---

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

                           E U R O P E

             Friday, May 14, 2004, Vol. 5, No. 95

                            Headlines

D E N M A R K

MAERSK AIR: Ups Number of Routes for Autumn, Winter Programs
VIKING CONSUMER: Fitch Explains Downgrade of EUR16.1 Mln Notes


F R A N C E

VEYHL: Files for Liquidation
VIVENDI UNIVERSAL: Concludes Merger Deal with NBC
VIVENDI UNIVERSAL: Standard & Poor's Upgrades VUE's Ratings
WALT DISNEY: Theme Park Attendance, DVD Sales Jack up Earnings


G E R M A N Y

COMMERZBANK AG: Chairman Admits Possibility of Merger
DAIMLERCHRYSLER AG: Gives up 50% Stake in Daimler Hyundai Truck
INFINEON TECHNOLOGIES: Plans to Exit D-ram Business
MG TECHNOLOGIES: Credits Restructuring for Promising Start
SENATOR FILM: Lenders Give Nod to Rescue Plan
UFA THEATER: Undergoing Insolvency Proceedings


I R E L A N D

JETGREEN AIRWAYS: Schedules Emergency Meeting with Shareholders


L U X E M B O U R G

STOLT OFFSHORE: Common Share Offering to Close May 25


N E T H E R L A N D S

KENDRION N.V.: Sale of Kendrion Van Niftrik Receives Green Light
VERSATEL N.V.: Ends First Quarter with EUR7 Million Net Loss


P O L A N D

BRE BANK: Insufficient Capitalization Earns Downgrade


R U S S I A

ACHINSKY DAIRY: Deadline for Proofs of Claim July 7
ANTSIRSKOYE: Krasnoyarsk Court Appoints Insolvency Manager
ARCTIC-STAV: Declared Bankrupt
FERRITE-2000: Omsk Court Prescribes Bankruptcy Procedure
KVADRO: Krasnodar Court Commences Bankruptcy Proceedings

OSINSKY DAIRY: Insolvent Status Confirmed
PECHORSKY FISH: Declared Insolvent
RUSSIAN ALCOHOLIC: Bankruptcy Proceedings Begin
SHAUMYANA: Creditors Have Until June 28 to File Claims
SPECPROM: Declared Insolvent


S P A I N

IZAR: E.U. Commission Orders Refund of Illegal State Aid


U K R A I N E

AGROFIRMA DRUZHBA: Bankruptcy Supervision Procedure Begins
AGROFIRMA VOSTOK: Under Bankruptcy Supervision Procedure
BOGDAN: Lviv Court Appoints Insolvency Manager
CHORTKIVSK MEET: Deadline for Proofs of Claim June 6
DNIPROENERGO: New Financial Recovery Manager Brought in

HARKIVNAFTOPRODUCT: Under Bankruptcy Supervision Procedure
LIMAN-AGRO: Bankruptcy Supervision Procedure Begins
NOVGORODSKIJ GRANITE: Under Bankruptcy Supervision Procedure
TEHNOLOGIYA: Declared Insolvent
TROITSKE: Donetsk Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ABBEY NATIONAL: Winding up Resolutions Passed
AMBA PROPERTIES: Calls in Liquidator
ANDERSON TOWERS: Shareholders Pass Winding up Resolutions
ATSL LIMITED: Hires Liquidator from P & A Partnership
BARCO SPECIALIST: In Administrative Receivership

CHARMELDON COMMUNICATIONS: Brings in Administrative Receiver
DAMAGE CONTROL: Calls in Receiver from B & C Associates
DESMOND & SONS: Plant Closures Render 315 Jobless
ESTATES HOUSE: Hires PricewaterhouseCoopers Liquidator
FIRST LEISURE: Files for Receivership

HENRY CLARK: Hires Liquidator from Armstrong Watson
HHG PLC: AMP Non-executive Director Leaving Board
HYGENIC INSTALLATIONS: Creditors Meeting Set May 21
ILSE HOLDINGS: Appoints Tenon Recovery Liquidator
JOHN WILSON: Meeting of Creditors Set May 21

MARCONI CORPORATION: Cancels Previously Repurchased Senior Notes
MOTIVES LIMITED: Calls in Receivers from Numerica and BN Jackson
MISYS PLC: Suncorp Selects New Risk Solution Partner
NATIONAL AUSTRALIA: Stresses Confidence in European Arm
O'CONNOR BROTHERS: Employees Demand Payment of Wages

PORTOBELLO FRAMES: Hires Tenon Recovery Administrator
R G TEN: Creditors Meeting Set May 21
WIMBLEDON FC: Court Rules Against Inland Revenue


                            *********


=============
D E N M A R K
=============


MAERSK AIR: Ups Number of Routes for Autumn, Winter Programs
------------------------------------------------------------
On September 3 this year, Maersk Air will open a new route
between Copenhagen and Bratislava (Slovakia) and, on September
17, between Copenhagen and Rome.  Starting October 12, the
capacity between Copenhagen and Cairo will also be increased.

In connection with the start of the winter program on October
31, Maersk Air will open additional eight new routes from
Copenhagen to Madeira, Geneva, Istanbul, Manchester, Malta,
Tenerife, Warszawa and Zurich.  After this, Maersk Air has a
total of 27 routes out of Copenhagen and 12 out of
Billund/Aalborg under the "Fly as you like" concept with low
fares, free choice of legroom, flexible tickets and free choice
of food.

Maersk Air's President Finn Oelund says: "We experience a great
demand from our customers to these destinations and are pleased
to be able to open these routes already in the early autumn.  In
order to meet this demand the number of departures to Venice
will be reduced.  In addition, the routes to Marseille and
Bordeaux will discontinue mid-September and late October
respectively, as they have not developed satisfactorily.  The
routes will be evaluated again in connection with the summer
program for 2005."

Beginning Wednesday, passengers could already book their flights
through travel agencies and Maersk Air's Reservation center.
Booking on Maersk Air's homepage will be available from
Wednesday May 19, 2004.

In connection with the start of the winter program Maersk Air
expects to open additional routes and frequencies from
Copenhagen to e.g. major cities in Germany.  The final
destinations depend on whether we are able to obtain the
requested slots in the relevant airports.

"We continue to optimize our fleet in order for us -- at any
time -- to have a traffic program which meets the wishes of our
customers," says Mr. Oelund.

CONTACT:  MAERSK AIR
          Finn Oelund
          President
          Phone: +45 3231 4400

          Anne von Glasow
          Sales Director
          Phone: +45 3231 4404


VIKING CONSUMER: Fitch Explains Downgrade of EUR16.1 Mln Notes
--------------------------------------------------------------
Fitch Ratings on Wednesday released a special surveillance
report on Viking Consumer Receivables (No1) Plc (Viking)
following the downgrade of the EUR16.1 million Class B notes to
'BB-' from 'BBB' on March 22, 2004.

The rating action reflected the deterioration of the receivables
performance, the reduced level of over-collateralization
supporting the Class B notes under Fitch's revised stresses, and
the weakened credit profile of Thorn Nordic Group (Thorn) as
originator and servicer.  Viking is the securitization of
rental/hire purchase and credit finance agreements related to
consumer goods, originated by three subsidiaries of Thorn,
located in Norway, Denmark and Sweden.

This report discusses the levels of the main performance
indicators to date and sets out the rationale for the downgrade.
Deal information and historical performance data for this
transaction are also available on the subscription Web site
http://www.fitchresearch.com.

CONTACT:  FITCH RATING
          Mathieu Le Merre, London
          Phone: +44 (0) 20 7417 4248

          Erwan Fournis, London
          Phone: +44 (0) 20 7862 4054

          Polly Kolotas, London
          Phone: +44 (0) 20 7417 4358


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


VEYHL: Files for Liquidation
----------------------------
French company Veyhl was placed under liquidation last week,
according to an abstract of a Les Echos report by Europe
Intelligence Wire.

Veyhl manufactures steel parts for office furniture.  It
underwent compulsory administration at the end of March.  This
was after the insolvency of its German parent earlier in the
month.  Veyhl no longer trades.  It stopped operations
immediately after the winding up decision was approved.


VIVENDI UNIVERSAL: Concludes Merger Deal with NBC
-------------------------------------------------
NBC and Vivendi Universal Entertainment (VUE) completed the
creation of NBC Universal, a global media and entertainment
enterprise with expected 2005 revenues of US$15 billion.  The
announcement was made by GE and Vivendi Universal (Paris Bourse:
EX, NYSE: V), the parent companies, respectively, of NBC and
VUE.

NBC Universal is one of the world's leading media companies in
the development, production, and marketing of entertainment,
news, and information to a global audience.  The new company's
assets include some of the most recognized and valuable brands
in the industry, such as television networks NBC, Telemundo, USA
Network, Sci-Fi Channel, Bravo, Trio, CNBC, and MSNBC (jointly
owned with Microsoft); film studio Universal Pictures;
television production studios Universal Television and NBC
Studios; a stations group comprising 29 NBC and Telemundo
television stations; and interests in five theme parks including
Universal Studios Hollywood and Universal Orlando.

International assets include excellent positions in the sale and
distribution of video and DVD titles, television programming,
and feature films in more than 200 countries; and distinctive
television channels across Europe, Asia, and Latin America.

In completing the transaction, shareowners of Vivendi Universal
Entertainment (VUE) received US$3.65 billion of cash
consideration, of which Vivendi Universal received US$3.4
billion.  NBC Universal assumed US$1.7 billion of debt,
previously included in Vivendi Universal's financial statements.
As a result, GE owns 80% of NBC Universal and Vivendi Universal
controls the remaining 20%.  Beginning in 2006, Vivendi
Universal will have the right to monetize its ownership interest
over time at fair market value.

Bob Wright, GE vice chairman and chairman and CEO of the new
company, said: "NBC and Universal are two successful and very
profitable organizations with complementary assets and similar
cultures and business practices.  As a highly integrated company
with outstanding positions across a range of media, the new NBC
Universal represents a tremendous growth opportunity for our
viewers, advertisers, employees, and GE shareowners."

Jeff Immelt, GE chairman and CEO, said: "Closing NBC Universal
is another important step in the transformation of GE.
Strategically, this business will have an advantage in content,
so valuable in the future of digital media.  Financially, it
will provide a great return for GE investors."

Jean-Rene Fourtou, chairman and CEO of Vivendi Universal, said:
"We are pleased to have an active and long-term ownership
interest in NBC Universal, one of the world's most profitable
and fastest-growing media companies.  This transaction gives
Vivendi Universal a 20% ownership interest in NBC Universal and
at the same time enables us to record a total net debt reduction
of approximately US$6 billion.  With its experienced management
team and portfolio of valuable media assets, we expect NBC
Universal to continue to benefit Vivendi Universal and its
shareholders."

Ron Meyer, president and chief operating officer of Universal
Studios, will be responsible for Universal Pictures, the
Hollywood studio operations, and the company's theme parks.
Randy Falco, president of the NBC Universal Television Networks
Group, will lead the company's commercial and operational
organizations.  Jeff Zucker, president of the NBC Universal
Television Group, will oversee all television programming for
the new company, with the exception of Sports and Olympics.
Dick Ebersol, chairman of NBC Universal Sports & Olympics, will
assume responsibility for USA Network's sports programming, and
Jay Ireland, president of NBC Universal Television Stations,
will continue to lead the operations of the company's owned-and-
operated stations group.

