TCREUR_Public/040527.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

             Thursday, May 27, 2004, Vol. 5, No. 104

                            Headlines

F R A N C E

VIVENDI UNIVERSAL: Earmarks EUR1 Bln to Redeem High Yield Notes
VIVENDI UNIVERSAL: Sells Interest in Kencell for US$230 Million


G E R M A N Y

ALLIANZ AG: Decides to Trade Exclusively in Stuttgart Exchange
CO.DON AG: Shareholders Approve Proposed Capital Hike
DAIMLERCHRYSLER AG: Milberg Weiss Files Class Action in Delaware
DEUTSCHE TELEKOM: Enhances Presence, Growth Potential in U.S.
MESSER GRIESHEIM: To Fully Redeem 10.375% Senior Notes June 22


I R E L A N D

ELAN CORPORATION: Applies for U.S. FDA Approval of Antegren


L U X E M B O U R G

MILLICOM INTERNATIONAL: Names Donna Cordner New Director
STOLT OFFSHORE: Closes Common Shares Offering May 25


N E T H E R L A N D S

KONINKLIJKE AHOLD: Responds to Request for Inquiry
LAURUS N.V.: Management Board Members Waive 2004 Bonus


N O R W A Y

AKER KVAERNER: Wins GBP5 Mln Contract from CNR International
PETROLEUM GEO-SERVICES: Appoints New Head of Communication


R U S S I A

AGROCHIM: Deadline for Proofs of Claim July 13
GORENERGO: Bankruptcy Supervision Procedure Begins
KASIMOV MUNICIPAL: Ryazan Court Appoints Insolvency Manager
KISELYEVSK MINE: Kemerovo Court Appoints Insolvency Manager
LARGE-PANEL: Court Prescribes Bankruptcy Procedure

NEFTE-CHIM: Insolvent Status Confirmed
NEFTE-CHIM-PROM: Court Commences Bankruptcy Proceedings
NELIDOVSKY FERRO: Under Bankruptcy Supervision Procedure
NOSTA: To Auction Three Property Lots June 23
NOSTA: Public Auction of Eleven Property Lots June 24

NOSTA: Sets Auction of Seven Property Lots June 25
NOSTA: To Auction Nine Property Lots June 28
NOSTA: Debts, Short-term Financial Investments for Sale
PETROVSK-ZABAYKALSKY: Court Sets August 17 Hearing
SEVERNY: Irkutsk Court Declares Poultry Factory Bankrupt
VIMPELCOM COMMUNICATIONS: To Release 1st-quarter Results May 27


S P A I N

ISLA MAGICA: Receivers Find Park Provisionally Insolvent
PORT AVENTURA: Tourism Slowdown Spells Trouble
TERRA MITICA: Files for Bankruptcy; Blames Tourism Slump
WARNER MADRID: Shares Struggle of Rival Theme Parks


U K R A I N E

AGRO-EXPRESS: Deadline for Proofs of Claim June 14
ASTRA: Hmelnitskij Court Commences Bankruptcy Proceedings
EXPRESS: Insolvent Status Confirmed
KRASNORICHENSKE' PLANT: Declared Bankrupt
KREMENCHUG AUTO: Bankruptcy Proceedings Begin

MAYAK: Donetsk Court Appoints Insolvency Manager
NAUKA: Donetsk Economic Court Prescribes Bankruptcy Procedure
OKTYABRSKIJ SUGAR: Court Declares Sugar Factory Insolvent
TRUD: Insolvent Status Confirmed
YABLUNIVSKE: Chernigiv Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

BLU ORBIT: Hires Begbies Traynor Administrator
BREED MANUFACTURING: Calls in Liquidator
CARLTON COURT: Names Liquidator from Stephen Rout & Company
CLEVEPART LIMITED: Creditors Meeting Set June 8
EMI GROUP: Preliminary Results Show EUR52.8 Mln Pre-tax Loss

EURODALE MANUFACTURING: Appoints Valentine & Co. Liquidator
HOLLINGER INC.: Telegraph Sale Process Enters Final Stage
HUBRON LIMITED: Meeting of Creditors June 8
INEOS HOLDINGS: Bank Loan Rating Raised on Solid Cash flow
JARVIS PLC: Posts Update on Strategic Review

MEGABYTES LIMITED: Hires Receivers from Poppleton & Appleby
NEXUS EQUITY: Names Stoy Hayward Liquidator
SABRE ROCK: Winding up Resolutions Passed
SHARETREE SYSTEMS: In Administrative Receivership
VALLEYHILL: Sale of Pub Chain Receives Overwhelming Response
VINCENT GASNIER: Hires Liquidator from HJS Recovery


                            *********


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


VIVENDI UNIVERSAL: Earmarks EUR1 Bln to Redeem High Yield Notes
---------------------------------------------------------------
Vivendi Universal S.A. (Paris Bourse: EX FP; NYSE: V) launched
on Tuesday a tender offer to purchase EUR1 billion in aggregate
principal amount of the 9.50% high yield notes denominated in
euros and the 9.25% high yield notes denominated in U.S. dollars
issued by Vivendi Universal on April 8, 2003 and the 6.25% high
yield notes denominated in euros and U.S. dollars issued on July
10, 2003.  Approximately EUR2.4 billion of aggregate principal
amount of the notes subject to the tender offer are outstanding.

Additional detail concerning the terms of the tender offer is
contained in a separate press release issued.  The transaction,
which is now possible after the NBC Universal closing,
demonstrates Vivendi Universal's continued commitment towards
the efficient use of funding sources and active debt management.
It is a further step in the group's financial restructuring that
substantially lowers the future cost of its debt.

The offer to purchase and materials relating to the tender offer
described in this press release can be obtained (as well as
additional information about the terms of the offer, how to
tender notes and conditions to the offer) by contacting the
information agent [Global Bondholder Services Corporation (Toll
free: +1 (866) 470-4500; +44 (0) 20-7864-9136; or (banks and
brokers) +1 (212) 430-3774)) or the dealer managers (Banc of
America Securities LLC (Toll free: +1 (888) 292-7000; and +1
(212) 847-5834) and J.P. Morgan Securities Inc. (Toll free: +1
(866) 834-4666; +44 (0)20-7742-7506; or +1 (212) 834-4802)].

CONTACT:  VIVENDI UNIVERSAL S.A.
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80


VIVENDI UNIVERSAL: Sells Interest in Kencell for US$230 Million
---------------------------------------------------------------
Vivendi Universal S.A. (Paris Bourse: EX FP; NYSE: V) announced
that its subsidiary, VTI, sold its 60% stake in Kencell, Kenya's
No. 2 mobile phone operator, for a cash sum of US$230 million.
The full amount was collected Tuesday.

The stake was sold to Sameer Group, the shareholder that owns
the other 40% of Kencell, through the exercise by Sameer Group
of its pre-emptive right.

CONTACT:  VIVENDI UNIVERSAL S.A.
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80


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


ALLIANZ AG: Decides to Trade Exclusively in Stuttgart Exchange
--------------------------------------------------------------
Allianz Lebensversicherungs-AG has decided to concentrate on a
single stock exchange: in future, the shares of the biggest
German life insurer will be listed exclusively on the Stuttgart
stock exchange -- the location of the company's head office.
The share is traded most by far on the Stuttgart trading floor.
Around 85% of all transactions in Allianz Leben securities
during the past six months were traded here.  The German market
leader in private and company retirement provision expects that
the trading volume will continue to rise at the home stock
exchange.

"Allianz Leben will then achieve a higher market liquidity for
shareholders.  The efficiency of pricing for the share will be
significantly increased because supply and demand will soon only
come together at one stock exchange," explains Chief Financial
Officer Maximilian Zimmerer.

This means that Allianz Lebensversicherungs-AG is now
implementing a proposal put forward by the shareholders at the
Annual General Meeting in April.

With a market capitalization of EUR3.3 billion, Allianz
Lebensversicherungs-AG is ranked number five among the insurance
securities traded on German stock exchanges.  Allianz AG is the
main shareholder.  It holds 91.03% of the capital in Allianz
Lebensversicherungs AG through Jota Vermogens-
verwaltungsgesellschaft mbH; 8.97% of the share capital is held
in free float.  The 10.5 million shares are registered in the
names of the holders, which number around 10,000.


CO.DON AG: Shareholders Approve Proposed Capital Hike
-----------------------------------------------------
Over 100 shareholders at the general meeting of co.don(R) AG
(ISIN DE0005173603) decided unanimously in favor of a capital
increase against cash contributions.  The share capital of the
company can be increased by up to 4,700,000 new bearer shares up
to EUR9,400,000 until October 24, 2004.  The new shares will be
issued for at least EUR1.00 per share.  At least 2,700,000
shares will have to be issued.

Furthermore, the shareholders resolved a new authorized capital
with a majority of 99.9%.  The management board was authorized
to increase the authorized capital until May 24, 2009 by issuing
new bearer shares against cash contributions or contributions in
kind, completely or partial, once or several times up to the
full sum of EUR2,350,000 with the approval of the Supervisory
Board.

The management explained the company's new strategy, focusing on
short-term profitable markets and products and complementing
sales force with indirect partners.  The liquidity from the
secondary offering will be used to finance development projects
in intervertebral disc regeneration, minimally invasive
therapies for articular cartilage regeneration and treatment of
osteoarthritis.  In parallel international partnerships for the
marketing of available products and the development, approval
and marketing of new products will be pursued. co.don(R) AG
thereby expects additional income from milestone payments,
licensing fees, and royalties as well as from service
manufacturing in the GMP-compliant plant in Teltow.

Co.don(R) AG
Management Board

                            *   *   *

Co.don(R) AG is one of the leading enterprises in the area of
Regenerative Medicine/Tissue engineering.  Since 1997, co.don(R)
develops, manufactures and distributes "cell-based" biomedical
products for the regeneration of cartilage, bone and
intervertebral discs.  The enterprise is headquartered in
Teltow, near Berlin Germany.  For more information, please visit
http://www.codon.de.

CONTACT:  CO.DON AG
          Natalia Kourakina-Lattner
          Dir. of Corporate Communications
          Phone: +49 (0) 3328-434635
          Fax:   +49 (0) 3328-434649
          E-mail: ir@codon.de


DAIMLERCHRYSLER AG: Milberg Weiss Files Class Action in Delaware
----------------------------------------------------------------
The law firm of Milberg Weiss Bershad & Schulman LLP announces
that a class action lawsuit was filed on May 24, 2004, on behalf
of all persons and entities who are not citizens or residents of
the United States who purchased or otherwise acquired the
securities of DaimlerChrysler AG (NYSE:DCX) between November 17,
1998 and November 17, 2000, including those former shareholders
of Chrysler Corporation who surrendered their Chrysler shares in
connection with the merger of Chrysler by and into the Company
on or about November 17, 1998, on or through a securities
exchange not based in the United States.

