/raid1/www/Hosts/bankrupt/TCREUR_Public/040506.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

              Thursday, May 6, 2004, Vol. 5, No. 89

                            Headlines

G E R M A N Y

BUHRMANN NV: Appealing EUR7.6 Million Fine on Former Subsidiary
DRESDNER BANK: London Branch, Alexandria Capital Enter CDO Deal


I T A L Y

ALITALIA: Bankruptcy Looms as Govt, Workers Remain Deadlocked
PARMALAT FINANZIARIA: Final Draft of New Business Plan Out June


N E T H E R L A N D S

ROYAL NUMICO: First-quarter Net Result Triples to EUR48 Million


N O R W A Y

NORSKE SKOG: First-quarter Earnings Down NOK113 Mln Year-on-year
PETROLEUM GEO-SERVICES: 1st-Qtr Results Conference Call May 13


R U S S I A

GOLYSHMANOVSKIYE ELECTRICHESKIYE: Under Bankruptcy Supervision
IMEXMED: Court Sets May 25 Hearing
IVANOVO TRADING: Deadline for Proofs of Claim May 26
POLYMER-FARO: Court Appoints Insolvency Manager
ROSTOV-AGRO: Bankruptcy Supervision Procedure Begins

RZHEVKA: Proofs of Claim Deadline May 26
SHAKCHUNSKY BREAD: Court Sets July 27 Hearing
SPETS-STORY: Insolvent Status Confirmed
THERMAL NETWORKS: Under Bankruptcy Supervision Procedure
ZUBTSOVSKY MACHINE: Tver Court Commences Bankruptcy Proceedings


S W E D E N

SKANDIA INSURANCE: Setterwalls to Handle Case vs. Former Execs


U K R A I N E

ALLEND: Insolvent Status Confirmed
BANDURSKE HLIBOPRIJMALNE: Proofs of Claim Deadline May 28
FACTORY SVITANOK: Declared Insolvent
INTERKAS-KYIV: Under Bankruptcy Supervision Procedure
KOLOS: Insolvent Status Confirmed

M.A.X.: Declared Bankrupt
NADIYA: Cherkassy Court Appoints Insolvency Manager
ZGODA-PL: Bankruptcy Supervision Procedure Begins


U N I T E D   K I N G D O M

AQUA DETOX: In Administrative Receivership
AZTEC PRINTING: Appoints Mazars Administrator
BALTIMORE TECHNOLOGIES: Board Temporarily Foils Shake-up Attempt
BERMUDA FIRE: Creditors Meeting Set May 18
BROOKFIELD FINANCE: Special Winding up Resolution Passed

BROOKMAN DESIGN: Names Receivers from Wilson Field
EUROTUNNEL SA: S&P Lowers Senior Notes; Cites Poor Performance
HARWOOD PRIDE: Hires Tomlinsons Administrator
INSURITE LIMITED: Calls in Liquidator
MALVERN CHEESEWRIGHTS: Hires PwC Administrator

METFORM ENGINEERING: Creditors Meeting Set May 12
MID-WEST RENTALS: Hires Liquidator from Poppleton & Appleby
MULTIVISION AUDIO: Creditors Meeting Set June 8
P COLOUR: Meeting of Creditors May 14
PHOENIX POLYMERS: Winding up Resolutions Passed

SEVEN SEAS: HSBC Bank Appoints PricewaterhouseCoopers Receiver
TELEGNOMIC LIMITED: Meeting Set May 27
TIMES NEWSPAPERS: 2003 Pre-tax Loss Almost Double


                            *********


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


BUHRMANN NV: Appealing EUR7.6 Million Fine on Former Subsidiary
---------------------------------------------------------------
German competition authorities (Bundeskartellamt or BKA) levied
a EUR7.6 million fine on Buhrmann's former subsidiary Deutsche
Papier Vertriebs GmbH for alleged violation of anti-trust rules.

Deutsche Papier (and Buhrmann) intends to appeal the ruling.
They do not agree with how the fine was calculated, citing a
third-party investigation, which suggests regulators
overestimated assumed surplus profit.  The fine relates to an
investigation over the period between 1995 and 2000, spanning
across Germany, except the South.  Recently, the BKA extended
its probe to the south, raising the possibility of additional
fines.

In relation to this matter, Buhrmann has indemnified PaperlinX
Limited, the buyer of the Paper Merchanting Division of which
Deutsche Papier is a part.

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          Netherlands
          Phone: +31 20 651 11 11
          Fax:   +31 20 651 10 05


DRESDNER BANK: London Branch, Alexandria Capital Enter CDO Deal
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned Tuesday its
preliminary credit ratings to the EUR250 million series 2004-5
"Ephesus" notes to be issued by Alexandria Capital PLC.

The issuer is an Irish-incorporated SPE that accedes to the
CLASSIC MTN program.  It will sell credit protection to Dresdner
Bank AG, London branch on a portfolio of 150 reference entities.
Alexandria Capital will transfer the credit risk of the
reference portfolio through the issuance of credit-linked notes
under the CLASSIC program.  The issuer will pay the proceeds of
the notes under an exchange agreement to the exchange agreement
counterparty in exchange for the delivery of collateral to the
issuer.

On an interest payment date, the counterparty will pay to the
issuer the interest amounts to be paid under the notes.  The
issuer will then forward the received amounts to the
noteholders.  On the scheduled maturity the issuer will return
the collateral to the exchange agreement counterparty in
exchange for the payment by the counterparty to the issuer of an
amount equal to the outstanding principal amount of the notes.

In the case of a credit event on an entity in the reference
portfolio, a cash settlement amount will be determined.  If
greater than zero, this amount will be payable by the issuer to
the credit default swap counterparty and the principal amount of
each affected class of notes reduced accordingly.  At the same
time, any amount applicable under the exchange agreement will be
paid by the counterparty to the issuer.

Following the reduction of the principal amount of the notes,
the counterparty may request return of excess collateral.

RATINGS LIST

Alexandria Capital PLC
EUR250 million secured fixed-, floating-, and variable-rate
credit-linked

notes (series 2004-5 "Ephesus")
Class          Prelim.        Prelim.
               rating         amount (Mil. EUR)
A1             AAA            50
A2             AAA            15
A3             AAA            30
B1             AA+             5
B2             AA+            25
C1             AA             30
C2             AA             20
C3             AA             10
D1             A              25
D2             A              20
D3             A              10
E1             BBB            10

The full presale report for this transaction was published
Tuesday and is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com. The presale report can
also be found on Standard & Poor's Web site at
http://www.standardandpoors.com.Select Credit Ratings, then
find the article under Presale Credit Reports.

CONTACT:  Standard & Poor's (London)
          Phone: (44) 20-7176-7400

          London Press Office
          Phone: (44) 20-7176-3605

          Paris Hotline
          Phone: (33) 1-4420-6708

          Frankfurt Hotline
          Phone: (49) 69-33-999-225

          Stockholm Hotline
          Phone: (46) 8-440-5916

          Moscow Hotline
          Phone: (7) 095-783-4017

          S&P Analysts
          simone_meuthen@standardandpoors.com
          paul_stanwix@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com


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


ALITALIA: Bankruptcy Looms as Govt, Workers Remain Deadlocked
-------------------------------------------------------------
The government has accepted the possibility that Alitalia can go
bankrupt any time now.  Emerging from the second day of meeting
with unions, Italian ministers said there are three options left
for the flag carrier: seek a capital increase, appoint
extraordinary administrators or file for liquidation.

The blunt assessment sent Alitalia's shares plunging 15%, the
largest fall in eight years, according to the Financial Times.
The unions remain unyielding; in fact, they plan to hold an
industry-wide general strike.  Last week, the carrier cancelled
more than 1,400 flights due to wildcat strikes and announced
that its cash reserves had dwindled to EUR200 million.  It
warned further actions would finish off the company.

Alitalia's restructuring plan calls for more than 3,000 job-
cuts, which unions deem unacceptable.  Luigi Angeletti, leader
of the UIL union, says the ultimate blame falls on the
government and workers must not be made to suffer.

"One factor that has devastated Alitalia as a company is that
there are two or three different positions over what to do in
its principal shareholder, the government," he told the
Financial Times.

The coalition government is currently considering granting the
carrier aid, but it is divided over how much, the paper says.
On top of this, strict E.U. rules on state aid are deterring
parliament from simply injecting cash into the ailing airline.

