TCREUR_Public/040528.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

              Friday, May 28, 2004, Vol. 5, No. 105

                            Headlines

F I N L A N D

METSO CORPORATION: Board Sets Criteria for 2003 B Stock Options
SANITEC OYJ: First-quarter EBITDA Up 18.9% to EUR44.6 Million


F R A N C E

ALSTOM SA: Appoints Former Areva Chairman to Board
ALSTOM SA: Books Staggering EUR1.836 Billion Full-year Net Loss
ALSTOM SA: Wins EUR110 Million Supply Contract in Indonesia
ASPOCOMP S.A.S.: To Pay EUR6.6 Mln for Unfair Dismissals
BULL SA: Shareholders Approve Recapitalization Plan
EURO DISNEY: Shareholders, Lenders Approve Proposed Fund-raising
HAVILAND: Likely to File for Bankruptcy


G E R M A N Y

DAIMLERCHRYSLER AG: Seeger Weiss Lodges Securities Class Action
DAIMLERCHRYSLER AG: Brodsky & Smith Files Class Suit in Delaware
VDN AG: Financial Results Show Extent of Capital Erosion


I T A L Y

PARMALAT FINANZIARIA: Prosecutors Apply for 'Ordinary' Trial


L U X E M B O U R G

STOLT OFFSHORE: Awarded US$35 Million Contract in Norway
STOLT OFFSHORE: Closes Latest Share Issue


N E T H E R L A N D S

GETRONICS N.V.: Hired to Modernize Hungary's Civil Registry


R O M A N I A

PETROM SA: On Rating Watch Positive Over Privatization Plan


R U S S I A

METROMEDIA INTERNATIONAL: Files Long-overdue 2003 Report
OAO GAZPROM: Sets Annual General Meeting June 25
YUKOS OIL: Ordered to Remit US$3.42 Billion Unpaid Taxes


S W E D E N

SKANDIA INSURANCE: Profit Shoots Up to SEK1.14 Billion


U K R A I N E

APK LIPOVODOLINSKA: Sumi Court Appoints Insolvency Manager
AVANGARD: Vinnitsya Court Commences Bankruptcy Proceedings
GORLIVSKTEPLOMEREZHA: Deadline for Proofs of Claim June 18
NADIYA: Zaporizhya Court Okays Liquidation Report
NEVID: Court Prescribes Bankruptcy Procedure

SEMAKIVSKE: Economic Court Commences Bankruptcy Proceedings
SHIPPING-SERVICE: Under Bankruptcy Supervision Procedure
STAIL HOLDING: Kyiv Court Appoints Insolvency Manager
SUMI' AUTO: Court Declares Auto Repair Plant Insolvent
SYAJVO: Declared Bankrupt


U N I T E D   K I N G D O M

ABC CONTROLS: Creditors Meeting Set June 1
ABERDEEN ASSET: Completes Disposal of Property Ventures
A BRISCOE: Meeting of Creditors Set June 10
ACCOUNTABILITY LIMITED: Winding up Resolution Passed
ACTIVEAIR LIMITED: Meeting of Creditors Set June 3

ADPADS LIMITED: Hires Liquidator from Rothman Pantall & Co.
AIRTECH NETWORKS: Deadline for Debt Claims Set June 6
ALCOVE AWNING: Hires HKM Administrator
APM BUILDING: Names Liquidator from Mazars
BALTIMORE TECHNOLOGIES: Sells Non-trading Arm for GBP99 Mln

EURODIS ELECTRON: Healthier After GBP39 Million Refinancing
EUROTUNNEL PLC: Turnaround Strategy Receives Big Blow
FIELDFARE PROPERTIES: Hires Receivers from Middleton Partners
G P MYLER: Appoints Grant Thornton Liquidator
HSC GC: Appoints KPMG Liquidator

IMPERIAL CHEMICAL: Chairman Forecasts 10% Annual Growth
JCM GROUP: Brings in Receivers from Begbies Traynor
LARNERWAY LTD.: Calls in Liquidator
NEECOL STRUCTURES: Appoints Receivers from Ratcliffe
NUSING LIMITED: Names Baker Tilly Liquidator

