TCREUR_Public/040526.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

            Wednesday, May 26, 2004, Vol. 5, No. 103

                            Headlines

B U L G A R I A

PRIMA-M: Buyers Sought for Sunseed Oil Refinery


F R A N C E

ALSTOM SA: E.U. Orders Engineering Firm to Find Strong Partner
BULL SA: Appoints Gervais Pellissier Acting Board Chairman
POIRAY FRANCE: Co-owner Applies for Insolvency Proceeding
TEXTILE COMPANIES: Three Succumb to Bankruptcy


G E R M A N Y

BERTELSMANN AG: E.U. Commission Opposes BMG-Sony Joint Venture
MEY & EDLICH: Administrators to Sell Branches Individually
PROSIEBENSAT.1 MEDIA: EUR150 Mln Bond Given 'BB+' Final Rating


I T A L Y

BANCA POPOLARE: Fitch Ups Rating, Cites Improving Profitability
PARMALAT FINANZIARIA: Hermes, Deminor Named Lead Plaintiffs


N E T H E R L A N D S

KLM ROYAL: Air France Exchange Offer Receives 96.33% Uptake
NUMICO N.V.: Buys Leading Finnish Baby Food Brands for EUR57 Mln
ROYAL SHELL: Results Using Revised Accounting Method Out Friday


P O L A N D

GEMI: Denies Rumored Bankruptcy; Admits Debt Negotiations


R U S S I A

DIVNOGORSKY CHEESE: Under Bankruptcy Supervision Procedure
EXPERIMENTAL MANUFACTURE: Falls into Bankruptcy
KOVROVETS: Bankruptcy Proceedings Begin
NEVINNOMYSSC CREAMERY: Proofs of Claim Deadline July 21
OBUKHOVSKAYA MINE: Miners Demand RUB12 Mln in Unpaid Wages

PERM DEVELOPMENT: Deadline for Proofs of Claim July 19
ROSKHLEB: Rostov Court Appoints Insolvency Manager
SHAKHTINSKOYE MINE: Deadline for Proofs of Claim June 14
TAKT: Under Bankruptcy Supervision Procedure
VOLZHSKAYA BREWERY: Bankruptcy Supervision Procedure Begins

WAY OF RUSSIA: Moscow Court Finds Publishing House Insolvent
YENISEISKAYA MINE: Workers' Hunger Strike Enter Second Week
YUKOS OIL: Lebedev, Khodorkovsky Cases Under One Judge


S W E D E N

SKANDIA INSURANCE: Explains Information Gap in Memorandum


U K R A I N E

ENERGOSPLAV: Declared Insolvent
KOMINTERN: Falls into Bankruptcy
NORD: Zaporizhya Court Appoints Insolvency Manager
OBLAGROPOSTACH: Declared Bankrupt
PEREMOGA: Chernigiv Court Appoints Insolvency Manager

RAJAGROBUD: Under Bankruptcy Supervision Procedure
TITAN: Declared Insolvent
VESNA: Insolvent Status Confirmed
VISOKA: Zaporizhya Court Commences Bankruptcy Proceedings
VOSTOK: Harkiv Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ACTION FIRST: Calls in Liquidator
ANSCLIF LIMITED: Hires Liquidator from Barry Mitchell & Company
APV PASILAC: Special Winding up Resolution Passed
ARTHOUSE HOTEL: It's Still Business as Usual, Says Receiver
ASHTON HOCKNELL: Hires PricewaterhouseCoopers Liquidator

BUSINESS LINK: General Meeting Scheduled for June 28
CANARY WHARF: Mix and Match Election to Close June 4
CONOR ENGINEERING: In Administrative Receivership
EUROCOM ENTERPRISE: Name Oury Clark Liquidator
I P REALISATIONS: UPS Capital Appoints Receivers

LOWETH LIMITED: Hires Begbies Traynor Administrator
MAWERS HARROGATE: Names Liquidators from PricewaterhouseCoopers
MONARCH PLASTERING: Unsecured Creditors Meeting Set June 29
PHILIP QUANTRILL: HSBC Bank Appoints PwC Receivers
PINDAR SYSTEMS: Creditors Meeting Set June 2

RDP LIMITED: Calls in Liquidator
ROBERT KELLIE: Winding up Resolution Passed
ROLTECH LIMITED: Hires Receivers from KPMG
STONEYGATE 133: Winding up Resolutions Passed
SVM PLC: Appoints Smith & Williamson Limited Administrator

TEKANO LIMITED: Meeting of Creditors Set June 2
THREE WOOD: Hires Rothman Pantall Administrator
WEMBLEY PLC: BLB Offer Receives 44% Acceptance
WILNECOTE CASTINGS: Closes 45-year-old Casting Business


                            *********


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B U L G A R I A
===============


PRIMA-M: Buyers Sought for Sunseed Oil Refinery
-----------------------------------------------
Hebrosbank, the biggest creditor of Polski Trambesh-based Prima-
M, has decided to sell the bankrupt sunseed oil refinery,
according to Europe Intelligence Wire.

The creditor bank rejected Prima-M's rehabilitation program and
opted for a sale as a more sensible solution.  According to
Vassil Metodiev of Hebrosbank, a sale will guarantee a higher
price and will allow the future investor to resume production.
The enterprise will be sold as a single entity.

The mayor of Polski Trambesh, Georgi Chakarov, agrees that the
decision is advantageous since it would ensure the immediate
restart of the plant.  He believes the region's well-established
background for sunseed production will greatly help the company
recover quickly.

Prima-M filed for bankruptcy in August 2002 after the insolvency
of its owner Kambana.  Receivers say the refinery owes
Hebrosbank BGN2.5 million and the Agency for Government Claims
more than BGN1 million.  In addition, it also has debts to
Central Cooperative Bank, the Brazdi cooperative in the town of
Pavlikeni, Ardvark of Sofia, the Contingency Reserve, and to its
buyer, Helian Grain and Helian Industrial Investment B.V. of
Rotterdam.


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


ALSTOM SA: E.U. Orders Engineering Firm to Find Strong Partner
--------------------------------------------------------------
The European Commission will only allow France's proposal to
extend some form of state aid to Alstom if the engineering firm
finds at least one major industry partner.

"These commitments to industrial partnerships are essential
elements for the Commission's agreement, since they are a
necessary condition both to ensure the viability of Alstom and a
necessary compensation to remedy competition distortions created
by the state aid," the Commission said in a statement, according
to Reuters.

Should Alstom agree it will be given a fixed period to look for
a suitable partner, but with a major condition: it must not be
state-owned.  Earlier, banks floated Areva, the state-controlled
nuclear energy group, as possible industry partner. But with the
E.U. restriction, a source close to the company said the nearest
alternatives are Germany's Siemens, Japan's Mitsubishi or
General Electric Co.  Some analysts say Canadian Bombardier may
express interest in Alstom's transport business.

Sources say the pending EUR2 billion bailout includes a
government debt-for-equity swap that would see Paris own about a
third of Alstom's share capital.  A capital increase backed by
banks is also in the offing.


BULL SA: Appoints Gervais Pellissier Acting Board Chairman
----------------------------------------------------------
Bull's Board of Directors met on May 24 and acknowledged the
resignation of Mr. Didier Pineau-Valencienne and Mr. Gilles
Cosson as Directors.  The Board of Directors wishes to thank
Misters Pineau-Valencienne and Cosson for their active
contribution to the success of Bull's recapitalization plan
worked out by Pierre Bonelli and Gervais Pellissier.

The Board decided to appoint Mr. Henri Conze and Mr. Andre Felix
as Directors.  The Board also confirmed Mr. Gervais Pellissier
in his functions as Acting Chairman of the Board and as Managing
Director, with all powers to represent and act in the name of
the Company.  These measures will allow the Company to finalize
the recapitalization process.

CONTACT:  BULL S.A.
          Press
          Marie-Claude Bessis
          Phone: + 33 1 39 66 70 55
          E-mail: marie-claude.bessis@bull.net


POIRAY FRANCE: Co-owner Applies for Insolvency Proceeding
---------------------------------------------------------
Lac Investissement has asked the Paris commercial court to
declare jewelry company Poiray France insolvent, an abstract
from Le Monde by Europe Intelligence Wire says.