"There is an absolute need for an industrial recovery plan,"
Gianfranco Fini, deputy prime minister, told reporters. "Only
with a restoration of productivity will the government be able
to intervene with a decree on aid."

The paper says the government will likely delay an Alitalia
collapse until after the European Parliament election and the
June 12-13 local government polls.


PARMALAT FINANZIARIA: Final Draft of New Business Plan Out June
---------------------------------------------------------------
Parmalat's auditors and management consultants have finished
reviewing the group's new industrial plan, Reuters said Tuesday.
According to the company, the final draft, which will be
presented to the Industry Ministry, should be ready by early
June.

PricewaterhouseCoopers and A.T. Kearney will submit their report
later this month.  The former was in-charge of revising the 2004
budget and the 2005-06 industrial plan, while the latter was
commissioned to analyze the plan; it will issue a comfort letter
soon, the report said.

In other developments, Parmalat said asset sales in April
totaled EUR21 million.  Sold off were the operations in Thailand
and the 25 percent stake of Parmalat Austria in local dairy
group NOEM for EUR37.6 million.  The company also struck a
credit-for-stock deal with financial services company Lafise to
cover its debt burden in Nicaragua.

Meanwhile, the group said it had not yet touched the EUR105
million bank loan package arranged by 20 creditor banks in
March.  This money was supposed to cover a cash crunch at the
group's vast and mostly unprofitable foreign units, Reuters
said.


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


ROYAL NUMICO: First-quarter Net Result Triples to EUR48 Million
---------------------------------------------------------------
The Baby Food and Clinical Nutrition divisions started the year
strongly, according to Royal Numico's latest financial update.

First-quarter highlights (on a comparable basis)[1]

(a) Total net sales up 8.0% to EUR402 million;

(b) EBITA up 8.5% and EBITA margin at 20.0%;

(c) Nutricia Baby net sales and EBITA up 6.5% and 11.0%; EBITA
    margin at 20.5%;

(d) Nutricia Clinical net sales and EBITA up 12.8% and 15.4%,
    EBITA margin at 27.7%;

(e) Net result increased threefold to EUR48 million;

(f) Net debt position slightly improved to EUR1,058 million;

(g) Various efficiency programs well underway.

CEO's Statement

"Numico is pleased to announce good results for Q1 2004.  This
marks the first quarter of the 'new Numico', now fully focused
on its core businesses Baby Food and Clinical Nutrition.

"Both divisions performed well and at the top end of our full
year guidance.  Baby Food results were particularly encouraging
as, in addition to good sales and EBITA, we achieved increased
operating margins despite a strong increase in marketing spend.
Clinical Nutrition achieved a record 2-year high sales growth of
12.8%, while margins remain robust at 27.7%.  Importantly, total
net result is at its highest level since the second quarter of
2001.

"Our industrial optimization project has progressed well.  The
Infant Milk Formula product transfer is now complete, and we
have completed the sale of 3 of the 7 factories planned for
discontinuation.  We are on track to deliver EUR35 million of
cost savings by 2006.

"On the organizational front, we were able to fill 5 important
positions at the secondary management level.  These new hires
have significant multi-national experience and will be a great
addition to our existing management team.

"With respect to Corporate Governance, we have made and proposed
substantial changes to improve transparency and to align our
corporate structure and processes with international standards
and the Dutch Corporate Governance Code.  We will be in full
compliance with the Dutch Code by next year.

"Overall, Numico's progress in Q1 2004 gives us confidence that
we are well positioned to achieve our 2004 targets and in the
longer term become the leading high-growth, high-margin
specialized nutrition company."

Consolidated key figures for Q1 2004
(EURmillion)                 First quarter         % change
                          2004   2003      comparable[2] actual
Sales                      402    863            8.0%    (53.4%)
Operating profit before
amortization (EBITA)        80     74            8.5%      7.8%
Net result                  48     16                    190.9%
Cash earnings               48     35                     37.2%
Cash earnings
per share (EUR)           0.29   0.21                     37.2%
Free cash flow               4    244

UPDATE ON STRATEGIC INITIATIVES

Project Focus

Project Focus is aimed at substantially improving the
effectiveness and efficiency of the production platform of Baby
Food in Western Europe by reducing the number of plants and
improving the efficiency of the production processes.  Execution
of this plan is well on track.  In the first quarter, the
company successfully concluded the transfer of the entire
production of Infant Milk Formula, three months ahead of
schedule.  The next step will be to transfer the production of
jars and cereals, which will be concluded by spring 2005.  Three
plants have now been sold and two more will be sold or closed by
the third quarter of this year.  In addition, the company has
decided to sell a (primarily) third-party manufacturing plant.
As such, Numico's European Baby Food production platform will
ultimately consist of 8 plants.

Project Booster

Project Booster, aimed at continuously improving the efficiency
of the variable cost base of the supply chain, is well on track
to delivering the targeted cost savings of EUR20 million in
2004.  In the first quarter, EUR6 million of cost savings have
been achieved through, among others, tender purchasing in
packaging, changing suppliers of raw materials and consolidating
procurement of office supplies.

Reduction in Trade Working Capital

Numico aims to reduce the level of trade working capital as a
percentage of net sales to 12.5% in 2004.  At the end of the
first quarter 2004, trade working capital was at 15.6% of net
sales, an improvement of 280 basis points compared to the end of
the first quarter in 2003.  Despite a temporary increase
compared to the fourth quarter of 2003, Numico remains confident
that it will reach the 12.5% target by the end of 2004.

Corporate Governance

Numico's objective is to enhance shareholders' transparency and
democracy.  In order to achieve this objective, these changes
will be proposed to the annual General Meeting of Shareholders
(GMS) on May 6, 2004:

(a) Abolish the depositary receipts and its related foundation
    'Stichting Administratiekantoor';

(b) Limit the time period in which preference shares can be
    issued to six months before calling a GMS;

(c) Amend the Articles of Association to protect shareholders
    from a party taking 'creeping' control without needing to
    pay a premium; and

(d) Change the existing contracts of Executive Board members and
    align the remuneration policy with long-term shareholders'
    interests.

If these proposals are accepted by the GMS of May 6, 2004,
Numico will then be aligned with international standards and in
full compliance with the Dutch Code by next year.

Human Resources

Numico has made considerable progress in hiring new talent to
fill key positions in both the Baby Food and Clinical Nutrition
divisions thereby further strengthening our ability to execute
our strategic objectives going forward.  Recruits have come from
multi-national pharmaceutical and FMCG companies.

FINANCIAL REVIEW (on a comparable basis[3])

Total net sales in the first quarter of 2004 were EUR402
million, an 8.0% increase compared to the first quarter of 2003.
Both Baby Food and Clinical Nutrition contributed to this
healthy performance.  Excluding the discontinued business, Baby
Food and Clinical Nutrition grew by 8.6%.

The gross margin continued to improve in the first quarter of
2004 compared to the same period last year.  This can mainly be
attributed to the positive impact of a change in product mix and
geography as well as the company's continuous efforts to improve
the efficiency of the variable cost base through project
Booster.

Total EBITA increased 8.5% to EUR80 million in the first
quarter, despite an overall increase in marketing spend of
14.2%.  The tax charge was 27% in the quarter.  It is expected
that the tax rate will be around 30%-35% for the full year.  Net
result tripled to EUR48 million helped by significantly lower
financial income & expenses and amortization.  Given this low
level of amortization, cash earnings and (cash) earnings per
share for the quarter are also EUR48 million and EUR0.29,
respectively.

Shareholders' Equity (Capital & Reserves) (at actual rates)

Shareholders' equity amounted to EUR(414) million at 31 March
2004, compared to EUR(469) million at 31 December 2003.  This
improvement can be attributed to retained earnings of EUR48
million and a positive currency translation effect of EUR8
million.

Given the historical and expected future retained earnings,
Numico is confident that it will be able to sufficiently
strengthen its shareholders' equity through retained earnings
within 3 years.  Moreover, it is to be reiterated that negative
shareholders' equity has no impact on Numico's operations,
access to funding or stock exchange listing.

