  (iii) They should be available at sensible prices

   (iv) They should be businesses we understand and in
        industries we understand.

Potential investments/acquisitions should also meet financial
criteria such as:

    (i) Demonstrable and consistent earning power (future
        projections are of no interest to us)

   (ii) A history of generating good returns on equity while
        employing little or no debt

We will only propose acquisitions at reasonable multiples and
will give shareholders all relevant data they require in order
to make informed investment decisions.

The Acquisitor Holdings' nominees believe that it would be
foolish to comment on specific plans until they fully understand
Baltimore's true financial position.  We won't know these facts
unless we are elected and get access to the books and records of
the Company.

Acquisitor Holdings plans to do exactly the same as it has done
in the past -- nothing new or risky -- simply focusing on
generating consistent positive returns for all shareholders, in
all market conditions.  Acquisitor Holdings has an excellent
record of acquiring and subsequently selling assets at a profit
even during the worst bear market since 1929.

Our promise to you, If elected, the Acquisitor Holdings'
nominees undertake

    (i) To manage the Company's assets with the same care and
        attention as they would their own.

   (ii) To put any acquisition proposals to a shareholder vote.
        All proposals will include financial history and full
        and detailed information on the proposed acquisition.

  (iii) To seek shareholder approval for a performance related
        remuneration schedule.

   (iv) Not to burden the Company with neither unnecessary nor
        hidden costs; there will be no cars or other perks and
        no options granted to Directors at below market rates.

The Acquisitor Holdings' nominees are all highly motivated
professionals not seeking to benefit personally from the plight
of Baltimore and its long suffering shareholders.  If elected,
they undertake to exercise the sort of care and attention to
Baltimore's assets that has been sadly lacking in the past and
which is not reflected in the current clean energy proposal.
The decision for us as fellow Baltimore shareholders is clear:
If you agree with us that it is time for sensible capital
preservation and growth; Vote in favor of the Acquisitor
Holdings' Resolutions

Duncan Soukup 16 April 2004

A copy of this open letter is available free of charge at
http://bankrupt.com/misc/Acquisitors_Open_Letter.pdf


BALTIMORE TECHNOLOGIES: Rejects Acquisitor's Business Proposal
--------------------------------------------------------------
David Weaver, Chief Executive of Baltimore Technologies Plc
(London: BLM), issued the following response to Acquisitor
Holdings (Bermuda) Ltd., which issued an open letter to
Baltimore's shareholders on Monday.

"[The] announcement demonstrates just how little Acquisitor
really have to offer shareholders.  They continue to focus on
the past, make inaccurate statements and choose to ignore that
the ongoing Baltimore Board of seven includes six new
appointments.  Crucially, they fail to present a single proposal
of how to build a business.  Once again, they have also not
given any detail on the so-called value they claim to have
created in the past.

"In contrast, the new Baltimore Board has a world-class energy
team with over 10 decades of collective experience in the
sector.  I personally have over 38 years of experience,
including building businesses for some of the world's leading
energy companies like BP plc.  We have a real plan and the
experience to implement it swiftly and effectively.

"We urge Baltimore shareholders to reject Acquisitor's
opportunistic approach, by supporting the new Baltimore board at
the forthcoming EGM."

About Baltimore Technologies

Following the completion of the disposal of Baltimore
Technologies' core PKI business on 2 December 2003, the
continuing Group's assets consist primarily of cash.

CONTACT:  BALTIMORE TECHNOLOGIES
          http://www.baltimore.com
          Smithfield
          Phone: +44 (0) 20 7360 4900

          Nick Bastin
          Phone: +44 (0) 7931 500 066


BARTON & BARTON: Royal Bank of Scotland Appoints Receiver
---------------------------------------------------------
Name of Company: Barton & Barton Food Service Limited

Reg No 03612131

Nature of Business:
Specialist Meat Supplier to the Food Service Sector

Trade Classification: 12

Date of Appointment of Joint Administrative Receivers:
April 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Commercial Services