The application brings to two the number of Poiray International
subsidiaries that have been declared bankrupt.  The court will
decide on May 25 whether or not to liquidate Poiray France and
Poiray Joaillerie.

The Switzerland-based parent company is not affected by these
developments, the report notes. Group chairman, William Devine,
pledges to put forward a continuation plan.  The group is
expected to fall EUR0.7 million in the red on turnover of EUR7
million for the fiscal year ending March 2004, the report said.


TEXTILE COMPANIES: Three Succumb to Bankruptcy
----------------------------------------------
Three textile-dyeing and printing companies in the Lyons region
have filed for insolvency, a report from Les Echos said,
according to Europe Intelligence Wire.

The companies are Abellard, which has a yearly turnover of
EUR5.8 million; Societe de Teinture et d'Ennoblissement, EUR3.9
million; and Innov Design 69.  Just this autumn, Innov Design
had planned to buy one of the dyehouses of Lyons-based textile
company Chaine et Trame.

CONTACT:  ABELLARD
          69550 AMPLEPUIS
          Phone: (33) 04.74.89.25.25
          Fax: (33) 04.74.89.25.20
          (S.A au capital de 2 000 000 FF)


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


BERTELSMANN AG: E.U. Commission Opposes BMG-Sony Joint Venture
--------------------------------------------------------------
Bertelsmann AG confirmed on Monday the company has received the
European Commission's Statement of Objections concerning the
proposed recorded music joint venture between BMG and Sony Music
Entertainment.  The Statement of Objections is part of the Phase
II investigation process began by the European Commission in
February 2004.

The Statement of Objections documents the European Commission's
remaining concerns about the proposed joint venture.  It gives
Bertelsmann the opportunity to understand the various issues
that have been raised during the course of the European
Commission's investigation and those that remain to be addressed
in the latter part of the investigation.

Bertelsmann welcomes the clarity this step will give to the
debate and remains confident about demonstrating, in addressing
the remaining concerns, that the merger will not impede
competition.

In December 2003, the international media company Bertelsmann
and Sony Corporation signed a binding agreement to combine their
recorded music businesses in a joint venture.  It will not
include the parent companies' businesses in music publishing,
physical distribution and manufacturing.  Sony Corporation's
recorded music business in Japan, SMEJ, will also be excluded.

CONTACT:  BERTELSMANN AG
          Oliver Herrgesell
          Senior Vice President Media Relations
          Phone: +49 172 5 23 25 23
          E-mail: oliver.herrgesell@bertelsmann.com


MEY & EDLICH: Administrators to Sell Branches Individually
----------------------------------------------------------
Administrators of insolvent German clothing retailer Mey &
Edlich will try to sell the business in parts after failing to
find a buyer for the whole operation, Frankfurter Allgemeine
Zeitung reported, according to Europe Intelligence Wire.

Mey & Edlich filed for insolvency in mid-February due to lack of
investments amid a weak retail market.  Administrators have
already cut staff and closed its Nurnberg, Stuttgart and Hanover
branches.  They will try to rescue individual branches, while
finding buyer for the company's brand rights.


PROSIEBENSAT.1 MEDIA: EUR150 Mln Bond Given 'BB+' Final Rating
--------------------------------------------------------------
Fitch Ratings on Monday assigned ProSiebenSat.1 Media AG's
EUR150 million 2009 bond issue a 'BB+' rating with a Stable
Outlook.  This follows a review of final documentation on the
basis of which Fitch confirms the expected rating assigned to
the bond issue on 10 May 2004.

The proceeds will be used to extend the group maturity profile
and as part of the wider refinancing detailed in the rating
action comment of 10 May 2004, when Fitch upgraded ProSieben's
ratings on completion of its refinancing.  ProSieben's Senior
Unsecured rating was upgraded to 'BB+' from 'BB', with a Stable
Outlook.  At the same time, the ratings of ProSieben's EUR338
million bonds due 2006 and the EUR200 million bonds due 2009
were upgraded to 'BB+' from 'BB'.

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

          Albert Jan Hofman
          Phone: +44 (0) 207 417 4282

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


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


BANCA POPOLARE: Fitch Ups Rating, Cites Improving Profitability
---------------------------------------------------------------
Fitch Ratings on Monday upgraded Italy's Banca Popolare di
Intra's (BPI) Individual rating to 'C' from 'C/D'.  At the same
time the bank's Long-term and Short-term ratings are affirmed at
'BBB+' and 'F2', respectively and the Support rating at '3'.
The Outlook for the Long-term rating is changed to Stable from
Negative.  The rating action reflects BPI's improving operating
profitability, its satisfactory capital adequacy and
strengthening loan loss reserve coverage.

BPI's profitability recovered in 2003 and the first quarter of
2004.  The bank's revenue generation is improving, despite a
sluggish economy, and cost growth improved as the rate at which
the bank is opening new branches slowed.  Fitch notes that loan
loss provisions could remain substantial in 2004 given the
difficult economic environment and the bank's prudent policy of
building up its loan loss reserves.  BPI made large loan loss
provisions in 2003, of which around a third were general
provisions to bolster loan loss reserve coverage.

Fitch considers BPI's stock of impaired loans to be large given
its geographical location in the prosperous north of Italy,
which partly reflects past rapid loan growth but also some
concentration in the book.  Under the new strategic plan
launched in 2003, BPI intends to reduce the concentration and
sharpen its focus on SMEs and individuals, where it has greater
expertise.  Fitch gains comfort from the bank's strengthened
loan loss reserves.  In response to the problems encountered
with credit-linked notes in 2001 and 2002, BPI has reduced its
exposure to market risk and improved market risk management
controls, but it does have a limited exposure to equities and
funds.  Its sensitivity to interest rates remains small.

BPI's Tier 1 ratio climbed to a healthy 8.4% by end-2003,
following the completion of a large rights issue of EUR102
million in April of that year.  The bank also has EUR96 million
of convertible subordinated debt outstanding included in its EU
Total Capital ratio, which could convert into equity in
specified periods during each of the three years between 2004
and 2006.  Over the longer term, BPI has indicated that it
intends to maintain a Tier 1 ratio above a minimum of 7%.

BPI is strongly rooted in its home market of Verbania-Cusio-
Ossola and prides itself on its extensive knowledge of the local
economy.  The bank enjoys a commanding competitive position in
its home province with c.45% of the deposit taking market.  It
aims to expand organically, particularly in the area to the
north of Milan, by opening around 4-5 branches per year.

CONTACT:  FITCH RATING
          Matthew Hegarty, London
          Phone: +44 (0) 20 7417 4222

          Christian Scarafia, Milan
          Phone: +39 02 87 90 87 212

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


PARMALAT FINANZIARIA: Hermes, Deminor Named Lead Plaintiffs
-----------------------------------------------------------
A U.S. District Court in Manhattan appointed British pension
fund Hermes and European shareholder rights group Deminor to
head a class-action lawsuit against former auditors and banks of
bankrupt Italian food giant Parmalat Finanziaria.

The defendants in the US$10 billion class-action suit are Bank
of America, Citigroup Inc., auditors Deloitte & Touche and Grant
Thornton, and former Parmalat directors.  They are being sued
for fraud and issuing misleading information, Umberto Mosetti, a
partner at Deminor, told Reuters.  The two groups set a record
as the first European institutions to be appointed by a U.S.
court to represent a class, he added.

Brussels-based Deminor is representing bondholders holding EUR10
million (US$12 million) in bonds.  Hermes is the largest private
shareholder in Parmalat, with a holding exceeding 2% of its
shares, according to Mr. Mosetti.


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


KLM ROYAL: Air France Exchange Offer Receives 96.33% Uptake
-----------------------------------------------------------
With reference to the offer and listing documentation made
available on 5 April 2004 and further to their earlier press
release of 4 May 2004, Air France and KLM announce that holders
of KLM Common Shares had tendered a total of 45,093,299 KLM
Common Shares, representing approximately 96.33% of all KLM
Common Shares, in the exchange offer for all outstanding KLM
Common Shares (the Offer), at the expiry of the subsequent
offering period of the Offer on 21 May 2004 (3:00 p.m. Amsterdam
time and 9:00 a.m. New York City time).

During the subsequent offering period, holders of KLM Common
Shares had tendered 3,412,427 KLM Common Shares, representing
approximately 7.3% of all KLM Common Shares.