Cash Flow (at actual rates)

Net cash flow from operations and free cash flow amounted to
EUR12 million and EUR4 million, respectively, in the first
quarter of 2004.  As anticipated, the temporary increase in
trade working capital adversely impacted free cash flow in the
first quarter.  Capital expenditure during the quarter was EUR10
million, which is below the level of 5% of net sales the company
has indicated for the full year but in line with the level of
depreciation.  The company still expects the level of capital
expenditure to be around 5% of net sales for the year.

Debt position (See Appendix 6)

In the first quarter of 2004, the net debt position slightly
improved to EUR1,058 million compared to the fourth quarter of
2003.  In the first quarter, the company bought back EUR129
million (nominal) of the 2004 subordinated convertible bond.  As
a result, the nominal amount of total outstanding subordinated
convertible bonds decreased to EUR1,330 million in the first
quarter of this year.  The current cash balance, the cash flows
expected in 2004/2005 and the new bank loan facility will be
adequate to fully repay the outstanding convertible bonds of
EUR352 million in September 2004 and EUR627 million in June
2005.

REVIEW BY SEGMENT (on a comparable basis[4])

Baby Food
(EURmillion)                          First Quarter
                                 2004       2003      change4
Sales                             257        248         6.5%
EBITA                              52         48        11.0%
EBITA as a % of sales             20.5      19.2        90 bps

Sales discontinued                 5           7
EBITA discontinued                 0          (1)

Total sales                       262         255        5.7%
Total EBITA                        52          47       11.2%
EBITA as a % of sales            19.8        18.4      100 bps

Increased focus coupled with increased marketing spend are
starting to bear fruit.  Net sales in Baby Food increased 6.5%
to EUR257 million in the first quarter.  This encouraging
performance was fuelled by 12% growth outside Western Europe,
notably countries such as Russia, Turkey and Indonesia.  Net
sales in Western Europe grew by more than 2% reflecting the
first positive signs of our renewed strategy in key markets such
as the U.K., Ireland, the Netherlands and Belgium.

Despite an increase in marketing spend of 20.0% to support the
various product initiatives, EBITA of the Baby Food division was
able to increase by 11.0% to EUR52 million.  Accordingly, the
EBITA margin improved 90 bps to 20.5% compared to the same
period last year.

Discontinued sales and EBITA consist of various businesses --
countries such as South Africa, Mexico, and Taiwan -- that were
either divested in the first quarter or will be divested in the
course of 2004 because these businesses did not fulfill the
company's high-growth, high-margin criteria.

Clinical Nutrition
(EURmillion)                          First Quarter
                                 2004       2003      change[4]
Sales                             138        125         12.8%
EBITA                              38         33         15.4%
EBITA as a % of sales            27.7       26.4       110 bps

Net sales in Clinical Nutrition grew by 12.8% to EUR138 million
in the first quarter of 2004.  Virtually all countries
contributed to this growth, particularly in historical
strongholds such as Germany, the U.K. and the Netherlands.  New
markets like France and Spain demonstrated substantial
performance, achieving double-digit growth in the quarter.
Again this quarter, the business in France was able to gain
market share, now attaining a No.2 market position.  The overall
strong performance of the Clinical Nutrition Division can be
attributed to an increased focus on home care and pharmacy
channels as well as disease-specific products.

Due to a favorable shift in the mix of products and channels,
EBITA of Clinical Nutrition grew by 15.4% to EUR38 million,
thereby improving the EBITA margin by 110 bps to 27.7%, compared
to the same quarter of last year.

Update on Ephedra litigation

Numico assumed the litigation risk related to ephedra-containing
products of Rexall Sundown and GNC.  Since the beginning of
March 2004, the number of active cases at both GNC at Rexall
Sundown increased by 10, which is a continuation of the stable
trend witnessed over the last 18 months.  Given the low absolute
levels it is to be noted that variances between months occur as
these claims tend to be filed in batches.  As GNC was mainly a
seller of ephedra-containing products and hardly a manufacturer,
all cases at GNC -- except for one -- have been tendered off to
the underlying manufacturers.

Given that the company stopped selling ephedra containing
products at GNC and Rexall Sundown before 30 June 2003, coupled
with the fact that ephedra products are bought and used for
immediate use and alleged adverse effects emerge shortly after
usage, the probability of new occurrences is less likely.  It is
also to be noted that Numico has adequate insurance in the form
of an occurrence-based policy, to cover the ephedra litigation
risk and that all incurred costs related to ephedra litigation
are covered by Numico's insurance policy.

A live audio web cast of the analyst conference call and the
related presentation slides will be available at
http://www.numico.comas of 10:00 a.m. CET.  Additionally, an
interview with Jan Bennink (CEO) and Jean-Marc Huet (CFO),
containing the key messages, in video and text will be
available at http://www.numico.comand http://www.cantos.com.

Appendices

Appendix 1  General Information

The same accounting principles as used in the Annual Report 2003
have been applied to prepare the first quarter 2004 results.

Consolidated Profit & Loss Account (actual rate) (unaudited)
(in EURmillion)

                                      First quarter
                                 2004       2003      % change

Net sales                         402        863        (53.4)
Raw material costs, etc.         (110)      (316)       (65.3)
Operating margin                  292        547        (46.6)
Other operating proceeds            6         16
Total                             298        563

Personnel costs                   (95)      (193)       (50.6)
Advertising & Promotion           (38)       (71)       (46.8)
Other costs                       (76)      (183)       (58.7)
Exceptional items                   0        (16)
Depreciation                       (9)       (26)       (66.3)
Total operating expenses         (218)      (489)       (55.5)

Operating result before
amortization (EBITA)               80         74          7.8

Amortization fixed assets           0        (19)

Operating result                   80         55         44.1

Financial income and expenses     (13)       (21)       (37.7)

Result before tax                  67         34         94.5
Tax on profit                     (18)       (20)        (8.6)

Result divestments group companies  1          4        (73.0)

Group result                       50         18        172.1

Minority interests                 (2)        (2)         0.0

Net result                         48         16        190.9


Appendix 2  Detailed key figures for Q1 2004 (at actual rate)

                                      First quarter
                                 2004       2003      % change
As a % of net sales

EBITDA                           22.2       11.6         90.8

EBITA                            20.0        8.6        132.4

Net result                       12.0        1.9        524.8

Cash earnings                    12.0        4.1        196.4

Per share development [*]
(in EUR)

Net result                       0.29       0.10        188.0

Cash earnings                    0.29       0.21         37.2

Capital and reserves            (2.49)      0.83

Number of ordinary shares of
EUR0.25 (in million)

At period-end                  166.25     166.15

Average                        166.22     166.15

----------
[*] Based on average number of shares outstanding, except for
capital and reserves which is based on the number of shares
outstanding at period-end.

Appendix 3  Segment information by activity (excluding
exceptionals)

NET SALES
                         First quarter        % change
                          2004   2003      comparable actual

Baby Food                  257    248         6.5%     3.4%
Baby Food discontinued       5      7
Baby Food Total            262    255         5.7%     2.6%

Clinical Nutrition         138    125        12.8%    10.5%
Discontinued business       2[*]  483

Total Net Sales            402    863         8.0%   (53.4%)

----------
[*] related to Bekina plant

EBITA
                         First quarter        % change
                          2004   2003      comparable actual

Baby Food                   52     48        11.0%    10.1%
Baby Food discontinued       -    (1)
Baby Food Total             52     47        11.2%    10.2%
Clinical Nutrition          38     33        15.4%    14.0%
Non-allocated costs        (10)   (6)
Discontinued business        -    16
Total EBITA                 80    90          8.5%   (11.2%)


EBITA as a % of net sales
                         First quarter       change in bps
                          2004   2003      comparable actual

Baby Food                 20.5   19.2           90      130
Baby Food discontinued
Baby Food Total           19.8   18.4          100      140

Clinical Nutrition        27.7   26.4          110      130

Discontinued operations      -      -

Total EBITA as a
% of sales                20.0   10.5           10      950


Appendix 4  Consolidated Cash Flow Statement (in EURmillion)

                                        First Quarter
                                  2004                 2003
Net result                          48                   16

Adjustments to operational cash flow
Depreciation                         9                   26
Amortization of
intangible fixed assets              -                   19
Result divestments                  (1)                   -
Movement provisions                 (1)                   1
Long-term receivables/payables      (2)                  (1)
Net change in trade working capital(38)                  82
Net change in non-trade
working capital                     (3)                 104
                                 (36)                231