ORGANIC FARM: West Lothian Outlet to be Wound Up
PROSPECT ORCHARDS: Appoints Liquidator from Smith & Williamson
R.E. PLASTICS: Creditors Meeting Set June 1
RIVERMOON PUB: Hires Price & Co. Administrator
SEABROOK SMITH: Winding up Resolutions Passed
STUART INTERIORS: In Administrative Receivership
WELCOME BREAK: Finance Arm Falls into Receivership


                            *********


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


METSO CORPORATION: Board Sets Criteria for 2003 B Stock Options
---------------------------------------------------------------
Metso Corporation's Board of Directors has decided on the
maximum number of options and on the earnings criteria by which
year 2003 B stock options can be distributed to key persons of
Metso Corporation in the spring of 2005.

The Board has decided that the maximum number of year 2003 B
stock options that can be distributed will be 2,500,000 options.
The main criteria for distributing stock options will be Metso
Corporation's operating profit percentage, the return on capital
employed (ROCE) and earnings per share.

Stock options can be distributed to the maximum amount, if the
operating profit percentage for 2004 reaches at least 9%, the
return on capital employed reaches at least 20% and earnings per
share exceed EUR1.45.

The minimum criteria for a partial distribution of stock options
are an operating profit percentage for 2004 of at least 4
percent, a return on capital employed of at least 8 percent and
earnings per share of at least EUR0.40.

An additional criterion for the distribution of stock options is
that the trade-weighted average price of the Metso share on the
Helsinki Exchanges during the period January 1 to March 31, 2005
does not fall below EUR10.11.

Metso's Board of Directors has reserved 100,000 year 2003 A
stock options and 100,000 year 2003 C stock options for future
needs.  The Board has decided that it will not distribute the
2,400,000 year 2003 A and the 2,500,000 year 2003 C stock
options transferred to Metso Capital Oy.  In addition, the Board
has decided to propose to the 2005 Annual General Meeting that
the Meeting cancels the 2,400,000 year 2003 A and the 2,500,000
year 2003 C stock options transferred to Metso Capital Oy.
Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Harri Luoto
          Senior Vice President, Legal Counsel
          Phone: +358 20 484 3240

          Eeva Makela
          Manager, Investor Relations
          Phone: +358 20 484 3253


SANITEC OYJ: First-quarter EBITDA Up 18.9% to EUR44.6 Million
-------------------------------------------------------------
Sanitec Oyj released recently its interim results for the first
quarter.  These are the highlights:

(1) First quarter 2004 net sales of EUR252.9 million improved
    significantly over the same quarter in 2003, by EUR11.0
    million or 4.5%, driven by increased volumes and good
    average selling price performance.

(2) EBITDA improved by EUR7.1 million or 18.9% to EUR44.6
    million or 17.6% of net sales compared to EUR37.5 million or
    15.5% of net sales in the first quarter last year, driven by
    higher sales and a leaner cost structure.

(3) Operating profit increased substantially by EUR8.8 million
    or 58.3% to EUR23.9 million or to 9.5% of net sales compared
    to EUR15.1 million or 6.2% in the first quarter of 2003,
    underpinned by improved sales and efficiency.

(4) Total capital expenditure reduced to EUR4.5 million or 1.8%
    of net sales for the quarter compared to EUR5.2 million or
    2.1% in the same quarter last year.

(5) Cash flow for the quarter was EUR0.7 million or 3.8% better
    than in the same quarter in the previous year and the cash
    position improved considerably by EUR19.8 million against Q1
    2003.

(6) Our revolving credit facility of EUR50 million remained
    undrawn and we were in full compliance with our loan
    covenants.

The report for the first quarter is available both in PDF file
and HTML format at http://www.sanitec.com.

                            *   *   *

Early in March, Standard & Poor's Ratings Services revised to
stable from negative its outlook on Sanitec International S.A.,
the holding company of the Finland-based Sanitec group, and
Sanitec Oy, a subsidiary of Sanitec International, following
improvements in its liquidity situation.  At the same time, the
'B+' long-term corporate credit ratings and all related debt
ratings were affirmed.

"We believe that Sanitec is now likely to meet its financial
covenants applying to EUR507 million (US$639 million) of bank
facilities, including the unused rollover backup, over the next
few quarters," said Standard & Poor's credit analyst Eve Greb.
"The successful divestment of its vacuum sewage business to the
French Zodiac Group by mid-April, and improving free cash flow
generation in the fourth quarter of 2003 due to working capital
reduction have also helped Sanitec to alleviate some short-term
liquidity pressure."