Air France and KLM have requested that Euronext Amsterdam de-
list the KLM Common Shares from Euronext Amsterdam.  De-listing
of the KLM Common Shares from Euronext Amsterdam is expected to
take place shortly.  Further announcements on the expected date
of de-listing and the last trading day on Euronext Amsterdam for
KLM Common Shares will follow in the coming days.  Air France
and KLM intend to request the de-listing the KLM New York
Registry Shares from the New York Stock Exchange as soon as
reasonably practicable.

In exchange for the tendered KLM Common Shares, Air France has
issued a total of 49 602 629 new shares and 45,093,299 warrants,
including 8,708,840 shares represented by American Depositary
Shares (ADSs) and 7,917,127 warrants represented by American
Depositary Warrants (ADWs).  Including the issuance of new
shares in the Offer, Air France's capital comprises 269,383,516
shares, which are held as follows: French State: 44,07%, Air
France employees 10,42%, public float 45,51% of which 18,4% by
former holders of KLM Common Shares.

The Air France shares and warrants are listed on Euronext Paris,
Euronext Amsterdam and the New York Stock Exchange (in the form
of ADSs and ADWs).  The Air France warrants and ADWs have a
maturity of three and a half years from May 6, 2004 and can be
exercised starting November 6, 2005.


NUMICO N.V.: Buys Leading Finnish Baby Food Brands for EUR57 Mln
----------------------------------------------------------------
Royal Numico N.V. agreed to acquire the leading Finnish baby
food brands 'Tutteli' and 'Muksu' from Valio Group, for EUR57
million in cash.  The transaction will be earnings accretive
from the outset.

Through this acquisition, Numico will become the market leader
in the infant milk formula and cereals categories in Finland.
Numico acquires very strong brands and a solid platform in the
Finnish baby food market, which will complement Numico's current
position in the Finnish baby food specialties category.  This
platform, coupled with Numico's strong Research & Development
capabilities, will offer Numico ample opportunity to enhance and
extend Tutteli's and Muksu's current product offering in the
Finnish baby food market.  This transaction also reinforces
Numico's position in the Baltics.

Jan Bennink, CEO of Numico commented: "We are very pleased with
'new' Numico's first acquisition.  This is an example of our
strategy to create leadership positions in selected markets
through add-on acquisitions.  We acquire two long-standing,
successful brands, which are poised to offer significant growth
opportunities through their leading market positions.  We are
also pleased to announce that Numico will start a Research and
Development co-operation with Valio -- a global pioneer in the
development of functional dairy products.  This reinforces our
objective to becoming the leading high-growth, high-margin
specialized nutrition company."

'Tutteli' and 'Muksu' are leading baby food brands in Finland.
'Tutteli' is the leading brand name in the infant milk formula
category, which primarily consists of liquid formulas, whereas
'Muksu' is a leading brand name in the cereals category.  These
two brands represent approximately EUR20 million in net sales
and operating income of approximately EUR5 million.  A fifth of
the revenues are generated through export to the Baltics.

The acquisition includes the two aforementioned brands and less
than 10 FTE but excludes the production facilities.  Numico and
Valio will jointly cooperate in terms of production,
distribution and logistics.  The transaction is subject to
customary regulatory approvals and is expected to be finalized
before the end of the third quarter of 2004.

Harry Salonaho, President and CEO of Valio commented: "Numico is
one of the leading producers of baby food in Europe.
Transferring ownership of the business operations to Numico will
secure the development of baby food in the long term.  Valio
will continue to produce baby food as a contract supplier to
Numico and we intend to initiate cooperation together with
Numico in the field of research and development."

Valio Group comprises of Valio Ltd., the parent company, and its
subsidiaries abroad with a net turnover of EUR1.6 billion in
2003.  Valio Ltd is the leading producer of dairy products in
Finland.  The company is owned by 28 co-operative dairy
companies and operates 18 production plants in Finland, Estonia
and Belgium.

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


ROYAL SHELL: Results Using Revised Accounting Method Out Friday
---------------------------------------------------------------
The 2003 annual reports and accounts of Royal Dutch Petroleum
Company (Royal Dutch) and The Shell Transport and Trading
Company, p.l.c. (Shell Transport) are scheduled to be available
to shareholders and published on 28 May 2004.  The annual
reports and accounts will be submitted for approval at the
Annual General Meetings on 28 June 2004.

Mr. Jeroen van der Veer, Chairman of the Committee of Managing
Directors of the Royal Dutch/Shell Group of Companies,
commented: "I am pleased that on Friday we will be publishing
our annual reports and accounts for Royal Dutch and Shell
Transport as previously announced.  The external auditors have
given unqualified audit opinions.  The annual reports and
accounts will reflect a restatement of reserves data and related
financial impact, and we have implemented a number of accounting
policy changes.  We have also adopted a stricter application of
some specific accounting standards.

"The aggregate effect of the reserves restatement, including the
previously disclosed recategorizations and an adjustment with
respect to royalties paid in cash in Canada, brought the total
for 2002 to 4.47 billion barrels of oil equivalent."

Discussions with the Division of Corporation Finance of the U.S.
Securities and Exchange Commission (SEC), about Shell's Form 20-
F filings continue, in particular with regard to financial
statements and unaudited supplementary oil and gas data.

The Group has implemented these accounting policy changes with
effect from 2003:

(a) The Group financial statements will be presented in
    accordance with U.S. Generally Accepted Accounting
    Principles (GAAP) with a reconciliation to statements
    presented under Netherlands GAAP.  Prospectively the
    difference with regard to net income is that goodwill is
    amortized under Netherlands GAAP; whereas under U.S. GAAP
    goodwill is maintained at the acquisition value and then
    tested for impairment.

(b) All inventories will now be reported on a First-In-First-Out
    (FIFO) basis.  Previously certain inventories in North
    America were reported on a Last-In-First-Out (LIFO) basis
    and disclosed in the notes to the financial statements.  As
    a result the Group's accounting policy for inventories is on
    the same basis globally.  The Group will be adopting
    International Financial Reporting Standards (IFRS) in 2005.
    Under IFRS, FIFO is the prescribed method for valuing
    inventories.

The finalization of the financial statements also reflects a
strict application of the financial accounting standard
'Financial Accounting and Reporting by Oil and Gas Producing
Companies' (FAS19), and two additional impairments of long-lived
assets.

In particular, amendments have been made to the unaudited
results reported for 2003 in the earnings release on 5 February
2004 and the 2002 and 2001 financial statements in these areas:

(a) FAS19, section 31b: This relates to the capitalization of
    costs for exploration wells related to unproved properties
    for which no firm plan for further exploratory drilling or
    development of the field exists, and for which proved
    reserves are not booked within 12 months after the date when
    the exploratory drilling is complete.  The Group's previous
    practice was to keep such cost capitalized where the project
    was actively under development, though no further
    exploration drilling was underway or planned. The strict
    interpretation of FAS19 adopted results in the expensing of
    exploration cost even though the project is moving towards
    final investment decision when proved reserves will be
    booked.

(b) In the process of reviewing oil and gas properties in detail
    as to whether their carrying value was fully covered by
    future cash flows, two properties were identified, not
    related to the reserves restatement, which needed impairment
    at the end of 2003 as per FAS144 'Accounting for the
    Impairment or Disposal of Long Lived Assets'.

(c) FAS133 'Accounting for Derivative Instruments and Hedging
    Activities': This deals with certain contracts for the sale
    and delivery of own production natural gas from the North
    Sea that are now marked-to-market.  Previously this was
    disclosed in the notes to the financial statements.

(d) As a result of the later closing of the 2003 financial
    statements, certain post balance sheet events have been
    recognized in the 2003 results in line with normal
    accounting requirements.  These together are reported as
    'Other' in table 1 below compared to the unaudited results
    for 2003 reported in the earnings release on 5 February
    2004.

There is no impact from the restatement on reported Group cash
flows.  The annual reports will additionally reflect these with
respect to the unaudited oil and gas reserves data:

(a) For the years ended 1999 to 2002, proved reserves and
    production included royalties paid in cash on certain
    properties in Canada (consistent with practice for
    properties outside North America). These have now been
    removed from proved reserves (consistent with practice for
    properties in the United States), resulting in a reduction
    at 31 December 2003, relative to earlier announcements, of
    103 million barrels of oil equivalent (BOE) and a reduction
    of production of 9 million BOE for the year 2003.  This
    change is specific to the Group and does not affect Shell
    Canada.