NBC Universal is one of the world's leading media and
entertainment companies in the development, production, and
marketing of entertainment, news, and information to a global
audience.  Formed in May 2004 through the combining of NBC and
Vivendi Universal Entertainment, NBC Universal owns and operates
the No. 1 television network, the fastest-growing Spanish-
language network, a valuable portfolio of news and entertainment
networks, a premier motion picture company, significant
television production operations, a leading television stations
group, and world-renowned theme parks.  NBC Universal is 80%-
owned by General Electric, with 20% controlled by Vivendi
Universal.

CONTACT:  NBC UNIVERSAL
          Cory Shields
          Phone: 212-664-3457

          Rebecca Marks
          Phone: 212-664-3457

          UNIVERSAL STUDIOS
          Susan Fleishman
          Phone: 212-664-3457

          VIVENDI UNIVERSAL
          Antoine Lefort
          Phone: 33-0-1-71-71-11-80

          Agnes Vetillart
          Phone: 33-0-1-71-71-30-82

          Alain Delrieu
          Phone: 33-0-1-71-71-10-86
          Flavie Lemarchand
          Phone: 212-572-1118


VIVENDI UNIVERSAL: Standard & Poor's Upgrades VUE's Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday raised its
corporate credit rating on U.S.-based media company Vivendi
Universal Entertainment LLP (VUE) to 'BB+' from 'BB' and its
senior secured bank loan rating to 'BBB-' from BB+'.  The
ratings remain on CreditWatch with positive implications, where
they were placed September 3, 2003.

The upgrade follows completion Wednesday of the merger plan
announced in September under which Vivendi Universal S.A. (VU)
(BB/Watch Pos/B) agreed with General Electric Co. (GE;
AAA/Stable/A-1+) to merge its approximately 86%-owned subsidiary
VUE with GE's fully owned media subsidiary NBC to form one of
the largest media groups worldwide, NBC Universal.

"We expect that VUE's rated debt, which is being assumed by
unrated NBC Universal and is not being guaranteed by GE, will be
refinanced through unrated financings," said Standard & Poor's
credit analyst Guy Deslondes.  "We plan to withdraw our existing
VUE ratings upon completion of the refinancing."

"We believe that unrated NBC Universal, with reported pro forma
2003 revenues of more than US$13 billion, annual EBITDA of about
US$3 billion, and operating margins that should be above average
for major media and entertainment companies in the U.S., would
have strong potential for an investment-grade corporate credit
rating, especially as an 80% GE-owned entity," said Standard &
Poor's credit analyst Heather Goodchild.

At the same time, the corporate credit and senior unsecured debt
ratings on French media and telecommunication group VU remain on
CreditWatch with positive implications where they were placed on
September 3, 2003.  Standard & Poor's expects to complete its
review of VU's group's business and financial profile --
including a review of management's strategies for the group
following the disposal of VUE -- by the end of May 2004.  That
said, Standard & Poor's reiterates its October 8, 2003, guidance
that Vivendi Universal's ratings will most likely be raised by a
notch upon resolution of the CreditWatch.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found on Standard & Poor's public
Web site at http://www.standardandpoors.com;under Credit
Ratings in the left navigation bar, select Find Ratings, then
Credit Ratings Search.


WALT DISNEY: Theme Park Attendance, DVD Sales Jack up Earnings
--------------------------------------------------------------
The Walt Disney Company reported earnings for the quarter and
six months ended March 31, 2004.  These are the highlights:

(a) EPS for the second fiscal quarter grew 73% versus the prior
    year, led by segment operating income growth at the Media
    Networks, Parks and Resorts and Consumer Products segments,
    partially offset by a decline at Studio Entertainment;

(b) Cash flow from operations for the first half of the year was
    US$2.5 billion, well more than double the prior-year period.
    Free cash flow for the first half of the year totaled US$2.0
    billion compared to US$481 million for the first half of the
    prior year

Diluted earnings per share for the second quarter were US$0.26,
up 73% from US$0.15 in the prior-year second quarter.

For the six-month period, diluted earnings per share were
US$0.59, which was an increase of US$0.38 from the prior-year
period before the cumulative effect of an accounting change.
Earnings per share for the first quarter of the prior year
included an approximately US$0.04 negative impact due to the
write-off of an aircraft leveraged lease investment.

"Disney is benefiting from the unique strengths of the Company's
assets as well as the long-term growth strategies we've put in
place as we are seeing solid growth in attendance at our theme
parks from both domestic and international visitors, in global
sales of DVDs and in the financial results of our Media Networks
businesses," said Michael Eisner, Disney chief executive
officer.  "Disney's talented and experienced management team is
committed to creating the best in quality family entertainment
while maintaining an unwavering focus on increasing earnings,
cash flow and returns on invested capital."

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/WaltDisney_H12004.htm.

CONTACT:  THE WALT DISNEY COMPANY
          Burbank
          Zenia Mucha
          Phone: 818-560-5300

          John W. Spelich
          Phone: 818-560-8543


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


COMMERZBANK AG: Chairman Admits Possibility of Merger
-----------------------------------------------------
"Commerzbank really is a better bank, as it is back on a
successful course."  With these words Klaus-Peter Muller,
Chairman of the Board of Managing Directors, welcomed almost
3,000 shareholders to the bank's AGM Wednesday at the
Jahrhunderthalle in Frankfurt-Hoechst.

He condensed his confident estimate by saying: "All in all, we
want to make good progress within the Commerzbank Group in 2004
towards attaining our earnings targets.  This will require the
bank to formulate a strategy which also strengthens its
independence, in other words to 'go it alone.'  But if one day
an opportunity arises, to expand through acquisitions or to
realize the bank's vision through a merger ... we will be open
to it and carefully examine the possibilities."

Sustainable Increase in Profitability Is Goal

The chairman defined the strategic positions for the core
business areas as:

(a) Commerzbank wants to be the best nationwide bank in Germany
    for both retail customers as well as the successful
    Mittelstand;

(b) Serve as a preferred relationship partner for Europe's
    larger corporate customers as well as for the
    multinationals;

(c) In Asset Management to build on the German market and
    selected European core markets;

(d) In Securities, to be more sharply focused and improve on its
    close working relationship with the Corporate Banking
    department.

Since the bank has its costs well in hand, the main focus now is
on sustaining its improvement in profitability.  The first
success was demonstrated with the first quarter results of 2004,
when earnings were 14 percent higher than a year earlier.  This
improvement was also mirrored in the development of the bank's
major business units.

Revenues for retail banking were EUR63 million more than a year
ago.  By concentrating on better margin business, including
interesting customer groups such as business customers and self-
employed, earnings this year should again strongly improve by
around 25 percent.  At the same time, through selective external
growth -- such as through the purchase of SchmidtBank's retail
network -- market share should also increase.

The Asset Management of Commerzbank is, after completing its
consolidation phase, also showing improvement.  The stronger
third-party sales of ADIG funds on the one hand, along with the
synergy effects of subsidiaries COMINVEST, Jupiter International
and Caisse Centrale de Reescompte sales on the other, should
result in a 40 percent increase in operating profits this year.

In the Corporate Banking and Institutions sector, an ambitious
goal of more than EUR500 million has been set for this year.  In
part this will be accomplished via portfolio restructuring and
the consequent further reduction in risks.  At the same time
earnings should be boosted by an increase in margins, along with
a closer link to investment banking.  This will also mean a
clear differentiation between the customer groups: the 20
regional branches of the bank with a total of 150 branches will
concentrate on serving the Mittelstand.  Major corporate
customers will be served by five regional centers, with
multinationals served by the Frankfurt headquarters.

Last but not least Mr. Muller expects, after such a strong start
to the year, the Securities unit will also produce a clear
increase in profitability.  Contributing to that will be the
revival of the Initial Public Offerings business, which is
already evident, and an increasing demand for Mergers &
Acquisitions advice.

Along with presenting the first quarter results, the Commerzbank
chairman also reported the successful agreement on a new
Corporate Pension plan, financed solely by the bank.  He
expressed his satisfaction that the relatively quick
negotiations led to a solution that is satisfactory and
economically feasible for all parties.

CONTACT:  COMMERZBANK AG
          Corporate Communications-Press Relations
          Phone: +49 69 136-22830
          Fax:   +49 69 136-22008
          E-mail: pressestelle@commerzbank.com


DAIMLERCHRYSLER AG: Gives up 50% Stake in Daimler Hyundai Truck
---------------------------------------------------------------
DaimlerChrysler AG and Hyundai Motor Company agreed to realign
their strategic alliance to better reflect their respective
companies' current business and strategic objectives.  Under the
agreement Hyundai Motor will acquire DaimlerChrysler's 50% stake
in Daimler Hyundai Truck Corporation, an existing commercial
vehicle engine joint venture in Korea.  The parties have also
agreed to terminate certain associated licensing and other
commercial arrangements, including the talks regarding a
comprehensive commercial vehicle joint venture in Korea.

Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:

Going forward, the companies' strategic alliance will include:

(a) Joint development and manufacture of a family of four
    cylinder gasoline engines between DaimlerChrysler, Hyundai
    Motor and Mitsubishi Motors Corporation (the "World Engine
    Project");

(b) Distribution of Hyundai Motor's Atos and Verna (Accent)
    passenger car models into the Mexican market through
    DaimlerChrysler's affiliate;

(c) Joint procurement activities;

(d) Supply by DaimlerChrysler of medium duty engines (OM 906) to
    Hyundai Motor for medium buses.

It is anticipated that these projects will have substantial
benefits for both parties.

Since commencement of the strategic alliance in September 2000,
there have been significant changes in the global commercial
vehicle and automotive markets, which have resulted in a re-
prioritization of both companies' respective strategic
objectives.  To better address these conditions, the companies
determined it was mutually beneficial to realign the alliance in
order to reflect more realistically current market conditions.
The companies expect that these measures will better position
the strategic alliance to deliver value and to pursue additional
projects going forward.


INFINEON TECHNOLOGIES: Plans to Exit D-ram Business
---------------------------------------------------
German chipmaker Infineon might spin off its troubled D-ram
memory chips business within the next few weeks, a person
familiar with the situation told FT Deutschland, according to
the Financial Times.

An official decision to this effect has not been made, but the
source said the business was "as good as gone."  The unit may be
separated out via a stock market listing, a sale, or a joint
venture.  Exit from the D-ram memory chips business would pare
down 40% of Infineon's sales, but it would help the company
focus on higher-margin and less volatile chips for the
automotive industry as well as mobile phones and the fixed-line
telecoms industry, according to the report.  The D-ram business
is highly susceptible to volatile chip prices.  It's one of the
major causes of Infineon's losses in the past two years.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Gunter Gaugler
          Media Relations Contact
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Investors and Analysts based in Europe please contact:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          Investors and Analysts based in North America please
          contact:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


MG TECHNOLOGIES: Credits Restructuring for Promising Start
----------------------------------------------------------
Mg technologies ag has gotten off to a successful start in 2004.
This applies both to the performance of its operating business
and to the restructuring of the Group that has been underway
since the autumn of 2003.  The disposal of Dynamit Nobel,
completed in April and May of this year, was a pleasant surprise
for the capital markets.  Not only was the sale completed much
sooner than financial experts had expected, the proceeds of
EUR2.68 billion from the disposal were at the upper end of
forecasts.

