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

                           E U R O P E

               Friday, May 7, 2004, Vol. 5, No. 90

                            Headlines

F I N L A N D

FINNFOREST CORPORATION: Reorganization to Leave 400 Jobless


F R A N C E

VIVENDI UNIVERSAL: First-quarter Revenues Down to EUR5.97 Bln


G E R M A N Y

ALLIANZ AG: Earnings Uptrend at Four Business Segments Continues
HEIDELBERG DRUCKMASCHINEN: Expects Bullish Market this Year
KABA HOLDING: Wacker Silicones Adopts Benzing's B-COMM Software
KABA HOLDING: BAE Systems Newest AutoTime Customer


H U N G A R Y

NABI RT: 1st-Qtr Results Improve; Net Loss Down to US$870,000
NABI RT: Warrants Issued in Last 52 Weeks Total 186,400


I T A L Y

CSP INTERNATIONAL: Loss Widens to EUR9.9 Million
PARMALAT CHILE: Completion of Sale to Bethia Expected Next Week
PARMALAT FINANZIARIA: Administrator Issues First Monthly Update


N E T H E R L A N D S

BERTELSMANN N.V.: First-quarter Earnings Jump to EUR186 Million
KLM ROYAL: Air France Names Citigroup Depositary for ADRs, ADWs
KONINKLIJKE AHOLD: Canica Offers ICA AB Shares to ICA Forbundet


R U S S I A

GALICHSKY METAL: Court Sets June 17 Hearing
KROPOTKINSKY CHEMICAL: Deadline for Proofs of Claim June 12
METROMEDIA INTERNATIONAL: Georgian Govt May Buy 20% of Magticom
NIKOLSK-NEFTE: Vologda Court Names Temporary Insolvency Manager
PHARMACIYA-CENTRE: Voronezh Court Sets Proofs of Claim Deadline

SELKCHOZ-CHIMIYA: Falls into Bankruptcy
SENGILEEVSKY DAIRY: Bankruptcy Supervision Procedure Begins
SPETS-STROY: Arbitration Hearings Set June 24
TULA GRAIN: Tula Court Orders Bankruptcy Supervision
VOLGOGRAD TRACTOR: Under Bankruptcy Supervision Procedure
WOODSHOP COMBINE: Court Sets June 24 Hearing


S P A I N

ONO FINANCE: 'B-' Rating Assigned to Proposed EUR350 Mln Bonds


S W E D E N

SAS GROUP: First-quarter Loss Slightly Down to SEK1.58 Billion
SKANDIA INSURANCE: Reports SEK25.3 Billion First-quarter Sales


U K R A I N E

AGROTEH: Insolvent Status Confirmed
AUKUBA: Deadline for Proofs of Claim May 29
KVELMJASOPRODUKT: Falls into Bankruptcy
LUGANSK INSTRUMENTAL: Declared Bankrupt
MAGMA: Donetsk Court Appoints Insolvency Manager

MILTEKS LTD: Declared Insolvent
UKRAGROPRODUKT: Bankruptcy Supervision Procedure Begins
UKRAGROPROMTORG: Under Bankruptcy Supervision Procedure
UKRENERGOGRUP: Insolvent Status Confirmed
UKRSPETSTEHNOLOGIYA: Proofs of Claim Deadline May 29


U N I T E D   K I N G D O M

AMEY PLC: Wins GBP52 Million Metropolitan Police Contract
BALTIMORE TECHNOLOGIES: To Reveal EGM Results Today
BLUE CHIP: Creditors Meeting Set May 18
BRITISH ENERGY: Government Giving Up Special Shares
BRITISH ENERGY: Issues Output Statement for April

BRITISH SKY: Selects Opsware for Automating IT Operations
CLOACA LIMITED: Winding up Resolutions Passed
DAWSON HOLDINGS: To Market eBooks Library Product
DUO AIRWAYS: Administration to Dent Watermark's Results
EASYJET PLC: Confirms Financing for 82 Aircraft

EASYJET PLC: Cautiously Optimistic After First-half Loss
EASYJET PLC: April Passenger Statistics Up 14%
EDWARD HOCKLEY: Hires Grant Thornton Administrator
EMMETT ENTERPRISES: Names Receivers from Bridgestones
EUROPEAN FURNITURE: Appoints KPMG Administrator

FIRES DIRECT: In Administrative Receivership
FURNESS PROPERTIES: Names Liquidator from Kingston Smith
HI-TEC LABELS: Calls in Liquidator
INTERNETWORK SUPPORT: Appoints PricewaterhouseCoopers Liquidator
INTERTEK TESTING: Loan Protector Adopts Certification System

LIVINGSTON FC: Sale Row May Drive Club into Receivership
MISYS PLC: More Medical Practices Select EMR Solution
MISYS PLC: Banca Popolare Adopts OPICS Solutions
MISYS PLC: Misys Appoints New CEO for Retail Banking
OCEANSAFE LIMITED: Hires Receiver from Ritson Smith

PRISM DATA: Meeting of Creditors Set May 12
TRI-THERM LIMITED: Creditors to Meet May 13
TWP HOLDCO: Hires Grant Thornton Liquidator
VIRTCO LIMITED: Members Annual and Final Meeting Set June 4
WEMBLEY PLC: MGM MIRAGE Withdraws Offer


                            *********


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


FINNFOREST CORPORATION: Reorganization to Leave 400 Jobless
-----------------------------------------------------------
Finnforest Corporation has started negotiations to rationalize
its Finnish operations and personnel groups.  The objective is
to improve profitability, competitiveness and continuity of the
company.  Finnforest Corporation ended 2003 with EUR25 million
in net loss; latest first quarter results also showed a loss.

The Finland operations will be reorganized to increase
efficiency and reduce cost.  Corresponding actions to improve
efficiency have been taken in other Finnforest country
organizations.

The company employs 2,600 people in Finland; altogether it
employs 8,000 people.  The rationalization negotiations will
begin on May 11, 2004.  The rationalization will lead to 400
job-cuts at the most.

                            *   *   *

Finnforest, which is part of the Metsaliitto Group, is the
largest mechanical forest products corporation in Europe.  Its
two industrial divisions are Solid Wood, which produces sawn
timber products, and Engineered Wood, which manufactures higher
value-added articles.  Its Sales and Distribution Division
serves over 20 countries.  Finnforest offers wood-based product
and service solutions to its customers in the construction,
industrial, distribution and retailing segments. For more
information visit http://www.finnforest.com.

CONTACT:  FINNFOREST CORPORATION
          Ari Martonen, President and CEO
          Mobile: 050 2406

          Mika Paljakka, Senior Vice-President, Human Resources
          Mobile: 050 598 9533

          Timo Pekkola
          Senior Vice President, Market Area Finland
          Mobile: 0400 650 184


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


VIVENDI UNIVERSAL: First-quarter Revenues Down to EUR5.97 Bln
-------------------------------------------------------------
Vivendi Universal's (Paris Bourse: EX FP; NYSE: V) consolidated
revenues for the first quarter of 2004 amounted to EUR5,973
million compared with EUR6,232 million for the first quarter of
2003.

However, first quarter 2004 revenues increased by 7% at constant
currency, compared to 2003 first quarter pro forma[1] basis
(excluding only Telepiu and Comareg sold in 2003).

First-quarter revenues in 2004 increased by 5%, and 11% at
constant currency, compared to 2003 first quarter on a
comparable basis[2] taking into account all main scope changes
that occurred in 2003 through the divestiture such as Groupe
Canal+ (Telepiu, Canal+ Benelux, Canal+ Belgium and Flemish...),
VUE (Spencer Gifts), VUP (Comareg and Atica & Scipione), VU Net
and Vivendi Telecom Hungary and includes the full consolidation
of Telecom Developpement at SFR Cegetel Group as if those
transactions had occurred at the beginning of 2003.

Media activity: Vivendi Universal's Media activity (Groupe
Canal+, Universal Music Group, Vivendi Universal Games and
Vivendi Universal Entertainment) revenues for the first quarter
of 2004 amounted to EUR3,471 million, down 9% and up 7% on a pro
forma basis at constant currency.

Groupe Canal+

Groupe Canal+ reported first-quarter revenues of EUR923 million
in 2004, compared to EUR1,166 million in 2003.  Neutralizing the
effect of changes in scope of consolidation -- primarily the
sale of Telepiu at end-April 2003 -- period-on-period growth
came to 8%.

The revenues of all of the French pay-television operations of
Groupe Canal+ grew during the period.  The most notable
development is the fact that the premium channel revenues
increased during the quarter.  This highlights the commercial
momentum of the channel.  The significant growth in recruiting
new subscribers to the premium channel in 2003 continued during
the first quarter of 2004.  The number of its new gross
subscribers grew 20% over the same period last year.  At the
same time, its churn declined significantly.  Its advertising
revenues were up 38% in the first three months of the year,
reflecting higher overall audience levels and satisfaction rates
for the unscrambled programs.

In parallel, Groupe Canal+'s movie business was lifted by the
first-quarter release of several films, notably Podium and Les
Rivieres Pourpres 2, in addition to continuing sales of the Les
Nuls l'Integrule DVD.

Universal Music Group (UMG)

UMG's revenues of EUR978 million were 11% below last year due to
adverse currency movements, the extraordinary success in 2003 of
the debut release from 50 Cent not being repeated and ongoing
weakness in the global music market, particularly in France,
despite the recent upturn in the U.S.  On a constant currency
basis revenue declined 5% with growth in the U.K., Germany and
Latin America, where strong sales of domestic and regional
releases countered a weaker major artist international release
schedule, offset by declines in North America and France.  Best
sellers in the quarter were the debut release from Kanye West, a
Greatest Hits album from Guns N' Roses and strong carryover
sales from The Black Eyed Peas, Sheryl Crow and No Doubt.
Regional best sellers included Kou Shibasaki and Spitz from
Japan, Paulina Rubio from Mexico, Finland's The Rasmus and Marco
Borsato from the Netherlands.

In the U.S., total album unit sales for the industry as measured
by SoundScan increased 9.2%, building upon the positive momentum
of the fourth quarter.  UMG's album market share fell to 26.6%
versus 28.3% in 2003 when the debut release from 50 Cent scanned
3.7 million units on its way to becoming the best-selling title
of that year.  UMG remained clear market leader, with a market
share almost 10% higher than the nearest competitor.

Vivendi Universal Games (VUG)

In a traditionally low activity quarter, VUG revenues in the
first quarter amounted to EUR77 million, down 27% versus prior
year (down 17% at constant currency).  The decrease is due
partially to significant inventory disposal sales made early
2003 and for the rest to slightly lower unit sales offset by
significantly lower amounts of returns and price protections.
The key titles for the quarter were Baldur's Gate Dark Alliance
II, Counter Strike Condition Zero, Simpsons: Hit & Run and the
Crash Bandicoot franchise.

Vivendi Universal Entertainment (VUE)

VUE revenues amounted to EUR1,493 million, up 3% and 21% on a
pro forma basis at constant currency, due to strong performance
at Universal Pictures Group and Universal Television Group.
Universal Pictures Group revenues increased 35% (stand alone,
pro forma, in dollars and in U.S. GAAP) principally due to
stronger current year video performance from key titles such as
American Wedding, Cat in the Hat, The Rundown, Intolerable
Cruelty, and Lost in Translation compared to last year's 8 Mile,
The Bourne Identity, and About A Boy.  Theatrical revenues were
also stronger due to the performance of Along Came Polly and
Dawn of the Dead in 2004, versus The Life of David Gale in 2003.

Universal Television Group revenues increased 15% (stand alone,
pro forma, in dollars and in U.S. GAAP).  Universal Television
Production and Distribution revenues increased 17% principally
due to increased licensing revenues for Law & Order: Special
Victims Unit and increased production volume of other shows.
Universal Television Networks, which includes U.S.A. Network and
Sci-Fi Channel, benefited from stronger advertising and
affiliate revenues, which increased by 14%.  This increase in
revenues is largely attributable to the strong performance of
programming on U.S.A. and Sci-Fi including Monk, SVU, Mad Mad
House and Stargate SG-1, along with a stronger advertising
market, an increased number of subscribers and higher average
subscriber rates.

Revenues at Universal Parks and Resorts held steady versus prior
year.  Revenues at Universal Studios Networks, a group of
international cable channels, improved by 9%, primarily due to
increased subscribers at 13th Street France.

Telecom activity: Vivendi Universal's Telecom activity (SFR
Cegetel Group and Maroc Telecom) revenues for the first quarter
of 2004 amounted to EUR2,434 million, up 14%, on a pro forma
basis at constant currency.

SFR Cegetel Group

SFR Cegetel Group consolidated revenues for the first quarter of
2004 increased by 16% (and 14% on a comparable basis[3]) to
EUR2,058 million.  Mobile telephony achieved excellent
performance with a revenue growth of 12%[4] (and 15% on a
comparable basis) to EUR1,755 million, driven by continuing
growth trends of customer base and favorable ARPU evolution.

Annual rolling ARPU[5] grew 3% to EUR435 compared to the first
quarter of 2003, due to improved customer mix to 58.5% of
postpaid against 54.2% at the end of March 2003 and ongoing
take-up of available data services.

ARPU for non-voice services increased 49% to EUR43 for the
twelve months ending March 2004.  This has been partly driven by
Vodafone Live! which recorded 254,000 net new customers in the
first quarter taking the Multimedia service portal customer base
to 584,000, five months only after the launch.

Fixed telephony and Internet revenues are up 39%(4) (and 9% on a
comparable basis) to EUR303 million, mainly explained by
favorable evolution of voice and data customer numbers along
with growing retail and wholesale broadband Internet activity.
Total voice client lines grew 10% to 3.8 million while data
sites are up 54% to 21,500 at the end of March 2004.  Cegetel
achieved good results in broadband Internet taking its ADSL
customer base (retail and wholesale) to 275,000 at the end of
the quarter.

Maroc Telecom

Maroc Telecom's first quarter 2004 revenues amounted to EUR376
million up 5% versus the first quarter of 2003, and up 9% at
constant currency.

Mobile revenues were up 11% (+15% at constant currency).  This
good result was mainly driven by strong outgoing traffic in
prepaid and postpaid, higher handset revenue, strong roaming
revenue and increasing incoming traffic from fixed customers.

Fixed revenues were up 1% (4% at constant currency) reflecting a
strong outgoing traffic due to a higher customer base and strong
incoming international revenue mainly due to a higher
international traffic despite the loss of Meditel international
traffic.