(b) The aggregate effect on proved reserves of the reserves
    restatement is 4.47 billion BOE, of which 4.35 billion BOE
    was previously announced as reserves recategorizations.  The
    remainder relates to adjustments for royalties paid in cash
    on certain Canadian properties described above.  With a
    reserve replacement ratio for 2003 of 63%, proved reserves
    were 14.35 billion BOE at 31 December 2003, or 10.2 years of
    production (all excluding oil sands).

Copies of the tables are available free of charge at
http://bankrupt.com/misc/Shell_Tables.htm.


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P O L A N D
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GEMI: Denies Rumored Bankruptcy; Admits Debt Negotiations
---------------------------------------------------------
Radoslaw Miskiewicz, President of Gemi, denies the Katowice-
based firm has been declared bankrupt, according to Europe
Intelligence Wire.

Puls Biznesu daily earlier reported a court in Katowice declared
Gemi bankrupt on April 16, but allowed it to continue
negotiations with creditors.  Asked about the state of Gemi, Mr.
Miskiewicz said: "There is no bankruptcy, there is no official
receiver, it is just a matter of an agreement with creditors --
two subsidiary companies."

Mr. Miskiewicz is also the Supervisory Board Deputy Chairman of
majority-owned Huta Laziska steel mill, Poland's single
manufacturer of ferroalloys.  Marian Forys, President of Huta
Laziska, also denied knowledge of any bankruptcy ruling, saying,
"I do not know anything about the court's decision ... The steel
work has good results, it is working to its full capacity."

Mr. Miskiewicz declined to discuss further the company's
financial figures or the details of the debts in question,
including the creditors involved.

CONTACT: HUTA "LAZISKA" S.A.
         Ul. Cieszynska 23
         43-170 Laziska Gorne
         Phone: +48 (32) 2241500 do 514
         Fax: +48 (32) 2241523
         E-mail:  firma@hlsili.pl

         President of the Board General Director
         Phone: +48 (32) 2241521

         Vice-President of the Board Technical Director
         Phone: +48 (32) 2241524

         Board Member Finance Director
         Phone: +48 (32) 2241522


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


DIVNOGORSKY CHEESE: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on LLC Divnogorsky Cheese.  The case is
docketed as A33-4084/04-C4.  Mr. I. Yudin has been appointed
temporary insolvency manager.  Creditors have until July 14,
2004 to submit their proofs of claim to the temporary insolvency
manager at 660017, Russia, Krasnoyarsk-17, Post User Box 103.

CONTACT:  Mr. I. Yudin, temporary insolvency manager
          660017, Russia, Krasnoyarsk-17, Post User Box 103


EXPERIMENTAL MANUFACTURE: Falls into Bankruptcy
-----------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on OJSC Omsk Experimental Manufacture.
The case is docketed as K/E-29/04.  Mr. V. Belkin has been
appointed temporary insolvency manager.  Creditors have until
May 28, 2004 to submit their proofs of claim to the temporary
insolvency manager at 644010, Russia, Omsk, Leningradskaya
pl.2A-5.

CONTACT:  OMSK EXPERIMENTAL MANUFACTURE
          644009, Russia, Omsk-9, 10-th of Oktober str.221/1

          Mr. V. Belkin, temporary insolvency manager
          644010, Russia, Omsk, Leningradskaya pl.2A-5


KOVROVETS: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Vladimir region declared LLC dredge
factory Kovrovets insolvent and introduced bankruptcy
proceedings.  The case is docketed as A11-7018/2003-K1-25B.
Ms. L. Nikitina (Moscow) has been appointed insolvency manager.
Creditors have until July 21, 2004 to submit their proofs of
claim to the insolvency manager at 601900, Russia, Vladimir
region, Kovrov, Lopatin str.5.

CONTACT:  KOVROVETS
          601900, Russia, Vladimir region,
          Kovrov, Lopatin str.5

          Ms. L. Nikitina, insolvency manager
          601900, Russia, Vladimir region,
          Kovrov, Lopatin str.5


NEVINNOMYSSC CREAMERY: Proofs of Claim Deadline July 21
-------------------------------------------------------
The Arbitration Court of Stavropol region declared OJSC
Nevinnomyssc Creamery insolvent and bankruptcy proceedings were
introduced at the company.  The case is docketed as A63-
2958/2002-C5.  Mr. D. Eroshkin has been appointed insolvency
manager.  Creditors have until July 21, 2004 to submit their
proofs of claim to the insolvency manager at 355029, Russia,
Stavropol, Mir str.460/3, office 7.

CONTACT:  NEVINNOMYSSC CREAMERY
          Russia, Stavropol region, Nevinnomyssc

          Mr. D. Eroshkin, insolvency manager
          355029, Russia, Stavropol, Mir str.460/3, office 7


OBUKHOVSKAYA MINE: Miners Demand RUB12 Mln in Unpaid Wages
----------------------------------------------------------
Workers at the Obukhovskaya mine stepped up their protest to
demand unpaid wages over the weekend by blocking access road to
the company, Europe Intelligence Wire reported citing Interfax.

A police source, cited by the newswire, said around 40 miners in
the Rostov region town of Zverevo on Saturday parked their cars
next to railroad tracks to block passage to the mine.  They are
demanding RUB12 million in unpaid wages, which date back to
1998, Vasily Karpov, deputy director of the coal miners' trade
union said.  About 1,000 miners participated in the protest
action that lasted Sunday, he said.


PERM DEVELOPMENT: Deadline for Proofs of Claim July 19
------------------------------------------------------
The Arbitration Court of Perm region declared OJSC Perm
Development Bank insolvent and introduced bankruptcy
proceedings.  The case is docketed as A50-7204/2004-B.  Mr. V.
Koryakin (Moscow) has been appointed insolvency manager.
Creditors have until July 19, 2004 to submit their proofs of
claim to the insolvency manager at 614000, Russia, Perm,
Kommunisticheskaya str.89.

CONTACT:  PERM DEVELOPMENT BANK
          614000, Russia, Perm, Kommunisticheskaya str.89

          Mr. V. Koryakin, insolvency manager
          614000, Russia, Perm, Kommunisticheskaya str.89


ROSKHLEB: Rostov Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on grain company LLC Roskhleb.  The case
is docketed as A53-4645/2004-C2-7.  Ms. N. Esipenko has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 347935, Russia, Rostov region,
Taganrog, Chehov str.156a.  A hearing will take place on August
24, 2004, 3:30 p.m. at the Arbitration Court of Rostov region.

CONTACT:  ROSKHLEB
          347800, Russia, Rostov region, Kamensk-Shakhtinsky,
          Pridorozhny per.35

          Ms. N. Esipenko, temporary insolvency manager
          347935, Russia, Rostov region,
          Taganrog, Chehov str.156a


SHAKHTINSKOYE MINE: Deadline for Proofs of Claim June 14
--------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Shakhtinskoye Mine-Building
Corporation.  The case is docketed as A53-3504/2004-C2-7.
Mr. N. Stukalov has been appointed temporary insolvency manager.

Creditors have until June 14, 2004 to submit their proofs of
claim to the temporary insolvency manager at 346720, Russia,
Rostov region, Aksay, Lenin str.30, the main post office, Post
User Box 113.  A hearing will take place on September 9, 2004,
2:00 p.m. at the Arbitration Court of Rostov region.

CONTACT:  SHAKHTINSKOYE MINE-BUILDING CORPORATION
          Russia, Rostov region, Shakhty, Yunny Spartak str.122a

          Mr. N. Stukalov, temporary insolvency manager
          346720, Russia, Rostov region, Aksay, Lenin str.30,
          The main post office, Post User Box 113


TAKT: Under Bankruptcy Supervision Procedure
--------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Takt.  The case is docketed as A53-
1108/04-C2-21.  Mr. V. Mokhov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 344082, Russia, Rostov region,
Rostov-Don, Budyenovsky prosp.27. Phone: (8632) 468602.  A
hearing will take place on August 28, 2004, 3:00 p.m. at the
Arbitration Court of Rostov region.