Net cash flow from
operational activities               12                   247
Investments
Proceeds of sale of
tangible fixed assets                 -                     2
Capital expenditure                 (10)                  (17)
Long-term investments                 0                    (2)
Net proceeds divestments              2                    14
Other                                 -
Net cash flow from
investment activities              (8)                  (3)

Free cash flow                        4                   244

Financing
Issued convertible bonds              -                     -
Repurchase of shares                 (1)                    -
Repurchase of convertible bonds    (146)                   (75)
Redeemed loans                        -                     (5)
Minority interests                    2                      -
Net cash flow from
financing activities             (145)                 (80)

Exchange rate differences             6                      9

Change in net cash position        (135)                   173

Net cash position 1 January         409                    237

Net cash position 31 March          274                    410


Appendix 5  Consolidated Balance Sheet (in EURmillion)

                              31 Mar. 2004          31 Dec. 2003
Fixed assets
Intangible fixed assets             23                     23
Tangible fixed assets              260                    258
Financial fixed assets              33                     31
Deferred tax assets                438                    438
                               754                    750
Current assets
Stocks                             168                    152
Trade debtors                      231                    210
Other debtors                       95                     95
Cash & cash equivalents (c)        274                    409
                               768                    866

Total assets                 1,522                  1,616

Long term loans (a)          1,332                  1,475

Current liabilities
Trade creditors                    141                     142
Other creditors                    264                     267
Short-term loans (b)                 -                       3
                               405                    412
Provisions                         123                     121
Deferred tax liabilities            49                      52
Minority interests                  27                      25
Capital and reserves              (414)                   (469)
Total liabilities                1,522                   1,616
Net debt position (a+b-c)        1,058                   1,069


Appendix 6  Liabilities (in EURmillion)

                              31 Mar. 2004          31 Dec. 2003

Convertible Subordinated
Bonds 1.5%, 1999                    352                    494
Convertible Subordinated
Bonds 4.25%, 2000                   627                    627
Convertible Subordinated
Bonds 3.0%, 2004                    345                    345
Other convertible loans               6                      6
Convertible loans              1,330                  1,472
Senior debt                           2                      6
Cash & cash equivalents            (274)                  (409)
Senior net debt                    (272)                  (403)

Reconciliation of financial income and expenses

                               2004               2003
                                Q1       Q4    Q3     Q2     Q1

Interest expenses             (15)      (27)  (28)   (30)   (32)
Interest income                 5         9     8      7      8
Net interest expenses         (10)      (18)  (20)   (23)   (24)

Impact convertible buy-back    (4)
Other                           1
Financial income and expenses (13)

Appendix 7  Capital and reserves (in EURmillion)

During the first quarter of 2004, capital and reserves increased
by EUR55 million to EUR(414) million.  The increase can be
specified as follows:
                              31 Mar. 2004          31 Dec. 2003
Capital and reserves at
the beginning of the year           (469)                  173
Conversion / option rights             -                    -
Share issues                           -                    -
Stock dividend                         -                    -
Dividend                               -                    -
Repurchase of shares                  (1)                   -
Net result for the period             48                  (504)
Exchange rate differences              8                  (138)
Capital and reserves at the
end of the period                   (414)                 (469)

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

[1] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

[2] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

[3] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

[4] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

CONTACT:  ROYAL NUMICO
          Numico Corporate Communications
          Phone: + 31 79 353 9765
          Numico Investor Relations
          Phone: + 31 79 353 9003


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


NORSKE SKOG: First-quarter Earnings Down NOK113 Mln Year-on-year
----------------------------------------------------------------
Norske Skog, the Norway-based paper group, achieved operating
earnings of NOK267 million for the first quarter of 2004, a
decline of NOK113 million from the same period of last year.
When this result is corrected for gains from energy trading,
however, operating earnings were up by NOK12 million from the
first quarter of 2003.

Operating revenues for this year's first quarter came to NOK6.1
billion, an increase of nine percent compared with the year
before.  A net loss of NOK140 million after tax was recorded for
the period, as against earnings of NOK290 million in 2003.  The
figure for last year included NOK465 million in gain on the sale
of power stations.

Norske Skog has a good financial position, with net debt
equivalent to 91% of equity at March 31, 2004.  Cash flow from
operations came to NOK844 million, an increase of NOK344 million
from the same period of last year.  This reflects a better
development in working capital.

Successful upgrades were completed during the quarter to paper
machines at the Norske Skog Bruck mill in Austria and at Norske
Skog Saugbrugs and Norske Skog Skogn, both in Norway.  Good
progress was maintained in health and safety work, and the
number of injuries recorded during the quarter was the lowest in
the group's history.

Norske Skog's improvement program continues as planned,
achieving an effect of NOK415 million in the first three months
compared with the 2002 base year.  This corresponds to an annual
improvement in competitiveness of almost NOK1.7 billion.

"Developments are positive in a number of markets around the
world," says CEO Jan Oksum in a comment. "European demand for
magazine paper increased by six per cent in the first quarter
and high volumes in Australasia look likely to continue.
Volumes are also developing positively in South America and
several Asian countries.

"While macro-economic conditions also indicate a recovery in
other regions, Norske Skog is not expected to materially benefit
from this until next year.  Therefore 2004 will be a weak year
for the company."

Norske Skog
Corporate Communications department

CONTACT:  NORSKE SKOG
          Finance:
          Jarle Langfjaeran
          Vice President IR
          Phone:  +47 67 59 93 38
          Mobile: +47 901 78 434

          Media:
          Hanne Aaberg
          Senior Vice President Corporate Communications
          Phone:  +47 67 59 90 29
          Mobile: +47 913 51 681


PETROLEUM GEO-SERVICES: 1st-Qtr Results Conference Call May 13
--------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced on
Tuesday that it will release its 2004 first quarter financial
results on Thursday, May 13, 2004.  A Web cast and conference
call have been scheduled that same day at 4:30 p.m. Central
European Time (10:30 a.m. Eastern Daylight Time), to discuss
PGS' first quarter financial results.  The results are scheduled
to be released before the Oslo Stock Exchange closes and prior
to trading in the United States that same day.

The news release concerning the 2004 first quarter financial
results and a corresponding slide presentation will be posted at
Petroleum Geo-Services Web site at http://www.pgs.com.
Interested parties can listen to the conference call and
management's remarks to the slide presentation over the Internet
or by telephone.

To participate on the simulcast of the conference call over the
Internet, please visit PGS' Web site, http://www.pgs.com,at
least 15 minutes early, to register and to download and install
any necessary audio software.  Alternatively, to access the live
broadcast of the conference call by telephone, please dial-in at
the number provided below, corresponding to your location, and
reference "PGS / Svein Knudsen":

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

The telephone will be open for questions at the conclusion of
management's remarks; questions to management can also be
submitted, in writing, over the Internet by accessing the Web
cast.

For those that cannot listen to the live conference call, a
replay of the Web cast will be made available at PGS' Web site,
http://www.pgs.com. Alternatively, a digital reply will be
available shortly after the conclusion of the conference call,
through Thursday, May 20, 2004 at +47 2276 9121.  After dialing
in, enter account number 1270, followed by the pound key (#);
press 1, enter conference number 270, followed by the pound key
(#); then press 1 to play.

                            *   *   *

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

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400
          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


GOLYSHMANOVSKIYE ELECTRICHESKIYE: Under Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Tymen region commenced bankruptcy
supervision procedure on electric network company state unitary
enterprise Golyshmanovskiye Electricheskiye Seti.  The case is
docketed as A70-188/3-2004.  Mr. G. Morozov has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to the temporary insolvency manager at:
627440, Russia, Tymen region, Berdyuzhje, Chapaev str.36.

CONTACT:  GOLYSHMANOVSKIYE ELECTRICHESKIYE SETI
          627300, Russia, Tymen region, Golyshmanovo,
          K. Marks str.160

          Mr. G. Morozov, temporary insolvency manager
          627440, Russia, Tymen region, Berdyuzhje,
          Chapaev str.36


IMEXMED: Court Sets May 25 Hearing
----------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on CJSC Imexmed.  The
case is docketed as A56-9039/02.  Mr. I. Zhiganshin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 197376, Russia, Saint-
Petersburg, Chapygina str.6, P, office 124.  A hearing will take
place on May 25, 2004, 10:00 a.m. at the Arbitration Court of
Saint-Petersburg and Leningrad region.