"This disposal has achieved a key objective of mg's
reorganization that was announced on October 2 last year.  It
will transform a debt-laden, highly diversified and relatively
cumbersome conglomerate into a lean, effective and flexible
company with considerable financial freedom for action,"
stressed Udo Stark, Chairman of mg's Executive Board.

Operational Targets Achieved in First Quarter[1]

On an adjusted basis, mg technologies ag raised its pre-tax
earnings in the first quarter of 2004 by 4.6 percent to EUR43.2
million compared to the first three months of 2003.  Although
the profit of EUR28.8 million it reported was EUR7.7 million
down on that achieved in the first quarter of 2003, this was due
to one-off items of EUR5.5 million comprising transaction costs
of EUR3.5 million for the disposal of Dynamit Nobel and
restructuring costs of EUR2.0 million.

Currency translation adjustments of EUR8.9 million also need to
be taken into account.  Despite translation losses of
approximately EUR40 million, the mg Group's sales in the first
quarter rose by 2.1 percent to EUR1,477.2 million.  The increase
of roughly one-third in the Group's volume of new orders to
EUR1,178.1 million reflects the positive trend in its order
situation, especially in industrial plant engineering at Lurgi
Lentjes and Zimmer.

GEA's solid performance in the first quarter was in line with
forecasts.  Its sales came to EUR580.2 million, a slight year-
on-year improvement; its volume of new orders of EUR708.5
million was also up on 2003.  Its pre-tax earnings of EUR23.4
million were EUR7.0 million lower year on year and reflected
currency translation losses and the weakness of the dairy farm
systems business.  Its other divisions continued to perform
encouragingly.  Its energy technology and air treatment
businesses in particular posted significant earnings growth.

In industrial plant engineering, Zimmer and Lurgi Lentjes got
off to a particularly good start in 2004.  Zimmer's earnings
jumped by EUR6.1 million to EUR6.3 million.  The integration of
engineering firm Fleissner, which was acquired last year, had a
beneficial impact on business.  Lurgi Lentjes managed to turn
its business around sooner than expected, transforming last
year's net loss of EUR8.2 million into a small profit of EUR0.1
million.  Its level of new orders rose sharply by over 260
percent to EUR340.6 million on the back of an outstanding
performance in the first quarter.  Its processing of its
considerably improved order book gives cause for optimism for
the year as a whole.

Owing to the low volume of orders it won last year, Lurgi will
not manage to turn a profit until the end of the current year,
although this would be contingent on a continuation of the now
perceptible upturn in new orders at Lurgi.

Its unsatisfactory level of capacity utilization in the first
three months of this year caused it to incur a pre-tax loss of
EUR9.5 million.  In 2003 it had posted a loss of EUR3.7 million.
However, it boosted its level of new orders during this period
by over 50% to EUR55.9 million. In addition, only a few days ago
it signed a 90-million-dollar contract to build a methanol plant
in China.  The management buyout of parts of the Lurgi Life
Science business unit announced at the beginning of May will
also improve its profitability as from the second quarter.

Overall, mg's industrial plant engineering activities improved
their earnings considerably from a loss of EUR11.7 million in
the first quarter of 2003 to a loss of EUR3.1 million in the
first three months of this year.  The jump of over 160 percent
in its volume of new orders and the much-improved quality of its
earnings bode well for the future.

Successful Disposal of Dynamit Nobel

Following a highly competitive bidding process, Dynamit Nobel
was sold much sooner than expected in April and May.
Furthermore, its sale price of EUR2.68 billion was at the upper
end of expectations.  Shareholders will have an opportunity to
vote on the disposal of the Chemicals division at mg's Annual
Shareholders' Meeting, which is being brought forward from the
end of August to June 21/22.  The closing, deconsolidation, and
the accrual of the disposal proceeds will become effective on
July 31 this year.  The disposal will generate liquid funds of
approximately EUR1.8 billion and a post-tax gain of EUR300
million to EUR400 million.

Sufficient Funds for Growth by Acquisition

The funds raised by the disposal of Dynamit Nobel will provide
the mg Group with considerable financial scope for growth by
acquisition.  After allowing for the necessary repayment of its
debt, it will have approximately EUR1 billion available to
invest in such acquisitions.

Potential acquisitions will be considered in any of the
businesses offered by GEA, especially in its process engineering
and process equipment segments.  Among the most attractive
candidates are what are known as add-on acquisitions: smaller
companies that generally offer high potential synergies and
start to make a profit contribution straight away.  However, we
are also considering acquisition candidates in complementary
businesses that would supplement our existing activities.  This
could involve major purchases, with individual acquisitions in
the magnitude of several hundred million euros.  We are
currently analyzing a potential acquisition volume of around
EUR3 billion.

Most of the restructuring of the mg Group already completed
Most of the measures adopted on October 2 last year as part of
the strategic refocus of the mg Group have either already been
implemented or are at an advanced stage:

(a) Now that Dynamit Nobel has been sold, the mg Group's focus
    on its engineering activities is almost complete.  The
    process of selling solvadis is on schedule.

(b) The most important measures adopted to streamline the
    Group's structures have also been implemented.  The number
    of holding companies will have been reduced from six to two
    by the third quarter.  The merger of GEA with mg is well
    underway.  This requires its minority shareholders to be
    excluded in exchange for a reasonable cash payment - a
    process known as a squeeze-out -- and this is scheduled to
    take place in the summer.

(c) The restructuring of the industrial plant engineering
    business is also going according to plan.  Implementation of
    the new organizational structures is at an advanced stage.
    As the figures for the first quarter show, the restructuring
    of the industrial plant engineering business is starting to
    yield tangible results.

Outlook for 2004: earnings in the mid tens of millions
mg technologies ag is confident about its earnings for 2004 as a
whole.  GEA will probably improve on the earnings it reported in
2003.  Zimmer is forecast to report encouraging earnings growth,
while Lurgi Lentjes is expected to break even.  Overall,
industrial plant engineering should post a healthy improvement
in earnings this year.  Now that it has been sold, Dynamit Nobel
is reported under 'discontinued operations' and -- subject to
approval by mg's Annual Shareholders' Meeting and by the
relevant antitrust authorities -- will no longer be consolidated
in 2004. Given this scenario, the mg Group's sales should be in
the region of EUR4.2 billion for the current year.  The mg Group
expects its continuing operations (excluding gains on disposals)
to report pre-tax earnings in the mid tens of millions for 2004,
which would be a substantial year-on-year increase.

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% of its businesses.

---------
Footnote:

[1] All figures exclude discontinued operations (solvadis
subgroup, boiler plant operations, and non-core activities of
GEA and Dynamit Nobel).


SENATOR FILM: Lenders Give Nod to Rescue Plan
---------------------------------------------
Senator Film's creditor banks have approved the German film
company's recovery plan, and thus its continuity, Europe
Intelligence Wire learned from Suddeutsche Zeitung.

The company is estimated to have total liabilities of between
EUR180 million and EUR200 million.  Last month, its subsidiary
Senator Entertainment filed for insolvency due to massive write-
downs.  Germany's second-biggest film producer and distributor
was rendered crippled by a severe devaluation of its film
library and investments.  Temporary receiver Rolf Rattunde is
planning a capital cut to rehabilitate the firm.

Also in insolvency proceedings are Senator Film's Film
Produktion, distribution arm Senator Film Verleih and
distribution service company Central Filmvertriebs.  The
company's overseas operations include Senator U.S. Holding, and
Ireland-based Eurofilm & Media, which owns London-based Amberlon
Pictures.  These companies have escaped the other's dire plight.
Senator holds a 57% stake in Berlin-based X Filme, and a 25%
share in multiplex chain CinemaxX.


UFA THEATER: Undergoing Insolvency Proceedings
----------------------------------------------
German cinema operator Ufa Theater has applied for insolvency, a
staff of insolvency trustee Friedrich Metzler said, according to
Die Welt.

Ufa's insolvency came amidst overcapacity in the sector,
combined with falling audience figures.  Kieft & Kieft, which
purchased a large number of Ufa cinemas last year is reported to
be in dire straits as well.  The outlets sold are not included
in the insolvency proceedings of its former owner.  Ufa rents
out 32 cinemas in Germany to competitors.


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


JETGREEN AIRWAYS: Schedules Emergency Meeting with Shareholders
---------------------------------------------------------------
Budget Airline JetGreen Airways halted trading Wednesday, only a
week after it began flights to Spanish holiday destinations.
The Dublin-based carrier said in a statement an extraordinary
general meeting of shareholders will be held to consider the
winding up of the company.

The possibility of filing for liquidation does not appear
imminent, according to Reuters, which noted Chief Executive
Pearse Gilroy's pronouncement in Ireland's Business & Finance
magazine that the carrier had already sold 40,000 tickets.
JetGreen Airways began daily flights to the Spanish holiday
destinations of Malaga and Alicante on May 4.  For more
information visit http://www.flyjetgreen.com.


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


STOLT OFFSHORE: Common Share Offering to Close May 25
-----------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
announced on Wednesday that the offering of Common Shares as
first announced on 16 January 2004 will commence on 13 May 2004
and will last until 11:00 p.m. (Central European Time) and 5:00
p.m. (New York City time), on 25 May 2004.  Details of the
offering are contained in a prospectus, which has been filed
with the Oslo Bors and will be mailed to shareholders of record
as of the close of business on 20 January 2004.

The share issue follows the Private Placement of 45.5 million
shares to certain European investors, which was completed on 13
February 2004.  The shares are being offered at the same price
as the shares in the Private Placement.  The purpose of the
Subsequent Issue is to allow shareholders who did not
participate in the Private Placement the ability to maintain
their approximate relative ownership and economic interest in
Stolt Offshore.  The Private Placement and the Subsequent Issue
are part of a larger program to strengthen Stolt Offshore's
financial position.

The summarized details of the offering are:

(a) Up to 29.9 million new Common Shares, including Common
    Shares represented by new ADSs will be offered for sale at
    the subscription price of $2.20 per share.

(b) The number of Common Shares issued assuming full take-up of
    this offering will be up to 191.4 million.

(c) Holders of Common Shares after the close of business on
    January 20, 2004, (other than investors in the Private
    Placement, Stolt-Nielsen S.A. and its affiliates) whether or
    not they continue to hold Common Shares or ADSs, will be
    eligible to participate on a priority basis in this offering
    (these are Eligible Offerees).  The offer will also be made
    available to other investors.  Eligible Offerees however,
    will have the first priority to purchase Common Shares and
    ADSs in the offering.  Common Shares that are not purchased
    by Eligible Offerees may be sold to other investors.  The
    entitlement of Eligible Offerees to subscribe in this
    offering is non-transferrable.

Information pertaining to this offering can be obtained from
Stolt Offshore.  In addition, information, as well as a copy of
the prospectus relating to the offering, can be obtained in the
United States from the Company's information agent Morrow & Co.,
Inc. (telephone +1 800 607 0088) and outside the United States
from the Company's receiving agents, ABG Sundal Collier
(telephone +47 22 01 60 00) or Pareto Securities (telephone +47
22 87 87 00).