The action seeks to pursue remedies under Sections 10(b), 20(a)
and 14(a) of the Securities Exchange Act of 1934 and Rules 10b-5
and 14a-9 promulgated thereunder, and Sections 11, 12(a)(2) and
15 of the Securities Act of 1933.  A copy of the complaint filed
in this action is available from the Court, or can be viewed on
Milberg Weiss' Web site at http://www.milbergweiss.com.

The action, numbered 04-331, is pending in the United States
District Court for the District of Delaware, against defendants
DaimlerChrysler, Daimler-Benz AG, Jurgen E. Schrempp, Eckhard
Cordes, Manfred Gentz, Jurgen Hubbert, Manfred Bischoff, Kurt
Lauk, Klaus Mangold, Heiner Tropitzsch, Klaus-Dieter Vohringer,
Dieter Zetsche and Thomas Sonennberg.

The complaint alleges that defendants issued a number of
materially false and misleading statements in order to get
shareholder approval for the proposed merger of Chrysler and
Daimler-Benz.  For example, defendants misrepresented that the
transaction would be structured as a "merger-of-equals" that
would result in a newly formed entity with dual headquarters in
the U.S. and Germany, whose officers and directors would be
comprised of the officers and directors of the former
constituent companies equally.  Defendants characterized the
transaction as a merger-of-equals, as opposed to an
"acquisition," because, pursuant to applicable law, an
acquisition requires the acquiror to pay a sizable "control
premium" for the shares of the company being acquired whereas a
merger-of-equals requires no such premium, or a much smaller
one.  Defendants misrepresented that the transaction would be a
merger-of-equals in order to purchase Chrysler on the cheap.  In
fact, as investors would learn only after the end of the Class
Period, the transaction was not a merger-of-equals, but rather,
a takeover of Chrysler by Daimler-Benz, with former Daimler-Benz
executives taking control, over time, of the newly formed
DaimlerChrysler and Chrysler relegated to the status of a
subordinate division.  In addition, defendants continued to
falsely tout the success of the merger and the growth that the
Company supposedly was experiencing.  In fact, defendants had
artificially inflated the reported results by prematurely
recognizing revenues and understating costs in the quarter
preceding the merger.  The truth was revealed on November 17,
2000, when the Company reported financial results that fell well
below defendants' guidance.  Then, on March 5, 2001 a former
Chrysler executive was quoted in Forbes as stating that
defendants had prematurely recognized revenues in the quarter
preceding the merger to drum up support.  Class members acquired
their shares at artificially inflated prices and were damaged by
defendants' conduct.

NOTICE TO NON-U.S. ACQUIRORS OF DAIMLERCHRYSLER SECURITIES ON OR
THROUGH EXCHANGES NOT BASED IN THE UNITED STATES.

If you are a NON-U.S. CITIZEN OR RESIDENT who purchased or
otherwise acquired the securities of DaimlerChrysler between
November 17, 1998 and November 17, 2000 or surrendered your
Chrysler shares in connection with the merger of Chrysler by and
into the Company on or about November 17, 1998, on or through a
securities exchange NOT based in the United States, and
sustained damages, you may, no later than July 26, 2004, request
that the Court appoint you as lead plaintiff.  A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation.  In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class.  Under
certain circumstances, one or more class members may together
serve as "lead plaintiff."  Your ability to share in any
recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff.  You may retain Milberg Weiss
Bershad & Schulman LLP, or other counsel of your choice, to
serve as your counsel in this action.

CONTACT:  MILBERG WEISS BERSHAD & SCHULMAN LLP
          One Pennsylvania Plaza, 49th fl.
          New York, NY, 10119-0165
          Steven G. Schulman
          Peter E. Seidman
          Andrei V. Rado
          Phone: 800-320-5081
                 Or 212-594-5300
          E-mail: sfeerick@milbergweiss.com
          Web site: http://www.milbergweiss.com


DEUTSCHE TELEKOM: Enhances Presence, Growth Potential in U.S.
-------------------------------------------------------------
Summary

(a) Deutsche Telekom signs contract regarding termination of
    Joint Venture in New York, California and Nevada;

(b) T-Mobile U.S.A to purchase GSM network in California and
    Nevada for US$2.5 billion;

(c) Wholesale agreement with Cingular will secure revenues of at
    least US$1.2 billion over a maximum of four years for T-
    Mobile USA;

(d) T-Mobile seeks to purchase additional spectrum in selected
    markets to continue successful market share gain;

(e) Long-term customer base expected to increase from current
    market estimates of around 25 million to 30 to 35 million.

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

Deutsche Telekom will further strengthen its presence and growth
potential in the U.S.A. T-Mobile USA and the U.S. mobile
communications company Cingular Wireless have signed a contract
setting out the arrangements for the dissolution of the two
companies' mobile communications joint venture established for
California, Nevada and New York City in 2001 and the acquisition
of the GSM network in California/Nevada from Cingular.  The
agreement between T-Mobile U.S.A. and Cingular was made possible
as a result of Cingular's pending acquisition of AT&T Wireless
in the USA, and the consequent combination of the two companies'
network capacities.  The transaction is subject to the approval
of Cingular's acquisition of AT&T Wireless by U.S. anti-trust
authorities and the Federal Communications Commission (FCC) and
other regulatory approvals.  Closing of the deal is expected for
the beginning of 2005.

The purchase price of US$2.5 billion for the GSM network in
California/Nevada will be offset by a payment of US$200 million
related to the unwinding of the joint venture.  As a result, T-
Mobile U.S.A. will make a net cash payment of approximately
US$2.3 billion to Cingular.  The payment is expected to be made
early in 2005.

Ownership of the network in New York will return to T-Mobile
U.S.A.  Until now T-Mobile has handled its traffic in these
markets through the network of the joint venture.

The agreement with Cingular facilitates further growth of T-
Mobile in the U.S. T-Mobile USA gained nearly 1.7 million
customers in California and Nevada within two years.  As the
penetration in the mobile market in the U.S. is at 55% and
significantly below the 80% level in Europe, this agreement
strengthens the basis for further growth opportunities in the
mobile business.

It has also been agreed that Cingular will purchase network
capacity from T-Mobile worth at least US$1.2 billion over a
maximum of four years.  This wholesale agreement is to ensure
the orderly migration of Cingular's customers in California,
Nevada and New York over time to the network they will acquire
from AT&T Wireless.  The agreement provides the opportunity for
Cingular to purchase additional capacity at similar terms.

T-Mobile U.S.A will also exchange 10 MHz of mobile spectrum in
New York in return for mobile spectrum in selected markets in
California as agreed in the original joint venture agreement.
T-Mobile U.S.A is entitled to use the spectrum currently
available to the joint venture until such time Cingular
customers have migrated from the networks.

In addition, T-Mobile U.S.A will acquire from Cingular an
additional 10MHz of spectrum in San Francisco, Sacramento and
Las Vegas for US$180 million.  T-Mobile USA will also have the
option to acquire a further 10 MHz of spectrum in the key
Californian markets of Los Angeles and San Diego from Cingular
within two years.

T-Mobile U.S.A may buy additional spectrum in the U.S. as it
continues to outperform expectations.  This intention has
already been announced by Deutsche Telekom and is included in
its investment guidance.

As a result Deutsche Telekom is increasing its projection for
the development of the customer base of T-Mobile USA at the end
of 2004 to more than 16 million.  The estimate for the long-term
customer base has been increased to between 30 and 35 million
from current market estimates of around 25 million over a ten-
year horizon.


MESSER GRIESHEIM: To Fully Redeem 10.375% Senior Notes June 22
--------------------------------------------------------------
Notice of Mandatory Redemption
Messer Griesheim Holding GMBH
(formerly Messer Griesheim Holding AG)
EURO Denominated 10.375% Senior Notes Due 2011
ISIN XS0129587142, XS0129586763, XS0136262275

Notice is hereby given that, pursuant to the mandatory
redemption provisions of Section 204 of the Indenture governing
the 10.375% Senior Notes due 2011, dated as of May 16, 2001, as
amended by the Supplemental Indenture, dated as of May 4, 2004,
by and between Messer Griesheim Holding GmbH (formerly Messer
Griesheim Holding AG) and The Bank of New York, as Trustee, any
and all Notes that remain outstanding following the completion
of the Company's offer to purchase for cash and solicitation of
consents relating to the Notes, which expired on May 19, 2004,
have been irrevocably designated for redemption in full, and
shall be redeemed on June 22, 2004 (the Redemption Date) at a
redemption price per EUR1,000 principal amount of Notes (the
Redemption Price) on June 22, 2004 that reflects a yield on the
Notes to June 1, 2006 equal to the sum (such sum, the Bund
Yield) of (a) the yield to maturity (calculated in accordance
with standard market practice) of the 6.25% German Bundesanleihe
due April 26, 2006 (the Bund Reference Bond) based on the
average of the bid and offer price of the Bund Reference Bond as
reported by Reuters at 2:00 p.m., London time, on June 22, 2004,
and (b) a fixed spread of 50 basis points.

Specifically, the Redemption Price per EUR1,000 principal amount
of Notes will equal (a) the value per EUR1,000 principal amount
of Notes, assuming that the Notes will be redeemed in full on
June 1, 2006, at the redemption price applicable on such date
(EUR1,051.88), of all remaining payments of principal thereof
and premium and interest thereon due to be made up to and
including June 1, 2006, discounted to June 22, 2004 at a
discount rate equal to the Bund Yield, minus (b) accrued and
unpaid interest for the period from June 1 to June 22, 2004.

On the Redemption Date, the Redemption Price plus any accrued
and unpaid interest will become due and payable upon each Note
to be redeemed and, unless the Company defaults in making such
payment on the Redemption Date, interest thereon will cease to
accrue on and after the Redemption Date.  Payment will be made
on June 23, 2004 to holders of Notes as shown on the records of
Clearstream Banking Luxembourg societe anonyme and/or Euroclear
Bank S.A./N.V. as operator of the Euroclear System and will be
paid through such clearing systems.

Inquiries relating to the Mandatory Redemption and requests for
a hypothetical calculation demonstrating the pricing methodology
for the Redemption Price should be directed to Winfrid Schmidt
at Otto Volger Strasse 3c, D-65843, Sulzbach, Germany, Phone:
+49 (0) 6196 7760 331, E-mail: winfrid.schmidt@messergroup.com.
Information about the Mandatory Offer is also available from the
Trustee (The Bank of New York, London Branch, at 48th Floor,
One Canada Square, London E14 5AL, United Kingdom, and The Bank
of New York (Luxembourg) S.A. at Aerogolf Center, 1A, Hoehenhof,
1736 Senningerberg, Luxembourg).


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I R E L A N D
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ELAN CORPORATION: Applies for U.S. FDA Approval of Antegren
-----------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
submitted a Biologics License Application (BLA) to the U.S. Food
and Drug Administration (FDA) for the approval of ANTEGREN(R)
(natalizumab) for the treatment of multiple sclerosis (MS).