CONTACT:  IMEXMED
          197183, Russia, Saint-Petersburg, Polevaya
          Sabirovskaya str.46

          Mr. I. Zhiganshin, temporary insolvency manager
          197376, Russia, Saint-Petersburg, Chapygina str.6, P,
          office 124

          Arbitration Court of Saint-Petersburg
          and Leningrad region
          Russia, Saint-Petersburg, Suvorovsky prosp.50/52,
          Hall 114


IVANOVO TRADING: Deadline for Proofs of Claim May 26
----------------------------------------------------
The Arbitration Court of Ivanovo region declared Ivanovo trading
equipment production plant OJSC Iv-Torg-Oborudovaniye (TIN
3731001291) insolvent and introduced bankruptcy proceedings.
The case is docketed as A1144/1-B.  Mr. A. Uspensky has been
appointed insolvency manager.  Creditors have until May 26, 2004
to submit their proofs of claim to the insolvency manager at:
153035, Russia, Ivanovo, General Khlebnikov str.14-93, Phone: 8
(910) 9816172.

CONTACT:  IVANOVO TRADING EQUIPMENT PRODUCTION PLANT
          153021, Russia, Ivanovo, Yarmarochnaya str.18/22

          Mr. A. Uspensky, insolvency manager
          153035, Russia, Ivanovo, General Khlebnikov str.14-93,
          Phone: 8 (910) 981-61-72


POLYMER-FARO: Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on CJSC Polymer-Faro
(TIN 4713003989).  The case is docketed as A56-2006/04.  Mr. V.
Sadriev has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 197349, Russia, Saint-
Petersburg, Post User Box 797.

CONTACT:  Mr. V. Sadriev, temporary insolvency manager
          197349, Russia, Saint-Petersburg, Post User Box 797


ROSTOV-AGRO: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
supervision procedure on Rostov agro-industrial power company
LLC Rostov-Agro-Prom-Energo.  The case is docketed as A50-
4151/2004-B.  Mr. A. Gregoriev (Moscow) has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 150014, Russia, Yaroslavl, Post
User Box 14.  A hearing will take place on May 11, 2004, 10:00
a.m. at the Arbitration Court of Yaroslavl region.

CONTACT:  ROSTOV-AGRO-PROM-ENERGO
          Russia, Yaroslavl region, Rostov,
          Leningradskaya str.13

          Mr. A. Gregoriev, temporary insolvency manager
          150014, Russia, Yaroslavl, Post User Box 14


RZHEVKA: Proofs of Claim Deadline May 26
----------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
declared federal state unitary aviation enterprise Rzhevka (TIN
4703008681) insolvent and introduced bankruptcy proceedings.
The case is docketed as A56-30087/03.  Mr. A. Taranov has been
appointed insolvency manager.  Creditors have until May 26, 2004
to submit their proofs of claim to the insolvency manager at:
199034, Russia, Saint-Petersburg, 17-Liniya, 4-6.

CONTACT:  RZHEVKA
          Russia, Leningrad region, Vsevolozhsky district,
          Kovalyevo

          Mr. A. Taranov, insolvency manager
          199034, Russia, Saint-Petersburg, 17-Liniya, 4-6


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

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Nizhny-Novgorod region,
Gorky sq.4/2, Post User Box 115.  A hearing will take place on
July 27, 2004, 10:30 a.m. at the Arbitration Court of Nizhny-
Novgorod region.

CONTACT:  SHAKCHUNSKY BREAD-BAKING COMPLEX
          Russia, Nizhny-Novgorod region, Shakchunja,
          Sovetskaya str.28

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


SPETS-STORY: Insolvent Status Confirmed
---------------------------------------
The Arbitration Court of Moscow declared building company LLC
Spets-Story-Service-2000 insolvent and introduced bankruptcy
proceedings.  The case is docketed as A40-8704/03-124-7B.  Mr.
L. Barzunov has been appointed insolvency manager.  Creditors
have until May 26, 2004 to submit their proofs of claim to the
insolvency manager at: 109029, Russia, Moscow, Petrovka str.26,
office 215.

CONTACT:  SPETS-STORY-SERVICE-2000
          Russia, Moscow, Pyatnitskaya str.34, build.2

          Mr. L. Barzunov, insolvency manager
          109029, Russia, Moscow, Petrovka str.26, office 215


THERMAL NETWORKS: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on LLC Thermal
Networks Corporation.  The case is docketed as A56-46917/03.
Mr. A. Sergeev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 196084, Russia, Saint
Petersburg, Post User Box 241.  A hearing will take place on
June 14, 2004, 11:00 a.m. at the Arbitration Court of Saint-
Petersburg and Leningrad region.

CONTACT:  THERMAL NETWORKS CORPORATION
          189811, Russia, Saint-Petersburg, Molodezhnoye,
          Primorskoye shosse.46

          Mr. A. Sergeev, temporary insolvency manager
          196084, Russia, Saint-Petersburg, Post User Box 241

          Arbitration Court of Saint-Petersburg
          and Leningrad region
          Russia, Saint-Petersburg, Suvorovsky prosp.50/52,
          Hall 114


ZUBTSOVSKY MACHINE: Tver Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Tver region declared OJSC Zubtsovsky
Machine-Building Production Plant insolvent and introduced
bankruptcy proceedings.  The case is docketed as A66-6895-03.
Mr. N. Vereschak has been appointed insolvency manager.
Creditors have until May 26, 2004 to submit their proofs of
claim to the insolvency manager at: Russia, Tver, Post User Box
169, Phone (0822) 42-88-43.

CONTACT:  ZUBTSOVSKY MACHINE-BUILDING PRODUCTION PLANT
          172330, Russia, Tver region, Zubtsov,
          Moscow Gora str.20

          Mr. N. Vereschak, insolvency manager
          Russia, Tver, Post User Box 169,
          Phone (0822) 42-88-43


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


SKANDIA INSURANCE: Setterwalls to Handle Case vs. Former Execs
--------------------------------------------------------------
The new board elected by Skandia's Annual General Meeting on
April 15, 2004 was given a mandate to take responsibility for
Skandia's development moving forward.  Future matters require
the full attention of the Board and company management.  At the
same time, the follow-up of the various examinations of past
events will require a continued strong work effort.  Above all,
a number of legal processes will have to be carried out in the
best possible manner before Skandia can draw a line and dedicate
its undivided attention on the future.  The Board has carried
out a review of its work duties in the aim of finding solutions
that reconcile these special demands and that can satisfy the
requirement for resources and expertise.

As a result of this review, it has been decided that Skandia
will be represented by the law firm Gernandt & Danielsson in its
negotiations with Skandia Liv and the law firm Setterwalls in
ongoing litigation with former senior executives.

A division of work duties has also been established within the
Board, whereby Vice Chairman Bjorn Bjornsson has been given
special responsibility for pursuing and following up the issues
surrounding past conditions and circumstances that were
uncovered by the Rydbeck investigation and other inquiries that
Skandia commissioned in 2003.

This responsibility pertains above all to Skandia's litigation
with former senior executives, the arbitration proceedings
between Skandia and Skandia Liv, and the questions and urgings
made at the Annual General Meeting on April 15 with respect to
previous bonus payments.

Bernt Magnusson, Chairman of the Board, comments: "The task
assigned to the Board by the AGM mainly concerns Skandia's
current and future challenges.  We must therefore find a
division of duties that will allow a thorough and serious
follow-up of old issues while at the same time allowing the
Board and management to focus on future matters.  The
appointment of Bjorn Bjornsson within the Board to monitor the
follow-up lingering issues is an expression for this, at the
same time that, naturally, this does not change the fact that it
is the Board as a whole that bears the full responsibility for
handling future-oriented as well as past matters."

Bjorn Bjornsson, Vice Chairman, comments: "These are matters
that require different efforts at different points in time.
Some can be expected to be concluded relatively soon, while
others will need to be followed up over a long period of time.
I expect to continuously report back to the Board.  I also
intend on a regular basis - when there is something to report -
to issue public reports of our work.  Our aspiration is to live
up to the ambition for openness, without for that matter
contributing to the spread of rumors and speculation."

This work plan also has the support of Skandia's main owners.
Bjorn Lind, from SEB Fonder, one of Skandia's Swedish
institutional owner, says: "We feel that this is a good solution
that will allow Skandia to continue monitoring and conclusively
dealing with the results of the investigative work in a serious
manner while allowing the Board and management to concentrate on
developing Skandia's business activities."