Joint Administrative Receivers:  GRANT THORNTON
                                 Heron House, Albert Square,
                                 Manchester M60 8GT
                                 Receivers:
                                 Leslie Ross
                                 Duncan Swift
                                 (Office Holder Nos 7244, 8093)


BCD FOOD: Royal Bank of Scotland Hires Receiver
-----------------------------------------------
Name of Companies:
BCD Food Group Limited
BCD Food Group (North) Limited

Reg No 03870315
Reg No 04214351

Nature of Business:
Wholesale of Meat and Meat Products, Wholesale of Fruit and
Vegetables

Trade Classification: 12

Date of Appointment of Joint Administrative Receivers:
April 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Commercial Services

Joint Administrative Receivers:  GRANT THORNTON
                                 Heron House, Albert Square,
                                 Manchester M60 8GT
                                 Receivers:
                                 Leslie Ross
                                 Duncan Swift
                                 (Office Holder Nos 7244, 8093)


BED SHED: Appoints Wilson Pitts Administrator
---------------------------------------------
Name of Company: The Bed Shed (Bradford) Limited

Nature of Business:
Retailer of Beds and Related Household Furniture

Trade Classification: 5244

Date of Appointment: April 5, 2004

Address of Registered Office:
c/o Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ

Joint Administrative Receiver:  WILSON PITTS
                                Glendevon House, Hawthorn Park,
                                Coal Road, Leeds LS14 1PQ
                                Receivers:
                                D F Wilson
                                J N R Pitts
                                (IP Nos 703, 7851)


BENTLEY DRIVES: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Bentley Drives
Limited Company on April 5, 2004 held at Salisbury House, 31
Finsbury Circus, London EC2M 5SQ, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  Duncan R Beat
has been appointed Liquidator of the Company.


BERKSHIRE METAL: Hires Administrative Receiver
----------------------------------------------
Name of Company: Berkshire Metal Fabrications (I & M) Limited

Nature of Business: Manufacture of Metal Structures and Part

Date of Appointment: March 29, 2004

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


BIELE LIMITED: Appoints Liquidators from Begbies Traynor
--------------------------------------------------------
At an Extraordinary Meeting of the Members of the Biele (U.K.)
Limited Company on March 29, 2004 held at the offices of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Peter A Blair and Richard A B Saville of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Contact:
          Peter A Blair, Liquidator
          Richard A B Saville, Liquidator


BRISTOL BUILDING: Hires Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the
Bristol Building Services Limited Company on April 5, 2004 held
at Kingsley House, Church Lane, Shurdington, Cheltenham,
Gloucestershire GL51 4TQ, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  David H Hughes
has been appointed Liquidator for the Company.


CANARY WHARF: Recommends Songbird's Offer to Shareholders
---------------------------------------------------------
The Independent Committee of Canary Wharf Group plc has
reviewed the offer announcements made on Friday 16 April 2004 by
Songbird Acquisition Limited and CWG Acquisition Limited.
Songbird's offer enables Canary Wharf shareholders to receive
295 pence per share in cash compared with 275 pence per share in
cash available under the terms of CWGA's offer.  These revised
offers represent the conclusion of the auction process.  In
light of the higher cash amount available from Songbird, the
Independent Committee intends to recommend Songbird's offer to
shareholders.

The Independent Committee welcomes the change by the Morgan
Stanley-sponsored funds and Simon Glick from a scheme of
arrangement, via Silvestor U.K. Properties Limited, to an offer
with a 50% acceptance condition, via Songbird.  The meetings
associated with the scheme of arrangement to implement
Silvestor's offer of 292 pence will no longer be held and
shareholders may ignore the documentation that they have
received in relation to that offer.  The Independent Committee
expects Songbird to post its offer document to Canary Wharf
shareholders by 23 April 2004.