Stolt Offshore is a leading offshore contractor to the oil and
gas industry, specializing in technologically sophisticated
deepwater engineering, flowline and pipeline lay, construction,
inspection and maintenance services.  The Company operates in
Europe, the Middle East, West Africa, Asia Pacific, and the
Americas

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Fiona Harris
          Phone: (U.K.) +44 1224 718436
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (UK)
          Tim Payne (US)
          Phone: (U.K.) +44 207 404 5959
          Phone: (U.S.) +1 212 333 3810
          E-mails: phandley@brunswickgroup.com
                   tpayne@brunswickgroup.com

          REGISTERED OFFICES
          26, rue Louvigny, Luxembourg

          PRINCIPAL EXECUTIVE OFFICES
          Stolt Offshore M.S. Ltd.
          Dolphin House, Windmill Road,
          Sunbury-on-Thames, Middlesex
          TW16 7HT England
          Phone: (+44) (0)1932-773-700
          Web site: http://www.stoltoffshore.com


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


KENDRION N.V.: Sale of Kendrion Van Niftrik Receives Green Light
----------------------------------------------------------------
With reference to the press releases on April 19 and May 11,
which announced that an agreement was reached with Polynorm N.V.
concerning the sale of Kendrion Van Niftrik B.V. in Putte, the
Netherlands, Kendrion N.V. now announces that competition
authorities have approved the deal.  The transfer of the company
took place on May 11, 2004.

About 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.


VERSATEL N.V.: Ends First Quarter with EUR7 Million Net Loss
------------------------------------------------------------
Versatel Telecom International N.V. on Wednesday reported first
quarter 2004 financial and operating results.  These are the
highlights:

(EUR millions) Q1 2004 Q1 2003 Growth Q1 2004 Q4 2003 Growth
Revenue       135.5    87.1    56%    135.5   132.2   3%
Gross Margin % 53.3%   52.5%   N/m     53.3%   53.5%  N/m
EBITDA[1]      25.4    28.1   (10)%    25.4    25.0   2%
Net Loss       (7.3)    1.0    N/m     (7.3)  (10.4)  N/m
Capex          24.4    17.8    37%     24.4    28.8  (15)%
EBITDA - Capex  1.0    10.3    N/m      1.0    (3.8)  N/m
Cash          148.2   151.9    (3)%   148.2   158.9   (7)%

[1] Recurring Ebitda was EUR13.1 million in 1Q03 (excluding a
one-time settlement with Deutsche Telekom of EUR14.9 million)
and EUR23.8 million in Q403 (excluding EUR1.2 million of
previously unrecognized prior period revenue).
FINANCIAL HIGHLIGHTS:

(a) First quarter 2004 revenues increased by 56 percent to
    EUR135 million compared with 1Q03 revenues of EUR87 million
    and by 3 percent compared with 4Q03 revenues of EUR132
    million;

(b) On-net revenues were EUR102 million for 1Q04 compared with
    EUR63 million for 1Q03 and EUR99 million for 4Q03;

(c) Gross Margin as a percentage of revenues in the first
    quarter of 2004 was 53 percent, compared with 53 percent in
    the first quarter of 2003 and 54 percent in the fourth
    quarter of 2003;

(d) 1Q04 EBITDA was EUR25 million compared with EUR28 million
    (EUR13 million excluding a one-time settlement with Deutsche
    Telekom of EUR15 million) in 1Q03 and EUR25 million (EUR24
    million excluding EUR1 million of previously unrecognized
    prior period revenue) in 4Q03;

(e) Versatel's net loss for the quarter ended March 31, 2004 was
    EUR7 million compared with a net profit of EUR1 million in
    1Q03 and a net loss of EUR10 million in 4Q03;

(f) Capital expenditures (Capex) in 1Q04 were EUR24 million
    compared with EUR18 million in the first quarter of 2003 and
    EUR29 million in 4Q03;

(g) At March 31, 2004, Versatel had approximately EUR148 million
    in cash on its balance sheet, compared with EUR152 million
    at the end of the first quarter 2003 and EUR159 million at
    the end of the fourth quarter of 2003.

OTHER HIGHLIGHTS: During the first quarter 2004 Versatel added
approximately 60,500 DSL and other on-net copper residential
lines including approximately 23,000 customers at its Internet
subsidiary Zon, approximately 18,500 customers in Belgium and
approximately 19,000 customers in Germany.

For the quarter ended March 31, 2004 revenues were EUR135.5
million, up 55.6 percent compared with 1Q03 revenues of EUR87.1
million and 2.5 percent compared with 4Q03 revenues of EUR132.2
million (3.4 percent excluding the EUR1.2 million of non-
recurring revenue in 4Q03).  This top-line growth is primarily
due to the provisioning of new corporate customers, the
migration of narrowband customers to broadband services in The
Netherlands, and broadband subscriber growth in both Belgium and
Germany.

In total, on-net revenues for Versatel were EUR101.5 million for
1Q04 compared with EUR63.4 million in 1Q03 and EUR98.5 million
in 4Q03.  This growth is primarily attributable to the increase
of our on-net business and residential customer bases in each of
our markets, as well as the continued churn of our off-net
customer base due to our defocusing on this line of business.
For the quarter ended March 31, 2004, gross margin as a
percentage of total revenues was 53.3 percent compared with 52.5
percent in 1Q03 and 53.5 percent in 4Q03. Excluding the non-
recurring revenue in 4Q03, our gross margin would have been 53.0
percent, which indicates a slight increase in 1Q04 compared to
4Q03.  However, as indicated in our 2004 financial outlook, we
do not expect this increase to continue in 2004 as our lower
margin residential business continues to grow as a percentage of
our total revenue base and pricing pressure continues in the
business market.

Raj Raithatha, Chief Executive Officer, commented: "We are
pleased with the financial and operating performance of our
business despite the continued general adverse market conditions
in the telecom sector, the increased broadband competition in
each of our markets, and the continued pricing pressure we are
experiencing in the data services market.  Specifically, I am
pleased with the performance of our residential broadband
business in all of our markets as we added over 60,000 broadband
customers during the quarter.  The other strength of our
business is in the corporate IP VPN market where we continue to
see good opportunities for growth."

Selling, general and administrative expenses (SG&A) for the 1Q04
was EUR46.8 million, up from EUR32.6 million in 1Q03 and
compared with EUR45.7 million in 4Q03.  Marketing expenditures
for 1Q04 were EUR3.3 million compared with EUR2.2 million and
EUR2.5 million in 1Q03 and 4Q03 respectively.

For the quarter ended March 31, 2004, Versatel's result before
interest, tax, depreciation and amortization (EBITDA) was
EUR25.4 million compared with EUR28.1 million (EUR13.1 million
excluding a one time settlement with Deutsche Telekom of EUR14.9
million) in 1Q03 and EUR25.0 million (EUR23.8 million excluding
EUR1.2 million of previously unrecognized prior period revenue)
in 4Q03.

Mark Lazar, Chief Financial Officer, commented: "While I am
pleased with our first quarter of positive free cash flow, we
still have a lot of work ahead of us to achieve our financial
targets and continue to grow the business for the long-term.
Clearly, we cannot just focus on cutting costs to achieve these
targets, but instead need to invest in both infrastructure and
growth oriented SG&A.  Therefore, we will continue to focus on
investing in new growth areas where we believe we can compete
profitably and successfully over the long-term."

Versatel's net loss for the quarter ended March 31, 2004 was
EUR7.3 million compared with a net profit of EUR1.0 million in
1Q03 and a net loss of EUR10.4 million in 4Q03.  The non-
recurring net profit in 1Q03 was primarily attributable to the
EUR14.9 million settlement with Deutsche Telekom.

Versatel's capital expenditures (capex) for the first quarter of
2004 capex were EUR24.4 million compared with EUR17.8 million
and EUR28.8 million for 1Q03 and 4Q03 respectively.

As of March 31, 2004, Versatel had EUR148.2 million in cash on
its balance sheet compared with EUR151.9 million at March 31,
2003 and EUR158.9 million at 4Q03.  The decline in cash over the
quarter was primarily attributable to upfront payments that we
need to make at the beginning of the calendar year for
interconnect and other telecommunications services to the
incumbents in our markets.  Although these services will be
rendered over the course of the year and are reflected in our
P&L only as the cost is incurred, we are required by our
interconnect agreements to prepay for certain services.

We also delayed some of our bill runs in Germany during the
first quarter as we finalized the migration of our acquisitions
to one billing platform.  These bill runs have since been
initiated under the new system and will be reflected in the
second quarter.

During the quarter, Versatel's goodwill increased by EUR2.1
million as a result of additional funding that was provided to
its German subsidiary and which was not matched on a pro rata
basis by its minority shareholder Telco Executive.  As a result
of this transaction, Telco Executives' interest in Versatel's
German subsidiary was diluted from 12.8 percent to 10.5 percent.
The pro rata portion of this additional funding that is
attributable to Telco Executive has therefore been recorded as
goodwill on the balance sheet to reflect the additional stake
that Versatel has acquired and will be amortized over a 10 year
period in line with Versatel's accounting policy.  The company
had a positive shareholders' equity position of EUR77.3 million
as of March 31, 2004, which continues to reflect the strength of
its balance sheet.

As of 4Q02, Versatel had a deferred tax liability on its balance
sheet in respect of the gain related to the completion of its
2002 financial restructuring, whereby any subsequent losses in
The Netherlands are recognized and taken against this deferred
tax liability.  At March 31, 2004, Versatel's deferred tax
liability totaled EUR123.4 million.

We continue to believe that our organic business plan is fully
funded without a need for third party financing.  Given our cash
position, we also believe that we have approximately EUR75
million in funding to explore potential organic and acquisition
growth opportunities in our core markets.

Mr. Lazar said: "Given our strong financial position, we
continue to explore opportunities to expand our business both on
an organic and acquisition basis.  That said, we have seen some
recent signs in the acquisition market that sellers price
expectations maybe getting ahead of the real value of the
business.  As we have said before, if the pricing of these
assets does not make sense then we will not feel pressure to
pursue deals.  We may instead use our cash resources to
accelerate investments in our organic business, similar to what
we did last year in building out more DSL coverage in The
Netherlands."

OPERATIONAL HIGHLIGHTS BY COUNTRY

The Netherlands

Revenues in The Netherlands rose to EUR63.6 million in 1Q04
compared with revenues of EUR51.3 million in 1Q03 and EUR62.9
million in 4Q03 (EUR61.7 million excluding EUR1.2 million of
previously unrecognized prior period revenue).

We experienced a decline in fixed-to-mobile voice revenues in
the quarter of approximately EUR0.8 million to reflect the new
lower retail tariffs that came into effect mid-February.

Although this has no effect on gross margin or EBITDA because of
the similar decline in retail and wholesale tariffs, it does
have an impact of approximately EUR1.5 million on a quarterly
basis to recurring revenue.  This impact was announced last year
by OPTA and the mobile operators and was already factored into
our full year financial guidance.

EBITDA was EUR17.4 million in 1Q04 compared with EUR10.2 million
and EUR16.9 million (EUR15.7 million excluding EUR1.2 million of
previously unrecognized prior period revenue) in 1Q03 and 4Q03
respectively.