CONTACT:  Mr. V. Mokhov, temporary insolvency manager
          344082, Russia, Rostov region, Rostov-Don,
          Budyenovsky prosp.27.
          Phone: (8632) 468602


VOLZHSKAYA BREWERY: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------------
The Arbitration Court of Astrakchan region commenced bankruptcy
supervision procedure on OJSC Volzhskaya Brewery.  The case is
docketed as A06-982-b/3-18k/04.  Mr. D. Savenkov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 414040,Russia, Astrakchan,
Krasnaya Naberezhnaya 37, office 67, Phone (8512) 22-66-74.
A hearing will take place on August 9, 2004, 2:30 p.m. at the
Arbitration Court of Astrakchan region.

CONTACT:  VOLZHSKAYA BREWERY
          Russia, Astrakchan, Zavodskaya str.48

          Mr. D. Savenkov, temporary insolvency manager
          414040,Russia, Astrakchan, Krasnaya Naberezhnaya 37,
          Office 67
          Phone: (8512) 22-66-74


WAY OF RUSSIA: Moscow Court Finds Publishing House Insolvent
------------------------------------------------------------
The Arbitration Court of Moscow declared the publishing house of
the administrative office of the president of Russia, The Way of
Russia, insolvent and introduced bankruptcy proceedings.  The
case is docketed as A40-4876/04-74-2B.  Mr. S. Krasnov has been
appointed insolvency manager.  Creditors have until June 21,
2004 to submit their proofs of claim to the insolvency manager
at 127591, Russia, Moscow, Keramichesky proezd 71-1-463.

CONTACT:  THE WAY OF RUSSIA
          103132, Russia, Moscow, Varvarka str.7-1

          Mr. S. Krasnov, temporary insolvency manager
          127591, Russia, Moscow, Keramichesky proezd 71-1-463


YENISEISKAYA MINE: Workers' Hunger Strike Enter Second Week
-----------------------------------------------------------
Coal miners at Yeniseiskaya in Chernogorsk, Khakassia continued
their hunger strike against the bankrupt mine on Sunday, Europe
Intelligence Wire reported citing Interfax.

The workers, which number more than 60 and include 40 women,
started their protest Monday last week.  They are demanding
RUB6.8 million in unpaid wages dating back to October.  The
hunger strike follows the one staged by a group of 59 miners on
April 15 until April 26.  The protesters then agreed to suspend
the industrial action after mine owner, Yeniseiugol, paid RUB1
million in back wages.  It promised to pay the rest by May 15
but failed to do so.

The workers are planning to continue their industrial action
until they get their demand.  Yeniseiugol officials could not be
reached for comment Friday, the report said.  Russian news &
information agency RIA Novosti said some 260 mine workers,
including the hunger strikers, might be sacked by August.


YUKOS OIL: Lebedev, Khodorkovsky Cases Under One Judge
------------------------------------------------------
The trials of jailed billionaires Mikhail Khodorkovsky and
Platon Lebedev are scheduled this Friday in the same chamber.

"The judge will be [Irina] Kolesnikova," according to Mr.
Khodorkovsky's lawyer, Anton Drel, who hopes this arrangement
will lead to a joint trial of the two. "I don't rule out that
the court will approve a defense request and merge the cases of
Khodorkovsky and Lebedev."

The two are facing charges of fraud and tax evasion.  Mr.
Lebedev's trial was originally set for Thursday but was moved to
May 28, the day set for Mr. Khodorkovsky's hearing.  Yukos'
appeal against a US$3.4 billion back-tax bill will be heard on
the same day as well.


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


SKANDIA INSURANCE: Explains Information Gap in Memorandum
---------------------------------------------------------
Questions have been raised about the long-term incentive
programs in Skandia during the years 1997 to 2003.  On April 14,
2004, the Board therefore published a memorandum concerning
these questions on Skandia's Web site.

Information about local long-term incentive programs in the
divested business of American Skandia was not included in the
memorandum.  There were several reasons for this:

(a) Skandia's business within long term savings was during the
    period 1990 - 2000 conducted within a separate business
    unit - AFS (Assurance and Financial Services).  The
    organization of this business was of a federal character.
    As a consequence thereof, the AFS-business unit enjoyed a
    large degree of independence.  Although the main principles
    of local long term incentive programs were reported to the
    board of Skandia, there was no requirement to report
    detailed information about these programs to the head
    office.  As a consequence thereof, no information has been
    held centrally about local incentive payments to employees
    within the then AFS-business unit, including American
    Skandia.

(b) In December 2002, Skandia entered into an agreement with
    Prudential under which Prudential acquired American Skandia
    on 1 May 2003.  All information concerning the previous
    incentive programs in American Skandia belongs as a
    consequence to Prudential.

(c) The sale and purchase agreement with Prudential contains an
    explicit prohibition of disclosing non public information
    concerning American Skandia's business, unless the
    information must be disclosed pursuant to applicable law.

Against this background, the Board came to the conclusion that
it was not in the interest of Skandia and its shareholders to
further investigate questions about historical remunerations to
employees of American Skandia.

At Skandia's annual general meeting on April 15, 2004, the Board
undertook, on request from certain shareholders, to reconsider
its previous conclusion.  Contacts have since been made with
Prudential in order to seek their cooperation in collecting the
requested information.

At Skandia's request, Prudential has provided Skandia with
information regarding the aggregate payments and number of
participants under American Skandia's long-term incentive
program for the years in question.

A total amount of $48 million dollars (U.S.) was paid in respect
of American Skandia's long-term incentive program during the
years 1997 to 2002.  The indicated amount includes yearly
payments to the most senior officers of American Skandia, as
well as all other participants in these programs.  During these
years an average of 70 key employees received these payments.
In light of privacy concerns under U.S. law, no additional
information regarding payments to specific individuals will be
made available.

The above-mentioned amount does not include payments made to
employees within America Skandia under the Share Tracker and
Wealth Builder Programs.  These payments have already been
accounted for in the report published by the Board on April 14,
2004.

Additionally, a request has also been made to disclose the
severance payments in relation to the divestment of American
Skandia.  This information has already been presented in the
annual report of Skandia for 2003 and is included in the amount
696 million SEK referred to in note 44 on page 100 in the annual
report.  The mentioned amount include all personnel related
costs incurred in connection with the sale of American Skandia.
These costs concern both severance payments, incentive payments
and any other personal related costs.  The amount of SEK696
million includes remuneration both to the management and to
other employees.  Of this amount SEK199 million pertained to
senior executives, as defined in the annual report.  The
severance payments were accepted by the then-board of Skandia,
in order to retain key employees of American Skandia through the
closing of the sale and ensure a successful completion of the
sale of American Skandia.

CONTACT:  SKANDIA INSURANCE
          Bjorn Bjornsson, vice Chairman, Skandia
          Phone: +46-8-788 25 00

          Gunilla Svensson, Press Manager
          Phone: +46-8-788 25 00


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


ENERGOSPLAV: Declared Insolvent
-------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
scientific-production enterprise Energosplav (code EDRPOU
24430691) insolvent on April 20, 2004.  The case is docketed as
B 40/35/04.  Mr. Shmal Volodimir (License Number AA 630010
approved November 5, 2003) has been appointed as a
liquidator/insolvency manager.

Creditors have until June 14, 2004 to submit their proofs of
claim to the liquidator/insolvency manager at 53210, Ukraine,
Dnipropetrovsk region, Nikopol, Geroji Chornobilya str., 61/18;
Phone: (05662) 2-33-26.

CONTACT:  ENERGOSPLAV
          53200, Ukraine, Dnipropetrovsk region
          Nikopol, Geroji
          Chornobilya str., 104-a

          Mr. Shmal Volodimir, Liquidator/Insolvency Manager
          53210, Ukraine, Dnipropetrovsk region
          Nikopol, Geroji
          Chornobilya str., 61/18
          Phone: (05662) 2-33-26

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


KOMINTERN: Falls into Bankruptcy
--------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC agricultural enterprise Komintern
(code EDRPOU 00851086) in March.  The case is docketed as B-
39/38-04.   Arbitral manager Mr. Nikin Oleksandr (License Number
AA 250281 approved January 29, 2001) has been appointed
temporary insolvency manager.