CONTACT:  CANARY WHARF
          Lazard
          William Rucker
          Maxwell James
          (Financial adviser to the
          Independent Committee of Canary Wharf)
          Phone: 020 7187 2000

          CAZENOVE
          Duncan Hunter
          Richard Cotton
          (Financial adviser to the Independent Committee of
          Canary Wharf and joint broker to Canary Wharf)
          Phone: 020 7588 2828

          CREDIT SUISSE FIRST BOSTON
          George Maddison
          Richard Crawley
          (Joint broker to Canary Wharf)
          Phone: 020 7888 8888

          BRUNSWICK
          James Bradley
          Fiona Laffan
          (Public relations adviser to Canary Wharf)
          Phone: 020 7404 5959


CARDIFF SECURITY: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Cardiff Security
Services Limited Company on April 6, 2004 held at 4th Floor,
Dominions House North, Dominions Arcade, Queen Street, Cardiff
CF10 2AR, the Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Wilfred Vaughan Jones of B N Jackson
Norton, 4th Floor, Dominions House North, Dominions Arcade,
Queen Street, Cardiff CF10 2AR has been appointed Liquidator of
the Company.

CONTACT:  B N JACKSON NORTON
          4th Floor, Dominions House North,
          Dominions Arcade, Queen Street,
          Cardiff CF10 2AR
          Contact:
          Wilfred Vaughan Jones, Liquidator


CORUS GROUP: On the Defensive After Usmanov's Assault
-----------------------------------------------------
On April 16, Gallagher stated that Adrianus van der Velden, whom
it is nominating as a non-executive director of Corus, was
acting "totally independent of Gallagher" and that Gallagher
"confirms that it has no plans or commercial intention to supply
iron ore to Corus or enter any other commercial arrangement
or transaction with Corus."

The Board of Corus notes these statements and believes that they
contain information which is contradictory to previous
statements and the position of Alisher Usmanov and his
representatives have adopted in an U.S. SEC filing, quotes to
the press and in a series of meetings with Corus over the last
year.  As recently as 13th April the company received iron ore
samples from one of Mr. Usmanov's companies as part of
commercial discussions concerning raw materials.

In a U.S. SEC filing on the 16th March, Gallagher stated: "The
Shareholder (Mr. Usmanov) has conducted arm's length discussions
with members of the Issuer's (Corus) management with a view to
increasing his participation in the management of the Issuer,
but so far such discussions have been inconclusive.  A
substantial part of the Issuer's business involves production of
steel and steel products and the Shareholder has gained
significant steel production experience during his professional
career.  The Shareholder therefore believes that it would be in
the best interest of the Issuer and the Shareholder's steel-
related businesses to promote cooperation among each other.

"In addition, the Shareholder also believes that since he now
beneficially owns more than 11% of the Issuer's outstanding
ordinary shares, he should be represented on the Issuer's board
of directors.  Thus, in the event the Shareholder's discussions
with the Issuer's management are not fruitful and he is denied
representation on such board on the basis of such existing
beneficial ownership, he intends to take strategic and tactical
steps to increase his influence over the Issuer's management and
operations as the beneficial owner of a significant percentage
of the Issuer's outstanding ordinary shares.  These steps may
include but not be limited to further acquisitions of the
Issuer's ordinary shares or calling a shareholders meeting in
order to secure a special resolution supporting the candidature
of the Shareholder or his nominee as a member of the Issuer's
board of directors."

Corus Chairman Jim Leng said: "Given these inconsistencies about
Mr. Usmanov's position it is difficult for the Board to
understand his long term intentions and ambitions.  There seems
to be a misunderstanding if he feels that we do not have
adequate steel and metals experience on our board.  The Board of
Corus is confident in the management team and the progress they
are making and it feels that it is inappropriate to be
distracted in this task by Mr. Usmanov."


CUMBRIAN VALLEY: Royal Bank of Scotland Appoints Receiver
---------------------------------------------------------
Name of Company: Cumbrian Valley Foods Limited

Reg No 02923047

Nature of Business: Fresh Meat, Fish, Fruit and Vegetables

Trade Classification: 12

Date of Appointment of Joint Administrative Receivers:
April 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Commercial Services

Joint Administrative Receivers:  GRANT THORNTON
                                 Heron House, Albert Square,
                                 Manchester M60 8GT
                                 Receivers:
                                 Leslie Ross
                                 Duncan Swift
                                 (Office Holder Nos 7244, 8093)


EQUITABLE LIFE: Case Against Regulators Unrealistic, Experts Say
----------------------------------------------------------------
Equitable Life confirmed that, having received unequivocal legal
advice, the Society has no realistic legal claims against its
regulators.