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

[1] The pro forma information illustrates the effect of the
divestitures of Telepiu in April 2003 and of Comareg in May 2003
as if these transactions had occurred at the beginning of 2003.
The pro forma information is calculated as the actual revenues
of Vivendi Universal's businesses less the actual revenues
reported by each of the divested businesses in each period
presented.  The pro forma revenues are not necessarily
indicative of the combined revenues that would have occurred had
the events actually occurred at the beginning of 2003.

[2] Comparable basis essentially illustrates the effect of the
divestitures at Groupe Canal+ (Telepiu, Canal+ Benelux, Canal+
Belgium and Flemish...), VUE (Spencer Gifts), VUP (Comareg and
Atica & Scipione), VU Net and Vivendi Telecom Hungary and
includes the full consolidation of Telecom Developpement at SFR
Cegetel Group as if those transactions had occurred at the
beginning of 2003.

[3] Comparable basis illustrates the consolidation of Telecom
Development as if the merger had occurred at the beginning of
2003.

[4] Please note that to better reflect the performances of each
separate businesses, SFR Cegetel Group has reallocated holding
and other revenues, which were previously reported in the "fixed
and other" line renamed "fixed and Internet", to the "mobile"
line.  As a consequence, SFR Cegetel Group breakdown of revenues
by business differs from figures published in 2003.

[5] ARPU (Average Revenue Per User) is defined as revenues net
of promotions excluding roaming in and equipment sales divided
by average ART total customer base for the reference period.

Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/VivendiQ1_2004.htm.

                            *   *   *

Note: Vivendi Universal has provided preliminary, unaudited
revenue information on a French GAAP basis for the first quarter
of 2004 to 'Balo', a French official bulletin for publication in
accordance with French regulatory requirements.

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

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

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

          Media, New York
          Flavie Lemarchand
          Phone: +(1) 212-572-1118

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

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

          Investor Relations, New York
          Eileen McLaughlin
          Phone: +(1) 212-572-8961


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


ALLIANZ AG: Earnings Uptrend at Four Business Segments Continues
----------------------------------------------------------------
The Allianz Group continued the positive trend in earnings
during the 1st quarter of 2004.  Progress in operating business
for all four business segments contributed to this development.
Provisional figures indicate that the operating result at some
EUR1.1 billion was approximately 35 percent above the year-
earlier value of EUR834 million.  The Group achieved an
estimated profit after taxes in the order of around EUR650
million (Q1 2003: minus EUR546 million).   Favorable conditions
in the capital markets contributed toward this.

Total premium income in insurance business in the 1st quarter of
2004 amounted to approximately EUR25 billion and was in the
region of the figure reported in the previous year (EUR25.1
billion).  Adjusted for consolidation and exchange-rate effects,
growth reached around 3 percent.  In Property and Casualty
insurance in particular, emphasis was placed on profitable
growth.  A strict underwriting policy and a pricing structure
geared appropriately to risk contributed to further improvement
in the Combined Ratio, i.e. the ratio of claims and expenses to
premiums earned, to less than 96 percent (Q1 2003: 97.7%).

In Banking Business, which is primarily governed by performance
at Dresdner Bank, expenses and risk provisions were
significantly reduced.  Dresdner Bank contributed to the Allianz
Banking segment with an operating result in the order of around
EUR170 million.  A positive result after taxes is therefore
achieved, following a loss of EUR353 million in the 1st quarter
of the previous year.


HEIDELBERG DRUCKMASCHINEN: Expects Bullish Market this Year
-----------------------------------------------------------
A day before the opening of drupa, the print media industry's
most important trade show in Duesseldorf, Heidelberger
Druckmaschinen AG's CEO Bernhard Schreier is rather optimistic
regarding the company's expectations of the trade show: "After
three years of extremely slow investment activity and a phase of
consolidation in the industry, we observe improving conditions,
which could lift demand for printing solutions from the current
modest level."  He believes the industry has turned the corner,
expecting a slightly more stable second half of the year.

For Mr. Schreier drupa is a key indicator for the industry.   He
believes the trade show can add to the industry's accelerating
momentum.   Whether the currently positive upward trend proves
sustainable or not depends mainly on further economical
development.  "drupa does not influence the economy, the economy
influences drupa," Mr. Schreier says.  Heidelberg expects the
trade show to generate incoming orders of well over EUR1 billion
in the current fiscal year's first quarter (March 1st to June
30th 2004).

As the largest exhibitor in Duesseldorf, Heidelberg will be
showing a total of 50 product innovations in two halls,
comprising around 7,800 square meters of exhibition space,
roughly 30 percent more innovations than in the year 2000.

"Despite the economic slump, we have continued to invest
constantly in new products and technology in recent years," says
Mr. Schreier.   The main focus is on solutions along the entire
added-value chain, relating to the core business area of
sheetfed offset printing, from prepress to postpress.
Heidelberg's integrated workflow systems will be at the very
heart of all of presentations and will be shown in customer
application demonstrations.  "Our Prinect workflow system
enables an entirely networked printshop and, in combination with
the new products, provides the opportunity for customers to
reduce their costs by around 30 percent," Mr. Schreier adds.
This also marks the trend the trade show will set for the
industry, he believes: "drupa will show what a powerful, lasting
influence the rapid development of digitization is having on
processes, including advances in productivity at the man-machine
interface."

In his eyes, Heidelberg solutions in Prepress, Sheetfed Offset
and Finishing, the proven networking potential and the resulting
customer benefits will provide the ideal platform for the
company to maintain its pole position within the industry.   Mr.
Schreier is convinced that the company can keep its market share
of around 45 percent in Sheetfed Offset and even extend its
share in some areas.

drupa will take place in Duesseldorf from May 6 to May 19, 2004.
More than 1,860 exhibitors from 52 countries will demonstrate
the latest technology in 17 exhibition halls on approximately
161,000 square meters.   Up to 370,000 visitors are expected
during the 14-day period.  For further information about
Heidelberg, visit http://www.heidelberg.com. Standard & Poor's
rates the company's long-term and short-term corporate credit
'BB+' and 'B', respectively.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications
          Thomas Fichtl
          Phone: +49 6221 92 4747
          Fax:   +49 6221 92 5069
          E-mail: thomas.fichtl@heidelberg.com


KABA HOLDING: Wacker Silicones Adopts Benzing's B-COMM Software
---------------------------------------------------------------
Kaba Benzing, a subsidiary of US$800 million Kaba Holding AG and
worldwide leader in time and labor management systems, announced
that Wacker Silicones Corporation (Adrian, Mich.), one of the
world's largest silane and silicone producers, will begin
implementing Kaba Benzing's B-COMM time and attendance and labor
reporting software for SAP(R) solutions to simplify reporting of
their employees.

B-COMM time and attendance/labor reporting software for the SAP
R/3(R) software solution links Kaba Benzing terminals and other
hardware data devices to SAP R/3 Release 3.1 to 4.7 (SAP R/3
Enterprise).  It automates and validates the collection of
employee and labor data for entry into the mySAP(TM) Human
Resources (mySAP HR) solution, the time management application,
and other SAP applications.

"Like so many companies with disparate systems, Wacker Silicones
needed to remove their legacy time system and replace it with a
time and labor management system that integrates with their SAP
solution," says John Edwards, President and General Manager of
Kaba Benzing America.  "Since their corporate facility in
Germany already uses our B-COMM time and labor management
system, this facility can now leverage the experience of their
parent company.  With over 800 such installations throughout the
world, there are many companies in the U.S. with headquarters in
Europe and elsewhere already using our solution.  They, like
Wacker Silicones, will find such a migration works to their
advantage."

The core of the B-COMM software is an SAP-certified interface
that helps ensure faultless data exchange between the individual
SAP applications and the data collection devices.  This
interface is kept current with all new SAP technical
developments.  All data maintenance takes place in the SAP
solution.

About Wacker Silicones Corporation

Wacker Silicones is one of the world's top four silicone
producers, with a portfolio of over 2,000 products.  Silicones
are the basis for materials offering highly diverse product
properties for virtually unlimited applications.  These are
found in a broad range of industries from the automotive,
construction and chemical sectors, through electrical
engineering, electronics, cosmetics, consumer care, textiles,
pulp and paper, to mechanical engineering and metal processing.
A commitment to research, a broad product portfolio and
internationally high quality standards make Wacker Silicones a
global market leader.

About Kaba Benzing

Located in Miami Lakes, Kaba Benzing is a subsidiary of Kaba
Holding AG and a worldwide leader in time and labor management
systems.  From touch-screen access and shop floor terminals to
complex labor-costing algorithms and reporting for SAP R/3 and
other leading enterprise systems, Kaba Benzing offers an array
of time and attendance and production data collection solutions.
Kaba Benzing can be contacted in North America by phone: 305-
819-4000 or via http://www.aba-benzing-usa.com,and in Europe
and Asia via http://http://www.kaba-benzing.com.

SAP, R/3, mySAP, and all other SAP product and service names
mentioned herein are trademarks or registered trademarks of SAP
AG in Germany and in several other countries around the world.

CONTACT:  KABA BENZING
          Ellen DiPaolo
          Phone: 305-819-4000, x361
          E-mail: edipaolo@kbm.kaba.com

          BRIGHAM SCULLY
          Tom Brigham
          Phone: 818-716-9021
          E-mail: tbrigham@brighamscully.com


KABA HOLDING: BAE Systems Newest AutoTime Customer
--------------------------------------------------
Kaba Benzing announced that Rockville, Md.-based BAE Systems
North America can use the same license agreement to implement
Kaba Benzing's AutoTime time and attendance and labor reporting
software to provide accurate labor information and validate
production orders and operations.  Three BAE Systems facilities
are already using AutoTime while a fourth is being implemented
presently.

AutoTime is a robust software system for time and attendance,
labor distribution, and material movement tracking for exempt
and non-exempt personnel.  AutoTime captures and processes
direct and indirect labor and calculates employee payroll in
environments ranging from simple to complex.  It offers
strategic value to companies concerned with their use and cost
of direct and indirect labor.  It is highly configurable and
quickly accommodates ever-changing, complex work rules that
govern employee pay.

"We selected Kaba Benzing's AutoTime because we needed a single
web-based solution that could meet the complex time and
attendance and labor distribution requirements, such as union
rules and varying state requirements," reports Pat Shannon of
BAE Systems in Johnson City, N.Y. "For a growing business,
that's a necessity."

AutoTime is installed at over 200 individual sites that employ
from 150 to 15,000 employees and interfaces with leading ERP,
payroll and enterprise systems.

"BAE Systems is one of the top ten suppliers to the U.S.
Department of Defense and employs more than 25,000 people,"
emphasizes John Edwards, president and general manager of Kaba
Benzing America.  "We are honored that so many leading defense
contractors, such as BAE Systems, trust us with their valuable
data.  We look forward to implementing their various
facilities."

About BAE Systems

BAE Systems is an international company engaged in the
development, delivery, and support of advanced defense and
aerospace systems in the air, on land, at sea, and in space.
The company designs, manufactures, and supports military
aircraft, surface ships, submarines, radar, avionics,
communications, electronics, and guided weapons systems.  It is
a pioneer in technology with a heritage stretching back hundreds
of years.  It is at the forefront of innovation, working to
develop the next generation of intelligent defense systems.

BAE Systems has major operations across five continents and
customers in some 130 countries. The company employs more than
90,000 people and generates annual sales of more than $20
billion through its wholly owned and joint-venture operations.

BAE Systems North America is a high-technology U.S. company
employing more than 25,000 people who live and work in some 30
states, the District of Columbia, and the United Kingdom.  The
company is dedicated to solving its customers' needs with highly
innovative and leading edge solutions across the defense
electronics, systems, information technology, and services
arenas.

About Kaba Benzing

Located in Miami Lakes, Fla., Kaba Benzing is a subsidiary of
US$800 million Kaba Holding AG and a worldwide leader in time
and labor management systems.  From touch screen access and shop
floor terminals to complex labor costing algorithms and
reporting for SAP R/3 and other leading enterprise systems, Kaba
Benzing offers an array of time and attendance and production
data collection solutions.  Kaba Benzing can be contacted in
North America by phone: 305-819-4000 or via http://www.aba-
benzing-usa.com, and in Europe and Asia via
http://http://www.kaba-benzing.com.

CONTACT:  KABA BENZING
          Ellen DiPaolo
          Phone: 305-819-4000, x361
          E-mail: edipaolo@kbm.kaba.com

          BRIGHAM SCULLY
          Tom Brigham
          Phone: 818-716-9021
          E-mail: tbrigham@brighamscully.com


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


NABI RT: 1st-Qtr Results Improve; Net Loss Down to US$870,000
-------------------------------------------------------------
At its board meeting in Leeds, U.K. NABI Bus Industries Rt.
(BSE: NABI) announced the key figures of the financial
performance in the first quarter and the selection of Martin
Adams, as the new Chairman of the Board of NABI.

Total Group revenue increased to US$93.9 million from US$79.5
million last year, representing an increase of 30.2% as a result
of increased sales volume of 60 LFW and CompoBus models.  The
growth in revenue included a 9.5% increase in revenue for the
Aftermarket parts division as well.  However, this performance
continued to be adversely impacted by a weak U.S. dollar and
costs and expenses related to the recent restructuring of the
Company's debt.

The Company reported a net loss of US$870,000 improvement from a
loss of US$1.4 million in the same period last year.  The
current period loss included more than US$1 million of one-time
costs associated with the restructuring of the Company's debt
agreements, which became effective subsequent to the end of the
quarter of April 23, 2004.  Pursuant to the new debt agreements,
approximately US$101.6 million of the Group's debt was
reclassified to long-term debt with duration of more than a
year.  These loans are available for the Group until the end of
2006.  The Company repaid US$12 million of debt in the first
quarter of 2004 and is obligated to make additional debt
repayments of US$10 million in 2004.

Mr. Adams, chairman of the First Hungary Fund Ltd., was selected
as the new Chairman of the Board of NABI.  The appointment is
effective immediately.

CONTACT:  NABI RT
          Andras Bodor
          Corporate Affairs Director
          Phone: +36 1 401 7100
          E-mail: andras.bodor@nabi.hu


NABI RT: Warrants Issued in Last 52 Weeks Total 186,400
-------------------------------------------------------
NABI Bus Industries Rt. (BSE: NABI) informs its honorable
shareholders that out of the currently issued total 2,230,411
warrants only 1,713,753 warrants' strike price is less than the
highest market price in the last 52 weeks.