The submission includes one-year data from two ongoing Phase III
trials.  The companies are committed to completing these two-
year trials.  In order to protect the integrity of the trials,
the companies are not disclosing the one-year data at this time.

"Based on the one-year analysis from our Phase III studies,
which include more than 2,100 patients, we believe that
natalizumab has the potential to become an important new therapy
for MS," said Burt Adelman, MD, executive vice president,
Development, Biogen Idec. 'Natalizumab's novel mechanism of
action represents an innovative approach to treating MS.'

"This submission represents a significant milestone for Elan and
Biogen Idec and demonstrates our continued commitment to
providing a new treatment option for the more than one million
patients experiencing the debilitating effects of MS," said Lars
Ekman, MD, executive vice president and president, Research &
Development, Elan.

"We look forward to working with the FDA throughout the review
process to make natalizumab available to patients who may be in
need."

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and
approximately one million people worldwide.  It is a disease
that affects more women than men, with onset typically between
20 and 40 years of age.  Symptoms of MS may include vision
problems, loss of balance, numbness, difficulty walking and
paralysis.

About the MS Clinical Trials for ANTEGREN

The AFFIRM (natalizumab safety and efficacy in relapsing-
remitting MS) trial is a two-year, randomized, multi-center,
placebo-controlled, double-blind study of approximately 900
patients, evaluating the ability of natalizumab to slow the
progression of disability in MS and reduce the rate of clinical
relapses.  The SENTINEL (safety and efficacy of natalizumab in
combination with AVONEX(R) (Interferon beta-1a)) trial is a two-
year, randomized, multi-center, placebo-controlled, double-blind
study of approximately 1,200 patients with relapsing-remitting
MS, evaluating the effect of the combination of natalizumab and
AVONEX compared to treatment with AVONEX alone in slowing the
progression of disability and reducing the rate of clinical
relapses.  Both study protocols provided for a one-year analysis
of the data.  The primary endpoints for both Phase III two-year
trials in MS are based on the Expanded Disability Status
Scale (EDSS) and relapse rate.  The pre-specified primary
endpoint of the one-year analysis was relapse rate.

About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 antagonist in the new selective adhesion molecule (SAM)
inhibitor class.  The drug is designed to inhibit the migration
of immune cells into chronically inflamed tissue where they may
cause or maintain inflammation.  To date, approximately 2,800
patients have received natalizumab in clinical trials, and the
safety profile continues to support further development.  In
placebo-controlled trials to date, in both Crohn's disease (CD)
and MS, the most commonly reported adverse events in either
group were headache, fatigue and nasopharyngitis.

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in MS, CD, and rheumatoid arthritis
(RA).  The companies intend to submit an application for drug
approval in Europe for MS by the end of the second quarter of
2004.

About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain.  Elan shares trade on the
New York, London and Dublin Stock Exchanges.  For additional
information about the company, please visit http://www.elan.com.

CONTACT:  ELAN CORPORATION
          Media:
          Anita Kawatra
          Phone: 212-407-5755
            Or   800-252-3526

          BIOGEN IDEC
          Amy Brockelman
          Phone: 617-914-6524

          Investor Contacts:
          Emer Reynolds
          Phone: 353 1 709 4000
              or   800-252-3526

          BIOGEN IDEC
          Elizabeth Woo
          Phone: 617-679-2812


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L U X E M B O U R G
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MILLICOM INTERNATIONAL: Names Donna Cordner New Director
--------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq:MICC)
(Stockholmsborsen: MIC), on Tuesday held its Annual General
Meeting of Shareholders in Luxembourg.

The AGM re-elected Vigo Carlund, Ernest Cravatte, Lars-Johan
Jarnheimer, Daniel Johannesson, Raymond Kirsch, Michel Massart
and Cristina Stenbeck as members of the Board of Directors.
Donna Cordner was elected as a new member of the Board of
Directors.  PricewaterhouseCoopers was re-elected as Auditor.

Donna Cordner is the former Managing Director and Global Head of
Telecommunications and Media Structured Finance group at
Citigroup.  She has also held senior management positions at
Societe Generale and ABN AMRO Bank N.V. in the U.S. and Europe,
including as the Director of ABN's Latin America
Telecommunications Project Finance and Advisory Group.  Ms.
Cordner is currently CEO of HOFKAM Limited, which is the largest
rural microfinance company in Uganda.

The AGM resolved to grant 540,000 share options to certain
directors and employees of Millicom.  The options are
exercisable at a 10% premium to the closing market price of
Millicom shares on the Nasdaq Stock Market on May 25, 2004.  The
maximum potential dilution of the current issued share capital
of Millicom as a result of the granting of these new share
options is 0.6%.

A second shareholders' meeting will be convened for point 8 of
the Agenda of the Meeting as the special quorum of 50 per cent
of the shareholders was not present.  The second shareholders'
meeting will vote on a resolution in accordance with the
requirements of article 100 of the law of August 10, 1915 on
commercial companies as amended.  All other resolutions proposed
to Millicom's Annual General Meeting of shareholders in
Luxembourg were passed.

At a Board of Directors' meeting following the AGM, Daniel
Johannesson was re-elected as Chairman of the Board of
Directors.  Michel Massart was re-appointed as Chairman of the
Audit Committee and Ernest Cravatte and Raymond Kirsch were re-
appointed as members of the Audit Committee.  Daniel Johannesson
was appointed as Chairman of the Remuneration Committee and Vigo
Carlund, Donna Cordner and Cristina Stenbeck were appointed
members of the Remuneration Committee.

At a Board of Directors' meeting following the AGM, it was
decided that the procedure for the nomination of Board Directors
for the AGM in 2005 will be chaired by Cristina Stenbeck as
Chairman of the Nomination Group.  The Nomination Group will be
created this fall in consultation with at least three major
shareholders and the composition of the Group will be
communicated in the results statement for the third quarter of
2004.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A.
         Marc Beuls
         President and Chief Executive Officer
         Phone:  +352 27 759 327

         Andrew Best
         Investor Relations
         Phone:  +44 20 7321 5022


STOLT OFFSHORE: Closes Common Shares Offering May 25
----------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
announced on May 25, 2004 that the offering of Common Shares, as
first announced on 16 January 2004 and which commenced on 13 May
2004, closed at 11:00 p.m. (Central European Time) and 5:00 p.m.
(New York City time), Tuesday.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such state or jurisdiction.

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

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

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


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


KONINKLIJKE AHOLD: Responds to Request for Inquiry
--------------------------------------------------
Ahold on Tuesday posted on its corporate Web site the document
it had filed with the Enterprise Chamber of the Amsterdam Court
of Appeals.  The company's comprehensive filing responds to a
request for an inquiry by the VEB, the Association of Dutch
Stockholders and other petitioners.

By publicly releasing its response, Ahold is following its
previously communicated policy to be as open and transparent as
reasonably possible under the circumstances to its shareholders,
customers, employees and regulators.  The hearing before the
Enterprise Chamber of the Amsterdam Court of Appeals regarding
the inquiry request is scheduled to take place on June 17, 2004.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


LAURUS N.V.: Management Board Members Waive 2004 Bonus
------------------------------------------------------
As announced on May 10, Laurus N.V. is planning to strengthen
the competitive position of its Edah, Konmar Superstores and
Super De Boer formats by reorganizing the store organization
structure.  These changes are expected to result in the loss of
at least 1,290 jobs (FTE).

At a recent meeting with the trade unions, the company was asked
whether the members of the Group Management Board would be
willing to forego the variable element of their pay (bonus) for
2004.

In the light of the sacrifices being asked of a large number of
employees, the five members of Laurus N.V.'s Group Management
Board have agreed to waive their entitlement to bonuses for
2004, in the interests of the company and in anticipation of a
positive outcome of the negotiations with the trade unions,
which will start on 2 June, forthcoming.

Laurus and the Road to Recovery

In the coming years, Laurus intends to significantly strengthen
its position as the second-largest player in the Dutch food
retailing sector, based on strong, differentiated retail
formats, each with its individual identity and trading policy
and each independently addressing its specific market segment
with its own identity and commercial policy.  Laurus' recovery
program is based on the company's Recovery Plan, which runs
until the end of 2007.  Although progress along the road to
recovery is necessarily a step-by-step process, it is being
pursued purposefully, with constant tight control of operating
costs and continuous, concentrated attention to back-office
processes.


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


AKER KVAERNER: Wins GBP5 Mln Contract from CNR International
------------------------------------------------------------
Aberdeen-based Aker Kvaerner Offshore Partner Ltd. has landed a
major role in the redevelopment of two North Sea oil and gas
fields.

The company's Subsea Solutions Group has secured a contract for
in excess of GBP5million from CNR International (U.K.) Ltd., to
provide engineering, procurement and project management for the
Banff area development project.  The agreement consists of two
separate scopes of work, in the Banff and Kyle offshore fields.

In order to enhance production in the Banff field, Aker Kvaerner
Offshore Partner will provide a manifold structure /SSIV and
other facilities as part of a plan to convert the field's 'shut-
in water injection' wells to 'gas-lifted' production and to
convert one of Banff's existing production wells to gas
injection.

In the Kyle field, Aker Kvaerner Offshore Partner will provide
facilities associated with re-routing production from one of the
wells to CNR's 'Ramform Banff' FPSO (floating production,
storage and offloading vessel). 'Well 14' in the Kyle field was
originally planned to produce to the Banff facility, but it was
eventually routed to a FPSO in the adjacent Curlew field.  The
original Banff to Kyle subsea pipeline/umbilical infrastructure
will now be utilized to link Well 14 to the Ramform Banff.

Aker Kvaerner Offshore Partner's managing director, Harald
Gulaker says the contract is an opportunity to enhance the
relationship with CNR: "Our Subsea Solutions Group has been
supporting CNR throughout the Option Development and Screening
phases since 2003, and this new agreement will bring our two
companies even closer together. The Banff Area Development is a
prime example of how innovation can maximize production and
field life in the North Sea."

'First oil' from this phase of the Banff area development is
anticipated in the summer of 2004.

Aker Kvaerner Offshore Partner Ltd. is one of five Aker Kvaerner
companies with facilities in Aberdeen.  The others are: Kvaerner
Oilfield Products, Aker Kvaerner Operations, Kvaerner Process
Systems, and Maritime Hydraulics.

                            *   *   *

AKER KVAERNER ASA, through its subsidiaries and affiliates is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner ASA.

MMO Europe (Maintenance, Modifications and Operations) is
responsible for the Aker Kvaerner's MMO competencies and
capacities, serving the Norwegian and U.K. Continental Shelf,
and supporting selected international initiatives.  The core
competencies are turn-key deliveries offshore modifications,
long term on- and offshore modification and maintenance
contracts, inspection, operation and operations support,
offshore removal and de-construction and subsurface advisory.
MMO Europe has approximately 6,000 employees, including 2,600
engineers.