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


ALSTOM SA: Appoints Former Areva Chairman to Board
--------------------------------------------------
The Board of Alstom S.A. proposed the appointment of Pascal
Colombani as Director.  A resolution relative to his appointment
will be submitted for shareholders' approval at the
Shareholders' Meeting to be held on second call on 9 July 2004.

Mr. Colombani is currently Associate Director of A.T. Kearney,
Paris, the management consulting firm, and a non-executive
director of British Energy.  He is also a member of the French
Academy of Technology.

Mr. Colombani was a member of several Boards of Directors in
recent years, including France Telecom (1998-2000), Electricite
de France (2000-2003) and Areva (2001-2003), where he was
Chairman of the Supervisory Board.

He held several management positions at Schlumberger in the USA
and France (1978-1992), in Brussels (1993-1995) and in Japan
(1995-1997), before joining the French Ministry of Research as
Director of Technology (1998-1999) and heading the Atomic Energy
Commission of France (2000-2002).

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: Investor.relations@chq.alstom.com


ALSTOM SA: Books Staggering EUR1.836 Billion Full-year Net Loss
---------------------------------------------------------------
Alstom S.A. announced its comprehensive financing package is now
in advance negotiation.  The approval of the package will afford
the company these benefits, among others:

(a) Equity to be strengthened by between EUR1.8 billion to
    EUR2.5 billion;

(b) Conversion into equity of EUR300 million subordinated bonds
    held by the French State;

(c) New capital increase of between EUR1.5 billion to EUR2.2
    billion;

    (i) rights issue of between EUR1.0 billion to EUR1.2
        billion;

   (ii) debt-to-equity swap of between EUR500 million to EUR1.2
        billion;

(d) Extension of bonding capacity aimed at covering commercial
    needs for next 2 years;

(e) Alstom's current scope of activities confirmed: additional
    disposals representing EUR1.5 billion in sales will not
    affect remaining activities;

(f) Shareholding structure stabilized: French State to become
    important minority shareholder pending the Group's recovery;

(g) Package subject to European Commission approval (formal
    decision expected end-June 2004).

Full-year Results 2003/04

(a) Operating margin in line with guidance;

(b) Orders received: EUR16.5 billion, up 1% from fiscal year
    2002/03 on a comparable basis, with strong rebound in the
    second half (+34%);

(c) Sales: EUR16.7 billion, down 10% from fiscal year 2002/03 on
    a comparable basis;

(d) Operating margin at 1.8%, hit by exceptional charges;

(e) Implementation of major restructuring and overhead reduction
    plans;

(f) Heavy net loss due to low operating income, high financial
    and exceptional restructuring expenses, write-down of
    deferred tax assets;

(g) Exceptional restructuring (EUR655 million) and financial
    (EUR460 million) costs;

(h) Net loss of EUR1,836 million;

(i) Nominal value of the share to be reduced from EUR1.25 to
    EUR0.35 subject to shareholder approval;

(j) Free cash flow in line with guidance; further debt
    reduction;

(k) Negative free cash flow of EUR1,007 million, after cash
    outflow of EUR766 million for GT24/GT26;

(l) Economic debt reduced to EUR3.0 billion at 31 March 2004
    from EUR4.9 billion at 31 March 2003.

A copy of this press release is available free of charge at
http://bankrupt.com/misc/Alstom_2003_2004.pdf.


ALSTOM SA: Wins EUR110 Million Supply Contract in Indonesia
-----------------------------------------------------------
Alstom S.A. signed a long-term service agreement (LTSA) for six
years worth about EUR110 million with PT Pembangkitan Jawa Bali
(PJB).

The agreement includes the supply of new and reconditioned
turbine hot gas path components for the Muara Tawar power
station.  The LTSA, which covers major inspections of the gas
turbines also includes the cooperation in outage planning and
technology issues and will help PJB ensure the efficient and
economic operation and maintenance of the existing plant.