Warrants issued according to the Management Share Option Plan:

Warrants             strike price (HUF)      maturity

6,000                   3,703                July 24, 2004

23,000                  4,618                March 27, 2006

137,400                 3,812                March 22, 2007

20,000                  3,890                April 15, 2007

Some 186,400 warrants were issued from the Management Share
Option Plan and the strike price is well above the highest
market price in the last 52 weeks.  The Board of directors is
authorized to issue warrants up to 10% of the share capital that
represents 276,060 additional warrants according to the current
Management Share Option Plan.  The condition for exercising the
management warrants is that the total new shares issued since
the last September 16 should not reach 25% of the share capital.
These warrants are not assignable.  The Management Share Option
Plan is available on NABI Web site at Investors relations >
Corporate documents page.

Warrants issued to the Financiers:

Warrants         strike price (HUF)     maturity

330,258            5,446              December 30, 2006

1,713,753          1,087              December 30, 2006

The assignment of the warrants, which were issued to the
Financiers is restricted.  Such assignment can only be made to
an existing holder of a warrant or to any bank, trust company,
savings and loan association, or other financial institution,
any pension plan, any investment company, any insurance company,
any broker or dealer, or any other similar financial institution
or entity in a transaction registered pursuant to applicable
United States (state and federal) laws, or exempt from
registration requirements as provided under such laws.  The new
warrant holder must accept the relevant obligations arising from
the agreement according to which the warrants were issued.  A
subsequent holder of a warrant shall not share the original
warrant holders' right to appoint a representative to the Board
nor shall the subsequent holder be entitled to receive from any
such appointed representative any oral or written information
regarding the confidential proceedings of the Board.  The owner
of one warrant is entitled to one registered ordinary share
anytime after payment of the strike price until the expiration
date.

The company's share capital represented by 4,624,600 ordinary
registered shares with HUF1,000 nominal value.  The closing
price of NABI shares on the Budapest Stock Exchange was HUF990
on May 3, 2004. The highest market price was HUF2,850 in the
last 52 weeks.

CONTACT:  NABI RT
          Andras Bodor
          Corporate Affairs Director
          Phone: +36 1 401 7100
          E-mail: andras.bodor@nabi.hu


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


CSP INTERNATIONAL: Loss Widens to EUR9.9 Million
------------------------------------------------
The board of Italian hosiery and lingerie maker CSP
International S.p.A. on Friday approved results of the company,
which showed widening losses during the full year, according to
just-style.com

CSP reported net loss of EUR9.9 million for 2003, up from EUR4.2
million in the previous year.  Its turnover dropped 10.7% year-
on-year to EUR142 million for the 12-month period, the report
said.  The company, based in Milan, operates 6 plants and
employs 1,500 workers.  It has turnover of more than EUR160
million.

According to the firm's Web site, in the hosiery sector, CSP
International is the second largest Italian company, the third
in Europe and eighth in the world.  It is the only Italian
company in the sector quoted on the stock exchange.

CONTACT:  CSP INTERNATIONAL SPA
          Via Piubega, 5C
          46040 Ceresara (Mantova) - Italy
          Phone: (+39) 03768101
          Fax:   (+39) 0376 810435
          CEO Office
          E-mail: dir.generale@cspinternational.it
          Home Page: http://www.cspinternational.it

          dott.Simone Ruffoni
          Head of Investor Relation
          Phone: (+39) 03768101
          Fax:   (+39) 037687573
          E-mail: info.investors@cspinternational.it


PARMALAT CHILE: Completion of Sale to Bethia Expected Next Week
---------------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that the Creditors Meeting of its subsidiary
company Parmalat Chile S.A., which took place on May 3, 2004
approved the proposal for Convenio Judicial Preventivo that
foresees the sale to the Chilean company Bethia S.A. of the
business of Parmalat Chile and of shares representing 99.9% of
the capital of its subsidiary company Comercial Parmalat S.A.

The final contract for the sale of the Parmalat business,
including the holding in Comercial Parmalat S.A., will be signed
within 10 days and the final price will be destined in its
entirety to the payment of Parmalat Chile creditors.  It is also
foreseen that within 10 days a contract will be signed for the
licensing of the Parmalat brand and of Parmalat know-how by
Parmalat S.p.A. in Extraordinary Administration to Bethia S.A.
Once approved, the Convenio Judicial Preventivo will be final
and binding for all creditors.

The transaction, that has been approved by Ministry of
Production Activities having also been put to the Surveillance
Committee, will secure employment levels at the Chilean company,
the recovery of a portion of the credits extended by Group
companies to Parmalat Chile, the reduction of Parmalat S.p.A. in
Extraordinary Administration debt exposure towards its banks and
the securing of a stream of income from the licensing contract.

Parmalat Finanziaria S.p.A.
in Extraordinary Administration

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr) - Via Oreste
          Grassi, 26 Codice fiscale e iscrizione nel Registro
          delle Imprese di Parma 00175250471 - Partita I.V.A.
          01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano - Piazza Erculea, 9
          Phone: (39) 02 8068801
          Fax:   (39) 02 8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: Administrator Issues First Monthly Update
---------------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
intends to begin a process of periodic communication of the
actions undertaken by the Group while in Extraordinary
Administration.  To this end at the mid-point and at the end of
each month a press release will be issued summarizing the key
actions undertaken over the previous two-week period.

This first release summarizes the actions of the month of April.
The company will continue to communicate to the market in the
normal way any actions or issues of a "price sensitive" nature.

(a) As at 30 April the companies in Extraordinary Administration
    have not taken on any new financial debt.  In particular
    Parmalat S.p.A. in Extraordinary Administration has cash
    resources of EUR23 million.  To date no use has been made of
    the line of credit of EUR105 million extended by a pool
    of banks on 4 march 2004.

(b) During the course of the month the following companies have
    been declared insolvent and therefore brought under the
    umbrella of the Extraordinary Administration:

    ELIAIR SRL (aircraft)
    NEWCO SRL (plant)
    PANNA ELENA C.P.C. SRL
    CENTRO LATTE CENTALLO SRL
    TAUROLAT SRL
    G.F.A. SRL
    SAF SRL
    PARMA ASSOCIAZIONE CALCIO SPA

Taurolat S.r.l., G.F.A. S.r.l. and SAF S.r.l. are three holding
companies to which 32 concessionary companies involved in the
distribution of Parmalat products refer.

The complete list of companies in Extraordinary Administration
is available for inspection on: http://ltt.it/tribunale/home.htm

(c) These activities have been sold:

Nicaragua Parmalat Nicaragua SA signed an agreement with Grupo
Financiero y Corporativo LAFISE, that foresees the transfer of
all of the assets and liabilities of Parmalat Nicaragua S.A. to
a newly formed company 51% of which will continue to be owned by
Parmalat Nicaragua SA, while 49% will be transferred to LAFISE.
In return the latter will repay the company's entire bank debt
of US$ 5.4 million.

Thailand

Parmalat S.p.A in Extraordinary Administration sold to Campina
International Holding B.V. its holding of 89.79% of the share
capital of Parmalat Thailand Ltd. The Thai company was sold
along with its debt with banks of EUR 2.8 million for a symbolic
value of US$1; the transaction entailed a capital loss for the
Group of EUR4.1 million.

NOM

Parmalat Austria GmbH signed with Raiffeisen-Holding
Niederosterreich-Wien reg.Gen.m.b.H., an agreement for the sale
of its participation of 25% plus one share of the share capital
of the Austrian company NOM AG.  The sale will become effective
with:

     (i) the lifting of the sequestration order relating to
         NOM shares;

    (ii) the conclusion of an agreement relating to the supposed
         right of collateral claimed by Raiffeisen Zentralbank
         Osterreich AG over NOM shares;

   (iii) the waiver by NOM of all claims for damages against
         Parmalat S.p.A. in Extraordinary Administration;

    (iv) the non-exercise by Parmalat Austria GmbH or Parmalat
         S.p.A. in Extraordinary Administration of the option
         right over 50% of the share capital of NOM.  The
         closing of the transaction is expected to take place no
         later than 15 December 2004.

The sale consideration of EUR37.6 million has been deposited
with a notary who will free the funds to one of the parties
depending on whether closing takes place or no agreement is
reached.

From the beginning of the Administration until 30 April 2004
disposals have raised EUR21 million and financial debt has been
reduced by EUR7 million.

(d) At Kearney has completed is review of the Group's industrial
    plan.  The relevant Comfort Letter is expected to be
    received during the early days of May.

(e) At the end of the month meetings took place in Collecchio
    (Pr) with managers from the Group's principal companies in
    order to provide more detail for the Industrial Plan. AT
    Kearney and PricewaterhouseCoopers (PWC) took part in these
    meetings.

(f) PWC completed the 2004 budget and the 2005/2006 plan for the
    Group's principal units.

Their final report is expected to be received in early May.
Parmalat Finanziaria S.p.A. in Extraordinary Administration

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr) - Via Oreste
          Grassi, 26 Codice fiscale e iscrizione nel Registro
          delle Imprese di Parma 00175250471 - Partita I.V.A.
          01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano - Piazza Erculea, 9
          Phone: (39) 02 8068801
          Fax:   (39) 02 8693863
          E-mail: x_affari_societari_it@parmalat.net


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


BERTELSMANN N.V.: First-quarter Earnings Jump to EUR186 Million
---------------------------------------------------------------
Bertelsmann, the international media company, increased its
first-quarter operating results (Operating EBIT) by EUR186
million to EUR111 million in 2004.  During the same period in
2003, the company had booked a loss of EUR75 million.

Bertelsmann's Chief Financial Officer Siegfried Luther
commented: "We confirm our forecast of a continued improvement
in the operating results for the full fiscal year.  As for
revenues, we expect business to grow."

First-quarter consolidated revenues amounted to EUR3,790
million, slightly below the previous year's EUR3,934 million.
Adjusted for portfolio effects, e.g. especially the sale of
Bertelsmann Springer, and for currency fluctuations, Bertelsmann
generated a 3.0 percent revenue increase during Q1/2004.

Net income before minority interests was at EUR39 million after
minus EUR399 million the previous year.  This marked improvement
was the result of the increased operating result, as well as
positive special items in the amount of EUR15 million (2003:
minus EUR68 million).  Add to this the fact that amortization of
goodwill does not apply under the new accounting standards
(IFRS 3).  In Q1/2003, this item had amounted to minus EUR163
million.

The group made investments of EUR234 million in the first
quarter.  Net financial debt at March 31, 2004 amounted to
EUR998 million (December 31, 2003: EUR820 million).

Copies of the company's financial statements are available free
of charge at http://bankrupt.com/misc/Bertelsmann_Q1Figures.pdf


KLM ROYAL: Air France Names Citigroup Depositary for ADRs, ADWs
---------------------------------------------------------------
Citigroup (NYSE:C) is appointed depositary bank for Air France,
one of the world's leading airlines in terms of number of
passengers carried and international passenger transport,
headquartered in Paris, France.  This appointment follows the
merger of KLM Royal Dutch Airlines and Air France.  Air France
is making a tender offer to acquire all outstanding common
shares of KLM in exchange for Air France Shares and Warrants.
Citigroup will be the depositary for the NYSE listed American
Depositary Receipts (ADRs) and American Depositary Warrants
(ADWs).  The Air France Shares and Warrants will be listed on
the Euronext Paris and Euronext Amsterdam.

The ADRs trade under the NYSE symbol AKH (CUSIP 009119108), and
the ADWs trade under the NYSE Symbol AKH WS (CUSIP 009119116).
Holders of KLM New York Registry Shares (NYRSs) will receive 11
Air France American Depositary Shares (ADSs) and 10 Air France
American Depositary Warrants (ADWs) for every 10 KLM NYRSs.  The
ADWs will be exercisable for a period of 24 months beginning 18
months after completion of the offer and only in multiples of
three ADWs.

"We are delighted to support Air France's NYSE listing as the
company builds and diversifies its U.S. shareholder base," said
Sanjeev Nanavati, Managing Director of Citibank ADR.

"Citigroup is one of our longstanding partners and we are very
pleased to have this new opportunity to work together," said
Philippe Calavia, CFO of Air France.

Air France and KLM have a strong presence focused on all three
major aspects of the air transport industry, namely the
transportation of passengers and cargo and aircraft maintenance.
The merger of the two companies will create the first worldwide
airline with a fleet of 556 aircraft serving 225 destinations.
For further information, visit http://www.airfrance-finance.com.

For more information on Citibank ADR programs, as well as
industry trends and developments, visit
http://www.citigroup.com/adr.

About Citibank Depositary Receipt Services

Citibank Depositary Receipt Services leads the market in
bringing quality issuers to the U.S. market and promoting
American Depositary Receipts as an effective capital markets
tool.  Citibank began offering ADRs in 1928 and is widely
recognized for providing non-U. S. companies with a gateway to
the world of resources Citigroup has to offer.  In addition, our
financial strength and global presence provides clients with
access to Citigroup's on-the-ground presence and in-depth
knowledge of 90 local markets.

Depositary Receipt Services is a business line within
Citigroup(R) Global Transaction Services, a leading provider of
integrated cash management, trade finance and securities
services for corporations, financial integrated cash management,
trade and securities services for corporations, financial
institutions, intermediaries and governments around the world.
With over US$100 billion in average liability balances, more
than US$5.6 trillion in assets under custody and the largest
proprietary branch network, Citigroup's award-winning operating
systems and Internet-based delivery channels enable clients to
manage and monitor working capital and investments more
efficiently, streamline transaction processing cycles, and re-
engineer receivables and payment processes.   Citigroup(R)
Global Transaction Services provides clients with access to
Citigroup's full range of capabilities and solutions along with
an on-the-ground presence and in-depth knowledge of more than 90
local markets.   For additional information, visit
http://www.transactionservices.citigroup.com

About Citigroup

Citigroup (NYSE:C), the preeminent global financial services
company has some 200 million customer accounts and does business
in more than 100 countries, providing consumers, corporations,
governments and institutions with a broad range of financial
products and services, including consumer banking and credit,
corporate and investment banking, insurance, securities
brokerage, and asset management.  Major brand names under
Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers
Life and Annuity.  For more information, visit
http://www.citigroup.com.

The above information is being provided solely for information
purposes by Citibank, N.A.  At publication deadline, this
information was believed to be accurate, but Citibank, N.A.
makes no representation or warranty as to correctness of the
information set forth above.

The above information does not constitute a recommendation,
solicitation or offer by Citibank, N.A. for the purchase or sale
of any of the above-listed securities, nor shall this material
be construed in any way as investment or legal advice or a
recommendation, reference or endorsement by Citibank, N.A.