Aker Kvaerner Offshore Partner Ltd is a leading provider of
world-class solutions in total "life-of-field" support services
to the oil and gas industry.  Aker Kvaerner Offshore Partner
Ltd.'s engineering and design capability extends from front-end
consultancy through operations and maintenance support, to
decommissioning.  Headquartered in Aberdeen, the Group's `center
of excellence' for all U.K. operations, Aker Kvaerner Offshore
Partner Ltd. employs 1,000 personnel and offers extensive
experience of value-added solutions that have produced
significant cost savings, faster project delivery and greater
long-term value to our customers.

CONTACT:  AKER KVAERNER
          Media:
          Paul Davis
          Phone: +44 1224 632277


PETROLEUM GEO-SERVICES: Appoints New Head of Communication
----------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced that
Ola Bosterud (42) has been appointed as the new Vice President,
Group Communications of Petroleum Geo-Services ASA.  This is a
new position, which will reinforce PGS communications, both
internally and externally.

Mr. Bosterud has extensive information and communications
experience, including positions such as Director of Information
for Elkem ASA and for TOTAL Norge AS.  He most recently served
as Senior Information Advisor with JKL, where his main
responsibility was advising on communication towards the
financial markets.  Mr. Bosterud begins his new position with
PGS July 1, 2004.

                            *   *   *

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units. PGS
operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit
http://www.pgs.com.

CONTACT:  PETROLEUM GEO SERVICES
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


AGROCHIM: Deadline for Proofs of Claim July 13
----------------------------------------------
The Arbitration Court of Moscow region declared OJSC
agricultural-chemical company AGROCHIM insolvent and introduced
bankruptcy proceedings.  The case is docketed as A41-K2-4950/04.
Mr. V. Druzhchenko has been appointed insolvency manager.
Creditors have until July 13, 2004 to submit their proofs of
claim to the insolvency manager at 141002, Russia, Moscow
region, Mytischi, Post User Box 31.

CONTACT:  AGROCHIM
          142940, Russia, Moscow region, Serebryanye prudy,
          Michurina str.1.

          Mr. V. Druzhchenko, insolvency manager
          141002, Russia, Moscow region, Mytischi,
          Post User Box 31
          Phone/Fax: 5866254, 5865144


GORENERGO: Bankruptcy Supervision Procedure Begins
--------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
supervision procedure on power company OJSC Gorenergo.  The case
is docketed as A67-2844/04.  Mr. Y. Borisov has been appointed
temporary insolvency manager.  Creditors have to submit their
proofs of claim to the temporary insolvency manager at 634034,
Russia, Tomsk, Kuleeva str.33.

CONTACT:  GORENERGO
          (a) Tomsk, Vodyanaya str.80, office 1
          (b) Tomsk, Cooperativny  pereulok 2

          Mr. Y. Borisov, temporary insolvency manager
          634034, Russia, Tomsk, Kuleeva str.33


KASIMOV MUNICIPAL: Ryazan Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
supervision procedure on Kasimov Municipal Electric and Thermic
Networks Company.  The case is docketed as A54-780/04-C20.  Mr.
N. Simon has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 390046, Russia, Ryazan,
Elektrozavodskaya str.63.  A hearing will take place on July 13,
2004 at the Arbitration Court of Ryazan region.

CONTACT: KASIMOV MUNICIPAL ELECTRIC AND THERMIC NETWORKS COMPANY
         391300, Russia, Ryazan region, Kasimov,
         Sovetskaya str.226A

         Mr. N. Simon, temporary insolvency manager
         390046, Russia, Ryazan, Elektrozavodskaya str.63


KISELYEVSK MINE: Kemerovo Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC
Kiselyevsk Mine insolvent and introduced bankruptcy proceedings.
The case is docketed as A27-8706/2001-4.  Mr. I. Pavlushin has
been appointed insolvency manager.  Creditors have to submit
their proofs of claim to the insolvency manager at 652700,
Russia, Kemerovo region, Kiselevsk, Bazovaya str.6.

CONTACT:  KISELYEVSK MINE
          652700, Russia, Kemerovo region, Kiselevsk,
          Bazovaya str.6

          Mr. I. Pavlushin, insolvency manager
          652700, Russia, Kemerovo region, Kiselevsk,
          Bazovaya str.6


LARGE-PANEL: Court Prescribes Bankruptcy Procedure
--------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on OJSC Large-Panel Housing
Construction Factory.  The case is docketed as A43-10978/02-33-
231.  Mr. A. Cherepnin has been appointed temporary insolvency
manager.  Creditors are asked to submit their proofs of claim to
the temporary insolvency manager at 603950, Russia, Nizhny-
Novgorod region, GSP-843, Zayzeva str.31.

CONTACT:  LARGE-PANEL HOUSING CONSTRUCTION FACTORY
          603950, Russia, Nizhny-Novgorod region,
          GSP-843, Zaytseva str.31

          Mr. A. Cherepnin, temporary insolvency manager
          603950, Russia, Nizhny-Novgorod region,
          GSP-843, Zaytseva str.31


NEFTE-CHIM: Insolvent Status Confirmed
--------------------------------------
The Arbitration Court of Moscow declared petrochemical company
CJSC Nefte-Chim-Export insolvent and introduced bankruptcy
proceedings.  The case is docketed as A40-34565/03-44-24B.
Mr. A. Mogilevsky has been appointed insolvency manager.
Creditors have until July 13, 2004 to submit their proofs of
claim to the insolvency manager at 127549, Russia, Moscow, Poste
restante for A. Mogilevsky.

CONTACT:  NEFTE-CHIM-EXPORT
          Russia, Moscow, Schepkina str.28

          Mr. A. Mogilevsky, insolvency manager
          127549, Russia, Moscow,
          Poste restante for A. Mogilevsky


NEFTE-CHIM-PROM: Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Republic of Mary-El declared
petrochemical company LLC Nefte-Chim-Prom insolvent and
introduced bankruptcy proceedings.  The case is docketed as A38-
3243-11/5-04.  Mr. S. Kamilov has been appointed insolvency
manager.  Creditors have until July 13, 2004 to submit their
proofs of claim to the insolvency manager at 424031, Russia,
Republic of Mary-El, Yoshkar-Ola, Post User Box 106.

CONTACT:  NEFTE-CHIM-PROM
          424031, Russia, Republic of Mary-El,
          Yoshkar-Ola, Sverdlov bulvar 5.

          Mr. S. Kamilov, insolvency manager
          424031, Russia, Republic of Mary-El,
          Yoshkar-Ola, Post User Box 106


NELIDOVSKY FERRO: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
supervision procedure on SUE Nelidovsky Ferro-Concrete Products
Factory.  The case is docketed as A66-2108/04.  Ms. G. Galkina
(Moscow) has been appointed temporary insolvency manager.

Creditors have until June 13, 2004 to submit their proofs of
claim to the temporary insolvency manager at 170011, Russia,
Tver, 1st after OZhD. Phone: (8632) 423867.  A hearing will take
place on September 7, 2004, 10:30 a.m. at the Arbitration Court
of Tver region.

CONTACT:  SUE NELIDOVSKY FERRO-CONCRETE PRODUCTS FACTORY
          172572, Russia, Tver region, Nelidovo,
          Severnoye shosse 5

          Ms. G. Galkina, temporary insolvency manager
          170011, Russia, Tver, 1st after OzhD
          Phone (8632) 423867

NOSTA: To Auction Three Property Lots June 23
---------------------------------------------
The public auction of the property complex of OJSC NOSTA (Orsko-
Khalilovsky Metallurgical Combine) by a uniform lot has been
annulled and the results deemed not binding.  The case is
docketed as A47-126B/01.

As a result, the bidding organizer and insolvency manager of
OJSC Nosta, Mr. A. Oksamitny, acting pursuant to the ruling of
The Arbitration Court of Orenburg region and the request of the
company's creditor committee, is resetting the partial public
auction of NOSTA's properties on June 23, 2004 at 9:00 a.m.
(local time).  The auction will be held at Russia, Orenburg
region, Novotroitsk, Zavodskaya str.1, Building B, Assembly
Hall.  Registration for participants will be at 8:30-9:00 a.m.
on June 23, 2004.

Assets for sale are:

Lot 1: (a) Land lots with total area of 1,880,593 sq. m.
           Starting price of the lot is RUB27,001,339 excluding
           VAT.

Lot 2: (b) Buildings, constructions and uncompleted construction
           of a rest house, tourist bases and children's camp
           (84 objects, 1698 unit of equipment).
           Starting price: RUB42,810,128, excluding VAT.

Lot 3: (a) Land lots with total area of 1,300 sq. m.,
       (b) Building with address at Russia, Novotroitsk,
           Sovetskaya str.51,
       (c) Buildings and constructions of Dispensary (5 objects,
           595 unit of the equipment).
           Starting price: RUB6,238,229, excluding VAT.

Price will be increased by increments of RUB5 million.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
office 114, 1st Floor, Phone: 8 (35376) 6-66-23, Fax: 8(35376)
6-25-86.  Reception of biddings and documents for participation
in the auction will be done until 2:00 p.m. on June 17, 2004.

In order to participate in the auction, bidders should transfer
deposit to the settlement OJSC NOSTA (Orsko-Khalilovsky
Metallurgical Combine) account 40702810900250000087 in OJSC
ALFA-Bank' Orsk branch (TIN5607000184), corresponding account
no. 30101810100000000810 in RKZ.  Deadline is June 17, 2004.

CONTACT:  OJSC NOSTA
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1

          Mr. A. Oksamitny, Insolvency Manager
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1
          Office 114, 1st Floor
          Phone: 8 (35376) 6-66-23
          Fax: 8(35376) 6-25-86


NOSTA: Public Auction of Eleven Property Lots June 24
-----------------------------------------------------
The public auction of the property complex of OJSC NOSTA (Orsko-
Khalilovsky Metallurgical Combine) by a uniform lot has been
annulled and the results deemed not binding.  The case is
docketed as A47-126B/01.

As a result, the bidding organizer and insolvency manager of
OJSC Nosta, Mr. A. Oksamitny, acting pursuant to the ruling of
The Arbitration Court of Orenburg region and the request of the
company's creditor committee, is setting a public auction of
NOSTA's properties on June 24, 2004 at 9:00 a.m. (local time).
The auction will be held at Russia, Orenburg region,
Novotroitsk, Zavodskaya str.1, Building B, Assembly Hall.
Registration for participants is at 8:30-9:00 a.m. on June 24,
2004.

Assets for sale are:

Lot 1: Land lots with total area of 45,913 sq. m..
       Starting price: RUB528,917, excluding VAT.

Lot 2: Land lots with total area of 48,070 sq. m.
       Starting price: RUB553,766, excluding VAT.

Lot 3: Land lots with total area of 112,188 sq. m.
       Starting price: RUB1,292,405, excluding VAT.

Lot 4: Land lots with total area of 87,400 sq. m.
       Starting price: RUB1,006,848, excluding VAT.

Lot 5: Apartment in Novotroitsk
       Starting price: RUB843,925, excluding VAT.

