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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

             Thursday, May 13, 2004, Vol. 5, No. 94

                            Headlines

F R A N C E

EADS: Wins EUR3 Billion Contract to Supply Ariane 5 Rockets


G E R M A N Y

MG TECHNOLOGIES: Subsidiary Corners EUR15 Mln Construction Deal
WESTLB GROUP: Confirms EUR1.9 Million Full-year Loss


H U N G A R Y

DAM STEEL: Ukrainian Company Mulls Takeover


I R E L A N D

W&R MORROGH: Govt Assembles Investigators 3 Years After Collapse


I T A L Y

FIAT GROUP: First-quarter Operating Loss Down 65% Year-on-year
LAZIO SPA: Serono Head Interested in Troubled Serie A Club
PARMALAT USA: Italian Parent Wavering on U.S. Asset Sales
SEAT PG: Reports EUR35.3 Million First-quarter EBITDA


N E T H E R L A N D S

KENDRION N.V.: Profit from Non-core Activities Down 65%
KONINKLIJKE AHOLD: Blames Lower Currency Rate for 11% Sales Drop
NUMICO N.V.: Shareholders Pass All Resolutions in AGM Agenda
NUMICO N.V.: Appoints New Supervisory Board Member


N O R W A Y

FINDEXA II: 'B' Ratings Remain on CreditWatch Positive
HUTA CZESTOCHOWA: Court Rules in Favor of Sale to Ukrainian Firm


R U S S I A

AVTOBAZA: Rostov Court Prescribes Bankruptcy Procedure
EYSK DAIRY: Deadline for Proofs of Claim June 28
KRASNY FARFORIST: Declared Bankrupt
KURSHAVSKY: Court Sets May 20 Hearing
KURSK PRESERVING: Insolvent Status Confirmed

LENIN PUT: Bankruptcy Supervision Procedure Begins
MOROZOVO: Perm Court Appoints Insolvency Manager
ROSSOSHANSKAYA: Creditors Have Until July 7 to File Claims
URAL-CRANE: Under Bankruptcy Supervision Procedure
VODOCANAL: Bankruptcy Supervision Procedure Begins


S P A I N

ONO FINANCE: Caa2 Senior Bond Ratings Affirmed


S W E D E N

AB ELECTROLUX: Closing Vacuum Cleaner Factory in Vastervik
SKANDIA INSURANCE: Discloses New Board Appointees


U K R A I N E

AGROBUDKOMPLEKT: Deadline for Proofs of Claim June 7
AUTO-TRANSPORT ENTERPRISE: Falls into Bankruptcy
BOGODUHIVSKA RAJAGROHIMIYA: Declared Insolvent
DNIPRODZERZHYNSK: Exits Bankruptcy Procedure
DOMOBUDIVNIK: Declared Insolvent

HARKIVVODBUD: Falls into Bankruptcy
INTER-OPPA: Cherkassy Court Appoints Insolvency Manager
KONTAKT: Deadline for Proofs of Claim June 7
LVIV PLANT: Under Bankruptcy Supervision Procedure
MRIYA: Bankruptcy Supervision Procedure Begins

MRIYA-D: Declared Bankrupt
SELISHANSKIJ SUGAR: Under Bankruptcy Supervision Procedure
STAL: Insolvent Status Confirmed


U N I T E D   K I N G D O M

ABERDEEN ASSET: Exeter Account Frozen; AAM Could be Next
ARIDGROVE LIMITED: Hires Liquidator from Ian Holland + Co
B4UDIE LTD.: Final General Meeting of Members Set June 18
BEAUBRICK LTD: Members' General Meeting Set June 3
BLACKFRIARS OIL: Final General Meeting June 11

CHISWELL INVESTMENT: Sets Final Meeting June 11
DUO AIRWAYS: Appoints Deloitte & Touche LLP Administrator
ENCODA ATS: Members General Meeting Set June 8
EQUITABLE LIFE: Treasury Leaves Open Possibility of Govt Payout
FASTPOST LIMITED: Final General Meeting Set June 11

FOCUS WICKES: Rated 'B+' Due to Limited Covenant Headroom
HIGHWOOD HOMES: Members Meeting Set June 18
JOHN DAVID: Reports Robust Performance in Core Sports Business
LABGEAR LIMITED: Hires Begbies Traynor Administrator
NICHOLAS PINE: General Meeting of Members June 15

NORTHUMBRIAN WATER: Obtains GBP212.1 Million Refinancing
QUEENS MOAT: Debenture Stock Holders Meeting Set June 2
SOLOMON BROS.: Winding up Resolutions Passed
SOVENT LIMITED: General Meeting for Members June 24
SUE TOWNSEND: Calls in Liquidator
SUNBURY GLASS: Members Meeting Set June 11
U.K. LIFTING: Cattles Invoice Appoints Milner Boardman Receiver


                            *********


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


EADS: Wins EUR3 Billion Contract to Supply Ariane 5 Rockets
-----------------------------------------------------------
European launcher company Arianespace ordered 30 Ariane 5
rockets worth around EUR3 billion from the European Aeronautic
Space and Defense Company (EADS) on Monday.  The European
aerospace group, which holds approximately 20% of Arianespace,
will deliver the rockets over the next five years beginning in
2005 at a rate of six per year.

EADS Space became the sole prime contractor for engineering and
manufacturing of the Ariane 5 rocket as part of a restructuring
package agreed by the member of the European Space Agency last
year.  Francois Auque, head of EADS Space, said the division was
on track to break even in 2004 after sustaining a loss of EUR400
million in 2003 and EUR268 million in 2002 because of a
restructuring charge of EUR288 million.

The Franco-German group wants to save EUR450 million annually in
its space operations.  Cost-cutting measures include the axing
of 3,300 jobs, bringing the division's workforce to less than
12,000.


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


MG TECHNOLOGIES: Subsidiary Corners EUR15 Mln Construction Deal
---------------------------------------------------------------
Lurgi AG, a subsidiary of Frankfurt-based mg technologies ag,
won a contract from JCN Neckermann-Biodiesel GmbH to build a
bio-diesel plant in Halle an der Saale in eastern Germany.  The
plant with a total investment of about EUR15 million will use
rapeseed oil to produce 56,000 tons of bio-diesel and 10,000
tons of glycerine of pharmaceutical quality per year.  The plant
is due to come on stream in 2005.  The construction of
industrial plants that produce alternative fuels such as bio-
diesel and bio-ethanol from renewable resources is one of
Lurgi's core businesses.

"As a leader in this technology, we aim to benefit long-term
from the growing demand for bio-fuels and to continue enhancing
the company's strong market position in the field of renewable
resources," explained Klaus Moll, mg's Executive Board member
responsible for industrial plant engineering.

According to the German Association of the Automotive Industry,
the share of biofuels in the European Union's total fuel market
will more than double from less than 2% at present to 5.75% in
2010.  In the U.S., in particular, bio-ethanol is used as an
alternative fuel.  Production of bio-ethanol is set to grow
sharply there due to tax breaks and because the addition of bio-
ethanol is regulated by statutory quotas.  In 2003, Lurgi won
contracts to build bio-diesel plants in Spain and Germany.

mg technologies ag is an international technology group that
concentrates on specialty mechanical engineering -- focusing on
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003 the
company employed around 29,000 people.  mg is a market and
technology leader in 90 percent of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax:   +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


WESTLB GROUP: Confirms EUR1.9 Million Full-year Loss
----------------------------------------------------
WestLB Group closed the 2003 financial year with a loss of
EUR1,897 million after eliminating all discernible lending and
investment risks from the balance sheet (2002: -EUR1,730
million).  However, the Bank's operating profit for the year --
before risk provisioning and the result of evaluation --
improved significantly, more than doubling to EUR757.2 million
against the previous year (2002: EUR366.0 million).

Dr. Thomas R. Fischer, Chairman of the Managing Board of WestLB
AG since January 1, 2004, said: "WestLB's financial statements
for 2003 are characterized by systematic consolidation and an
uncompromising elimination of all remaining risks on its balance
sheet.  This is this basis on which we are now building the new
WestLB.  In a close business partnership with the savings banks,
we will focus our business activities increasingly on the home
market, tapping hitherto unused market potential primarily among
medium-sized companies and in the private banking field.  WestLB
will no longer operate purely as a wholesale bank: that is no
longer a competitive long-term option given the changing legal
framework in which we must work."

Profitable Start for 2004

WestLB began 2004 on a profitable note.  Net pre-tax profits for
the first quarter were EUR113.6 million (first quarter 2002:
EUR181.6 million).  Profits for the first three months were
below expectations due to the business restructuring and an even
stronger focus on reducing loan risk.  Earnings in April,
however, were already well above the average of the first
quarter.

Dr. Fischer added: "The new direction is now clear, and WestLB
is picking up speed.  I am confident that we can achieve the
turnaround this year with the measures we have taken and
providing the upswing in the world economy continues."

Good progress is being made on reducing costs, with savings of
EUR57.1 million in personnel and operating expenditure compared
with the first quarter of 2003.  Moreover, the streamlining of
the portfolio in 2003 has led to significantly lower charges for
lending risks.

Balance Sheet Restructuring and Risk Elimination Hit Group
Results in 2003

The Group annual financial statements for 2003 are an important
step towards building the new WestLB.  The Bank has now
accounted fully for all identifiable risks in its lending and
investment portfolios.  All provisions required as a result of
the BaFin audit were made to the fullest extent.  All listed
equity investments were written down to their market value, and
full account was taken of possible risks for unlisted equity
investments.  In addition, WestLB systematically reduced its
risk-weighted assets by roughly EUR20 billion (-12.8%) to
EUR135.3 billion by means of a selective lending policy,
syndications and placements in the secondary market.

Costs were again significantly lower in 2003. Administrative
expenses were reduced by a further 20% to EUR1,828 million
(2002: EUR2,274 million).  Costs have now been trimmed by EUR786
million since the launch of the restructuring program two years
ago.  The cost-income ratio has fallen from 86.1% in 2002 to
70.7% in 2003.  Further cost savings are planned for 2004 and
2005, affecting both staff and operating expenditure.  Headcount
reductions at WestLB are proceeding as planned.  Between the end
of 2002 and the end of 2003, the number of employees in the
Group fell from 9,621 to 7,738; by the end of April 2004 the
figure had fallen further to 7,327.  Staff numbers are scheduled
to drop to 6,200 by the end of 2005.  About half of the
remaining cuts have already been identified and will be
accounted for by planned outsourcing measures.

Other important measures that will drive forward the change in
the business direction of WestLB include the further development
of the risk management system and the strategic focus of the
business activities.  For example, WestLB is gradually
withdrawing from the principal finance business.  Going forward,
risky, high-volume investments involving significant lending
exposures will no longer be a part of the Bank's business
activities.  The successful sale of the stake in Pubmaster, the
U.K. pub chain, and the exit from retail chain Bhs mark the
first steps in this direction.  Moreover, with the sale of the
Panmure activities, the equities business has been put on a new
footing, with the focus now on European large caps as well as
German mid- and small caps.  The Group-wide, integrated risk
management will be strengthened in its central functions and the
active management of risk will be expanded.  In particular, this
includes the systematic alignment of the risk profile with the
risk-carrying capacity of the Bank.

The New WestLB: European Commercial Bank Headquartered in North
Rhine-Westphalia

The new business model will position WestLB as a profitable
European commercial bank with headquarters in North Rhine-
Westphalia. Dr. Fischer said: "A closely coordinated market
approach with the savings banks will enable WestLB to operate as
a universal bank with specialist fields of activity.  This one-
stop strategy will ensure that additional market potential can
be tapped for the benefit of both the savings banks and WestLB.

"The new business model, developed in close cooperation with the
owners and approved by the Supervisory Board of the Bank at its
meeting on May 7, 2004, is founded on a close business
partnership with the savings banks in North Rhine-Westphalia and
Brandenburg.  Within this partnership, WestLB will operate as a
center of competence and acknowledged player on the
international financial markets, providing the savings banks
with attractive services, products and efficient execution.
With the exception of principal finance, WestLB will retain its
commitment to its existing international business activities.
Going forward, the regional focus will be on Europe and on North
Rhine-Westphalia and Germany in particular.  The range of
products and services, as well as the international activities,
will be further optimized from a risk-return point of view and
supplemented by new business initiatives for medium-sized
companies and private banking clients.  WestLB will thus operate
as a complementary institution to the savings banks.  The aim is
to generate higher returns through higher transaction volumes,
improve the risk profile of the Bank and reduce the volatility
of the business.