CONTACT:  CITIGROUP
          Media Contacts
          North America
          Jo-Ann Daddio
          Phone: 212-816-9654
          E-mail: joann.daddio@citigroup.com

          Latin America
          Whitney M. MacEachern
          Phone: 305-347-1429
          E-mail: whitney.m.maceachern@citigroup.com

          Europe
          Jeremy Hughes
          Phone: (44) 20 7986-5607
          E-mail: jeremy.hughes@citigroup.com

          Asia
          Richard Tesvich
          Phone: (65) 9694 2653
          E-mail: richard.tesvich@citigroup.com


KONINKLIJKE AHOLD: Canica Offers ICA AB Shares to ICA Forbundet
---------------------------------------------------------------
Ahold on Wednesday announced that Canica AS, its partner in its
Scandinavian joint venture ICA AB, notified the third joint
venture partner, ICA Forbundet Invest AB, of its offer to
transfer its entire stake of 20 percent in ICA AB to ICA
Forbundet, under the applicable right of first refusal provision
in the shareholders' agreement.

For more details on the ICA AB put option and a related pending
arbitration proceeding commenced by Canica, please refer to the
appendix which is the wording Ahold has included in its 2003
Annual Report dated as of April 24, 2004 and to be published on
May 6, 2004.  The appendix is available free of charge at
http://bankrupt.com/misc/ICA_Offer_Appendix.htm

CONTACT:  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


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


GALICHSKY METAL: Court Sets June 17 Hearing
-------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
supervision procedure on OJSC Galichsky Metal Product Plant (TIN
4403000145).  The case is docketed as A31-6727/18.  Mr. A.
Petrosyan has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 157202, Russia, Kostroma
region, Galich, Gladysheva str.122.  A hearing will place on
June 17, 2004, 9:00 a.m. at the Arbitration Court of Kostroma
region.

CONTACT:  GALICHSKY METAL PRODUCT PLANT
          157202, Russia, Kostroma region, Galich,
          Gladysheva str.122

          Mr. A. Petrosyan, temporary insolvency manager
          157202, Russia, Kostroma region, Galich,
          Gladysheva str.122


KROPOTKINSKY CHEMICAL: Deadline for Proofs of Claim June 12
-----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on OJSC Kropotkinsky Chemical Plant.  The
case is docketed as A32-4583/2004-1/34-B.  Mr. N. Buglov has
been appointed temporary insolvency manager.

Creditors have until June 12, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 350063, Russia,
Krasnodar, Frunze str.30.  A hearing will take place on July 7,
2004, 10:00 a.m. at the Arbitration Court of Krasnodar region.

CONTACT:  KROPOTKINSKY CHEMICAL PLANT
          352380, Russia, Krasnodar region, Kropotkin,
          Zavodskaya str.6

          Mr. N. Buglov, temporary insolvency manager
          350063, Russia, Krasnodar, Frunze str.30


METROMEDIA INTERNATIONAL: Georgian Govt May Buy 20% of Magticom
---------------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia and the Republic of Georgia, announced the
following concerning Magticom Ltd., the Company's business
venture in the Republic of Georgia that operates a wireless
communications network and markets mobile voice communication
services nationwide to private and commercial users (Magticom).

The Company's wholly owned subsidiary International Telcell
Communications, Inc. (ITC) has entered into a memorandum of
understanding with the Georgian Government (the MOU) providing
for issuance by ITC of an assignable option to purchase a 20%
ownership interest in Magticom after completion of a
restructuring of Dr. George Jokhtaberidze's ownership interest
in Magticom, which was previously announced on April 26, 2004
(the Restructuring).  Pursuant to the Restructuring, Dr.
Jokhtaberidze, who directly owns 51% of Magticom, will convey
that 51% ownership interest to ITC in exchange for a 49.9%
ownership interest in ITC plus certain cash consideration.  On
completion of the Restructuring, ITC will directly own a 51%
interest in Magticom and will retain its 70.41% ownership
interest in, and remain the managing member of Telcell Wireless
LLC (Telcell), which in turn will continue to own a 49% direct
interest in Magticom and as a result, MIG's aggregate ownership
interest in Magticom will be 42.8%.

The Georgian Government is prohibited from directly exercising
the Option, but may assign the Option to certain qualified
European Union or American entities.  Any entity that exercises
the Option will be subject to certain transfer restrictions that
encourage holding the acquired 20% Magticom ownership interest
for a period of at least 3 years.  The Option will have a
limited exercise period of 12 months from the date of issuance.

If the Option is exercised, ITC will retain a 31% direct
ownership in Magticom and a 34.5% indirect ownership in Magticom
through Telcell, and MIG's aggregate ownership interest in
Magticom will be 32.8%.  Furthermore, the Company would continue
to have the largest effective ownership interest in Magticom, at
32.8%, and will continue to be able to exert operational control
over Magticom as a result of its status as majority stockholder
of ITC and managing member of Telcell.

In making this announcement, Mark Hauf, Chairman and Chief
Executive Officer, commented: "This MOU for issuance of an
option to the Georgian Government is the final element of a
somewhat complicated restructuring of Magticom negotiated over
the past months among the Company, our partner Dr. George
Jokhtaberidze, and the new post-revolutionary government of
Georgia.  In its essential terms, that restructuring will result
in Dr. Jokhtaberidze becoming a minority shareholder in the MIG
subsidiary that will own, directly and indirectly, a significant
majority of Magticom and exercise operational control over that
company.  A 20% minority interest in Magticom may be purchased
by an entity to be recruited by the new Georgian Government.  In
all, irrespective of whether the Option is exercised, MIG will
become the holder of the largest economic interest in Magticom
and will exercise operational control over that company.  Dr.
Jokhtaberidze will retain a significant economic interest in the
company he worked so diligently to found."

Mr. Hauf went on to say: "Our goal throughout these past few
months has been to restore Magticom to a state where aggressive
business development is achievable.  Magticom had performed very
well through year 2003 and retains the promise of substantial
further profitable development in the future.  Events following
the recent revolution in Georgia had, however, drawn attention
away from that development, as the new Georgian leadership
aggressively examined past affairs at many Georgian businesses
and state institutions, including Magticom.  Magticom was
subjected to intrusive investigations and its Georgian founding
partner was jailed.  Such events are, unfortunately, a not
uncommon consequence of revolutionary upheaval in a state.  The
new Georgian government, however, accepted the offer to
cooperatively negotiate a settlement to these matters; and the
restructuring of Magticom we've now fully announced is the
result of that negotiation.  Having directly participated in the
talks with Georgian leaders leading to this resolution, I am
confident that further adverse government intervention in
Magticom's affairs is unlikely; enabling Magticom to resume its
normal and quite promising development as one of Georgia's
largest companies."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Europe and the
Republic of Georgia.  These include mobile and fixed line
telephony businesses, wireless and wired cable television
networks and radio broadcast stations.  The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses.  The Company's core telephony businesses
include PeterStar, the leading competitive local exchange
carrier in St. Petersburg, Russia, and Magticom, the leading
mobile telephony operator in the Republic of Georgia.  The
Company's remaining non-core media businesses consist of
eighteen radio businesses operating in Finland, Hungary,
Bulgaria, Estonia, and the Czech Republic and one cable
television network in Lithuania.

                            *   *   *

Early in April the company received notification from the
trustee of its Series A and B 10 1/2% Senior Discount Notes Due
2007 (Senior Notes) concerning non-compliance with certain
covenants in the indenture governing the Senior Notes.

The trustee reported that it had not received these documents
from the Company:

(a) The Company's Annual Report on Form 10-K for the fiscal year
    ended December 31, 2003 (the 2003 Annual Report) as
    required pursuant to Section 4.3 of the Indenture;

(b) The Company's Officers' Certificate required pursuant to
    Section 4.4(a) of the Indenture; and

(c) The CPA statement required pursuant to Section 4.4 (b) of
    the Indenture.

The trustee reported that, under the terms of the Indenture, the
Company must resolve these compliance matter no later than June
1, 2004, the sixtieth day following the receipt of the trustee's
letter in order to avoid an event of default.   If such default
were declared, the trustee or holders of at least 25% aggregate
principal value of Senior Notes outstanding could demand all
Senior Notes to be due and payable immediately.


NIKOLSK-NEFTE: Vologda Court Names Temporary Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
supervision procedure on LLC oil-product company Nikolsk-Nefte-
Product.  The case is docketed as A13-2408/04-22.  Mr. S. Tichov
(Saint-Petersburg) has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 162600, Russia, Vologda region,
Cherepovets, Komarova str.11, office 31.  A hearing will take
place on July 19, 2004 at the Arbitration Court of Vologda
region.

CONTACT:  NIKOLSK-NEFTE-PRODUCT
          Russia, Vologda region, Nikolsk, Sovetskaya str.107

          Mr. S. Tichov, temporary insolvency manager
          162600, Russia, Vologda region, Cherepovets,
          Komarova str.11, office 31


PHARMACIYA-CENTRE: Voronezh Court Sets Proofs of Claim Deadline
---------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on Voronezh municipal unitary
pharmaceutical enterprise Pharmaciya-Centre.  The case is
docketed as A14-2229-04/16/16b.  Mr. S. Strelnikov has been
appointed temporary insolvency manager.

Creditors have until May 16, 2004 to submit their proofs of
claim to the temporary insolvency manager and Arbitration Court
of Voronezh region.  A hearing will take place on July 22, 2004,
10:30 a.m. at the Arbitration Court of Voronezh region.

CONTACT:  PHARMACIYA-CENTRE
          Russia, Voronezh, Deputatskaya str.3

          Mr. S. Strelnikov, temporary insolvency manager
          Russia, Voronezh, Svoboda str.75,
          Phone: (0732) 712-875

          The Arbitration Court of Voronezh region,
          394030, Russia, Voronezh, Srednemoskovskaya str.77,
          Hall 302


SELKCHOZ-CHIMIYA: Falls into Bankruptcy
---------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
supervision procedure on agricultural chemistry company OJSC
Selkchoz-Chimiya.  The case is docketed as A82-8200/03-30-B/83.
Mr. E. Sazonov has been appointed temporary insolvency manager.

Creditors have until May 16, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 152900, Russia,
Yaroslavl region, Rybinsk, Lugovaya str.7.  A hearing will take
place on June 2, 2004, 10:00 a.m. at the Arbitration Court of
Yaroslavl region.

CONTACT:  SELKCHOZ-CHIMIYA
          152610, Russia, Yaroslavl region, Uglich,
          Rostov shosse, 4-th km

          Mr. E. Sazonov, temporary insolvency manager
          152900, Russia, Yaroslavl region, Rybinsk,
          Lugovaya str.7


SENGILEEVSKY DAIRY: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Sengileevsky Dairy.  The case is
docketed as A72-1432/04-20/10-B.  Mr. D. Monogarov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 433513, Russia, Ulyanovsk
region, Dimitrovgrad -13, Post User Box 962, Phone/fax: (8422)
44-29-63.  A hearing will take place on May 13, 2004, 10:00 a.m.
at the Arbitration Court of Ulyanovsk region.

CONTACT:  SENGILEEVSKY DAIRY
          433381, Russia, Ulyanovsk region, Sengiley,
          Krasnoarmeyskaya str.30

          Mr. D. Monogarov, temporary insolvency manager
          433513, Russia, Ulyanovsk region, Dimitrovgrad -13,
          Post User Box 962
          Phone/Fax: (8422) 44-29-63


SPETS-STROY: Arbitration Hearings Set June 24
---------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on building company OJSC Spets-Stroy.
The case is docketed as A72-2668/04-21/15-B.  Ms. L. Shatnaya
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 432980, Russia, Ulyanovsk,
Glavpochtamt, Post User Box 5069.  A hearing will take place on
June 24, 2004, 9:00 a.m. at the Arbitration Court of Ulyanovsk
region.

CONTACT:  SPETS-STROY
          432063, Russia, Ulyanovsk, Komsomolsky pereulok 3

          Ms. L. Shatnaya, temporary insolvency manager
          432980, Russia, Ulyanovsk, Glavpochtamt,
          Post User Box 5069


TULA GRAIN: Tula Court Orders Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
supervision procedure on OJSC Tula Grain-Grocery Company.  The
case is docketed as A68-22/B-04.  Mr. D. Zubanov (Moscow) has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at:  300026, Russia, Tula,
Ryazanskaya str.1, office 601.  A hearing will take place on
June 10, 2004, 11:00 a.m. at the Arbitration Court of Tula
region.

CONTACT:  TULA GRAIN-GROCERY COMPANY
          Registered Address: 301069, Russia, Tula region,
          St. Gorbachyevo

          Post Address: 300600, Russia, Tula, Sovetskaya
          str.112, office 4

          Mr. D. Zubanov, temporary insolvency manager
          300026, Russia, Tula, Ryazanskaya str.1, office 601



VOLGOGRAD TRACTOR: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Volgograd Tractor Factory.  The
case is docketed as A12-6128/04-C24.  Mr. K. Gusev has been
appointed temporary insolvency manager.

Creditors have until May 16, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 400006, Russia,
Volgograd, Dzerzhinsky square 1.  A hearing will take place on
September 14, 2004, 9:00 a.m. at the Arbitration Court of
Volgograd region.

CONTACT:  VOLGOGRAD TRACTOR FACTORY
          400006, Russia, Volgograd, Dzerzhinsky square 1

          Mr. K. Gusev, temporary insolvency manager
          400006, Russia, Volgograd, Dzerzhinsky square 1

          Arbitration Court of Volgograd region
          Russia, Volgograd, 7-th Gvadeyskaya Diviziya str.2


WOODSHOP COMBINE: Court Sets June 24 Hearing
--------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on OJSC Woodshop Combine #175.  The case
is docketed as A41-4680/04.  Mr. V. Smirnov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 109029, Russia, Moscow,
Nizhegorodskaya str.32. build 15, office 407.  A hearing will
take place on June 24, 2004 at the Arbitration Court of Moscow.

CONTACT:  WOODSHOP COMBINE #175
          143430, Russia, Moscow region, Nachabino,
          Institutskaya str.18

          Mr. V. Smirnov, temporary insolvency manager
          109029, Russia, Moscow, Nizhegorodskaya str.32
          build 15, office 407


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


ONO FINANCE: 'B-' Rating Assigned to Proposed EUR350 Mln Bonds
--------------------------------------------------------------
Fitch Ratings has assigned ONO Finance PLC's planned EUR350
million 2014 bond issue an expected 'B-' rating with Stable
Outlook.  The bond is guaranteed by Spain's Cableuropa S.A.  The
issue is subject to the successful completion of the tender for
a portion of the outstanding bonds due 2009, 2010 and 2011 and
the proceeds will be used to refinance them.