Lot 6: Apartment in Novotroitsk
       Starting price: RUB498,799, excluding VAT

Lot 7: Apartment in Novotroitsk
       Start price: RUB573,587, excluding VAT

Lot 8: Apartment in Novotroitsk
       Starting price is RUB462,927, excluding VAT

Lot 9: Apartment in Novotroitsk
       Starting price: RUB394,687, excluding VAT

Lot 10: Apartment in Novotroitsk
        Starting price: RUB568,054, excluding VAT

Lot 11: Land lots with total area of 58,268 sq. m.
        Starting price: RUB671,247, excluding VAT

Price will be increased by increments of RUB300,000.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done under the address: Russia, Orenburg region, Novotroitsk,
Zavodskaya str.1, office 114, 1st Floor, Phone: 8 (35376) 6-66-
23, Fax: 8(35376) 6-25-86.  Reception of biddings and documents
for participation in the auction will be done until 2:00 p.m. on
June 19, 2004.

In order to participate in the auction, bidders should transfer
deposit to the settlement OJSC NOSTA (Orsko-Khalilovsky
Metallurgical Combine)' account 40702810900250000087 in OJSC
ALFA-Bank' Orsk branch (TIN5607000184), corresponding account
no. 30101810100000000810 in RKZ.  Deadline is June 19, 2004.

CONTACT:  NOSTA
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1

          Mr. A. Oksamitny, Insolvency Manager
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1
          Office 114, 1st Floor
          Phone: 8 (35376) 6-66-23
          Fax: 8(35376) 6-25-86


NOSTA: Sets Auction of Seven Property Lots June 25
--------------------------------------------------
The public auction of the property complex of OJSC NOSTA (Orsko-
Khalilovsky Metallurgical Combine) by a uniform lot has been
annulled and the results deemed not binding.  The case is
docketed as A47-126B/01.

As a result, the bidding organizer and insolvency manager of
OJSC Nosta, Mr. A. Oksamitny, acting pursuant to the ruling of
The Arbitration Court of Orenburg region and the request of the
company's creditor committee, is setting a partial auction of
NOSTA's properties on June 25, 2004, at 9:00 a.m. (local time).
The auction will be held at Russia, Orenburg region,
Novotroitsk, Zavodskaya str.1, Building B, Assembly Hall.
Registration for participants will be at 8:30-9:00 a.m. on June
25, 2004.

Assets for sale are:

Lot 1: Land lots with total area of 5,883 sq. m.
       Starting price: RUB67,772, excluding VAT.

Lot 2: Land lots with total area of 9,481 sq. m.
       Starting price: RUB109,220, excluding VAT.

Lot 3: Land lots with total area of 13,119 sq. m.
       Starting price: RUB151,132, excluding VAT.

Lot 4: Land lots with total area of 8,107 sq. m.
       Starting price: RUB93,393, excluding VAT.

Lot 5: Land lots with total area of 24,265 sq. m.
       Starting price: RUB279,533, excluding VAT

Lot 6: Land lots with total area of 22,667 sq. m.
       Starting price: RUB261,124, excluding VAT.

Lot 7: Land lots with total area of 11,459 sq. m.
       Starting price: RUB132,008, excluding VAT.

Price will be increased by increments of RUB30,000.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
office 114, 1st Floor, Phone: 8 (35376) 6-66-23, Fax: 8(35376)
6-25-86.  Reception of biddings and documents for participation
in the auction will be done until 2:00 p.m. on June 21, 2004.

In order to participate in the auction, bidders should transfer
deposit to the settlement OJSC NOSTA (Orsko-Khalilovsky
Metallurgical Combine)' account 40702810900250000087 in OJSC
ALFA-Bank' Orsk branch (TIN5607000184), corresponding account
no. 30101810100000000810 in RKZ.  Deadline is June 21, 2004.

CONTACT:  NOSTA
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1

          Mr. A. Oksamitny, Insolvency Manager
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1
          Office 114, 1st Floor
          Phone: 8 (35376) 6-66-23
          Fax: 8(35376) 6-25-86


NOSTA: To Auction Nine Property Lots June 28
--------------------------------------------
The public auction of the property complex of OJSC NOSTA (Orsko-
Khalilovsky Metallurgical Combine) by a uniform lot has been
annulled and the results deemed not binding.  The case is
docketed as A47-126B/01.

As a result, the bidding organizer and insolvency manager of
OJSC Nosta, Mr. A. Oksamitny, acting pursuant to the ruling of
The Arbitration Court of Orenburg region and the request of the
company's creditor committee, is setting a public auction of
NOSTA's properties on June 28, 2004.  The auction will be held
at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
Building B, Assembly Hall.  Registration for participants will
be at 8:30 to 9:00 a.m. on June 28, 2004.

Assets for sale are:

Lot 1: Land lots with total area of 1,351 sq. m.
       Starting price: RUB15,563, excluding VAT.

Lot 2: Land lots with total area of 492 sq. m.
       Starting price: RUB5,668, excluding VAT.

Lot 3: Land lots with total area of 2,099 sq. m.
       Starting price: RUB24,181, excluding VAT.

Lot 4: Land lots with total area of 218 sq. m.
       Starting price: RUB2,511, excluding VAT.

Lot 5: 6 units of long-term financial investments
       Starting price: RUB11,700, excluding VAT.

Lot 6: 1 unit of long-term financial investments
       Starting price: RUB12,780, excluding VAT.

Lot 7: 1 unit of long-term financial investments
       Starting price: RUB7,560, excluding VAT.

Lot 8: 1 unit of long-term financial investments
       Starting price: RUB7,740, excluding VAT.

Lot 9: Land lots with total area of 543 sq. m.
       Starting price: RUB6,255, excluding VAT.

Price will be increased by increments of RUB1,000.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
office 114, 1st Floor, Phone: 8 (35376) 6-66-23, Fax: 8(35376)
6-25-86.  Reception of biddings and documents for participation
in the auction will be done until 2:00 p.m. on June 22, 2004.

In order to participate in the auction, bidders should transfer
deposit to the settlement OJSC NOSTA (Orsko-Khalilovsky
Metallurgical Combine)' account 40702810900250000087 in OJSC
ALFA-Bank' Orsk branch (TIN5607000184), corresponding account
no. 30101810100000000810 in RKZ.  Deadline is June 21, 2004.

CONTACT:  NOSTA
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1

          Mr. A. Oksamitny, Insolvency Manager
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1
          Office 114, 1st Floor
          Phone: 8 (35376) 6-66-23
          Fax: 8(35376) 6-25-86


NOSTA: Debts, Short-term Financial Investments for Sale
-------------------------------------------------------
The public auction of the property complex of OJSC NOSTA (Orsko-
Khalilovsky Metallurgical Combine) by a uniform lot has been
annulled and the results deemed not binding.  The case is
docketed as A47-126B/01.

As a result, the bidding organizer and insolvency manager of
OJSC Nosta, Mr. A. Oksamitny, acting pursuant to the ruling of
The Arbitration Court of Orenburg region and the request of the
company's creditor committee, is setting a partial auction of
NOSTA's properties on June 30, 2004.  The auction will be held
at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
Building B, Assembly Hall.  Registration for participants will
be at 8:30 to 9:00 a.m. on June 30, 2004.

The assets for sale are debts and short-term financial
investments with book value of RUB1,899,746,000.  Starting price
is RUB215,525,000, excluding VAT.  The price will be increased
by increments of RUB15 million.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done at Russia, Orenburg region, Novotroitsk, Zavodskaya str.1,
office 114, 1st Floor, Phone: 8 (35376) 6-66-23, Fax: 8(35376)
6-25-86.  Reception of biddings and documents for participation
in the auction will be done until 2:00 p.m. on June 24, 2004.

In order to participate in the auction, bidders should transfer
deposit to the settlement OJSC NOSTA (Orsko-Khalilovsky
Metallurgical Combine)' account 40702810900250000087 in OJSC
ALFA-Bank' Orsk branch (TIN5607000184), corresponding account
no. 30101810100000000810 in RKZ.  Deadline is June 24, 2004.

CONTACT:  NOSTA
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1

          Mr. A. Oksamitny, Insolvency Manager
          Russia, Orenburg region
          Novotroitsk, Zavodskaya str.1
          Office 114, 1st Floor
          Phone: 8 (35376) 6-66-23
          Fax: 8(35376) 6-25-86


PETROVSK-ZABAYKALSKY: Court Sets August 17 Hearing
--------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
supervision procedure on SUE Petrovsk-Zabaykalsky Vodka
Distillery.  The case is docketed as A78-2017/04-B-27.  Mr. S.
Philippov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at Russia, Chita, 9-th January
str.37, office 212.  A hearing will take place on August 17,
2004, 10:00 a.m. at the Arbitration Court of Chita region.

CONTACT:  SUE PETROVSK-ZABAYKALSKY VODKA DISTILLERY
          673010, Russia, Chita region, Petrovsk-Zabaykalsky,
          Lazo str.1

          Mr. S. Philippov, temporary insolvency manager
          Russia, Chita, 9-th January str.37, office 212

          Arbitration Court of Chita region
          672000, Russia, Chita, Vystavochnaya str.6


SEVERNY: Irkutsk Court Declares Poultry Factory Bankrupt
--------------------------------------------------------
The Arbitration Court of Irkutsk region declared state breeding
poultry factory Severny insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-16896/03-34.  Mr. V.
Trofimenko has been appointed insolvency manager.

Creditors have until July 13, 2004 to submit their proofs of
claim to the insolvency manager at 665717, Russia, Irkutsk
region, Bratsk-17, Post User Box 920.  A hearing will take place
on March 10, 2005, 10:20 a.m. at the Arbitration Court of
Irkutsk region.

CONTACT:  SEVERNY
          665703, Russia, Irkutsk region, Bratsk,
          Eniseyskaya str.23

          Mr. V. Trofimenko, insolvency manager
          665717, Russia, Irkutsk region, Bratsk-17,
          Post User Box 920.

          Arbitration Court of Irkutsk region:
          664025, Russia, Irkutsk, Gagarin bulvar 70


VIMPELCOM COMMUNICATIONS: To Release 1st-quarter Results May 27
---------------------------------------------------------------
Open Joint Stock Company Vimpel-Communications (NYSE: VIP) will
Web cast its conference call on its first quarter 2004 financial
results on Thursday, May 27, 2004, at 6:30 p.m. Moscow time
(10:30 a.m. EDT).  The conference call will be hosted by
Alexander Izosimov, Chief Executive Officer.  He will be joined
by Elena Shmatova, Chief Financial Officer, Nikolai
Pryanishnikov, First Vice President-Commercial Director, and
Valery Goldin, Vice President of International and Investor
Relations.  The press release announcing the Company's first
quarter 2004 financial results will be available on the
Company's Web site, located at http://www.vimpelcom.com,prior
to the conference call.