"The business model is to be supported by a capital increase,
which will allow the North Rhine-Westphalian savings banks to
acquire a greater, directly held share in the new WestLB AG.
Dr. Fischer added: "The business model has now been agreed.
Together with the planned capital increase and the measures
already introduced to reduce risk and trim staff and operating
expenses, it ensures WestLB is well-placed to develop its
business on a stable foundation, with the prospect of attractive
returns for its owners."

Copies of WestLB's financial statements are available free of
charge at http://bankrupt.com/misc/WestLB_2003.pdf


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


DAM STEEL: Ukrainian Company Mulls Takeover
-------------------------------------------
The Industrial Union of Donbas Corporation (IUD) is studying the
possibility of acquiring Hungarian DAM Steel Rt, according to
Europe Intelligence Wire.

Oleksandr Pylypenko, IUD director for corporate rights and
investment, said the Ukrainian company is evaluating the
situation, but has not formed any decision yet.  The bankrupt
company has been for sale since 1997.  It attracted interests
from several firms across Europe, but failed no clinch any deal.


=============
I R E L A N D
=============


W&R MORROGH: Govt Assembles Investigators 3 Years After Collapse
----------------------------------------------------------------
Two teams have been set up to investigate the collapse of
stockbroking firm W&R Morrough in an attempt to draw lessons
from it and prevent similar fallout in the future.

According to the Irish Examiner, Finance Minister Charlie
McCreevy himself established the two teams called the
Compensation Funding Aspects and the Legislative and Financial
Regulation Aspects.  The first team will scrutinize the
structure of compensation schemes for clients of the financial
services industry, while the second team are expected to
recommend regulatory and legislative frameworks needed to
prevent similar failures.

Members of the group include representatives from the
departments of finance, enterprise, trade & employment, and the
Taoiseach's office, as well as several consumer groups and
professional bodies, including the stock exchange, insurers' and
brokers' groups.

W&R Morrogh, which collapsed three years ago, remains in
receivership with 16 million in shares and cash.  The standstill
is expected to eat up 35% of the funds owed to Morrogh
investors.


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


FIAT GROUP: First-quarter Operating Loss Down 65% Year-on-year
--------------------------------------------------------------
The Board of Directors of Fiat S.p.A. met on Tuesday under the
chairmanship of Umberto Agnelli to review the consolidated
results of the Fiat Group for the first three months of 2004.

First Quarter Overview

The results achieved by the Fiat Group in the first quarter of
2004 show that the Relaunch Plan is being implemented on
schedule and is yielding the expected benefits.  Stringent cost-
containment initiatives and the improved margins made possible
by the positive public response to the new models launched by
all Sectors, especially those of Fiat Auto, have enabled all
Group companies to make steady progress toward attaining the
target set for the year.

The highlights for the first quarter, based on data restated on
a comparable basis (continuing operations), are:

(a) Revenues up 6.1%;

(b) Operating loss cut by approximately 65%;

(c) Loss before taxes reduced by more than EUR700 million;

(d) Negative net financial position of EUR4.4 billion due to
    seasonal factors and a reduction of about EUR500 million in
    receivables sold;

(e) Liquidity at EUR5.6 billion, after EUR1.4 billion in bond
    redemptions.

Results of the Group

Revenues for the first quarter of 2004 totaled EUR11.2 billion,
compared with EUR12.3 billion in the same period last year.
However, when the data are restated on a comparable basis, the
Group's revenues are about EUR650 million (+6.1%) higher than
the EUR10.5 billion generated by the continuing operations in
the first three months of 2003.  This improvement is mainly due
to higher revenues at Fiat Auto (+12%) and positive performances
by several other Sectors.  More specifically revenues were up 6%
at Iveco, 12% at Marelli and 18% at Ferrari.  CNH's revenues
increased by 17% when stated in U.S. dollars, but were flat when
translated into euros due to the unfavorable dollar/euro
exchange rate.  During the quarter, Fiat Engineering, which had
revenues of EUR83 million in the first three months of 2003, was
divested effective January 1, 2004.

The operating loss for the first quarter of 2004 was EUR158
million, more than halved from the loss of EUR342 million in the
same period last year.  The improvement is even greater on a
comparable basis, continuing operations only, with this year's
operating loss about 65% lower than the EUR443 million loss
recorded in the first three months of 2003.  This improvement in
operating performance is primarily due to increased volumes and
margins made possible by healthy demand for the Group's new
products and to the beneficial impact of cost-cutting programs
implemented under the Relaunch Plan.  All of the Group's main
Sectors provided a positive contribution:

(a) Despite challenging market conditions, Fiat Auto's
    performance in the first quarter of 2004 continued to
    improve.  The first quarter 3 operating loss shrank from
    EUR334 million in 2003 to EUR192 million this year.  On a
    comparable basis (continuing operations), this year's
    operating loss is down to nearly half the EUR375 million
    loss posted in the first three months of 2003.

(b) CNH's profitability was up sharply, with operating income
    rising to EUR55 million, compared with an operating loss of
    EUR8 million in the first three months of 2003.  This
    improvement, despite the negative impact of an unfavorable
    exchange rate, was made possible by CNH's ability to exploit
    the recovery of the American market.

(c) In the first quarter of 2004, Iveco reported operating
    income of EUR45 million, up from EUR2 million in the same
    period last year, confirming and consolidating the gains
    it achieved in the fourth quarter of 2003.  This
    improvement, which was achieved despite relatively sluggish
    market demand, is largely the result of initiatives launched
    under the Relaunch Plan.

(d) All other industrial Sectors of the Group improved their
    operating results, with the exception of Ferrari, which was
    penalized by an unfavorable dollar/euro exchange rate and
    the higher capital spending to relaunch Maserati.  The
    results reported by Business Solutions for the first three
    months of 2004 were adversely affected by the divestiture
    of Fiat Engineering, which had contributed operating income
    of EUR4 million in the same period last year.  The loss
    before taxes totaled EUR61 million in the first quarter of
    2004, compared with a pre-tax loss of EUR657 million in
    the same period last year.  The improvement is even greater
    (more than EUR700 million) when compared to a pre-tax loss
    of EUR768 million posted by the continuing operations in the
    first three months of 2003.  Better operating results,
    higher income from equity investments and the gain generated
    by the termination of the equity swap on the General Motors
    shares (the portion allocable to the first quarter of 2004
    was EUR283 million) are the main reasons for this
    substantial improvement in performance.  The consolidated
    net loss shrank to EUR212 million, a reduction of more than
    two-thirds from the EUR699 million lost in the first three
    months of 2003 (loss of EUR757 million restated on a
    comparable basis for the continuing operations).  Group cash
    and marketable securities held at more than EUR5.6 billion,
    even after the redemption of bonds for EUR1.4 billion.  At
    March 31, 2004, the Group's net financial position showed
    indebtedness of EUR4.4 billion, or about EUR1.4 billion
    more than at December 31, 2003.  The main reasons for this
    change are a seasonal increase in working capital
    requirements, most of which will be reabsorbed during the
    course of the year, and a decrease of about EUR500 million
    in the amount of trade receivables sold.  During the first
    quarter of 2004, the Group's gross indebtedness was cut by
    EUR700 million to EUR21.8 billion.  Net indebtedness of the
    industrial operations alone (gross indebtedness less liquid
    assets and securities) increased by about EUR800 million
    to EUR5.9 billion.

Automobiles

Overall, the automobile market expanded slightly (+3%) in
Western Europe during the first three months of 2004.
Contractions in France (-2.9%), Italy (-2.1%) and Germany (-
1.7%) were more than offset by gains in other markets, such as
Great Britain (+5.9%) and especially Spain (+18.9%).  Demand was
up in all of Fiat Auto's other main markets, including Poland,
where the economic recovery started last year drove
registrations up 22.4% compared with the first three months of
2003; Brazil, where the market staged a turnaround, growing by
5%; Turkey; and Argentina.  In this environment, Fiat Auto
booked revenues of EUR5.3 billion in the first quarter of 2004,
up from EUR4.9 billion in the same period a year ago (EUR4.7
billion restated on a comparable basis for the continuing
operations).  Worldwide sales totaled 472,500 units (+12.7%), as
shipments increased in Spain (+30.9%), Italy (+11.4%), Great
Britain (+5.6%) and the rest of Western Europe (+20.8%), with
the exception of Germany, where sales decreased, and France
where sales remained substantially steady.

Compared with the first three months of 2003, Fiat Auto's share
of the automobile market held steady at 8.1% in Europe, but
improved by 1.2 percentage points in Italy, from 28.2% to 29.4%.
At EUR192 million, Fiat Auto's operating loss was significantly
lower than the EUR334 million-loss recorded in the first three
months of 2003.  When last year's first quarter loss is restated
on a comparable basis for continuing operations (EUR375 million)
the year-over-year improvement is even greater (about 50%).
This improvement reflects sizable efficiency gains and brisk
demand for its new models, which, by increasing unit sales,
helped expand profit margins and stimulate demand for the rest
of the model line.

Fiat Auto continued to pursue a strategy of continuously
improving its product line during the first three months of 2004
and, consistently with the preeminent role that technological
innovation plays in the Relaunch Plan, presented at the Geneva
Motor Show four new models that are slated for market launch in
the coming months: the compact MPV Lancia Musa, the Alfa
Crosswagon (which marks Alfa Romeo's return to the all-wheel-
drive market segment), a totally restyled Multipla, and the
Panda 4x4.  In addition, the Lancia Ypsilon is now being offered
with a sophisticated DFN robotized transmission.

Agricultural and Construction Equipment In the first quarter of
2004, demand for agricultural equipment increased in North
America (+17%), Latin America (+24%) and the rest of the world
(+40%), with the exception of Western Europe, where the market
was down by about 1%.  During the same period, overall demand
for construction equipment was also up (+24%), with gains in all
world markets.

CNH had revenues of EUR2.2 billion, little changed (+0.6%) from
the first three months of 2003.  However, overall unit sales
were up 6.6% and revenues stated in U.S. dollars (the Sector's
reporting currency) rose to $2.8 billion, or $400 million more
than in the first quarter of 2003.  The increase in unit sales
enjoyed by the agricultural equipment operations (+8.2%) and to
a lesser extent by the construction equipment operations (+2.3%)
were offset by the negative impact of an unfavorable exchange
rate.

CNH reported operating income of EUR55 million, a sharp
improvement over the operating loss of EUR7 million in the first
three months of 2003.  In this case as well, the year-over-year
improvement is even more impressive when the data are stated in
U.S. dollars, with operating income of $68 million for the first
quarter of 2004 and an operating loss of $9 million in the same
period last year.  These strong gains were made possible by
improvements in all areas -- commercial (higher return on
sales), financial (excellent results by the financial
operations) and industrial (lower production costs) -- and
effectively offset the negative impact of dollar/euro
translations.

Commercial Vehicles

During the first three months of 2004, overall demand for
commercial vehicles expanded by 10% in Western Europe with
respect to the same period last year.  In Italy, however, demand
contracted by 4.3%.  A breakdown by market segment shows gains
for light vehicles (+14%) and heavy vehicles (+3.6%) and a
decrease for medium vehicles (-1.6%).

In this market environment, Iveco sold a total of about 36,000
units, about the same (+0.6%) as in the first three months of
2003.  Lower shipments to customers in Italy were offset by
growth in other European markets (Great Britain, Spain and
Germany) and the rest of the world.

Iveco reported revenues of EUR2.1 billion in the first quarter
of 2004, an increase of over 6% with respect to the
corresponding period of the previous year.  This revenue
increase is attributable for the most part to a more favorable
product mix and better pricing, which were made possible in part
by the new products launched in the heavy-range segment.  Iveco
had operating income of EUR45 million, up from EUR2 million in
the first three months of 2003.  This sharp increase is the
result of an improved return on sales and a better product mix.
It also reflects the contribution of programs implemented to
streamline the Sector's organization and lower its industrial
costs.

Ferrari - Maserati

Revenues were up over 18% during the first quarter of 2004
thanks to increased shipments of Ferrari models and the
marketing of the new Maserati Quattroporte.  The operating loss
is due almost entirely to an unfavorable foreign exchange rate
and, to a lesser extent, to the research and development costs
incurred for new Maserati models and engines.  These two
negative factors more than offset the beneficial impact of
higher unit sales.

The order backlog is particularly strong, especially in the case
of the Ferrari 612 Scaglietti and the Maserati Quattroporte,
with orders for these models already covering the entire 2004
production run.