Following publication of the report by Lord Penrose, Herbert
Smith, one of the country's major law firms, and leading Counsel
were instructed to advise Equitable Life's Board on the merits
of possible claims by the Society and policyholders against the
various regulators of the Society.

Equitable Life has on Monday published the legal opinion in a
letter from Herbert Smith, which is now being mailed to the
Society's 350,000 members, together with the 2003 Annual Report
and details of its Annual General Meeting on May 19. (See
Notes to Editors and attachments.)

The advice to the Society from its lawyers is that the Society
has 'no realistic claims against the regulators' and that any
claim by policyholders 'would be complex, lengthy and costly;
the result would be uncertain'

Vanni Treves, Chairman of Equitable Life, said: "In light of the
unequivocal advice of our lawyers, we will not squander members'
money.  If the Board had been advised that there was a
sustainable and cost-effective legal case, we would have pursued
it, as we are doing with others."

The Society's Board also confirmed that it has decided that the
proposed resolutions of pressure group, EMAG, would go forward
to the AGM, to be voted on by all members, despite legal advice
that the Board could have prevented the Resolutions being put to
members.  EMAG wants to take GBP2 million from continuing
members in the GBP11billion with-profits fund.

Mr. Treves said: "Rather than throw out these proposals as we
could have done, we want members to have their say on this
matter.  The Board strongly recommends that members reject
EMAG's resolutions and vote against them.  Their proposal flies
in the face of top class legal advice. Its purpose is unclear
and wasteful.  It is against members' best interests.

"EMAG is a small pressure group and does not represent only the
interests of current members of Equitable Life -- it also
represents former members and policyholders.  But the costs and
risks arising from their proposed resolutions, if passed, will
fall entirely on the current members -- costs they can ill
afford to bear."

In its AGM communication to members, the Society informs members
that it is possible that the Government could bring the Society
into an EMAG action for a contribution.  In this event, even if
EMAG won the action, the Society could then have to pay damages
and costs as well as the GBP2 million proposed by EMAG.

"In effect, the Society would be suing itself," says Mr. Treves.

Equitable Life reiterated its belief that the Parliamentary
Ombudsman is policyholders' best hope for compensation and is
currently urging a reopening of her investigation.

CONTACT:  EQUITABLE LIFE
          Media Inquiries:
          Tony McGarahan
          Phone: 020 7710 3784
               Or 07966 386145

          Alistair Dunbar
          Phone: 020 7710 3891
               Or 07967 564039


FRUITFUL FUNDRAISING: Appoints HKM Administrator
------------------------------------------------
Name of Company: Fruitful Fundraising (Face To Face) Limited

Nature of Business: Fundraising Activities

Trade Classification: 38

Date of Appointment: April 2, 2004

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


HUDSON MARKETING: Unsecured Creditors Meeting Set April 29
----------------------------------------------------------
There will be a Meeting of the unsecured Creditors of the Hudson
Marketing & Advertising Ltd Company on April 29, 2004 at 11:00
a.m.  It will be held at KPMG, 1 The Embankment, Neville Street,
Leeds LS1 4DW.

Creditors who want to vote at the Meeting must submit written
debt claims at KPMG, 1 The Embankment, Neville Street, Leeds LS1
4DW not later than 12:00 noon April 28, 2004.