The Muara Tawar power station, which is located about 20 km.
from downtown Jakarta, consists of one combined cycle KA13E2-3
(block 1) and two further GT13E2 gas turbines in single cycle
operation forming block 2.  It has a total electricity output of
950 MW.

PJB is one of the Electricity Generation Company in Java and
Bali, which is the subsidiary from PT PLN, Indonesian State
owned company for Electricity Generation and Distribution.


ASPOCOMP S.A.S.: To Pay EUR6.6 Mln for Unfair Dismissals
--------------------------------------------------------
The Labor Court in Evreux, France has rendered its decision on
redundancy notices of the closing of heavily unprofitable
Aspocomp S.A.S. in 2002.  According to the decision Aspocomp
should pay to 388 persons issued with notice a compensation
equivalent to six months remuneration due to unfair dismissal.
The total amount of the compensation is approximately EUR6.6
million.

According to Aspocomp's legal advisors, the decision is not in
line with established court practice.  Aspocomp has filed an
appeal against the decision.  It is estimated at the moment that
the final decision will be obtained in a few years.

Aspocomp in Brief

The Aspocomp Group serves the electronics industry by supplying
high-tech electronic components and services such as PCBs
(printed circuit boards), and PCB-related designs as well as
mechanics and modules.  Aspocomp's products are used in the
electronics industry, mobile handsets, telecommunications
infrastructure, automotive and other industrial applications.
The Aspocomp Group's production facilities are located in
Finland, China and Thailand.  In 2003, the Group net sales were
EUR180 million approximately, and the Group had some 3,300
employees.  The parent company, Aspocomp Group Oyj, has been
listed on the Helsinki Exchanges since 1999.

CONTACT:  ASPOCOMP S.A.S.
          Maija-Liisa Friman, Chief Executive Officer
          Phone: +358 9 7597 0711
          Home Page: http://www.aspocomp.com

          ASPOCOMP GROUP OYJ
          Maija-Liisa Friman
          President and Chief Executive Officer


BULL SA: Shareholders Approve Recapitalization Plan
---------------------------------------------------
The Shareholders Meeting of Bull S.A., held Tuesday, approved
the accounts for fiscal year 2003 and the recapitalization plan
as defined at the meeting of the Board of Directors on 20
November 2003 and initiated at the Board meeting of 31 March
2004.

In particular, the Shareholders Meeting:

(a) Approved the reduction in Bull's share capital from
    EUR340,397,798.00 to EUR1,701,988.99 by reducing the par
    value of each share from EUR2.00 to EUR0.01;

(b) Authorized the Board to increase the share capital for a
    maximum nominal value of EUR4,425,171.27 with preferential
    subscription a titre reductible rights;

(c) Authorized the Board to increase the share capital for a
    maximum nominal value of EUR2 299 0793,678,526.72 in the
    context of the Public Exchange Offer for reserve aux
    porteurs d'OCEANEs et d'emettre des actions a bon de
    souscription reserve aux porteurs d'OCEANEs ayant apporte
    leur titres a la deuxieme branche de l'offre publique
    d'echangeOCEANE bondholders.

Following the Shareholders Meeting, Bull's Board met and decided
to launch the recapitalization process, giving Bull's Chairman
the authorization to carry out the necessary procedures related
to the capital increase and public exchange offer.  Applications
for these transactions were filed with the French stock market
authorities (AMF - Autorite des Marches Financiers).

Subject to the approval from the AMF, the tentative schedule for
the operations would be for the Public Exchange Offer and
capital increase (and quotation of the Preferential Subscription
Rights) to take place during the second half of June, with
payment and delivery of shares in mid-July.

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


EURO DISNEY: Shareholders, Lenders Approve Proposed Fund-raising
----------------------------------------------------------------
Euro Disney S.C.A. is thought to have made substantial progress
to its plan to issue new shares as part of a draft restructuring
plan, according to The Telegraph.

Shareholders and main lenders of the troubled theme park
operator reportedly agreed to the firm's EUR250 million (GBP167
million) fund-raising exercise.  Those which gave their consent
include Caisse des Depots et Consignations, Calyon and BNP
Paribas.