Components

Magneti Marelli revenues increased by about 12% in the first
three months of 2004.  All Business Units contributed to this
improvement.  The Powertrain Division performed particularly
well, as newly launched diesel engine control systems and
components generated a sizable gain in unit sales.  The
operating result also improved substantially, reflecting the
positive impact of higher volumes and of the programs
implemented to reduce costs and, more generally, create a better
and more streamlined organization.  In particular, the
efficiency gains made possible by these programs offset the
negative impact of inflation-driven price increases of raw
materials in Brazil.

A portion of the decrease in revenues experienced by Comau is
attributable to the transfer of some of its operations (Dies and
Service) to Fiat Auto and Fiat-GM Powertrain effective January
1, 2004.  On a comparable basis, revenues were down 14%.  This
decrease reflects the negative impact of unfavorable foreign
exchange and the contraction that occurred in the order backlog
of 2003, as major carmakers decided to postpone their capital
investment programs.

The operating loss was more than 50% lower than in the first
three months of 2003 due to improved cost structure and higher
margins on customer contracts.  New order bookings were up
during the first quarter of 2004, especially in Europe.

Despite unfavorable foreign exchange rates, Teksid posted
slightly higher revenues in the first three months of 2004.
This gain was made possible by increased volumes by the Cast
Iron Business Unit (+8%), which benefited from an upturn in
demand in North America and Brazil.  The Magnesium Business
Unit, which benefited from an expanding European market and
steady demand in North America, also contributed to the
improvement.

The Sector's operating income was up compared with the first
quarter of 2003, as higher volumes and an improved product mix
offset the impact of higher raw material costs.

Other Sectors

Business Solutions had lower revenues in the first quarter of
2004, due primarily to changes in the scope of consolidation
(mainly the sale of Fiat Engineering).  On a comparable basis,
revenues were down about 7%.  This decrease reflects a lower
level of activity for Ingest Facility and Gesco.  However,
despite this reduction in revenues, the Sector's operating
result improved on a comparable basis.

Itedi posted higher revenues due to a rise in advertising
revenues and the success of promotions carried out to maximize
the revenue-generating potential of the La Stampa newspaper.

Operating income was little changed from the first three months
of 2003 due to an increase in production costs.

Outlook for the Rest of 2004

Driven by a recovery in North America and Southeast Asia, the
international world markets are beginning to show signs of
improvement.  However, growth is expected to be relatively
modest in Europe, especially in Italy.  As a result, the
environment in the automotive markets in which the Group will be
operating is not expected to be markedly different from last
year, except for a slight increase in demand for agricultural
equipment in the United States.  Under these circumstances,
competition will be particularly intense.  Nevertheless, during
the year, all Group Sectors will continue to implement the
industrial restructuring and streamlining programs outlined in
the Re-launch Plan.  At the same time, they will pursue further
gains in product innovation and will devote substantial
resources to improving their sales networks.  In addition, the
Group will continue to strengthen its management organization,
bringing in top executives from outside and optimizing the
competencies and professional skills available inside.

The initiatives planned for the months ahead and the results
achieved in the first quarter of the year provide confirmation
that the Group should be able to attain operating breakeven as
planned for 2004.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Fiat_Q12004.pdf


LAZIO SPA: Serono Head Interested in Troubled Serie A Club
----------------------------------------------------------
The head of Swiss biotechnology giant Serono, Ernesto
Bertarelli, is planning to bid for club Lazio in the coming
days, AFP reported citing financial daily Finanza e Mercati.

Shares in the Serie A club were suspended in March after the
outfit reported net loss of EUR68 million in July to December
period, up 44% from previous results.  The loss was mainly due
to a slump in capital gains made on player sales.

The suspension follows the arrest of former Cirio Chairman, and
Lazio President, Sergio Cragnotti, on charges of false
bankruptcy.  Lazio was forced to sell star players to save
Cirio, its previous owner, after it collapsed in November 2002.


PARMALAT USA: Italian Parent Wavering on U.S. Asset Sales
---------------------------------------------------------
The lower-than-expected offers for the U.S. units of Parmalat
Finanziaria S.p.A. have forced the company and its advisors to
reconsider the sale of the assets, Reuters said early this week.

Citing people close to the company, the newswire says several
parties have expressed interest in the three U.S. dairy units --
Farmland Dairies LLC, its parent Parmalat USA Corp. and Milk
Products of Alabama -- but none of them is attractive to pursue.
As a result, sources say, the company may decide to hang on to
the assets after consultations with creditors.

"The assets are not off the block but the company and creditors
may decide that a stand-alone plan is better than a sale," one
person close to the process told Reuters. "If the creditors say
to keep it, we'd probably say fine."

Placed on the block by its Italian parent since February 24,
Farmland Dairies and Parmalat USA, which are based in
Wallington, New Jersey; and Milk Products, which operates from
Decatur, Alabama, sell milk products in New York and the
Southeast under Farmland, Welsh Farms and other brand names.
The three, which collectively employ 1,270 employees, currently
operate using a US$35 million debtor-in-possession financing
from GE Capital Corp.  Last year, the combined U.S. operations
booked US$12.5 million in losses on sales of US$577.5 million.

Plans for the three units may be disclosed during the next
bankruptcy court hearing on May 19 in New York, Reuters says.
Investment bank Lazard LLC is advising Parmalat on its
restructuring while crisis management firm AlixPartners is
advising the company on strategic issues.

Meanwhile, the Associated Press said the Department of Justice
has taken keen interest in the asset disposal, fearing it will
negatively affect the New York milk market.

"The department is already examining possible antitrust issues
raised by the sale of Parmalat USA to several purchasers,
including Dean Foods," Assistant Attorney General William
Moschella said in his letter to U.S. Senator Charles Schumer,
who had demanded close monitoring of the sale of the two New
York area milk-bottling plants.

"Please be assured that the department will take enforcement
action as may be warranted to protect competition in the
affected markets," Mr. Moschella's letter added.

Senator Schumer believes the sale of the plants to one of
Parmalat's chief competitors, including Dallas-based Dean Foods,
Inc., could spell trouble for both milk consumers in New York
City and dairy farmers upstate.  He argues a sale to Dean Foods,
for instance, would give the latter control of close to 90
percent of the downstate milk market, according to the
Associated Press.

"The metropolitan area has millions of customers and massive
school districts that buy large quantities of milk. [Sen.]
Schumer predicted a company with that much control of the market
would be able to dictate both the price it pays New York farmers
for their milk, and the price it charges New York consumers,"
the Associated Press says.


SEAT PG: Reports EUR35.3 Million First-quarter EBITDA
-----------------------------------------------------
The Board of Directors of Seat Pagine Gialle, chaired by Enrico
Giliberti, co-opted Gian Maria Gros Pietro to replace Claudio
Dematte' (deceased on March 19).  The new Director was also
appointed as Chairman of the Remuneration Committee, subject to
prior assessment that requirements for independence are complied
with.  The Board also approved -- upon motion by CEO Luca
Majocchi -- the quarterly results for the period ended March 31,
2004.

               Consolidated Results at March 31 2004

Trend of pro-forma revenues

Pro-forma revenues amounted to EUR187.7 million, -0.6% compared
to the pro-forma figure at March 31, 2003 and with a 9.5%
increase at constant consolidation area after the transfers of
the French Group Consodata and Consodata Germany that were
carried out in the first months of 2004, and the deconsolidation
of Netcreation.  The positive performance of operations of Seat
S.p.A. and Thomson in the Directories business area and the
excellent results of the German subsidiary Telegate (leader in
Directory Assistance) were the main growth drivers.  In
particular:

(a) The revenues of the "Directories Italia" business area
    reached EUR126.5 million (+3% compared to Q1 2003), thanks
    to the excellent performance of online activities
    (Paginegialle.it +23.8%), voice services (Pronto
    PagineGialle +47.5%) and Direct Marketing (+82%), that
    offset the slight downturn in the performance of paper
    products (-1.7%) whose weight in the first quarter was lower
    than the average for the year.

(b) "Directories U.K." reported volumes greater than 14.1% (in
    local currency) compared to Q1 2003, attributable to a
    strong increase in the customer base.

(c) The "Directory Assistance" area grew by 52%, due to
    excellent performance of the German market and the expansion
    of operations in Spain (this growth benefited from the price
    increase that marked Q1 2003 and from the different
    accounting method used for revenues of Italian subsidiary
    IMR).

Gross operating profit performance

Gross operating profit significantly improved reaching EUR53.7
million (+20.7%), with a ratio to revenues rising from 23.6% to
28.6%, thus reflecting the positive impact of increased
activities and greater profitability and efficiencies achieved
in production processes.  Beside the favorable trend in
revenues, this performance is also due to a reduction in raw
materials and outside services (despite an increase in
advertising costs) and labor costs.

Performance of operating income before amortization and
depreciation (EBITDA)

EBITDA increased by 20.9%, at constant consolidation area,
reaching EUR35.3 million, with a ratio to revenues of 18.8%
(compared to 15.5% in Q1 2003).  It is also noted that the
results for Q1 2003 accounted for 4.8% of the results for the
year.

Operating income performance

Operating loss amounted to EUR67.8 million, decreasing by
EUR57.4 million compared to pro-forma Q1 2003.  This reduction
reflects increased non-operating depreciation and amortization
due to mergers carried out in December 2003.

Performance of net short-term borrowings

Net borrowings further decreased compared to December 31, 2003,
amounting to EUR354.3 million (-22.9% compared to EUR459.9
million at the end of FY 2003), due to significant generation of
operating free cash flow (EUR136.2 million).

Performance of the Main Companies of Seat Pagine Gialle Group

SEAT S.p.A.

Despite the macroeconomic outlook continuing to be unfavorable,
during the course of Q1 2004, the Parent Company reported
revenues amounting to EUR126.5 million, up 3% in the same period
of 2003.  This growth further endorses the validity of the
multi-platform offering that allowed the Company to support
revenues through the good performance of online operations
(PagineGialle.it +23.8%) and voice services (Pronto PagineGialle
+47.5%), thus more than offsetting the slight downturn in the
results of paper products (-1.7%).  With specific regard to
paper directories, noteworthy is the decrease in the customer
churn rate and the retention of a stable customer base, a
positive indicator when compared to the negative trend of the
past two-year period.  Gross operating profit reached EUR45.3
million (+9.2%, with a ratio to sales rising to 35.8% from
33.8%). EBITDA was positive at EUR29.4 million (+5.2%, with a
ratio to sales increasing to 23.2% from 22.7%).  Operating loss
amounted to EUR58.9 million, thus decreasing by EUR64.7 million
compared to pro-forma Q1 2003, due to higher non-operating
depreciation and amortization as a result of mergers carried out
in December 2003.  Net financial debt improved, reaching
EUR135.1 million (-32.2% compared to EUR199.2 million in 2003).

Thomson

The revenues of the No.2 directory publisher in the U.K.
(EUR21.8 million) increased - in local currency -- by 14.1%.
This growth is attributable to the increase in the customer base
(+3.7% compared to 12/31/2003) supported by the strength of the
products offered and customer-retention policies implemented as
of the start of 2003.  Endorsement of the validity of the
Thomson offering -- in an extremely competitive market scenario
-- is also supported by the positive performance achieved by
paper products (+6.7%), despite one less directory being
published compared to the previous year and the strong
development of online activities (+87.1%).

The Telegate Group

Leading European Directory Assistance operator among those not
belonging to telephone carriers, the Telegate Group reported
results showing significant growth both in revenue and
profitability terms.  Revenues reached EUR40.3 million (+52%
compared to Q1 2003), showing a significant increase in Germany
(+23.8%, also due to the pricing-system revision carried out in
Q2 2003) and positive signs in Spain.

From a profit standpoint, EBITDA reached 8.0 million (compared
to 2.6 million in 2003) due to the excellent performance of the
German market that offset service launch operations in Spain and
the U.K.

Consodata S.p.A.

Consodata S.p.A. (currently held 100% directly by Seat S.p.A.)
showed an increase both in revenues (EUR6.9 million, +39.5%),
and in EBITDA (0.7 million, compared to a negative performance
in 2003 at -0.6 million).  These results were achieved also
thanks to operating and sales synergies implemented with the
Italian Directories (Consodata S.p.A. in fact harnesses the Seat
sales network to sell Direct Marketing products).