The Company's management will discuss its first quarter 2004
results during a conference call and slide presentation.  The
call and slide presentation may be accessed via Web cast at the
following URL address http://www.vimpelcom.com. For those who
will be unable to listen to the live slide presentation Web
cast, it will be archived on the Company's Web site until June
28, 2004.

VimpelCom is a leading provider of telecommunications services
in Russia, operating under the Bee Line GSM brand.  The
VimpelCom Group's license portfolio covers approximately 92% of
Russia's population (134 million people), including the City of
Moscow, the Moscow Region and the City of St. Petersburg.
VimpelCom's ADSs are listed on the New York Stock Exchange under
the symbol VIP.

                            *   *   *

In April, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Vimpel-Communications (JSC)
(VimpelCom) to 'BB-' from 'B+', reflecting the company's
successful expansion of operations and improved financial
performance and credit metrics.  The outlook is positive.

At the same time, Standard & Poor's assigned its 'BB-' senior
unsecured debt rating to Vimpelcom's proposed loan participation
notes of about $300 million to be issued by -- but without
recourse to -- UBS (Luxemburg) S.A., for the sole purpose of
funding an intended loan of a similar amount to VimpelCom.  The
proceeds from the issue are to be used by VimpelCom for funding
capital expenditures and debt refinancing in 2004.

CONTACT:  VIMPELCOM COMMUNICATIONS
          Valery Goldin
          (Moscow)
          Phone: 7(095) 974-5888
          E-mail: vgoldin@VimpelCom.com

          EDELMAN FINANCIAL WORLDWIDE
          Christopher Mittendorf
          Phone: (212) 704-8134
          E-mail: christopher.mittendorf@edelman.com


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


ISLA MAGICA: Receivers Find Park Provisionally Insolvent
--------------------------------------------------------
The management of troubled Spanish theme park Isla Magica
undervalued the company's assets in their application for
bankruptcy.  A report from the official receivers of Isla Magica
showed the company has callable capital surplus of more than
EUR13.4 million instead of just EUR3.8 million the management
declared, an abstract of a La Expansion report by Europe
Intelligence Wire said.  The difference lies on higher valuation
of the park's assets by its receivers.  This apparently better
result classifies Isla Magica as provisionally insolvent or
healthier than previously thought of.

Isla Magica has EUR69.3 million total callable liabilities, most
of which is owed to a syndicate of banks that funded its
construction.  The remaining part of the debt is in the form of
subordinated loans and participating loans to shareholders.  The
park, which cost EUR40.86 million to construct, recorded EBITDA
of EUR1.03 million and turnover of EUR6 million in 2003.


PORT AVENTURA: Tourism Slowdown Spells Trouble
----------------------------------------------
Port Aventura, one of Europe's largest theme park, is in
trouble, according to Europe Intelligence Wire.

Just like Spain's three other leading theme parks, Warner
Madrid, Isla Magica, and Terra Mitica, the park was over-
optimistic in its visitor forecast.  But a general slump in the
sector turned this bullish outlook into a EUR4.9 million loss in
2003.

Port Aventura is located a few hours by car in the south of
Barcelona, Spain next to the holiday resort "Salou" close to the
Mediterranean Sea.  It is owned and operated by Universal
Studios.

CONTACT:  UNIVERSAL STUDIOS PORT AVENTURA
          Avenue Alcalde Pere Molas, Km. 2
          43480 Vila-seca, Tarragona, Spain
          Phone: (0977) 779 090
          Fax: (0977) 779 082
          E-mail: amigos@portaventura.es
          Home Page: http://www.portaventura.es


TERRA MITICA: Files for Bankruptcy; Blames Tourism Slump
--------------------------------------------------------
Terra Mitica, the giant amusement park in Beniform, has filed
for bankruptcy, according to Europe Intelligence Wire.

The Mediterranean Sea-inspired park previously predicted
promising number of visitors, but suffered as the sector slumped
elsewhere in Europe.  It reported losses of EUR61.47 million in
2003, according to Libertas 7, a Spanish property and investment
group that owns a 2.07% stake in the theme park.

Terra Mitica has EUR82 million in debt.  Its creditors include
the president of the provincial authority of Alicante, Jose
Joaquin Ripoll.  The theme park opened in 2000.  It offers
visitors regular live shows, and five different areas, all of
which are associated with the Mediterranean Sea.

CONTACT:  TERRA MITICA
          Benidorm a Finestrat
          Camino de Moralet s/n
          3500 Benidorm, Alicante
          Spain
          Phone: (0902) 020 220
          E-mail: callcenter@terramiticapark.com
                  info@terramiticapark.com
          Home Page: http://www.terramiticapark.com


WARNER MADRID: Shares Struggle of Rival Theme Parks
---------------------------------------------------
Warner Madrid is feeling the impact of declining interest for
theme park attractions in Europe.  The company reported losses
of EUR10.8 million in 2003, according to Europe Intelligence
Wire.

Rival amusement parks, Terra Mitica, Isla Magica and Port
Aventura are in similar strait.  Terra Mitica recently filed for
bankruptcy, while Isla Magica was declared provisionally
insolvent by its receivers.

The four theme parks were built under the auspices of local
governments and all have savings banks as main shareholders.
All, too, erred in projecting a huge number of visits from
tourists.  More information about Warner Madrid is found at
http://www.warnermadrid.com/


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


AGRO-EXPRESS: Deadline for Proofs of Claim June 14
--------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC Agro-
Express (code EDRPOU 32150075) insolvent and introduced
bankruptcy proceedings on April 22, 2004.  The case is docketed
as B 24/55/04.  Arbitral manager Mr. Ryabchij S. (License Number
047446) has been appointed liquidator/insolvency manager.
Creditors have until June 14, 2004 to submit their proofs of
claim to the liquidator/insolvency manager at 49700, Ukraine,
Dnipropetrovsk, Panikaha str., 2.

CONTACT:  AGRO-EXPRESS
          Ukraine, Dnipropetrovsk, Visotskij str., 1a

          Mr. Ryabchij S., Liquidator/Insolvency Manager
          49700, Ukraine, Dnipropetrovsk, Panikaha str., 2


ASTRA: Hmelnitskij Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Hmelnitskij region declared LLC Astra
(code EDRPOU 00291670) insolvent and introduced bankruptcy
proceedings on June 12, 2003.  The case is docketed as 6/8-B.
Mr. Kunashenko V. (License Number 047951 approved October 18,
2001) has been appointed liquidator/insolvency manager.

CONTACT:  ASTRA
          Ukraine, Hmelnitskij region, Slavuta, Zhukov str., 3


EXPRESS: Insolvent Status Confirmed
-----------------------------------
The Economic Court of Donetsk region declared production-trade
enterprise Express (code EDRPOU 21986637) insolvent and
introduced bankruptcy proceedings on April 14, 2004.  The case
is docketed as 15/184B.  Mr. Kanunnikov Roman (License Number AA
669685) has been appointed liquidator/insolvency manager.

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

(a) Liquidator / Insolvency Manager: Ukraine, Donetsk region,
    Snizhne, Gagarin str., 51/38

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

Express maintains Account Number 260020009551001 at OJSCB
NadraDonetsk branch, MFO 334862.

CONTACT:  EXPRESS
          83048, Ukraine, Donetsk, Kuprin str., 333

          Mr. Kanunnikov Roman, Liquidator/Insolvency Manager
          Ukraine, Donetsk region, Snizhne, Gagarin str., 51/38

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


KRASNORICHENSKE' PLANT: Declared Bankrupt
-----------------------------------------
The Economic Court of Lugansk region declared LLC
Krasnorichenske' Plant Of Building Materials (code EDRPOU
21806316) insolvent and introduced bankruptcy proceedings on
March 16, 2004.  The case is docketed as 11/104B.  Arbitral
manager Mr. Belikov Andrij (License Number AA 484195 approved
December 29, 2004) has been appointed liquidator/insolvency
manager.

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

(a) Liquidator/Insolvency Manager: 91050, Ukraine, Lugansk,
    Kamarov quarter, 35/64

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

Krasnorichenske' Plant Of Building Materials maintains Account
Number 2600430130391 at Prominvestbank, MFO 304535.

CONTACT:  KRASNORICHENSKE' PLANT OF BUILDING MATERIALS
          93600, Ukraine, Lugansk region, Kreminskij district,
          Krasnorichenske, Privokzalna str., 1

          Mr. Belikov Andrij, Liquidator/Insolvency Manager
          91050, Ukraine, Lugansk, Kamarov quarter, 35/64

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


KREMENCHUG AUTO: Bankruptcy Proceedings Begin
---------------------------------------------
The Economic Court of Poltava region declared OJSC Kremenchug
Auto-Transport Complex (code EDRPOU 01268779) insolvent and
introduced bankruptcy proceedings on April 6, 2004.  The case is
docketed as 10/302.  Mr. Nesvit V. (License Number 047993
approved October 19, 2001) has been appointed
liquidator/insolvency manager.

Kremenchug Auto-Transport Complex holds Account Number
26000301370222 at JSCB Prominvestbank, Kremenchug branch, MFO
331144.

CONTACT:  KREMENCHUG AUTO-TRANSPORT COMPLEX
          39600, Ukraine, Poltava region, Kremenchug,
          Yarmakov str., 11

          Mr. Nesvit V., Liquidator/Insolvency Manager
          36003, Ukraine, Poltava,
          Nezalezhnosti micro region, 1b/18
          Phone: 50-80-67

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


MAYAK: Donetsk Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Donetsk region declared LLC bird
enterprise Mayak (code EDRPOU 00851956) insolvent and introduced
bankruptcy proceedings on April 20, 2004.  The case is docketed
as 15/23B.   Arbitral manager Mrs. Sholohova Irina (License
Number AA 047997 approved October 19, 2001) has been appointed
liquidator/insolvency manager.  Mayak holds Account Number
26000301570554 at Prominvestbank, Dobropillya branch, MFO
334118.

CONTACT:  MAYAK
          85051, Ukraine, Donetsk region,
          Dobropillya district, Mayak

          Mrs. Sholohova Irina, Liquidator/Insolvency Manager
          83000, Donetsk, Universitetska str., 6/27

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


NAUKA: Donetsk Economic Court Prescribes Bankruptcy Procedure
-------------------------------------------------------------
The Economic Court of Donetsk region declared CJSC Nauka (code
EDRPOU 30905617) insolvent and introduced bankruptcy proceedings
on March 25, 2004.  The case is docketed as 15/366 B.  Mrs.
Vovkotrub O. (License Number AA 485241 approved March 19, 2003)
has been appointed liquidator/insolvency manager.

CONTACT:  NAUKA
          Ukraine, Donetsk region, Umanske, Batula str., 44 A

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


OKTYABRSKIJ SUGAR: Court Declares Sugar Factory Insolvent
---------------------------------------------------------
The Economic Court of Poltava region declared OJSC Oktyabrskij
Sugar Plant (code EDRPOU 00372262) insolvent and introduced
bankruptcy proceedings on April 15, 2004.  The case is docketed
as 10/298.  Mr. Nesvit V. (License Number 047993 approved
October 19, 2001) has been appointed liquidator/insolvency
manager.  Oktyabrskij Sugar Plant holds Account Number
26003170447001 at CB Privatbank, Poltava branch, MFO 331401.