At the same time, Fitch has affirmed Cableuropa S.A.'s Senior
Unsecured and Short-term ratings at 'B-' and 'B' respectively,
and ONO Finance Plc's existing Senior Unsecured notes at 'B-'.
The rating of Cableuropa's EUR750 million senior secured bank
facility is also affirmed at 'B+'.

The expected rating is contingent on receipt of final
documentation conforming to information already received.  Fitch
views the refinancing as a further positive step by ONO, which
will reduce its currency exposure and the effective interest
rate on debt.  This is expected to increase debt by around EUR50
million depending on the result of the tender.  The company has
continued to perform in line with Fitch's expectations since its
Outlook stabilized in January 2004.

In the note documentation the shareholder loan (EUR98 million)
and the participative loan of (EUR300 million) are expected to
be converted into equity.  To date Fitch has treated the latter
as quasi-equity; therefore this is credit neutral.  The benefit
from the conversion of the shareholder loan is partially offset
by the anticipated increase in debt as a result of the tender.

It remains uncertain how Retecal (acquired by ONO's holding
company Grupo Corporativo ONO S.A. in February 2004) could be
integrated into the group and Fitch would treat such an event
accordingly as and when it occurs.  While this has been factored
into the new bond documentation; such an event would be subject
to the refinancing of the EUR750m secured bank facility (EUR515
million drawn at FYE03), part of which matures on 31 December
2005 and the remainder through to 31 December 2008.  Retecal had
total debt of EUR146 million at FYE03.

CONTACT:  FITCH RATINGS
          Susan Hunter
          Phone: +44 (0) 207 417 6347

          Erwin van Lumich
          Phone: +34 93 323 8403

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


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


SAS GROUP: First-quarter Loss Slightly Down to SEK1.58 Billion
--------------------------------------------------------------
First quarter in brief:

(a) Operating revenue for the first quarter amounted to
    SEK12.567 million(13,710), a decrease of 8.3%.  For
    comparable units and adjusted for currency effects,
    operating revenue for the period fell by 2.3% or SEK312,000.

(b) Income before depreciation and leasing costs for aircraft
    (EBITDAR) amounted to -SEK44,000 (-SEK398) for the period.

(c) Income before capital gains and nonrecurring items improved
    by SEK278,000 and amounted to -SEK1.631 million (-SEK1,909)
    for the quarter.  Adjusted for currency effects, income
    improved by SEK388,000.

(d) Income after financial items amounted to -SEK1.583 million
    (-SEK1,876).

(e) Income after tax amounted to -SEK1.402 million (-SEK1,599).

(d) CFROI for the 12-month period April 2003-March 2004 was 7%
    (11%).

(e) Earnings per share for the SAS Group in the first quarter
    amounted to -SEK8.52 (-9.72).  Equity per share amounted to
    SEK72.03 (81.23).

(f) By the end of March 2004 activities had been completed that
    corresponded to the financial impact of 66% of Turnaround
    2005 compared with the planned 60%.  The earnings impact was
    SEK 1.5 billion for the quarter.  Collective agreement
    negotiations relating to salaries and compensation, which
    were completed in March provide cost reductions
    corresponding to SEK1.5 billion.

(g) Currency-adjusted unit cost for Scandinavian Airlines
    decreased by 15% in the first quarter.

(h) The Board and Management's forecast for the full-year 2004
    is unchanged.

All reports are available in English and Swedish and can be
ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 00
00, fax +46 8 797 51 10.  The reports can be accessed and
ordered at http://www.sasgroup.net.

The SAS Group's monthly traffic and capacity statistics are
normally published on the fifth working day of each month.  A
financial calendar is available at http://www.sasgroup.net.

CONTACT:  SAS GROUP
          Investor Relations:
          Sture Stolen
          Phone: +46 8 797 14 51,
          E-mail: investor.relations@sas.se


SKANDIA INSURANCE: Reports SEK25.3 Billion First-quarter Sales
--------------------------------------------------------------
Sales increased to SEK25.3 billion (SEK17.2), corresponding to a
rise of 47% in Swedish kronor and 48% in local currency.  Sales
of unit-linked assurance in local currency rose 43%, to SEK17.0
billion (SEK12.1).  New sales of unit-linked assurance rose 21%
in local currency.  Sales of mutual fund savings products in
local currency rose 107%, to SEK6.9 billion (SEK3.3).

U.K.

Sales in the U.K. (including Offshore and Royal Skandia) rose
79%, to SEK13.7 billion (SEK7.8).  Sales of unit-linked
assurance in local currency rose 76%, to SEK11.0 billion
(SEK6.4).  New sales of unit-linked assurance rose 71%.  Sales
of mutual fund savings products rose 93%, to SEK2.6 billion
(1.4).

The sales trend was strong both in the U.K. and for the Offshore
unit.  Innovative product development has contributed to
favorable growth in many product areas.  The growth can also be
credited to rising interest in multi-manager products, where
Skandia is well-positioned

Sweden

Combined sales (excluding Skandia Liv) increased by SEK1.2
billion compared with the preceding quarter.  Sales decreased
compared with the first quarter of 2003, to SEK3.9 billion
(SEK4.2), due to lower direct sales of funds pertaining to PPM
pensions.

Sales of unit linked assurance rose 29% compared with the
preceding quarter and were unchanged compared with the first
quarter of 2003.  Sales amounted to SEK2.6 billion (2.6).  New
sales of unit-linked assurance decreased by a combined total of
7% compared with the preceding quarter and by 22% compared with
the first quarter of 2003.  Sales by Skandia Liv decreased to
SEK3.1 billion (3.5).

The Swedish market is characterized by fierce competition,
particularly in the corporate segment.  The attention
surrounding Skandia has also affected interest in the company's
products.  Despite this, new sales of unit linked assurance in
the private market rose 7% compared with the preceding quarter
and 9% compared with the first quarter of 2003.  The competitive
situation is expected to remain tough, and the work in the
Swedish market on restoring confidence is expected to continue
for some time.

Extensive work is being carried out to address the market
situation and restore confidence.  Activities in the Swedish
operations, mainly in Skandia Liv, SkandiaLink, SkandiaBanken
and Skandia Lifeline, are now being coordinated in a separate
division.  The aim is to achieve better coordination between the
Swedish businesses and make it possible for customers to deal
with one Skandia in a convenient manner.  New products and
services are being developed from an integrated perspective.

Other markets

Sales for the Europe & Latin America division rose 34%, to
SEK5.7 billion (SEK4.3).  Sales increased in most markets.
Sales of unit-linked assurance rose 16%, while sales of mutual
fund savings and related products rose 77%.  New sales of unit-
linked assurance were essentially unchanged.  The sales trend
was especially positive in Spain.  Sales in Germany rose 17%.

The sales success in Australia continued and sales of mutual
fund savings products more than quadrupled, to SEK1.7 billion
(SEK0.4).

Forthcoming reports

Skandia's interim report for the first quarter of 2004 will be
released on 26 May 2004.  On Tuesday, 18 May 2004, Skandia will
report on financial effects for the first quarter of 2004.

The full report including tables is available free of charge at
http://bankrupt.com/misc/Skandia_Q12004Trading.pdf

---------
Footnote:

[1] All comparison figures pertain to the corresponding period a
year earlier, unless otherwise indicated.

CONTACT:  SKANDIA INSURANCE
          Harry Vos
          Head of Investor Relations
          Phone: +46- 8-788 3643

          Cecilia Daun-Wennborg
          (Swedish operations)
          Phone: +46-8-788 1913


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


AGROTEH: Insolvent Status Confirmed
-----------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
sofijska agrofirma Agroteh (code EDRPOU 30205745) insolvent and
introduced bankruptcy proceedings on April 8, 2004.  The case is
docketed as # B 29/208/03.  Arbitral manager Mr. Talan Rostislav
has been appointed liquidator/insolvency manager.  Creditors
have until May 29, 2004 to submit their proofs of claim at:
49000, Ukraine, a/b 158; Phone: (056) 370-74-70.

CONTACT:  AGROTEH
          53100, Ukraine, Dnipropetrovsk region, Sofijivka,
          Bolnichna, 78

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


AUKUBA: Deadline for Proofs of Claim May 29
-------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on LLC Aukuba (code EDRPOU 30225824).  The case is
docketed as 2-1/15014.  Mr. Kilovat Yurij, major tax auditor-
inspector (of State Tax Inspection of Feodosiya) has been
appointed temporary insolvency manager.

Creditors have until May 29, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: Ukraine, AR Krym,
    Feodosiya, Fedko str., 16
    Phone: (262) 3-92-11

    THE ECONOMIC COURT OF AR KRYM: 98100, Ukraine,
    AR Krum, Simferopol, Karl Marks str., 18

Aukuba maintains account number, 26005201820001, at MFO 324601.

CONTACT:  AUKUBA
          Ukraine, AR Krym, Feodosiya, Galerejna str., 22

          Mr. Kilovat Yurij, Temporary Insolvency Manager
          Ukraine, AR Krym, Feodosiya, Fedko str., 16
          Phone: (262) 3-92-11

     THE ECONOMIC COURT OF AR KRYM:
     98100, Ukraine, Simferopol, Karl Marks str., 18


KVELMJASOPRODUKT: Falls into Bankruptcy
---------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on LLC Kvelmjasoprodukt (code EDRPOU
30007100) in March.  The case is docketed as 1/49-B.  Mr.
Temchishin V. (license number AA 630072 approved November 25,
2003) has been appointed temporary insolvency manager.

Kvelmjasoprodukt holds account number, 26008236495001, CB
Privatbank, Kovel branch, MFO 303332.

CONTACT:  KVELMJASOPRODUKT
          4500, Ukraine, Volinska region, Kovel,
          Volodimirska str., 156

          Mr. Temchishin V., Temporary Insolvency Manager
          Ukraine, Lutsk, Svitla str., 5/3

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Lutsk, Voli Avenue, 54-a


LUGANSK INSTRUMENTAL: Declared Bankrupt
---------------------------------------
The Economic Court of Lugansk region declared CJSC Lugansk
Instrumental Production Association (code EDRPOU 00222097)
insolvent and introduced bankruptcy proceedings on March 11,
2004.  The case is docketed as 9/161b.  Mr. Byelikov Andrij
(license number AA 484195 approved December 29, 2002) has been
appointed liquidator/insolvency manager.

Lugansk Instrumental Production Association holds
account number, 2600706000076, at Praveksbank, Lugansk branch,
MFO 304579.

CONTACT:  LUGANSK INSTRUMENTAL PRODUCTION ASSOCIATION
          91000, Ukraine, Lugansk, Rudya str.

          Mr. Byelikov Andrij, Liquidator/Insolvency Manager
          91050, Ukraine, Lugansk, Komarov quarter, 35/64
          Phone: (0642) 58-83-51

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


MAGMA: Donetsk Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Magma (code EDRPOU 20351115) in
March.  The case is docketed as 15/68B.  Arbitral manager Mrs.
Vishnevska Natalya (license number AA 668268) has been appointed
temporary insolvency manager.   Creditors have until May 29,
2004 to submit their proofs of claim to the insolvency manager
at 83000, Ukraine, Donetsk region, Komsomolskij avenue, 15/39
Phone: 8 (050) 528-24-87.

Magma maintains account number, 26009980720, at Ukrsotsbank,
Makijivka branch, MFO 334174.

CONTACT:  MAGMA
          86105, Ukraine, Donetsk region, Makijivka,
          VLKSM Avenue, 5, OKTB body, 5

          Mrs. Vishnevska Natalya, Temporary Insolvency Manager
          83000, Ukraine, Donetsk region,
          Komsomolskij Avenue, 15/39
          Phone: 8 (050) 528-24-87

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


MILTEKS LTD: Declared Insolvent
-------------------------------
The Economic Court of Zaporizhya region declared LLC Milteks Ltd
(code EDRPOU 23794735) insolvent and introduced bankruptcy
proceedings on March 29, 2004.  The case is docketed as
19/1(04).  Mr. Vereshak Mikola (license number AA 669674
approved September 4, 2004) has been appointed
liquidator/insolvency manager.

Creditors have until March 29, 2004 to submit their proofs of
claim to the:

(a) Liquidator/Insolvency Manager at: 69002, Ukraine,
    Zaporizhya, Kostyantin Velikij str., 16/16

(b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine,
    Zaporizhya, Shaumyana str., 4

CONTACT:  Mr. Vereshak Mikola, Liquidator/Insolvency Manager
          69002, Ukraine, Zaporizhya,
          Kostyantin Velikij str., 16/16

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya, Shaumyana str., 4


UKRAGROPRODUKT: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Ukragroprodukt (code EDRPOU
30914773) on April 8, 2004.  The case is docketed as 7/29.
Arbitral manager Mr. Zakorko Vadim (license number AA 719836
approved February 19, 2004) has been appointed temporary
insolvency manager.

CONTACT:  UKRAGROPRODUKT
          42200, Ukraine, Sumi region, Lebedin, K. Marks str.,11

          Mr. Zakorko Vadim, Temporary Insolvency Manager
          40030, Ukraine, Sumi, Kirov str., 25, 4th floor

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


UKRAGROPROMTORG: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Ukragropromtorg (code EDRPOU 31360234) in
April.  Arbitral manager Mr. Sunitya Viktor (license number AA
668343 approved October 31, 2003) has been appointed temporary
insolvency manager.

CONTACT:  UKRAGROPROMTORG
          02094, Ukraine, Kyiv, Karelskij lane, 5

          Mr. Sunitya Viktor, Temporary Insolvency Manager
          03039, Ukraine, Kyiv, Golosijivski Avenue, 8
          Phone: 265-29-12

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


UKRENERGOGRUP: Insolvent Status Confirmed
-----------------------------------------
The Economic Court of Kyiv declared LLC Ukrenergogrup
(Code EDRPOU 25639803) insolvent and introduced bankruptcy
proceedings on March 30, 2004.  The case is docketed as 15/78-b.
Mr. Dyachenko Sergij (license number AA 047796 approved October
15, 2001) has been appointed liquidator/insolvency manager.

Ukrenergogrup holds account number, 2600100530122, at JSCB
Praveksbank, MFO 321983.