Evolution of Operations

"During the opening moths of the year," declared CEO Luca
Majocchi "we have registered a performance in line with
expectations with interesting results in a market context that
continues to be characterized by difficulties and taking account
of the length of directory sales cycles".  "The transition step
following the change in Seat's key shareholders was concluded
with an extraordinary dividend distribution: we are confident
that -- by completely refocusing on our core business -- the
improvement programs that are currently being implemented can be
further accelerated."

In addition, the Board, with a view to providing transparent
information and efficient reporting of its dealings to the
market in compliance with the Self-Regulatory Code, approved the
Report on Corporate Governance that illustrates -- in detail --
the governance system adopted within Seat and the degree to
which recommendations contained in the Preda Code have been
adhered to.  This report is provided in addition to details on
Corporate Governance already contained in the annual report for
the year ended December 31, 2003.

                            *   *   *

Seat Pagine Gialle S.p.A. was incorporated on August 1, 2003
following the partial proportional spin-off of "Telecom Italia
Media S.p.A." (formerly Seat Pagine Gialle S.p.A.), whereby the
Directories activities of the Company (telephone directories,
directory assistance and business information) were transferred
to the Spun-off Company.

To facilitate reading of statutory financial information and
consolidated pro-forma figures for the period January-March
2003, these figures have been reconciled as if the spin-off had
come into effect as of January 1, 2003.  The merger by
incorporation that took place at the end of 2003, of Seat S.p.A.
in Silver S.p.A. and the resulting Company in Spyglass S.p.A.
did not produce effects on revenues and operating cost items, or
on operating working capital.

Thus, it was not deemed essential to state the effects of these
transactions on pro-forma figures for Q1 2003.  Compared to pro-
forma Q1 2003, the consolidation area was reduced due to the
exit of French Group Consodata and Consodata Germany GmbH,
companies that were sold during the first months of 2004 and
NetCreations Inc., a company no longer deemed strategic.

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB-'
long-term corporate credit rating to the Italy-based classified
directory publisher SEAT PagineGialle S.p.A.  The outlook is
negative.

At the same time, Standard & Poor's assigned its 'B' long-term
rating to SEAT's proposed EUR1.15 billion ($1.38 billion) ten-
year senior notes.  The notes will be issued by Luxembourg-based
Lighthouse International Co. S.A. and guaranteed on a
subordinated basis (behind secured loans) by SEAT.  The
'B' long-term rating is two notches below the corporate credit
rating to reflect the subordinated position of the notes behind
the group's EUR2.75 billion senior secured term loan facility,
EUR150 million revolving credit facility, and proposed EUR150
million second lien loan note issue.

"The ratings reflect SEAT's highly leveraged capital structure,
which makes the group heavily reliant on the continuing
stability of its cash-generative classified directory businesses
in Italy and, to a lesser degree, in the U.K.," said Standard &
Poor's credit analyst Anna Overton.


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


KENDRION N.V.: Profit from Non-core Activities Down 65%
-------------------------------------------------------
Financial key figures for first quarter of 2004 (x EUR1
million):
                                       Change   2004    2003
Operating profit (core activities)       28%    7.8      6.1

Operating profit (non-core activities)  -65%    0.6      1.7

Net profit before incidental expenses
   and non-recurring fin, costs                 3.0      2.6

Net incidental expenses
   and non-recurring financing costs            1.0      0.0

Net profit for first quarter                    2.0      2.6

Net profit of EUR2.0 million (2003 EUR2.6 million)

In the first quarter of 2004 Kendrion realized a net profit of
EUR2.0 million (2003: EUR2.6 million).  The profit in the first
quarter resulted from a good development in the core activities
and a disappointing development in the non-core activities.  In
addition, the profit in the first quarter was also influenced by
non-recurrent financing costs due to Kendrion's financial
position and expenses incurred with a view to the intended
financial restructuring of Kendrion.

Positive development of core activities

The core activities on which Kendrion focuses (Industrial,
Distribution Services and Automotive Metals) realized good
results in the first quarter.  While organic growth in turnover
was modest at 1% (2004: EUR126.6 million, 2003: EUR125.3
million), the operating profit on the core activities rose by
28% (2004: EUR7.8 million, 2003: EUR6.1 million).  The
improvement in Kendrion Industrial that had already been set in
motion in 2003 has continued, partly due to slightly improved
market conditions and the strong market positions that this
activity occupies.  Kendrion Distribution Services (Vink) also
realized a better result; in particular, the cost measures
adopted in 2003 in certain countries have taken effect.  And
finally, Kendrion Automotive Metals was able to continue the
positive development of 2003 in the first quarter of 2004.

Situation of Automotive Plastics Still Difficult

The non-core activities (in particular Automotive Plastics)
achieved an operating profit of EUR0.6 million (2003: EUR1.7
million).  The market conditions in the German automobile
industry remained just as difficult.  It is well known that in
2003 Kendrion decided to dispose of these activities, and the
asset value of these activities was reduced by an impairment of
EUR42 million in reporting year 2003.

On April 16, Kendrion N.V. announced to have reached an
agreement with Polynorm N.V. about the sale of Kendrion Van
Niftrik B.V.  The actual transfer of the shares will take place
soon. Discussions and negotiations on the German Automotive
Plastics activities are in progress.

Financial restructuring

The incidental expenses (including consultants and additional
financing costs) resulting from Kendrion's financial position
were around EUR1 million net in the first quarter of 2004 and
therefore obviously depressed net profits for the first quarter
substantially.  As is known, work is proceeding with Lehmann
Brothers on a financial restructuring for Kendrion.

Profile Kendrion N.V.

Kendrion N.V. is a company that operates internationally and has
approximately 5,100 employees in 17 European countries.  Its
activities have been divided into 3 business areas (Kendrion
Industrial, Kendrion Distribution Services and Kendrion
Automotive), the focus being on the niche-market leadership in
business-to-business markets.

Kendrion develops and produces components for industrial
customers and specific components for the automotive industry.
Kendrion also provides services in the field of distribution of
and trading in plastic semi-manufactures.  Motivated local
entrepreneurship, quality management in the broadest sense and
logistic expertise are characteristic of Kendrion.

Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.

The Executive Board of Kendrion N.V.


KONINKLIJKE AHOLD: Blames Lower Currency Rate for 11% Sales Drop
----------------------------------------------------------------
Ahold on Tuesday announced consolidated net sales (excluding
VAT) for the first quarter of the year (16 weeks through April
18, 2004) of EUR15.4 billion, a decline of 11.3% compared to the
same period last year.  Net sales were significantly impacted by
lower currency exchange rates, in particular that of the U.S.
dollar.  Net sales excluding currency impact decreased by 1.4%.
Net sales were also impacted by divestments.  Net sales growth
excluding currency impact and impact of divestments was
approximately 1.3% in the first quarter.  The net sales numbers
are preliminary and unaudited.

USA - retail

In the United States, retail net sales decreased in U.S. dollar
by 1.2% to USD8.2 billion (2003: USD8.3 billion).  The negative
impact of the divestment of Golden Gallon in 2003 on net sales
growth was approximately 1.5%.  Identical sales declined by 1.6%
and comparable sales declined by 1.0%, in U.S. dollars.  Net
sales in the first quarter were negatively impacted by the
Easter calendar effect by approximately 0.8%; i.e. the first
quarter of 2004 included the week after Easter, compared to 2003
where the first quarter ended with the week before Easter.  Our
retail operations in the United States have seen ongoing
challenging market circumstances.  Both Stop & Shop and Giant-
Carlisle showed a resilient performance.

Europe - retail

In Europe, net sales declined by 0.9% to EUR3.7 billion (2003:
EUR3.7 billion).  Net sales growth excluding currency impact
amounted to 0.5%.  Identical sales growth at Albert Heijn was
0.1%; the increase in transactions was largely offset by a lower
average basket size.  Net sales growth in Central Europe was
largely offset by lower currency exchange rates.  Net sales in
Spain decreased as a consequence of intensified competition plus
a lower store count.

Foodservice

Net sales at U.S. Foodservice increased in U.S. dollars by 4.6%
to USD5.5 billion (2003: USD5.3 billion), mainly driven by
inflation.

South America

In South America net sales amounted to EUR336 million (2003:
EUR581 million), down 42.4% from last year, mainly due to the
divestment of Bompreco in Brazil in the course of the first
quarter of 2004 and Santa Isabel in the second half of 2003.

Asia

In Asia net sales declined by 53.2% to EUR51 million (2003:
EUR109 million).  This decline is due to the divestment of our
operations in Malaysia and Indonesia in the course of the third
quarter of 2003 and the divestment of our operations in Thailand
during the first quarter of 2004.

Unconsolidated joint ventures

The net sales of our unconsolidated joint ventures increased by
1.4% to EUR2.6 billion (2003: EUR2.6 billion).  In Central
America net sales were significantly impacted by lower currency
exchange rates.  Sales growth excluding currency impact in
Central America was 19.9% in the first quarter.  Both ICA and
Jeronimo Martins showed an increase in sales.

Definitions

(a) Identical sales compare sales from exactly the same stores.

(b) Comparable sales are identical sales plus sales from
    replacement stores.

(c) Currency impact: the impact of using different exchange
    rates to translate the financial figures of our subsidiaries
    to Euros.  The financial figures of the previous year are
    restated using the actual exchange rates in order to
    eliminate this currency impact.

(d) Impact of divestments: the impact on net sales of divested
    operations.  Sales of the divested operations are excluded
    from prior year sales.

A copy of this press release including tables is available free
of charge at http://bankrupt.com/misc/Ahold_Q12004.pdf

CONTACT: KONINKLIJKE AHOLD
         Corporate Communications:
         Phone: +31.75.659.5720

         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


NUMICO N.V.: Shareholders Pass All Resolutions in AGM Agenda
------------------------------------------------------------
Royal Numico N.V. announces that Numico's shareholders voted in
favor of all agenda items during the Annual General Meeting of
Shareholders held on Thursday 6 May 2004.  During the AGM, a
number of changes were proposed and accepted of which the
following were the most important:

(a) Abolishment of the depositary receipts and the related
    foundation 'Stichting Administratiekantoor;'

(b) Limitation of the time period in which preference shares can
    be issued to six months before calling a General Meeting of
    Shareholders;

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

(d) Alteration of the existing contracts of Executive Board
    members and alignment of the remuneration policy with long-
    term shareholders' interests;

(e) Appointment of Mr. Barrie M. Spelling as member of the
    Supervisory Board; and

(f) Re-appointment of Messrs Bennink, Huet and Puri to the
    Executive Board for a term of four years.

Pursuant to the current Articles of Association of Royal Numico
N.V., a resolution to amend the Articles of Association can only
be passed at a General Meeting of Shareholders where at least
three quarters of the issued capital is represented.  At the AGM
held on 6 May 2004, the required quorum was not present and
therefore the proposal to amend the Articles of Association
could not be passed.  Consequently, an Extraordinary General
Meeting of Shareholders will be convened, in which a resolution
to amend the Articles of Association can be passed irrespective
of the part of the issued capital represented at that meeting.
The Extraordinary General Meeting of Shareholders will be held
on Monday 7 June 2004 at 11:00 a.m. CET, at the offices of the
company, Rokkeveenseweg 49, 2712 PJ Zoetermeer.


NUMICO N.V.: Appoints New Supervisory Board Member
--------------------------------------------------
Royal Numico N.V. announces the official appointment of Mr.
Barrie M. Spelling to the Supervisory Board.

The Annual General Meeting of Shareholders, held on 6 May 2004,
has endorsed the appointment of Mr. Barrie M. Spelling for a
period of four years.  Mr. Spelling (59), of British/U.S.
nationality, was President and Corporate Officer Global Oral
Care of Colgate-Palmolive Company, New York, until the end of
2002.  Colgate-Palmolive is a global consumer products company,
with market leadership in major personal care, household and pet
nutrition product categories with sales of approximately US$10
billion in 2003.  He managed the Oral Care business, the
company's number one business sector, after having held numerous
management positions in Europe and the United States.

Royal Numico is a specialized nutrition company with leading
positions in Baby Food and Clinical Nutrition.  The company
operates in over 100 countries and employs approximately 11,000
people.  For more information visit http://www.numico.com.

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931

          Investor Relations
          Phone: +31 79 353 9003


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


FINDEXA II: 'B' Ratings Remain on CreditWatch Positive
------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' corporate
credit rating on Norway-based classified directory publisher
Findexa II AS on CreditWatch with positive implications.  In
addition, Standard & Poor's also kept its 'B-' senior unsecured
debt rating on Findexa on CreditWatch with positive
implications.  The ratings were originally placed on CreditWatch
on April 16, 2004, following the announcement by Findexa that
that it intends to float on the Norwegian stock exchange.