CONTACT:  OKTYABRSKIJ SUGAR PLANT
          39500, Ukraine, Poltava region, Karlivka,
          Kotovskij str., 5

          Mr. Nesvit V., Liquidator/Insolvency Manager
          36003, Ukraine, Poltava,
          Nezalezhnosti micro region, 1b/18
          Phone: 50-80-67

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


TRUD: Insolvent Status Confirmed
--------------------------------
The Economic Court of Mikolaiv region declared OJSC Trud (code
EDRPOU 00488869) insolvent and introduced bankruptcy proceedings
on August 11, 2003.  The case is docketed as 5/318.   Mrs.
Ratinska Stalina (License Number AA 783075 approved April 9,
2004) has been appointed liquidator/insolvency manager. Trud
maintains Account Number 26006000643001 at JSC Ukrinbank of
Yelanets, Mikolaiv branch, MFO 326580.

CONTACT:  TRUD
          55550, Ukraine, Mikolaiv region, Yelanets district,
          Malozhenivka

          Mrs. Ratinska Stalina, Liquidator/Insolvency Manager
          54001, Ukraine, Mikolaiv, Sadova str., 1-a
          Phone: 8 (0512) 35-51-26

     ECONOMIC COURT OF MIKOLAIV REGION:
     54009, Ukraine, Mikolaiv, Admiralska str., 22


YABLUNIVSKE: Chernigiv Court Appoints Insolvency Manager
--------------------------------------------------------
The Economic Court of Chernigiv region declared agricultural LLC
Yablunivske (code EDRPOU 03798487) insolvent and introduced
bankruptcy proceedings on April 6, 2004.  The case is docketed
as 4/85 B.  Mr. Cherevjak Viktor (License Number AA 48782142
approved May 6, 2003) has been appointed liquidator/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

Yablunivske maintains Accounts Numbers 26005301715992,
26049301715922, 2604309715922 at Prominvestbank, Priluki branch;
as well as additional Account Numbers 26001375709001,
26048375709019, 26047375709009 at JSPB Ukraina Priluki branch.

CONTACT:  YABLUNIVSKE
          17525, Ukraine, Chernigiv region, Priluki district,
          Yablunivka, Lenin str., 40

          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


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


BLU ORBIT: Hires Begbies Traynor Administrator
----------------------------------------------
The Blu Orbit International Limited Company has appointed
Timothy John Edward Dolder and Paul Michael Davis as joint
administrative receivers.  The appointment was made May 13,
2004.

Blu Orbit is engaged in advertising and retailing non-store
sale.  The Company's registered office is located at Chiltern
House, 24-30 King Street, Watford WD18 0BP.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Receivers:
          Timothy John Edward Dolder
          Paul Michael Davis
          (IP Nos 9008, 7805)


BREED MANUFACTURING: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of the Breed
Manufacturing Limited Company on May 18, 2004 held at The
Atrium, Park Street West, Luton, Bedfordshire LU1 3BE, the
Special and Ordinary Resolutions to wind up the Company were
passed.  Martin Dominic Pickard has been appointed Liquidator.


CARLTON COURT: Names Liquidator from Stephen Rout & Company
-----------------------------------------------------------
At an Extraordinary General Meeting of the Carlton Court Estates
(Cambridge) Limited Company on May 12, 2004 held at Glynderi,
Tayllyn, Brecon, Powys LD3 7SY, the Special Resolution to wind
up the Company was passed.  Stephen Rout of Stephen M. Rout &
Company, of 12 Signet Court, Swanns Road, Cambridge CB5 8LA has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  STEPHEN M. ROUT & COMPANY
          12 Signer Court
          Swanns Road,
          Cambridge CB5 8LA
          Contact:
          Stephen Rout, Liquidator


CLEVEPART LIMITED: Creditors Meeting Set June 8
-----------------------------------------------
The Creditors of Clevepart Limited Company will have a Meeting
of June 8, 2004 at 10:15 a.m.  It will be held at 76 New
Cavendish Street, London W1G 9TB.

Creditors list of names and addresses will be available for
inspection free of charge at Berley Chartered Accountants, 76
New Cavendish Street, London W1G 9TB between 10:00 a.m. and 4:00
p.m. on June 4, 2004.


EMI GROUP: Preliminary Results Show EUR52.8 Mln Pre-tax Loss
------------------------------------------------------------
Highlights of preliminary results for the year ended 31 March
2004:

(a) Outperformed the music industry, gaining share in both
    recorded music and music publishing divisions;

(b) Global and local creative success with 20 albums selling
    over 1 million units, led by Norah Jones, Coldplay, Robbie
    Williams and Chingy;

(c) Rapid growth in revenues from new sources, e.g., DVD,
    downloads and ring tones;

(d) Maintained operating margin while investing in new revenue
    streams and technology, and despite difficult market
    conditions;

(e) On track to deliver GBP50 million of annualized savings
    through the implementation of outsourced manufacturing and
    restructuring selected record labels;

(f) Cash flow from operations more than double prior year's
    level and year-end net debt reduced by GBP111 million (13%);

(g) Full year dividend maintained at 8p.

Financial overview

Year ended 31 March 2004 (GBP million, unless noted)

                         2004       2003             Change

                               (Restated) Reported   Constant
                                   (i)               currency

Group turnover           2,120.7    2,175.4  (2.5%)    (1.4%)

Group operating profit
(EBITA) (ii)               249.3      254.7   (2.1%)    (0.8%)

Return on sales (iii)       11.8%     11.7%

Adjusted profit before
tax (iv)                    163.3     178.8   (8.7%)

(Loss) / Profit before
taxation                    (52.8)    323.8

Adjusted net profit
after tax and               124.3     123.4    0.7%
minority interests (iv)

Net (loss) / profit
after tax and               (71.6)    234.2
minority interests

Adjusted EPS (v)             15.8p     15.6p   1.3%

Adjusted diluted EPS (v, vi) 15.5p     15.6p  (0.6%)

Basic EPS                    (9.1)p    29.9p

Dividend per share            8.0p     8.0p

Operating cash flow         309.4    117.2

Net debt                    748.7    859.8  (111.1)

Notes:

Prior year comparatives have been restated for the impact of
UITF 38 -- Accounting for ESOP Trusts and UITF 17 (Revised) --
Accounting for Share Schemes.  The prior year impact on EBITA
was GBP0.7 million.

Group operating profit (EBITA) is before operating exceptional
items, amortization of goodwill and music copyrights and HMV.

Return on sales is defined as Group operating profit before
operating exceptional items and amortization of goodwill and
music copyrights as a percentage of Group turnover.

Adjusted profit before tax and adjusted net profit after tax and
minority interests are before operating, non-operating and
finance exceptional items and amortization of goodwill and music
copyrights and HMV.

Adjusted earnings per share and adjusted diluted earnings per
share are before operating, non-operating and finance
exceptional items and amortization of goodwill and music
copyrights.

Adjusted diluted earning per share treats outstanding share
options and the US$243 million convertible bond issued on 3
October 2003 as equity.

EMI Group continues to outperform industry

(a) Group turnover of GBP2,120.7 million, down 1.4% at constant
    currency, significantly outperforming the global music
    market, which declined by 5.6% when the growing DVD/music
    video segment is included and declined by 7.8% for
    traditional audio products

(b) Legitimate digital music revenues trebled to over GBP15
    million while efforts to contain piracy have a positive
    impact

(c) Group operating profit (EBITA) of GBP249.3m held up well,
    with a 0.8% decline at constant currency, even with
    continuing expenditures to develop artists, songwriters, new
    revenue streams and technology

(d) Adjusted PBT of GBP163.3 million down GBP15.5 million due
    mainly to increased interest charges

(e) Adjusted net profits after tax and minority interests
    increased to GBP124.3 million

(f) Net loss after tax and minority interests of GBP71.6 million
    compared with a net profit of GBP234.2 million in prior
    year, affected by:

     (i) An operating exceptional charge of GBP138.3 million,
         primarily due to label and roster reorganization in EMI
         Music

    (ii) A non-operating exceptional charge of GBP16.5 million,
         with a charge for exiting manufacturing in Europe and
         the U.S., partially offset by property disposals

   (iii) A non-operating exceptional gain of GBP209.7 million in
         prior year, primarily due to the sale of HMV Operating
         cash flow more than doubled to GBP309.4 million
         from GBP117.2 million

(g) Year-end net debt reduced by GBP111.1 million to GBP748.7
    million

(h) Net debt/EBITDA ratio improved to 2.6x from 2.9x

(i) Recorded music - outperformed the industry and gained market
    share

(j) Turnover of GBP1,722.8 million, down 2.0% at constant
    currency, significantly outperforming the industry

(k) Global market share increased to 13.2%, up from 12.7% in the
    prior year, with share gains in most regions, including
    North America, Continental Europe and Asia

(l) EBITA of GBP147.4 million, a 1.9% decline at constant
    currency.  Margins held firm even with ongoing expenditures
    in new revenue streams and technology program

(m) North America delivered good growth in sales and substantial
    improvements in profitability

Music publishing - delivered strong results

(a) Turnover of GBP397.9 million, growing 1.1% at constant
    currency, despite pressures from the recorded music industry

(b) EBITA of GBP101.9 million, an increase of 0.7% at constant
    currency

(c) Growth in synchronization and performance income more than
    offset the weakness in mechanical income

Eric Nicoli, Chairman, EMI Group, said: "EMI maintained momentum
and delivered good results in a marketplace that has continued
to be extremely challenging but in which we see many exciting
opportunities.  We delivered full-year sales and operating
profit close to last year's level while the global market
declined by almost 6% in the same period.  This achievement
demonstrates the strength of both our recorded music and music
publishing businesses.

"The Group saw successes from artists and songwriters throughout
the world, with notable results for artists such as Norah Jones,
Coldplay, Chingy and Robbie Williams and songwriters such as
Alicia Keys, Pink, Cathy Dennis, Jay-Z and Eros Ramazzotti.

"We maintained our overall profit margin and substantially
improved our cash flow.  Effective cash management allowed us to
invest in building our business while significantly lowering our
year-end net borrowings.  The Board has maintained the full year
dividend at the previous year's level of 8p per share.

"As the financial year drew to a close, we announced a further
set of initiatives to take EMI forward.  We are on track with
the implementation of outsourcing our manufacturing in Europe
and the United States and restructuring selected record labels.
These steps reflect our continued commitment to being an agile
and progressive music content company.

"Our efforts to contain piracy are having a positive impact and
we are experiencing exciting growth in legitimate digital music.
For the first time in several years, there are encouraging signs
of market improvement, particularly in the U.S., the world's
largest music market.  While some regions remain difficult, we
expect the overall global market to perform better this year
than last.  Having gained market share and invested for the
future, and taking into account our release schedule and savings
program, we view our prospects for the year ahead with
confidence."