CONTACT:  UKRENERGOGRUP
          Ukraine, Kyiv, Predslavinska str., 35, body 11

          Mr. Dyachenko Sergij, Liquidator/Insolvency Manager
          Phone: 236-11-17

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


UKRSPETSTEHNOLOGIYA: Proofs of Claim Deadline May 29
----------------------------------------------------
The Economic Court of Donetsk region declared LLC
Ukrspetstehnologiya (code EDRPOU 31831976) insolvent and
introduced bankruptcy proceedings on April 13, 2004.  The case
is docketed as 5/81B.  Mrs. Babich Svitlana (license number AA
630006 approved October 30, 2003) has been appointed liquidator
/insolvency manager.  Creditors have until May 29, 2004 to
submit their proofs of claim.

CONTACT:  UKRSPETSTEHNOLOGIYA
          83052, Ukraine, Donetsk, Vladichanski str., 32


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


AMEY PLC: Wins GBP52 Million Metropolitan Police Contract
---------------------------------------------------------
Amey Business Services, a division of the support services
specialist Amey plc, was selected as preferred bidder by the
Metropolitan Police Authority to supply facility management
solutions for the Metropolitan Police Authority's three new
integrated command communications and control centers.  The
value of the contract is projected to be GBP52 million over 10
years.

The successful maintenance of the three centers is widely
considered to be vital in the safe and successful policing of
the Capital.  Under the terms of the contract, Amey is
responsible for providing a comprehensive suite of facility
management solutions across the three centers.  The contract
further reinforces Amey's expertise in providing a range of
solutions to public sector organizations within the Metropolitan
area.

Amey will commence work on 15 June with the preliminary focus
centering on supporting the Metropolitan Police Service's
program of systems integration and training.  All three centers
will be operational towards the end of 2004.

Mel Ewell, Chief Executive of Amey, commented: "We are delighted
that the Metropolitan Police Authority has selected Amey as a
strategic partner for such an important project.  Amey has a
strong tradition of delivering efficient and effective solutions
across the public sector. We look forward to closely working
with the Metropolitan Police Service to implement a scheme that
will help deliver successful policing to the Capital."

David Hill, Director of Facilities Management and Head of
Operational Supports Group at the MPS, said: "This project is of
paramount importance to the Metropolitan Police.  We are
delighted to be working with Amey and look forward to forming a
strategic partnership that will ensure a high quality service to
the people of London."


BALTIMORE TECHNOLOGIES: To Reveal EGM Results Today
---------------------------------------------------
The Extraordinary General Meeting of Baltimore Technologies Plc
requisitioned by Acquisitor Holdings (Bermuda) Ltd. took place
yesterday.  Each resolution set out in the Notice of Meeting,
which was capable of being validly proposed at the meeting was
voted on by shareholders on a poll taken at the meeting.

The poll count is currently being undertaken by the Registrars
to Baltimore and the declaration of the results of these polls
will be made by a Regulatory News Service announcement to the
market as soon as reasonably practicable after certification of
the results by the Registrars.  In the event that this RNS
announcement has not been released to the market by 12 noon on 7
May, Baltimore will issue a further announcement through a RNS
updating the market at that time.

The meeting stands adjourned, as a formality, and will be
resumed at 5 p.m. on 7 May at the offices of Nabarro Nathanson,
Lacon House, 84 Theobald's Road, London WC1, solely for the
purpose of declaring the results of the polls.  Shareholders may
attend the adjourned meeting.

While the Company does not know at the time of this release what
the outcome of the polls will be, in the event that the Company
then no longer has a continuing quorum of three Directors, there
is a risk that the UKLA may suspend the listing of the Company's
shares, pending the appointment of a quorate Board.  In this
event a further announcement will be made.

CONTACT:  SMITHFIELD
          Phone: +44 (0) 20 7360 4900
          Andrew Hey
          Nicholas Bastin
          Will Swan


BLUE CHIP: Creditors Meeting Set May 18
---------------------------------------
There will be a Creditors Meeting of the Blue Chip Educational
Supplies Ltd. Company on May 18, 2004 at 11:00 a.m.  It will be
held at Charnwood House, Gregory Boulevard, Nottingham NG7 6NX.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Charnwood House, Gregory Boulevard, Nottingham
NG7 6NX not later than 12:00 noon, May 17, 2004.

CONTACT:  TENON RECOVERY
          Charnwood House
          Gregory Boulevard
          Nottingham NG7 6NX
          Contact:
          Patrick Ellward, Joint Administrator
          Dilip Dattani, Joint Administrator


BRITISH ENERGY: Government Giving Up Special Shares
---------------------------------------------------
The Secretary of State for Trade and Industry made an
announcement regarding the special shares currently held by the
U.K. Government in the British Energy Group and which will
continue to be held in the restructured British Energy Group.

The Secretary of State has decided to retain 2 key provisions of
the special shares relating to the British Energy group of
companies as:

(a) The requirement for any investor to obtain the consent of
    the U.K. Government for any shareholding in excess of 15% of
    British Energy's issued ordinary shares.

(b) The requirement for British Energy to obtain the consent of
    the U.K. Government for the disposal of any of its nuclear
    power stations.

However, the Secretary of State announced that both of these
provisions will be amended to ensure that U.K. Government
consent can only be refused on the grounds of national security.

Other than these provisions, the U.K. Government will be giving
up all its other rights under the special shares.

In addition, the Secretary of State will be retaining its
special share in the Nuclear Generation Decommissioning Fund
(NGDF), and carry it forward into the Nuclear Liabilities Fund
(NLF) if British Energy's restructuring is successful.

Status of Restructuring

British Energy exchanged a formal agreement with its major
creditors on the restructuring in October 2003.  However, it
must be recognized that the restructuring remains subject to a
large number of significant uncertainties and important
conditions including receipt by the Secretary of State for Trade
and Industry of a satisfactory notification from the European
Commission that in so far as the proposals involve the grant of
State Aid by the U.K. Government, such aid is compatible with
the common market.  The Secretary of State expects to receive
this notification around summer 2004.

Furthermore, the Secretary of State is entitled not to proceed
with the restructuring if, in her opinion, the Group will not be
viable in all reasonably foreseeable conditions without access
to additional financing beyond that which is committed and will
continue to be available when required.

If, for any reason, the restructuring cannot proceed, the Board
may have to seek the protection of insolvency proceedings.  In
this case the distribution to unsecured creditors may represent
only a small fraction of their unsecured liabilities and it is
highly unlikely that there will be any return to shareholders.
Even if the restructuring is implemented, the return, if any, to
existing shareholders will represent a very significant dilution
of their existing interests.

CONTACTS:  BRITISH ENERGY
           Andrew Dowler
           Financial Dynamics, Media
           Phone: 020 7831 3113

           Paul Heward
           British Energy, Investor Relations
           Phone: 01355 262 201

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


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

                     2003/04

                  April Year to Date

                Output     Load      Output    Load
                (TWh)    Factor (%)  (TWh)    Factor
                                               (%)

U.K. Nuclear     5.52      80        5.52      80
U.K. Other       0.38      27        0.38      27

                    2004/05

                  April  Year to Date

                Output     Load      Output    Load
                (TWh)    Factor (%)  (TWh)    Factor
                                               (%)

U.K. Nuclear     5.12      74         5.12      74
U.K. Other       0.58      42         0.58      42

Planned Outages

(a) A refueling outage was completed on one reactor each at
    Dungeness B and Hartlepool.

(b) A statutory outage was started on one reactor at Heysham 2

(c) Low load refueling was carried out on both reactors at
    Hinkley Point B, Hunterston B and Torness.

Unplanned Outage

(a) Following a rotor earth fault, one generating unit at
    Sizewell B has been shutdown to carry out repairs.  It is
    expected to return to service by early June.  The other
    generator unit continues to generate at nominal full load
    and therefore Sizewell B is currently operating at 50% of
    full capacity.

Overview

On March 19, 2004, the Company announced that its indicative
target for nuclear output for 2004/05 was 64.5TWh.  This target
remains unaltered.

CONTACTS:  BRITISH ENERGY
           Andrew Dowler
           Financial Dynamics, Media
           Phone: 020 7831 3113

           Paul Heward
           British Energy, Investor Relations
           Phone: 01355 262 201

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


BRITISH SKY: Selects Opsware for Automating IT Operations
---------------------------------------------------------
Opsware Inc. the leading provider of IT automation and utility
computing software, announced that British Sky Broadcasting, the
U.K.'s leading provider of digital television with more than 7.2
million direct-to-home (DTH), customers, has selected Opsware to
automate its IT operations and consolidate data center
operations.  Through the deployment of the Opsware IT automation
system, BSkyB is looking to reduce costs and raise service
quality to its growing customer base.

"Opsware's IT automation software will be instrumental in
helping us to continue to achieve greater efficiency across our
IT environment," said Darren Rodell, BSkyB's Head of
Infrastructure and Operations.  "With more than a thousand
servers under active management, we're seeking to reduce
complexity and implement greater control over our operational
environment.  We chose the Opsware System because it is the most
feature rich and successfully deployed automation platform on
the market today."

Deployment of Opsware will begin in June 2004 and will allow
BSkyB to benefit from a highly streamlined IT environment that
will automate many of the manual tasks associated with managing
a data center, such as the provisioning of operating systems and
applications, patch management, and code deployment and
rollback.

"IT sprawl is a fact of life for many enterprise organizations
that have spent the past decade buying and configuring equipment
to rapidly meet the pressing demands of their business," said
Bob Pearson, European Director for Opsware Inc. "Opsware has
helped many organizations take back their data centers and
assert a greater measure of control and efficiency over the
entire IT lifecycle.  We are excited to partner with BSkyB to
help them realize their business objectives through IT
automation."

About BSkyB

BSkyB is the leading provider of digital television services in
the U.K. and Ireland.  More than 18 million viewers in 7.2
million households enjoy an unprecedented choice of movies,
news, entertainment and sports channels and interactive services
on Sky digital, the U.K.'s first and most popular digital
television platform.  A further 5.9 million households receive
at least one of BSkyB's own channels, such as Sky One, Sky News
or Sky Movies, through digital terrestrial or cable television.
For more information, please visit http://www.sky.com/corporate.

About Opsware Inc (NASDAQ: OPSW)

Opsware Inc. is the world's leading IT automation and utility
computing software company.  The growth of the Internet is
driving a shift from client/server computing to Web
architecture. With this shift comes an overwhelming
proliferation of servers and applications, creating massive
complexity that makes an automated IT model a necessity.  The
Opsware System automates the complete IT lifecycle and delivers
utility computing by enabling IT to automatically provision,
patch, configure, secure, change, scale, audit, recover,
consolidate, migrate, and reallocate servers and applications.
Over 250 of the world's largest companies, outsourcers and
government agencies use Opsware to deliver this new, automated
model of IT. For more information on Opsware Inc., please visit
our Web site at http://www.opsware.com.

Opsware is a service mark and trademark of Opsware Inc.  All
other product names, service marks, and trademarks mentioned
herein are trademarks of their respective owners.

CONTACT:  OPSWARE INC.
          Zenobia Austin
          Phone: 408-212-5220
          E-mail: zenobia@opsware.com

          BAROKAS PR
          Robert Nachbar
          Phone: 206-344-3140
          E-mail: robert@barokas.com

          BSkyB
          Robert Fraser
          Phone: +44 207 705 3036
          E-mail: robert.fraser@bskyb.com


CLOACA LIMITED: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Cloaca Limited
Company on April 15, 2004 held at 11 Warwick Square Mews, London
SW1V 2EL, the Special, Ordinary and Extraordinary Resolutions to
wind up the Company were passed.  Anthony John Harris of
Greyfriars Court, Paradise Square, Oxford has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  Anthony John Harris, Liquidator
          Greyfriars Court,
          Paradise Square, Oxford


DAWSON HOLDINGS: To Market eBooks Library Product
-------------------------------------------------
eBooks Corporation, global supplier of electronic books, and
Dawson Books, a leading academic library supplier, announced
today a strategic partnership.  Under the terms of the
agreement, Dawson will market and distribute eBook Library,
eBooks Corporation's forthcoming ebook library product, to their
extensive network of UK and European academic libraries.

Set to launch in June 2004, EBL is an innovative ebook lending
platform aimed at the needs of academic and research libraries.
Ebook Library will include titles from leading academic
publishers across all disciplines, concentrating in the areas of
Science, Technology and Medicine.

Kari Paulson, General Manager of ebook Library said, "Selecting
Dawson Books as a strategic partner was an obvious choice for us
given their outstanding reputation for efficiency, reliability
and integrity in the marketplace.  We view this partnership as a
positive step toward achieving our aim to streamline ebooks into
existing library processes."

Plans are underway for the integration of EBL ebooks into
'enterBooks.com' and 'enterProfile.com', Dawson's proprietary
acquisition systems.  This integration will enable Dawson's
clients to browse and purchase ebooks along with their print
books and other materials.  Libraries will benefit from this
arrangement through a more streamlined acquisition process,
allowing them to have one point of contact for print and ebook
orders.

Diane Kerr, Managing Director of Dawson Books said, "The
emergence of ebooks is a development with fascinating potential
for the reader and exciting distribution prospects for academic
institutions.  eBooks Corporation commands respect and their
future plans offer terrific promise.  During recent discussions,
the synergy between the two companies has become obvious.
Dawson welcomes the technical expertise that eBooks Corporation
has in delivering e-content to the library market and looks
forward to introducing these capabilities to its many library
customers."

About eBooks Corporation Ltd.

eBooks Corporation is a global provider of digital books.  It
has distribution agreements with publishers in the U.S., U.K.
and Australia, The company has long standing, close working
relationships with Adobe, Microsoft, Palm and other stakeholders
in the ebook industry. eBooks Corporation hosts, and securely
distributed eBooks through its retail site
(http://www.ebooks.com). eBooks Corporation is expanding
distribution to library (http://www.library.ebooks.com)
wholesale (http://www.ebookengine.com)channels.

About Dawson Books:

Dawson Books is a member of Dawson Holdings plc and leads the
market in the use of information technology to expedite the book
buying process, providing a total acquisitions package for
professional librarians worldwide.  Dawson sets the industry
standard with its web interfaces enterBooks.com and
enterProfile.com, with its fastracq and shelf-ready book supply,
and now with the delivery of ebooks.


DUO AIRWAYS: Administration to Dent Watermark's Results
-------------------------------------------------------
The Board of Watermark wishes to inform shareholders that on
Friday, April 30, the Company was notified that one of its
clients, Duo Airways Limited, had been placed in administration.
The Board is confident, given the early stage in the year and
the Company's prospects that profit for the full year will not
be materially affected.  However, the timing of this event will
mean that there will be some financial impact upon the Interim
Results.