"Once Findexa's parent company -- Findexa Ltd. -- has completed
the IPO, which is currently scheduled for May 20, 2004, it is
expected that the corporate credit rating on the company will be
raised to 'BB', two notches higher than the current level," said
Standard & Poor's credit analyst Anna Overton.  "This assessment
is based on the pro forma capitalization laid out in the
preliminary IPO documentation circulated by Findexa Ltd."

Following the planned IPO by Findexa Ltd., there will be a
material reduction in the consolidated financial indebtedness
incurred by the group.  In particular, expected net IPO proceeds
of Norwegian krone (NOK)2.1 billion ($308 million) and a new
senior term loan of NOK2.6 billion, as well as on-balance-sheet
cash of NOK390 million will be used to repay all of the
outstanding debt liabilities of the group.

Findexa's cash tender offer for the EUR145 million ($172
million) of 10.25% high-yield notes due in 2011 has already
gained acceptance of more than 90%.  Following the proposed IPO
and refinancing, Findexa is expected to maintain financial
leverage of 3.5x-4.0x actual 2003 EBITDA on a lease-adjusted
basis.  The company's gross interest coverage by consolidated
EBITDA should be more than 4x.  Thanks to low working capital
and capital-expenditure requirements, Findexa generates
significant free cash flow, which should amount to more than 50%
of EBITDA after the IPO.

Findexa plans to distribute substantially all of its free cash
flows as equity dividends after the IPO.

The CreditWatch status will be resolved once the proposed IPO
and refinancing have been completed.

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


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


HUTA CZESTOCHOWA: Court Rules in Favor of Sale to Ukrainian Firm
----------------------------------------------------------------
The district court of Czestochowa has granted Industrial Union
of Donbas exclusive rights to purchase stock and property of
Polish metallurgical mill Huta Czestochowa S.A., according to
Interfax-Ukraine.

The tender to privatize Huta Czestochowa got mired in the
controversy after the Ukrainian corporation, which lost the
process to British-Indian concern, LNM Group, questioned the
transparency of the proceedings.  This forced Prime Minister
Leszek Miller to call for a government review of the matter.

Donbas wants PLN0.5 million in compensation and has two weeks to
file a case against the mill and its owner, Towarzystwo
Finansowe Silesia.  Warsaw Business Journal cited Konstanty
Litwionow, Donbas' representative saying: "[W]e cannot say
whether we will sue or not.  We want the tender to continue.  We
would also like to be the only partner in the negotiations."


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


AVTOBAZA: Rostov Court Prescribes Bankruptcy Procedure
------------------------------------------------------
The Arbitration Court of Rostov region declared motor depot CJSC
Avtobaza (TIN 6143007943) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A53-3827/04-C2-8.
Ms. N. Stupitskaya has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: 344002, Russia, Rostov-Don,
Sotsialisticheskaya str.60B.  A hearing will take place on July
17, 2004 at the Arbitration Court of Rostov-Don region.

CONTACT:  AVTOBAZA
          347360, Russia, Rostov region, Volgodonsk,
          Betonnaya str.1

          Ms. N. Stupitskaya, insolvency manager
          344002, Russia, Rostov-Don, Sotsialisticheskaya
          str.60B


EYSK DAIRY: Deadline for Proofs of Claim June 28
------------------------------------------------
The Arbitration Court of Krasnodar region declared LLC Eysk
Dairy (TIN 5944070046) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A32-25886/2003-46/227-B.
Mr. A. Radionov has been appointed insolvency manager.
Creditors have until June 28, 2004 to submit their proofs of
claim to the insolvency manager at: Russia, Krasnodar region,
Eysk, Armavirskaya str. 37.

CONTACT:  EYSK DAIRY
          353660, Russia, Krasnodar region, Eysk, Oktyabrsky,
          Sportivnaya str.1

          Mr. A. Radionov, insolvency manager
          Russia, Krasnodar region, Eysk, Armavirskaya str. 37


KRASNY FARFORIST: Declared Bankrupt
-----------------------------------
The Arbitration Court of Novgorod region declared CJSC Krasny
Farforist (Red Porcelainer) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A44-2794/03-c4-k.  Mr. A.
Kanunnikov (St. Petersburg) has been appointed insolvency
manager.  Creditors have until June 28, 2004 to submit their
proofs of claim to the insolvency manager at: 173018, Russia, V.
Novgorod, Zootecnicheskaya str.6A, Phone/Fax: (8312) 146-149;
64-98-55.

CONTACT:  KRASNY FARFORIST (RED PORCELAINER)
          Russia, Novgorod region, Krasnofarforny,
          Oktyabrskaya str.1

          A. Kanunnikov, insolvency manager
          173018, Russia, V. Novgorod, Zootecnicheskaya str.6A,
          Phone/Fax: (8312) 146-149; 64-98-55


KURSHAVSKY: Court Sets May 20 Hearing
-------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on agricultural industrial complex
Kurshavsky.  The case is docketed as A63-259/2003-C5.  Mr.
I. Starichkov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 355000, Russia, Stavropol,
Lenin str.328/9-18, Phone/Fax: (8652) 373494.  A hearing will
take place on May 20, 2004, 10:00 a.m. at the Arbitration Court
of Stavropol region.

CONTACT:  KURSHAVSKY
          Russia, Stavropol region, Kurshava

          Mr. I. Starichkov, temporary insolvency manager
          355000, Russia, Stavropol, Lenin str.328/9-18,
          Phone/Fax: (8652) 373494


KURSK PRESERVING: Insolvent Status Confirmed
--------------------------------------------
The Arbitration Court of Kursk region declared OJSC Kursk
Preserving Plant insolvent and introduced bankruptcy
proceedings.  The case is docketed as A35-2411/04.  Mr. N.
Shuvarin (Moscow) has been appointed insolvency manager.
Creditors have until May 28, 2004 to submit their proofs of
claim to the insolvency manager at: 305019, Russia, Kursk,
Malykh str.125.

CONTACT:  KURSK PRESERVING PLANT
          305019, Russia, Kursk, Malykh str.125

          Mr. N. Shuvarin, insolvency manager
          305019, Russia, Kursk, Malykh str.125


LENIN PUT: Bankruptcy Supervision Procedure Begins
--------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on agricultural industrial complex Lenin
Put.  The case is docketed as A53-15058/03-C2-6.  Mr. A.
Gorbatov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 344022, Russia, Rostov-Don,
Post User Box 3664.

CONTACT:  LENIN PUT
          Russia, Rostov region, Vesyely

          Mr. A. Gorbatov, temporary insolvency manager
          344022, Russia, Rostov-Don, Post User Box 3664


MOROZOVO: Perm Court Appoints Insolvency Manager
------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on agricultural industrial complex
Morozovo. The case is docketed as A50-3402/2004-B.  Mr. A. Popov
has been appointed temporary insolvency manager.  Creditors have
until June 7, 2004 to submit their proofs of claim to the
temporary insolvency manager at: 614045, Russia, Perm,
Bolshevistskaya str.120a., office 208.

CONTACT:  MOROZOVO
          617165, Russia, Perm region, Morozovo

          Mr. A. Popov, temporary insolvency manager
          614045, Russia, Perm, Bolshevistskaya str.120a
          Office 208


ROSSOSHANSKAYA: Creditors Have Until July 7 to File Claims
----------------------------------------------------------
The Arbitration Court of Voronezh region declared CJSC butter-
cheese base Rossoshanskaya insolvent and introduced bankruptcy
proceedings.  The case is docketed as A14-7969-03/31/20b.  Mr.
R. Gura has been appointed insolvency manager.  Creditors have
until July 7, 2004 to submit their proofs of claim to the:
Russia, Voronezh, Srednemoskovskaya str.12.

CONTACT:  ROSSOSHANSKAYA
          Russia, Voronezh region, Rossosh,
          Krasnoznamyenny per.1a

          Mr. R. Gura, insolvency manager
          Russia, Voronezh, Srednemoskovskaya str.12.


URAL-CRANE: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on CJSC Ural-Crane.  The case is docketed
as A50-3399/2004-B.  Mr. S. Volkov (Moscow) has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 614068, Russia, Perm, Post User
Box 6952.  A hearing will take place on August 27, 2004, 10:00
a.m. at the Arbitration Court of Perm region.

CONTACT:  URAL-CRANE
          614014, Russia, Perm, 1905'str.35

          Mr. S. Volkov, temporary insolvency manager
          614068, Russia, Perm, Post User Box 6952


VODOCANAL: Bankruptcy Supervision Procedure Begins
--------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Vodocanal.  The case is docketed as
53-3351/2004-C2-9.  Mr. S. Kapusta has been appointed temporary
insolvency manager.  Creditors are asked to submit their proofs
of claim to the temporary insolvency manager at: 344010, Russia,
Rostov-Don, Krasnoarmeyskaya str.109.

CONTACT:  VODOCANAL
          346000, Russia, Rostov region, Chertkovo

          Mr. S. Kapusta, temporary insolvency manager
          344010, Russia, Rostov-Don, Krasnoarmeyskaya str.109


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


ONO FINANCE: Caa2 Senior Bond Ratings Affirmed
----------------------------------------------
Moody's Investors Service affirmed ONO Finance plc's senior
implied rating at B3, its senior unsecured issuer rating at
Caa3, and existing senior bond ratings at Caa2.  At the same
time, it assigned a (P)Caa2 rating to both company's EUR180
million 10.5% senior bond due 2014, and FRN EUR100 million FRN
senior bond due 2014.  The senior secured bank facility rating
of Cableuropa S.A., another subsidiary under the ONO Group, was
affirmed at B3.

According to Moody's, the ratings continue to reflect among
others, "ONO's significant debt levels and substantial on-going
capital expenditure expectations which should continue to render
the company a net borrower over at least the medium-term."

The outlook for all ratings remains positive due to the
company's strong financial trends and expectations of "upward
ratings pressures" in the coming months.


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


AB ELECTROLUX: Closing Vacuum Cleaner Factory in Vastervik
----------------------------------------------------------
Electrolux has decided to discontinue production of vacuum
cleaners in Vastervik, Sweden.  Production will gradually be
transferred to the Electrolux vacuum cleaner factory in Hungary.
Production will continue during 2004, and is expected to end in
the first quarter of 2005.

In February 2004, Electrolux announced that it was investigating
a possible transfer of the vacuum cleaner production in
Vastervik to Hungary.

"We have now finalized our investigation of the factory in
Vastervik," says Magnus Yngen, head of the Floor Care & Light
Appliances business sector.  "We have also carefully studied the
investigation performed by the employee consultant.  Both
investigations show that it is not possible to overcome the cost
disadvantages of manufacturing vacuum cleaners in Sweden.  We
will now go forward with the discussions with the unions
regarding the conditions for the closure."

The Electrolux vacuum cleaner factory in Vastervik has
approximately 500 employees.  The closure of the factory will
incur a total cost of approximately SEK200 million, the majority
of which will be taken as a charge against operating income in
the second quarter of 2004.  The yearly savings are estimated to
be approximately SEK150 million.

For additional information, call the Electrolux Press Hotline:
+46 8 657 65 07.

The Electrolux Group is the world's largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as
refrigerators, washing machines, cookers, vacuum cleaners,
chainsaws, lawn mowers, and garden tractors.  Every year,
customers in more than 150 countries buy more than 55 million
Electrolux Group products for both consumer and professional use
sold under famous brands such as AEG, Electrolux, Zanussi,
Frigidaire, Eureka and Husqvarna.  In 2003, Electrolux had sales
of SEK124 billion and 77,000 employees.


SKANDIA INSURANCE: Discloses New Board Appointees
-------------------------------------------------
Skandia's board named Jan Erik Back and Michael Wolf as
Executive Vice Presidents of Skandia.

Skandia's Executive Management consists, in addition to
President and CEO Hans-Erik Andersson, of Executive Vice
President Jan Erik Back (CFO), Jan-Mikael Bexhed Executive Vice
President (Corporate Law), Executive Vice President Odd Eiken
(Communication & Strategy), Executive Vice President Gert Engman
(Head of Sweden Division from 1 August 2004), Jennifer Rhule
(Human Resources), Executive Vice President Alan Wilson (U.K. &
Asia-Pacific), and Executive Vice President Michael Wolf (Europe
and Latin America).