Euro Disney admitted in November its inability to meet debt
obligations and is currently surviving through temporary waivers
from its banks.  The company's debt is estimated at EUR2.2
billion.  The agreement with shareholders and main lenders is
only part of its success to push through with a restructuring.
The plan still needs approval of banks.  It has until the end of
the month to reach a solution.  America's Walt Disney
Corporation, which owns 39.1% of the company, is expected to
guarantee EUR100 million of the capital-raising, the report
said.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication Investor Relations
          Philippe Marie Sandra Picard-Rame
          Phone: +331 64 74 59 50
          Phone: +331 64 74 56 28
          Fax: +331 64 74 59 69
          Fax: +331 64 74 56 36
          E-mail: philippe.marie@disney.com or
                  sandra.picard@disney.com


HAVILAND: Likely to File for Bankruptcy
---------------------------------------
Limogenes-based china company, Haviland, on Monday warned
employees regarding its imminent bankruptcy, according to Le
Monde.

Unfavorable climate in the sector dogged the company for several
months.  To adjust to declining demand, the firm started issuing
temporary lay-off notice to employees in March.  The company
employs 360 workers.

The management on Monday ordered to stop production.  They are
to file for compulsory administration to the commercial court at
Limogenes.  More information about the company is available at
http://ww.haviland-limoges.com/.


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


DAIMLERCHRYSLER AG: Seeger Weiss Lodges Securities Class Action
---------------------------------------------------------------
The law firm Seeger Weiss LLP announced on May 24, 2004, a class
action lawsuit was initiated in the United States District Court
for the District of Delaware against defendants DaimlerChrysler
AG, Daimler-Benz AG and various of DiamlerChrylser's top
executives for securities fraud in violation of the federal
securities laws.  The lawsuit was filed on behalf of non-United
States citizens and non-United States residents (foreign
investors) who owned shares of Chrysler that were converted to
DaimlerChrysler AG shares during the 1998 merger of the
companies and such persons who purchased or otherwise acquired
shares of DaimlerChrysler AG, Inc. (NYSE:DCX) (LSE:DCXGnq)
during the period from on or about November 17, 1998 through
November 17, 2000, inclusive (the Class Period), and were
damaged thereby.

The lawsuit charges that Defendants misrepresented the nature of
the 1998 merger between Daimler-Benz AG and the Chrysler
Corporation.  According to plaintiffs, defendants framed the
transaction as a "merger of equals," rather than an acquisition,
in order to avoid paying an "acquisition premium."  Plaintiffs'
Complaint alleges that Defendants made this representation to
Chrysler shareholders in the Registration Statement, Prospectus,
and Proxy, leading 97% of Chrysler shareholders to approve the
merger.

The Complaint further alleges that the Defendants made various
misrepresentations after the merger to further their scheme.  In
2000, a separate securities class action lawsuit was filed on
behalf of foreign and domestic investors against DaimlerChrysler
(the "2000 lawsuit") pertaining to the same allegations at issue
in the action that Seeger Weiss LLP filed on May 24, 2004.
DaimlerChrysler AG recently settled the 2000 lawsuit for $300
million.  Foreign investors were excluded from the class
settlement, and therefore will not receive any of the $300
million recovered.

CONTACT:  SEEGER WEISS LLP
          One William Street New York, New York 10004
          Phone: (212) 584-0700 or (877) 539-4125
          E-mail: sweiss@seegerweiss.com or
                  echaffin@seegerweiss.com
          Contact:
          CStephen A. Weiss, Esq. or Eric T. Chaffin, Esq.


DAIMLERCHRYSLER AG: Brodsky & Smith Files Class Suit in Delaware
----------------------------------------------------------------
Law offices of Brodsky & Smith, LLC announces that a securities
class action lawsuit has been filed on behalf of foreign
investors (non-U.S. investors/residents) who purchased the
common stock and other securities of DaimlerChrysler AG
(NYSE:DCX) between November 17, 1998 and November 17, 2000
inclusive (the Class Period).  The class action lawsuit was
filed in the United States District Court for the District of
Delaware.

The Complaint alleges that defendants violated federal
securities laws by issuing a series of material
misrepresentations to the market during the Class Period,
thereby artificially inflating the price of Lexar securities.
No class has yet been certified in the above action.

CONTACT:  BRODSKY & SMITH, LLC
          Two Bala Plaza, Suite 602
          Bala Cynwyd, PA 19004
          Phone: 877-LEGAL-90
          E-mail: clients@brodsky-smith.com
          Marc L. Ackerman, Esq. or Evan J. Smith, Esq.