Capital expenditures for the first quarter 2004 were EUR17.7
million compared to EUR12.0 million in 1Q03 and EUR15.4 million
in 4Q03.  The increase in capital expenditures reflects the
remaining investments required to increase our DSL footprint
that we announced last year as well as some of the upfront
investments that we need to incur to connect a few of our larger
IP VPN customers before they can start generating revenue.
Versatel saw strong growth in its residential DSL client base,
which Versatel serves through its Zon subsidiary.  During the
first quarter 2004 Zon added approximately 23,000 DSL customers
for a total of over 127,000 ADSL customers.  Additionally,
during the quarter Zon launched a new DSL product portfolio,
which now offers a reliable solution to all types of residential
DSL users.

Mr. Raithatha commented: "We continue to see strong demand for
our corporate IP VPN business in The Netherlands and are
beginning to work more and more with systems integrators as the
convergence of the traditional IT and telecom sector
accelerates.  That said, corporate spending is still under
pressure globally due to uncertain economic conditions and we
therefore need to continue improving our incremental cost base
to pass along savings to customers.  In the residential market,
DSL growth remains strong.  We are beginning to experience a
faster than anticipated churn of our residential dial in
customer base to broadband products and are evaluating the
merits of additional DSL footprint upgrades in order to take
advantage of this migration.  Clearly the challenge for us in
the coming quarters is to ensure that we have the right products
and infrastructure for these customers to migrate to our own DSL
products."

Germany

Revenues in Germany were EUR58.5 million in 1Q04, up from
EUR23.3 million in 1Q03 and EUR57.7 million in 4Q03. 1Q04 EBITDA
in Germany was EUR8.6 million compared with EUR2.4 million in
1Q03 and EUR8.3 million in 4Q03.  Capital expenditures for the
first quarter 2004 were EUR4.4 million compared to EUR4.9
million in 1Q03 and EUR12.4 million in 4Q03.

During the first quarter 2004, we added approximately 18,500
residential DSL and other on-net copper residential lines for a
total of over 118,000.

Mr. Raithatha commented: "We continue to be pleased with our
decision to expand our German operations as we look to benefit
from the lack of owned DSL infrastructure in Germany.  During
the quarter we opened up several cities in Baden-Wurttemberg to
sell DSL services, which we believe is the best way to achieve
long-term profitable growth.  Customer ownership and retention
are a must in the telecom world and we will continue to invest
in our on-net strategy."

Belgium

Belgian revenues increased to EUR13.4 million in 1Q04 compared
with 1Q03 revenues of EUR12.4 million and 4Q03 revenues of
EUR11.6 million.  EBITDA in Belgium was a loss of EUR0.6 million
in 1Q04 compared to a gain of EUR0.5 million in 1Q03 and a loss
of EUR0.2 million in 4Q03.  The decline in EBITDA during the
first quarter was a result of increased marketing expenditures
relating to our new residential DSL product launched in Belgium
in December 2003.  Capital expenditures for the first quarter
2004 were EUR2.3 million compared to EUR0.8 million in 1Q03 and
EUR1.0 million in 4Q03.  The increase in revenue and capital
expenditures is primarily related to the growth of these DSL
customers.  The decline in EBITDA is related to the start-up
costs and continued market expenditures of our new DSL campaign.
During the quarter Versatel added approximately 18,500 DSL
customers in Belgium.

Mr. Raithatha commented: "We are very pleased with the
performance of our residential DSL product offering in Belgium.
We were able to establish a first mover advantage in the low-end
DSL market and that has resulted in 18,500 customer additions
during the quarter."

2004 FINANCIAL GUIDANCE

For the current year 2004, Versatel would like to reiterate its
financial guidance.  The following statements are based on
Versatel's current expectations.  These statements are forward-
looking and actual results may differ materially.

Versatel's financial expectations for 2004 are:

(EUR millions) 2004
Revenue    570 - 590
EBITDA     110- 120
Free Cash Flow 10-20
(EBITDA less Capex)

Copies of these financial statements are available free of
charge at http://bankrupt.com/misc/Versatel_2003.pdf


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


BRE BANK: Insufficient Capitalization Earns Downgrade
-----------------------------------------------------
Fitch Ratings on Wednesday changed BRE Bank's Long-term rating
Outlook to Positive from Stable reflecting the change in the
Long-term rating Outlook to Positive from Stable of its German
parent, Commerzbank (rated 'A-').  At the same time the agency
has downgraded BRE's Individual rating to 'D/E' from 'D' and
placed it on Rating Watch Evolving.  The Long-term, Short-term
and Support ratings are affirmed at 'BBB+', 'F2', and '2'
respectively.

The downgrade of the Individual rating and its placement on
Rating Watch Evolving reflect BRE's insufficient capitalization.
BRE's consolidated total capital adequacy ratio fell to 7.62% at
end-March 2004.  Although the bank is expecting new capital in
mid-2004, mainly from Commerzbank but also partly from the
market, Fitch believes the level of risk exposure is not
adequately covered by reserves and may further decrease equity.
Apart from increasing capital adequacy ratios, new capital will
partially be used to cover the upcoming acquisition of the
remaining 50% stake in Rheinhyp-BRE (BRE's mortgage bank arm)
and expected loan growth in 2004.  However the agency is
uncertain as to how much will be used to cover the existing
risks.

The directional change in BRE's Individual rating will depend on
the capital available to the bank after the expected share
issue.  Fitch considers the most likely scenario to be a capital
injection in June to enable the bank to meet regulatory
requirements, but without a buffer to cover the additional
reserves the agency considers the bank should be looking to
build up.  In this case, the Rating Watch Evolving will be
removed and the Individual rating affirmed at 'D/E'.

If the capital injection is postponed or proves insufficient to
comply with minimum capital adequacy at consolidated level, the
Individual rating will be downgraded to 'E'.

An upgrade of the Individual rating to 'D' is possible if the
new capital visibly boosts the bank's own funds and is earmarked
not just to cover projected loan growth and acquisitions, but
also to provide a cushion for existing risks.  In addition,
Fitch would like to see a more prudent loan loss provisioning
policy, conservative equity stake valuations and increased
transparency of the bank as a whole.

"Given the high concentration present in BRE's loan portfolio,
combined with a provisioning policy, which is not particularly
prudent, and the dynamic expansion of foreign currency-
denominated mortgage loans in a volatile exchange rate
environment, the credit risk appetite of BRE is not matched by
the level of its own funds," says Dorota Skala, Associate
Director at Fitch in Warsaw.

Although BRE's asset quality ratios compare relatively well with
the domestic average, in Fitch's view, it is increasingly
relying on collateral. Reserve coverage, especially of 'loss
loans', has weakened and at end-2003 amounting to only 56%
(financial institutions and public sector excluded) on a
consolidated level.

Fitch also expresses concerns about residual risk in the bank's
equity investment portfolio, which in 2001/2002 caused heavy
valuation write-downs.  The valuations of its equity holdings in
some non-listed companies may prove too high in the still
unstable corporate market.

On the plus side, Fitch recognizes the rapid development of
BRE's retail banking arms, which in the medium term should ease
the pressure on margins and generate a larger share of
consolidated revenues.  It will also improve the bank's funding,
which to date has been largely corporate and, which may suffer
once the corporate sector starts to use its funds more actively
in a recovering domestic environment.  Profitability has
improved at the bottom-line in 1Q2004 (benefiting from certain
one-off effects, such as lower income tax and the sale of
Elektrim shares), but remains weak on the pre-provisioning
operating level.

The Long-term, Short-term and Support ratings are based on the
potential support Fitch considers Commerzbank would provide to
BRE in case of need.  Commerzbank holds a 72% stake in BRE and
includes BRE in the list of subsidiaries backed by its
Patronatserklaerung (declaration of backing) published in its
2003 annual report.

CONTACT:  FITCH RATINGS
          Dorota Skala, Warsaw
          Phone: +48 22 433 6600

          Claudia Nelson, London
          Phone: +44 20 7417 4269

          Tim Beck
          Phone: +44 20 7417 3460


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


ACHINSKY DAIRY: Deadline for Proofs of Claim July 7
---------------------------------------------------
The Arbitration Court of Krasnoyarsk region declared OJSC
Achinsky Dairy (TIN 2443005925) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A33-15074/03-
c4.  Mr. A. Kozhematov has been appointed insolvency manager.
Creditors have until July 7, 2004 to submit their proofs of
claim to the insolvency manager at 660017, Russia, Krasnoyarsk,
Post User Box 20647.

CONTACT:  ACHINSKY DAIRY
          662100, Russia, Krasnoyarsk region, Achinsk,
          Kirova street, Sibgorodok

          Mr. A. Kozhematov, insolvency manager
          60017, Russia, Krasnoyarsk, Post User Box 20647


ANTSIRSKOYE: Krasnoyarsk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region declared CJSC
Antsirskoye (TIN 2450012867) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A33-14950/02-c4.  Mr. C.
Vasilyev has been appointed insolvency manager.  Creditors have
until July 7, 2004 to submit their proofs of claim to the
insolvency manager at 660017, Russia, Krasnoyarsk, Post User Box
20647.

CONTACT:  ANTSIRSKOYE
          663634, Russia, Krasnoyarsk region, Antsir

          Mr. C. Vasilyev, insolvency manager
          660017, Russia, Krasnoyarsk, Post User Box 20647


ARCTIC-STAV: Declared Bankrupt
------------------------------
The Arbitration Court of Stavropol region declared LLC Arctic-
Stav-Product insolvent and introduced bankruptcy proceedings.
The case is docketed as A63-8/04-C5.  Mr. O. Kiryanov has been
appointed insolvency manager.   Creditors have until July 7,2004
to submit their proofs of claim to the insolvency manager at
355000, Russia, Stavropol, Lenin str.328/9-18, Phone/Fax (8652)
373494.

CONTACT:  ARCTIC-STAV-PRODUCT
          Russia, Stavropol, Dovatopzev street,531 kvartal

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


FERRITE-2000: Omsk Court Prescribes Bankruptcy Procedure
--------------------------------------------------------
The Arbitration Court of Omsk region declared CJSC Ferrite-2000
insolvent and introduced bankruptcy proceedings.  The case is
docketed as K/E-15/04.  Mr. S. Sibichenko has been appointed
insolvency manager.  Creditors have until May 28, 2004 to submit
their proofs of claim to the insolvency manager at 644041,
Russia, Omsk, Post User Box 7448.

CONTACT:  FERRITE-2000
          644105, Russia, Omsk, 22nd Partsyezd str.98

          Mr. S. Sibichenko, temporary insolvency manager
          644041, Russia, Omsk, Post User Box 7448


KVADRO: Krasnodar Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Krasnodar region declared LLC Kvadro
insolvent and bankruptcy proceedings were introduced at the
company.  The case is docketed as A32-7225/2004-1/54-B.  Mr. V.
Elchaninov has been appointed insolvency manager.  Creditors
have until July 7, 2004 to submit their proofs of claim to the
insolvency manager at 352430, Russia, Krasnodar region,
Kurganinsk, Post User Box 2/04.