For further information please visit http://www.watermark.co.uk

CONTACT:  DUO AIRWAYS
          John Caulcutt, Chief Executive
          Niall Devins
          John West
          Crispin Quail, Finance Director

          NUMIS SECURITIES LTD.
          Claire Melly

          WATERMARK GROUP PLC
          Phone: 020 7776 1500

          TAVISTOCK COMMUNICATIONS
          Phone: 01489 897800
          Phone: 020 7920 3150


EASYJET PLC: Confirms Financing for 82 Aircraft
-----------------------------------------------
EasyJet, Europe's leading low-cost airline, announced that
financing has been put in place for 82 aircraft from its order
of 120 Airbus A319s.

The order was originally placed in October 2002 and the first 12
aircraft have already been delivered to easyJet's bases in
Geneva and London Gatwick.

GE, Royal Bank of Scotland, Babcock & Brown Asset Management and
HSH Nordbank together with Natexis Banques Populaires are the
financial institutions with which easyJet has agreed to provide
mortgage-finance for 36 aircraft and sale and lease-back
agreements for 46 aircraft.

The financing program includes the sale of assets for GBP163
million cash, and subsequent operating leaseback for up to ten
years, as part of the transactions agreed with the institutions
named above.  The sale and leaseback of the ten aircraft is part
of the Airbus purchase program, the benefits of which were set
out in the circular to shareholders dated 24 February 2003.  The
proceeds of the sale will be used to replace funds used to
purchase the aircraft and for investment within the business.

The arrangements cover all 2004 deliveries, virtually all
deliveries in 2005 and a proportion of those in 2006 and 2007.

The procurement of financing of this scale from major financial
institutions demonstrates easyJet's continuing attractiveness in
the aircraft financing market.

CONTACT:  EASYJET PLC
          Toby Nicol, Head of Corporate Affairs
          Phone: (+44) 01582 525339


EASYJET PLC: Cautiously Optimistic After First-half Loss
--------------------------------------------------------
Commenting on the results, Ray Webster, Chief Executive Officer
said:

"easyJet has performed well and continues to grow strongly, as
we continue to save consumers both time and money by providing
low fare and direct point-to-point services between major
European airports."

                6 months to   6 months to %  Rolling 12 months
                  31 March     31 March   Change  to 31 March
                     2004        2003                 2004


Revenue         GBPm   439.7       372.6      18.0     998.9

(Loss)/ profit
before tax and
goodwill          GBPm  (18.5)     (24.4)*    24.2      92.0*

Reported
(loss)/ profit
before tax        GBPm  (27.3)     (48.1)     43.2      72.3

Average fare       GBP   38.06      37.45      1.6      43.19

Load factor        %   83.3       82.2        1.1 pts   84.5

Ancillary
revenue per
passenger          GBP 2.52         2.41       4.6      2.59

Total revenue
per passenger      GBP 40.58       39.86       1.8     45.78

Cash at end of
period            GBPm  340       346         (1.7)    340

Passengers        m    10.8        9.3       15.9      21.8

Average
aircraft in
fleet                 77.7       64.8       19.9      74.3

Average
operating
aircraft              72.9       63.7       14.4     70.7

ASKs        bn        11.0       9.6        14.6     22.4

RPKs        bn         9.2       7.9        15.6     19.0


* before goodwill and non-recurring items (amounts written off
investments, Deutsche BA and Go integration costs) and tax.

(a) Revenues of GBP440 million up 18% while yields and load
    factors improved 1.6% and 1.1% pts respectively

(b) Passenger numbers up 15.9% to 10.8 million, in line with the
    planned and controlled growth in capacity over the period of
    15%.

(c) Results reflect the seasonality of the business and the
    exclusion of Easter.  While we increased capacity by 15%
    during the period, we reduced the loss before goodwill
    amortization and tax (and in 2003 non recurring items
    *), by 24.2% to GBP18.5 million.

(d) Cost* per ASK is stable at 4.17p. The marginal increase on
    the prior year is primarily due to GBP2.7 million of
    additional crew costs for the new Airbus.

(e) Strong cash position -- GBP340 million cash at 31 March
    2004.

(f) Dense point-to-point network continues to develop -- at 31
    March 2004 easyJet operated 115 routes, in 13 countries to
    39 convenient airports.

(g) A further 38 routes including five new destinations (Berlin,
    Dortmund, Budapest, Cologne and Ljubljana) announced for the
    second half of the year.

(h) The successful introduction of the first nine Airbus A319
    aircraft during the seven months to 31 March 2004.

(i) Successfully agreed financing for 82 of the 120 Airbus
    aircraft.

Commenting on current trading, Ray Webster, Chief Executive
Officer said: "Our business model continues to capitalize on its
strong market position and the growing demand for low-cost air
travel in Europe.  Given our scale, the company is clearly
positioned to benefit well into the future.

"Demand in the first half of April was in line with our
expectations, but softened in the second half due to continued
competitive pressure and a weaker-than-expected Easter.
Consequently, for the full month of April the load factor was
down 3 percentage points although passenger numbers were up 14%
at 1,947,675 and fares were down 5%, partially accounted for by
timing differences between Easter and the May Bank Holiday.  For
May, passenger numbers are tracking slightly lower than our
expectations, but are currently as we anticipated for June.

"We are currently seeing unprofitable and unrealistic pricing by
airlines, across all sectors of the European industry, seeking
to grow or maintain their market share.  We are reacting
vigorously to this activity, continuing to extend our reach,
growing capacity by some 20% this year, maintaining our leading
market position and optimizing the use of our scale.

"At the time of our AGM in February we were cautiously
optimistic about the full year result.  However, given the
increasingly competitive marketplace it is appropriate now to be
cautious about the performance for the full financial year.
Nevertheless, easyJet continues to strengthen its leading
position and we expect to make continued and sustainable
progress."

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/Easyjet_H12004.htm

CONTACT:  EASYJET PLC
          Toby Nicol, Corporate Communications
          Phone: +44 (0) 1582 525 339

          Chris Walton, Finance Director
          Phone: +44 (0) 1582 525 336


EASYJET PLC: April Passenger Statistics Up 14%
----------------------------------------------
Below are the easyJet passenger statistics for April 2004.  This
information is normally published on the fifth working day of
every month, however it has been brought forward this month to
coincide with passenger information released simultaneously in
our Interim financial results.

Passenger statistics for easyJet

                April   April  Year-on-year Rolling 12 months
                 2004     2003    change    ending Apr. 30, 2004

Passengers(1)  1,947,675  1,711,698  14%       22,055,268

Load Factor(2)    82%     85%                      84%


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

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


EDWARD HOCKLEY: Hires Grant Thornton Administrator
--------------------------------------------------
Name of Company: Edward Hockley Holdings Limited
                 (t/a Dornberger Trauffler)

Nature of Business: Importers and Distributors of Crockery,
                    Glassware and Homeware

Trade Classification: 15

Date of Appointment: April 26, 2004

Joint Administrative Receiver:  GRANT THORNTON
                                Grant Thornton House
                                Melton Street, Euston Square,
                                London NW1 2EP
                                Receivers:
                                Andrew Conquest
                                Anthony Flynn
                                (IP Nos 5329, 8619)


EMMETT ENTERPRISES: Names Receivers from Bridgestones
-----------------------------------------------------
Name of Company: Emmett Enterprises Limited

Nature of Business: Bearing Factor

Trade Classification: 5181

Date of Appointment: April 22, 2004

Joint Administrative Receiver:  BRIDGESTONES
                                125-127 Union Street,
                                Oldham OL1 1TE
                                Receivers:
                                Jonathan G Lord
                                Robert L Cooksey
                                (IP Nos 9041, 9040)


EUROPEAN FURNITURE: Appoints KPMG Administrator
-----------------------------------------------
Name of Company: European Furniture Brands Limited

Nature of Business: Furniture Retailer

Trade Classification: 21

Date of Appointment: April 21, 2004

Joint Administrative Receiver:  KPMG
                                St James' Square,
                                Manchester M2 6DS
                                Receivers:
                                Paul Andrew Flint
                                Brian Green
                                (IP Nos 9075, 8709)


FIRES DIRECT: In Administrative Receivership
--------------------------------------------
Name of Company: Fires Direct Limited

Nature of Business: Retailer of Fires and Fireplaces

Trade Classification: 22

Date of Appointment: April 26, 2004

Joint Administrative Receiver:  PARKIN S BOOTH & CO
                                24 Trinity Square,
                                Llandudno LL30 2RH
                                Receivers:
                                R M Rutherford
                                I C Brown
                                (IP Nos 6852, 8621)


FURNESS PROPERTIES: Names Liquidator from Kingston Smith
--------------------------------------------------------
Name of Companies:
FURNESS PROPERTIES LIMITED
FURNESS WITHY (SHIPPING) LIMITED
OCEAN GAS TRANSPORT LIMITED

At an Extraordinary General Meeting of the Members of these
Companies on April 23, 2004 held at 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 a winding-
up.

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


HI-TEC LABELS: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Hi-Tec Labels Ltd.
Company on April 21, 2004 held at Mazars, 19 Goldington Road,
Bedford MK40 3LB, the Special and Ordinary Resolutions to wind
up the Company were passed.  Martin Dominic Pickard of Mazars,
The Atrium, Park Street West, Luton LU1 3BE has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton LU1 3BE
          Contact:
          Martin Dominic Pickard, Liquidator


INTERNETWORK SUPPORT: Appoints PricewaterhouseCoopers Liquidator
----------------------------------------------------------------
At a Meeting of the Internetwork Support Limited Company on
April 20, 2004, the Special and Ordinary Resolutions to wind up
the Company were passed.  Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Company for the purpose
of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Contact:
          Jonathan Sisson, Liquidator
          Tim Walsh, Liquidator


INTERTEK TESTING: Loan Protector Adopts Certification System
------------------------------------------------------------
Loan Protector Insurance Services, a leading outsourcer of
customized mortgage insurance tracking and verification
services, announced selected Intertek Systems Certification, a
division of Intertek Testing Services, as its registrar for ISO
9001:2000 certification. ISO 9001:2000 is the internationally
recognized standard for quality management systems.

"Intertek has a long-standing reputation within the financial
industry for its ISO 9001:2000 certification services," Ron
Wiser, president of Loan Protector, said.  "Its commitment to
growth and quality systems was a key factor in our decision to
partner with Intertek.  Overall, Intertek is a good fit for our
business."

Bob Carter, senior account executive for Intertek Systems
Certification, will manage a specialized team of qualified
auditors to determine if Loan Protector's quality management
system complies with ISO 9001:2000 requirements.

"ISO 9001:2000 certification of financial services companies in
this country is rare," Carter said.  "During the request for
proposal and interview stages, it was clear that Loan Protector
had done its homework.  The company is well acquainted with the
audit requirements and is looking for the type of value-added
audits we provide.  In addition, they are enthusiastic about the
benefits of the ISO 9001:2000 certification and are using the
requirements to further develop its system.  We're looking
forward to working with Loan Protector."

To become ISO 9001:2000 certified, an organization must
demonstrate it has developed and implemented a quality
management system that meets the requirements of the
international standard.  The areas to be reviewed include
customer service requirements and satisfaction, compliance with
applicable regulatory requirements, internal audits and
continual improvement.  Audits by an accredited third party
registrar provide independent confirmation that the auditee's
system complies with the requirements.  The registrar conducts
regularly scheduled surveillance audits to maintain the
certification.

Loan Protector has implemented a comprehensive quality
management system to continually improve the processes and
products.  Each business process is documented and ownership
clearly defined.  Key customer, regulatory and internal
requirements are written into quality plans, which the managers
use to guide process activities and monitor results.  In
addition, job instructions and forms are controlled and
published from a single source and all documents are
automatically published in electronic books customized to the
areas where they are used.  Employees are trained using the
current instructions and their progress is recorded.
Specially-trained employees audit processes to verify compliance
with the planned arrangements.

"It is part of each manager's job to see that our business
processes are properly documented and executed," Wiser said.
"We have been using the ISO 9001:2000 requirements to improve
our business practices and are looking forward to certification
as recognition for our efforts."

About ISO

The International Organization for Standardization (ISO) is
made up of 146 national standards institutes from countries
large and small, industrialized and developing, in all regions
of the world.  ISO develops voluntary technical standards, which
contribute to making industrial production and supply more
efficient, safer and cleaner, and to making trade between
countries easier and fairer. ISO standards also serve to
safeguard consumers and users in general of products and
services, as well as to make their lives simpler.

For additional information on the organization visit
http://www.iso.org.

About Intertek Testing Services

Intertek Testing Services is a leading international testing,
inspection and certification organization which assesses
customers' products and commodities against a wide range of
safety, regulatory, quality and performance standards, and is
accredited to certify quality management systems to the ISO
9001:2000 international standard.  Intertek has more than 504
offices with 254 laboratories in 60 countries and is
increasingly undertaking outsourced testing work for its
customers.  Founded in 1888, the company is the world's largest
product and commodities testing organization.  The company is
compiled of more than 10,400 trained professionals to service
its 30,000 customers worldwide.

For additional information on the company visit
http://www.intertek.com.

About Loan Protector

Loan Protector is a leading independent outsourcer of customized
insurance tracking and lender-placed insurance programs,
designed to fit each mortgage lender's specific requirements.

Loan Protector offers a complete line of insurance tracking
products, including hazard and flood insurance tracking for
residential mortgages and multi-line insurance tracking for
commercial mortgages.  Using its state-of-the-art proprietary
software, EasyTrack(SM), Loan Protector helps servicers manage
their insurance verification, escrow premium payment and
lender-placed insurance processes in a secure, online
environment.

For additional information about Loan Protector call
800.545.6580 or visit http://www.loanprotector.com.

CONTACT:  FOR LOAN PROTECTOR
          Anna Milner
          Phone: 678-781-7214

          Tony Berry
          Phone: 678-781-7222


LIVINGSTON FC: Sale Row May Drive Club into Receivership
--------------------------------------------------------
Dominic Keane, former chairman and 75%-owner of Scottish Premier
League club, Livingston, refused to transfer his shareholding to
preferred bidder Lionheart consortium.

His resolve came out after it emerged the group wants to replace
head coach Davie Hay with assistant coach Allan Preston.

Although the transfer of shares is thought only a formality, Mr.
Keane's threat is feared to drive the company into receivership,
or closure, according to The Scotsman.  The club has to find new
owners to maintain registration with the Scottish Premier
League.