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

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

          Office:
          Sveavagen 44


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


AGROBUDKOMPLEKT: Deadline for Proofs of Claim June 7
----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Agrobudkomplekt (code EDRPOU
30896964) in March.  The case is docketed as 10/24b.
Mr. Ilushin Volodimir (License Number AA 047596 approved July 9,
2001) has been appointed temporary insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: 91000, Ukraine, Lugansk,
    Mistechko Shorsa, 30/13

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

Agrobudkomplekt maintains Account Number 2600010257 at JSPPB
Aval, Lugansk regional branch, MFO 304007.

CONTACT:  AGROBUDKOMPLEKT
          92700, Ukraine, Lugansk region, Starobilsk,
          Yuzhna str., 1

          Mr. Ilushin Volodimir, Temporary Insolvency Manager
          91000, Ukraine, Lugansk, mistechko Shorsa, 30/13

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


AUTO-TRANSPORT ENTERPRISE: Falls into Bankruptcy
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Auto-Transport Enterprise 10911
(code EDRPOU 03113207) in March.  Mr. Horoshevskij Mihajlo
(License Number AA 047656 approved July 26, 2001) has been
appointed temporary insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Ukraine, Lugansk, Cheluskintsi
     str., 143/85.

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

Auto-Transport Enterprise 10911 maintains Account Number
2600430120095 at JSC Prominvestbank, Krasnij Luch branch, MFO
304375.

CONTACT:  AUTO-TRANSPORT ENTERPRISE 10911
          94503, Ukraine, Lugansk region, Krasnij Luch,
          Antratsitivske shose, 36

          Mr. Horoshevskij Mihajlo, temporary insolvency manager
          Ukraine, Lugansk, Cheluskintsi str., 143/85

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


BOGODUHIVSKA RAJAGROHIMIYA: Declared Insolvent
----------------------------------------------
The Economic Court of Harkiv region declared OJSC Bogoduhivska
Rajagrohimiya (code EDRPOU 05491008) insolvent and introduced
bankruptcy proceedings on April 26, 2004.  The case is docketed
as B-39/52-04.  Arbitral manager Mr. Chagovec T. (License Number
AA 250135 approved December 4, 2001) has been appointed
liquidator/insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to:

(a) Liquidator / Insolvency Manager: 61045, Ukraine, Harkiv,
    Shakespeare str., 10/5-A
    Phone: 773-01-30

(b) ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine,
    Harkiv, Svobodi square, 5, Derzhprom, 8-th entrance

Bogoduhivska Rajagrohimiya holds Account Number 26004290387349
at liquidator of bank UkraineMFO 351469.

CONTACT:  BOGODUHIVSKA RAJAGROHIMIYA
          62103, Ukraine, Harkiv region, Bogoduhivskij district,
          Gubarivka

          Mr. Chagovec T., Liquidator/Insolvency Manager
          61045, Ukraine, Harkiv, Shakespeare str., 10/5-A
          Phone: 773-01-30

     ECONOMIC COURT OF HARKIV REGION
     61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom,
          8th entrance


DNIPRODZERZHYNSK: Exits Bankruptcy Procedure
--------------------------------------------
The economic court of Dnipropetrovsk region approved the
amicable agreement between Dniprodzerzhynsk By-Product Coke
Plant and its creditors, effectively ending the bankruptcy
procedure of the company.

Bankruptcy proceedings were brought against the firm in November
2003 at the request of its creditor Khimprom Company.

According to Europe Intelligence Wire, former arbitrary manager
of the company, Leonid Talan, said: "The Plant has paid in full
to small creditors, while the debt to Khimprom enterprise
(Dnipropetrovsk) reaching nearly UAH5 million will be paid back
during two years."

The court approved claims of three creditors to the sum of about
UAH5.7 million.

Dniprodzerzhynsk By-Product Coke Plant is owned by Varkedge
Limited (Cyprus), JSC Credit-Dnieper (Dnipropetrovsk), and
Interregional Stock Union OJSC, which hold 12.029%, 14.238%, and
54.547% of the firm respectively.


DOMOBUDIVNIK: Declared Insolvent
--------------------------------
The Economic Court of Sumi region declared OJSC Domobudivnik
(code EDRPOU 05282241) insolvent and introduced bankruptcy
proceedings on April 26, 2004.  The case is docketed as 6/100.
Arbitral manager Mr. Malyovanij Oleksandr (License Number AA
250426 approved March 22, 2002) has been appointed
liquidator/insolvency manager.

Domobudivnik holds Account Number 26000750000211 at JSCB
Ukrsotsbank, Sumi regional branch, MFO 337018.

CONTACT:  DOMOBUDIVNIK
          40012, Ukraine, Sumi, Harkivska str., 122

           Mr. Malyovanij Oleksandr
           Liquidator/Insolvency Manager
           40030, Ukraine, Sumi, Kirov str., 25, 4-th floor

      ECONOMIC COURT OF SUMI REGION
      40011, Ukraine, Sumi, Ribalka str., 2


HARKIVVODBUD: Falls into Bankruptcy
-----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on CJSC Harkivvodbud (code EDRPOU
01036431) in April.  The case is docketed as B-39/39-04.
Arbitral manager Mr. Chagovets T. (License Number AA 210135
approved December 4, 2001) has been appointed temporary
insolvency manager.

Harkivvodbud holds Account Number 26003301244 at
JSB Ukrsotsbank, Harkiv regional branch, MFO 351016.

CONTACT:  HARKIVVODBUD
          Ukraine, Harkiv, Kosmichna str., 21

          Mr. Chagovets T., Temporary Insolvency Manager
          61045, Ukraine, Harkiv, Shakespeare str., 10/5a
          Phone: 773-01-30

     ECONOMIC COURT OF HARKIV REGION
     61022, Ukraine, Harkiv, Svobodi square, 5,
          Derzhprom, 8th entrance


INTER-OPPA: Cherkassy Court Appoints Insolvency Manager
-------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on enterprise with foreign investments in
the form of CJSC Inter-Oppa (code EDRPOU 22790267).  The case is
docketed as 01/813.  Arbitral manager Mr. Krivoshej Oleg
(License Number AA 630145 approved January 21, 2004) has been
appointed temporary insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: 18028, Ukraine, Cherkassy,
    Engels str., 243/1-510
    Phone: 8 (0472) 64-84-88

(b) ECONOMIC COURT OF CHERCASSY REGION: 18005, Ukraine,
    Cherkassy, Shevchenko avenue, 307

Inter-Oppa holds Account Number 26006905070460 at TVBV 905 JSCB
Ukrsotsbank, Cherkassy regional branch, MFO 354013.

CONTACT:  INTER-OPPA
          Ukraine, Cherkassy, Smilyanska str., 129

          Mr. Krivoshej Oleg, Temporary Insolvency Manager
          18028, Ukraine, Cherkassy, Engels str., 243/1-510
          Phone: 8 (0472) 64-84-88

     ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy, Shevchenko avenue, 307


KONTAKT: Deadline for Proofs of Claim June 7
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on agricultural LLC Kontakt in April.  The
case is docketed as B-39/31-04.  Arbitral manager Mr. Dralin A.
(License Number AA 250090 approved November 30, 2001) has been
appointed temporary insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF HARKIV REGION at 61022, Ukraine,
Harkiv, Svobodi square, 5, Derzhprom, 8th entrance.

Kontakt holds Account Number 26002301393 at OJSC
Derzhoshyadbank, Chugujiv branch 2834, MFO 350222.

CONTACT:  KONTAKT
          Ukraine, Harkiv region, Chugujiv district, Zarozhne

     ECONOMIC COURT OF HARKIV REGION
     61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom,
          8th entrance


LVIV PLANT: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Lviv Plant Of Radio-Electrical
Medical Equipment (code EDRPOU 14308428).  The case is docketed
as 6/49-8/35.  Arbitral manager Mrs. Hudonogova Ludmila (License
Number AA 250128 approved November 29, 2001) has been appointed
temporary insolvency manager.

Creditors have until June7, 2004 to submit their proofs of claim
to the:

(a) Temporary Insolvency Manager: Ukraine, Lviv, Knyagini Olgi
    str., 61/45

(b) ECONOMIC COURT OF LVIV REGION: 79010, Ukraine, Lviv,
    Lichakivska str., 81

Lviv Plant Of Radio-Electrical Medical Equipment maintains
Account Numbers 260013197, 260075782 and 260673197 at JSPPB
Aval, Lviv regional branch, MFO 325570.  The company also holds
Account Number 26009301410535, 26046308410535 at Prominvestbank,
Lviv central branch, MFO 325633 and another Account Number
2600800601633 at OJSC State export import bank of Ukraine, MFO
325718.

CONTACT:  LVIV PLANT OF RADIO-ELECTRICAL MEDICAL EQUIPMENT
          Juriditial address: 79019, Ukraine, Lviv,
          Zavodska str., 31

          Mrs. Hudonogova Ludmila, Temporary Insolvency Manager
          Ukraine, Lviv, Knyagini Olgi str., 61/45

     ECONOMIC COURT OF LVIV REGION
     79010, Ukraine, Lviv, Lichakivska str., 81


MRIYA: Bankruptcy Supervision Procedure Begins
----------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC agricultural firm Mriya (code
EDRPOU 03771962).  Mr. Pichugin Igor (License Number AA 719872
approved March 2, 2004) has been appointed temporary insolvency
manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager at: 03151, Ukraine,
    Kyiv, Molodogvardijska str., 12/65

(b) ECONOMIC COURT OF POLTAVA REGION: 36000, Ukraine,
    Poltava, Zigina str., 1

CONTACT:  MRIYA
          Ukraine, Poltava region, Grebinkivskij district,
          Sliporid-Ivanivka

          Mr. Pichugin Igor, Temporary Insolvency Manager
          03151, Ukraine, Kyiv, Molodogvardijska str., 12/65

     ECONOMIC COURT OF POLTAVA REGION
     36000, Ukraine, Poltava, Zigina str., 1


MRIYA-D: Declared Bankrupt
--------------------------
The Economic Court of Zakarpatska region declared LLC Mriya-D
(code EDRPOU 22079924) insolvent and introduced bankruptcy
proceedings on April 2, 2004.  The case is docketed as 16/283.
Arbitral manager Mr. Rudenko O. (License Number AA 419494
approved December 10, 2002) has been appointed
liquidator/insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: Ukraine, Uzhgorod, Divocha
    str., 45/17

(b) ECONOMIC COURT OF ZAKARPATSKA REGION: 88000, Ukraine,
    Zakarpatska region, Uzhgorod, Kotsubinski str.,2a

Mriya-D holds Account Number 26001301000149 at OJSC JSC Electron
bank of Mukachevo, Zakarpatska branch, MFO 312185.

CONTACT:  MRIYA-D
          Ukraine, Zakarpatska region, Svalyava,
          Drachinska str., 4

          Mr. Rudenko O., Liquidator / Insolvency Manager
          Ukraine, Uzhgorod, Divocha str., 45/17

     ECONOMIC COURT OF ZAKARPATSKA REGION
     88000, Ukraine, Zakarpatska region, Uzhgorod,
          Kotsubinski str.,2a


SELISHANSKIJ SUGAR: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Selishanskij Sugar Plant (code
EDRPOU 00373468) in March.  The case is docketed as 01/786.
Mr. Kaplya Sergij has been appointed temporary insolvency
manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 18000, Ukraine, Cherkassy,
    Shevchenko boulevard, 69, entrance 1

(b) ECONOMIC COURT OF CHERCASSY REGION: 18005, Ukraine,
    Cherkassy, Shevchenko avenue, 307

Selishanskij Sugar Plant holds Account Number 260061874 at Aval,
Korsun-Shevchenkivsk branch, MFO 354411.

CONTACT:  SELISHANSKIJ SUGAR PLANT
          19443, Ukraine, Cherkassy region,
          Korsun-Shevchenkivsk district, Selishe

          Mr. Kaplya Sergij, Temporary Insolvency Manager
          18000, Ukraine, Cherkassy, Shevchenko boulevard, 69,
          entrance 1

     ECONOMIC COURT OF CHERCASSY REGION
     18005, Ukraine, Cherkassy, Shevchenko avenue, 307


STAL: Insolvent Status Confirmed
--------------------------------
The Economic Court of Kyiv declared CJSC Stal (code EDRPOU
21508814) Stal maintains Account Number 26004338004 at JSB
ALLONZH of Kyiv, MFO 321659 insolvent and introduced bankruptcy
proceedings on April 20, 2004.  The case is docketed as 24/706-
b.  Mr. Parhatskij Mikola (License Number AA 250193 approved
December 3, 2001) has been appointed liquidator/insolvency
manager.