CONTACT:  KPMG
          1 The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Contact:
          R D Fleming, Joint Administrative Receiver


JS BARTON: Bank of Scotland Appoints Grant Thornton Receiver
------------------------------------------------------------
Name of Companies:
JS Barton Meats & Co Limited
JS Barton Meats (Devon) Limited
JS Barton Meats (London) Limited
JS Barton Meats (Midlands) Limited

Reg No 02878011
Reg No 04132410
Reg No 01461665
Reg No 04181518

Nature of Business:
Specialist Meat Supplier to the Food Sector
Specialist Catering Butcher to the Food Service
Wholesale of Meat Poultry, Bacon and Related Products to the
Catering Industry
Wholesale of Meat and Meat Products

Trade Classification: 12

Date of Appointment of Joint Administrative Receivers:
April 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Commercial Services

Joint Administrative Receivers:  GRANT THORNTON
                                 Heron House, Albert Square,
                                 Manchester M60 8GT
                                 Receivers:
                                 Leslie Ross
                                 Duncan Swift
                                 (Office Holder Nos 7244, 8093)


LONDON & SCOTTISH: Assigns Assets, Liabilities to Ocean Marine
--------------------------------------------------------------
IN THE HIGH COURT OF JUSTICE                  No. 1473 of 2004
(CHANCERY DIVISION) COMPANIES COURT

In the Matter of LONDON & SCOTTISH ASSURANCE CORPORATION LIMITED
                              and

      In the Matter of EDINBURGH ASSURANCE COMPANY LIMITED
                              and

In the Matter of THE INDEMNITY MARINE ASSURANCE COMPANY LIMITED
                              and

   In the Matter of THE BRITISH & EUROPEAN REINSURANCE COMPANY
                            LIMITED
                              and

   In the Matter of COMMERCIAL UNION ASSURANCE COMPANY LIMITED
                              and

    In the Matter of GENERALACCIDENT FIRE AND LIFE ASSURANCE
                       CORPORATION LIMITED
                              and

  In the Matter of GENERALACCIDENT REINSURANCE COMPANY LIMITED
                              and

    In the Matter of THE NEW ZEALAND REINSURANCE COMPANY (UK)
                            LIMITED
                              and

In the Matter of THE ROAD TRANSPORT & GENERAL INSURANCE COMPANY
                            LIMITED
                              and

  In the Matter of THE ULSTER MARINE INSURANCE COMPANY LIMITED
                              and

     In the Matter of SCOTTISH INSURANCE CORPORATION LIMITED
                              and

    In the Matter of THE YORKSHIRE INSURANCE COMPANY LIMITED
                  (together "the Transferors")
                              and

   In the Matter of THE OCEAN MARINE INSURANCE COMPANY LIMITED
                        ("Ocean Marine")
                              and

  In the Matter of the Financial Services and Markets Act 2000

Notice is hereby given that an application (the "Application")
for an order sanctioning a general insurance business transfer
scheme (the "Scheme") under Part VII of the Financial Services
and Markets Act 2000 was on 9 March 2004 presented to the High
Court by Ocean Marine.  The Scheme provides for the transfer to
Ocean Marine of the entire general insurance business of the
Transferors.  The Scheme excludes a limited number of long-term
policies written by Yorkshire Insurance Company Limited.

Copies of a summary of the Scheme and a report on the terms of
the Scheme prepared by an independent expert are available on
Aviva's web site at http://www.aviva.com/businesstransfer.
Copies can also be obtained free of charge from Barlow Lyde &
Gilbert (the solicitors acting for the Transferors and Ocean
Marine), whose details are given below.

The Application is directed to be heard before the Companies
Court Judge at the Royal Courts of Justice, Strand, London WC2A
2LL on 12 May 2004.  Any person who believes that he or she
would be adversely affected by the carrying out of the Scheme is
entitled to be heard (in person or by legal representative) by
the High Court at the hearing of the Application.  Any person
who intends to do so, and any person who dissents from the
Scheme but does not intend to appear at the hearing, is
requested to notify his or her objections as soon as possible,
and in any event before 10 May 2004, to Pollyanna Deane of
Barlow Lyde & Gilbert at Beaufort House, 15 St Botolph Street,
London EC3A 7NJ or by fax to 00 44 (0)20 7071 9756 or e-mail to
minster@blg.co.uk.


LONDON & SCOTTISH: Twelve Inactive Aviva Units Rolling into One
---------------------------------------------------------------
Twelve wholly owned subsidiaries of CGU International Insurance
plc, a member of the Aviva plc group, have applied for
reorganization before the U.K. High Court (Chancery Division).