VDN AG: Financial Results Show Extent of Capital Erosion
--------------------------------------------------------
Public limited company VDG AG may disclose a negative equity
when it publishes financial details, Borsen Zeitung reported,
according to Europe Intelligence Wire.

VDN, the German industrial group, said write-downs on property
assets and participations have eroded its EUR32.3 million share
capital, throwing the company deeply in debt.  In March VDN AG
reached agreement with banks regarding a loan to the management
holding VDN and a group restructuring program that includes a
standstill agreement with all creditors.  The restructuring plan
is to be carried out by the end of 2006.


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I T A L Y
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PARMALAT FINANZIARIA: Prosecutors Apply for 'Ordinary' Trial
------------------------------------------------------------
Italian prosecutors in the Parmalat Finanziaria case have
requested a court in Milan to try 29 people, including the
company's founder, for charges of market-rigging leading to the
collapse of the group.  The defendants face a possible ten-year
sentence if proven guilty.

The list, which is similar to the one prosecutors submitted in
their application for a fast-track trial in March, includes the
Italian branch of Bank of America, auditors Deloitte & Touche
and Grant Thornton's former Italian office.  All have denied any
wrongdoing.  Parmalat went bankrupt in December following the
discovery of a multi-billion-euro accounting scandal.  The
company's total financial liabilities are pegged at US$9.1
billion.


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


STOLT OFFSHORE: Awarded US$35 Million Contract in Norway
--------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
won a contract, valued at approximately $35 million, from Ormen
Lange operator Norsk Hydro in Norway.  Stolt Offshore will lay
two 125 kilometer six inch diameter pipelines from the gas
processing plant under development at Nyhamna on the West coast
of Norway, to the Ormen Lange field in a water depth of 850-1100
meters, together with a 3.6-kilometer six-inch diameter pipeline
between two production manifolds in the Ormen Lange field.  The
pipelines will be laid by the Seaway Falcon starting in the
second quarter of 2006.

Oeyvind Mikaelsen, Vice President Northern Europe and Eastern
Canada region, said, "We are very pleased to receive this
pipelay award for the Ormen Lange development, which is in
addition to the $250 million contract already awarded for the
Langeled pipelay.  We see this award as further recognition of
our proven ability to deliver highly complex, subsea
construction projects in harsh environments."

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

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

          BRUNSWICK GROUP
          Patrick Handley (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


STOLT OFFSHORE: Closes Latest Share Issue
-----------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
announced Wednesday that its offering of new shares closed at
11:00 p.m. (Central European Time) and 5:00 p.m. (New York City
time), on 25 May 2004.

The offering was over-subscribed by more than 60%.  The sale of
29.9 million shares will raise gross proceeds of US$65.8
million.  When the new shares are issued there will be
191,389,487 shares outstanding.

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

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

          BRUNSWICK GROUP
          Patrick Handley (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
=====================


GETRONICS N.V.: Hired to Modernize Hungary's Civil Registry
-----------------------------------------------------------
Getronics' Chairman Klaas Wagenaar signed a five-year, EUR14.6
million contract for the 'Registrars project' of the Hungarian
Government.  This project concerns the 2,800 registry offices in
Hungary, which hold all official records for births, deaths,
marriages and name changes.  Getronics will modernize and
centralize the current traditional distributed paper-based
system.

The solution that Getronics created is based on a centralized
application and a database running on servers at the Ministry of
Internal Affairs' Data Center.  Each registry office will be
connected to the data center via Internet VPN over GPRS.  A chip
card-based client authentication system will be implemented.
Getronics will provide project management, application
development, user authentication, infrastructure integration and
operational support.  The project is based on Cisco, Microsoft
and Dell technologies.

Peter Ratkai, General Manager of Getronics Hungary, comments:
"Besides the complexity of the solution, the size and
geographical scope of this project make it challenging.  From
now on we can say: Whenever a baby is born in Hungary, Getronics
support will be there."