CONTACT:  STAL
          Ukraine, Kyiv, I. Kudrya str., 43

          Mr. Parhatskij Mikola, Liquidator/Insolvency Manager
          04060, Ukraine, Kyiv, a/b 19


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


ABERDEEN ASSET: Exeter Account Frozen; AAM Could be Next
--------------------------------------------------------
The accounts of Aberdeen Asset Management (AAM), one of 21
companies under investigation by the Financial Services
Authority (FSA), could be frozen, according to The Scotsman.

In a report Monday, the paper said Exeter Fund Managers had been
ordered to desist from distributing to shareholders any of the
GBP310 million raised from selling its unit trusts to New Star
Asset Management.  The Scotsman says a similar order could be
given to the other 20 companies, including AAM, soon.

These so-called "magic circle" companies have been ordered to
pay mis-sold investors.  So far, only half of them have signed
up to the FSA-imposed compensation deal.  Recently, Martin
Gilbert, chief executive of AAM, had a meeting with John Tiner,
FSA's chief executive, to discuss the compensation deal,
according to the report.

The investigation into the split capital investment trust
scandal, which claimed 50,000 victims, is by far the biggest
undertaken by the FSA and it involves some of the better-known
names in the business community.  In all, investors lost about
GBP620 million by signing up on plans that were marketed as low
risk.

The FSA, according to a separate report by Times Online, is
allegedly in possession of 780 files of evidence and 27,000
taped conversations, which prove that the fund managers colluded
to prop up sales.  The companies involved had allegedly invested
in each other's shares.

Since the scandal broke out, some companies like Exeter and AAM
have sold their unit trusts to New Star Asset Management.
Theoretically, the FSA has the power to prevent any of these
companies to distribute funds or dividends to their
shareholders, but it hasn't done so yet.  Only Exeter Fund
Managers have confirmed receiving an FSA order preventing it
from distributing the cash New Star Asset Management paid for
its unit trusts.


ARIDGROVE LIMITED: Hires Liquidator from Ian Holland + Co
---------------------------------------------------------
Name of Companies:
Aridgrove Limited
Delancey Investments Limited
Five Oaks Projects Limited
Milner (SMP) Limited

At Extraordinary General Meetings of the above Members of these
Companies on April 29, 2004 held at 40 Portman Square, London
W1H 0AA, the Special Resolution to wind up the Company was
passed.  Ian David Holland of Ian Holland + Co, Parkville House,
16 Bridge Street, Pinner, Middlesex HA5 3JD has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  IAN HOLLAND + CO
          Parkville House
          16 Bridge Street, Pinner,
          Middlesex HA5 3JD
          Contact:
          Ian David Holland, Liquidator


B4UDIE LTD.: Final General Meeting of Members Set June 18
---------------------------------------------------------
There will be a Final General Meeting of the Members of the
B4udie Limited Company on June 18, 2004 at 2:00 p.m.  It will be
held at the offices of BDO Stoy Hayward LLP, Connaught House,
Alexandra Terrace, Guilford, Surrey GU1 3DA.

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

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House
          Alexandra Terrace, Guilford,
          Surrey GU1 3DA
          Contact:
          D B Coakley, Liquidator


BEAUBRICK LTD: Members' General Meeting Set June 3
--------------------------------------------------
There will be a General Meeting of the Members of the Beaubrick
Limited Company on June 3, 2004 at 10:00 a.m.  It will be held
at Queensgate House, 48 Queen Street, Exeter, Devon EX4 3SR.

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


BLACKFRIARS OIL: Final General Meeting June 11
----------------------------------------------
Name of Companies:
Blackfriars Oil And Gas Limited
Lasmo (UOG) Plc
London & Scottish Marine Oil Limited
Oil Exploration (Holdings) Limited
Oil Holdings Limited

There will be a Final General Meetings of the Members of these
Companies on June 11, 2004 at 10:30 a.m.  It will be held at the
offices of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT.

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

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


CHISWELL INVESTMENT: Sets Final Meeting June 11
-----------------------------------------------
There will be a Final General Meeting of the Members of the
Chiswell Investment Management Limited Company on June 11, 2004
at 10:00 a.m.  It will be held at the offices of Ernst & Young
LLP, 1 More London Place, London SE1 2AF.  The purpose of the
Meeting is to lay before the Members how the winding-up of the
Company has been conducted.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com
          Contact:
          M D Rollings, Liquidator


DUO AIRWAYS: Appoints Deloitte & Touche LLP Administrator
---------------------------------------------------------
Name of Companies:
Duo Airways Limited
Duo Group Limited
Duo Holdings Limited

Nature of Business: Scheduled Air Transport

Trade Classification: 6210

Date of Appointment: May 1, 2004

Joint Administrative Receiver:  DELOITTE & TOUCHE LLP
                                201 Deansgate,
                                Manchester M60 2AT
                                Receivers:
                                William Kenneth Dawson
                                Andrew Philip Peters
                                (IP Nos 008266, 004468)


ENCODA ATS: Members General Meeting Set June 8
----------------------------------------------
Name of Companies:
Encoda ATS Limited
Encoda Boss Limited

There will be a General Meeting of the Members of these
Companies on June 8, 2004 at 10:30 a.m.  It will be held at 5-6
The Courtyard, East Park, Crawley, West Sussex RH10 6AG.

The purpose of the Meeting is to lay before the Members how the
winding up of the Companies had been conducted.  Members who
want to be represented at the Meeting may appoint proxies.
Proxies must be lodged at 5-6 The Courtyard, East Park, Crawley,
West Sussex RH10 6AG not later than 12:00 noon, June 7, 2004.

CONTACT:  G P Petersen, Liquidator
          5-6 The Courtyard
          East Park, Crawley,
          West Sussex RH10 6AG


EQUITABLE LIFE: Treasury Leaves Open Possibility of Govt Payout
---------------------------------------------------------------
The seemingly impossible quest of policyholders to seek
government compensation for the near-collapse of Equitable Life
suddenly became realistic Monday, according to Times Online.

In a letter to Shadow Finance Secretary Andrew Tyrie, financial
secretary to the treasury, Ruth Kelly, said she will "consider"
any request to widen the powers of the Parliamentary Ombudsman.

Before this pronouncement, the possibility of forcing the
government to pay policyholders even a single pence was slim.
This because the Parliamentary Ombudsman, while it has the
authority to order compensation, has no power to investigate the
Government Actuary's Department.  This department -- the
recipient of Lord Penrose's strongest criticism -- had acted as
the adviser of the Department of Trade and Industry in its role
as regulator of Equitable Life.

Parliamentary Ombudsman Ann Abraham is currently collating
submissions from MPs and policyholders, according to the report.
She had earlier sought their guidance on whether she should
reopen her investigation into the financial disaster that nearly
brought Equitable Life to its knees.  Her spokesman said she has
not yet decided whether to seek extension of her tenure or
power.  The deadline for submissions is next week.

The paper says Ms. Abraham is expected to decide whether to
reopen her inquiry into Equitable before the summer recess
starts on June 22.


FASTPOST LIMITED: Final General Meeting Set June 11
---------------------------------------------------
There will be a Final General Meeting of the Members of the
Fastpost Limited Company on June 11, 2004 at 10:30 a.m.  It will
be held at 62 Wilson Street, London EC2A 2BU.

The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted.  Members who want
to be represented at the Meeting may appoint proxies.  Proxy
forms must be submitted to Benedict Mackenzie LLP, 62 Wilson
Street, London EC2A 2BU not later than 12:00 noon, June 10,
2004.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Contact:
          I D Williams, Liquidator


FOCUS WICKES: Rated 'B+' Due to Limited Covenant Headroom
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Focus Wickes (Finance) PLC and Focus
Wickes (Investments) Ltd. -- the parent companies of U.K.-based
"do-it-yourself" (DIY) retailer Focus Wickes -- to 'B+' from
'BB-' due to the group's limited leeway in its senior debt
covenants and slower-than-anticipated deleveraging. The outlook
is stable.

At the same time, following the recent launch of Standard &
Poor's Recovery Rating Scale in Europe, a recovery rating of '2'
was assigned to Focus Wickes Investments' GBP525 million ($924
million) senior secured bank loan.  This recovery rating
indicates Standard & Poor's expectation of substantial recovery
in the range of 80%-100% for senior lenders in the event of
default.  At January 25, 2004, the group had total financial
debt of GBP650 million.

"Focus Wickes' leeway under its senior bank debt covenants is
expected to be limited over the next two quarters, when
covenants tighten," said Standard & Poor's credit analyst Hugues
de la Presle.  "In addition, the group is dependent on a
significant earnings improvement in the second half of financial
2004 and beyond to maintain appropriate leeway within its
covenants."

This is partly because Focus Wickes' covenants do not reflect
the group's seasonality (the group generates about 55% of sales
and 70% of EBITDA in the second half of the financial year), or
the substantial short-term swings in its trading that are driven
by the weather.  These seasonal patterns tend, however, to
average out by the group's year-end.  Focus Wickes' lack of
leeway within its covenants also reflects its slower-than-
expected deleveraging.  Debt protection measures for the 12
months to January 25, 2004, were weak.

Focus Wickes is expected to effectively improve earnings,
however, and maintain some leeway within its senior debt
covenants.

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


HIGHWOOD HOMES: Members Meeting Set June 18
-------------------------------------------
There will be a General Meeting of the Members of the Highwood
Homes Limited Company on June 18, 2004 at 10:00 a.m.  It will be
held at 5 Bassett wood Drive, Southampton SO16 3PT.  The purpose
of the Meeting is to lay before the Members how the winding-up
of the Company has been conducted.  Members who want to be
represented at the Meeting may appoint proxies.


JOHN DAVID: Reports Robust Performance in Core Sports Business
--------------------------------------------------------------
Chairman's Statement

The year to 31 January 2004 proved to be very difficult for the
Group.  This has led to a number of management changes including
my own return to the Group as Executive Chairman in March 2004.
I am delighted to be back after leaving the position of Finance
Director in 2001 and pleased to report that our core business
proposition, selling Sportswear with style and fashion, is still
clearly an effective consumer offer which differentiates our
business from our competition.  However, as Chairman, as a
shareholder, and as a key member of the team which brought this
business to and beyond flotation in the first place, it does not
give me any pleasure to report disappointing results for the
year.

The results for the last year were adversely impacted by
continuing First Sport integration problems.  The integration
process is well advanced and all fascias are now managed by a
single management team based at our Bury Head Office.

Optimism in October 2003 about the second half was not justified
in the final result owing to patchy trading in the last quarter
in which a strong November was followed by a weak pre Christmas
period which affected many retailers.  This was followed by a
comparatively strong sales performance in late December but at
lower margins during the sale period which extended into
January.  Nevertheless, there are now grounds for optimism as
the core Sports business is performing well in the new year.

The JD Sports fascia continues to be recognized as a style
leader by our target teenage market and offers a market leading
range from our key branded suppliers (Nike, Adidas, Puma,
Lacoste) which includes exclusive product as well as an
improved range of own label (McKenzie, Carbrini) product.  Our
relationship with these key suppliers, who recognize our pre-
eminence as visual merchandisers of their products to target
consumer groups, is key to our continuing success.  This part of
our business will drive the future business performance.

Whilst performance in our Sports Fascias is encouraging, our
Fashion Fascias continue to disappoint.  We are actively
addressing the key issues in this area including the
continuation of our fascia rationalization and the development
of stronger brand relationships with fewer Fashion suppliers.
Following recent management changes we are now applying the same
successful management principles employed in the Sports business
to the Fashion business.  Given that rationalization and a
strategic review are continuing, it is, in the Board's opinion,
inappropriate to report in detail on the Fashion Fascias
separately at this stage.

The challenges facing the Group have been extensively reported.
In difficult market conditions, however, I have been encouraged
by the fact that the core Sports business, which represents
approximately 90% of Group sales, is increasingly robust.

Results

Total sales increased to GBP458.1 million during the period in
comparison with GBP370.8 million for the 10-month period ended
January 2003 which incorporated eight months post acquisition
trading from First Sport.  Gross margin for the year rose
slightly from 45.5% to 45.6%.

Operating profit before exceptional items, losses on disposals
and amortization of goodwill was GBP10.5 million and after
interest charges was GBP6.0 million (10 month period ended 31
January 2003: GBP18.0 million and GBP15.1 million after interest
charges).