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

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

          Office:
          Sveavagen 44


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


ALLEND: Insolvent Status Confirmed
----------------------------------
The Economic Court of Kyiv declared LLC ALLEND (code EDRPOU
23391032) insolvent and introduced bankruptcy proceedings on
April 13, 2004.  The case is docketed as 24/716-b.  Arbitral
manager Mr. Dranchenko V. (License No. AA 630098 approved
December 11, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  ALLEND
          Ukraine, Kyiv, Peremogi Avenue, 16/115

          Mr. Dranchenko V., Liquidator/Insolvency Manager
          04074, Ukraine, Kyiv, a/b # 73

     ECONOMIC COURT OF KYIV
     01030, Ukraine, Kyiv, B. Hmelnitskogo Boulevard, 44-B


BANDURSKE HLIBOPRIJMALNE: Proofs of Claim Deadline May 28
---------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on OJSC Bandurske Hliboprijmalne
Pidpriyemstvo (code EDRPOU 04270570).  The case is docketed as
5/77.  Arbitral manager Mr. Makovij Oleksandr (License No. AA
250345 approved March 5, 2002) has been appointed temporary
insolvency manager.

Creditors have until May 28, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager at: 36039, Ukraine, Poltava,
    Shevchenko str., 52, Phone: (0532) 560037

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

Bandurske Hliboprijmalne Pidpriyemstvo maintains account number,
26002331639001, at CB Privatbank, Melitopol branch, MFO 326610.

CONTACT:  BANDURSKE HLIBOPRIJMALNE PIDPRIYEMSTVO
          55247, Ukraine, Mikolaiv region, Pervomajsk district,
          Bandurka, Centralna str., 40

          Mr. Makovij Oleksandr, Temporary Insolvency Manager
          36039, Ukraine, Poltava, Shevchenko str., 52
          Phone: (0532) 560037

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


FACTORY SVITANOK: Declared Insolvent
------------------------------------
The Economic Court of Zhitomir region declared CJSC Factory
Svitanok (code EDRPOU 02969700) insolvent and introduced
bankruptcy proceedings on December 16, 2003.  The case is
docketed as 5/45 B.  Arbitral manager Mr. Ohremchuk T. has been
appointed liquidator/insolvency Manager.

Creditors have until May 28, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager at: 11001, Ukraine, Zhitomir
    region, Olevsk, Svyato-Mikolaivska str., 2; Phone: (04135)
    2-17-82

(b) ECONOMIC COURT OF ZHITOMIR REGION: 10014, Ukraine,
    Zhitomir, Berdichivska str., 25

CONTACT:  FACTORY SVITANOK
          11000, Ukraine, Zhitomir region, Olevsk,
          Naberezhna str., 1

          Mr. Ohremchuk T., Liquidator/Insolvency Manager
          11001, Ukraine, Zhitomir region, Olevsk,
          Svyato-Mikolaivska str., 2
          Phone: (04135) 2-17-82

     ECONOMIC COURT OF ZHITOMIR REGION
     10014, Ukraine, Zhitomir, Berdichivska str., 25


INTERKAS-KYIV: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Interkas-Kyiv (code EDRPOU 14324440).  The case
is docketed as 10/189.  Arbitral manager Mr. Golubij Igor
(License No. AA 783013 approved March 22, 2004) has been
appointed temporary insolvency manager.

Creditors have until May 28, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager at: 04060, Ukraine, Kyiv,
    Teliga str., 25/b, 24

(b) ECONOMIC COURT OF KYIV REGION: 01030, Ukraine, Kyiv,
    B. Hmelnitskogo boulevard, 44-B

Interkas-Kyiv maintains account number, 26001010222980, at CB
Finansi Ta Kredit, MFO 300131.

CONTACT:  INTERKAS-KYIV
          01014, Ukraine, Kyiv, Strutinski str., 8

          Mr. Golubij Igor, Temporary Insolvency Manager
          04060, Ukraine, Kyiv, Teliga str., 25/b, 24

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


KOLOS: Insolvent Status Confirmed
---------------------------------
The Economic Court of Vinnitsya region declared agricultural LLC
Kolos (code EDRPOU 03733173) insolvent and introduced bankruptcy
proceedings on April 13, 2004.  The case is docketed as 5/573-
03.  Arbitral manager Mr. Bolhovitin V. (license holder AA
630030 approved November 18, 2003) has been appointed liquidator
/insolvency manager.

CONTACT:  KOLOS
          Ukraine, Vinnitsya region, Illinetsk district, Dashiv

          Mr. Bolhovitin V., Liquidator/Insolvency Manager
          71600, Zaporizhya region, Vasilivka, Chekisti str., 35


M.A.X.: Declared Bankrupt
-------------------------
The Economic Court of Kyiv declared LLC M.A.X. (code EDRPOU
24735114) insolvent and introduced bankruptcy proceedings on
April 16, 2004.  The case is docketed as 43/150.  Arbitral
manager Mr. Kasimtsev Volodimir (passport series holder VA
406003 approved June 14, 1996) has been appointed
liquidator/insolvency Manager.

Creditors have until May 23, 2004 to submit their proofs of
claim to:  01011, Ukraine, Kyiv, Ribalska str., 2, Phone/Fax:
(044) 290-35-56; 290-95-64.  M.A.X. holds account number,
2600420085, at Ukrsotcbank of Kyiv, MFO 300023.

CONTACT:  M.A.X.
          03127, Ukraine, Kyiv, 40-richcha Zhovtnya avenue,
          120, body 1

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


NADIYA: Cherkassy Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Cherkassy region declared agriculture LLC
Nadiya insolvent and introduced bankruptcy proceedings on
February 17, 20004.  The case is docketed as 08/1901.
Arbitral manager Mr. Bonderanko V. (license holder AA 315472
approved September 4, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  NADIYA
          Ukraine, Cherkassy region, Shpolyanski district,
          Skotareve

     ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy, Shevchenko str., 307


ZGODA-PL: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Zgoda-Pl (code EDRPOU 21625885) in March.  The
case is docketed as 15/128-b.  Arbitral manager Ms. Gritsaj
Svitlana (License No. AA 719865 approved February 23, 2004)
has been appointed temporary insolvency manager.

Creditors have until May 28, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 01030, Ukraine, Kyiv, a/b 38

(b) ECONOMIC COURT OF KYIV REGION: 01030, Ukraine, Kyiv,
    B. Hmelnitskogo boulevard, 44-B

Zgoda-Pl holds account number, 26009200000621, at Ukrsotsbank,
Podilske branch, MFO 322078.

CONTACT:  ZGODA-PL
          04073, Ukraine, Kyiv, Siretska str., 27-a

          Mrs. Gritsaj Svitlana, Temporary Insolvency Manager
          01030, Ukraine, Kyiv, a/b 38

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


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


AQUA DETOX: In Administrative Receivership
------------------------------------------
Name of Company: Aqua Detox Limited

Nature of Business: Sale of Detoxification Equipment

Trade Classification: Division 4-22 Other Retail

Date of Appointment: April 19, 2004

Administrative Receiver:  MARKS BLOOM
                          60-62 Old London Road,
                          Kingston Upon Thames KT2 6QZ
                          Receiver:
                          Philip Weinberg
                          (IP No 5325)


AZTEC PRINTING: Appoints Mazars Administrator
---------------------------------------------
Name of Company: Aztec Printing & Graphics Limited

Nature of Business: Printing and Graphic Design

Trade Classification: 2, 10

Date of Appointment: April 16, 2004

Joint Administrative Receiver:  MAZARS
                                Clifton Down House,
                                Beaufort Buildings,
                                Clifton Down, Clifton,
                                Bristol BS8 4AN
                                Receivers:
                                Timothy Colin Hamilton Ball
                                Alistair Steven Wood
                                (IP Nos 8018, 7929)


BALTIMORE TECHNOLOGIES: Board Temporarily Foils Shake-up Attempt
----------------------------------------------------------------
The plan of Acquisitor Holdings to unseat the current board of
Baltimore Technologies hit a technical snag that could leave the
company without any director after today's extraordinary
meeting.