CONTACT:  KVADRO
          Russia, Krasnodar region, Kurganinsk,
          Ostrovsky str.103

          Mr. V. Elchaninov, insolvency manager
          352430, Russia, Krasnodar region, Kurganinsk,
          Post User Box 2/04


OSINSKY DAIRY: Insolvent Status Confirmed
-----------------------------------------
The Arbitration Court of Perm region declared OJSC Osinsky Dairy
(TIN 5944070046) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A50-29589/2003-B.  Mr. A.
Tarabrin has been appointed insolvency manager.  Creditors have
until June 28, 2004 to submit their proofs of claim to the
insolvency manager at 614060, Russia, Perm, Gorky str. 60-5.

CONTACT:  OSINSKY DAIRY
          618120, Russia, Perm region, Osa, Sverdlova str.44

          Mr. A. Tarabrin, insolvency manager
          614060, Russia, Perm, Gorky str. 60-5


PECHORSKY FISH: Declared Insolvent
----------------------------------
The Arbitration Court of Arkhangelsk region declared OJSC
Pechorsky Fish Factory (TIN 830030177) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A05-8190/02-
490/15.  Mr. F. Denisov has been appointed insolvency manager.
Creditors have until June 28, 2004 to submit their proofs of
claim to the insolvency manager at 164700, Russia, Nenetsky
autonomous region, Naryan-Mar, 60th of October str.42.

CONTACT:  PECHORSKY FISH FACTORY
          164700, Russia, Nenetsky autonomous region,
          Naryan-Mar, 60th of October str.42

          Mr. F. Denisov, insolvency manager
          164700, Russia, Nenetsky autonomous region,
          Naryan-Mar, 60th of October str.42


RUSSIAN ALCOHOLIC: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Ryazan region declared CJSC Russian
Alcoholic Company insolvent and introduced bankruptcy
proceedings.  The case is docketed as A54-3710/03-C20.  Mr. E.
Bogdanov (Moscow) has been appointed insolvency manager.
Creditors have until June 28, 2004 to submit their proofs of
claim to the insolvency manager at 390013, Russia, Ryazan,
Pervomaysky prosp.27, office 212.

CONTACT:  RUSSIAN ALCOHOLIC COMPANY
          Russia, Ryazan region, Shilovsky district

          Mr. E. Bogdanov, insolvency manager
          390013, Russia, Ryazan, Pervomaysky prosp.27,
          Office 212


SHAUMYANA: Creditors Have Until June 28 to File Claims
------------------------------------------------------
The Arbitration Court of Stavropol region declared agricultural
industrial complex and breeding factory Shaumyana insolvent and
introduced bankruptcy proceedings.  The case is docketed as A63-
07/2004-C5.  Mr. O. Kiryanov has been appointed insolvency
manager.  Creditors have until June 28, 2004 to submit their
proofs of claim to the insolvency manager at 355000, Russia,
Stavropol, Lenin str.328/9-18, Phone/Fax: (8652) 373494.

CONTACT:  Mr. O. Kiryanov, insolvency manager
          355000, Russia, Stavropol, Lenin str.328/9-18,
          Phone/Fax: (8652) 373494


SPECPROM: Declared Insolvent
----------------------------
The Arbitration Court of Omsk region declared LLC Specprom
insolvent and introduced bankruptcy proceedings.  The case is
docketed as K/E-16/04.  Mr. S. Sibichenko has been appointed
insolvency manager.  Creditors have until May 28, 2004 to submit
their proofs of claim to the insolvency manager at 644041,
Russia, Omsk, Post User Box 7448.

CONTACT:  SPECPROM
          664065, Russia, Omsk, 1st Zavodskaya str.23

          Mr. S. Sibichenko, temporary insolvency manager
          644041, Russia, Omsk, Post User Box 7448


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


IZAR: E.U. Commission Orders Refund of Illegal State Aid
--------------------------------------------------------
On Wednesday the European Commission decided that aid provided
to the public Spanish shipyards is not in line with European
Commission rules on State aid to shipbuilding.  The Commission
has established that State holding company Sociedad Estatal de
Participationes Industriales (SEPI), in 1999 and 2000, granted
aid worth EUR500 million to the civil public shipyards that are
today all owned by IZAR.  The aid took the form of a capital
injection, loans and a purchase price above market value.  As
IZAR paid back the loans amounting to EUR192.1 million to SEPI,
the sum to be reimbursed by IZAR will only amount to EUR308.3
million, plus interest.  The Commission concludes that the above
amount constitutes further state aid which, after the approval
of a final restructuring package of EUR1,900 million, can no
longer be approved under the EU shipbuilding aid rules.

The object of Wednesday's decision are a number of transactions
that took place between 1999 and 2000 involving SEPI and its
subsidiaries Astilleros Espanoles (AESA), the former holding
company of the public shipyards, and Bazan, the military
shipbuilding group.  These transactions resulted in the July
2000 merger of all public Spanish yards into Bazan, which then
changed name to IZAR.  Since the Commission suspected that these
transactions might have contained state aid, it opened a formal
investigation1 on 12 July 2000, was extended2 on 28 November
2001 and further extended3 on 27 May 2003.

Based on the facts that have been established during the formal
investigation the Commission concludes that the state holding
company SEPI undertook the following transactions, which
entailed further state aid to the public Spanish shipyards:

(a) An excess purchase price paid by SEPI when AESA sold three
    shipyards (Cadiz, Juliana and Manises) to SEPI in 1999.
    According to the Commission's calculation the purchase price
    paid by SEPI contained an aid element of EUR55.9 million.
    The aid benefited the remainder of civil shipyards still
    owned by ASEA, i.e., Puerto Real, Sestao and Sevilla;

(b) A 1999 SEPI loan amounting to EUR192.1 million to the three
    shipyards Cadiz, Juliana and Manises;

(c) A capital injection by SEPI of EUR252.4 million to AESA in
    2000, benefiting the remaining ASEAN civil shipyards Puerto
    Real, Sestao and Sevilla.

Since Spanish shipyards after the final restructuring package of
1997 are no longer eligible for restructuring aid and since none
of aid measures described above could be approved on any other
base available under the State aid provisions, the aid
identified above should be recovered.

All the shipyards benefiting from the aid were taken over by
Bazan/IZAR from SEPI and AESA, respectively, for a symbolic
price, and not in open and transparent tendering procedures.
Furthermore, the shipyards benefiting from the aid were, at the
time the aid was provided, legal entities but are now profit-
centers without legal personality within the IZAR group. For
these reasons IZAR is now responsible for the recovery of the
aid.

However, in 2000 IZAR paid back the loan of EUR192.1 million to
SEPI, the sum to be reimbursed by IZAR will amount to EUR308.3
million, plus interest.

The Commission is aware that the consequences of this decision
may be serious for IZAR, its shipyards and its employees.
However, the Commission has received numerous complaints from
shipyards in other EU Member States, and even from Spanish
competitors. Several of the complainants argue that job losses
have already occurred in their companies as a result of
suspected illegal state aid provided to the public Spanish
shipyards over the last years.

Background

In 1997 the Commission and the Council approved restructuring
aid to the public Spanish shipyards amounting to EUR1,900
million4 on the condition that no further such aid could be
provided. The restructuring period lasted from 1994 to 1998,
after which the shipyards should have become profitable. This
did not happen, and the shipyards have continued to generate
losses.

In 1999 the Commission decided that EUR111 million provided in
1998 to the public Spanish shipyards could not be approved and
had to be recovered.  The Court of Justice upheld the decision
after it was challenged.  The Commission considers that, still
today, this aid has not been correctly recovered and is
considering further legal actions.

[The] decision leaves intact its policy with respect to unfair
competition from Korea.  The Commission does not deny that some
problems of the public Spanish shipyards are linked to the
unfair practices of Korean shipyards.  However, it has to be
underlined that many other EU shipyards, while facing the same
international situation as the Spanish yards, have managed to
generate much better financial results.

The Commission would like to underline that European Community
has a coherent policy in support of E.U. shipyards, which face
unfair competition from Korean shipyards.  This policy consists
of three main elements.


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


AGROFIRMA DRUZHBA: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on agricultural LLC Agrofirma Druzhba
(code EDRPOU 21377526).  The case is docketed as 7/25.
Arbitral manager Mr. Zakorko Vadim (License Number AA 719836
approved February 19, 2004) has been appointed temporary
insolvency manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: 40030, Ukraine, Sumi, Kirova
    str., 25, 4th floor, room 14. Phones: 345-173; Mobile: 8-
    050-518-517-9.

(b) ECONOMIC COURT OF SUMI REGION: 40011, Ukraine, Sumi, Ribalka
    str., 2

Agrofirma Druzhba holds Account Number 26003310851 at Oshadbank,
Sumi regional branch, MFO 337568.


CONTACT:  AGROFIRMA DRUZHBA
          42346, Ukraine, Sumi region, Sumi district, Sula, 40
           Rokiv Peremogi str.

           Mr. Zakorko Vadim, Temporary Insolvency Manager
           40030, Ukraine, Sumi, Kirova str., 25,
           4th floor, room 14
           Phone: 345-173
           Mobile: 8-050-518-517-9

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


AGROFIRMA VOSTOK: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on agricultural LLC Agrofirma Vostok (code
EDRPOU 30450388) in April.  The case is docketed as 10/27B.
Mr. Ilyushin Volodimir (license AA # 047596 of July 9, 2001)
has been appointed temporary insolvency manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: 91000, Ukraine, Lugansk,
    mistechko Shorsa, 23/13

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

Agrofirma Vostok holds Account Number 260015042 at JSPPB Aval,
Lugansk regional branch, MFO 304007.

CONTACT:  AGROFIRMA VOSTOK
          92764, Ukraine, Lugansk region, Starobilskij district,
          Nizhnya Pokrovka, Sadova str

          Mr. Ilyushin Volodimir, Temporary Insolvency Manager
          91000, Ukraine, Lugansk, mistechko Shorsa, 23/13

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


BOGDAN: Lviv Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on CJSC concern Bogdan (code EDRPOU
22397765).  The case is docketed as 6/118-4/61.   Arbitral
manager Mr. Purij Ruslan (License Number AA 668318 approved
October 16, 2003) has been appointed temporary insolvency
manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: 79066, Ukraine, Lviv,
    a/b 8110; Phone: 95-50-83.

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

Bogdan holds Account Number 260000011562 at Ukrainian
kreditbank, Lviv branch, MFO 325871.

CONTACT:  BOGDAN
          81000, Ukraine, Lviv region, Yavorivskij district,
          Birki, B. Hmelnitskij str., 5

          Mr. Purij Ruslan, Temporary Insolvency Manager
          79066, Ukraine, Lviv, a/b 8110
          Phone: 95-50-83

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


CHORTKIVSK MEET: Deadline for Proofs of Claim June 6
----------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Chortkiv Meet Combine (code EDRPOU
00444091) in March.  The case is docketed as 11/B-409.
Mr. Kuzik Yevgen (License Number AA 783050 approved March 29,
2004) has been appointed temporary insolvency manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: Ukraine, Ternopil region,
    Berezhani, O. Krushelnitska str., 54

(b) ECONOMIC COURT OF TERNOPIL REGION: 46000, Ukraine,
    Ternopil, Ostrozski str., 14a

Chortkiv Meet Combine holds Account Number 26006301915052 at
Prominvestbank of Ternopil region, Chortkiv branch, MFO 338921.