After charging exceptional items of GBP2.0 million and goodwill
amortization of GBP0.8 million, operating profit before interest
charges and loss on disposal of fixed assets was GBP7.7 million
(10 month period ended 31 January 2003: GBP14.1 million).

Profit before tax and after exceptional items and goodwill
amortization was GBP2.1 million (10 month period to 31 January
2003: GBP10.8 million).

Net interest charges increased to GBP4.5 million compared with
GBP2.9 million (10 month period) due to the full year's charge
on the additional debt taken on to fund our recent acquisition.
Earnings per share, before exceptional items and goodwill, were
6.21p compared with 21.18p in the previous period.

Dividend

The Board proposes to pay a final dividend of 3.64p per ordinary
share (10 month period ended 31 January 2003: 3.64p) bringing
the total dividend paid to 6.50p per ordinary share (10 month
period ended 31 January 2003: 6.50p).  The Board is offering a
scrip dividend alternative to shareholders, full details of
which will be included in a circular to be issued with the
Annual Report.  Irrevocable undertakings to elect to receive the
scrip dividend alternative have been given by holders of 54% of
the ordinary share capital in relation to the beneficial
interest holdings of John Wardle and David Makin, the founding
shareholders.  The proposed final dividend will be paid on 2
August 2004 to shareholders on the register as at 21 May 2004.

As the Group's performance is heavily weighted to the key
Christmas trading period it is likely that future dividend
payments will be more weighted towards the final dividend than
they have been in the current year.

Operating Review

The year ended 31 January 2004 has been a challenging one for
the Group and has seen a substantial change in the shape of our
store portfolio as we sought to eliminate the old First Sport
trading fascias.  In the year, over 100 First Sport stores were
converted into JD stores.  We also closed 37 loss-making stores
and acquired 9 new stores.  At 31 January 2004, we had 306
Sports Stores (2003: 337) and 51 Fashion Stores (2003: 48)
trading from a total of 1,236,000 square feet (2003: 1,264,000
square feet) of which 13% is devoted to Fashion Fascias.  Our
focus in the current year will be to continue to eliminate loss-
making stores either by disposal or conversion.  One new store
has been opened so far this year and six more are committed to.
All new stores will only be added to the portfolio if they meet
prudent selection criteria and very few others are likely to be
added this year.

The basic product proposition across the Sports Fascias remains
Sportswear with fashion and style and is now uniform across
those fascias.  Our objective is to provide main brand
fashionable product, introducing new ranges quickly and
efficiently, including a great number of lines exclusively
available at JD.  We supplement the branded ranges with an
innovative and exclusive range of both McKenzie and Carbrini own
brand merchandise.

The Fashion business continues to concentrate on fashionable
branded leisurewear but is currently seeking to focus on fewer
brands than in the recent past so that we can more effectively
leverage our buying relationships.  This is the approach which
has been successfully developed in the Sports business.

Our Group product mix for the year as a whole was broadly 50%
Footwear (2003: 50%), 46% Apparel (2003: 46%), and 4%
Accessories (2003: 4%).  Replica kit continues to be a minimal
part of our turnover.

The main marketing thrust of the current year has been to
rationalize our fascias with JD being the principal Sports
fascia and Ath (formerly Ath-Leisure) being our principal
Fashion fascia.

The Group also moved into its new head office facilities in Bury
at the start of the year and the key management is based there.
We retain bulk warehousing facilities in Peterlee as well as
Bury.  Service to the business from these facilities continues
to improve and was very effective in the key Christmas and New
Year trading period.

Balance Sheet & Financial Resources

Shareholders' funds at the balance sheet date have decreased by
2.5% to GBP57.3 million from the previous level of GBP58.8
million at the end of January 2003 after dividend payments of
GBP2.1 million (net of irrevocable elections for the scrip
dividend alternative).

Total expenditure on fixed assets during the period amounted to
GBP11.5 million of which GBP9.4 million related to stores.  Net
borrowings at the end of January 2004 were GBP51.1 million
(2003: GBP55.5 million).  A small reduction in gearing is
presently expected by the end of January 2005 and GBP8 million
of our core borrowings are planned to be repaid during the year
in accordance with the original schedule of repayments.  Gearing
should fall following reduced capital expenditure and improving
retained earnings in the year to 31 January 2005.  EBITDA
interest cover fell to a manageable 4.5 times in the year ended
31 January 2004 and will rise again in the current year.

Stocks at the year-end were GBP65.7 million, lower than last
year's level of GBP69.2 million.

Board Changes

There have been a number of Board changes in the past twelve
months.

The Company's founders and principal shareholders, John Wardle
and David Makin, stepped down from their executive roles in
January 2004 and are now non-executive directors.  Their
considerable market, product, retail and consumer knowledge is
something the Board will continue to draw on although they are
no longer involved in the day to day management of the business.

Malcolm Blackhurst resigned as Group Finance Director and
Company Secretary in December 2003 and Brian Small was appointed
to those positions in January 2004.

I replaced Roger Best as Executive Chairman in March 2004.

Frank Martin, a non-executive director, left the Board in March
2004 and will be replaced as soon as possible.

Current Trading

It is pleasing to be able to report that trading since the year-
end has been in line with management expectations although the
Fashion Fascias will take some time to recover from some of the
buying decisions in the past year.  During the thirteen weeks to
1 May 2004, Group like for like sales have been up 0.9% against
the prior period whilst our core Sports business has been up
2.5%.  During the same period, gross margin has been in line
with management expectations.

Prospects

On my appointment eight weeks ago, I promised to oversee a Board
review of all the strategic options open to the Group.  I have
concentrated in my opening weeks on ensuring we have the right
management team, the right operating controls and the right
targets so that the Board's expectation of a progressive
improvement in results can be delivered.

The strategic review will take some time to complete and we will
announce its findings and conclusions as soon as it is
practicable.

Peter Cowgill
Chairman

A copy of the financial statements is available free of charge
at: http://bankrupt.com/misc/JohnDavid_2004.htm

CONTACT:  THE JOHN DAVID GROUP PLC
          Peter Cowgill, Executive Chairman
          Barry Bown, Chief Executive
          Brian Small, Finance Director
          Phone: 0161 767 1000

          HOGARTH PARTNERSHIP LIMITED
          Andrew Jaques
          Tom Leatherbarrow
          Phone: 020 7357 9477


LABGEAR LIMITED: Hires Begbies Traynor Administrator
----------------------------------------------------
Name of Company: Labgear Limited

Nature of Business:
Design & Manufacture of Signal Reception Technology

Trade Classification: 11

Date of Appointment: May 4, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                Exchange House,
                                494 Midsummer Boulevard,
                                Milton Keynes MK9 2EA
                                Receivers:
                                Timothy John Edward Dolder
                                Nicholas Roy Hood
                                (IP Nos 9008, 8350)


NICHOLAS PINE: General Meeting of Members June 15
-------------------------------------------------
There will be a General Meeting of the Members of the Nicholas
Pine Limited Company on June 15, 2004 at 10:00 a.m.  It will be
held at 5 Bassett Wood Drive, Southampton SO16 3PT.

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


NORTHUMBRIAN WATER: Obtains GBP212.1 Million Refinancing
--------------------------------------------------------
Northumbrian Water Group plc announces that Northumbrian Water
Limited, the Group's water and wastewater subsidiary, has
completed the securitization of the cash flows received from the
Environment Agency in respect of its Kielder operating
agreement.  The net proceeds of GBP212.1 million will be used to
refinance the remaining short-term debt advanced at the time of
the Group's flotation last May.  The transaction does not have
any impact on either the ownership or operation of the Kielder
scheme.

In addition, the European Investment Bank has reviewed the terms
of its facilities with Northumbrian Water in the context of the
recent credit rating reviews of that company by Fitch (BBB+,
stable outlook), Moody's (Baa1, stable outlook) and Standard &
Poor's (BBB, positive outlook).  As a consequence, the existing
European Investment Bank loans will remain in place and the
Group is now in a position to cancel the remainder of the back-
up facilities put in place at the time of the acquisition.

Group Finance Director, Chris Green, said:

"We are very pleased to announce the successful completion of
the Kielder securitization.  Proceeds from the transaction will
be used to refinance the remaining short-term debt acquired at
the time of the Group's flotation in May 2003.  This
transaction, together with the European Investment Bank
decision, significantly strengthens the debt profile of the
Group ahead of the next regulatory period."

                            *   *   *

In April, Standard & Poor's affirmed its 'BB+' long-term
corporate rating on Northumbrian Services and its 'BBB' long-
term corporate credit rating on Northumbrian Water.

The ratings on the Northumbrian group reflect its aggressive
post-floatation financial profile and uncertainty regarding
operating expenditure, capital expenditure, and return on
capital for the next regulatory period, and the relatively weak
liquidity position.  These risks are offset by the strong
business profile of its regulated U.K. water and sewerage
operations.

CONTACT: NORTHUNBRIAN WATER
         Rollo Head
         Mark Harris
         Finsbury
         Phone: (020) 7251 3801


QUEENS MOAT: Debenture Stock Holders Meeting Set June 2
-------------------------------------------------------
In accordance with the announcement of 6th April 2004, Queens
Moat Houses plc posted a circular to holders of the 12% First
Mortgage Debenture Stock 2013 and holders of the 101/4% First
Mortgage Debenture Stock 2020 convening a meeting of
Stockholders on 2nd June 2004 in  respect of proposed amendments
to the terms of the Debenture Stock.

                            *   *   *

In August 2003 Queens Moat Houses plc announced it had
commenced a strategic review and initiated discussions with its
key U.K. lenders seeking significant modification to certain
terms of its existing debt.

In April Queens Moat Houses announced that it has reached
agreement with representatives of its debenture stockholders in
conjunction with representatives of its junior term debt
holders.  The deal, however, is still subject to formal approval
of lenders.

The key features of the agreement comprise amendments to the
terms of the Company's two debenture stocks (GBP200 million
10.25% 2020 and GBP15 million 12% 2013), the current terms of
which commit the Company to interest payments at an average rate
of 10.4%, but give it no right to redeem the stock early.  The
agreement will enable the Company to repay the stocks early at a
price of 110% of par.  It also contains an arrangement which
could, depending upon the outcome of the strategic review,
result in stockholders receiving up to c.116% of par although
any outcome in excess of 110% is contingent on a number of
uncertain variables.


SOLOMON BROS.: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Solomon Bros. Limited
Company on May 4, 2004 held at Little Warren, Hamm Court,
Weybridge, Surrey KT13 8YG, the Special and Ordinary Resolutions
to wind up the Company were passed.  Tony James Thompson of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ has been appointed Liquidator.

CONTACT:  PIPER THOMPSON
          Mulberry House
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Contact:
          Tony James Thompson, Liquidator


SOVENT LIMITED: General Meeting for Members June 24
---------------------------------------------------
Pursuance of section 94 of the Insolvency Act 1986 a General
Meeting of the Sovent Limited Company will be on June 24, 2004
at 11:00 a.m.  It will be held at Devonshire House, 1 Devonshire
Street, London W1W 5DR.

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


SUE TOWNSEND: Calls in Liquidator
---------------------------------
At an Extraordinary General Meeting of the Members of the Sue
Townsend Limited Company on April 29, 2004, the Special,
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Simon Gwinnutt of Smith Cooper has been appointed
Liquidator for the purpose of winding-up the Company.


SUNBURY GLASS: Members Meeting Set June 11
------------------------------------------
There will be a General Meeting of the Members of the Sunbury
Glass Works Limited Company on June 11, 2004 at 10:15 a.m.  It
will be held at Nunn Hayward, Rycote Place, 30-38 Cambridge
Street, Aylesbury, Buckingamshire HP20 1RS.

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


U.K. LIFTING: Cattles Invoice Appoints Milner Boardman Receiver
---------------------------------------------------------------
Name of Company: U.K. Lifting Gear Limited

Reg No 02930911

Nature of Business: Manufacture of Wire Products

Trade Classification: 2873

Date of Appointment of Joint Administrative Receivers:
May 4, 2004

Name of Person Appointing the Joint Administrative Receivers:
Cattles Invoice Finance Limited

Joint Administrative Receivers:  MILNER BOARDMAN & PARTNERS
                                 Century House,
                                 Ashley Road, Hale,
                                 Cheshire WA15 9TG
                                 Receivers:
                                 Colin Burke
                                 Gary J Corbett
                                 (Office Holder Nos 8803, 9018)


                            *********


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

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