These companies, which stopped writing new insurance policies in
1999, want to transfer their general insurance business to Ocean
Marine Insurance Company Limited:

     (a) London & Scottish Assurance Corporation Limited;

     (b) Edinburgh Assurance Company Limited;

     (c) The Indemnity Marine Assurance Company Limited;

     (d) The British & European Reinsurance Company Limited;

     (e) Commercial Union Assurance Company Limited;

     (f) General Accident Fire and Life Assurance Corporation
         Limited;

     (g) General Accident Reinsurance Company Limited;

     (h) The New Zealand Reinsurance Company (UK) Limited;

     (i) The Road Transport & General Insurance Company Limited;

     (j) The Ulster Marine Insurance Company Limited;

     (k) Scottish Insurance Corporation Limited; and

     (l) The Yorkshire Insurance Company Limited.

According to the scheme document -- available at no charge at
http://bankrupt.com/misc/scheme_document.pdf-- the transfer
will involve all the insurance business written by these
subsidiaries, including all their general insurance liabilities
and matching assets.  The Aviva group says the scheme is meant
to rationalize its general insurance business by consolidating
under a single entity all subsidiaries that are running off
claims related to their old business.

"From a policyholder perspective, no change will be evident as
this is an internal corporate reorganization.  From an Aviva
group perspective there will be benefits not only from cost
savings but from meeting the reduced regulatory requirements of
having only one company instead of the current 12," Aviva
explains on its Web site.

Fred Duncan, a Director at PricewaterhouseCoopers, concludes
that "the risk of any policyholders being adversely affected by
the proposed transfer is . . . remote."  A copy of the
Independent Examiner's Report is available at no charge at
http://bankrupt.com/misc/pwc_opinion.pdf


The Companies Court Judge will hear the Insurance Companies'
application on May 12, 2004.  Any person who believes that he or
she would be adversely affected by this scheme may appear at the
hearing in person or through a legal representative, provided he
or she notifies Pollyanna Deane at Barlow Lyde & Gilbert on or
before May 10, 2004.

Subject to a final order of the High Court, the scheme will take
effect on December 30, 2004, according to documents culled by
Troubled Company Reporter-Europe.

The Insurance Companies initiated this roll-up proceeding (No.
1473 of 2004) before the High Court pursuant to Part VII of the
Financial Services and Markets Act 2000.  "Other general
insurance regulated companies may be identified in the future to
have business transferred to The Ocean Marine Insurance Company
Limited or other regulated general insurance companies within
the Group as part of the rationalization process," Aviva
indicates on its Web site.

                            *   *   *

Aviva Group plc is the world's seventh-largest insurance group
and the biggest in the U.K.  It is one of the leading providers
of life and pensions products to Europe and has substantial
businesses elsewhere around the world.  Its main activities are
long-term savings, fund management and general insurance.  It
has premium income and investment sales of GBP30 billion, and
around GBP240 billion of assets under management.  The group has
56,000 employees serving 30 million customers worldwide.

Ocean Marine Insurance Company Limited was established in 1859
to write marine insurance business.  It became a subsidiary of
North British and Mercantile Insurance Company Limited in 1908,
which was acquired by the Commercial Union group in 1959.

CONTACT:  AVIVA GROUP PLC
          St Helen's
          1 Undershaft
          London, EC3P 3DQ
          United Kingdom
          Phone: +44 (0)20 7283 2000
          E-mail: aviva_info@aviva.com

          ROYAL COURTS OF JUSTICE
          Strand, London WC2A 2LL

          BARLOW LYDE & GILBERT
          Beaufort House
          15 St Botolph Street
          London EC3A 7NJ
          Fax: 00 44 (0)20 7071 9756
          E-mail: minster@blg.co.uk


MARCONI CORPORATION: Sets Scheme Creditors Meeting May 17
---------------------------------------------------------
In the Matter of the Schemes of Arrangement of Marconi
Corporation PLC and M (2003) PLC (formerly Marconi plc)

On May 19, 2003, Marconi Corporation plc and M (2003) plc
implemented separate schemes of arrangement pursuant to Section
425 of the Companies Act 1985.

