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

                           E U R O P E

             Friday, May 21, 2004, Vol. 5, No. 100

                            Headlines

D E N M A R K

MAERSK AIR: Ties up with Regional Carrier Cimber Air


F R A N C E

BULL SA: Chairman Quits Two Months After Appointment
SCOR GROUP: Posts Latest Resolutions Passed by Shareholders


G E R M A N Y

COGNIS GMBH: Sells PVC Stabilizers Segment to Strategic Partners
COGNIS GMBH: Receives GBP19.1 Million Cash Injection
COGNIS GMBH: Completes Recapitalization Program
INFINEON TECHNOLOGIES: Seifert to Head Memory Products Business
JENOPTIK AG: Records New High in Order Intake
MWG BIOTECH: Net Loss Narrows; First-quarter Sales Slip
WCM GROUP: Interim 1st-quarter Results Still in Red Despite Leap


H U N G A R Y

DUNAFERR RT: Exceeds Expectations, Delivers Profit for 2003


I T A L Y

FINMATICA SPA: Pays Interest on Bonded Loan
FINMATICA SPA: Turns in Positive EBITDA of EUR1.2 Million
SAFILO GROUP: First-quarter Turnover Grows to EUR260 Million


N E T H E R L A N D S

ADVANCE AGRO: Senior Unsecured Debt Rating Raised to Caa1
KLM ROYAL: easyJet Challenges Merger with Air France
PETROPLUS INTERNATIONAL: Ratings Unaffected by Planned Takeover
PETROPLUS N.V.: Scraps Dividend, Bonus Shares for 2003
VENDEX KBB: Recommends Cash Offer of VDXK Acquisition
VENDEX KBB: Turnover Unchanged; First-quarter Results Down


N O R W A Y

DNO ASA: Reports Strengthening of Finances


P O L A N D

HUTA CZESTOCHOWA: E.U. Commission Launches State Aid Probe
NETIA SA: Corporate Credit Rated 'B+' on Sluggish Growth Outlook
KOMPANIA WEGLOWA: To Axe 16,000 Jobs Over Three Years


R U S S I A

AGRICULTURAL MACHINERY: Under Bankruptcy Supervision Procedure
BARNAUL MIRROR: Insolvent Status Confirmed
BELTIRSKOYE MUNICIPAL: Declared Insolvent
BISKAMZHA MUNICIPAL: Deadline for Proofs of Claim July 7
CHERNOGORSKUGOL: Declared Insolvent

KHAKASS WORKER: Bankruptcy Supervision Procedure Begins
KOSTROMA FLAX: Court Sets September 16 Hearing
NEW GRAIN: Novosibirsk Court Appoints Insolvency Manager
SAYAN-ECO: Under Bankruptcy Supervision Procedure
TEYI MUNICIPAL: Declared Bankrupt
YUKOS OIL: Production Up 9.3% in First Quarter
YUKOS OIL: US$1.6 Billion Facility in Danger of Default


S P A I N

ONO FINANCE: EUR280 Mln Bonds Rated 'B-'; Outlook Stable

* S&P: New Insolvency Law Benefits Spanish Covered Bonds


S W E D E N

SKANDIA INSURANCE: Class Action Versus American Skandia Junked


U K R A I N E

GERMES-PLUS: Kyiv Court Appoints Insolvency Manager
KAMJANIJ BRID': Insolvent Status Confirmed
KARIVSKE RTP: Declared Insolvent
METALUNIVERSALTORG: Insolvent Status Confirmed
PERSHE TRAVNYA: Deadline for Proofs of Claim June 8
SLAVUTICH: Declared Bankrupt
YARN SPINNING: Under Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ABBEY NATIONAL: More Tenders Unlikely Before July, Say Analysts
ACME UNITED: General Meeting June 23
AIRLIFT TECHNOLOGY: Hires Tenon Recovery Administrator
ARDEX INVESTMENTS: Members Final Meeting Set June 30
ARNOLD WHITE: Final General Meeting Set June 16

ASSET ALLOCATION: Sets Final General Meeting June 18
BLUE CHIP: Standard & Poor's Affirms B Notes at 'BB'
BOULTON CONSTRUCTION: Appoints DTE Leonard Curtis Administrator
CARING TOGETHER: Meeting of Creditors Set May 26
CCF TRADING: Creditors Meeting Set May 26

CENTREIMAGE LIMITED: In Administrative Receivership
CLAIREMONT ELECTRONICS: Receivers Invite Buyers
CLAYTON'S LOCKWOOD: Members General Meeting Set June 22
ELEMENTS PLC: Bank of Scotland Appoints Tenon Recovery Receiver
EQUITABLE LIFE: ELTA Extends Deadline for Filing Case to May 28

EQUITABLE LIFE: Ombudsman 'Duty-bound' to Reopen Inquiry
FASTRAC GROUP: Creditors Meeting Set May 28
FRANK BERRY: General Meeting of Members Set June 21
FURNESS PROPERTIES: Members Final Meeting June 18
GEORGE WEBSTER: Calls in Liquidator

GORDONS10 LIMITED: Final General Meeting Set June 14
INVENSYS PLC: Sells Hansen Transmissions for EUR132 Million
ISIS MODEL: Names Receivers from David Rubin & Partners
LAIRD PAPER: Meeting of Unsecured Creditors May 27
OFFICESMART HOLDINGS: Final Meeting Set June 16

RIVERPOINT CREATIONS: Names Moore Stephens Administrator
TERRY COHN: Hires Liquidator from Menzies Corporate
WOO ONE: Appoints PricewaterhouseCoopers Administrator


                            *********


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


MAERSK AIR: Ties up with Regional Carrier Cimber Air
----------------------------------------------------
Maersk Air started offering domestic connecting flights with
Cimber Air to Maersk Air flights out of Copenhagen on May 18.
For travelers to and from Jutland and Bornholm to Maersk Air's
extensive route map this means that just one ticket is required
for the entire journey.  The advantage is that should delays on
the flight occur or a flight connection is missed, the traveler
is ensured in the exact same way as he/she would be if the trip
were operated by the same airline all the way.  This applies to,
for instance, further connections and ticket changes.

Bookings and reservations can still be made with the travel
agents at http://www.maersk.air.comor at the Maersk Air
Reservation Centers.  For the customers this means that the new
Maersk Air concept with low prices, optional legroom and
flexibility regarding ticket changes, refund or cancellation up
till three hours before departure -- combined with Cimber Air's
closely woven network of domestic routes -- give customers in
Jutland and Bornholm even better and quicker access to all
Maersk Air's destinations, including European capitals, large
cities, and holiday resorts.

"It is important to us to offer nationwide connections to all
our destinations and thereby extend our customers in all of
Denmark the possibility to travel with Maersk Air in the new
concept, and with our cooperation with Cimber Air we meet that
wish," states Finn Oelund, President of Maersk Air.

"Cimber Air's aim is to ensure a high frequency on all domestic
routes and serve as an attractive alternative to both train and
car when considering time as well as price issues.  Maersk Air
will promote the use of Cimber Air's domestic flights -- also
for departures out of Copenhagen.  It fits perfectly into our
objective for domestic flights," says Lone Koch, Director of
Sales and Marketing in Cimber Air.

For instance, when a traveler buys a Maersk Air ticket from
Aalborg via Copenhagen to Barcelona, Maersk Air's new flexible
ticket system regarding changes and cancellations also applies
on the domestic flight with Cimber Air.  Free choice of legroom
and free choice of food and beverages from the extensive menu
apply only on Maersk Air's own routes.

CONTACT:  MAERSK AIR
          Salgs- og Marketingschef i Cimber Air, Lone Koch
          Phone: 7412 2221

          Administrerende Direktor i Maersk Air, Finn Oelund
          Phone: 3231 4400


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


BULL SA: Chairman Quits Two Months After Appointment
----------------------------------------------------
The chairman-designate of hardware and IT services company Bull
S.A., Didier Pineau-Valencienne, surprised the business world
with his immediate resignation on Monday.  Mr. Pineau-
Valencienne had just succeeded Pierre Bonelli who died two
months ago.

Mr. Pineau-Valencienne says his task of recapitalizing the
company and reducing its debt is already complete.  He did not
provide any other reason for his abrupt departure, although
rumors are rife he and the board are not in good terms, Computer
Business Review says.  Chairman and CEO Gervais Pellissier is
expected to succeed him.

Bull S.A. is owned by France Telecom (16.9%), Motorola (16.9%),
NEC (16.9%), the French government (16.3%), employees (5.9%) and
Dai Nippon Printing (5.3%).  The company will hold a
shareholders meeting May 25.


SCOR GROUP: Posts Latest Resolutions Passed by Shareholders
-----------------------------------------------------------
The Combined General Meeting of Shareholders of SCOR chaired by
Denis Kessler took place in Paris on May 18, 2004.  It approved
all of the resolutions submitted to it.

The Agenda

Extraordinary General Meeting

(a) Reduction of capital necessitated by the loss registered in
    2003, to take place by reduction of the par value of the
    shares;

(b) Amendment to article 6 of the Bylaws in consequence of the
    first resolution;

(c) Authority to the Board of Directors to retire the treasury
    shares purchased by the Company pursuant to share buyback
    authorizations;

(d) Authority to the Board of Directors to grant stock options
    to senior officers and members of personnel;

(e) Delegation of powers to the Board of Directors to increase
    the share capital or issue securities carrying an equity
    entitlement, with maintenance of preferential subscription
    rights;

(f) Delegation of powers to the Board of Directors to increase
    the authorized capital or issue securities carrying an
    equity entitlement, with waiver of preferential subscription
    rights;

(g) Delegation of powers to the Board of Directors to issue
    shares reserved for employees of the Group in compliance
    with the French 15 May 2001 New Economic Regulation Act

(h) Delegation of powers to the Board of Directors to issue
    shares reserved for the shareholders of IRP Holdings other
    than SCOR;

(i) Amendment to article 14 of the Bylaws concerning the powers
    of the Board of Directors for purposes of compliance.

Ordinary General Meeting

(j) Approval of parent company financial statements for 2003;

(k) Appropriation of parent company loss for 2003;

(l) Approval of consolidated financial statements for 2003;

(m) Auditors' special report on related-party transactions
    covered by article L 225-38 of the French Commercial Code;

(n) Authority to the Board of Directors to trade in the
    Company's shares on the stock market;

(o) Authority to the Board of Directors to determine the terms
    of a stock option plan reserved for Group employees;

(p) Authority to issue all forms of debt securities, and in
    particular bonds and equivalent securities including
    redeemable or perpetual subordinated notes;

(q) Power to perform formalities.

2004 Timetable:

2004 Half-Year Results           August 26, 2004
2004 3rd Quarter Results         November 4, 2004


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


COGNIS GMBH: Sells PVC Stabilizers Segment to Strategic Partners
----------------------------------------------------------------
Cognis continues to streamline its product portfolio: the global
specialty chemicals supplier sold its PVC Stabilizers business,
a segment of the Plastics Technology business unit.  The buyer
is a consortium comprising Reagens S.p.A. of Bologna, Italy, and
Singapore-based Sun Ace Kakoh Pte. Ltd, both long-term strategic
partners.  The sale is expected to be formally concluded by the
end of June.

By selling the PVC Stabilizers product group, Cognis is
divesting itself of a secondary business that in the words of
Cognis CEO Antonio Trius "has little in common with our core
competencies in the area of oleochemicals, and few synergies
with our other businesses."

Reagens and Sun Ace, the two companies in the buying consortium,
are among the market leaders in PVC Stabilizers in Europe and
Asia respectively, and the acquisition represents a logical
extension of their existing technological expertise and product
range.  It will enable them to benefit from Cognis' technology
leadership in areas such as non-toxic calcium/zinc stabilizers,
and to strengthen their market presence in Germany and both
Northern and Eastern Europe.  Comments Antonio Trius: "We firmly
believe that we have found a buyer for our PVC Stabilizers
segment that can take the business forward successfully."

The sale of the PVC Stabilizers segment affects approximately
160 Cognis staff at the Lohne and Loxstedt production sites in
Germany, the sales team in Dusseldorf, Germany, and the Hong
Kong production site.  Most of the staff will either be taken on
by the new owners or will continue to be employed by Cognis.


COGNIS GMBH: Receives GBP19.1 Million Cash Injection
----------------------------------------------------
SVG Capital has been advised by Permira and Schroder Ventures
Life Sciences of the recapitalization of one of their portfolio
companies, Cognis, returning approximately 58% of the cost (in
local currency) of the investment to investors.

The net value of this recapitalization for SVG Capital will be
approximately GBP19.1 million, of which SVG Capital expects to
receive approximately GBP18.1 million, with the remainder being
held within P123 for reinvestment in Permira Europe III.

Following this recapitalization, funds advised by Permira and
Schroder Ventures Life Sciences will continue to own the same
proportion of Cognis' ordinary equity as before.  SVG Capital's
holding in Cognis will be valued in accordance with BVCA
guidelines at 30 June 2004.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients, employing 8,500 people with
production sites and service centers in almost 30 countries.

                            *   *   *

Standard & Poor's Ratings Services said early in May its ratings
and outlook on Cognis GmbH (BB-/Stable/--) are unaffected by the
final modifications to the group's capital structure when
compared with the initial proposal in Cognis' recent bond
offering memorandum.

Cognis will now issue only EUR345 million in high yield bonds
(versus EUR445 million as initially proposed), and make up for
the shortfall by raising EUR400 million of second secured notes
and loans (versus EUR300 million as initially proposed).  The
revised capital structure will leave the initial financial
leverage of the transaction unchanged, and the net impact on the
group's expected annual cash interest expense will be
negligible.  The high yield bond will pay a higher interest
coupon than expected (9.5% per year), whereas the pricing for
the second secured debt will be more favorable than previously
indicated (475 basis points over Euribor/Libor).

CONTACT:  SVG ADVISERS LIMITED
          Alice Todhunter
          Phone: 020 7010 8925

          WEBER SHANDWICK SQUARE MILE
          Peter Corbin
          Nick Dibden
          Phone: 020 7067 0700


COGNIS GMBH: Completes Recapitalization Program
-----------------------------------------------
Global specialty chemicals supplier Cognis successfully raised
EUR745 million of subordinated debt, consisting of a Senior
Notes issue of EUR345 million, a Second Lien Notes issue of
EUR235 million and a Second Lien Loan issue of EUR165 million,
as part of a recapitalization of the company.

The Senior Notes carry a coupon of 9.50% and will mature in May
2014.  The Second Lien Notes and Loan bear an interest margin of
4.75% over the respective six-month EUR/$ LIBOR rate and will
mature in November 2013.

As part of the recapitalization, Cognis also reduced and
restated its senior secured bank facilities.  With these
transactions, Cognis has successfully refinanced its existing
debt, repaid a vendor note to Henkel KGaA and made a
distribution to its shareholders.

Says Arnold Kiel, Chief Financial Officer of Cognis: "The
attractive conditions available in the capital markets provided
an outstanding opportunity to refinance our debt on attractive
terms.  This gives us greater flexibility to make further
investments and grow the business."

The notes have been sold in the United States to qualified
institutional buyers in reliance on Rule 144A, and outside the
United States in compliance with Regulation S, under the
Securities Act of 1933, as amended (the Securities Act).  These
notes have not been registered under the Securities Act or any
state securities laws, and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements.  This news release does not
constitute an offer to sell nor a solicitation of an offer to
buy such notes in any jurisdiction in which such an offer or
sale would be unlawful, and is issued pursuant to Rule 135C
under the Securities Act.

About Cognis

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  It employs 8,500 people, and has
production sites and service centers in almost 30 countries.
The company has dedicated its activities to a high level of
sustainability and delivers natural source raw materials and
ingredients for food, nutrition and healthcare markets, and the
cosmetics, detergents and cleaners industries.  Additionally,
Cognis provides solutions for a number of other industries, such
as coatings and inks, lubricants, textiles and plastics, as well
as agriculture and mining.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and Schroder Ventures Life Sciences.  In 2003,
Cognis recorded sales of EUR2.95 billion and an operating profit
before depreciation, amortization and exceptional items (EBITDA
recurring) of EUR312 million.

CONTACT:  COGNIS DEUTSCHLAND GMBH & CO. KG
          Bernhard Vogtland
          Vice President Corporate Finance, Accounting & Tax
          Phone: +49-211-7940-6986
          E-mail: bernhard.vogtland@cognis.com
          Web site: http://www.Cognis.com

          Wulf Kluppelholz
          Corporate Communications Manager
          Phone: +49-211-7940-6679
          E-mail: wulf.klueppelholz@cognis.com
          Web site: http://www.cognis.com


INFINEON TECHNOLOGIES: Seifert to Head Memory Products Business
---------------------------------------------------------------
With effect from June 1, 2004, Thomas Seifert (40) will assume
global responsibility for the Memory Products Business Group at
Infineon Technologies AG (NYSE:IFX) (FWB:IFX).  Mr. Seifert
succeeds the previous Group CEO, Dr. Harald Eggers (54), who is
leaving the company at his own request after more than 25 years
of service to devote more time to his private life.  Until the
appointment of a successor, Peter Gruber (43), CFO of the
Wireline Communications Business Group, will preliminary assume
responsibility for the Group headed until now by Mr. Seifert. A
successor will be appointed shortly.  Dr. Eggers will head
various corporate projects until the end of December 2004; he
will then continue to put his many years of expertise and
excellent global networking consultative at the company's
disposal.

Thomas Seifert has headed Infineon's Wireline Communications
Business Group since 2002.  He succeeded in transforming it into
a competitive segment through extensive restructuring and the
sale of Infineon's optical fiber components business to Finisar.
Mr. Seifert launched his career in 1990 in the former Siemens'
Semiconductor Group where, starting in 1993, he spent three
years working on the manufacturing cooperation with IBM on the
Management Board in Essonnes, France.  From 1996 to 2000, Mr.
Seifert went on to lead the White Oak Semiconductor plant,
Infineon's joint venture with Motorola in Richmond VA, USA, to
success, gaining wide-ranging expertise in the memory products
area in the process.  Mr. Seifert moved over to the Wireline
Communications Business Group in 2000, where he successfully
applied his international business experience firstly as COO,
then as CEO.

"The Managing Board and employees would like to thank Dr. Eggers
for his many years of successful work for the company," stressed
Max Dietrich Kley, President and CEO of Infineon Technologies
AG.  It was under his management that Infineon's biggest segment
grew to become an internationally based business group with a
production network, research and development activities, and
partnerships now ranging across three continents.  The fact that
Infineon's memory business has developed in such a good way in
the, by its very nature, cyclical DRAM market is due not least
to Dr. Eggers' expert understanding as well as his personal,
globe-spanning contacts and excellent cultural grasp.  We are
delighted that Dr. Eggers will continue to be on hand for the
company in a consultative capacity."

After studying physics, Dr. Eggers began his career at Siemens
in 1979.  Here he held numerous management posts within Memory
Products before taking over the leadership of the Group in 2000.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the US from San Jose, CA, in the
Asia-Pacific region from Singapore and in Japan from Tokyo.  In
fiscal year 2003 (ending September), the company achieved sales
of EUR6.15 billion with about 32,300 employees world- wide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          Barbara Reif
          Phone/Fax: +49 89 234 20166 / 28482
          E-mail: barbara.reif@infineon.com

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

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

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

          Investor Relations
          Phone: (EU/APAC) +49 89 234 26655
          Phone: (USA/CAN) +1 408 501 6800
          E-mail: investor.relations@infineon.com


JENOPTIK AG: Records New High in Order Intake
---------------------------------------------
The Jenoptik Group completed the first quarter of 2004 with a
clear increase in sales, operating and net income for the period
in year-on-year comparison, and new record figures in order
intake and order backlog.

The Jenoptik Group saw an increase in sales of 10.5% for the
first quarter of 2004, with group sales totaling EUR290.7
million (1st quarter 2003: EUR263.1 million).  The Group's
operating income and income for the period both increased
considerably year-on-year, while still remaining in negative
figures due to accounting deadlines, which is indeed the case
every first quarter of a fiscal year.

Operating income for the quarter came to minus EUR1.8 million
(1st quarter 2003: -EUR8.4 million), with period net income
increasing accordingly to -EUR3.9 million (1st quarter 2003:
-EUR12.8 million).  This included proceeds from the project to
construct an Infineon chip factory in Dresden, involving the
planned sale of M+W Zander's interest in Infineon Technologies
SC300 GmbH & Co KG as part of the project settlement.

Order Intake and Backlog Increased Substantially

The Jenoptik Group achieved a new high in order intake and
backlog in the first quarter of 2004 due to the boom in the
semiconductor and flat panel industries.  Order intake came to
EUR867.0 million, up 31.4% year-on-year (EUR659.8 million).
Correspondingly, order backlog surpassed EUR3 billion for the
first time, reaching EUR3,090.0 million as of March 31, 2004,
10.7% higher than at the end of March 2003 (EUR2,791.6 million).
Both business divisions, in particular Clean Systems, have been
receiving more orders from the semiconductor and flat panel
industries since autumn 2003.  This trend has continued on into
the first quarter of 2004 improving the total order quality of
the Jenoptik Group's order backlog in year-on-year comparison.

Group Net Debt Reduced

High payment receipts, and the sale of the interests in Infineon
Technologies SC300 GmbH & Co KG in connection with the
aforementioned project, reduced the Jenoptik Group net debt by
EUR30.2 million to EUR96.1 million in the course of the quarter
(December 31, 2003: EUR126.3 million).  As of March 31, 2004,
Jenoptik had reduced its bank debt by EUR8.1 million and its
debt from its commercial paper program by EUR5 million.  Most
bills of exchange were redeemed by the company.  Both cash and
bank balances rose simultaneously by EUR19.7 million.

Sales and Income Up in 2004

The Group is expected to improve on its 2003 sales figures,
clearly exceeding EUR2 billion in 2004, with Group operating
income projected at between EUR45 and 60 million.  This
presupposes, however, that all engineering projects are fully
paid and accounted for within deadlines.  Photonics business
division sales are expected to exceed EUR350 million with an
EBIT margin of between 9 and 10%, all following an excellent
first quarter.  Clean Systems plans sales of between EUR1.8 and
EUR1.9 billion.  The Clean Systems business division income is
forecast to return to figures last recorded before the
semiconductor crisis, with an EBIT margin of between 1.5 and
2.5% for Facility Engineering and between 3 and 3.5 percent for
Facility Management.  Clean Systems sales and income growth will
especially reflect increases in electronics and flat-panel
industry business.

Results by Business Divisions

Excellent first quarter for Photonics business division

The Photonics business division completed the first quarter of
2004 with clear increases in sales and income.  This was boosted
by inner growth and by the acquisitions of Wahl optoparts GmbH
and Lechmotoren GmbH at the end of 2003.

Photonics business division first quarter sales increased 34.6%
to EUR82.3 million (1st quarter 2003: EUR61.1 million).  When
adjusted to exclude the new acquisitions, the Photonics business
division still saw a strong 19.1-% year-on-year increase in
sales.  At 40.1%, the Photonics EBIT rose even more rapidly,
reaching EUR6.3 million (1st quarter 2003: EUR4.5 million).

Photonics business division order intake fell slightly year-on-
year to EUR100.9 million (EUR110.3 million), primarily
reflecting the Electromechanical Systems business area, the
order intake of which could not repeat figures seen in the first
quarter of 2003, which included a long-term major order for the
Airbus trolley lift system.  The Electro-Optics business area,
by contrast, saw a strong increase in order intake in year-on-
year comparison, especially in laser technology and in high-
performance optics orders for the semiconductor industry.  The
Photonics business division order backlog came to EUR387.7
million as of March 31, up 5.8% in year-on-year comparison
(EUR366.3 million).

Clean Systems Business Division Benefits from the Electronics
Boom

The Clean Systems business division continued to benefit from
the electronics boom in the first quarter of 2004.  This is
reflected in the Facility Engineering business area order
intake, which nearly doubled in year-on-year comparison.  At
EUR760.5 million, Clean Systems order intake increased a total
of 38.7% (1st quarter 2003: EUR548.2 million).  This includes
the major AU Optronics order to engineer and construct its new
flat-panel factory in Taiwan.  This nine-figure (U.S. dollar)
order was the largest that M+W Zander has ever received from the
flat-panel industry.  The Clean Systems order backlog rose
accordingly to EUR2,702.3 million as of March 31, 2004 (March
31, 2003: EUR2,425.3 million).

The Clean Systems business division improved its sales slightly
to EUR202.8 million (1st quarter 2003: EUR200.6 million).  The
EBIT remained negative due to accounting deadlines, while still
improving as planned in year-on-year comparison to minus EUR7.1
million (1st quarter 2003: -EUR9.0 million).  The Facility
Management business area's EBIT reached EUR2.8 million, a solid
increase of 42.5% year-on-year (EUR2.0 million).  The Facility
Engineering business area EBIT came to -EUR9.7 million, also a
slight improvement over the previous year (1st quarter 2003:
-EUR10.9 million).  Division sales and income for the first
quarters of each fiscal year depend on contractually determined
accounting deadlines, which in the trade are normally set
towards the end of the year.  The figures of the first quarter
cannot therefore be used to project figures for the entire
fiscal year.

A copy of this press release is available free of charge at
http://bankrupt.com/misc/Jenoptik_Q42004.pdf.

CONTACT:  JENOPTIK AG
          Corporate Communications:
          Markus Wild
          Phone: +49 3641 65-2255
          Fax:   +49 3641 65-2284
          E-mail: Markus.Wild@jenoptik.com

          Investor Relations:
          Steffen Schneider
          Phone: +49 3641 65-2290
          Fax:   +49 3641 65-2157
          E-mail: Steffen.Schneider@jenoptik.com


MWG BIOTECH: Net Loss Narrows; First-quarter Sales Slip
-------------------------------------------------------
MWG Biotech AG, Ebersberg, has closed the first quarter of the
year 2004 with a drop in sales and a decrease in its EBITDA
(earnings before interest, taxes, depreciation and amortization)
to a lesser degree, but with a sound improvement in its net loss
and margin.  Sales in the first three months of 2004 totaled
EUR8.85 million as compared with EUR11.35 million in the same
period of the previous year.  This decline is due primarily to
the continuing difficult market situation, a stronger euro than
in the first quarter of 2003, which is still affecting turnover
in the U.S.A. and U.K., and the restructuring of the Company's
marketing and sales organization.  This restructuring process
will be completed in the second quarter of the year.

"We are expecting to see sales improving already in the second
quarter of 2004 and are assuming that the third and fourth
quarters will make up the backlog of the first three months,"
says Thomas Becker, Chairman of the Management Board and Chief
Executive Officer of MWG Biotech AG.  The Board is keeping to
the goals it has set for the year as a whole: moderate sales
growth, increasing margins, further reduced costs, a positive
EBITDA and a balanced cash flow.

"We have a good many projects in the pipeline and at the
Analytica trade fair we were able to present a number of new
products and services which will also contribute to the sales
growth we are anticipating for the year 2004," he adds.

Owing to the reduction in sales during the first quarter, the
Company's EBITDA is -- at -EUR0.95 million -- somewhat lower
than the previous year's -EUR0.33 million.  The net loss is,
however, significantly reduced, namely by 39.9 percent from
-EUR4.04 million in the first three months of 2003 to -EUR2.43
million in the first quarter of the current year.  At 41.2%, the
margin is well above the 39.4% recorded at the close of the year
2003.

The Company's Genomic Information (sequencing) unit achieved
sales of EUR1.3 million as compared with EUR2.1 million in the
first quarter of 2003.  In view of the continuing pressure on
prices, there is a dearth of major projects in this sector.  As
Thomas Becker says, however, "we are expecting to see an
increase in orders in the next quarters as a result of the
establishment of sequencing depots in major academic and
industrial research laboratories in the U.S.A and Europe."

In the Genomic Synthesis unit (manufacture of synthetic nucleic
acids) sales declined from EUR5.5 million in the first quarter
of 2003 to EUR4.6 million in the first quarter of the current
year.  This was due to the continuing erosion of prices
especially in the U.S.A and the U.K.  However, a well-filled
project pipeline and additional impulses from the new
purification technologies introduced in the first and second
quarters will help to boost sales in the remainder of the year.

Sales in the Genomic Diagnosis unit (microarrays) amounted in
the first quarter to EUR1.0 million as compared with EUR1.4
million in the same period of 2003.

It should be noted here, however, that the sales of the first
quarter 2004 come solely from the area of arrays, whereas the
sales figure for the first quarter of the previous year also
included instruments.

The Genomic Technology (laboratory automation) division made
sales of EUR1.9 million in the first quarter of 2004 as compared
with EUR2.4 in the same period of 2003.  In addition to the
continuing reluctance of laboratories to invest in new equipment
in the current difficult market circumstances, the number of
orders for the existing PCR machines fell in the first quarter
of the year because the Company's customers are waiting for the
introduction of the new THEQ LifeCycler, while only a limited of
the older systems is still available.  For the next few months,
the filling of existing orders for robot equipment will help to
improve the sales situation.


WCM GROUP: Interim 1st-quarter Results Still in Red Despite Leap
----------------------------------------------------------------
Results from ordinary activity in the WCM Group amounted to
-EUR3 million in the first three months of 2004 compared with
-EUR15 million in the same period of last year, an increase of
EUR12 million.  EBIT improved by EUR3 million, totaling EUR9.1
million (March 31, 2003: EUR 6.1 million).

EBITDA in the Property division declined as a result of the
deconsolidation of GEHAG and amounted to EUR14.4 million (March
31, 2003: EUR23.5 million).  EBITDA in the Equity Holdings
division was EUR4.9 million (March 31, 2003: EUR1.4 million).
The interim report will be published on May 24, 2004.


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


DUNAFERR RT: Exceeds Expectations, Delivers Profit for 2003
-----------------------------------------------------------
Hungary's steel producer Dunaferr Rt exceeded its own
expectations last year, turning a projected loss into a profit.
Last week, the company said it made a pre-tax profit of HUF193
million for 2003, according to Budapest Business Journal.  Net
revenue was HUF364 billion.  Going forward, the company was able
to break even in the first three months of the year.  Hungary's
largest steel maker was sold to Ukrainian-Swiss Donbass-Duferco
consortium in February.


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


FINMATICA SPA: Pays Interest on Bonded Loan
-------------------------------------------
Finmatica S.p.A. hereby gives notice that EUR6.5 million was
credited Wednesday to the agent bank BNP Paribas, for payment of
the interest coupon on its bonded loan.  The three-year bonded
loan for EUR100 million, set to expire on May 16 2005, provides
for payment of an annual 6.5% interest coupon.

                            *   *   *

In January, Fitch Ratings downgraded Finmatica's Senior
Unsecured rating to 'B-' from 'B+', reflecting concern over
potential pressure on the company's leverage and liquidity from
the current investigations into the company.  The Rating remains
on Rating Watch Negative.  The downgrade follows the company's
statement of financial position announced on February 5, 2004,
which revealed that as at January 31, 2004 gross debt stood at
EUR215.3 million and cash balances at EUR37.2 million.  This
compares with debt of EUR238.4 million and cash of EUR89.1
million at September 30, 2003, a fall of EUR23 million and
EUR51.9 million respectively.


FINMATICA SPA: Turns in Positive EBITDA of EUR1.2 Million
---------------------------------------------------------
The Board of Directors of Gruppo Finmatica approved the
quarterly report at March 31 2004.  The quarterly report was
drafted using more restrictive evaluation and consolidation
criteria as suggested by the group's auditing firm and already
used when drawing up the 2003 draft financial statements.
Therefore the results of the first quarter of 2004 cannot be
compared with the results of the first quarter of 2003 insofar
as they are not equivalent.

Positive signs of a major improvement in profitability can be
found in the EBITDA which totaled EUR1.2 million at March 31
2003 compared to a negative EBITDA of -EUR4.8 million at the end
of last year.  The non-equivalent EBITDA at March 31 2003
totaled EUR5.2 million.  The EBIT showed a loss of EUR5.6
million compared to the loss of EUR39.9 million reported at the
end of the last year and an EBIT of EUR1.5 million at March 31
2003.  The value of production stood at EUR19.8 million (EUR23.7
million at March 31 2003).

While it is important to note that sales related to the three
core business areas (finance, security and supply chain
management & transportation) recorded a 6.7% increase,
increasing from 12.5 to EUR13.4 million.  The rise in costs
which went from EUR22.1 million at March 31, 2003 to EUR25.3
million in the first quarter of 2004 was also due to the
increase in amortization which rose from EUR3.6 million in the
first quarter of 2003 to EUR6.8 million in the same period of
2004.  The 6.5% reduction in staff costs, which dropped from
12.4 to EUR11.5 million, should be noted; said reduction is
linked to the corporate reorganization plan currently being
implemented.  Said plan, drawn up together with Bain & Company,
will generate a reduction in costs and increase in revenues,
especially during the coming months of 2004 and throughout 2005.

The net financial position showed a loss of EUR235.2 million
(EUR83.6 million at March 31, 2003) while it totaled -EUR221.2
million at December 31, 2003 with the same calculation criteria
being used.  Said increase can be attributed to the change in
the consolidation area and the inclusion of Finmatica Real
Estate, which did not figure in the first quarter of 2003, and
the major investments made in financial assets during 2003 that
cannot be immediately converted into liquid assets according to
the new methodology introduced in February 2004.  Tables are
available at http://www.finmatica.com.


SAFILO GROUP: First-quarter Turnover Grows to EUR260 Million
------------------------------------------------------------
Safilo Group's consolidated financial results for the first
quarter of 2004, released Wednesday, confirm the growth in
turnover first apparent in the last six months of 2003.
Important new license agreements also consolidates the company's
dynamic nature: the launch of a new and exclusive line of Marc
Jacobs branded eyewear, to be presented to the market with the
2005 Spring-Summer collection, was recently announced and once
again underlines Safilo's position as world leader in luxury,
fashion and sports eyewear.

(a) Consolidated turnover reached EUR260 million, an increase
    of 13.2 % at fixed exchange rates and 6.4% at current
    exchange rates compared to the same period of 2003.  Markets
    throughout the world registered an increase in turnover, and
    in particular in America and the Far East where sales were
    outstanding.

(b) EBITDA was equal to EUR40.4 million, accounting for 15.5%
    of the turnover, and confirms the continuing recovery of
    marginality evident in the second half of 2003, despite the
    negative impact of the exchange rate effect (45% of sales in
    US$) resulting from the devaluation of the American dollar
    against the Euro.

(c) The Group's net debt was approximately EUR816 million and
    lower than the same period of 2003.  The net debt is
    expected to further decrease during the remaining part of
    the year.

Vittorio Tabacchi, Chairman of Safilo Group, commenting on the
performance of the first three months of 2004, said: "The first
quarter of 2004 had produced some encouraging signals, above all
in the American and Far Eastern markets, despite the unstable
economic climate and devaluation of the U.S. Dollar against the
Euro (14%).  Furthermore, the continuing improvement of other
important economic indicators confirms the effectiveness of the
industrial and financial strategies that we have recently
implemented.

We expect in 2004 to further increase our market share with the
full impact of sales of the Giorgio Armani, Emporio Armani and
Boucheron collections launched in 2003, and Alexander McQueen in
2004.  During the MIDO trade fair -- the International eyewear
show held in Milan from the 7th to 9th of May -- we also had the
opportunity to present our own brand collections which were very
well received by the main dealers in the eyewear sector who
recognize in Safilo Group market leadership in terms of quality,
design and selective distribution.

The current year sees Safilo Group concentrating on numerous
projects which will allow us to further improve our performance:
a European Call center, new license agreements including the
recently announced contract with Marc Jacobs, and the opening of
new subsidiaries such as Safilo China inaugurated in March this
year during the company's 70th anniversary celebrations."


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


ADVANCE AGRO: Senior Unsecured Debt Rating Raised to Caa1
---------------------------------------------------------
Moody's Investors Service upgraded Advance Agro's senior
unsecured debt rating to Caa1 from Caa3 after the company's debt
restructuring.  The outlook for the rating is stable.

Bangkok-based Advance Agro restructured debt of approximately
THB16 billion in June 2003.  Advance Agro Capital B.V. is a
finance subsidiary to issue the senior unsecured debentures due
2007, which are guaranteed by Advance Agro.

Moody's believe the company's debt maturity profile has been
lengthened and its near-term refinancing risk reduced as a
result of the restructuring.  Advance Agro's scheduled repayment
was stretched over the nine years until 2012, and Moody's think
the company could repay the debts if the pricing trends remain
at the current level.  Should that happens, Moody's said it will
upgrade the ratings.  On the other hand, Moody's indicated to
downgrade the rating should prices for pulp and paper decline by
greater than 15% in the same period.  But it sees the
possibility remote at present.


KLM ROYAL: easyJet Challenges Merger with Air France
----------------------------------------------------
easyJet has submitted an appeal to the Court of First Instance
in Luxembourg, requesting that the Court annul the European
Commission's clearance of the Air France/KLM merger.

easyJet wholeheartedly supports the much-needed consolidation of
the European airline industry and has long argued that it is
unsustainable for each and every country to have its own
national airline.  It is vital, however, that the interests of
consumers come first as consolidation occurs.  French consumers,
particularly in Paris, already have to suffer less choice of
airlines and higher air fares than elsewhere in Europe, so it
was vital that the European Commission did not take any steps
that would have resulted in a further drop in competition.
Unfortunately, the Commission got it wrong.

easyJet believes that consumer choice will be substantially
reduced by the Air France and KLM merger and, given the
precedent it is likely to set for all future mergers, the
European Commission should not have given its approval for the
merger on the following grounds:

(1) the Commission's acceptance of remedies proposed by Air
France and KLM that manifestly do not restore effective
competition on the routes where their services overlap and where
they enjoy a dominant position;

(2) the Commission's failure to consider the impact of the
merger on the impregnable dominance of Air France and KLM at
their respective hubs in Paris and Amsterdam;

(3) the Commission's failure to consider KLM as a potential
competitor to Air France in the new regulatory environment
likely to emerge as a result of the "open skies" negotiations
currently taking place between the E.U. and third countries,
notably the U.S.;

(4) the Commission's failure to support its conclusion that
Paris Charles de Gaulle and Paris Orly are substitutable
airports for consumers in Paris;

(5) the Commission's failure to consider the enhancement of the
merged airline's dominance on routes beyond those where the
services of Air France and KLM currently overlap.

In reviewing the Commission's clearance of the merger and the
justifications it set forth, easyJet was particularly troubled
by:

(1) the Commission's acceptance of remedies that do not live up
to the standards of its own published guidelines, known in legal
circles as the "Notice on Remedies;" and

(2) the Commission's failure to assess the merger in accordance
with established case-law and precedent.

easyJet Chief Executive, Ray Webster, said: "The Air France and
KLM merger can be considered the starting gun for the
forthcoming much-needed consolidation of European aviation.
EasyJet wholeheartedly supports this consolidation - there are
far too many national airlines in Europe.  However, the
interests of consumers must always come first and it is the
European Commission's duty to ensure that this is the case.

"The two main Paris airports (Charles de Gaulle and Orly) are
among the most slot-constrained in Europe.  Moreover, there are
a number of significant barriers to entry that prevent any
degree of network competition to Air France.  As a result,
airfares are higher and consumers have much less choice than in
almost any other major market in Europe.  The Commission should
not have taken any steps that would have had the effect of
increasing the dominance of Air France in this hugely
constrained market.

"Instead, it is allowing the two airlines to hand over a few
slots on a miniscule number of routes.  Any airline trying to
compete on the Paris to Amsterdam route between the hub airports
of these two national airlines without a much wider presence in
the market is likely to fail.

"The Commission has a duty, laid out in the Merger Regulation,
to take unambiguous action to protect against structural changes
that create or strengthen dominant undertakings in the common
market.  It is clear that, in its current form, the Air France
and KLM merger strengthens the dominant position of Air France
and would set a worrying precedent for all future
consolidation."


PETROPLUS INTERNATIONAL: Ratings Unaffected by Planned Takeover
---------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday its rating and
outlook on Petroplus International N.V. (B+/Negative/--) remain
unchanged following the announcement that an agreement is likely
to be reached on an offer for Petroplus' ordinary shares.  The
offer is expected to be made by a consortium comprising funds
affiliated with venture capitalist group Carlyle.  If accepted,
this would lead to Petroplus being de-listed and privately
owned.

The consortium's offer to Petroplus' shareholders is to be
preceded by an offer to redeem the company's 10.5% senior notes
due 2010 at 101%, as any change of control would require
approval from a majority of the current bondholders.  The notes
are not contractually redeemable until October 2005. At December
31, 2003, Petroplus had EUR223 million of outstanding bonds, and
net debt amounted to EUR387 million.  If the transaction goes
ahead, it could result in Petroplus adopting a more aggressive
financial or operational strategy.  Nevertheless, Standard &
Poor's currently assumes that the transaction will not
significantly change Petroplus' capital structure, and that the
company will continue to provide Standard & Poor's with timely
information.  In this context, no immediate rating action is
likely to result from such a change in ownership.

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


PETROPLUS N.V.: Scraps Dividend, Bonus Shares for 2003
------------------------------------------------------
The Executive Board of Petroplus International N.V. announces
that at the Annual General Meeting of Shareholders, held this
year on 19 May 2004, it was decided that no dividend or any
bonus shares shall be paid over the financial year 2003.

                            *   *   *

Petroplus reported a net profit of EUR47.7 million for the first
quarter of 2004 compared to a net profit of EUR8.2 million in
the first quarter of 2003.  Excluding non-recurring items, the
first quarter 2004 showed a net loss of EUR0.9 million.

Petroplus International N.V. was established 10 years ago and
has since developed into a leading player in the European
midstream oil market.  The midstream sector encompasses
refining, marketing and logistics (predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including the Antwerp
desulphurization capacity.  Petroplus has a sales volume in
excess of 20 million tons a year of oil products and a storage
capacity of almost 5 million (m3) throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
International N.V. has been listed on the Official Market of
Euronext Amsterdam since 14 July 1998.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O. Box 85002 3009 MA Rotterdam
          The Netherlands
          Phone: +31 (0) 10 242 5900
          Fax:   +31 (0) 10 242 6052
          E-mail: IR@petroplus.nl
          Web site: http://www.petroplusinternational.com
          Contact:
          Marcel van Poecke, Executive Board
          Willem Willemstein, Executive Board

          Martijn Schuttevaer, Investor Relations Manager
          Phone: +31 10 242 5900


VENDEX KBB: Recommends Cash Offer of VDXK Acquisition
-----------------------------------------------------
Recommended cash offer of EUR15.40 in cash per (Depositary
Receipt of) Ordinary Share and EUR40.00 per Depositary Receipt
of Preference Share B of Koninklijke Vendex KBB N.V. BY VDXK
Acquisition B.V.

With reference to the press release dated April 26, 2004,
Koninklijke Vendex KBB N.V. and VDXK Acquisition B.V., a company
controlled by a consortium consisting of investment funds
affiliated with and/or managed by Kohlberg Kravis Roberts & Co.
L.P., Change Capital Partners LLP and AlpInvest Partners N.V.
hereby jointly announce that an agreement has been reached on a
recommended public offer by VDXK for all of the issued and
outstanding (depositary receipts of) ordinary shares with a
nominal value of EUR0.02 (the Ordinary Shares) and all of the
issued and outstanding depositary receipts of preference shares
B with a nominal value of EUR40.00 (the Preference Shares) in
the share capital of Vendex KBB (the Offer).

The Offer

VDXK is making a cash offer for all of the Ordinary Shares and
all of the Preference Shares (the Ordinary Shares and the
Preference Shares being referred to as the Shares and the
holders of such Shares being referred to as the Shareholders),
on the terms and subject to the conditions and restrictions
contained in the offer memorandum dated May 21, 2004 (the Offer
Memorandum).  The Offer will be discussed at the annual general
meeting of shareholders of Vendex KBB on June 3, 2004, in
accordance with article 9q of the Dutch Securities Markets
Supervision Decree 1995, as amended (the Bte 1995).

The Offer Memorandum will be available on May 21, 2004, as
further described below.  Shareholders should refer to the Offer
Memorandum for all of the terms and conditions of the Offer.

Holders of Ordinary Shares who accept the Offer shall, if the
Offer is declared unconditional, receive a cash amount of
EUR15.40 cum dividend per validly tendered (or defectively
tendered, provided that such defect has been waived by VDXK) and
delivered Ordinary Share (the "Offer Price per Ordinary Share").

The management board of Vendex KBB (the Management Board), with
the approval of the supervisory board of Vendex KBB (the
Supervisory Board), has proposed that, after payment of a
dividend in respect of the Preference Shares, the dividend per
Ordinary Share in respect of the financial year 2003/04 is set
at EUR0.10.  In September 2003, this amount was already paid as
interim dividend, therefore no final dividend will be paid.

Holders of Preference Shares who accept the Offer shall, if the
Offer is declared unconditional, receive a cash amount of
EUR40.00, which amount is exclusive of any accrued and unpaid
dividends per validly tendered (or defectively tendered,
provided that such defect has been waived by VDXK) and delivered
Preference Share (the Offer Price per Preference Share).

Recommendation

The Supervisory Board and the Management Board support the Offer
and unanimously recommend the Offer to the Shareholders for
acceptance.

Irrevocables

All holders of Preference Shares and P.E. Hamming (chairman of
the Management Board) have irrevocably undertaken to tender
Shares held by them under the Offer.  Such undertakings are in
respect of a total of 21,000 Preference Shares and a total of
3,666,126 Ordinary Shares, representing 100% of the Preference
Shares and approximately 34.39% of the total issued and
outstanding share capital of Vendex KBB.

Acceptance Period

The acceptance period begins on May 21, 2004 and ends on June
21, 2004 at 15:00 hours, Amsterdam time (9:00 a.m., New York
time) (the Acceptance Closing Date), subject to extension in
accordance with article 9o, paragraph 5 of the Bte 1995 (the
Acceptance Period).

If one or more of the offer conditions as set out in section 8.2
of the Offer Memorandum (the Offer Conditions) is not fulfilled,
VDXK may, from time to time, extend the Acceptance Period until
all such Offer Conditions have been satisfied or waived.

During an extension of the Acceptance Period, any Shares
previously tendered and not withdrawn will remain subject to the
Offer, subject to the right of each Shareholder to withdraw the
Shares he or she has already tendered.

Shares tendered on or prior to the Acceptance Closing Date may
not be withdrawn, subject to the right of withdrawal of any
tender during any extension of the Acceptance Period in
accordance with the provisions of article 9o, paragraph 5 of the
Bte 1995.

Acceptance by Shareholders

Holders of Ordinary Shares, who hold their Ordinary Shares in
the form of depositary receipts through an admitted institution
of Euronext Amsterdam N.V. (Admitted Institution) are requested
to make their acceptance known via their bank or stockbroker no
later than 15:00 hours, Amsterdam time (9:00 a.m., New York
time) on June 21, 2004.

Holders of Ordinary Shares in registered form and/or holders of
Preference Shares wishing to accept the Offer in respect of the
Ordinary Shares or the Preference Shares must deliver a
completed and signed acceptance form to ABN AMRO Bank N.V.
(attn. Issuing Institutions-Corporate Actions MF2020, Kemelstede
2, 4817 ST Breda, The Netherlands, fax +31 (0) 76 5799620) (ABN
AMRO).  In accordance with the terms and conditions of the
Offer, the acceptance forms must be received by ABN AMRO in
Breda no later than 3:00 p.m., Amsterdam time (9:00 a.m., New
York time) on June 21, 2004.  The acceptance forms are available
upon request from Vendex KBB (attn. Investor Relations, De
Klencke 6, 1083 HH Amsterdam, tel. +31 (0) 20 549 0509 / e-mail:
prospectus@vendexkbb.nl) and ABN AMRO.  The acceptance form also
will serve as a deed of transfer with respect to the Shares
referenced therein.

Declaring the Offer Unconditional

The Offer shall be subject to the fulfillment of the Offer
Conditions, including, but not limited to the condition that at
least 95% of the Ordinary Shares and at least 95% of the
Preference Shares has been tendered under the Offer as set out
in the Offer Memorandum (the Minimum Acceptance Condition).
VDXK reserves the right to waive any of the Offer Conditions,
provided that the waiver of certain Offer Conditions shall be
subject to the prior written consent of Vendex KBB.  Unless the
Offer is extended, VDXK will determine within five business days
following the Acceptance Closing Date, such date being the
unconditional date (the Unconditional Date), whether the Offer
Conditions have been fulfilled or are to be waived by VDXK and
will announce whether:

     (i) the Offer has been declared unconditional,

    (ii) there is still uncertainty as to the fulfillment of any
        of the Offer Conditions, or

   (iii) the Offer is terminated, as a result of the Offer
        Conditions not having been fulfilled or waived by VDXK,
        all in accordance with article 9t, paragraph 4 of the
        Bte 1995.

Should the Offer be declared unconditional, it is intended that
Vendex KBB's listing on Euronext Amsterdam N.V. will be
terminated as soon as possible.  Furthermore, also dependent on
the number of Shares obtained by VDXK as a result of the Offer,
VDXK expects to initiate a squeeze-out procedure as referred to
in article 2:92a of the Dutch Civil Code in order to acquire all
Shares held by minority shareholders or to take such other steps
to terminate the listing and/or acquire Shares that were not
tendered under the Offer, including effecting a legal merger.

Settlement

In the event that VDXK announces that the Offer is declared
unconditional, the Shareholders tendering Shares for acceptance
pursuant to the Offer will receive within five business days
following the Unconditional Date (the Settlement Date) the Offer
Price per Ordinary Share and/or the Offer Price per Preference
Share in respect of each Share validly tendered (or defectively
tendered, provided that such defect has been waived by VDXK) and
delivered, at which point, dissolution or annulment of a
Shareholder's tender on delivery shall not be permitted.

Admitted Institutions

The Admitted Institutions may tender Ordinary Shares, held in
the form of depositary receipts, for acceptance only to ABN AMRO
in Breda (attn. Issuing Institutions-Corporate Actions MF2020,
Kemelstede 2, 4817 ST Breda, The Netherlands, fax +31 (0) 76
5799620) and only in writing.  In submitting the acceptance, the
Admitted Institutions are required to declare that

    (i) they have the tendered Ordinary Shares in their
        administration,

   (ii) each Shareholder who accepts the Offer irrevocably
        represents and warrants that the Ordinary Shares
        tendered by the Shareholder are being tendered in
        compliance with the restrictions set out in the Offer
        Memorandum and

  (iii) they undertake to transfer these Ordinary Shares to
        VDXK on the Settlement Date, provided the Offer has been
        declared unconditional.

Announcements

This announcement sets forth selected terms of the Offer.
Announcements will be issued by press release and will be
published in at least Het Financieele Dagblad and the Daily
Official List of Euronext Amsterdam, as appropriate, and through
Dow Jones News Service.

Offer Memorandum including Dutch Summary and Further Information
Shareholders are advised to review the Offer Memorandum in
detail and to seek independent advise where appropriate in order
to reach a reasoned judgment in respect of the content of the
Offer Memorandum and the Offer itself.  The information in this
announcement is not complete and additional information is
contained in the Offer Memorandum.

Copies of the Offer Memorandum, copies of the articles of
association of Vendex KBB and the financial statements of Vendex
KBB for the financial year 2001/02 ended January 31, 2002, the
financial year 2002/03 ended January 31, 2003 and the financial
year 2003/04 ended January 31, 2004 (the English translation of
which will be available on May 27, 2004) as adopted by the
Supervisory Board, as well as the proposed articles of
association of Vendex KBB, which documents are incorporated by
reference in, and form an integral part of, the Offer
Memorandum, are available free of charge at the offices of
Vendex KBB and ABN AMRO and can be obtained by contacting Vendex
KBB or ABN AMRO, at the addresses below.

                            *   *    *

This is a joint press release of Koninklijke Vendex KBB N.V. and
VDXK Acquisition B.V., a company controlled by a consortium
consisting of investment funds affiliated with and/or managed by
Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners LLP
and AlpInvest Partners N.V. NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE CANADA,
AUSTRALIA OR JAPAN.

This announcement is a public announcement as meant within
section 9g paragraph 1 under a of the Bte 1995.

Restrictions

The Offer is not being made, and the Shares will not be accepted
for purchase from or on behalf of any Shareholders, in any
jurisdiction in which the making or acceptance thereof would not
be in compliance with the securities or other laws or
regulations of such jurisdiction or would require any
registration, approval or filing with any regulatory authority
not expressly contemplated by the terms of the Offer Memorandum.
Persons obtaining the Offer Memorandum are required to take due
note and observe all such restrictions and obtain any necessary
authorizations, approvals or consents.  Neither VDXK, nor Vendex
KBB, nor any of their advisers, nor ABN AMRO accepts any
liability for any violation by any person of any such
restriction. Any person (including, without limitation,
custodians, nominees and trustees) who would or otherwise
intends to forward the Offer Memorandum or any related document
to any jurisdiction outside the Netherlands should carefully
read Section 1 of the Offer Memorandum (Restrictions and
Important Information) before taking any action.

CONTACT:  VENDEX KBB
          Investor Relations
          De Klencke 6
          1083 HH Amsterdam
          The Netherlands
          P.O. Box 7997
          KONINKLIJKE VENDEX KBB N.V.
          1008 AD Amsterdam
          The Netherlands
          Phone: + 31 (0) 20 549 0509
          Fax:   + 31 (0) 20 646 1099
          E-mail: prospectus@vendexkbb.nl

          The Settlement Agent
          ABN AMRO BANK N.V.
          ECM HQ 7006
          Gustav Mahlerlaan 10
          1082 PP Amsterdam
          The Netherlands
          P.O. Box 283
          1000 EA Amsterdam
          The Netherlands
          Phone: + 31 (0) 20 383 6707
          Fax:   + 31 (0) 20 62 80 004
          E-mail: prospectus@nl.abnamro.com


VENDEX KBB: Turnover Unchanged; First-quarter Results Down
----------------------------------------------------------
With reference to the offer announced on Wednesday by VDXK
Acquisition B.V. and Vendex KBB, and in anticipation of the
publication of the Offer Memorandum on May 21, 2004 and the
quarterly financial results of Vendex KBB on June 2, 2004,
Vendex KBB announces:

During the first few months of the current financial year, the
retail environment and the market outlook in the Netherlands,
Belgium, France and Germany remained challenging.  This had an
impact both on Vendex KBB's recent performance and on the
expected speed of recovery of certain of Vendex KBB's
businesses.

Vendex KBB is currently in the process of completing its
unaudited consolidated results for the first quarter of the
financial year 2004/05.  Accordingly, the following information,
while it reflects the best estimate of Vendex KBB, is
preliminary only, has not been reviewed by Vendex KBB's external
auditors, and the actual published results may differ. In
addition, the results for the first quarter are not necessarily
indicative of results for any other period or the full year.

Net turnover practically unchanged

According to the preliminary figures, the net turnover for the
first quarter of 2004/05 (February 1 up to and including April
30) remains practically unchanged:

EUR1,060 million against EUR1,059 million in the first quarter
of 2003/04.  The following table shows the net turnover per
business unit.

Net Turnover First Quarter

(not reviewed and unaudited)

                          Net turnover              Change in %
(x EURmillion)           2004/05   2003/04

HEMA                         221     219            +    0.9
V&D                          171     201            -   14.9
Bijenkorf                     89      90            -    1.1
Do-It-Yourself               321     293            +    9.6
Fashion                      108     111            -    2.7
Consumer Electronics         139     136            +    2.2
Other activities              12       9

Total                       1,060  1,059            +   0.1

EBITDA

The result from operations (operating result on retail
activities plus internal rental result) before amortization and
depreciation and excluding results on the disposal of property
amounted to EUR60 million for the first quarter of the financial
year 2003/04.  Vendex KBB estimates that, for the first quarter
of the current financial year 2004/05, this result will be
approximately 5% to 10% lower than in the previous year, most
notably as a result of declining performance in the Fashion
business unit and despite an improved result at V&D (due to cost
reductions).

Vendex KBB's unaudited consolidated interim financial statements
for the three months ended April 30, 2004, including a review
report by KPMG Accountants N.V., will be published on June 2,
2004.

Outlook

The general economic outlook, especially in Vendex KBB's
markets, remains uncertain and shows no signs of recovery.  In
the Netherlands, where approximately 82% of the group turnover
is realized, consumer confidence declined again at the end of
the first quarter of 2004, following a slight improvement in the
beginning of the year.  Moreover, unemployment rose further.
At this moment, there are no signs pointing to any quick revival
of consumer spending.

Since there is continuing uncertainty about when a cyclical
business recovery will occur and consumer spending will pick up
again, no reliable statements can be made about the developments
to be expected in the group's turnover or results.


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


DNO ASA: Reports Strengthening of Finances
------------------------------------------
The sale of DNO's assets in the U.K. and Ireland to Lundin
Petroleum AB was implemented in the first quarter of 2004.
Together with strong results from the company's retained
licenses in Yemen and Norway, this sale contributed to a
significant cash flow in the first quarter.

Highlights, first quarter 2004

A sales gain of NOK209.5 million from the sale of assets in the
U.K. and Ireland to Lundin Petroleum AB Strong cash flow from
retained license interests Oil discovery in block 43, Yemen
Petroleum resources increased by 80% through acquisitions and
discoveries Operating and lifting expenses per barrel were
reduced as a consequence of the sale of U.K. assets.  Debt has
been repaid and the company's financial strength has been
improved.

A full copy of the financial statements is available free of
charge at: http://bankrupt.com/misc/DNO_Q12004.pdf

Key figures
1st quarter results Net profit (loss)
NOKmillion         Q1    Q4    Q3    Q2    Q1    2003    2002
                   2004  2003  2003  2003  2003
Operating revenues 369.2 484.7 466.6 477.6 579.7 2,008.6 1,691.0
Gain from sale of assets
                   209.5   -     -    -     -      -       -
Total revenues     578.7 484.7 466.6 477.6 579.7 2 008.6 1 691.0
EBIT               339.9 140.7 127.6 210.9 276.0   755.3   528.3
Net profit         175.2  12.3 -41.8  55.7 107.9   134.1   -64.7
Investments         91.5 179.7 211.5 191.6 118.6   701.4   465.8
EBITDA             388.6 226.7 207.0 285.3 346.8 1,065.8   872.2
Netback            285.8  76.1  72.0  78.3 228.1   454.6   456.9
EBITDA,
  excl. sales gain 179.1 226.7 207.0 285.3 346.8 1,065.8   872.2
Netback
  excl. sales gain  76.3  76.1  72.0  78.3 228.1   454.6   456.9

                            *   *   *

In November, Standard & Poor's Ratings Services placed its 'B'
corporate credit rating on DNO ASA on CreditWatch with
developing implications.  At the same time, Standard & Poor's
withdrew its senior unsecured rating on DNO's proposed US$175
million bond due to its cancellation.  The action follows DNO's
decision to sell two of its main operating subsidiaries, DNO
Britain Ltd. and Island Petroleum Developments Ltd., as well as
some of its operating assets in Norway.

"The placement on CreditWatch with developing implications
reflects current uncertainties over the company's medium-term
business strategy, growth prospects, and financial policy," said
Standard & Poor's credit analyst Eric Tanguy.  "It also reflects
our expectation that DNO may redefine its financial policy
toward lower debt leverage than is factored into the current
rating.  Failure to conclude the planned disposal before mid-
year 2004 may result in refinancing difficulties and would
likely result in the rating being lowered."

CONTACT:  DNO ASA
          Helge Eide
          Group Managing Director
          Phone: 23 23 84 80/ 55 22 47 00

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


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


HUTA CZESTOCHOWA: E.U. Commission Launches State Aid Probe
----------------------------------------------------------
The Commission on Wednesday decided to launch an in-depth probe
into restructuring of the Polish steel producer Huta Czestochowa
S.A.  The probe aims to establish the precise facts of the case
and invites interested parties to submit their views.  Huta
Czestochowa S.A is a well-known producer of steel plate in
Poland, which has been in financial difficulties.  Poland is
currently planning financial measures as regards the company.
The Commission has doubts that the restructuring of Huta
Czestochowa has been achieved without state aid.  It is seeking
clarification whether and what kind of state aids will have been
granted up to 2006.

Protocol No. 8 of the Accession Treaty on the restructuring of
the Polish steel industry prohibits the granting of
restructuring State aid to companies not included in it.  Poland
did not include Huta Czestochowa in Protocol No. 8 of the
Accession Treaty as a beneficiary of restructuring State aid.

The Commission has doubts whether the current operation of the
steel production at Huta Czestochowa is achieved without state
aid.

In addition, the Commission has doubts whether the restructuring
of the company meets the private creditor test.  The current
restructuring plan raises the impression that the winding up of
the company was avoided by convincing the commercial creditors
to agree to a restructuring plan.  It appears that State,
although in the possession of pledges on the steel assets, did
not request liquidation but agreed to write off parts of its
debt, the precise amount of which will only be established after
the realization of the sale of assets in the future.

The current probe is however not directly related to the sale of
the shares of the steel production assets of Huta Czestochowa.
This may only be of relevance in so far as the transaction risks
involving the transfer of state aid between Polish steel
producers, in so far as it is prohibited by Protocol No. 8 of
the Accession Treaty

Background

Huta Czestochowa, is the second biggest Polish steel producer.
Because of its financial difficulties (all its assets were
pledged) the Restructuring and Development Plan for the Polish
Iron and Steel Industry envisaged restructuring the company by
means of bankruptcy.  Therefore, the company was not included in
Protocol No. 8 of the Accession Treaty as a beneficiary of
restructuring State aid.

Subsequently, Poland decided to endorse a restructuring plan for
Huta Czestochowa pursuant to the Act on Public Aid for
Entrepreneurs of Significant Importance for the Labor Market,
which gives companies protection against liquidation during
restructuring.  In the opinion of Polish authorities this plan
will yield a better return than liquidation.

The plan allows the splitting up of the company into several
entities.  While one of these entities will own the steel
assets, several other companies will receive the remaining
assets.  The state, although in the possession of pledges on the
steel assets, will be given one of the latter entities and will
then try to recover its debts over time.  On the other hand, the
steel assets, which are about to be sold to a strategic
investor, will be given to the commercial creditors who will
swap their debt for equity and then sell the shares.

Furthermore, in order to continue operation of the steel
production an operating company was formed by a state owned
agency.  It leased the steel assets and took over the employees.


NETIA SA: Corporate Credit Rated 'B+' on Sluggish Growth Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate

credit rating to Poland-based alternative fixed-line
telecommunications operator Netia S.A.  The outlook is stable.

The ratings on Netia are constrained by the low growth
perspectives in its core voice business, and by strong
competition from the incumbent fixed-line operator
Telekomunikacja Polska S.A. (BBB/Stable/--), three mobile
operators (in terms of fixed-to-mobile substitution), and other
independent telecoms services providers.

"The ratings on Netia are further constrained by the company's
aggressive debt-funded growth strategy through future potential
acquisitions such as that of Dialog S.A., the Poland-based
alternative operator.  Other potential acquisitions include
currently financially constrained alternative telecoms assets in
Poland, for which, together with the Dialog acquisition, the
company intends to increase its leverage," said Standard
& Poor's credit analyst Michael O'Brien.

"It remains to be seen, however, whether Netia's aggressive
growth strategy will be successful, particularly as it is
expected that such potential acquisitions, notably that of
Dialog, would be debt financed," he added.

Furthermore, the company's organic growth is strongly dependent
on demand for business data network services for business
customers -- which is an attractive, but highly competitive
market segment -- and continued deregulation.

The ratings are supported by the company's improving cash flow
generation following the restructuring of its debt and a debt-
for-equity swap.  The ratings are further supported by Netia's
ability to successfully integrate new acquisitions such as Swiat
Internet and Regionalne Sieci Telekomunikacyjne El-Net S.A. (El-
Net).  Furthermore, the company has already paid for and
constructed a substantial fiber-optic network throughout Poland,
with last-mile access to a large number of customers, both
residential and business.  Finally, the company has a well-
established brand as a telecoms services provider and has
demonstrated success in attracting business customers in the
liberalized Polish telecoms market.

"It is expected that Netia will approach any debt financing of
acquisitions in a prudent manner and maintain a financial
profile that will not constrain debt service, and that Netia
will have sufficient headroom under any future loan covenants,"
said Mr. O'Brien.

Furthermore, it is expected that Netia will endeavor to
integrate quickly new acquisitions to avoid losses of potential
synergies, which might have a negative affect on its financial
profile.  Although the company plans to expand through
acquisition and grow its free cash flow, total debt to
EBITDA should not, however, significantly exceed approximately
2x.

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


KOMPANIA WEGLOWA: To Axe 16,000 Jobs Over Three Years
-----------------------------------------------------
Kompania Weglowa will lay off thousands of workers and shut a
number of coal mine under its restructuring plan, its president
revealed according to Warsaw Business Journal.

Maksymilian Klank said at a meeting of the Sejm's Economic
Commission some 10,000 workers will have to be axed this year.
In addition, 6,000, will go over the next two years.  Company
representatives say the aim is to bring down the workforce to
56,000 by 2010 from 82,000 at present.

The report also said that the number of coal mines it operates
will be slashed.  But it did not mention the extent of the
downsizing.

Kompania Weglowa reported PLN81.1 million in profits for the
first quarter of 2004 on revenues of PLN667.9 million.  The
company made a loss of PLN687.9 million last year, but expects
to turn in a profit of PLN359.5 million in 2004.


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


AGRICULTURAL MACHINERY: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on OJSC Agricultural Machinery.  The case
is docketed as A33-3461/04-C4.  Mr. D. Glushkov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 660133, Russia, Krasnoyarsk, P.
Zheleznyak str.17.  A hearing will take place on July 20, 2004,
10:00 a.m. at the Arbitration Court of Krasnoyarsk region.

CONTACT:  AGRICULTURAL MACHINERY
          662000, Russia, Krasnoyarsk region,
          Bogotop, Komsomolskaya str.183

          Mr. D. Glushkov, temporary insolvency manager
          660133, Russia, Krasnoyarsk, P. Zheleznyak str.17


BARNAUL MIRROR: Insolvent Status Confirmed
------------------------------------------
The Arbitration Court of Altai Krai declared CJSC Barnaul Mirror
Factory (TIN 22210000683) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A03-10234/03-B.  Mr. M.
Polyakov has been appointed insolvency manager.  Creditors have
until July 7, 2004 to submit their proofs of claim to the
insolvency manager at 652002, Russia, Barnaul, Vorovskogo
str.140, Post User Box 130, Phone/Fax: 616-414.

CONTACT:  BARNAUL MIRROR FACTORY
          656099, Russia, Barnaul, Avtotransportnaya str.55

          Mr. M. Polyakov, insolvency manager
          652002, Russia, Barnaul, Vorovskogo str.140,
          Post User Box 130
          Phone/Fax: 616-414


BELTIRSKOYE MUNICIPAL: Declared Insolvent
-----------------------------------------
The Arbitration Court of Republic of Khakasiya declared
Beltirskoye Municipal Services Enterprise (TIN 1905007780)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A74-3957/03-K1.  Mr. A. Tarara has been appointed
insolvency manager.  Creditors have until July 7, 2004 to submit
their proofs of claim to the temporary insolvency manager at
655600, Russia, Republic of Khakasiya, Sayanogorsk,
Internazionalny mkr.13-31.

CONTACT:  BELTIRSKOYE MUNICIPAL SERVICES ENTERPRISE
          655710, Russia, Republic of Khakasiya, Beltirskoye,
          Shcolnaya str.4a

          Mr. A. Tarara, temporary insolvency manager
          655600, Russia, Republic of Khakasiya, Sayanogorsk,
          Internazionalny mkr.13-31


BISKAMZHA MUNICIPAL: Deadline for Proofs of Claim July 7
--------------------------------------------------------
The Arbitration Court of Republic of Khakasiya declared
Biskamzha Municipal Services Enterprise (TIN 1905006635)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A74-4074/03-K1.  Mr. A. Tarara has been appointed
insolvency manager.  Creditors have until July 7, 2004 to submit
their proofs of claim to the temporary insolvency manager at
655600, Russia, Republic of Khakasiya, Sayanogorsk,
Internazionalny mkr.13-31.

CONTACT:  BISKAMZHA MUNICIPAL SERVICES ENTERPRISE
          655730, Russia, Republic of Khakasiya, Biskamzha,
          Zheleznodorozhnaya str.19

          Mr. A. Tarara, temporary insolvency manager
          655600, Russia, Republic of Khakasiya, Sayanogorsk,
          Internazionalny mkr.13-31


CHERNOGORSKUGOL: Declared Insolvent
-----------------------------------
The Arbitration Court of Republic of Khakasiya declared the
coal-mining company OJSC Chernogorskugol insolvent and
introduced bankruptcy proceedings.  The case is docketed as A74-
2659/03-K1.  Mr. A. Volkov has been appointed insolvency
manager.  Creditors are asked to submit their proofs of claim to
the temporary insolvency manager at 655603, Russia, Republic of
Khakasiya, Sayanogorsk, Post User Box 117.

CONTACT:  CHERNOGORSKUGOL
          Russia, Republic of Khakasiya, Chernogorsk,
          Gorky str.11

          Mr. A. Volkov, temporary insolvency manager
          655603, Russia, Republic of Khakasiya, Sayanogorsk,
          Post User Box 117


KHAKASS WORKER: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Republic of Khakasiya commenced
bankruptcy supervision procedure on state unitary enterprise the
newspaper The Khakass Worker.  The case is docketed as A74-
891/04-K1.  Mr. O. Kyzhinaev has been appointed temporary
insolvency manager.  Creditors are asked to submit their proofs
of claim to the temporary insolvency manager at 655415, Russia,
Republic of Khakasiya, Ababakan, Komarov str.18-130.

CONTACT:  THE KHAKASS WORKER
          655700, Russia, Republic of Khakasiya, Askiz,
          Komunalny per.7

          Mr. O. Kyzhinaev, temporary insolvency manager
         655010, Russia, Republic of Khakasiya,
         Ababakan, Komarov str.18-130


KOSTROMA FLAX: Court Sets September 16 Hearing
----------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
supervision procedure on LLC Kostroma Flax Corporation (TIN
4442018682).  The case is docketed as A31-1305/18.  Ms. M.
Sinitsyna has been appointed temporary insolvency manager.

Creditors have until June 7, 2004 to submit their proofs of
claim to the temporary insolvency manager at 156601, Russia,
Kostroma, Kommunarov str.5.  A hearing will take place on
September 16, 2004, 9:00 a.m. at the Arbitration Court of
Kostroma region.

CONTACT:  Ms. M. Sinitsyna, temporary insolvency manager
          156601, Russia, Kostroma, Kommunarov str.5


NEW GRAIN: Novosibirsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on LLC The New Grain Company.  The case is
docketed as A45-5929/SB/77.  Mr. S. Zhukov has been appointed
temporary insolvency manager.  Creditors have until June 7, 2004

to submit their proofs of claim to the temporary insolvency
manager at 630087, Russia, Novosibirsk, Post User Box 116.  A
hearing will take place on June 7, 2004 at the Arbitration Court
of Novosibirsk region.

CONTACT:  THE NEW GRAIN COMPANY
          630132, Russia, Novosibirsk,
          Chelyuskintsev str.15/1-374

          Mr. S. Zhukov, temporary insolvency manager
          630087, Russia, Novosibirsk, Post User Box 116


SAYAN-ECO: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Republic of Khakasiya commenced
bankruptcy supervision procedure on CJSC Sayan-Eco.  The case is
docketed as A74-470/04-K1.  Mr. A. Maltsev has been appointed
temporary insolvency manager.  Creditors have are asked to
submit their proofs of claim to the temporary insolvency manager
at Russia, Republic of Khakasiya, Ababakan, Kolkhoznaya str.45-
36.

CONTACT:  SAYAN-ECO
          Russia, Republic of Khakasiya, Sayanogorsk

          Mr. A. Maltsev, temporary insolvency manager
          Russia, Republic of Khakasiya, Ababakan,
          Kolkhoznaya str.45-36


TEYI MUNICIPAL: Declared Bankrupt
---------------------------------
The Arbitration Court of Republic of Khakasiya declared Teyi
Municipal Services Enterprise (TIN 1905007808) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A74-
3956/03-K1.  Mr. A. Tarara has been appointed insolvency
manager.  Creditors have until July 7, 2004 to submit their
proofs of claim to the temporary insolvency manager at 655600,
Russia, Republic of Khakasiya, Sayanogorsk, Internazionalny
mkr.13-31.

CONTACT:  TEYI MUNICIPAL SERVICES ENTERPRISE
          655731, Russia, Republic of Khakasiya, Teyi,
          Sovetskaya str.12

          Mr. A. Tarara, temporary insolvency manager
          655600, Russia, Republic of Khakasiya, Sayanogorsk,
          Internazionalny mkr.13-31


YUKOS OIL: Production Up 9.3% in First Quarter
----------------------------------------------
YUKOS Oil Company released its preliminary consolidated
operating results for the first quarter of 2004.  YUKOS'
production was 21.1 million metric tons (154.3 million barrels)
of crude oil and gas condensate, including 0.4 million metric
tons (3.0 million barrels) of YUKOS' interest in the production
of equity affiliates in the first quarter of 2004, which is 9.3%
more than in the corresponding period of 2003.  Refinery
throughput increased by 6.4% in the first quarter of 2004 to 9.8
million metric tons (71.9 million barrels).

Gas production was 1.8 billion cubic meters (63.1 billion cubic
feet), including 0.4 billion cubic meters (14.6 billion cubic
feet) from YUKOS' interest in production of equity affiliates in
the first quarter of 2004, which is 18.6% more than in the first
quarter of 2003.

International sales of crude oil were 11.9 million metric tons
(86.7 million barrels), an increase of 21.1% over the same
period in 2003.  Excluded from international sales of crude oil
were 2.0 million metric tons (14.9 million barrels) of inter-
company sales of crude oil to Mazeikiu Nafta as well as other
inter-company sales in the first quarter of 2004.  International
sales of petroleum products were at a level of 4.8 million
metric tons (35.9 million barrels) in the first quarter of 2004,
which is 25.2% higher than in the first quarter of 2003. Sales
of petroleum products on the Russian domestic market in the
first quarter of 2004 were 4.0 million metric tons (30.7 million
barrels), which is 10.4% lower than in the same period of 2003.

In the first quarter of 2004 exports of crude oil outside the
territory of the Russian Federation including sales to Mazeikiu
Nafta were 13.5 million metric tons (99 million barrels), an
increase of 20.3% over the same period in 2003.  Exports of
petroleum products outside the territory of the Russian
Federation were 2.9 million metric tons (20 million barrels) in
the first quarter of 2004, an increase of 25.7% over the same
period in 2003.

The light product yield at Company refineries, including
Mazeikiu Nafta, was 61.84% in the first quarter of 2004,
compared to 60.70% in the first quarter of 2003.  Excluding
Mazeikiu Nafta, the light product yield was 58.94% in the first
quarter of 2004 and 57.74% in the first quarter of 2003.

YUKOS drilled 154.7 thousand meters of production wells in the
first quarter of 2004, compared to 223.5 thousand meters in the
first quarter of 2003 excluding YUKOS' interest in equity
affiliates, with more drilling anticipated in the second half of
2004.  Placed on stream in the first quarter of 2004 were 61 new
wells compared to 71 in the first quarter of 2003 excluding
YUKOS' interest in equity affiliates.

The above operational data for the first quarter 2004 does not
include operational results of OAO Sibneft.

YUKOS completed the acquisition of 92% of OAO Sibneft in October
2003, however, Sibneft has not provided YUKOS with the
information necessary to consolidate the Sibneft operating
results for the first quarter of 2004 and prior periods.

A copy of the press release, including tables is available free
of charge at: http://bankrupt.com/misc/Yukos_Q104.pdf

CONTACT:  YUKOS OIL
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: US$1.6 Billion Facility in Danger of Default
-------------------------------------------------------
YUKOS Oil Company announced that it had received a notice
related to YUKOS' $1.6 billion pre-export facility secured term
loan that it was considered by the lender that a Potential Event
of Default has occurred.

The lender under the loan has approved that Yukos and associated
companies continue their export trading activities related to
the loan without restriction, but it may exercise its rights
with respect to certain bank accounts over which security has
been granted in its favor at its discretion in the future.

The Potential Event of Default notice relates primarily to the
tax claim for RUB99,375,538,234 filed against YUKOS dated 14
April 2004 and the order granted by the Moscow Arbitrazh Court
dated 15 April 2004 prohibiting YUKOS from disposing of or
encumbering its assets, not involved in the core business of the
company.

YUKOS had received a similar notice earlier from the lenders
under its $1 billion syndicated pre-export facility secured term
loan.  The $1.6 billion facility has virtually identical terms
and conditions as the $1 billion facility.

CONTACT:  YUKOS OIL
          International Information Department:
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru

          Company Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7 095 788-00-33
          E-mail: investors@yukos.ru


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


ONO FINANCE: EUR280 Mln Bonds Rated 'B-'; Outlook Stable
--------------------------------------------------------
Fitch Ratings, the international rating agency, on Wednesday
assigned ONO Finance PLC's EUR280 million 2014 bond issue a 'B-'
rating with Stable Outlook.  The bond is guaranteed by Spain's
Cableuropa S.A.  The proceeds will be used for the redemption of
the 2009 bonds and part of the 2011 bonds.

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

          Erwin van Lumich
          Phone: +34 93 323 8403


* S&P: New Insolvency Law Benefits Spanish Covered Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services is currently in the process
of assessing the impact of the new Spanish Insolvency Law, which
will come into force in September 2004, on Spanish covered bonds
-- "cedulas hipotecarias" (CHs) and "cedulas territoriales"
(CTs).  Standard & Poor's believes that the changes introduced
by the new Spanish Insolvency Law will enhance the credit
standing of CHs and CTs in many respects, notably reducing
uncertainties existing in the current legal framework regarding
timeliness of payment.  These uncertainties have been the main
factors determining Standard & Poor's current rating approach
for Spanish covered bonds.  The approach uses a notching-up
methodology (with a maximum uplift of two notches from an
issuer's counterparty credit rating), under which CHs and CTs
may not achieve an 'AAA' rating.

Notwithstanding the improvements, coverage of potential post-
insolvency cash flow mismatches between underlying loans and
covered-bond payments is not specifically addressed in the new
law.  Standard & Poor's is currently exploring with market
participants whether mechanisms can be designed within the
framework of the new law that would avoid the interruption of
covered-bond payments because of such a cash flow mismatch.  An
effective bridging mechanism for post-insolvency liquidity
mismatches is the only factor missing to provide a framework
that would enable Standard & Poor's -- once the new Insolvency
Law comes into force -- to "delink" the rating on CHs and CTs
from that on their issuers.  In jurisdictions where Standard &
Poor's delinks to a large extent its rating on covered bonds
from that on the issuer, covered bonds may be rated up to 'AAA'.

The analysis of the legal framework and the likely management of
the covered bondholders' claims in the event of an issuer's
insolvency are the fundamental factors shaping Standard & Poor's
approach to rating European covered bonds.  In this analysis,
the key issues that determine the rating approach are:

(a) The soundness of the priority claim of covered bondholders
    over assets acting as collateral;

(b) The process by which covered bondholders have access to the
    cover assets;

(c) The possibility of imposing a moratorium on debt payments
    and/or accelerating covered bonds; and

(d) The mechanisms available to bridge or hedge potential cash
    flow mismatches arising from timing differences in cash flow
    generated by underlying assets and cash flow needed to repay
    the covered bonds.

Standard & Poor's has concluded that the changes to be
introduced by the new Spanish Insolvency Law regarding the
treatment of CHs and CTs in an insolvency scenario will enhance
the priority claim of covered bondholders as long as the cash
flow produced by underlying loans accumulated after the issuer's
insolvency is enough to meet the covered-bond payments.  Also in
a situation where there is not a cash flow mismatch, Standard &
Poor's has concluded that the new Spanish legal framework
provides mechanisms to ensure, on the one hand, access to the
proceeds of the underlying loans in a process segregated from
the bankruptcy state, and, on the other hand, the timely payment
of the covered bonds (explicitly eliminating existing
uncertainties in the current framework regarding payment
interruption).

Like many other European covered bonds' legal frameworks, with
the notable exception of Denmark's, the post-insolvency legal
framework for CHs and CTs does not structurally ensure a perfect
match between the cash flows generated by the cover assets
(mortgage loans and public debt pools, usually with uneven
maturity profiles) and the cash flows needed to meet the
covered-bond payments (most European covered bonds have bullet
maturities, reflecting investor preference).

While the issuer is solvent, these maturity mismatches are
easily handled by refinancing the maturing covered bonds with
new issuance. In the case of some European covered bonds, this
may become impossible, however, following the insolvency of an
issuer.  This may stem from a technical legal impossibility,
i.e., the insolvent issuer is legally prohibited from incurring
new debt, or it may come from a practical impossibility, i.e.,
the insolvent borrower or the insolvency officer (for example,
the liquidator or examiner) may be legally allowed to borrow,
but, without being able to provide adequate collateral, will
never find a lender willing to advance money and rank pari passu
with the insolvent borrower's other unsecured creditors.  That
is why in all countries where Standard & Poor's rates covered
bonds on a "delinked" basis, it must be satisfied that the
relevant national legal and regulatory frameworks allow the
cover pool to obtain third-party liquidity in the event of a
bankruptcy of the originator, assuming asset cash flows are
sufficient.  This could be achieved, for example, where the
third-party liquidity provider can have its debt secured by the
assets of the cover pool in much the same way as covered
bondholders do.  There is usually a potential timing delay
associated with these solutions, however, thus leaving the pool
exposed to a short-term liquidity shortfall in case of sudden
insolvency by the issuer.  The intensity of this risk varies by
jurisdiction.

Solutions available to cover the risk are also very dependant on
the local legal framework: For instance, while liquidity can be
committed specifically to the cover pool in Ireland, France
allows the use of the "loi Dailly" and the ability to contract
repurchase (repo) agreements, while in Germany liquidity is more
likely to come from internal sources as the cover pool as such
cannot be the recipient of liquidity.  For a detailed
explanation of Standard & Poor's surveillance process and
quantitative requirements to monitor liquidity risk in those
countries where it rates covered bonds on a "delinked" basis,
please see the October 16, 2003, commentary "Approach to Rating
Covered Bonds Refined" available on RatingsDirect, Standard &
Poor's Web-based credit analysis system.

The new Spanish Insolvency Law does not specifically provide
such solutions to cover the risk of a short-term liquidity
shortfall in case of sudden insolvency of the issuer.  The
probability of a cash flow mismatch in the case of Spanish
covered bonds is significantly reduced by the substantial amount
of excess earnings-generating underlying assets (the entire
mortgage portfolio in the case of CHs and the whole public-
sector loan book in the case of CTs) relative to the still
proportionally low amount (albeit rapidly increasing) of covered
bonds outstanding.  However, it is conceivable that there would
not be sufficient time for enough cash flow to accumulate --
regardless of how large the loan book were -- if an interest or
principal payment on CHs or CTs were due shortly after the
issuer were to become insolvent.  The likelihood of such a
scenario increases when there are principal maturities shortly
after the issuer has become insolvent, as most Spanish covered-
bond issuance has been jumbo so far, ranging from EUR1 billion
to EUR3 billion.

Standard & Poor's analysis of the potential impact of the new
Spanish Insolvency Law leads to the conclusion that in such a
scenario, the treatment of CHs and CTs would likely -- in the
absence of some other mechanism -- be similar to that under the
existing legal framework, namely that it is possible that the
covered bonds would not be able to provide timely payment of
principal and interest.

As soon as Standard & Poor's concludes its analysis on the
possibilities existing in the Spanish legal framework to
effectively use other mechanisms to cover potential temporary
post-insolvency liquidity shortages for CHs and CTs, it will
publish a report detailing the key conclusions and whether they
have an impact on its approach to rating Spanish covered bonds.

CONTACT:  STANDARD & POOR'S RATING SERVICES
          Angela Cruz
          Madrid
          Phone: (34) 91-389-6945
          E-mail: angela_cruz@standardandpoors.com

          Ian Bell
          London
          Phone: (44) 20-7826-3828
          E-mail: ian_bell@standardandpoors.com
                  FIG_Europe@standardandpoors.com


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


SKANDIA INSURANCE: Class Action Versus American Skandia Junked
--------------------------------------------------------------
On May 14, 2004, the United States Court of Appeals for the
Second Circuit issued a Summary Order affirming the judgment of
Senior Judge Milton Pollack of the United States District Court
for the Southern District of New York dismissing Donovan v.
American Skandia Life Assurance Corp. et al. with prejudice.
This litigation concerns activities prior to the May 1, 2003
acquisition of American Skandia Life Assurance Corporation by
Prudential Financial, Inc. from Skandia  Insurance Company Ltd.
As previously disclosed, the responsibility for the outcome of
this case was for the account of Skandia Insurance Company Ltd.
as a result of the agreement with Prudential Financial, Inc.
concerning the sale of American Skandia.

The lawsuit purported to represent a class of investors who
during the period December 1997 to October 2000 purchased
American Skandia variable annuity products for the purpose of
funding a "qualified"  (i.e., tax-deferred) retirement account.
The Plaintiffs alleged that the prospectuses for these variable
annuity products contained material misstatements and omissions
concerning the suitability of such products as funding vehicles
for tax qualified accounts in violation of U.S. securities laws.

The Court of Appeals agreed with Judge Pollack's conclusion that
the plaintiff's   claims were without legal merit.  In
dismissing the plaintiffs' claims, Judge Pollack had written
that, "the disclosures in the Prospectuses, taken in context,
conclusively disprove the materiality of the alleged omissions
and are thus fatal to the Plaintiffs' claims."

"The Court of Appeals decision affirms both Judge Pollack's
conclusions and Skandia's previously stated belief that the
claims raised by the lawsuit were without merit," comments Jan-
Mikael  Bexhed, Skandia's General Counsel.

CONTACT:  SKANDIA INSURANCE
          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 37 22

          Harry Vos
          Head of Investor Relations
          Phone: +46 8 788 3643


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


GERMES-PLUS: Kyiv Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Germes-Plus (code EDRPOU 31056844).  The case
is docketed as 15/150-b.  Arbitral manager Mr. Kabayev Glib
(License Number AA 719773 approved January 22, 2004) has been
appointed temporary insolvency manager.

Germes-Plus holds Account Number 2600000770037 at JSCB Praveks-
bank, MFO 321983.

CONTACT:  GERMES-PLUS
          Ukraine, Kyiv, Lomonosov str., 8-b

          Mr. Kabayev Glib, Temporary Insolvency Manager
          Ukraine, Kyiv region, Kievo-Svyatoshinskij district,
          Boyarka, Bilogorodska str., 27/155

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


KAMJANIJ BRID': Insolvent Status Confirmed
------------------------------------------
The Economic Court of Zhitomir region declared OJSC Kamjanij
Brid' Delftware Plant insolvent and introduced bankruptcy
proceedings on February 24, 2004.  The case is docketed as 5/60
B.  Arbitral manager Mr. Gorbachevskij V. has been appointed
liquidator/insolvency manager.

CONTACT:  KAMJANIJ BRID' DELFTWARE PLANT
          Ukraine, Zhitomir region, Baranovskij district,
          Kamjanij Brid

          ECONOMIC COURT OF [BLANK] REGION
          Ukraine, 69001, Zaporizhya, Shaumyana str., 4


KARIVSKE RTP: Declared Insolvent
--------------------------------
The Economic Court of Poltava region declared OJSC Karivske RTP
insolvent and introduced bankruptcy proceedings on February 3,
2004.  The case is docketed as 10/217.  Arbitral manager Mr.
Dulenko A. (License Number AA 668335 approved October 23, 2003)
has been appointed liquidator/insolvency manager.

CONTACT:  KARIVSKE RTP
          Ukraine, Poltava region, Karlivka, Sverdlov str., 7

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


METALUNIVERSALTORG: Insolvent Status Confirmed
----------------------------------------------
The Economic Court of Donetsk region declared OJSC gorlivka'
enterprise Metaluniversaltorg (code EDRPOU 01881480) insolvent
and introduced bankruptcy proceedings on April 13, 2004.  The
case is docketed as 33/217 B.  Mr. Pertsov E. (License Number
047749) has been appointed liquidator/insolvency manager.

Creditors have until June 12, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager at: Ukraine, Donetsk,
    Komsomolskij avenue, 28/94

(b) ECONOMIC COURT OF DONETSK REGION: 83048, Ukraine,
    Donetsk, Artema str., 157

CONTACT:  METALUNIVERSALTORG
          84635, Ukraine, Donetsk region, Gorlivka, Rtutna str.

          Mr. Pertsov E., Liquidator/Insolvency Manager
          Ukraine, Donetsk, Komsomolskij avenue, 28/94.

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


PERSHE TRAVNYA: Deadline for Proofs of Claim June 8
---------------------------------------------------
The Economic Court of Cherkassy region declared agriculture LLC
Pershe Travnya (code EDRPOU 05278183) insolvent and introduced
bankruptcy proceedings on February 3, 2004.  The case is
docketed as 14/4493.  Arbitral manager Mr. Nogovskij Igor
(License Number AA 419229) has been appointed
liquidator/insolvency manager.

Creditors have until June8, 2004 to submit their proofs of claim
to:

(a) Liquidator/Insolvency Manager: Ukraine, Cherkassy,
    Blagovisna str., 414/1

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

CONTACT:  PERSHE TRAVNYA
          Ukraine, Cherkassy region, Lisyanskij district,
          Shesterintsi

          Mr. Nogovskij Igor, Liquidator/Insolvency Manager
          Ukraine, Cherkassy, Blagovisna str., 414/1

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


SLAVUTICH: Declared Bankrupt
----------------------------
The Economic Court of Dnipropetrovsk region declared JSC
Slavutich (code EDRPOU 20256233) insolvent and introduced
bankruptcy proceedings on March 12, 1998.  The case is docketed
as 1-159b.   Arbitral manager Mr. Sidko A. (License Number AA
419257) has been appointed liquidator/insolvency manager (by the
declaration of Economic Court of Dnipropetrovsk region of April
23, 2004).

Creditors have until July 12, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager at: 49000, Ukraine,
    Dnipropetrovsk, Dzerzhinskij str., 23/8

(b) ECONOMIC COURT OF DNIPROPETROVSK REGION: 49600, Ukraine,
    Dnipropetrovsk, Kujbishev str., 1a

CONTACT:  SLAVUTICH
          Ukraine, Dnipropetrosk region, Krivij Rig,
          Revolutsijna str.,

          Mr. Sidko A., Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk,
          Dzerzhinskij str., 23/8

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


YARN SPINNING: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on CJSC Yarn Spinning Factory (code EDRPOU
00306584).  The case is docketed as 6/55-8/38.  Mr. Kochmar
Oleksandr (License Number AA 249552 approved November 12, 2001)
has been appointed temporary insolvency manager.

Yarn Spinning Factory maintains Account Number 26000620011331 &
26002620011339 at JSCB Ukrsocbank, Lviv branch, MFO 325019.

CONTACT:  YARN SPINNING FACTORY
          79024, Ukraine, Lviv, B. Hmelnitski str., 188

          Mr. Kochmar Oleksandr, Temporary Insolvency Manager
          81100, Ukraine, Lviv region, Pustomiti,
          Kozatska str., 7/3

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


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


ABBEY NATIONAL: More Tenders Unlikely Before July, Say Analysts
---------------------------------------------------------------
Abbey National plc may encounter difficulty finding interested
buyers after it emerged that the bank has GBP1.2 billion in
outstanding loans to troubled affiliates Scottish Mutual and
Scottish Provident, The Scotsman said Tuesday.

Earlier the company set aside GBP373 million in provisions for
the two life assurance businesses, but the amount was based on
guesswork, pending conclusion of negotiations with the Financial
Services Authority (FSA).  There are indications that the
regulator could require the bank to book further charges
pursuant to its new capital adequacy rules.

An Abbey spokesman told The Scotsman talks with the FSA are
ongoing: "We will be able to give the markets more clarity at
our half-year results on 29 July."

Fund managers believe it is this uncertainty that serves a
deterrent to anyone looking to buy the troubled group.  They
believe no other bidder will follow the lead of Santander
Central Hispano before the July statement.  Spain's largest bank
made an informal approach on Abbey recently, according to The
Scotsman.

FSA records reveal that Scottish Mutual has an outstanding
contingent loan of GBP574.7 million, up from GBP542.3 million a
year ago. ScotProv owes GBP618.6 million, down from GBP658.6
million at the end of 2002.

"Scottish Mutual's loan is vital to keep it on the right side of
the FSA's solvency requirements.  If Abbey tried to claw the
money back, the FSA won't allow it," The Scotsman said, citing
Commerzbank assurance analyst Roman Cidzyn.

"The loan to ScotProv is seen as less integral to its business.
It was made in large part to take advantage of tax benefits when
the assurer was acquired by Abbey in 2001," The Scotsman adds.
"On that basis, analysts believe the bank can expect the
ScotProv money to be paid back, whereas much of what Abbey has
injected into Scottish Mutual is unlikely to be recovered."


ACME UNITED: General Meeting June 23
------------------------------------
On June 23, 2004 the Acme United Limited and Acme United (Group)
Limited companies will have a General Meeting at 10:00 a.m. and
10:15 a.m. respectively.  It will be held at 1 City Square,
Leeds LS1 2AL.

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


AIRLIFT TECHNOLOGY: Hires Tenon Recovery Administrator
------------------------------------------------------
The Airlift Technology Limited Company has appointed Derek
Oakley and Dilip Dattani both of Tenon Recovery as joint
administrative receivers.  The appointment was made May 13,
2004.  The Company manufactures handling and lifting equipment.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Receiver:
          Derek Oakley
          (IP No 008630)

          TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Receiver:
          Dilip Dattani
          (IP No 007915)


ARDEX INVESTMENTS: Members Final Meeting Set June 30
----------------------------------------------------
There will be a Final Meeting of the Members of the Ardex
Investments (Number Two) U.K. Limited Company on June 30, 2004
at 10:00 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Contact:
          R Setchim, Liquidator


ARNOLD WHITE: Final General Meeting Set June 16
-----------------------------------------------
Name of Companies:
Arnold White Construction Limited
Arnold White Group Residual Estates Limited
Arnold White Leighton Buzzard Limited
Icknield Investments Limited

There will be a Final General Meeting of the Shareholders of
these Companies on June 16, 2004 at 10:00 a.m., 10:15 a.m.,
10:30 a.m. and 10:45 a.m. respectively.  It will be held at the
offices of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull
HU1 1EL.

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

CONTACT:  JACKSONS JOLLIFFE CORK
          Lowgate House, Lowgate,
          Hull HU1 1EL
          Contact:
          M C Bowker, Liquidator


ASSET ALLOCATION: Sets Final General Meeting June 18
----------------------------------------------------
Name of Companies:
Asset Allocation Limited
Cursitor Holdings Limited
Cursitor Services Limited
Dimensional Trust Management Limited
Whittingdale Nominees Limited

There will be a Final General Meeting of these Companies on June
18, 2004 at 10:30 a.m.  It will be held at 1 More London Place,
London SE1 2AF.

Members who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted to Ernst & Young LLP, 1
More London Place, London SE1 2AF not later than 12:oo noon,
June 17, 2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Contact:
          M Fisherman, Joint Liquidator


BLUE CHIP: Standard & Poor's Affirms B Notes at 'BB'
----------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating to
'AA' from 'A' on the class A floating-rate notes issued by Blue
Chip Funding 2001-1 PLC.  At the same time, the 'BB' rating on
the class B notes was affirmed.

The upgrade of the class A notes reflects the improved credit
quality of the underlying portfolio since the class A and B
notes were downgraded on December 17, 2002.  At that time, 5.6%
of the portfolio referenced entities deemed to be sub-investment
grade.  That figure has fallen to 2.1%.  This increased credit
quality, the trapping of excess spread, and the reduced time to
maturity has enabled the class A notes to be upgraded.

Blue Chip Funding 2001-1's collateral account has been below the
required EUR80,001,000 since taking physical possession in
November 2002 of the defaulted WorldCom Inc. bonds for the
payment of the par amount of EUR12.5 million.

Through the diversion of payments due to the class C and D
noteholders, the collateral account had been steadily increasing
over the last 12 months.  The default of Parmalat S.p.A. in
December 2003 has, however, resulted in the collateral account
again being lowered by the par value of the defaulted bonds, in
this case EUR3,000,000.  The Parmalat bonds were recently sold,
realizing EUR367,500.  Due to the default of these two reference
entities and the uncertainty of the final recovery level on the
remaining WorldCom bonds retained by Blue Chip 2001-1, the class
B notes have been affirmed rather than upgraded. Should the
recovery attained in the future be greater than those modeled at
this time, Standard & Poor's would review the rating.

Blue Chip Funding 2001-1 is a partially funded synthetic CDO
managed by Dolmen Securities Ltd. as collateral manager. The
transaction is a securitization of a portfolio of credit default
swaps between Blue Chip Funding 2001-1 and one or more OECD
banks, with a single reference entity underlying each credit
default swap.

Related media releases on Blue Chip Funding 2001-1 can be found
on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. Alternatively, call
one of the following Standard & Poor's numbers: London Ratings
Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017.  Members
of the media may also contact the European Press Office via e-
mail on: media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          james_gayer@standardandpoors.com
          anjali_bastianpillai@standardandpoors.com
          simon_collingridge@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com


BOULTON CONSTRUCTION: Appoints DTE Leonard Curtis Administrator
---------------------------------------------------------------
The Boulton Construction Products Limited Company has appointed
J M Titley and A Poxon of DTE Leonard Curtis as joint
administrative receivers.  The appointment was made May 10,
2004.  The Company manufactures fabricated metal products.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Receivers:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)


CARING TOGETHER: Meeting of Creditors Set May 26
------------------------------------------------
The Caring Together Limited Company will have a Creditors
Meeting on May 26, 2004 at 12:00 noon.  It will be held at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

Creditors who want to be represented at the Meeting may appoint

proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT not later than 12:00 noon, May 25, 2004.

CONTACT:  PRICEWATERHOUSECOOPER LLP
          Plumtree Court
          London EC4A 4HT
          Joint Administrators:
          I C Oakley Smith
          A R Stanway


CCF TRADING: Creditors Meeting Set May 26
-----------------------------------------
There will be a Creditors Meeting of the CCF Trading Limited
Company on May 26, 2004 at 2:00 p.m.  It will be held at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT not later than 12:00 noon, May 25, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Administrators:
          I C Oakley Smith
          A R Stanway


CENTREIMAGE LIMITED: In Administrative Receivership
---------------------------------------------------
Hampshire Trust Factors Limited called in receivers Andrew
Andronikou and Ladislav Hornan of UHY Hacker Young for
Centreimage Limited Company (Reg No 0410697 Trade
Classification: Division 2-10 Paper, Printing and Publishing).
The application was made May 11, 2004.

Centreimage Limited is formerly known as Ogilvie Publishing
Limited.  The Company is engaged in the printing business.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Receivers:
          Andrew Andronikou
          Ladislav Hornan
          (Office Holder Nos 1253, 2059)


CLAIREMONT ELECTRONICS: Receivers Invite Buyers
-----------------------------------------------
Clairemont Electronics went into receivership on Tuesday,
throwing into doubt the future of the company's 200 workers.

The Greenock company produces cable assemblies and other
electronic equipment.  Its customers include IBM in the 1990s.
But a volatile market had increasingly put pressure on
operation, leading to its receivership.

In a statement, Graham Martin of PricewaterhouseCoopers said:
"It had struggled in recent years to maintain a consistent
customer base for its products and services and has found itself
having to react to a series of fundamental changes in its
industry locally and worldwide."

The receivers are looking for a buyer for the firm.  They warned
"it is likely that a number of redundancies will be required."


CLAYTON'S LOCKWOOD: Members General Meeting Set June 22
-------------------------------------------------------
There will be a General Meeting of the Calyton's Lockwood
Properties Ltd Company on June 22, 2004 at 10:00 a.m.  It will
be held at Geoffrey Martin & Co, St James's House, 28 Park
Place, Leeds LS1 2SP.

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

CONTACT:  GEOFFREY MARTIN & CO
          St James's House
          28 Park Place
          Leeds LS1 2SP
          Contact:
           S Hull, Liquidator


ELEMENTS PLC: Bank of Scotland Appoints Tenon Recovery Receiver
---------------------------------------------------------------
Bank of Scotland called in receivers Carl Stuart Jackson and
Simon R Thomas of Tenon Recovery for Elements PLC (Reg No
2252010).  The application was made May 7, 2004.

Elements PLC is formerly known as Interior Elements Limited.
The Company sells office furniture and equipment.

CONTACT:  TENON RECOVERY
          Highfield Court,
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Receives:
          Carl Stuart Jackson
          Simon R Thomas
          (Office Holder Nos 8860, 1289)


EQUITABLE LIFE: ELTA Extends Deadline for Filing Case to May 28
---------------------------------------------------------------
The Equitable Life Trapped Annuitants (ELTA) group boasts of
mounting support for its plan to sue the troubled insurer on
Tuesday.

It said it now had more than 400 members ready to back a class-
action suit, according to The Scotsman.  It added that there
have been 2000 inquiries made from interested parties.  The
group stands for about 55,000 Equitable annuity holders.

In effect, it is extending the deadline for application to join
the cause until May 28.  The group is planning to issue a writ
against equitable before July.

Policyholders who wish to sign up are required to pay an initial
GBP100 to cover costs, as well as an additional GBP900 once the
writ is issued in July.

This is despite that law firm Clarke Willmott in Bristol is
acting for ELTA on a "no win, no fee" basis.

Equitable previously warned that the legal action effectively
makes the policyholders the accused party themselves since the
compensation they were seeking will still have to come from the
fund used to pay policyholders.


EQUITABLE LIFE: Ombudsman 'Duty-bound' to Reopen Inquiry
--------------------------------------------------------
The Chairman of Equitable Life called on the Parliamentary
Ombudsman (PO) to reopen her inquiry into the Society and said
she had a "great responsibility" and is now "duty-bound" to
investigate regulatory maladministration.

Speaking at the Society's Annual Meeting, Vanni Treves said that
Lord Penrose's Report was "no whitewash made in Whitehall" and
that Penrose's report described a "litany of failure by the
regulatory regime and former management."

The Penrose Report, published in March by the Treasury, was
particularly scathing about the role of the Government Actuary's
Department (GAD) in the 1980s and 1990s.  Financial Secretary
Ruth Kelly confirmed recently that the GAD could be included
within the PO's remit.

Mr. Treves informed members at the meeting that the Society last
week wrote to all MPs to state its views on the case for a fresh
probe by the PO.  He also confirmed that he and Charles Thomson,
the Society's chief executive, will be also meeting Ann Abraham
next Tuesday when they intend to again argue the Society's case
as to why she should restart her investigation.

Mr. Treves said that among those issues the Society believes
require examination by the Ombudsman are those the Regulators:

(a) Knew that during the late 1980s and 1990s, the Society's
    capital was diminishing to a dangerously low level;

(b) Failed to challenge the lawfulness of the terminal bonus
    policy when it was introduced in 1993;

(c) Failed to discover that the Society was not reserving for
    the guarantees expressly contained in the GAR policies.
    Again, the Society contends, the regulators ought to have
    insisted on proper reserves.

"We believe each of these amounts to a serious regulatory
failure and maladministration.  Had the regulators, as was their
clear duty, insisted on corrective action or otherwise
intervened, the terrible situation that befell the Society and
its policyholders would have been prevented.  But, they failed
in that fundamental duty," Mr. Treves told the meeting.

"The moral case for an investigation is compelling.  Penrose has
provided Ann Abraham with the necessary ammunition and she must
now fire the starting gun for a new inquiry to begin.  I am
confident she will reopen and that she now represents the best
chance for compensation," said Mr. Treves.

Last month, the Society published a letter to policyholders from
Herbert Smith, the Society's lawyers, which confirmed that the
Society had no realistic legal claim against regulators.  The
opinion from Herbert Smith and Counsel also said that any claim
by policyholders would be "complex, lengthy and costly; the
result would be uncertain."

Mr. Treves said that it has been a "hugely painful, demanding
and stressful" period for policyholders but that the Society "is
now stabilizing and in better condition than at any time in
recent years."  Mr. Treves told members that the Society is
developing ideas for the longer-term future of the Society and
that proposals would be presented to members when they have
taken "significant shape."

ELTA

The Society also said that any unsubstantiated claim by a with-
profits annuitants' pressure group would be "defended with
vigor."

Chief Executive Charles Thomson said: "As members of the with-
profits fund, if this group of annuitants does take legal
action, they would, in effect, be suing themselves.  The costs
would be significant for both sides; it would be a very lengthy
process with an uncertain outcome.  There is only one pot of
money and I struggle to understand how robbing Peter to pay Paul
is of any overall benefit.

"However, if they do decide to sue the Society and it means
seeing them in Court eventually, we will do so.  The Board will
do what is necessary to protect the interests of all members."

Members' Resolution

At the meeting, the Society's members' are also voting on a
proposal by the pressure group EMAG asking members to approve a
donation of GBP2 million from the Society's with-profits fund to
establish a trust to pursue government compensation.

Board retirement

The Society also confirmed  that its finance and investment
director, Nigel Brinn, has informed the Board that he wishes to
retire, in this his 60th year, this September.  He intends,
therefore, to resign as a director from the Boards of Equitable
Life, University Life Assurance Society and Equitable Life
Finance plc with effect from August 1st 2004.

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

         Alistair Dunbar
         Phone: 01296 561 502
             Or 07967 564 039
         Web site: http://www.equitable.co.uk


FASTRAC GROUP: Creditors Meeting Set May 28
-------------------------------------------
On May 28, 2004 there will be a Creditors Meeting of The Fastrac
Group Limited Company at 11:00 a.m.  It will be held at Begbies
Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, Elliott House, 151 Deansgate,
Manchester M3 3BP not later than 12:00 May 27, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate
          Manchester M3 3BP
          Joint Administrator:
          D Bailey


FRANK BERRY: General Meeting of Members Set June 21
---------------------------------------------------
There will be a General Meeting of the Members of the Frank
Berry Limited Company on June 21, 2004 at 10:00 a.m.  It will be
held at KPMG, 2 Cornwall Street, Birmingham B3 2DL.

The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted.  Members who want
to be represented at the Meeting may appoint proxies.  Proxy
forms must be submitted to KPMG, 2 Cornwall Street, Birmingham
B3 2DL not later than 4:00 p.m., June 18, 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          2 Cornwall Street,
          Birmingham B3 2DL
          Contact:
          M J Orton, Liquidator
          A W Graham, Liquidator


FURNESS PROPERTIES: Members Final Meeting June 18
-------------------------------------------------
Name of Companies:
Furness Properties Limited
Furness Withy (Shipping) Limited
Ocean Gas Transport Limited

There will be a Final Meeting of the Members of these Companies
on June 18, 2004 at 11:00 a.m.  It will be held at the offices
of Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Companies has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted to Kingston Smith &
Partners LLP not later than 12:00 noon, June 17, 2004.

CONTACT:  KINGSTON SMITH & PARTNERS
          Devonshire House,
          60 Goswell Road,
          London EC1M 7AD
          Contact:
          N J Miller, Joint Liquidator


GEORGE WEBSTER: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the George
Webster & Co Ltd on May 10, 2004 held at The Coach House,
Folleigh Lane, Long Ashton, Bristol BS41 9JB, the Special
Resolution to wind up the Company was passed.  Alison Byrne has
been appointed Liquidator for the purpose of such winding-up.


GORDONS10 LIMITED: Final General Meeting Set June 14
----------------------------------------------------
On June 14, 2004 the Members of the Gordons10 Limited Company
will have a Final General Meeting at 10:30 a.m.  It will be held
at the offices of BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS.

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

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place
          85 Great North Road
          Hatfield, Hertfordshire AL9 5BS
          Contact:
          G S Kinlan, Joint Liquidator


INVENSYS PLC: Sells Hansen Transmissions for EUR132 Million
-----------------------------------------------------------
Invensys plc signed an agreement to sell its Hansen
Transmissions business to Allianz Capital Partners GmbH for a
gross cash consideration of EUR132 million.

Hansen Transmissions is a manufacturer of gearboxes and drive-
trains focusing particularly on gearboxes for wind turbines and
on industrial gearboxes for a wider range of applications such
as material handling, water treatment and pulp and paper
processes.  In the year ended 31 March 2004, the business
reported sales of GBP88 million and operating profit[1] of GBP2
million.  The net operating assets of Hansen Transmissions,
which are the subject of the disposal, were GBP111 million at 31
March 2004.

The transaction is expected to complete by the end of July.
Proceeds from this disposal will be applied towards satisfying
the Group's liabilities.

The sale of Hansen Transmissions is conditional upon, among
other things anti-trust clearance.

Chief Executive Rick Haythornthwaite said,

"The disposal of Hansen Transmissions is another successful step
towards the creation of an Invensys made up of six attractive
retained businesses, and the further reduction of our debt."

About Invensys plc

Invensys is a global automation, controls and process solutions
Group.  Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.  The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.

Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries.  Eurotherm is a leading supplier of control
and measurement instrumentation solutions and services to
industrial and process customers.  APV specializes in process
equipment engineered into systems and asset services for food,
beverage, personal care, pharmaceutical and chemical clients.
Rail Systems is a multinational leader in the design,
manufacture, supply, installation, commissioning and maintenance
of safety-related rail signaling and control systems.  Climate
Controls is a major provider of the components, systems and
services used across the world to make commercial and
residential environments safer, more comfortable and more
efficient.  Appliance Controls has the broadest system and
component offering for the appliance industry worldwide.

The Invensys Group is headquartered in the U.K. and listed on
the London Stock Exchange.  With 39,000 employees operating in
60 countries, Invensys helps customers to improve their
performance and profitability, building value for end users and
shareholders alike.

For more information, visit http://www.invensys.com

About Hansen Transmissions

Hansen Transmissions is a manufacturer of gearboxes and drive-
trains focusing particularly on gearboxes for wind turbines and
on industrial gearboxes for a wider range of applications such
as material handling, water treatment and pulp and paper
processes.  Hansen has a global support network with industrial
sales, assembly and service centers in the U.K., U.S., South
Africa and Australia, as well as dedicated sales forces in
Europe, which focus on customers for its industrial gearboxes.

About Allianz Capital Partners

Allianz Capital Partners GmbH (ACP) was founded in 1998. The
company is responsible for direct investments in the area of
private equity within the Allianz Group.  As an independent
financial investor, ACP focuses in particular on the provision
of individual solutions for financial issues relating to
unlisted companies, company shareholders, and management teams
for purposes of financing growth, acquisition finance and
ownership restructuring.  ACP provides customized financing
instruments from mezzanine to shareholders' equity.

---------
Footnote:

[1] Before exceptional items and goodwill amortization, but
after charging pension costs.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies
          Phone: + 44 (0) 20 7821 3755

          BRUNSWICK
          Nick Claydon
          Mike Smith
          Phone: +44 (0) 20 7404 5959


ISIS MODEL: Names Receivers from David Rubin & Partners
-------------------------------------------------------
The ISIS Model Management Limited Company has appointed Asher
David Miller and Paul Robert Appleton of David Rubin & Partners
as joint administrative receivers.  The appointment was made
April 30, 2004.  The Company is a modeling agency.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row,
          London WC1R 4HE
          Receivers:
          Asher David Miller
          Paul Robert Appleton
          (IP Nos 9251, 8883)


LAIRD PAPER: Meeting of Unsecured Creditors May 27
--------------------------------------------------
Name of Companies:
Laird Paper Limited
York And Ford Paper Limited
York And Ford Paper (Southern) Limited

There will be a Meeting of the unsecured Creditors of these
Companies on May 27, 2004 at 10:30 a.m.  It will be held at The
Hilton Hotel, East Midlands Airport, Junction 24 M1, Castle
Donington, Derby DE74 2YW.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, May
26, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Administrative Receivers:
          D Maddison
          R H Hunt


OFFICESMART HOLDINGS: Final Meeting Set June 16
-----------------------------------------------
There will be a Final Meeting of the Members of Officesmart
Holdings Limited Company on June 16, 2004 at 10:00 a.m.  It will
be held at Spectrum House, 20-26 Cursitor Street, London EC4A
1HY.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged at Baker Tilly, Spectrum House,
20-26 Cursitor Street, London EC4A 1HY not later than 12:00
noon, June 15, 2004.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street,
          London EC4A 1HY
          Contact:
          P J R Souster, Joint Liquidator


RIVERPOINT CREATIONS: Names Moore Stephens Administrator
--------------------------------------------------------
The Riverpoint Creations Limited Company (Registration No
4806068) has called Nigel Price and Roderick Graham Butcher of
Moore Stephens Recovery as joint administrators.  The
administration order was made April 21, 2004.  The Company
fabricates metal products.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House,
          94-96 Newhall Street,
          Birmingham B3 1PB
          Receivers:
          Nigel Price
          Roderick Graham Butcher
          (Office Holder Nos 8778, 8834)


TERRY COHN: Hires Liquidator from Menzies Corporate
---------------------------------------------------
At a General Meeting of the Terry Cohn Limited Company the
Special, Ordinary and Extraordinary Resolutions to wind up the
Company were passed.  Simon James Underwood and Jason James
Godefroy of Menzies Corporate Restructuring, 17-19 Foley Street,
London W1W 6DW have been appointed Joint Liquidators of the
Company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Contact:
          Simon James Underwood, Liquidator
          Jason James Godefroy, Liquidator


WOO ONE: Appoints PricewaterhouseCoopers Administrator
------------------------------------------------------
The Woo One Tech Limited and Woo One U.K. Limited Companies had
appointed Ian David Green and Ian David Stokoe of
PricewaterhouseCoopers LLP as joint administrative receivers.
The date of appointment was made on May 12, 2004.

These Companies manufactures other forms of plastic products.
There registered office address is located at Unit B, Sovereign
Industrial Estate, Brenda road, Hartlepool, Teeside TS25 1NN.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Receivers:
          Ian David Green
          Ian David Stokoe
          (IP Nos 9045, 6587)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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