According to The Telegraph, the board invalidated Acquisitor's
resolution to appoint five of its own directors because the
nominees had failed to indicate their intention to stand.  The
EGM will still push through today, but the floor will only take
up the resolution to dissolve the present board.  The company
will have to set another meeting to elect the new directors
should the first resolution succeed.

An unnamed Acquisitor spokesman admitted the oversight: "Hands
up.  We went through the articles of association, we didn't
interpret them properly and we are in technical breach."

Baltimore said it had no choice but heed legal advice to
invalidate the resolutions even though most shareholders had
already voted upon the matter by proxy ahead of Tuesday's 12
noon deadline.

Acquisitor, which owns 16% of Baltimore, opposes the current
board's plan to turn the company into a consulting firm, helping
businesses cut their energy bills.  It claims its own candidates
can improve returns to shareholders.  A former FTSE 100 company,
Baltimore is now just a cash shell with no trading operations.


BERMUDA FIRE: Creditors Meeting Set May 18
------------------------------------------
Case No. 71 of 2004
IN THE SUPREME COURT OF BERMUDA
IN THE MATTER OF
THE BERMUDA FIRE & MARINE INSURANCE COMPANY LIMITED
(IN LIQUIDATION)
AND IN THE MATTER OF THE COMPANIES ACT 1981 OF BERMUDA

Claim No. 1321 of 2004
IN THE HIGH COURT OF JUSTICE OF ENGLAND AND WALES
CHANCERY DIVISION
COMPANIES OF COURT
IN THE MATTER OF
THE BERMUDA FIRE & MARINE INSURANCE COMPANY LIMITED
(IN LIQUIDATION)
AND IN THE MATTER OF THE COMPANIES ACT 1985 IF GREAT BRITAIN

(The Bermuda Fire & Marine Insurance Company Limited is being
subject to a scheme of arrangement, which became effective on
January 14, 1997 with its Scheme Creditors pursuant to Section
99 of the Companies Act 1981 of Bermuda and Section 425 of the
Companies Act 1985 of Great Britain)

Notice is hereby given that, by an Order dated April 1, 2004
made in the Supreme Court of Bermuda in the matter of The
Bermuda Fire & Marine Insurance Company Limited (in Liquidation)
and in the matter of the Companies Act 1981 of Bermuda and by an
Order dated October 31, 2004 made in the High Court of Justice
in England and Wales in the matter of The Bermuda Fire & Marine
Insurance Company Limited (in Liquidation)(the Company) and in
the matter of the Companies Act 1985 if Great Britain, separate
meetings (the Meeting) were ordered to be summoned of Scheme
Creditors (as defined in the Amending Scheme hereinafter
mentioned) of the Company for the purpose of considering and, if
thought appropriate, approving (with or without modification)an
amending scheme of arrangement ( the Amending Scheme) proposed
to be made between the Company and its Scheme Creditors
(hereinafter mentioned) pursuant to section 99 of the Companies
Act 1981 of Bermuda and section 425 of the Companies Act 1985 of
Great Britain.  The purpose of Amending Scheme is to amend
certain provisions of a scheme of arrangement dated October 2,
1996, which became effective on January 14, 1997 (the Original
Scheme) between the Company and the Scheme Creditors.

The Scheme Creditors referred herein are:

    (i) Protected Scheme Creditors (being Scheme creditors whose
        claims are eligible for protection under the applicable
        provisions of the Policyholders Protection Act 1975 by
        the Financial Services Compensation Scheme); and

   (ii) General Scheme Creditors (being any other Scheme
        Creditors).

Such Meetings will be held on May 18, 2004 at The Fairmont
Hamilton Princess, Pitts Bay Road, Hamilton, Bermuda, at the
following times (or as soon thereafter as the Chairman's
introductory address referred to below or the previous Meeting
shall have concluded or been adjourned):

    (i) in the case of General Scheme Creditors at 10:00 a.m.

   (ii) in the case of Protected Scheme Creditors, at 10:20 a.m.
        (or as soon thereafter as the previous meeting shall
        have concluded or been adjourned)

The chairman of the Meetings will address Scheme Creditors
generally on the Amending Scheme and on issues relevant to
voting immediately prior to the commencement of the first
meeting.

A copy of the said Amending Scheme, a copy of the Explanatory
Statement, prepared in connection with the Amending Scheme under
Section 100 of the Bermudian Companies Act and Section 426 of
the downloaded of the Companies Act and the Form of Proxy
(including Claims Table) for use at the Meetings can be
downloaded from http://www.bfmic.bm. Alternatively, copies of
those documents can be obtained from our Creditor Help Desk by
telephone on +44 (0) 20 7645 4995, Fax +44 (0) 870 600 7582 or
E-mail creditor.helpdesk@bfmic.bm or by post from the
Liquidators: The Bermuda Fire & Marine Insurance Company Limited
(in Liquidation), John Stow House, 18 Bevis Marks, London, EC3A
7JB, United Kingdom.

Scheme Creditors may attend and vote in person (or, if a
corporation, by a duly authorized representative) at such of the
Meetings as they are entitled to attend.  Alternatively, they
may appoint another person, whether a Scheme Creditor or not, as
their proxy to attend and vote in their place.

In any event, whether or not Scheme Creditors are intending to
be present at any Meeting in person, they are requested to
complete the Form of Proxy in accordance with the instructions
contained therein and within pages 4,5,21,22,48,49 and 79 to 83
of the Scheme Document and return it to the Liquidators at the
address indicated above by 5:00 p.m. (GMT) on May 17, 2004.  If
not so returned, Forms of Proxy will be accepted at any time
prior to the commencement of the Meetings (and may be handed in
no earlier than 8:30 a.m. on the day of the Meetings and at the
place fixed for them).

The chairman of the Meetings will accept faxed Forms of proxy
received before 5:00 p.m. (GMT) on May 17, 2004 on +44 (0) 870
600 7585, if legible, subject to receipt of the original within
7 days of the Meetings.

Each Scheme Creditors or his proxy will be required to register
his attendance at such meetings as he is entitled to attend
prior to its commencement.  Registration will commence at 8:30
a.m. on the day of the Meetings.

The Amending Scheme is proposed between the Company and its
Scheme Creditors (being creditors in respect of nay claim
arising out of a liability to which the Company was subject at
December 16, 1994 (the date of the order of the Bermudian Court
winding up the Company) or to which it became subject
thereafter, by reason of an obligation incurred before that
date) but excepting any claim which is preferential in the
liquidation of the Company or a claim in respect to the costs or
expenses of the Original Scheme or Amending Scheme which will be
payable in full.

By the said Orders, the courts have appointed John Christopher
McKenna or, failing him, Gareth Howard Hughes, or, failing him,
Leon Anthony Joaquin to act as chairman of the Meetings and has
directed the chairman to report the results thereof to the
respective courts.

The said Amending Scheme will be subject to the subsequent
sanction of the respective courts.

Dated April 15, 2004

APPLEBY SPURLING & KEMPE, Canon's Court, 22 Victoria Street,
Hamilton HM 12, Bermuda

And

CLIFFORD CHANCE, 10 Upper Bank Street, London E14 5JJ, United
Kingdom
Legal Advisers to John Christopher McKenna/Gareth Howard
Hughes/Leon Anthony Joaquin.


BROOKFIELD FINANCE: Special Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Brookfield Finance Limited Company on April 23, 2004 held at 1
Barnfield Crescent, Exeter EX1 1QY, the Special Resolution to
wind up the Company was passed.  Jeremiah Anthony O'Sullivan of
Bishop Fleming, 1 Barnfield Crescent, Exeter EX1 1QY has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  BISHOP FLEMING
          1 Barnfield Crescent
          Exeter EX1 1QY
          Contact:
          Jeremiah Anthony O'Sullivan, Liquidator


BROOKMAN DESIGN: Names Receivers from Wilson Field
--------------------------------------------------
Name of Company: Brookman Design Group Limited

Nature of Business: Kitchen Designer

Trade Classification: 24

Date of Appointment: April 21, 2004

Joint Administrative Receiver:  WILSON FIELD
                                289 Abbeydale Road South,
                                Sheffield S17 3LB
                                Receivers:
                                Lisa Hogg
                                David Andrew Field
                                (IP Nos 9037, 9178)


EUROTUNNEL SA: S&P Lowers Senior Notes; Cites Poor Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday said it had taken
these actions on the senior debt of Anglo-French Channel Tunnel
infrastructure operator Eurotunnel S.A. and on notes issued by
the special-purpose vehicles Fixed-Link Finance B.V. (FLF) and
Fixed-Link Finance 2 B.V. (FLF2):

(1) Lowered its senior secured debt rating on Eurotunnel's
    GBP240 million senior secured bank loan to 'BBB+' from 'A-';

(2) Lowered its senior secured debt rating on FLF's Class A
    notes to 'BBB-' from 'BBB+';

(3) Lowered its subordinated debt rating on FLF's Class B notes
    to 'B' from 'BB+';

(4) Lowered its junior subordinated debt rating on FLF's Class C
    notes to 'CCC' from 'B+'; and

(5) Lowered its senior secured debt rating on FLF2's o120
    million non-guaranteed notes to 'BB' from 'BBB-'.