The Schemes compromised the claims of Scheme Creditors.  A
Scheme Creditor is any person who had a claim against Corp
and/or plc as at March 27, 2003, and includes the definitive
holders of the 2010 and 2030 Yankee bonds dated September 19,
2000 and the 2005 and 2010 Eurobonds dated March 30, 2000, which
were issued by Corp and guaranteed by plc.

The Schemes provide that meetings of Scheme Creditors are to be
convened at least once every 12 months.

Notice is hereby given by the Scheme Supervisors of a meeting of
the Scheme Creditors of, respectively, Corp and of plc for the
purposes of laying before the meetings the Supervisors' report
on the operation of the respective Schemes since they became
effective on May 19, 2003.

The meetings are to be held concurrently on May 17, 2004 at the
offices of KPMG, 1 Puddle Dock, London, United Kingdom EC4V 3PD
at 10:00 a.m.

Scheme Creditors can obtain a copy of the relevant report of the
Scheme Supervisors from Richard Heis at KPMG, 8 Salisbury
Square, London, EC4Y 8BB,UK.


MAYFLOWER CORPORATION: Offers for Transbus Due Today
----------------------------------------------------
Trade union officials representing workers at Falkirk-based
Transbus plant met with the administrator of parent group
Mayflower yesterday ahead of the deadline for submitting offers
for the bus maker.

Interested parties are due to file bids for Transbus today, and
unions are hoping they could get a hint as to who will be the
likely winner of the ten-way bid battle, according to The
Scotsman.  A management buy-out team backed by Edinburgh
investment bank Noble & Co is reported on top of the list of
favored bidders.

The workers want to be assured of the future of the company as
speculations run that Transbus order book could be bought by one
of the interested parties but the plant closed and the assets
stripped.

According to the report, a spokesman for the Transport & General
Workers Union, said they want to clarify "where we are in the
bidding process and what impact it will have on pensions".

The 123 Transbus employees who were made redundant recently
received the statutory minimum pension, equivalent to GBP270 per
week.  They would have received about GBP500 per week under the
old Walter Alexander/Transbus terms, the report said.


MAYFLOWER ENERGY: Hires Receivers from Deloitte & Touche
--------------------------------------------------------
Name of Company: Mayflower Energy Limited

Nature of Business: Wind Turbine

Trade Classification: 7415

Date of Appointment: April 2, 2004

Joint Administrative Receiver:  DELOITTE & TOUCHE LLP
                                180 Strand,
                                London WC2R 1WL
                                Receivers:
                                Nicholas James Dargan
                                Ian Brown
                                (Office Holder Nos 8024, 7236)


PEAK POTATO: Creditors Meeting Set April 26
-------------------------------------------
Pursuant to section 48 of the Insolvency Act 1986, a Creditors
Meeting of the Peak Potato Services Limited Company will be on
April 26, 2004 at 10:30 a.m.  It will be held at HQ Global
Workplaces, Trinity House, Cowley Road, Cambridge CB4 0WZ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at Grant Thornton, Byron House, Cambridge Business
Park, Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon
April 23, 2004.

CONTACT:  GRANT THORNTON
          Byron House,
          Cambridge Business Park,
          Cowley Road, Cambridge CB4 0WZ
          Contact:
          I S Carr, Joint Administrative Receiver


SHIREHOUSE DEVELOPMENTS: Appoints Parkin Booth Administrator
------------------------------------------------------------
Name of Company: Shirehouse Developments Limited

Nature of Business: Property Investment Company

Address of Registered Office:
44 Old Hall Street, Liverpool L3 9EB

Trade Classification: 35

Date of Appointment: April 6, 2004

Joint Administrative Receiver:  PARKIN S. BOOTH & CO.
                                44 Old Hall Street,
                                Liverpool L3 9EB
                                Receivers:
                                Paul J Fleming
                                Jonathan R Booth
                                (IP Nos 6828, 7486)