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

(a) Temporary Insolvency Manager: 61045, Ukraine, Harkiv, O.
    Yarosh lane18, office 210a

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

Komintern holds Account number 26001000217 at JSPPB Aval, Harkiv
regional branch, MFO 350589.

CONTACT:  KOMINTERN
          Ukraine, Harkiv region, Novovodolazskij district,
          Komintern, Tsentralna str., 1

          Mr. Nikin Oleksandr, Temporary Insolvency Manager
          61045, Ukraine, Harkiv, O. Yarosh lane18, office 210a

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


NORD: Zaporizhya Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Nord (code
EDRPOU 22162022) insolvent and introduced bankruptcy proceedings
on March 30, 2004.  The case is docketed as 19/49.  Melitopol'
United State Tax Inspection has been appointed liquidator/
insolvency manager. Nord maintains Account Number 26004301280588
at Prominvestbank, Melitopol branch, MFO 313043.

CONTACT:  NORD
          72318, Ukraine, Zaporizhya region, Melitopol,
          Lomonosov str., 132

          Melitopol' United State Tax Inspection,
          Liquidator/Insolvency Manager
          72312, Zaporizhya region, Melitopol, Kirov str., 31

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


OBLAGROPOSTACH: Declared Bankrupt
---------------------------------
The Economic Court of Herson region declared OJSC Oblagropostach
(code EDRPOU 00914792) insolvent and introduced bankruptcy
proceedings on April 28, 2004.  The case is docketed as 6/44-B
(2001).  Arbitral manager Mr. Shramenko Andrij (License Number
AA 783045 approved March 26, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  OBLAGROPOSTACH
          73034, Ukraine, Herson, Senyavin avenue, 27

          Mr. Shramenko Andrij, Liquidator / Insolvency Manager
          73000, Ukraine, Herson, Vijskovij driveway, 6
          Phone: 8 (0552) 22-31-17

     ECONOMIC COURT OF HERSON REGION:
     73000, Ukraine, Herson, Gorkij str., 18


PEREMOGA: Chernigiv Court Appoints Insolvency Manager
-----------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on LLC agrarian-industrial firm Peremoga
(code EDRPOU 03798369) in March.  The case is docketed as 4/91
B.  Mr. Cherevjak Viktor (License Number AA 48782142 approved
May 6, 2003) has been appointed temporary insolvency manager.

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

(a) Liquidator/Insolvency Manager: 17500, Ukraine, Chernigiv
    region, Priluki, Peremogi str., 77; Phone: 3-19-99

(b) ECONOMIC COURT OF CHERNIGIV REGION: 14000, Ukraine,
    Chernigiv, Miru avenue, 20

Peremoga maintains Account Number 26005301715858/980 at
Prominvestbank, Priluki branch.

CONTACT:  PEREMOGA
          17533, Chernigiv region, Priluki district,
          Borshna, Lenin str., 22

          Mr. Cherevjak Viktor, Liquidator/Insolvency Manager
          17500, Ukraine, Chernigiv region, Priluki,
          Peremogi str., 77
          Phone: 3-19-99

     ECONOMIC COURT OF CHERNIGIV REGION:
     14000, Ukraine, Chernigiv, Miru avenue, 20


RAJAGROBUD: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Rajagrobud (code EDRPOU 03583947)
The case is docketed as 7/41 B.  Mr. Malishonok Mikola (License
Number 565 approved April 12, 2001) has been appointed temporary
insolvency manager.

Creditors have until June 14, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF ZHITOMIR REGION at 10002,
Ukraine, Zhitomir, Putyatinski square, 3/65

CONTACT:  RAJAGROBUD
          13100, Ukraine, Zhitomir region, Lubarskij district,
          Starij Lubar

     ECONOMIC COURT OF ZHITOMIR REGION:
     10002, Ukraine, Zhitomir, Putyatinski square, 3/65


TITAN: Declared Insolvent
-------------------------
The Economic Court of AR Krym region declared LLC Titan
insolvent and introduced bankruptcy proceedings on April 29,
2004.  The case is docketed as 2-8/690-2004.  Mr. Petin
Volodimir (License Number AA 047906) has been appointed
liquidator/insolvency manager.

CONTACT:  TITAN
          AR Krym, Bilogirsk, Lunacharskij str., 56

          Mr. Petin Volodimir, Liquidator/Insolvency Manager
          AR Krym, Bilogirsk district, Tsvetochnoje,
          Kirov str., 61
          Phone: (259) 9-81-57

     THE ECONOMIC COURT OF AR KRYM:
     95000, Ukraine, AR Krym, Simferopol,
          Karl Marks str., 18


VESNA: Insolvent Status Confirmed
---------------------------------
The Economic Court of Dnipropetrovsk region declared CJSC Vesna
(code EDRPOU 21914649) insolvent on April 15, 2004.  The case is
docketed as B 40/28/04.  Mr. Shmal Volodimir (License Number AA
630010 approved November 5, 2003) has been appointed
liquidator/insolvency manager.  Creditors have until June 14,
2004 to submit their proofs of claim to the
liquidator/insolvency manager at 53210, Ukraine, Dnipropetrovsk
region, Nikopol, Geroji Chornobilya str., 61/18; Phone: (05662)
2-33-26.

CONTACT:  VESNA
          53300, Ukraine
          Dnipropetrovsk region
          Ordzhonikidze
          Kalinin str., 32

          Mr. Shmal Volodimir
          Liquidator/Insolvency Manager
          53210, Ukraine
          Dnipropetrovsk region
          Nikopol, Geroji
          Chornobilya str., 61/18
          Phone: (05662) 2-33-26

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


VISOKA: Zaporizhya Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC
agricultural firm Visoka (code EDRPOU 31732957) insolvent and
introduced bankruptcy proceedings on April 23, 2004.  The case
is docketed as 21/77.  Melitopol' United State Tax Inspection
has been appointed liquidator/insolvency manager.

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

(a) Melitopol' United State Tax Inspection,
    Liquidator/Insolvency Manager
    72312, Zaporizhya region, Melitopol, Kirov str., 31

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

Visoka holds Account Number 26004325102170 at JSCB Ukrsotsbank
Melitopol branch.

CONTACT:  VISOKA
          72371, Ukraine, Zaporizhya region, Melitopol district,
          Visoke, Miru str., 6

          Melitopol' United State Tax Inspection,
          Liquidator/Insolvency Manager
          72312, Zaporizhya region, Melitopol, Kirov str., 31

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


VOSTOK: Harkiv Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Harkiv region declared OJSC Vostok (code
EDRPOU 00851040) insolvent and introduced bankruptcy proceedings
on April 23, 2004.  The case is docketed as B-25/19-03.
Arbitral manager Mr. Zadruzhnij Dmitro (License Number AA 249706
approved October 19, 2001) has been appointed
liquidator/insolvency manager.   Vostok holds Account Number
2600000003173 at JSPPB Aval, Harkiv region branch, MFO 350589.

CONTACT:  VOSTOK
          Juridical address: Ukraine, Harkiv region, Chugujiv
          district, Volohiv Yar

          Mr. Zadruzhnij Dmitro, Liquidator / Insolvency Manager
          61057, Ukraine, Harkiv, Pushkinska str., 5/408

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


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


ACTION FIRST: Calls in Liquidator
---------------------------------
Name of Companies:
Action First JL Limited
Action First PG Limited

At an Extraordinary General Meeting of these Companies on May
12, 2004 held at 8 Canfield Place, Swiss Cottage, London NW6
3BT, the Special, Ordinary and Extraordinary Resolutions to wind
up the Company were passed.  Jane Lindsay Gandon of 2 Preston
Park Avenue, Brighton BN1 6HJ has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  Jane Lindsay Gandon, Liquidator
          2 Preston Park Avenue,
          Brighton BN1 6HJ


ANSCLIF LIMITED: Hires Liquidator from Barry Mitchell & Company
---------------------------------------------------------------
The Members of Ansclif Limited (formerly The Coleford Brick and
Tile Company Limited) will have a Meeting on June 25, 2004 at
10:00 a.m.  It will be held at Pentre Farm House, Mamhilad,
Gwent NP4 0JH.

The purpose of the Meting 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 with Barry Mitchell & Company,
Pentre Farm House, Mamhilad, Gwent NP4 0JH not later than 12:00
noon, June 24, 2004.