CONTACT:  CHORTKIVSK MEET COMBINE
          48500, Ukraine, Ternopil, Chortkiv,
          Kopichenetska str., 124

          Mr. Kuzik Yevgen, Temporary Insolvency Manager
          Ukraine, Ternopil region, Berezhani,
          O. Krushelnitska str., 54

     ECONOMIC COURT OF TERNOPIL REGION
     46000, Ukraine, Ternopil, Ostrozski str., 14a


DNIPROENERGO: New Financial Recovery Manager Brought in
-------------------------------------------------------
The Energy Ministry succeeded in putting a new financial
recovery manager to state-owned power generation company
Dniproenergo, Europe Intelligence Wire reported citing Interfax-
Ukraine.

Zaporizhia region's arbitration court appointed Serhiy Miakota
in place of Olha Horbova, which was delegated by the task early
in December 2003, after ruling that the latter's work was
unsatisfactory.  Horbova plans to appeal against the ruling.

Board Chairman Serhiy Popov currently manages the company.
Ukraine's largest thermal power generation company has an
aggregate output capacity of 8,175 MW.  It is 76.04% owned by
the state.


HARKIVNAFTOPRODUCT: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Harkivnaftoproduct (code EDRPOU
03482880).  The case is docketed as B-48/45-04.  Mr. Kotovenko
O. (License Number AA 047647 approved August 9, 2001) has been
appointed temporary insolvency manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the:

(a) Temporary Insolvency Manager: Ukraine, Harkiv,
    Traktorobudivniki str.,130/161

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

Harkivnaftoproduct holds Account Number 26004093610000 at JSCIB
UkrSibbank of Harkiv, MFO 351641.

CONTACT:  HARKIVNAFTOPRODUCT
          Judicial address: 61022, Ukraine, Harkiv, Derzhprom,
          4th entrance, 5th floor

          Mr. Kotovenko O., Temporary Insolvency Manager
          Ukraine, Harkiv, Traktorobudivniki str.,130/161

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


LIMAN-AGRO: Bankruptcy Supervision Procedure Begins
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Liman-Agro (code EDRPOU 03061426)
in April.  The case is docketed as B-39/39-04.  Arbitral manager
Mr. Tkachov O. (License Number AA 719868 approved March 2, 2004)
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.

Liman-Agro holds Account Number 2600130373011 at Prominvestbank,
Komsomolske branch, MFO 351210.

CONTACT:  LIMAN-AGRO
          Ukraine, Harkiv region, Zmijivskij district, Liman

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


NOVGORODSKIJ GRANITE: Under Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Novgorodskij Granite Quarry (code
EDRPOU 13551463).  The case is docketed as 7/28"B".  Mr. Shklyar
Oleg (License Number AA 630142 approved January 27, 2004)
has been appointed temporary insolvency manager.

Creditors have until June 6, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF ZHITOMIR REGION at 10014,
Ukraine, Zhitomir, Mala Berdichivska str., 25

CONTACT:  NOVGORODSKIJ GRANITE QUARRY
          12500, Ukraine, Zhitomir region,
          Korostishivskij district, Novgorodske

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


TEHNOLOGIYA: Declared Insolvent
-------------------------------
The Economic Court of Vinnitsya region declared LLC scientific-
production association Tehnologiya (code EDRPOU 20111977)
insolvent and bankruptcy proceedings were introduced at the
company on April 15, 2004.  The case is docketed as 5/271-04.
A representative of the Regional area (governing of bankruptcy
questions) has been appointed liquidator/insolvency manager.
Creditors have until June 7, 2004 to submit their proofs of
claim to liquidator/insolvency manager at Ukraine, Vinnitsya, K.
Marks str., 50.

Tehnologiya maintains Account Number 26006000680001 at JSC
Ukrinbank, Vinnitsya branch, MFO 302333.

CONTACT:  TEHNOLOGIYA
          Ukraine, Vinnitsya, Tarnogrodskij str., 41


TROITSKE: Donetsk Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural LLC Troitske (code EDRPOU
300048591).  The case is docketed as 5/56B.  Mrs. Vovkotrub
Oksana (License Number AA 485271) has been appointed temporary
insolvency manager.  Creditors have until June 6, 2004 to submit
their proofs of claim.  Troitske maintains Account Number
26009193843001 at CJSC CB Privatbank, Krasnoarmijsk branch, MFO
335236.

CONTACT:  TROITSKE
          85373, Ukraine, Donetsk region,
          Krasnoarmijsk district, Petrovske, Centralna str.

          Mrs. Vovkotrub Oksana, Temporary Insolvency Manager
          83000, Ukraine, Donetsk, Pavshih Komunariv str., 7
          Phone: 304-45-34

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


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


ABBEY NATIONAL: Winding up Resolutions Passed
---------------------------------------------
Name of Companies:
Abbey National Independent Financial Consultants Limited
Bridford Financial Services Limited
Bridford Life And Pensions Limited
Cater Allen (U.S.) Limited
Crossley & Partners Limited
HMC Mortgage Notes 102 Plc
Kontax Pensions (Midlands) Limited
N & P Trustees Limited
W F Systems Limited
Whiting Pension Services Limited

At an Extraordinary General Meeting of the Members of these
Companies on April 29, 2004 held at Abbey National House, 2
Triton Square, Regent's Place, London NW1 3AN, the Special,
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Martin Freeman has been appointed Liquidator for
the purpose of such winding-up.


AMBA PROPERTIES: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Amba
Properties (Stafford) Ltd. Company on April 27, 2004 held at 29
King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER, the
Special and Ordinary Resolutions to wind up the Company were
passed.  Martin Williamson of D S Insolvency Services Ltd., 29
King Street, Newcastle, Staffordshire ST5 1ER has been appointed
Liquidator of the Company for the purpose of its winding-up.

CONTACT:  D S INSOLVENCY SERVICES LTD
          29 King Street, Newcastle,
          Staffordshire ST5 1ER
          Contact:
          Martin Williamson, Liquidator


ANDERSON TOWERS: Shareholders Pass Winding up Resolutions
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Anderson Towers (Holdings) Limited Company on April 30, 2004
held at Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ, the Special Resolution to wind up the Company
was passed.  David Frederick Wilson and Julian Nigel Richard
Pitts have been appointed Joint Liquidators for the purpose of
such winding-up.


ATSL LIMITED: Hires Liquidator from P & A Partnership
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the ATSL
Limited Company on April 28, 2004 held at Menzies Mickleover
Court Hotel, Etwall Road, Mickleover, Derby, Derbyshire DE3 0XX,
the Extraordinary Resolution to wind up the Company was passed.
Andrew Philip Wood and John Russell of The P&A Partnership, 93
Queen Street, Sheffield, S1 1WF have been appointed the
Liquidators of the Company for the purpose of such winding-up.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Contact:
          Andrew Philip Wood, Liquidator
          John Russell, Liquidator


BARCO SPECIALIST: In Administrative Receivership
------------------------------------------------
The Barco Specialist Veneers & Veneered Panels Limited Company
appointed John Russell and Brian Stanley Creber of The P&A
Partnership as joint administrative receivers.  The appointment
was made April 30, 2004.  Barco Specialist manufactures veneers.
The Company's registered office is 93 Queen Street, Sheffield S1
1WF.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Receivers:
          John Russell
          Brian Stanley Creber
          (IP Nos 5544, 1062)


CHARMELDON COMMUNICATIONS: Brings in Administrative Receiver
------------------------------------------------------------
The Charmeldon Communications Limited Company appointed Stephen
Lord and Stephen James Wainwright of Poppleton & Appleby as
joint administrative receivers.  The appointment was made May 5,
2004.  Charmeldon Communications installs electrical wirings.
The Company's office is located at 32 High Street, Manchester M4
1QD.

CONTACT:   POPPLETON & APPLEBY
           32 High Street,
           Manchester M4 1QD
           Receivers:
           Stephen Lord
           Stephen James Wainwright
           (IP Nos 3443, 5306)


DAMAGE CONTROL: Calls in Receiver from B & C Associates
-------------------------------------------------------
The Damage Control PLC Company has appointed Jeffrey Mark
Brenner of B & C Associates as joint administrative receiver.
The appointment was made May 5, 2004.  The company specializes
in emergency property repairs.  Its registered office is at
Trafalgar House, Grenville Place, Mill hill, London NW7 3SA.

CONTACT:  B & C ASSOCIATES
          Trafalgar House,
          Grenville Place, Mill Hill,
          London NW7 3SA
          Contact:
          Jeffrey Mark Brenner


DESMOND & SONS: Plant Closures Render 315 Jobless
-------------------------------------------------
Desmond & Sons is to close down its Springtown and Dungiven
trouser factories after losing orders to rivals abroad,
according to just-style.com.  Demand for improved products at
reasonable prices is forcing retailers to purchase garment made
from other countries.  These caused unsustainable operating
losses from these factories.

The closure of the plants will affect approximately 315
employees.  The Company is seeking help from statutory agencies
as well as other companies to help the sacked workers find
alternative employment.  Desmond & Sons will continue to employ
around 1,500 people in its factories in Ireland.


ESTATES HOUSE: Hires PricewaterhouseCoopers Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Estates House
Investment Trust Limited Company on 23 April 2004, the Special
and Ordinary Resolutions to wind up the Company were passed.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Benson House, 33 Wellington Street, Leeds LS1 4JP have been
appointed Joint Liquidators of the Company for the purpose of
such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street,
          Leeds LS1 4JP
          Contact:
          Tim Walsh, Liquidator
          Jonathan Sisson, Liquidator


FIRST LEISURE: Files for Receivership
-------------------------------------
Pub and nightclub operator First Leisure finally called in
receivers Robson Rhodes after being dogged by back rents and
deteriorating market conditions for years.  The company
continued to pay rent on around 10 premises of two of its former
business, the Brannigan's pub chain and part of the Springwood
leisure group, long before these were sold.

Brannigans was sold for an undisclosed sum to Mustard
Entertainment in 2000, while eight of First Leisure's nightclubs
were sold to Springwood Leisure in 2002. But both went into
difficulties.  Brannigans went into administration in November
last year, Springwood called in the receivers earlier this year.
And it appears under the terms of both the deals that First
Leisure remained guarantors of the leases for the premises, and
so must pay their rents.

The Leicester-based company owns 28 U.K. nightclubs, including
the Edinburgh Arena and Waikiki Beach in the capital and Destiny
in Glasgow.

CONTACT:  ROBSON RHODES LLP
          186 City Road
          London EC1V 2NU
          Contact:
          Lisa Mann
          Phone: +44 (0) 20 7251 1644
          Fax:   +44 (0) 20 7250 0801
          Web site: http://www.rsmi.co.uk


HENRY CLARK: Hires Liquidator from Armstrong Watson
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Henry
Clark & son (Butchers) Limited Company on April 29, 2004 held at
the offices of Armstrong Watson, Burbeck House, Duke Street,
Penrith CA11 7NA, the Special Resolution was duly passed.  M
Elaine Wilcox of Armstrong Watson, 15 Victoria Place, Carlisle
CA1 1EW has been appointed Liquidator for the purpose of the
winding-up.

COTACT:  ARMSTRONG WATSON
         15 Victoria Place
         Carlisle CA1 1EW
         Contact:
         M Elaine Wilcox, Liquidator


HHG PLC: AMP Non-executive Director Leaving Board
-------------------------------------------------
Pat Handley, a non-executive director and the nominated AMP
Limited representative director, announced he will be resigning
from the Board of HHG PLC in line with his intended retirement
from the AMP Board, which was announced in Sydney Wednesday.