All ratings remain on CreditWatch with negative implications,
where they were placed on February 9, 2004.  Standard & Poor's
expects to resolve the CreditWatch placement once it has met
with Eurotunnel's new management to assess their new business
and debt restructuring proposals, which are expected by July
2004.

The ratings actions reflect likely larger than expected debt
write-offs and the complexity of the upcoming debt
restructuring, with management potentially taking a more
aggressive stance towards creditors.  The downgrade also
reflects the deterioration of Eurotunnel's recent financial
performance and Standard & Poor's expectation that the operating
environment will remain highly competitive in the medium term.

"Following the harsh 8% drop in shuttle revenues over the first
quarter of 2004, Standard & Poor's now no longer expects
Eurotunnel's full-year 2004 EBITDA to stabilize, but rather
anticipates that it will drop by a further 3% compared with that
of 2003, when EBITDA had already declined by 12% to GBP298
million," said Standard & Poor's credit analyst Karl Nietvelt.

"As a result, interest on Tier 3 junior debt may no longer be
fully serviced from free operating cash flow.  In addition,
Standard & Poor's revised long-term projections show the risk of
a substantial write-off requirement on Tier 3 junior debt, as
well as on lower ranking instruments," added Mr. Nietvelt.

CONTACT:  Standard & Poor's Analysts
          karl_nietvelt@standardandpoors.com
          michael_wilkins@standardandpoors.com
          jan_plantagie@standardandpoors.com
          magdalena_richardson@standardandpoors.com
          InfrastructureFinanceEurope@standardandpoors.com


HARWOOD PRIDE: Hires Tomlinsons Administrator
---------------------------------------------
Name of Company: Harwood Pride Limited

Nature of Business: Manufacturer of Corn Snacks

Trade Classification: 04

Date of Appointment: April 13, 2004

Administrative Receiver:  TOMLINSONS
                          St Johns Court,
                          72 Gartside Street,
                          Manchester M3 3EL
                          Receiver:
                          A H Tomlinson
                          (IP No 6585)


INSURITE LIMITED: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Insurite Limited
Company on April 13, 2004 held at 64 Dawlish Drive, Ilford, the
subjoined Extraordinary Resolutions and Special Resolution to
wind up the Company were passed.  Peter George Byatt, Lake
Bushells, 129 New London Road, Chelmsford, Essex CM2 0QT has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  Peter George Byatt, Liquidator
          Lake Bushells
          129 New London Road,
          Chelmsford, Essex CM2 0QT


MALVERN CHEESEWRIGHTS: Hires PwC Administrator
----------------------------------------------
Name of Company: Malvern Cheesewrights Limited

Nature of Business: Operation Dairies and Cheese Making

Trade Classification: 04

Date of Appointment: April 15, 2004

Joint Administrative Receiver:  PRICEWATERHOUSECOOPERS LLP
                                Cornwall Court,
                                Birmingham B3 2TE
                                Receivers:
                                Mark E Bowen
                                Alistair M Grove
                                (IP Nos 8711, 7913)


METFORM ENGINEERING: Creditors Meeting Set May 12
-------------------------------------------------
There will be a Creditors Meeting of the Metform Engineering
Limited Company on May 12, 2004 at 11:00 a.m.  It will be held
at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, City Plaza, Temple Row, Birmingham
B2 5AF not later than 12:00 noon, May 11, 2004.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row,
          Birmingham B2 5AF
          Contact:
          R P Rendle, Joint Administrator


MID-WEST RENTALS: Hires Liquidator from Poppleton & Appleby
-----------------------------------------------------------
At an Extraordinary General Meeting of the Mid-West Rentals
Limited Company on April 22, 2004 held at 35 Ludgate Hill,
Birmingham B3 1EH, the subjoined Special Resolution to wind up
the Company was passed.  M T Coyne of Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH has been appointed Liquidator
for the purpose of such winding-up.

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


MULTIVISION AUDIO: Creditors Meeting Set June 8
-----------------------------------------------
There will be a Creditors Meeting of the Multivision Audio
Visual Limited Company on June 8, 2004 at 11:00 a.m.  It will be
held at Deloitte & Touche LLP, Ashton House, Silbury Boulevard,
Milton Keynes MK9 2HG.

Creditors whose claims are wholly secured may not attend or be
represented at the Meeting.  Other Creditors who want to be
represented at the Meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Deloitte
& Touche LLP, 1 City Square, Leeds LS1 2AL not later than 12:00
noon, June 7, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          Ashton House
          Silbury Boulevard
          Milton Keynes MK9 2HG

          DELOITTE & TOUCHE LLP
          1 City Square,
          Leeds LS1 2AL
          Contact:
          I Brown, Joint Administrative Receiver
          R A H Maxwell, Joint Administrative Receiver


P COLOUR: Meeting of Creditors May 14
-------------------------------------
There will be a Creditors Meeting of the P Colour Disposals
Limited Company on May 14, 2004 at 12:30 p.m.  It will be held
at RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, May 13, 2004.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road
          London EC1V 2NU
          Contact:
          M J C Oldham, Joint Administrator


PHOENIX POLYMERS: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Phoenix Polymers Limited Company on April 21, 2004 held at
Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD, the Special, Ordinary and Extraordinary
Resolutions to wind up the Company were passed.  Nicholas John
Miller and Ian Robert of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          Devonshire House
          60 Goswell Road,
          London EC1M 7AD
          Contact:
          Nicholas Jonh Miller, Liquidator
          Ian Robert, Liquidator


SEVEN SEAS: HSBC Bank Appoints PricewaterhouseCoopers Receiver
--------------------------------------------------------------
Name of Company: Seven Seas (Frozen Foods) Limited

Reg No 01013711

Nature of Business:
The Wholesale and Retail Distribution of Frozen Foods

Trade Classification: 12/16

Date of Appointment of Joint Administrative Receivers:
April 19, 2004

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

Joint Administrative Receivers:  PRICEWATERHOUSECOOPERS LLP
                                 Plumtree Court,
                                 London EC4A 4HT
                                 Receivers:
                                 Robert William Birchall
                                 Michael John Andrew Jervis
                                 (Office Holder Nos 6623, 8689)


TELEGNOMIC LIMITED: Meeting Set May 27
--------------------------------------
There will be a General Meeting of the unsecured Creditors of
the Telegnomic Limited Company on May 27, 2004 at 10:00 a.m.  It
will be held at BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading Berkshire RG1 3EX.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading Berkshire RG1 3EX not later than 12:00 noon, May
26, 2004.

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


TIMES NEWSPAPERS: 2003 Pre-tax Loss Almost Double
-------------------------------------------------
Times Newspapers scrapped this year's dividend after recording
its second straight annual loss, The Telegraph said yesterday.
The company paid GBP108 million last year.

In its latest regulatory filing, the publisher of The Times and
The Sunday Times said its 2003 pre-tax loss ballooned to GBP28.7
million from GBP16.3 million in 2002.  This despite higher
turnover of GBP378 million compared to GBP364 million a year
earlier.  According to documents lodged at the Companies House,
the group's payroll increased to GBP35.1 million in 2003 due to
a 20% increase in editorial staff.

This losing streak is not about to be snapped.  According to The
Telegraph, its rival is expected to post even higher losses this
year as it invests heavily on producing and marketing its new
tabloid.

"The Independent's GBP5 million tabloid spend is likely to be
dwarfed by the amount spent by The Times," The Telegraph said.

As of March 2004, Times' circulation number 617,220, down 0.86%
from last year.  The newspaper is an arm of Rupert Murdoch's
News Corporation.


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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