CONTACT:  BARRY MITCHELL & COMPANY
          Pentre Farm House,
          Mamhilad, Gwent NP4 0JH
          Contact:
          B G Mitchell, Liquidator


APV PASILAC: Special Winding up Resolution Passed
-------------------------------------------------
Name of Companies:
APV Pasilac Ltd.
APV Rosista Ltd.
Cape Engineering Co. Ltd.
Ceramiclad Ltd.
Eurotherm (Japan) Ltd.
Schlegel (U.K.) Textiles Ltd.
Sorbo Fifteen Ltd.
Stewart-Warner Ltd.
Transpennine Engineering Distributors Ltd.

At an Extraordinary General Meeting of the Members of these
Companies on May 11, 2004 held at Invensys House, Carlisle
Place, London SW1P 1BX, the Special Resolution to wind up the
Companies was passed.  Robin Arthur Ellis, 2 The Elms, Church
Road, Claygate, Surrey KT10 0JT has been appointed Liquidator
for these Companies.

CONTACT:  Robin Arthur Ellis, Liquidator
          2 The Elms, Church Road,
          Claygate, Surrey KT10 0JT


ARTHOUSE HOTEL: It's Still Business as Usual, Says Receiver
-----------------------------------------------------------
Blair Nimmo, of KPMG Corporate Recovery, Joint Receiver of the
ArtHouse in Glasgow's city center, confirmed Monday that the
hotel is trading as normal and that the search for a buyer will
now commence.

Prior to the receivership, the hotel had been under significant
trading pressure compounded by the announcement of a related
business going into liquidation.

Receiver, Blair Nimmo, head of KPMG Corporate Recovery in
Scotland, commented: "We've had many notes of interest in the
business and assets of The ArtHouse already but as the hotel has
such an excellent reputation in the marketplace, we intend to
market the business as fully and widely as possible over the
next month or so.  There are no plans for any redundancies and
trading will continue as normal while we look for a suitable
purchaser."

The ArtHouse opened in 1999 as a stylish 4 star boutique hotel
employing approximately 80 full and part-time staff.  It has 63
bedrooms, conference facilities, a hair & beauty salon as well
as a bar, grill, Teppanyaki bar and private fine-dining
facilities.  With many celebrity visitors including rap star
Eminem, the hotel was awarded a customer care award from the
Scottish Tourist Board in November 2000 and was the only hotel
in Scotland to be praised in the Conde Nast Traveller guide to
21st-century hotels.

Anyone interested in buying the business should contact the
Receivers' selling agent, Creevy LLH, 175 West George Street,
Glasgow G2 2LB.

CONTACT:  KPMG
          Wilma Littlejohn, KPMG Corporate Communications
          Phone:  0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk


ASHTON HOCKNELL: Hires PricewaterhouseCoopers Liquidator
--------------------------------------------------------
Name of Companies:
Ashton Hocknell Limited
Aspinwalls Limited
Austerberry Limited
Bell Watson Limited
Cobbs Property Services Limited
Collins Son & Harvey South Limited
Dee & Atkinson Limited
J M Warwick & Co. Limited
Lawson Larg (Norton) Limited
Lawson Larg Limited

At an Extraordinary General Meeting of these Companies on May
13, 2004, the Special, Ordinary and Extraordinary Resolutions to
wind up the Companies were passed.  Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP have been appointed Joint
Liquidators of the Companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds Ls1 4JP
          Contact:
          Tim Walsh, Liquidator
          Jonathan Wellington, Liquidator


BUSINESS LINK: General Meeting Scheduled for June 28
----------------------------------------------------
There will be a General Meeting of the Business Link Wakefield
and District Limited Company on June 28, 2004 at 10:00 a.m.  It
will be held at Deloitte & Touche LLP, 1 City Square, Leeds LS1
2AL.  Members who want to be represented at the Meeting may
appoint proxies.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square
          Leeds LS1 2AL
          Contact:
          A M Martin, Joint Liquidator


CANARY WHARF: Mix and Match Election to Close June 4
----------------------------------------------------
The Independent Committee of Canary Wharf Group plc is pleased
that the recommended offer for the Company by Songbird
Acquisition Limited has been declared unconditional in all
respects.  The offer for the Company by CWG Acquisition Limited
(CWGA) has lapsed.

The Songbird offer has been extended until 4 June 2004.  Even if
the offer is further extended, shareholders should note that the
Mix and Match Election is due to close on 4 June 2004.
Shareholders wishing to receive consideration under the Songbird
offer entirely in cash, or who wish to make any alternative
election under the Mix and Match Election, should therefore
accept the offer, and make the appropriate election, prior to 4
June 2004.

Shareholders who accepted the CWGA offer and hold their shares
in certificated form should contact CWGA as soon as possible for
the return of their share certificates if they wish to accept
the Songbird offer.  Shareholders who accepted the CWGA offer
and hold their shares in CREST are able to accept the Songbird
offer now since CWGA is obliged to transfer such shares to their
respective CREST accounts.

Sir Martin Jacomb, Chairman of the Independent Committee,
commented: "I am pleased that the protracted offer process has
been concluded successfully for shareholders.  I would like to
thank all the staff at Canary Wharf for their continued
dedication throughout this process."

CONTACT:  LAZARD
          William Rucker
          Maxwell James
          (Financial adviser to the Independent Committee of
          Canary Wharf)
          Phone:  020 7187 2000

          CAZENOVE
          Duncan Hunter
          Richard Cotton
          (Financial adviser to the Independent Committee of
          Canary Wharf and joint broker to Canary Wharf)
          Phone:  020 7588 2828

          CSFB
          George Maddison
          Richard Crawley
          (Joint broker to Canary Wharf)
          Phone:  020 7888 8888

          BRUNSWICK
          James Bradley
          Fiona Laffan
          (Public relations adviser to Canary Wharf)
          Phone:  020 7404 5959


CONOR ENGINEERING: In Administrative Receivership
-------------------------------------------------
National Westminster Bank PLC called in Andrew Philip Wood and
Philip Andrew Revill as receivers for Conor Engineering Limited
Company (Reg No 01461341).  The appointment was made May 14,
2004.

CONTACT:  Andrew Philip Wood
          Philip Andrew Revill
          93 queen Street, Sheffield S1 1WF
          (Office Holder Nos 9148, 6421)


EUROCOM ENTERPRISE: Name Oury Clark Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Eurocom Enterprise
Limited Company on May 14, 2004 held at Oury Clark Chartered
Accountants, Herschel House, 58 Herschel Street, Slough SL1 1PG,
the Special, Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Elliot Harry Green and Derrick Arthur
Smith of Oury Clark, Herschel House, 58 Herschel Street, Slough,
Berkshire SL1 1HD have been appointed Joint Liquidators for the
purpose of such winding-up.

CONTACT:  OURY CLARK
          Herschel House
          58 Herschel Street
          Slough, Berkshire SL1 1HD
          Contact:
          Elliott Harry Green, Liquidator
          Derrick Arthur Smith, Liquidator


I P REALISATIONS: UPS Capital Appoints Receivers
------------------------------------------------
UPS Capital Global Trade Finance (U.K.) Limited called in
receivers Anthony Murphy, Robert Horton and Roger Tulloch of
Smith & Williamson Limited for I P Realizations Limited Company
(Reg No 03826963, Trade Classification: 6190/5156).  The
application was made May 13, 2004.

I P Realizations formerly named Ice Paper Limited.  The Company
is a wholesaler of paper products.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close,
          Guildford GU1 4RA
          Receivers:
          Anthony Murphy
          Robert Horton
          Roger Tulloch
          (Office Holder Nos 8716, 8922, 9174)


LOWETH LIMITED: Hires Begbies Traynor Administrator
---------------------------------------------------
The Loweth Limited Company has appointed N R Hood and P M Davis
both of Begbies Traynor as joint administrative receivers.  The
appointment was made May 13, 2004.

Loweth Limited is engaged in general construction and civil
engineering.  The Company's registered address is located at
Chiltern House, 24-30 King Street, Watford WD18 0BP.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Receivers:
          N R Hood
          P M Davis
          (IP Nos 8350, 7805)


MAWERS HARROGATE: Names Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Name of Companies:
Mawers Harrogate Limited
Thompsons Of Derby Limited
Watsons (East Anglia) Limited
Walker Barnett & Hill Limited

At the Extraordinary General Meeting of these Companies on May
13, 2004 the Special, Ordinary and Extraordinary Resolutions to
wind up these Companies were passed.  Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP have been appointed Joint
Liquidators of these Companies.