Remote Service Center in Hungary

Getronics' Chairman, Klaas Wagenaar, also used his visit to
Hungary to discuss support for Getronics' plans to establish a
remote service center in Hungary with the State Secretary for
Governmental IT Development.  The Getronics Service Center (GSC)
will provide back-office remote support for all 'non-client
touching' services and some of the non-essential client
interfacing functions in Europe and the Middle East.  The center
is due to open before the end of the year and will employ 50
people in its initial phase.

Getronics already has a successful remote service center in
Mexico, which works for the Americas and has 250 employees.  In
2005, a third remote service center will be established for the
Asian Pacific Countries.

About Getronics Hungary

Getronics Hungary works for a mixture of public and private
sector clients within Hungary, particularly in the areas of
application integration and management, and managed ICT
services.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003).  Getronics designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics headquarters are in Amsterdam, with
regional head offices in Boston, Madrid and Singapore.
Getronics' shares are traded on Euronext Amsterdam (GTN).  For
further information about Getronics, visit http://getronics.com.


=============
R O M A N I A
=============


PETROM SA: On Rating Watch Positive Over Privatization Plan
-----------------------------------------------------------
Fitch Ratings on Wednesday placed SNP Petrom S.A.'s and its
EUR125 million Eurobond issue's Senior Unsecured 'BB-' ratings
on Rating Watch Positive.  This follows the announcement of
Romanian Ministry of Economy and Commerce (MEC) to begin direct
negotiations with Austria's OMV A.G. on Petrom's privatization.
The Short-term rating is 'B'.

While the MEC wishes to conclude Petrom's privatization and sign
the Privatization Contract in the near future, no firm timetable
has been given and Fitch believes that delays (as witnessed in
the previous stages) are possible and execution risk is present.
Nevertheless, it is becoming increasingly likely that the
privatization will be concluded in the short-term and that the
associated share capital increase will strengthen Petrom's
stand-alone credit profile, possibly allowing a rating upgrade.
This is reflected in the Rating Watch Positive.

Fitch views Petrom's internal restructuring efforts of the past
three years ahead of privatization as credit positive; however,
the company's efficiency continues to rank behind its
international industry peers'.  Fitch believes that the
vertically integrated OMV may contribute to a further
rationalization of Petrom's upstream assets.  OMV also operates
one of the strongest retail franchises in Central and Eastern
Europe with an aggressive expansionary strategy, in which Petrom
is likely to play a significant role.

Although liberalized, the Romanian retail market is dominated by
Petrom (with competition from only a few international brands,
including OMV), who is currently politically motivated to keep
retail prices low and hence retail margins tight relative to EU
countries.  This is likely to change, in Fitch's opinion,
following the privatization, which would benefit Petrom's
overall profitability.

While the business profile improvements are likely to
materialize over the medium- to long-term, the privatization may
significantly improve Petrom's financial profile in the short-
term.  The transaction includes a purchase of 33.34% of the
existing shares from the government (currently controlling 93%)
and simultaneous capital increase where the investor will
subscribe new shares to gain 51% control of Petrom's registered
capital.  It has not been confirmed if an in-kind contribution
will be possible or not for the capital increase.

Fitch notes that the terms and conditions of the EUR125 million
bonds include a put option for privatization and for the event
should Petrom cease to produce crude oil.

Fitch also notes that Petrom's audited financials for FY03 are
not yet available, but its credit ratios are expected to remain
strong and comparable to FY02 when it recorded gross debt to
EBITDA of 0.8x and gross interest cover of 10.5x.  Petrom
generated EBITDA of USD385 million (compared to OMV's USD830
million) on revenues of USD2.4 billion (OMV: USD7.4bn) in FY02.

Petrom and OMV are Romanian and Austrian national oil & gas
companies producing 12, respectively 4.2 mtoe (million tons of
oil equivalent) of oil and gas annually.  Petrom and OMV each
operates two major refineries with combined capacities of 8 mt
p.a. and 13 mt. p.a. respectively.  Petrom and OMV run 690 and
1784 petrol stations, respectively.  Fitch will continue to
monitor the Petrom's privatization process.

CONTACT:  FITCH RATING'S
          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

          Larissa Malycheva
          Phone: +44 (0) 20 7417 4207

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


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


METROMEDIA INTERNATIONAL: Files Long-overdue 2003 Report
--------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia and the Republic of Georgia, announced that
it filed with the Securities and Exchange Commission its 2003
Annual Report on Form 10-K (the Current Annual Report).