SOUTH ESSEX: Venture Finance Appoints S & W Limited Receiver
------------------------------------------------------------
Name of Company: South Essex Timber & Boards Limited

Reg No 04505761

Nature of Business: Timber Trading

Date of Appointment of Joint Administrative Receivers:
April 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
Venture Finance plc

Joint Administrative Receivers:  SMITH & WILLIAMSON LIMITED
                                 No 1 Bishops Wharf,
                                 Walnut Tree Close, Guildford,
                                 Surrey GU1 4RA
                                 Receivers:
                                 Robert Horton
                                 Anthony Murphy
                                 (Office Holder Nos 8922, 8716)


TFW RETAIL: Hires Sanderlings Administrator
-------------------------------------------
Name of Company: TFW Retail Group Limited
                 (t/a Domus Optima)

Reg No 04686338

Registered Office:
14 The Square, Alvechurch, Birmingham, Worcestershire B48 7LA

Nature of Business: Furniture Shop

Administration Order made: April 7, 2004

Administrator:  SANDERLINGS
                Sanderling House,
                Springbrook Lane, Earlswood,
                Solihull B94 5SG
                Contact:
                Andrew Fender
                (Office Holder No 6898)


WATERFORD WEDGWOOD: Signs up Paul D'Alton as New Finance Chief
--------------------------------------------------------------
Waterford Wedgwood plc is pleased to announce that Paul D'Alton
is joining the company on May 4 as chief financial officer.  He
replaces Richard Barnes who, after more than ten years in the
role, has decided to step down; he will continue to work with
the company on a consultancy basis.

Mr. D'Alton was chief financial officer and a member of the
Court of Directors at Bank of Ireland.  He was previously chief
financial officer of Aer Lingus.  He is a fellow of the
Institute of Chartered Accountants in Ireland, a director of
the Irish Takeover Panel, a non-executive director of Bank of
Ireland Assurance and non-executive chairman of Aer Arran, the
regional airline.

Redmond O'Donoghue, chief executive of Waterford Wedgwood, said:

"We are delighted to have attracted a finance director with such
a fine track record and with such wide-ranging experience."

Richard Barnes, 55, has been chief financial officer of
Waterford Wedgwood since 1991.  He will remain a consultant to
the company.  Additionally, he plans to expand his public
service commitments in the West Midlands where he is based.
He has been a director of Advantage West Midlands, the regional
development agency, for five years and was recently appointed
chairman of the North Staffordshire Regeneration Zone.

"During Richard's tenure, the company has more than doubled in
size", said Mr. O'Donoghue.  "His dedication, commitment and
professional acumen made a significant contribution to that
growth.  We wish him well for the future and look forward to an
ongoing relationship."

                            *   *   *

Ireland-based luxury table- and dinnerware manufacturer
Waterford Wedgwood PLC's long-term corporate credit rating was
rated 'B+' by Standard & Poor's in November prior to the
completion of the company's EUR38.5 million equity issue.  The
refinancing was completed in January.  At the time, the company
said net debt at December 31 stood was EUR400.1 million, in line
with expectations following the one-time capital structure-
related cash outflows.

CONTACT:  COLLEGE HILL ASSOCIATES (UK/EUROPE)

          Kate Pope
          Nick Elwes
          Phone: +44 (0) 207 457 2020

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: + 353 (0) 1 676 4733


YATES AND REECE: Hires PKF Administrator
----------------------------------------
Name of Company: Yates and Reece Limited

Nature of Business:
Building Services, Mechanical and Electrical Installation

Address of Registered Office:
Raydec House, 12 Birmingham Road, West Bromwich, Birmingham B71
4JZ

Trade Classification: 07 and 27

Date of Appointment: April 6, 2004

Joint Administrative Receiver:  PKF
                                New Guild House,
                                45 Great Charles Street,
                                Queensway, Birmingham B3 2LX
                                Receivers:
                                Ian James Gould
                                Brian James Hamblin
                                (IP Nos 7866, 2085)


                            *********


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

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

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

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

Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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information, contact Christopher Beard at 240/629-3300.


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