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


MONARCH PLASTERING: Unsecured Creditors Meeting Set June 29
-----------------------------------------------------------
There will be a Meeting of the unsecured Creditors of the
Monarch Plastering and Dry Lining Ltd Company on June 29, 2004
at 12:00 noon.  It will be held at the Thistle City Barbican,
120 Central Street, London EC1V 8DS.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Russell Bedford House, City Forum, 250 City Road,
London EC1V 2QQ not later than 12:00 noon, June 28, 2004.

CONTACT:  L J Baehr, Administrative Receiver
          Russell Bedford House, City Forum,
          250 City Road, London EC1V 2QQ


PHILIP QUANTRILL: HSBC Bank Appoints PwC Receivers
--------------------------------------------------
HSBC Bank Plc called in receivers Stephen Mark Oldfield and
Michael David Gercke for Philip Quantrall (Structural Engineers)
Limited (Reg No 00996705, Trade Classification: 07).  The
application was made May 17, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS
          Plumtree Court,
          London EC4A 4HT
          Receivers:
          Stephen Mark Oldfield
          Michael David Gercke
          (Office Holder Nos 1146, 106)


PINDAR SYSTEMS: Creditors Meeting Set June 2
--------------------------------------------
Name of Companies:
Pindar Systems Holdings Limited
Pindar Systems PLC

There will be a Creditors Meeting of these Companies on June 2,
2004 at 10:30 a.m.  It will be held at Brazennose House, Lincoln
Square, Manchester M2 5BL.

Creditors who want be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, Brazennose House, Lincoln Square,
Manchester M2 5BL not later than 12:00 noon, June 1, 2004.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Joint Administrators:
          Stephen M Quinn
          Lindsey J Cooper


RDP LIMITED: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the RDP (DM) Limited
Company on May 14, 2004 held at Verney House, Hollywood Road,
London SW10 9HS, the Special, Ordinary and Extraordinary
Resolutions to wind up the Company were duly passed.  Jane
Lindsay Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  Jane Lindsay Gandon, Liquidator
          2 Preston Park Avenue,
          Brighton BN1 6HJ


ROBERT KELLIE: Winding up Resolution Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the Robert
Kellie & Son Ltd Company on May 11, 2004 held at Invensys House,
Carlisle Place, London SW1P 1BX, the Special Resolution to wind
up the Company was passed.  Robin Arthur Ellis of 2 The Elms,
Church Road, Claygate, Surrey KT10 0JT has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  Robin Arthur Ellis
          2 The Elms,
          Church Road, Claygate,
          Surrey KT10 0JT


ROLTECH LIMITED: Hires Receivers from KPMG
------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG have been
appointed joint administrative receivers for Roltech Limited
Company.  The appointment was made May 17, 2004.  The Company
manufactures paper stationery.

CONTACT:  KPMG
          1 Waterloo Way,
          Leicester LE1 6LP
          Receivers:
          Richard James Philpott
          Mark Jeremy Orton
          (IP Nos 9226, 8846)


STONEYGATE 133: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Stoneygate 133
Limited Company on May 13, 2004 held at Forth House, 42
Kingfisher Court, Hambridge Road, Newbury, Berkshire RG14 5SJ,
the Special, Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Jane Lindsay Gandon of 2 Preston Park
Avenue, Brighton BN1 6HJ has been appointed Liquidator for the
purpose of such winding-up.


SVM PLC: Appoints Smith & Williamson Limited Administrator
----------------------------------------------------------
Consulting Engineers of SVM PLC Company has appointed Stephen
Cork of Smith & Williamson Limited as joint administrative
receiver.  The appointment was made May 14, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU
          Receiver:
          Stephen Cork
          (IP No 8627)


TEKANO LIMITED: Meeting of Creditors Set June 2
-----------------------------------------------
The Creditors of Tekano Limited will have a Meeting on June 2,
2004 at 10:30 a.m.  It will be held at Meeting Room 3, Hilton
Hotel Milton Keynes, Timbold Drive, Kents Hill, Milton Keynes
MK8 0AD.

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

CONTACT:  NUMERICA
          Stoughton House,
          Harborough Road, Oadby,
          Leicester LE2 4LP
          Joint Administrators:
          Lynn Robert Bailey
          David Michael Riley


THREE WOOD: Hires Rothman Pantall Administrator
-----------------------------------------------
Manufacturer Three Wood Limited has appointed Robert Smailes and
Stephen Ryman of Rothman Pantall as joint administrative
receivers.  The appointment was made May 13, 2004.

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


WEMBLEY PLC: BLB Offer Receives 44% Acceptance
----------------------------------------------
BLB Investors, L.L.C. announces that, as at 3:00 p.m. (London
time) on May 22, 2004, being the first closing date of the
recommended cash offer (the Offer) made by J.P. Morgan plc on
behalf of BLB Worldwide Acquisition, Inc., an indirect wholly-
owned subsidiary of BLB Investors, and in the United States, by
BLB Acquisition for itself, for the entire issued and to be
issued share capital of Wembley plc (Wembley) as set out in the
offer document dated 1st May, 2004 (the Offer Document), valid
acceptances of the Offer had been received in respect of
15,411,920 Wembley Shares representing approximately 44.3% of
the existing issued share capital of Wembley.

Prior to the announcement of the Offer on April 20, 2004, BLB
Acquisition had acquired 7,732,500 Wembley Shares from Active
Value (representing approximately 22.2% of Wembley's issued
share capital), all at a price of 800 pence for each Wembley
Share.

Accordingly, as at 3:00 p.m. (London time) on May 22, 2004 BLB
Acquisition had either acquired or received valid acceptances of
the Offer in respect of 23,144,420 Wembley Shares representing
approximately 66.6% of the existing issued share capital of
Wembley.

Save as disclosed in this announcement or in the Offer Document,
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors held any Wembley Shares (or
rights over any Wembley Shares) prior to the Offer Period and
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors have acquired or agreed to
acquire any Wembley Shares (or rights over any Wembley Shares)
since the commencement of the Offer Period.

Extension of Offer

The Offer has been extended and will remain open for acceptance
until 3:00 p.m. (London time) on June 5, 2004.

Forms of Acceptance not yet returned should be completed and
returned in accordance with the instructions set out in the
Offer Document and in the Form of Acceptance so as to be
received as soon as possible and, in any event, by not later
than 3:00 p.m. (London time) on June 5, 2004.  Any further
extensions of the Offer will be publicly announced by 8:00 a.m.
(London time) on the business day following the day on which the
Offer was otherwise due to expire.

The Offer remains subject to the terms and conditions set out in
the Offer Document.

Terms defined in the Offer Document bear the same meanings
herein.

CONTACT:  JPMORGAN
          Edward Banks
          Phone: +44 (0) 20 7742 4000

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          Phone: +44 (0) 20 7353 4200

          CAPITA IRG PLC
          Phone: 0870 162 3100 (or +44 20 8639 2157 if
          telephoning from outside the UK)


WILNECOTE CASTINGS: Closes 45-year-old Casting Business
-------------------------------------------------------
Staffordshire firm, Wilnecote Castings, announced its closure on
Friday.  The shutdown concurrently ends the operation of its
Wilnecote Holdings, aluminium castings firm Wilnecote Castings
and tool and die manufacturer Warborne Precision Engineering.

After 45 years in the market, the company called it quits after
a dramatic drop in orders and the loss of their major customer
Triumph Motorcycles.  The company's closure will render 73
Wilnecote Castings workers jobless.  Twelve others from the tool
and die plant at Warborne Precision Engineering and three
directors from Wilnecote Holdings will similarly get the axe.

According to Insolvency Practitioner, Mr. Arnold Galloway of BDO
Stoy Hayward, employees are qualified to receive redundancy
payouts of up to GBP270 a week based on length of service; but
because the company has accumulated substantial debts in recent
months, it may not be able to pay any of its workers.  Wilnecote
Castings supplies tiers to the engineering sector.


                            *********


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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