Dr. Tony Kinder, the remaining director of the club, promised to
help facilitate the transfer of the shares to the consortium led
by Irish millionaire Pearse Flynn.

Mr. Flynn wants to take in Mr. Preston on the club before the
coach is lured away by Hibernian.  Head coach Hay has chosen to
resign rather than be relegated.


MISYS PLC: More Medical Practices Select EMR Solution
-----------------------------------------------------
Misys Healthcare Systems -- a market leader in healthcare IT --
today announced 17 additional medical practices that recently
selected its widely installed clinical technology solutions.

Seven of the practices were new to Misys Healthcare Systems and
selected Misys' integrated practice management and electronic
medical records (EMR) solutions -- Misys Tiger(TM) and Misys
EMR(TM).  The 10 remaining healthcare organizations were current
Misys customers who added Misys EMR to their existing system.

New clients include:

(a) Cape Heart Group (Merritt Island, Fla.)

(b) Davila Pediatrics, PC (Decatur, Ala.)

(c) Independence Pain Associates (Jenkintown, Pa.)

(d) Methodist Healthcare Minor Medical Centers (Memphis, Tenn.)

(e) Neuroscience Consultants (Miami, Fla.)

(f) South Denver Obstetrics & Gynecology, PC (Littleton, Colo.)

(g) Southeast Wyoming Ear, Nose & Throat Clinic (Cheyenne,
    Wyo.).

Clients adding Misys EMR to their systems include:

(a) Augusta Orthopaedic Surgery (Staunton, Va.)

(b) Glasgow Pediatrics (Glasgow, Ky.)

(c) James A. Stoever, PC (Savannah, Ga.)

(d) Joliet Doctors Clinic (Joliet, Ill.)

(e) Kentwood Family Physicians, P.C. (Grand Rapids, Mich.)

(f) Lyerly Neurosurgical Group, PA (Jacksonville, Fla.)

(g) Mandel B. Miller, M.D. (Orlando, Fla.)

(h) Optima Medical Associates (Joliet, Ill.)

(i) Pediatric & Adolescent Health Partners (Midlothian, Va.)

(j) Wheaton Orthopaedics, Ltd. (Carol Stream, Ill.).

Used to improve access to patient information and expedite
record keeping processes, Misys EMR provides electronic
capabilities for routine tasks related to clinical data (such as
transcription, imaging, orders management, messaging and
prescription writing), as well as a wireless point-of-care
solution for physicians in the examination room.  Misys EMR
works with a practice's previously installed practice management
system or can be integrated with Misys Tiger, a Windows(R)-based
practice management system that allows them to manage the
administrative needs of their practice more effectively.

Misys solutions are currently being used in more than 55 key
specialties in more than 18,000 medical practice locations
across the United States.

About Misys Healthcare Systems

Misys Healthcare Systems, one of the top five healthcare IT
companies in North America, develops and supports reliable,
easy-to-use software and services of exceptional quality that
enable physicians and caregivers to more easily manage the
complexities of healthcare.  With more than 20 years experience
in the industry, Misys Healthcare Systems, a division of Misys
plc, currently serves more than 92,000 physicians, 1,200
hospitals, 600 home care providers and hundreds of commercial
laboratories, clinics, managed services and other related
organizations. For more information, visit
http://www.misyshealthcare.com.

About Misys plc

Misys plc, the global software products and solutions company,
serves customers in the international banking and securities,
international healthcare, and U.K. retail financial services
sectors.  The group partners with its customers to deliver
outstanding IT solutions to essential industries.  For the year
ended May 31, 2003, Misys reported revenues in excess of $1.5
billion.  Misys employs more than 6,000 people internationally.
For more information, visit http://www.misys.com.

CONTACT:  MISYS HEALTHCARE SYSTEMS
          Mike Truell
          Phone: 919-329-1321
          E-mail: mike.truell@misyshealthcare.com


MISYS PLC: Banca Popolare Adopts OPICS Solutions
------------------------------------------------
Banca Popolare di Milano (BPM) implemented OPICS, the treasury,
derivatives and capital markets solution from Misys Wholesale
Banking Systems (Misys), for its subsidiary in Dublin.  OPICS
has been installed at Engitech, who provide facility management
services to BPM Ireland Plc, where the bank has no IT
infrastructure.  The bank went live with OPICS in January 2004,
following less than 4 months of implementation.

The OPICS implementation has brought control of the bank's
accounting functions in-house, rather than having them in the
hands of an external provider.  By using OPICS, BPM aims to
reduce the manual effort and complexity currently involved in
management accounting, and to achieve more sophisticated
reporting through OPICS' provision of flexibility and real-time
analysis.

Aldo Aletti, General Manager, BPM Ireland, said: "We are very
pleased with the quality of the support received during the
implementation by the Misys team.  OPICS provides the
sophisticated functionality and integration capabilities that
enable us to centralize and streamline our operations.  In
addition, by outsourcing the IT infrastructure to Engitech, the
branch can focus wholly on our business requirements."

Clive Whincup, CIO of BPM's head office in Milan, adds: "The
success of this project proves that we have chosen the right
vendor, as Misys understands the local and global requirements
of international banks.  OPICS has enabled us to significantly
lower costs, improve risk management and more easily access and
analyze data to meet demanding management and regulatory
requirements."

OPICS was selected following a 6-month evaluation process
involving 3 competing systems.  The solution was chosen because
of its richness of functionality, including automatic
confirmation of FX & MM, connectivity with Bloomberg, and its
flexible capabilities for straight-through processing (STP).

Gavin Tingle, Business Development Director for Europe, Middle
East and Africa at Misys, comments: "Multiple systems supporting
various international offices can significantly increase a
bank's cost base.  With the pressure on reducing costs, many
banks are looking to consolidate systems by creating a global
processing environment.  OPICS is a proven solution with wide
instrument coverage and full departmental support, on a single
platform, that helps our customers to streamline processes and
lower costs across global boundaries.  Most importantly, it
still provides the flexibility to customize services to meet
local needs."

About Banca Popolare di Milano
Founded in 1865, Banca Popolare di Milano is a cooperative bank
with 572 branches in Italy and branches in London, New York and
Dublin.  The bank focuses on retail banking, asset management
treasury and capital markets.

About Misys Wholesale Banking Systems
Misys Wholesale Banking Systems is a trusted provider of
innovative technology solutions.  Over 1,000 employees in 30
offices around the world have built up the necessary domain
expertise to deliver world-class solutions with an
understanding of local requirements.  Misys Wholesale Banking
Systems' staff are committed to developing and supporting a
product family that embraces trade finance, international
banking, treasury & capital markets, confirmation matching,
continuous linked settlement (CLS), ebanking, middleware and
financial messaging.

Misys Wholesale Banking Systems is part of Misys plc's Banking &
Securities Division, which serves over 1,200 customers across
more than 120 countries, including 92% of the world's top 50
banks and 56% of the top 250. (Source: The Banker, July 2003).

Misys Plc, the global software products and solutions company,
serves customers in the international banking and securities,
international healthcare, and U.K. retail financial services
sectors.  The group partners with its customers to deliver
outstanding IT solutions to essential industries.  For the year
ended May 31, 2003, Misys reported revenues in excess of $1.8
billion.  Misys employs more than 6,000 people internationally

CONTACT:  WRITE IMAGE
          Shamira Alidina
          Adelaide Harrison
          Phone: +44 (0) 20 7959 5400
          E-mail: Shamira@write-image.co.uk
          E-mail: Adelaide.harrison@write- image.co.uk

          MISYS WHOLESALE BANKING SYSTEMS
          Andy Coulter
          Head of Marketing & Business Planning
          Phone: +44 (0)20 8879 1188
          E-mail: andy.coulter@misys.com
          Web site: http://www.misys.com


MISYS PLC: Misys Appoints New CEO for Retail Banking
----------------------------------------------------
Misys PLC appointed Andrew Derrer CEO of Misys Retail Banking,
building on his successful career as Vice President, Financial
Services of Oracle and co-founder of EWI Business Consulting.

"Andrew's knowledge and his passion for this business will take
an already successful organization to new levels," said Ivan
Martin, Misys Banking Division CEO.  "He has a formidable track
record in the industry and joins us at an exciting time.  I am
delighted to have Andrew on the team."

Andrew Derrer commented: "Misys Retail Banking is a true
worldwide player -- almost 500 customers bank on Misys and put
us at the heart of their business.  We are in a market that is
set to grow by more than 8% this year, but looking at the
dynamics of demanding customers, IT costs and the regulatory
requirements of Basel-II, AML, IAS-39 and Sarbanes-Oxley, I
believe that in the medium term packaged enterprise software in
core banking is set for more dramatic growth.  This year Misys
Retail Banking has already won major deals with customers in G8
economies.  Given this success and our continued investment in
our product roadmaps, Misys Retail Banking is well positioned to
participate in this growth."

In joining Misys, Andrew leaves his position as Vice President,
Financial Services for Europe, Middle East & Africa at Oracle.
For the last seven years he was responsible for Oracle's
Financial Services business across the EMEA region.  He devised
and drove the execution of the Go-to-Market Strategy for Oracle
Financial Services, and more than doubled this part of Oracle's
business in the last four years.

Previously, Andrew founded EWI Business Consulting, a consulting
company based in Switzerland and India.  Oracle bought the
business in 1997 and the Indian operation now has close to 500
consultants providing offshore services to Oracle's customers
worldwide.

A qualified accountant, Andrew has held a number of senior
finance positions in a variety of major corporations, including
Unisys, Control Data, Arco and Mobil.

About Misys Retail Banking

Misys Retail Banking is a global retail banking systems company
that provides innovative packaged software solutions to help
retail banks improve business processes, develop new revenue
streams, enhance customer relationships and reduce costs.  The
company employs over 700 people and operates out of a network of
offices in 28 countries.

Misys offers two leading software solutions.  Bankmaster is a
fully integrated set of banking applications that provides the
flexibility to bring new and varied products to market and
supports multi-delivery channels.  Equation is an integrated,
multi-currency, multi-lingual retail banking system that
supports all areas of a bank's operation from a single
automation platform.

Misys Retail Banking is part of Misys PLC, one of the world's
largest software solutions companies that serves customers in
the international banking and securities, U.S. healthcare and
U.K. retail financial services sectors.  Misys employs over
6,500 people internationally and reported revenues in excess of
GBP1 billion ($1.5 billion) for the year ended 31 May 2003.

CONTACT:  COHN & WOLFE
          Louise Andrews
          Susanna Davidson

          Phone: +44 20 7331 5300
          E-mail: louise_andrews@uk.cohnwolfe.com
          Web site:
          http://www.misys.com/mys/banking/products/retail


OCEANSAFE LIMITED: Hires Receiver from Ritson Smith
---------------------------------------------------
Name of Company: Oceansafe (Shetland) Limited

Nature of Business: Net Manufacturers

Trade Classification: 02

Date of Appointment: April 15, 2004

Administrative Receiver:  RITSON SMITH
                          16 Carden Place,
                          Aberdeen AB10 1FX
                          Receiver:
                          Ewen R Alexander
                          (IP No 6754)


PRISM DATA: Meeting of Creditors Set May 12
-------------------------------------------
There will be a Creditors Meeting of the Prism Data Management
Ltd Company on May 12, 2004 at 11:00 a.m.  It will be held at
Sherlock House, 73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Sherlock House, 73 Baker Street, London W1U 6RD
not later than 12:00 noon, May 11, 2004.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street,
          London W1U 6RD
          Contact:
          S R Thomas, Joint Administrator
          S D Burkett-Coltman, Joint Administrator


TRI-THERM LIMITED: Creditors to Meet May 13
-------------------------------------------
There will be a Creditors Meeting of the Tri-Therm (TC) Limited
on May 13, 2004 at 10:30 a.m.  It will be held at The George
Hotel, 116 High Street, Colchester, Essex CO1 1TD.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Lake Bushells, 82 East Hill, Colchester, Essex
CO1 2QW not later than 12:00 noon, May 12, 2004.

CONTACT:  LAKE BUSHELLS
          82 East Hill, Colchester,
          Essex CO1 2QW
          Contact:
          Peter George Byatt, Joint Administrator


TWP HOLDCO: Hires Grant Thornton Liquidator
-------------------------------------------
In a Meeting of the Members of the TWP Holdco (4) Limited
Company on April 15, 2004, the Resolution to wind up the Company
was passed.  Roy Welsby of Grant Thornton, 1 Westminster Way,
Oxford OX2 0PZ has been appointed Liquidator of the Company for
the purpose of such winding-up.

CONTACT:  GRANT THORNTON
          1 Westminster Way
          Oxford OX2 0PZ
          Contact:
          Roy Welsby, Liquidator


VIRTCO LIMITED: Members Annual and Final Meeting Set June 4
-----------------------------------------------------------
There will be an Annual and Final Meeting of the Members of
Virtco (No. 1) Limited (formerly Nicholas Berwin & Co Limited)
Company on June 4, 2004 at 10:00 a.m. and 10:15 a.m.
respectively.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 1 Bentinck Street, London W1U 2ED not later than
12:00 noon, June 3, 2004.

CONTACT: R M Woolfson, Liquidator


WEMBLEY PLC: MGM MIRAGE Withdraws Offer
---------------------------------------
The board of MGM MIRAGE on Wednesday announced that it is
withdrawing, and consequently lapsing, its Increased Offer for
the ordinary share capital of Wembley.

On 8 April 2004, MGM MIRAGE announced a recommended Increased
Offer for the entire issued and to be issued ordinary share
capital of Wembley, representing a revision to the terms of its
recommended cash acquisition announced on 27 January 2004.  On
20 April 2004, the board of Wembley withdrew its recommendation
for MGM MIRAGE's Increased Offer and recommended a higher cash
offer for the ordinary share capital of Wembley made by BLB
Investors, L.L.C.

Following careful consideration, the board of MGM MIRAGE has
concluded that the price offered by BLB Investors is in excess
of the price that MGM MIRAGE is prepared to offer.  Accordingly,
it has decided to withdraw, and therefore lapse, its Increased
Offer with immediate effect.

CONTACT:  MGM MIRAGE
          Alan M. Feldman
          Phone: +1 (702) 891 7147

          CITIGROUP
          Wendell Brooks
          Simon Gluckstein
          Phone: +44 (0) 207 986 4000

          FINSBURY
          Roland Rudd
          Rollo Head
          Phone: +44 (0) 207 251 3801


                            *********


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
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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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