Copies of EMI's financial statements are available free of
charge at http://bankrupt.com/misc/EMI_Attachment.htm.

CONTACT:  EMI GROUP PLC
          Amanda Conroy
          Corporate Communications
          Phone: +44 20 7795 7529

          Claudia Palmer
          Investor Relations
          Phone: +44 20 7795 7635

          Susie Bell
          Phone: +44 20 7795 7971


          BRUNSWICK GROUP LLP
          Patrick Handley
          Phone: +44 20 7404 5959


EURODALE MANUFACTURING: Appoints Valentine & Co. Liquidator
-----------------------------------------------------------
At an Extraordinary General Meeting of the Eurodale
Manufacturing Limited Company on May 14, 2004 held at 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the subjoined
Special and Ordinary Resolutions to wind up the Company were
passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed as Liquidator of the
Company for the purpose of such winding-up.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue,
          London N3 2HS
          Contact:
          Robert Valentine, Liquidator


HOLLINGER INC.: Telegraph Sale Process Enters Final Stage
---------------------------------------------------------
At least four groups remain in the final list of bidders for the
Telegraph newspaper by last week's May 20 deadline, sources
close to the process told Reuters.

The parties include Barclay brothers, newspaper owner Daily Mail
& General Trust, venture capitalist group 3i Group Plc and a
joint effort between buyout firms Apax and Candover Investments.
German publisher Axel Springer was left out as its bid was too
low, the sources said.  The four bids ranged between GBP600
million and GBP700 million, while that of Axel Springer falls
GBP50 million below the lowest.  U.S. buyout firm Kohlberg
Kravis Roberts & Co. (KKR), meanwhile, was reported to have
pulled out of the bidding process.

As of Tuesday, it was not yet clear whether Hollinger, owner of
the newspaper, will proceed with a sale of the Telegraph or the
whole company.  Hollinger's banker, Lazard, which is overseeing
the sale, is still due to meet the company's board to get a
decision on the matter.  Hollinger International, KKR, Springer,
and Lazard, refused to comment on the issue, according to the
report.


HUBRON LIMITED: Meeting of Creditors June 8
-------------------------------------------
There will be a Creditors Meeting of the Hubron Limited Company
on June 8, 2004 at 11:00 a.m.  It will be held at the Palace
Hotel, Oxford Street, Manchester M60 7HA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3EY not later than 12:00 noon, June 7, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Contact:
          S Allport, Joint Administrator


INEOS HOLDINGS: Bank Loan Rating Raised on Solid Cash flow
----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its
bank loan rating on the multi-currency EUR825 million senior
secured bank loan facilities of Ineos Holdings Ltd. (BB/Stable/-
-), a subsidiary of U.K.-based chemicals manufacturer Ineos
Group Holdings PLC (Ineos; BB/Stable/--).  At the same, time
Standard & Poor's also assigned its recovery rating of '1' to
the facilities.

"The upgrade reflects Ineos' solid cash flow generation during
the past two years, which has enabled the group to reduce
significantly its borrowings under the senior facilities," said
Standard & Poor's credit analyst Christine Hoarau.  At December
31, 2003, Ineos had EUR515.6 million in outstanding term loans
and significant repayments under its term A loan due during the
next two years.

"The 'BB+' bank loan rating is one notch higher than the long-
term corporate credit rating on Ineos; this and the '1' recovery
rating indicate a high expectation of full recovery of principal
in the event of a default," added Ms. Hoarau.

For the purpose of the recovery assessment under a hypothetical
default scenario, Standard & Poor's used both an enterprise
valuation and a liquidation analysis.  Standard & Poor's
hypothetical default scenario primarily incorporates the
possibility of a severe downturn in the volatile phenol business
that would significantly affect the group's cash flow generation
capacity, causing a default at the end of 2006.

Considering both the enterprise valuation at this time and the
stresses applied to the current book value of the asset in the
liquidation analysis, Standard & Poor's estimates that there
would now be sufficient coverage of the outstanding bank
facility to provide full recovery of principal.

The senior bank facilities are secured by cross-guarantees of
all material Ineos companies and a pledge on essentially all of
the group's assets (plants and machinery, property, and accounts
receivable) and undertakings of the guarantors.  Sixty percent
of the group's assets are located in Germany, the U.S. and the
U.K., jurisdictions that Standard & Poor's considers to have
favorable insolvency regimes for secured creditors.

The rating on Ineos' subordinated EUR260 million senior notes
due 2010 remains unchanged at 'B+', two notches below the
corporate credit rating due to the level of priority
liabilities.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          christine_hoarau@standardandpoors.com
          gregoire_buet@standardandpoors.com
          anne-charlotte_pedersen@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


JARVIS PLC: Posts Update on Strategic Review
--------------------------------------------
Jarvis plc wishes to update the market on the current status of
its operational and strategic review.  A great deal of important
work has been completed and significant progress made by the
company since November when it began the first phase.

The review has so far resulted in the board implementing a
number of important managerial and operational changes at both a
group and divisional level.  Much has been done to simplify the
company, and disposals have taken place to allow greater focus
on the core businesses.  The company reported on 15 April on
several disposals as well as new contract awards.  The review
went into a second, operational and strategic, phase in March
and is not yet complete.

Good progress is being made in the rail division.  In
particular, the board is pleased with the great improvement in
the relationship between Jarvis and Network Rail; the company is
fully engaged at a high level with Network Rail on important
issues.  The confirmation of significant renewal work for
Jarvis, which has about a third of national renewals work, was
welcome.

The company is also considering how best to maximize the long-
term value from its investment in Tube Lines Ltd.

Among other issues, the review is addressing how to improve the
performance of the accommodation services division; so far, the
division has been reorganized, costs have been reduced
significantly and decisions taken to bid for future projects on
a more conservative basis.  The board is pleased with the recent
contracts where Jarvis has been announced as preferred bidder.

As certain of the group's banking facilities expire from March
2005, the board has started discussions for their renewal.  The
board is also mindful that material change to the group's
current strategy and position may require the consent of the
group's lenders, and therefore lenders are being kept informed
of the progress of the review.  Jarvis continues to operate
within its current facilities.

Jarvis now anticipates that the review is likely to be concluded
during July, at which time the group will release its results
for the year ended 31 March 2004 and provide a full update on
the board's proposed strategy for the group.

CONTACT:  JARVIS PLC
          Jonathan Haslam, Communications Director
          Phone: 020 7462 4646

          TULCHAN
          Andrew Honnor
          David Trenchard
          Phone: 020 7353 4200


MEGABYTES LIMITED: Hires Receivers from Poppleton & Appleby
-----------------------------------------------------------
M S E Solomons and D L Platt of SPW Poppleton & Appleby have
been appointed joint administrative receivers for Megabytes
Limited.  The appointment was made May 12, 2004.

Megabytes Limited is engaged in software consultancy and supply.
The Company's registered address is located at Gable House, 239
Regents Park Road, London N3 3LF.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House,
          239 Regents Park Road,
          London N3 3LF
          Receivers:
          M S E Solomons
          D L Platt
          (IP Nos 9043, 2669)


NEXUS EQUITY: Names Stoy Hayward Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Nexus Equity Limited
Company on May 18, 2004 held at 1st Floor, Sackville House, 40
Piccadilly, London W1J 0DR, the subjoined Special Resolution to
wind up the Company was passed.  Martha H Thompson of BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road, Reading,
          Berkshire RG1 3EX
          Contact:
          Martha H Thompson, Liquidator


SABRE ROCK: Winding up Resolutions Passed
-----------------------------------------
At an Extraordinary General Meeting of the Members of the Sabre
Rock Limited Company on May 18, 2004 held at Devonshire House, 1
Devonshire Street, London W1W 5DR, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Murzban Khurshed Mehta of Citroen Wells, Devonshire House, 1
Devonshire Street, London W1W 5DR has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  CITROEN WELLS
          Devonshire House
          1 Devonshire Street,
          London W1W 5DR
          Contact:
          Murzban Khurshed Mehta, Liquidator


SHARETREE SYSTEMS: In Administrative Receivership
-------------------------------------------------
HSBC Bank called in receivers Timothy Colin Hamilton Ball and
Alistair Steven Wood for Sharetree Systems Limited Company (Reg
No 02581623 Trade Classification: 3162).  The application was
made May 11, 2004.  The Company manufactures other forms of
electrical equipment.

CONTACT:  MAZARS
          Clifton Down House,
          Beaufort Buildings,
          Clifton, Bristol BS8 4AN
          Receivers:
          Timothy Colin Hamilton Ball
          Alistair Steven Wood
          (Office Holder Nos 8018, 7929)


VALLEYHILL: Sale of Pub Chain Receives Overwhelming Response
------------------------------------------------------------
Jane Moriarty and Blair Nimmo, the joint administrative
receivers of Valleyhill, are pleased to confirm that there has
been a significant level of interest in the sale of the UK-wide
pub chain.

Blair Nimmo, KPMG Corporate Recovery Partner said: "Since our
appointment, over 100 interested parties have contacted us and
we are now beginning to send out sales packs and arrange site
visits throughout the U.K.  At the same time, we continue to
trade the business as normal."  The administrative receivers
have now also returned to Noble House, the fifteen pubs listed
below.

Notes to editors: Jane Moriarty and Blair Nimmo of KPMG
Corporate Recovery were appointed joint administrative receivers
to Valleyhill Ltd, Valleyhill Bars Ltd and Valleyhill Pubs Ltd
on 7 May 2004.

Returned Noble House pubs: Walmer Castle, London (prior to
administrative receivers being appointed) Heaton Court, Devon
(prior to administrative receivers being appointed) Jacksons
Wharf Absolution, Glasgow Failte (ex Henry's), Glasgow Praha,
Glasgow Westsider, Edinburgh FM's, Newcastle JT's, Manchester
Lanes, Newcastle Picasso's, Birmingham Loft & Cellar, Liverpool
The Square, Cardiff Westway, Sheffield Glasshouse, Leicester

CONTACT:  KPMG
          Judith Dow
          Corporate Communications
          Phone:  0207 694 8584
          Mobile: 07786 197718
          E-mail: Judith.Dow@kpmg.co.uk
          KPMG Press Office: 0207 694 8773


VINCENT GASNIER: Hires Liquidator from HJS Recovery
---------------------------------------------------
At an Extraordinary General Meeting of the Vincent Gasner Wine
Consultancy Limited Company on May 18, 2004 held at 12-14
Carlton Place, Southampton, Hampshire, the Special and Ordinary
Resolutions to wind up the Company were passed.  Gordon Johnston
of his Recovery, 12-14 Carlton Place, Southampton, Hampshire has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  HJS RECOVERY
          12-14 Carlton Place, Southampton,
          Hampshire
          Contact:
          Gordon Johnston, Liquidator


                            *********


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

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

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