Mr. Handley was standing for re-election at HHG's Annual General
Meeting on 10 June 2004.  However, he will not seek to be re-
appointed to the Board and the resolution for his re-election
will not be put to the Meeting.

Under the terms of the Demerger Deed between AMP and HHG, AMP is
entitled to nominate one non-executive director to the HHG Board
while it holds a stake of at least 5% in HHG.  AMP has announced
that at this stage it does not need a Director representative on
the HHG Board, a role Mr. Handley filled.

COTNACT:  HHG
          Investor Relations
          Phone: +44 20 7818 5310

          Gail Williamson
          HHG Director of Investor Relations
          E-mail: investor.relations@hhg.com

          HHG Media - UK
          Alex Child-Villiers, Financial Dynamics
          Rob Bailhache, Financial Dynamics
          Phone: +44 20 7269 7190

          HHG Media - Australia
          Graham Canning, Cannings
          Catherine Frost, Cannings
          Phone: +61 2 9252 0622

          HHG PLC
          4 Broadgate
          London EC2M 2DA

          Registered in England
          No. 2072534
          ABN 30 106 988 836


HYGENIC INSTALLATIONS: Creditors Meeting Set May 21
---------------------------------------------------
There will be a Creditors Meeting of the Hygenic Installations
Limited Company on May 21, 2004 at 2:30 p.m.  It will be held at
The Hanover International Hotel, Mayo Avenue, Bradford BD5 8HZ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jacksons Jolliffe Cork, 33 George Street,
Wakefield WF1 1LX not later than 12:00 noon, May 20, 2004.

CONTACT:  JACKSONS JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Contact:
          M C Bowker, Administrator


ILSE HOLDINGS: Appoints Tenon Recovery Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the ILSE
Holdings Limited Company on April 30, 2004 held at the offices
of SPV Management Limited, Level 11, Tower 42, International
Financial Centre, 25 Old Broad Street, London EC2N 1HQ, the
Special Resolution to wind up the Company was passed.  Ian
Cadlock of Tenon Recovery, 39-40 Old Steine, Brighton, East
Sussex BN1 1NH has been appointed Liquidator for the purpose of
such a winding-up.

CONTACT:  TENON RECOVERY
          39-40 Old Steine
          Brighton, East Sussex BN1 1NH
          Contact:
          Ian Cadlock, Liquidator


JOHN WILSON: Meeting of Creditors Set May 21
--------------------------------------------
There will be a Creditors Meeting of the John Wilson (Steel)
Limited Company on May 21, 2004 at 10:00 a.m.  It will be held
at the offices of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG not
later than 12:00 noon, May 20, 2004.

CONTACT:  BAKER TILLY
          2 Whitehall Quay
          Leeds LS1 4HG
          Contact:
          Robert Henry Barker, Joint Administrator


MARCONI CORPORATION: Cancels Previously Repurchased Senior Notes
----------------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq: MRCIY) on
Wednesday announces that, in accordance with the terms of the
Group's Secured Notes, it has cancelled its holdings in the
Senior Secured Notes, which are a result of repurchases
previously announced on 11 March, 12 March and 31 March 2004.
As a result of this cancellation, the original issue amount of
$717,139,584 of the Senior Notes has been reduced by
$107,161,319 to $609,978,265.  The pool factor that has applied
since the partial redemption that occurred on 22 April2004
remains unchanged at 27.0414793%.  Any queries in respect of
payment, pool factor or related matters should be directed to
Emma Wilkes or Alison Mitchell at Bank of New York on (+44) 20
79647662/6402, who are the Registrar, the Depositary and the
Paying Agent.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

CONTACT:  MARCONI CORPORATION PLC
          Press Inquiries:
          Joe Kelly
          Phone: 0207 306 1771
          E-mail: joe.kelly@marconi.com
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Inquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MOTIVES LIMITED: Calls in Receivers from Numerica and BN Jackson
----------------------------------------------------------------
The Motives Limited Company has appointed Jonathan Mark Birch of
Numerica and Michael Colin John Sanders of BN Jackson Norton as
joint administrative receivers.  The date of appointment was
April 30, 2004.  Motives Limited is involved in general
construction and civil engineering.  The Company's trade
classification is General Construction, 23.

CONTACT:  NUMERICA
          66 Wigmore Street,
          London W1A 3RT
          Contact:
          Jonathan Mark Birch

          BN JACKSON NORTON
          1 Gray's Inn Square,
          London WC1R 5AA
          Contact:
          Michael Colin John Sanders


MISYS PLC: Suncorp Selects New Risk Solution Partner
----------------------------------------------------
Misys Risk Management Systems announced that Suncorp has
selected Risk Vision, the advanced solution for enterprise wide
risk management, as its new risk solution for traded market risk
and treasury credit.  The Australian banking, insurance and
wealth management company selected Misys' integrated market and
credit risk platform to strengthen its treasury risk management
infrastructure and support expansion into new lines of business.

Misys Risk Management Systems' Risk Vision was chosen following
a competitive tender between two other leading vendors.  The
solution, to be implemented with immediate effect, will replace
existing treasury credit and traded market risk systems with an
integrated credit and market risk solution, built on a single
data architecture.  Current exposure management processes will
be upgraded as part of the project to provide more robust real-
time control of the enterprise's risk. Once in place, Suncorp
will be able to enter new business lines with full confidence in
the effectiveness of its risk controls.

The Suncorp Group provides clients with banking, insurance,
investment and superannuation products and services.  It focuses
on retail consumers and small to medium business and is
Australia's sixth largest bank.  The Risk Vision project will
further strengthen the financial institution's regulatory
compliance and provide the platform for the reporting
requirements outlined in the Basel II Accord.  The group will
use Misys' Meridian middleware to connect with front and back
office treasury systems.

Commenting on the decision to select Misys Risk Management
Systems' Risk Vision, Chris Skilton, Chief Financial Officer and
Executive Director of Suncorp said, "There was a clear
regulatory impetus brought about by Basel II that prompted us to
review our treasury risk management infrastructure, but this is
not to neglect the wider benefits of this investment.  Risk
Vision will provide superior risk management capability, not
just with tighter controls over our trading and credit exposure,
but in helping improve the efficiency and profitability with
which we manage the allocation of our capital."

"Increasingly, financial institutions are moving away from a
'silo-based view' to adopt a more integrated approach to risk
management, implementing enterprise wide solutions that can take
into account diversification benefits across their entire
business," comments Frank Weyns, Global Sales Director, Misys
Risk Management Systems. "Risk Vision is built on a central data
architecture to provide enterprise wide management of credit and
market risk.  Using the entire Risk Vision product suite will
allow Suncorp to effectively control their risk in real time and
provide the most robust foundation for their expansion into new
business areas," he continues.

Michel van Leeuwen, CEO, Misys Risk Management Systems explains,
"Our partnership with Suncorp once again illustrates the
progress Misys Risk Management Systems has made in the last year
towards establishing its status as a leading supplier of
enterprise risk management solutions. The implementation project
has already begun, with the parallel run starting in five
months.  This is when Suncorp will really begin to benefit from
the enhanced control over regulatory and economic capital that
Risk Vision provides."

About Misys Risk Management Systems

Misys Risk Management Systems, part of the Banking and
Securities Division of Misys plc, is focused exclusively on the
provision of enterprise wide, integrated risk management
solutions.  For over a decade, the company has specialized in
driving the world's leading financial institutions towards value
creation, delivering functionally rich and highly flexible
solutions that encompass all aspects of global, integrated risk
management and regulatory compliance.

About Risk Vision

Risk Vision is a highly integrated and functionally advanced
risk solution, delivering proven measurement of all areas of
exposure and risk and supporting modern portfolio management
practices.  A uniquely flexible solution, Risk Vision is focused
on supporting value management and regulatory compliance within
a global financial institution through accurate, real time
identification, measurement and control of exposure and capital.

About Misys plc

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

CONTACT:  MISYS PLC
          Shamira Alidina/Adelaide Harrison
          Write Image
          Phone: +44 (0)20 7959 5400
          E-mail: Shamira@write-image.co.uk/
                  Adelaide.Harrison@write-iage.co.uk

          MISYS RISK MANAGEMENT SYSTEMS
          Vanessa Mahoney
          Phone:  +44 (0)20 8486 1575
          E-mail: vanessa.mahoney@misys.com


NATIONAL AUSTRALIA: Stresses Confidence in European Arm
-------------------------------------------------------
National Australia Bank denied its troubled European operations
is for sale, according to The Telegraph.

The division recently reported a fall in first-half profits of
almost 24% from GBP252 million to GBP192 million.  Profits after
exceptionals was AU$2.2 billion up from AU$1.5 billion.  The
figure was eroded by foreign currency losses as a result of a
trading scandal and a sharp rise in U.K. pension costs.
Offsetting these effects are profits from sale of minority
stakes in rivals.

Chief executive John Stewart considers the results
"disappointing," without imminent upturn in the second half
after the forex scandal.  The discovery of unauthorized trading
of foreign currency options by traders led to the departure of
several senior officials in the company.


O'CONNOR BROTHERS: Employees Demand Payment of Wages
----------------------------------------------------
Workers of troubled O'Connor Brothers building firm demonstrated
at the company's Ballincollig site in an effort to draw the
attention of the employer to their immediate concern.  The 70
workers have been left unpaid as the company went into
receivership last week.  They are accusing the company of
ignoring their plight.  Management has not met the staff to
discuss possible solutions.

O'Connor Brothers builds and construct schools, hotels, retail,
commercial, industrial, offices, private and civil housing,
residential development projects.

CONTACT:  O'CONNOR BROTHERS
          The Ballagh, Enniscorthy
          Co. Wexford
          Phone: +353 (0) 53 36261
          Fax:   +353 (0) 53 36466
          E-mail: info@oconnor-brothers.com
           Home Page: http://www.oconnor-brothers.com/


PORTOBELLO FRAMES: Hires Tenon Recovery Administrator
-----------------------------------------------------
The Portobello Frames Limited Company has appointed S R Thomas
and T J Binyon both of Tenon Recovery as joint administrative
receivers.  The date of appointment was May 6, 2004.  The
Company's registered office is located at Sherlock House, 73
Baker Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street, London W1U 6RD
          Contact:
          S R Thomas
          T J Binyon


R G TEN: Creditors Meeting Set May 21
-------------------------------------
There will be a Creditors Meeting of the R G Ten Limited Company
on May 21, 2004 at 11:00 a.m.  It will be held at the offices of
Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, May 20, 2004.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street, London W1U 6RD
          Contact:
          S R Thomas, Joint Administrator
          T J Binyon, Joint Administrator


WIMBLEDON FC: Court Rules Against Inland Revenue
------------------------------------------------
The high court on Tuesday allowed Wimbledon FC to pay only a
third of the GBP1 million in taxes it owes the Inland Revenue.
The Inland Revenue plans to appeal the ruling.

Wimbledon FC is in danger of liquidation without a company
voluntary arrangement.  It is also under threat of being
expelled from the Football League if it fails to pay creditors
in full.  The Inter MK consortium that recently bought the club
has to save the company from administration before July 31.


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *