TCREUR_Public/040525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 25, 2004, Vol. 5, No. 102

                            Headlines

C R O A T I A

BINA-ISTRA: 'BB+' Long-term Rating Affirmed; Outlook Stable


F I N L A N D

BENEFON OYJ: Future Remains Uncertain, Says Ernst & Young


F R A N C E

ALSTOM SA: Rescue Plan Expected this Week


G E R M A N Y

DEUTSCHE BAHN: Early IPO Ill-advised, Says Morgan Stanley
MESSER GRIESHEIM: Refinancing Complete; Ratings Withdrawn


I R E L A N D

AIREAGAL TEORANTA: Blames U.S. Dollar Fall for Liquidation


I T A L Y

PARMALAT CAPITAL: Preliminary Injunction Hearing Set June 4
PARMALAT FINANZIARIA: Austrian Unit Sells NOM AG Shares
PARMALAT FINANZIARIA: French Firms Question Bondi's Appointment
TECNODIFFUSIONE ITALIA: CMS Calls in Administrator


R U S S I A

IBERIA TELEVISION: Applies for Liquidation
SODBIZNESBANK: Shareholders Demand Audit


S P A I N

MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain


U K R A I N E

DANAJ: Kirovograd Court Appoints Insolvency Manager
DOBROBUT: Deadline for Proofs of Claim June 14
KUPJANSK CAST: Under Bankruptcy Supervision Procedure
TARASHA' AGRARIAN: Bankruptcy Supervision Procedure Begins
ZALISHIKI' TIN: Falls into Bankruptcy


U N I T E D   K I N G D O M

ADVANCED ALUMINIUM: Hires Begbies Traynor Administrator
A.G.B. DRIVING: Appoints Rothman Pantall Liquidator
AINSWORTH & PARKINSON: Names Begbies Traynor Administrator
ALIS SERVICES: Winding up Resolutions Passed
ARES FINANCE: Fitch Downgrades Classes E, F Notes

ARNOLD WRAGG: To Shutdown Operation Next Month
A.S. FOODS: Calls in Liquidator
BUSY BUILDING: Hires Liquidator from Sussex House
CANARY WHARF: CWG's Revised Offer Lapses with 19.4% Acceptance
CANARY WHARF: Songbird Offer Declared Unconditional

CANARY WHARF: Acceptance Period for Songbird Offer Extended
CANARY WHARF: B Shares in Songbird Estates Suspended Temporarily
CARBON LIMITED: In Administrative Receivership
EASY INTERNATIONAL: Names Ian Franses Associates Liquidator
ELEMENTZ ENVIRONMENTAL: Hires Receivers from Rothman Pantall

EVERSTREET LIMITED: Names Valentine & Co Administrator
GLUSTAGE INVESTMENTS: Final Meeting Set June 22
HHG PLC: Non-executive Director Pat Handley Resigns
INTELLIGENT MODULAR: Names Receivers from Chantrey
INVESTEC INVESTMENT: Hires Liquidator from Critchleys

KEMTECH INTERNATIONAL: In Administrative Receivership
LLOYDS TSB: To Step up Efforts to Win New Customers' Business
MARTINEAU JOHNSON: Members Final Meeting June 30
MCCABE CONSTRUCTION: Appoints Receivers from DTE Leonard Curtis
NETWORK RAIL: Calls RMT Strike Ballot Result 'Damaging Blow'

OBADATION NOMINEES: Members Meeting June 23
PINCO LTD.: Hires KPMG Administrator
QUEENS MOAT: Considers Disposal of Divisions
RADAR MEDIA: Appoints Ernst & Young Administrator
SSL INTERNATIONAL: Sells Infection Control Biz for GBP173 Mln

STADIA INVESTMENT: Scarborough Development Buys 56% Stake
TELEWEST COMMUNICATIONS: Transfer of Assets to Subsidiary Okayed
VIRGIN ENTERTAINMENT: To Close Underperforming Megastores
WB LEE: Brings in Receivers from KPMG Corporate Recovery

* Large Companies with Insolvent Balance Sheets


                            *********


=============
C R O A T I A
=============


BINA-ISTRA: 'BB+' Long-term Rating Affirmed; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services on Friday affirmed its 'BB+'
long-term rating on the EUR210 million senior secured bonds due
2022 issued by Croatia-based road construction and operation
company Bina-Istra, d.d., following a review.  The outlook is
stable.

"The rating affirmation reflects our opinion that the project
fundamentals have remained unchanged over the past year, despite
delays to the start of sub-phases 1B1 and 1B2-1 and a challenge
to Bina-Istra's tax-exemption status," said Standard & Poor's
credit analyst Maria Lemos.

"Construction is now progressing according to schedule and the
tax challenge is unlikely to be successful.  Even if it is, we
do not expect it to have any impact on the rating," Ms. Lemos
added.

Financial performance has been better than the base case due to
higher-than-forecast traffic revenues and cost savings. The
'BB+' rating on Bina-Istra's bonds reflects: potential pressure
on financial support from the government, on which the project
largely depends, in times of national budget constraints; an
aggressive financial structure; a back-ended debt repayment
structure; and a limited track record of security enforcement in
Croatia.  Other risks include the challenge of constructing a
1.3-kilometer viaduct in soft soils and the low level of
liquidated damages and performance security.

These risks are, however, mitigated by the project's reliance on
a stable, tested government financial contribution mechanism; a
supportive contractual framework; the strategic importance of
the project to Croatia; and an adequate liquidity cushion.
Furthermore, government support has been constant under
different administrations and there is strong project management
and sponsorship through the indirect majority shareholder,
Bouygues S.A. (A-/Stable/A-2).  The first phase of the project
was completed on time and within budget.

The stable outlook reflects the expectation of ongoing political
support and receipt of timely payments from the Croatian
government.  If Bina-Istra lost its tax exemption status,
Standard & Poor's would expect any tax-related cash shortfall to
be covered by the financial contribution mechanism.  The
prospect of an upgrade in the medium term is limited, although a
downgrade could occur if Croatia's foreign currency rating
deteriorates or government support changes.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          maria_lemos@standardandpoors.com
          robert_bain@standardandpoors.com
          jan_plantagie@standardandpoors.com
          InfrastructureEurope@standardandpoors.com


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


BENEFON OYJ: Future Remains Uncertain, Says Ernst & Young
---------------------------------------------------------
To the shareholders of Benefon Oyj:

We have audited the accounting, the financial statements and the
corporate governance of Benefon Oyj for the period January 1,
2003 to December 31, 2003.  The financial statements, which
include the report of the Board of Directors, consolidated and
parent company income statements, balance sheets and notes to
the financial statements, have been prepared by the Board of
Directors and the Managing Director.  Based on our audit we
express an opinion on these financial statements and on
corporate governance of the parent company.

We have conducted the audit in accordance with Finnish Standards
on Auditing.  Those standards require that we perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes
examining on a test basis evidence supporting the amounts and
disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by the
management as well as evaluating the overall financial statement
presentation.  The purpose of our audit of corporate governance
is to examine that the members of the Board of Directors and the
Managing Director have legally complied with the rules of the
Companies Act.

The financial statements as at December 31, 2003 as well as the
Interim Financial Statements that have been issued during the
financial year 2003 have been prepared on the going concern
principle.  The reorganization program of Benefon Oyj that was
confirmed by the District Court of Turku on March 19, 2004 has
strengthened significantly the balance sheet structure of the
parent company and at the same time improved its operational
preconditions.  However, due to continued loss-making operations
there are still uncertainties relating to continuation of the
company.  Significant improvements in profitability and cash
flows as well as possible additional funding are the
prerequisites for continued operations of Benefon Oyj.

Inventories in the financial statements consist mainly of
electronic components.  The book keeping value of these
components is based on their estimated consumption in
production, which again is based on sales estimates of
terminals.  Inventories that are in excess of estimated
consumption have been charged to income as costs in the
financial statements.  Realized sales have repeatedly fallen
short of estimated sales in the past.  Therefore we consider
that valuation of inventories in the financial statements
carries significant risk.

In our opinion the financial statements have been prepared in
accordance with the Accounting Act and other rules and
regulations governing the preparation of financial statements.
The financial statements give a true and fair view, as defined
in the Accounting Act, of both the consolidated and parent
company's result of operations as well as of the financial
position.  The financial statements with the consolidated
financial statements can be adopted and the members of the Board
of Directors and the Managing Director of the parent company can
be discharged from liability for the period audited by us.  The
proposal by the Board of Directors regarding handling of the
loss is in compliance with the Companies Act.

Ernst & Young Oy
Authorized Public Accounting Firm

Tapio Ali-Tolppa
Authorized Public Accountant

BENEFON OYJ

Juha Kiikeri
CEO

CONTACT:  BENEFON OYJ
          Head Office/Factory
          P.O. Box 84
          Meriniitynkatu 11
          FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax:   +358-2-733 2633
          Web site: http://www.benefon.com


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


ALSTOM SA: Rescue Plan Expected this Week
-----------------------------------------
The rescue plan forged by the French government and the European
Union Commission for engineering giant Alstom will be unveiled
within the week, according to Reuters.

French Finance Minister Nicolas Sarkozy, who had several
meetings with European Competition Commissioner Mario Monti to
discuss the plan, told G7 finance officials on Sunday that only
one issue has kept the plan from being made public.  He refused
to say what this issue was.

Rumors have it that the bailout plan being favored by the
government will see France converting EUR800 million of Alstom
debt into stock in exchange for a 31.5% stake and the launching
of a share issue or debt-for-equity swap.  The plan will give
Alstom up to EUR2 billion in new capital.  Asset sales may be
necessary to satisfy regulatory requirements.

Alstom, maker of France's TGV trains, will release its full-year
results tomorrow.


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


DEUTSCHE BAHN: Early IPO Ill-advised, Says Morgan Stanley
---------------------------------------------------------
State-owned railway Deutsche Bahn needs to boosts its profit
outlook before embarking on a public offering, Bloomberg News
says, citing a Morgan Stanley report.

Morgan Stanley, hired last year to review prospects of a share
sale, submitted its 1,500-page report over the weekend in
Berlin.  A summary of the document says the group's financial
plan for 2004 through 2008 sets targets that "don't match the
main financial preconditions" of an initial share sale.  Morgan
Stanley advised the company to step up cost reductions to boost
cash flow and potential dividend payments, and to improve
productivity and increase sales on all of its routes.

The report means German Chancellor Gerhard Schroeder may not be
able to push his plans for an early public offering of Deutsche
Bahn shares.  He had earlier demanded for the IPO to take place

in 2006, a year before his second four-year term in office
expires.  Morgan Stanley says a decision on whether to hold an
IPO should be based on the company's profit outlook by the fall
of 2005.

Meanwhile, banks urged Mr. Schroeder to guarantee rail subsidies
over the next decade.  The transport ministry had recently said
it is planning to cut Deutsche Bahn's yearly subsidies, which
runs through 2008.  The government will offer interest-free
loans, instead.

Deutsche Bahn aims to make a profit this year after reporting
losses since 2001.  Early in the month, it reported operating
loss after interest payments of EUR82 million, down from EUR120
million in 2002.


MESSER GRIESHEIM: Refinancing Complete; Ratings Withdrawn
---------------------------------------------------------
Standard & Poor's Ratings Services on Friday withdrew its 'BB'
corporate credit rating and 'B+' senior unsecured debt rating on
Germany-based industrial gases manufacturer Messer Griesheim
Holding AG (Messer) at the company's request.  At the same time,
the 'BB' corporate credit rating on Messer Griesheim GmbH,
Messer's main operating subsidiary, was also withdrawn.

The rating action follows the completion of a EUR400 million
($480 million) refinancing transaction, during which Messer
successfully tendered for essentially all of its public debt.
Simultaneously, the company raised EUR2.7 billion from the
divestiture of its industrial gases activities in Germany, the
U.K., and the U.S.  Proceeds were used to buy out its private
equity sponsors, refinance the group's senior bank debt, and
tender for EUR550 million of Messer's high-yield bonds.
Following the expiration of the tender offer on May 19, 2004,
only a fraction of these bonds is still outstanding, so that
Messer no longer has any public reporting requirements.

In the fiscal year 2003, the remaining Messer group had sales of
about EUR470 million.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          eve_greb@standardandpoors.com
          ralf_kortuem@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


AIREAGAL TEORANTA: Blames U.S. Dollar Fall for Liquidation
----------------------------------------------------------
Mail catalogue firm, Aireagal Teoranta, filed for voluntary
liquidation last Friday, according to Businessworld.

The Donegal-based company, which sells Irish goods to the U.S.,
wrapped up its business due to the recent weakness of the dollar
against the euro.  Adding to its problem is the high cost of
goods in Ireland compared to readily available imported
products.  In a statement, Aireagal said it had no choice but to
file for liquidation after failing to abate its financial
difficulties.  The closure of the firm will lay off around 34
skilled workers who have been dependent on the company for
years.


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


PARMALAT CAPITAL: Preliminary Injunction Hearing Set June 4
-----------------------------------------------------------
Judge Drain adjourns the hearing to consider the Liquidators
request for preliminary injunction to June 4, 2004 at 10:00 a.m.
In the interim, all persons subject to the jurisdiction of the
United States Bankruptcy Court are enjoined and restrained from
commencing or continuing any action to collect a pre-petition
debt against Parmalat Capital Finance without obtaining relief
from the Court.

Any objections to the further continuation of the Preliminary
Injunction must be in writing, filed with the U.S. Bankruptcy
Court for the Southern District of New York and served by June
3, 2004.  Parmalat Finanziaria S.p.A.'s time to answer the
Section 304 Petitions is extended until June 21, 2004.

(Parmalat Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: Austrian Unit Sells NOM AG Shares
-------------------------------------------------------
Parmalat Finanziaria S.p.A., in | Parmalat Finanziaria S.p.A.,
Extraordinary Administration,   | in Amministrazione
communicates that its           | Straordinaria, comunica che la
subsidiary company Parmalat     | societa controllata Parmalat
Austria GmbH has signed, with   | Austria GmbH ha firmato con la
Raiffeisen-Holding              | societa Raiffeisen-Holding
Niederosterreich-Wien           | Niederosterreich-Wien
reg.Gen.m.b.H., an agreement    | reg.Gen.m.b.H., un accordo per
for the sale of its holding,    | la cessione della
equal to 25% + 1 share in the   | partecipazione, pari al 25%
share capital of the Austrian   | piu una azione, del capitale
company NOM AG.                 | sociale della societa
                                | austriaca NOM AG.
                                |
The sale will become effective: | La cessione diventera
                                | effettiva con:
                                |
  (i) with the lifting of the   |   (i) la revoca dell'ordine
      sequestration order       |       di sequestro emesso
      issued by the Vienna      |       dal Tribunale di
      Court with regard to NOM  |       Vienna sulle azioni NOM;
      shares;                   |
                                |
(ii) with the conclusion of    |  (ii) la conclusione di un
      an agreement relating to  |       accordo circa il
      the supposed right of     |       presunto diritto reale
      collateral claimed by     |       di garanzia vantato da
      Raiffeisen Zentralbank    |       Raiffeisen Zentralbank
      Osterreich AG over NOM    |       Osterreich AG sulle
      shares;                   |       azioni NOM;
                                |
(iii) the waiver by NOM of all  | (iii) la rinuncia da parte
      claims for damages        |       di NOM ad ogni pretesa
      against Parmalat S.p.A.   |       di risarcimento danno
      in Extraordinary          |       nei confronti di
      Administration; and       |       Parmalat S.p.A. in
                                |       Amministrazione
                                |       Straordinaria; e
                                |
(iv) the non-exercise by       |  (iv) il mancato esercizio
      Parmalat Austria GmbH or  |       da parte di Parmalat
      Parmalat S.p.A. in        |       Austria GmbH o
      Extraordinary             |       Parmalat S.p.A. in
      Administration of the     |       Amministrazione
      option right over 50% of  |       Straordinaria, del
      the share capital of      |       diritto di opzione sul
      NOM.                      |       50% del capitale di
                                |       NOM.
                                |
The closing of the transaction  | Il closing previsto non place
is expected to take later       | no than oltre il 15 dicembre
Dec. 15, 2004.  The sale        | 2004.  Il prezzo di cessione
consideration is equal to       | e pari a 37.6 milioni di euro.
EUR37.6 million.  The           | Il corrispettivo e stato
consideration has been          | depositato presso un notaio,
deposited with a notary who     | che liberera i fondi a favore
will free the funds to one of   | di una delle parti, a seconda
the parties depending on        | dell'avvenuta esecuzione del
whether closing takes place or  | closing oppure della
no agreement is reached.        | risoluzione dell'accordo.

(Parmalat Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: French Firms Question Bondi's Appointment
---------------------------------------------------------------
Parmalat special commissioner Enrico Bondi is facing a case that
may question his sale of a stake in Italian investment bank
Mediocreditor Centrale.

According to Europe Intelligence Wire, two French companies have
filed a case to have Parmalat's extraordinary administration
under Enrico Bondi annulled.  Solotrat and Societe Moderne des
Terrassements, which invested millions of euros in bonds issued
by Italian food group Parmalat, lodged their case at an Italian
administrative court.  Mr. Bondi had sold back a 1.5% stake in
Mediocredito Centrale to raise funds to cover the repayment of a
EUR150 million bond.  This could be revoked as it is thought
that negotiations to sell the stake have been made even before
Parmalat was declared insolvent.


TECNODIFFUSIONE ITALIA: CMS Calls in Administrator
--------------------------------------------------
The assembly unit of Tecnodiffusione Italia, CMS, has applied
for a "special management procedure," according to Europe
Intelligence Wire.

The application if approved means a court-appointed
administrator will manage the division, including the retail,
corporate resell and distribution subsidiaries of
Tecnodiffusione, for a period of time.  The administrator may
sell non-core operations, although one analyst warned it would
be difficult since the company has no goodwill.

Rejection of the 'special management procedure' means the
liquidation of the units.  Tecnodiffusione is a retailer of
Digital Technology in Italy.


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


IBERIA TELEVISION: Applies for Liquidation
------------------------------------------
The Iberia Television Company is closing, Iberia Information
Service Director Lyuba Eliashvili said, according to Interfax.

Mr. Eliashvili was quoted in the report saying: "The decision to
liquidate the television company derives from financial problems
of the company owners from Omega Group."

The broadcasting company is known to oppose the new Georgian
authorities, and questions linger whether the decision was also
related to pressure from authorities.  When asked if conflict
had something to do with the closure, Mr. Elishvili refused to
comment.

In February, Omega Group's production facilities were closed in
relation to alleged illegal activities.  Its management was
accused of smuggling cigarettes and printing excise stamps.
However, no criminal proceedings have yet been opened against
any of its executives.


SODBIZNESBANK: Shareholders Demand Audit
----------------------------------------
Sodbiznesbank shareholders asked the central bank last week to
audit the bank's assets, Interfax says.  Boris Ponomaryov, the
liquidator, said the proposal was a step to find a solution that
is agreeable to both parties.

Shareholders tried to initiate liquidation proceedings on the
bank after the central bank cancelled its license Thursday.
Deputy Central Bank Chairman Andrei Kozlov said the move was
illegal as it was against the courts order for administration.
The Central Bank placed the bank under temporary administration
for a host of violations ranging from inflating capital to
processing ransom money.

Sodbiznesbank has 45,000 depositors, who hold a total of
RUB2.225 billion rubles (US$78 million).


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


MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best
known for its "Panasonic" brand products, announced plans to
discontinue operations at its subsidiary Matsushita Electric
Espana, S.A. (MAES) at the end of December 2004, after which it
will begin closing/liquidation procedures.

MAES, which is responsible for production of vacuum cleaners for
the European market, recorded decreased profitability due to
intensified competition and price declines in its market.  To
further expand sales of vacuum cleaners in the European market,
Matsushita will shift production to factories in China.

MAES was established in Barcelona in September 1973 through the
purchase of shares of Anglo Espanola, a Spanish manufacturer of
TVs and other electric appliances.  MAES has supplied
approximately 13.5 million vacuum cleaners over the past 28
years, since its start of production in 1975.

Company Overview

(a) Basic Information (as of March 31, 2004)

    Company name:            Matsushita Electric Espana, S.A.

    Representative:          Norikazu Yamada, Managing Director

    Location of head office: Poligono Industrial de Celra,
                             17460, Celra (Girona), Espana

    Date of incorporation:   September 7, 1973

    Principal business:      Manufacture and sales of vacuum
                             cleaner

    Share capital:           Euros 3,000,000

    Financial closing date:  March 31

    Number of employees:     216

    Total number of outstanding shares: 1,000,000 shares

    Shareholder's equity: EUR29,328,654

    Total assets: EUR60,032,934

    Shareholders (% ownership): Matsushita Electric Industrial
                                Co., Ltd. (99.99%)

                                Matsushita Electric Europe
                                (Headquarters) Ltd. (0.01%)

    Principal customers: Panasonic sales companies in Europe

    Bank references: Bankinter. Girona


(b) Financial Results (for the most recent three fiscal years)
    (thousands of Euros, except per share amounts, which are in
     EUR)

        Fiscal year ended:    March 2002  March 2003  March 2004
---------------------------------------------------------------

Sales *                         73,513      54,663     28,484
---------------------------------------------------------------

Income (loss) before taxes *     1,131      (3,097)    (3,359)
---------------------------------------------------------------

Net income (loss) *              1,090      (2,545)    (3,948)
---------------------------------------------------------------

Net income (loss) per share       1.09       (2.54)     (3.95)
---------------------------------------------------------------

Cash dividends per share          0.22       21.88       0.00
---------------------------------------------------------------

Share holders' equity per share  57.92       55.16      29.33
---------------------------------------------------------------

(Note) * Amounts less than 1,000 Euros have been omitted.

This matter will have no material effect on MEI's consolidated,
or parent-alone financial position or performance.

CONTACT:  MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.

          Media:
          Yoshihiro Kitadeya (Japan)
          Phone: 06-6949-2293

          Investor Relations:
          Ryuichi Tsuruta
          Investor Relations
          Phone: 06-6908-1121

          PANASONIC FINANCE (AMERICA), INC.
          Akihiro Takei
          Phone: +1-212-698-1365

          PANASONIC FINANCE (EUROPE) PLC
          Norio Iino
          Phone: +44-20-7562-4400


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U K R A I N E
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DANAJ: Kirovograd Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Danaj (code EDRPOU 31334098).  The
case is docketed as 10/33.  Mrs. Savonina O. (License Number AA
484212 approved January 31, 2003) has been appointed temporary
insolvency manager.  Danaj holds Account Number 26004420025561
at JSCB Ukrsocbank, Kirovograd regional branch, MFO 323293.

CONTACT:  DANAJ
          Ukraine, Kirovograd, Moskovska str., 192

          Mrs. Savonina O., Temporary Insolvency Manager
          25006, Ukraine, Kirovograd, Lenin str., 23

     THE ECONOMIC COURT OF KIROVOGRAD REGION:
     25022, Ukraine, Kirovograd, Lunacharski str. 29


DOBROBUT: Deadline for Proofs of Claim June 14
----------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on agricultural limited liability company
Dobrobut (code EDRPOU 30854327).  The case is docketed as 16/26.
Arbitral manager Mr. Bahtin V. (License Number AA 419493
approved December 10, 2002) has been appointed temporary
insolvency manager.

Creditors have until June 14, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Ukraine, Uzhgorod, Hmelnitskij
    square, 2/205

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

Dobrobut maintains Account Number 2600063113 at JSAPPB Aval of
Uzhgorod, Zakarpatska regional branch, MFO 312345.

CONTACT:  DOBROBUT
          Ukraine, Zakarpatska region, Mukachiv district,
          Puznyakivtsi, 62 a

          Mr. Bahtin V., Temporary Insolvency Manager
          Ukraine, Uzhgorod, Hmelnitskij square, 2/205

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


KUPJANSK CAST: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Kupjansk Cast Iron Casting Plant
(code EDRPOU 30136420) in March.  The case is docketed as B-
39/30-04.  Mr. Kardash Sergij (License Number AA 140479 approved
July 02, 2002) has been appointed temporary insolvency manager.
Creditors have until June 14, 2004 to submit their proofs of
claim to 63705, Ukraine, Harkiv region, Kupjansk, Zhovtneva
str., 7/95.

Kupjansk Cast Iron Casting Plant maintains Account Number
26005301760265 at Prominvestbank, Kupjansk branch of Harkiv
region.

CONTACT:  KUPJANSK CAST IRON CASTING PLANT
          63700, Ukraine, Harkiv region, Kupjansk,
          Lermontivska str., 57

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


TARASHA' AGRARIAN: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Tarasha' Agrarian Road Building
Enterprise (code EDRPOU 03580759).  The case is docketed as
32/14b-04.  Arbitral manager Mr. Palshin Oleksandr (License
Number AA 047847 approved October 19, 2001) has been appointed
temporary insolvency manager.  Creditors have until June 14,
2004 to submit their proofs of claim.  Tarasha' Agrarian Road
Building Enterprise maintains Account Number 260082976 at JSPPB
Aval, Bilocerkivska branch, MFO 321121.

CONTACT:  TARASHA' AGRARIAN ROAD BUILDING ENTERPRISE
          Ukraine, Kyiv region, Tarasha, Sverdlov str., 26


ZALISHIKI' TIN: Falls into Bankruptcy
-------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Zalishiki' Tin Plant (code EDRPOU
05529461).  The case is docketed as 11/B396.  Mr. Monastirskij
Frants (License Number AA 783011 approved March 16, 2004) has
been appointed temporary insolvency manager.  Zalishiki' Tin
Plant holds Account Number 260081728 at JSPPB Aval, Ternopil
regional branch, MFO 338501.

CONTACT:  ZALISHIKI' TIN PLANT
          48600, Ukraine, Ternopil region, Zalishiki,
          Bandera str., 4

          Mr. Monastirskij Frants, Temporary Insolvency Manager:
          Ukraine, Ternopil, Korolyov str., 2/144
          Phone: 28-18-00

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


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


ADVANCED ALUMINIUM: Hires Begbies Traynor Administrator
-------------------------------------------------------
The Advanced Aluminum Fabricators Ltd. has appointed Gordon
Craig and David Appleby of Begbies Traynor as joint
administrative receivers.  The appointment was made May 10,
2004.  The company produces aluminum.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Receivers:
          Gordon Craig
          David Appleby
          (IP Nos 0978, 8976)


A.G.B. DRIVING: Appoints Rothman Pantall Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the A.G.B. Driving
Services Limited Company on May 10, 2004 held at the Talbot
Hotel, High Street, Ripley, Woking, Surrey GU23 6BB the Ordinary
and Extraordinary Resolutions to wind up the Company were
passed.  Robert Derek Smailes and Stephen Blandford Ryman of
Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP have been appointed Joint Liquidators of the
Company for the purpose of such winding-up.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House
          26-27 Oxendon Street,
          London SW1Y 4EP
          Contact:
          Robert Derek Smailes, Liquidator
          Stephen Blandford Ryman, Liquidator


AINSWORTH & PARKINSON: Names Begbies Traynor Administrator
----------------------------------------------------------
The Ainsworth & Parkinson (Southern) Limited Company has
appointed Andrew Dick and David Acland of Begbies Traynor as
joint administrative receivers.  The appointment was made May
14, 2004.  The company supplies promotional products.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 9BU
          Receivers:
          Andrew Dick
          David Acland
          (IP Nos 8688, 8894)


ALIS SERVICES: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Alis Services Limited
Company on April 23, 2004 held at The Old School House, St
Quivox, Ayr, the Ordinary and Extraordinary Resolutions to wind
up the Company were passed.  Robert M Dallas of Campbell Dallas,
Sherwood House, 7 Glasgow Road, Paisley PA1 3QS has been
appointed Liquidator for the purpose of the winding-up.

CONTACT:  Robert M Dallas, Liquidator
          Campbell Dallas
          Sherwood House,
          7 Glasgow Road, Paisley PA1 3QS


ARES FINANCE: Fitch Downgrades Classes E, F Notes
-------------------------------------------------
Fitch Ratings on Friday downgraded the ARES Finance S.r.l.'s
(Ares 1) Classes of notes and removed them from Rating Watch
Negative as follows:

(a) EUR30.0 million Class E notes due 2011 ISIN XS0134905388: to
    'BB' from 'BBB-'

(b) EUR15.0 million Class F notes due 2011 ISIN XS0134905545: to
    'B+' from 'BB'.

These Classes of notes issued by Ares 1 have been affirmed:

EUR142.2 million Class A notes due 2011 ISIN XS0134904498: 'AAA'
EUR57.0 million Class B notes due 2011 ISIN XS0134904654: 'AA'
EUR49.0 million Class C notes due 2011 ISIN XS0134905032: 'A'
EUR45.0 million Class D notes due 2011 ISIN XS0134905206: 'BBB+'

[The] action reflects (1) Fitch's loan-by-loan credit analysis
of the outstanding collateral; (2) the deal's performance to
date; 3) the additional information clarifying the legal
assessment of the outstanding claims and their expected
recoveries; and 4) the EUR34.1 million cash payment received in
May 2004 by Ares 1 as result of the completion of the dispute
with the seller Banca Nazionale del Lavoro (BNL) on certain
payments due under the Representations and Warranties (R&W)
granted at closing (September 2001).  Following this cash
settlement, the R&W agreement is terminated and any future
economic benefits of the outstanding claims will be retained by
Ares 1 instead of being returned to BNL as per the original
terms of the R&W agreement.

Fitch has revised the stress assumptions to take into account
the updated legal assessment of the remaining unresolved claims.
Fitch's credit analysis of the outstanding collateral indicates
that the net present value of the recovery proceeds from the
portfolio, the EUR34.1 million cash settlement from BNL, the
effect of subordination and the availability of the liquidity
facility are sufficient to achieve full and timely interest
payment and full principal repayment on the Class E and F notes
by their final legal maturity.  This is consistent with their
new ratings and stress assumptions.

Historical evidence shows that out of 1,024 claims resolved to
date with a total gross book value (GBV) of EUR398.7 million,
177 claims (or 39% of total resolved GBV) were either in breach
of certain eligibility criteria or not in compliance with the
R&W granted by BNL at closing.  Fitch notes that the recovery
rate achieved on this sample of resolved loans (excluding the
cash payments previously received from BNL under the R&W
agreement) is historically below the 62% recovery rate achieved
on the eligible resolved loans.  This creates concerns regarding
the future recoverability of certain outstanding claims. As of
March 2004, on the basis of the historical performance to date
and further due diligence carried out by the servicer, it is
estimated that 19.2% of the EUR1,141.8 million pool's
outstanding GBV may or may not result in a breach of eligibility
or R&W in the future, therefore, the recoveries on these are
more uncertain or may be simply lower than expected.  Fitch
reflected this into its revised analysis, which resulted in a
downgrade of the Class E and F notes.

Moreover, since closing, the deal has continuously experienced
delays against the servicer's original business plan (BP):
current cumulative gross collections as of March 2004 totaling
EUR347.0 million are well below the servicer's BP of EUR528.7
million.  The actual cumulative recovery rate on fully resolved
loans, calculated as actual collections of EUR228.4 million on
resolved loans over the resolved pool GBV of EUR398.7 million,
has declined to the current 57.3% from 72.7% in September 2002.
Although this was already factored into the servicer's BP, the
delay in timing, together with the decreasing recovery rate,
will still have an impact on the transaction due to fixed senior
expenses and the cost of servicing the notes.

This rating action is specific to the Ares1 transaction.  Ares 1
was the first publicly-rated issue of notes backed by a pool of
Italian non-performing loans with a GBV of EUR1,540.5 million
originated by BNL and principaled by Whitehall 2001 and Goldman
Sachs International.  Fitch recognizes the efforts made by the
servicer Archon Group Italian S.r.l., rated 'RSS2IT'/'CSS2IT',
in promptly providing the updated pool cut for its credit
analysis review.

Fitch will continue to monitor this transaction closely.  Deal
information and historical performance data are available on
Fitch's subscription Web site, http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Alessandro Gustapane, London
          Phone: +44(0) 20 7862 4036
          E-mail: alessandro.gustapane@fitchratings.com

          Marina Paoletti
          Phone: +44 (0) 20 7417 4322
          E-mail: marina.paoletti@fitchratings.com

          Andy Brewer
          Phone: +44 (0) 20 7417 3481
          E-mail: andy.brewer@fitchratings.com

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


ARNOLD WRAGG: To Shutdown Operation Next Month
----------------------------------------------
The Board of Infast Group plc announces that its non-core
subsidiary Arnold Wragg Ltd. will close on 30 June 2004.

Arnold Wragg, which manufactures turned metal fasteners in small
batches at two sites in Sheffield, has suffered from falling
sales.  In the year ended 31 December 2003, Arnold Wragg had
turnover of GBP2.4 million, trading losses of GBP0.3 million and
net assets of GBP0.9 million.

The closure is ultimately expected to be cash positive following
realization of the assets, the value of which is expected to
exceed the redundancy and other closure costs.

CONTACT:  INFAST GROUP PLC
          Robert Sternick, Chief Executive
          Phone: 01452 880 500

          RAWLINGS FINANCIAL PR LIMITED
          Catriona Valentine
          Phone: 01756 770 376


A.S. FOODS: Calls in Liquidator
-------------------------------
At an Extraordinary General Meeting of the Members of the A.S.
Foods Limited Company on May 17, 2004 held at Kay Johnson Gee,
Griffin Court, 201 Chapel Street, Salford, Manchester M3 5EQ,
the Ordinary and Extraordinary Resolutions to wind up the
Company were passed.  Jonathan Elman Avery-Gee has been
appointed Liquidator for the purpose of such winding-up.


BUSY BUILDING: Hires Liquidator from Sussex House
-------------------------------------------------
At an Extraordinary General Meeting of the Busy Building Company
Limited on May 14, 2004 held at Sussex House, 8-10 Homesdale
Road, Bromley, Kent BR2 9LZ, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Guy Charles David
Harrison, of Sussex House, 8-10 Homesdale Road, Bromley, Kent
BR2 9LZ has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  Guy Charles David Harrison, Liquidator
          Sussex House
          8-10 Homesdale Road, Bromley
          Kent BR2 9LZ


CANARY WHARF: CWG's Revised Offer Lapses with 19.4% Acceptance
--------------------------------------------------------------
CWG Acquisition announces that, as at 1:00 p.m. on May 21, 2004,
being the latest time and date by which the Revised Offer could
become or be declared unconditional as to acceptances, valid
acceptances had been received in respect of a total of
113,493,311 Canary Wharf Shares, representing approximately
19.4% of the issued share capital of Canary Wharf.

Therefore, as at 1:00 p.m. on May 21, 2004, the 50% Acceptance
Condition to the Revised Offer had not been satisfied and the
Revised Offer has, accordingly, lapsed.

The total of valid acceptances received as at 1.00 p.m. on May
21, 2004 referred to above includes acceptances received in
respect of 105,843,338 Canary Wharf Shares held by concert
parties of CWG Acquisition (or by persons who may be deemed by
the Panel to be acting in concert with CWG Acquisition).
Acceptances relating to 105,713,539 of such Canary Wharf Shares
are pursuant to irrevocable undertakings given by Trilon and RF
Holdings described in the Original Offer
Document.

At the start of the Offer Period (which began on June 6, 2003):

    (i) CWG Acquisition did not hold or have any rights over any
        Canary Wharf Shares;

   (ii) Concert parties of CWG Acquisition held or had rights
        over 52,864,899 Canary Wharf Shares representing
        approximately 9.0% of the issued share capital of
        Canary Wharf; and

  (iii) Mr. Paul Reichmann and the Reichmann Interests, who may
        be deemed by the Panel to be acting in concert with CWG
        Acquisition, held or had rights over 51,915,085 Canary
        Wharf Shares representing approximately 8.9% of the
        issued share capital of Canary Wharf.

Between June 6, 2003 and May 20, 2004 (being the latest
practicable date prior to the date of this announcement):

    (i) CWG Acquisition has not directly acquired any Canary
        Wharf Shares but has, pursuant to the irrevocable
        undertakings described in the Offer Document, acquired
        rights over 145,677,257 Canary Wharf Shares,
        representing approximately 24.9% of the issued
        share capital of Canary Wharf.  The irrevocable
        undertaking given by Franklin Mutual representing
        39,963,718 Canary Wharf Shares has now lapsed and,
        therefore, CWG Acquisition has, at the date of
        this announcement, rights over 105,713,539 Canary Wharf
        Shares, representing approximately 18.1% of the
        issued share capital of Canary Wharf;

   (ii) Trilon has acquired 1,048,454 Canary Wharf Shares
        representing approximately 0.18% of the issued
        share capital of Canary Wharf;

  (iii) Other concert parties of CWG Acquisition have acquired
        1,036,516 Canary Wharf Shares representing approximately
        0.18% of the issued share capital of Canary Wharf and
        disposed of 877,757 Canary Wharf Shares representing
        approximately 0.15% of the issued share capital of
        Canary Wharf, none of such acquisitions and disposals
        being connected with the Offer; and

   (iv) Mr. Paul Reichmann and the Reichmann Interests, who may
        be deemed by the Panel to be acting in concert with CWG
        Acquisition, have reorganized certain of their
        arrangements in relation to the 51,915,085 Canary Wharf
        Shares referred to above (as more particularly described
        in the Offer Document).  The shareholdings and dealings
        of Lehman, financial adviser to Mr. Paul Reichmann and
        the Reichmann Interests, remain as stated in the Offer
        Document.

Save as disclosed above, neither CWG Acquisition, nor any person
who was or may have been deemed to be acting in concert with CWG
Acquisition, held any Canary Wharf Shares or rights over Canary
Wharf Shares before the start of the Offer Period, nor have they
acquired or agreed to acquire any Canary Wharf Shares or rights
over Canary Wharf Shares since that date.

Terms defined in the Revised Offer Document have the same
meaning in this announcement.

CONTACT:  BRASCAN
          Katherine Vyse
          Phone: +1 (416) 363 9491

          DEUTSCHE BANK
          Debbie Robertson-Bond
          David Church
          James Agnew
          Phone: +44 (0) 20 7545 8000

          MERRILL LYNCH INTERNATIONAL
          Kevin J. Smith
          Simon Fraser
          Paul Golding
          Phone: +44 (0) 20 7628 1000

          THE MAITLAND CONSULTANCY
          Angus Maitland
          Philip Gawith
          Martin Leeburn
          Phone: +44 (0) 20 7379 5151


CANARY WHARF: Songbird Offer Declared Unconditional
---------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.

Songbird declares that the Offer has become unconditional in all
respects.  As at 1:00 p.m. (London time) on 21 May 2004,
Songbird had received valid acceptances, or Songbird Estates plc
(Songbird Estates) had contracted to acquire, a total of
356,401,744 Canary Wharf Shares, representing approximately
60.9% of the existing issued share capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5% of
the issued share capital of Canary Wharf, which have been
acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family prior to the
announcement of the Offer, in respect of 13,288,000 Canary
Wharf Shares, representing approximately 2.3% of the issued
share capital of Canary Wharf.  Also included in these
acceptances are those received from the Canary Wharf Directors
comprising the Independent Committee, George Iacobescu and Peter
Anderson, who stated in the Offer Document their intention to
accept the Offer in respect of their beneficial holdings of
3,955,001 Canary Wharf Shares, representing approximately 0.7%
of the issued share capital of Canary Wharf.

As at the close of business on 20 May 2004, the Morgan Stanley
Group was the beneficial owner of 732,418 Canary Wharf Shares
and held 2,099,635 Canary Wharf Shares on behalf of clients.
Valid acceptances have been received by Songbird in respect of
212,700 of these Canary Wharf Shares.  As at the close of
business on 20 May 2004, Goldman Sachs International was the
beneficial owner of 206,485 Canary Wharf Shares and was also the
discretionary manager of 25,000 Canary Wharf Shares.  Valid
acceptances have yet to be received by Songbird in respect of
any of these Canary Wharf Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.


CANARY WHARF: Acceptance Period for Songbird Offer Extended
-----------------------------------------------------------
The [Songbird] Offer, including the Mix and Match Election, will
remain open for acceptances until 4 June 2004.  Settlement of
the consideration due to Canary Wharf Shareholders under the
Offer will be made as:

(a) In the case of acceptances received complete in all respects
    on or before 21 May 2004, on 11 June 2004; or

(b) In the case of acceptances received complete in all respects
    after 21 May 2004 but while the Offer remains open for
    acceptance, within 14 days of such receipt or, if later, on
    11 June 2004.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on 4 June 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, +44 20
8639 2157).


CANARY WHARF: B Shares in Songbird Estates Suspended Temporarily
----------------------------------------------------------------
Songbird notes the dealing notice issued by the London Stock
Exchange at 4:50 p.m. Friday, which admitted the Class B Shares
of Songbird Estates to trading on AIM.

At the request of Songbird Estates, a suspension notice was
issued by the London Stock Exchange shortly thereafter.

Trading in the Class B Shares of Songbird Estates has been
temporarily suspended pending admission to trading on AIM of
further Class B Shares which will be allotted and issued
following the close of the Mix and Match Election facility
available to Canary Wharf Shareholders under the Offer.

A further announcement will be made in this regard and it is
expected that trading in the Class B Shares will be restored by
the London Stock Exchange on or about 11 June 2004.

                         Further Notices

Songbird stated in the Offer Document that, if the Offer was
declared unconditional in all respects, it would take steps to
procure the making of an application by Canary Wharf for
cancellation of the trading in Canary Wharf Shares on the London
Stock Exchange's market for listed securities, and the
cancellation of the listing of Canary Wharf Shares on the
Official List.  The notice period for such cancellation has now
commenced and the anticipated date of cancellation is 22 June
2004.

Notice is also given that if Songbird receives acceptances under
the Offer in respect of, and/or otherwise acquires, 90 percent
or more of the Canary Wharf Shares to which the Offer relates,
Songbird intends to exercise its rights pursuant to the
provisions of sections 428 to 430F (inclusive) of the Act to
acquire compulsorily the remaining Canary Wharf Shares.

Commenting on the Offer, Stephane Theuriau, a Director of
Songbird and Songbird Estates, said: "We are delighted that this
saga is finally over and that the highest offer has prevailed.
We look forward to managing the estate and optimizing value."

Terms used in this announcement shall have the meaning given to
them in the Offer Document, save where the context otherwise
requires.

CONTACT:  CANARY WHARF
          Press Inquiries:
          MORGAN STANLEY
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG CORPORATE FINANCE
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7353 4200

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


CARBON LIMITED: In Administrative Receivership
----------------------------------------------
The Carbon Limited Company has appointed Ross David Connock and
Geoffrey Lambert Carton-Kelly of Baker Tilly as joint
administrative receivers.  The appointment was made May 11,
2004.  The company sells compact discs.

CONTACT:  BAKER TILLY
          Spectrum House,
          20-26 Cursitor Street,
          London EC4A 1HY
          Receivers:
          Ross David Connock
          Geoffrey Lambert Carton-Kelly
          (IP Nos 9039, 8602)


EASY INTERNATIONAL: Names Ian Franses Associates Liquidator
-----------------------------------------------------------
At an Extraordinary General Meeting of the Easy International
Brands PLC Company on May 14, 2004 held at 24 Conduit Place,
London W2 1EP, the Extraordinary Resolution to wind up the
Company was passed.  Ian Franses of Ian Franses Associates, 24
Conduit Place, London W2 1EP has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Contact:
          Ian Franses, Liquidator


ELEMENTZ ENVIRONMENTAL: Hires Receivers from Rothman Pantall
------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co has been appointed joint administrative receivers.
The appointment was made May 12, 2004.  The company is engaged
on general construction and demolition.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Receivers:
          Robert Derek Smailes
          Stephen Blandford Ryman
          (IP Nos 8975, 4731)


EVERSTREET LIMITED: Names Valentine & Co Administrator
------------------------------------------------------
The Everstreet Limited has appointed Robert Valentine as joint
administrative receiver.  The appointment was made May 10, 2004.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court,
          14 Arcadia Avenue,
          London N3 2HS
          Receiver:
          Robert Valentine
          (IP No 003569)


GLUSTAGE INVESTMENTS: Final Meeting Set June 22
-----------------------------------------------
Name of Companies:
Glustage Investments Limited
Ledgerstyle Limited
Lethill Limited
Mayfair and City Holdings Limited
Mega Properties Limited

There will be a Final Winding up Meetings of these Companies on
June 22, 2004 at 11:00 a.m. and 12:15 p.m. respectively.  It
will be held at 180 Strand, London WC2R 1WL.

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


HHG PLC: Non-executive Director Pat Handley Resigns
---------------------------------------------------
HHG PLC on Friday announced the resignation of Pat Handley, a
non-executive director and the nominated AMP Limited
representative director, from the Board of HHG PLC, with
immediate effect, in line with his retirement from the AMP
Board at the AMP AGM on 20 May 2004.

                            *   *   *

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

(b) AMP has announced that at this stage it does not need a
    Director representative on the HHG Board, the role Mr.
    Handley filled.

CONTACT:  HHG PLC
          4 Broadgate
          London EC2M 2DA
          Registered in England
          No. 2072534
          ABN 30 106 988 836

          HHG INVESTOR RELATIONS
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5310
          E-mail: investor.relations@hhg.com

          HHG MEDIA - U.K.
          Alex Child-Villiers, Financial Dynamics
          Phone: +44 20 7269 7190

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


INTELLIGENT MODULAR: Names Receivers from Chantrey
--------------------------------------------------
Construction Company, Intelligent Modular Solutions Ltd. has
appointed William John Turner and Kenneth William Touchey of
Chantrey Vellacott DKF as joint administrative receivers.  The
appointment was made May 11, 2004.  The company is involved in
joinery installations.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square
          London WC1B 5LF
          Receivers:
          William John Turner
          Kenneth William Touhey
          (IP Nos 9049, 8369)


INVESTEC INVESTMENT: Hires Liquidator from Critchleys
-----------------------------------------------------
At an Extraordinary General Meeting of The Investec Investment
Managers International Limited Company on May 4, 2004 held at 2
Gresham Street, London EC2V 7QP, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Susan Margaret Roscoe of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BB has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BB
          Contact:
          Susan Margaret Roscoe, Liquidator


KEMTECH INTERNATIONAL: In Administrative Receivership
-----------------------------------------------------
HSBC Bank Plc called in M D Pickard and P M Lyon of Mazars as
receivers for Kemtech International Limited (Reg No 03407172
Trade Classification: 2852).  The appointment was made May 11,
2004.  The Company is engaged in general mechanical engineering.

CONTACT:  MAZARS
          The Atrium,
          Park Street West,
          Luton LU1 3BE
          Receiver:
          M D Pickard
          (Office Holder No 6833)

          MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Receiver:
          P M Lyon
          (Office Holder No 2108)


LLOYDS TSB: To Step up Efforts to Win New Customers' Business
-------------------------------------------------------------
This is an extract from the statements made by Maarten van den
Bergh, Chairman and Eric Daniels, Group Chief Executive of
Lloyds TSB Group at the company's annual general meeting in
Glasgow on May 21, 2004:

"2003 was a year of considerable change for the Lloyds TSB Group
as we refocused our strategic direction to concentrate on
maintaining and building the profitability of our core
businesses.  We disposed of a number of overseas businesses and
our residual emerging markets debt portfolio.  We also put in
place the building blocks to deliver growth in 2004 and beyond,
based on three key themes:

(a) To reduce earnings volatility and enhance the quality of
    earnings;

(b) To maintain and build profitability;

(c) To position the Group to deliver profitable growth in the
    future.

One of the keys to our future success is to win a greater share
of new and existing customers' business.  To do this we are
placing much greater emphasis on developing our relationship
management skills in each of the Group's businesses.

Good progress is being made across the Group and we expect to
deliver a satisfactory trading performance for the half-year.
Asset quality remains good and the Group remains strongly
capitalized.

CONTACT:  LLOYDS TSB
          Investor Relations
          Michael Oliver
          Director of Investor Relations
          Phone: +44 (0) 20 7356 2167
          E-mail: michael.oliver@ltsb-finance.co.uk

          Ian Gordon
          Senior Manager, Investor Relations
          Phone: +44 (0) 20 7356 1264
          E-mail: ian.gordon@ltsb-finance.co.uk

          Media
          Terrence Collis
          Director of Group Corporate Communications
          Phone: +44 (0) 20 7356 2078
          E-mail: terrence.collis@lloydstsb.co.uk

          Mary Walsh
          Head of Media Relations
          Phone: +44 (0) 20 7356 2121
          E-mail: mary.walsh@lloydstsb.co.uk


MARTINEAU JOHNSON: Members Final Meeting June 30
------------------------------------------------
Members of the Martineau Johnson Services Company will have a
Final Meeting in June 30, 2004 at 10:00 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Cornwall Court, 19
Cornwall Street, Birmingham B3 3DT.

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
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 3DT
          Contact:
          T Walsh, Joint Liquidator


MCCABE CONSTRUCTION: Appoints Receivers from DTE Leonard Curtis
---------------------------------------------------------------
The McCabe Construction Limited has appointed J M Titley and A
Poxon of DTE Leonard Curtis as joint administrative receivers.
The appointment was made May 11, 2004.  The company is engaged
in general constructions and civil engineering.

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


NETWORK RAIL: Calls RMT Strike Ballot Result 'Damaging Blow'
------------------------------------------------------------
Network Rail on Friday expressed its disappointment at the
result of the RMT strike ballots.  Any potential strike would be
deeply damaging to both passengers and the country as a whole.
The Company warned that any strike would put at risk the recent
improvements in performance, which sees punctuality at a four-
year high.

With less than half of Network Rail's operations and maintenance
employees in the RMT union, and only 38% of RMT members voting
for strike action, this means that less than one-in-five of
Network Rail's operations and maintenance employees have
supported this strike action.

The RMT union carried out five separate ballots amongst
different groups of Network Rail employees.  The Company awaits
confirmation of the detailed breakdown of the five results.

During the pay negotiations, Network Rail increased its offer
twice and believed it had addressed the unions concerns over
pensions:

(a) Offered three inflation-busting pay rises

(b) Ensured the company's final salary pension scheme is fully
    protected for all existing employees

(c) Opened a new company pension to new starters - the best\
    defined contributions scheme in the industry, and one of the
    best in the market

A public opinion survey published by Network Rail earlier this
week has shown overwhelming public opposition to the strike.
85% said that RMT was putting its own interests before the needs
of passengers whilst less than one-in-seven supported the
strike.

The Company will endeavor to run as many train services as
possible during any strike, although plans cannot be finalized
or released until closer to the day of any potential strike
action in order to gauge the numbers of key staff available.
John Armitt, Chief Executive said:

"The result should come as no surprise as the RMT has failed to
fully inform its members of the facts about the offers we have
made.  This news is a damaging blow to passengers and the
country as a whole.  This is a pointless and unnecessary
dispute.  Despite our best efforts to communicate the true facts
to our employees the RMT's campaign of misinformation has proved
successful.

"Contingency planning is underway, in close co-operation with
the train operators, to lessen the impact of a potential strike
to rail passengers involving special timetables and re-training
of employees with past signaling experience.

"We will do all we can to avert strike action and I am relieved
no strike dates have yet been set.  I sincerely hope that a
deeply damaging strike, a strike that targets and penalizes
passengers, can yet be averted.  We have secured and guaranteed
pension rights for present employees and created a new pension
scheme for new employees that is the best in the industry.  We
have done, and will continue to do all we can to avert a strike
and lessen the impact of any action on rail passengers."

                            *   *   *

One year deal:  Yr 1 = 3.0% (original offer was 2.8%)

Two year deal:  Yr 1 = 3.5% (original offer was 3.0%)
  Yr 2 = RPI +0.75% (original offer RPI+0.5%)

Three year deal:  Yr 1 = 3.2%  (not originally offered)
          Yr 2 = RPI
   Yr 3 = RPI + 35 hr week

(a) In the last four years, signalers have had increases of 10%
    in 2000, 12% in '01, 11% in '02 and 4% in '03 AND a decrease
    in the number of hours worked per week

(b) Since 1994 the basic pay of signalers has risen by 72% (RPI
    average 2.6% per annum)

(c) Signalers average earnings are now = GBP32,500

(d) RMT have already accepted pay offers from Silverlink at
    2.8%, Alstom at 3%, South Eastern Trains at 3.3%, Balfour
    Beatty at 3%, AMEC Spie at 3% and Bombardier at 3%.

CONTACT:  NETWORK RAIL
          Phone: 020 7557 8292 / 3


OBADATION NOMINEES: Members Meeting June 23
-------------------------------------------
Name of Companies:
Obadation Nominees Limited
Sime Darby Commodities Limited
Sime Health (U.K.) Limited
Southside Services Limited
Tradewinds Limited

There will be the Final Meetings of the Members of these
Companies on June 23, 2004 at 11:00 a.m. and thereafter at 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


PINCO LTD.: Hires KPMG Administrator
------------------------------------
The Pinco (Bradford) Ltd. Company has appointed Richard Dixon
Fleming and Julian Richard Whale of KPMG as joint administrative
receivers.  The appointment was made May 12, 2004.  The Company
manufactures textile equipment.

CONTACT:  KPMG CORPORATE RECOVERY
          1 The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Receivers:
          Richard Dixon Fleming
          Julian Richard Whale
          (IP Nos 8370, 7252)


QUEENS MOAT: Considers Disposal of Divisions
--------------------------------------------
The Board of Queens Moat Houses plc has been informed by Trefick
Ltd. that it has disposed of a 19.0% stake in the ordinary
shares of the Company.

The Board has also noted the announcement on Friday by W2001
Britannia LLC that it has acquired a 19.0% stake in the ordinary
shares of the Company, taking the shareholding of W2001 and
persons acting in concert with it to 29.62%.  Queens Moat Houses
plc has had a preliminary discussion with representatives of
W2001 and is awaiting more detail of its intentions with respect
to its shareholding.

The Board's strategic review continues and a wide range of
options for the business has been thoroughly explored, involving
extensive discussions with key lending groups.  This has led to
the recently announced proposals relating to U.K. mortgage
debenture holders. The latter will be voted upon at a
Stockholders' meeting to be held on 2 June 2004.

The Board has now determined that the group's complex capital
structure, characterized by high gearing and onerous coupon
rates, is not sustainable in its current form.  The Board will
continue to discuss alternative strategies for the group with
its key stakeholders, including the possible disposal of each of
its three separate divisions.  The Board's initial assessment is
that, whatever the outcome of the strategic review, it is
unlikely that it will generate any return for holders of the
Company's Junior Convertible Debt or its shareholders.

A further announcement will be made as appropriate.

CONTACT:  QUEENS MOAT HOUSES PLC
          Steve Marshall
          Phone:  01708 456 839

          COLLEGE HILL
          Mark Garraway
          Crawford Burden
          Phone: 020 7457 2020


RADAR MEDIA: Appoints Ernst & Young Administrator
-------------------------------------------------
G Wilson and R H Kelly of Ernst & Young LLP have been appointed
joint administrative receivers for Radar Media Limited.  The
appointment was made May 17, 2004.  The Company is engaged in
communications.

CONTACT:  ERNST & YOUNG LLP
          PO Box 61,
          Cloth Hall Court, 14 King Street,
          Leeds LS1 2JN
          Receivers:
          G Wilson
          R H Kelly
          (IP Nos 9062, 8582)


SSL INTERNATIONAL: Sells Infection Control Biz for GBP173 Mln
-------------------------------------------------------------
SSL International plc has exchanged conditional contracts with
Regent Medical Limited and other related companies, which are
principally owned by funds advised by Apax Partners, who are
backing an MBO team, for the disposal of the Regent Infection
Control business comprising Biogel surgical gloves and Hibi
antiseptics.

The transaction remains conditional, inter alia, upon the
approval of SSL's shareholders, the relevant regulatory
authorities in Malaysia and competition authorities in the U.S.
Completion of the transaction is expected on 26th June.

The transaction values the Regent business at GBP173 million of
which approximately GBP163 million will be paid in cash or cash
equivalents and approximately GBP10 million in debt assumed by
Regent Medical.  The net cash proceeds after the payment of tax,
specific transaction expenses and other related costs and
license fees will be used to reduce group borrowings.

Unaudited sales of Regent in the year to 31st March 2004 were
approximately GBP120 million, which generated a pre-exceptional
operating profit of GBP28 million.  Profit before tax and
exceptional items, but after allocating interest was
approximately GBP24 million.

The unaudited net book value of the assets being sold to Regent
Medical as at 31st March 2004 is approximately GBP80 million,
which includes the surgical glove manufacturing and packing
facilities in Malaysia.  2,081 employees will transfer to Regent
Medical on completion of the transaction, of which approximately
1,900 are based in Malaysia.  After taking account of net assets
transferred and other provisions, the transaction will generate
a pre-tax profit in the region of GBP50 million.

Transitional service arrangements have been agreed such that SSL
will provide services such as warehousing, carriage, invoicing
and cash collection for a period of up to ten months following
completion of the transaction.  In addition, SSL will continue
to contract manufacture Hibi for Regent Medical for a minimum
period of 2 years.

SSL will be announcing its preliminary results for the year
ended 31st March 2004 on Thursday 27th May.  At the same time
further information will also be given regarding the disposal,
its effect on SSL and the business structure going forward.

A circular to shareholders containing further details of the
transaction and notice of an Extraordinary General Meeting, at
which their approval will be sought, will be posted shortly
thereafter.

Ian Martin, Chairman said: "This is the third and most
significant step towards achieving our stated strategy of
divesting the medical and industrial glove divisions to focus on
our consumer healthcare brands.  On completion, it will bring
gross proceeds realized to date to GBP250 million.  Whilst we
now expect to realize some GBP40 million less than our initial
expectations of GBP300 million from the whole disposal program,
due in part to the devaluation of the U.S. Dollar, we are
pleased that our strategic repositioning will then be largely
complete."

Garry Watts, Chief Executive added: "As a focused consumer
business, we can now concentrate all our resources on driving
the potential that exists in our global brands, Durex and Scholl
as well as the key local brands such as Syndol, Meltus and
Sauber.  We will do this by continuing to invest in innovative,
consumer-focused product development supported by effective
advertising.

"All our people have shown great commitment throughout this
period of significant change and, together, we look forward to
building the new SSL."

CONTACT:  SSL INTERNATIONAL PLC
          Garry Watts, Chief Executive
          Jan Young, Head of Investor Relations
          Phone: 020 7367 5773

          THE MAITLAND CONSULTANCY
          William Clutterbuck
          Brian Hudspith
          Phone: 07785 292617


STADIA INVESTMENT: Scarborough Development Buys 56% Stake
---------------------------------------------------------
Receiver Ernst & Young confirmed it has sold the 56% stake of
Scotland director Gavin Masterton in failed football development
business Stadia Investment Group to Scarborough Development
Group (SDG), according to the Scotsman.

Colin Dempster, a partner at Ernst & Young said: "SDG has bought
substantially all the assets of Stadia Properties and Stadia
Management."  SDG, which is chaired by Kevin McCabe, who is
known for his prowess in reviving struggling businesses, also
previously bought a 38% stake in Stadia from venture capitalist
3i.

Stadia received a GBP5 million investment from 3i in June last
year.  Mr. Masterton is also believed to have put in a "six-
figure sum" of personal cash into the company.  Still, the
company went into receivership in February.

The sale left the receivers with the task of finding buyers for
Stadia's Dunfermline Athletic's East End stadium.  The property
is valued at GBP6.6 million and is thought to be Stadia's
biggest asset.


TELEWEST COMMUNICATIONS: Transfer of Assets to Subsidiary Okayed
----------------------------------------------------------------
Telewest Communications plc announces that the resolution
regarding the transfer of substantially all of its assets to a
subsidiary of Telewest Global, Inc., Telewest's Delaware
incorporated subsidiary that will become the holding company of
the restructured Telewest group, was passed on Friday at an
Extraordinary General Meeting.

The passing of the shareholder resolution is one of a number of
steps being taken to implement Telewest's financial
restructuring.  The next important step to the financial
restructuring will be creditors' meetings, which are scheduled
for 1 June 2004.  Successful completion of the financial
restructuring remains subject to a number of conditions.

Cob Stenham, chairman of Telewest said:

"We thank our shareholders for [the] vote.  It is a key step
toward the completion of Telewest's financial restructuring."

CONTACT:  TELEWEST
          Jane Hardman, director of corporate communications
          Phone: 020 7299 5888

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


VIRGIN ENTERTAINMENT: To Close Underperforming Megastores
---------------------------------------------------------
Virgin Entertainment is planning to close a string of troubled
Megastores, property sources close to the high-street giant
said, according to The Scotsman.

The sources said up to 60 or more than a third of the company's
170 shops could close within the coming months.  Most of these
will be smaller Megastore Xpress shops.

Thirteen of the company's Megastores are scattered across
Scotland, but it was not specified whether they will be among
those to be axed.

The decision, which is part of a GBP90 million investment plan
to turnaround the business, was aimed at saving costs to better
compete with rival Internet retailers and supermarkets.
Competition has prompted even U.K.'s largest electrical goods
retailer, Dixon, to reformat.  The company said last month it
would close 106 of its underperforming outlets in favor of
larger-format stores.

The retail arm of the Virgin group lost GBP10.9 million in the
year to February 1, 2003, according to accounts filed at
Companies House in February, according to the report.


WB LEE: Brings in Receivers from KPMG Corporate Recovery
--------------------------------------------------------
The WB Lee & Company Ltd. has appointed Richard Dixon Fleming
and Julian Richard Whale both of KPMG as joint administrative
receivers.  The appointment was made May 12, 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          1 The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Receivers:
          Richard Dixon Fleming
          Julian Richard Whale
          (IP Nos 8370, 7252)


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     216       10


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19



FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Dollfus-Mieg                                      187       28
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
Yell Group PLC                      (196)       3,964      289

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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