The Company delivered a copy of the Current Annual Report to the
Trustee of the Company's 10 1/2% Senior Discount Notes, along
with required compliance certificates, and thereby remedied
within the allowed cure period a default condition under the
indenture governing the Senior Notes.  As previously reported,
the Trustee had advised the Company on April 2, 2004 that it
must provide the Trustee its filed Current Annual Report and the
compliance certificates by June 1, 2004 or there would be an
event of default under the Indenture.

Furthermore, as previously announced on May 18, 2004, the
Company received notification from the Trustee of its Senior
Notes that the Company was not in compliance with requirements
of the Indenture since it has not yet filed its Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2004 (the
Current Quarterly Report) with the SEC.  The Company must
resolve this compliance matter no later than July 15, 2004, the
sixtieth day following the receipt of the Trustee's letter in
order to avoid an event of default.  The Company expects that it
will file the Current Quarterly Report within the 60-day period.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Europe and the
Republic of Georgia.  These include mobile and fixed line
telephony businesses, wireless and wired cable television
networks and radio broadcast stations. The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses.  The Company's core telephony businesses
include PeterStar, the leading competitive local exchange
carrier in St. Petersburg, Russia, and Magticom, the leading
mobile telephony operator in the Republic of Georgia.  The
Company's remaining non-core media businesses consist of
eighteen radio businesses operating in Finland, Hungary,
Bulgaria, Estonia, and the Czech Republic and one cable
television network in Lithuania.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com
          Home Page: http://www.metromedia-group.com


OAO GAZPROM: Sets Annual General Meeting June 25
------------------------------------------------
The Board of Directors of Open Joint Stock Company Gazprom
informs of the holding of OAO Gazprom's Annual General
Shareholders' Meeting on June 25, 2004.  The meeting will be
held at the company headquarters in the conference hall of the
CD Building.

The meeting will begin at 10:00 a.m.  The meeting will be held
in the form of a joint presence of shareholders to discuss the
items of the agenda and adopt decisions via a vote.  The list of
shareholders entitled to participate in the annual meeting was
drawn up on the basis of the OAO Gazprom shareholders' register
as of the end of May 7, 2004.  Participants in the meeting will
be registered by the Counting Commission on June 23 from 10:00
a.m. to 5:00 p.m. and on June 25 from 9:00 a.m. at the
Conference Hall of the CD Building, 16 Nametkina st., Moscow,
Russian Federation.  The phone number of the Counting commission
is (095) 719-40-15.

In order to be registered, a meeting participant shall produce:

(a) Shareholder (physical person) -- an identifying document;

(b) Representative of shareholder (physical person) -- a
    power of attorney issued by the shareholder and a document
    identifying the representative;

(c) Representative of shareholder (legal entity) -- a power
    of attorney issued by the legal entity and a document
    identifying the representative;

(d) Head of a legal entity that is a shareholder in the company
    -- a document confirming his/her authority to participate in
    the meeting and an identifying document;

(e) Successors to persons included in the list of persons
    entitled to participate in the meeting shall also produce
    documents confirming their powers as successors.

As of May 7, 2004, the OAO Gazprom shareholders' register
includes around 500 thousand share owners; residing in the
Russian Federation and abroad, which makes it difficult for all
of the shareholders to participate in the meeting.

Considering the above, it is recommended that shareholders
exercise their right to participate in the Annual General
Shareholders' Meeting through their representatives authorized
by written powers of attorney or by delivering filled-in voting
ballots to the Company.  Ballots may be sent by mail or
delivered personally to this address: OAO Gazprom, 16 Nametkina
st., Moscow. V-420, GSP-7, 117997.  Only ballots received by the
Company prior to 6:00 p.m. on June 22, 2004 will be taken into
account in determining whether the quorum is present at the
meeting and in drawing up the results of the vote.

                     Agenda of the Meeting:

(a) Approval of the annual report, the annual accounting
    statements, including the profit and loss report (profit and
    loss accounts) of the Company, as well as distribution of
    profit, including payment (declaration) of dividends, and
    losses of the Company based on the results of the fiscal
    year.

(b) The amount of, time for and form of payment of annual
    dividends on the Company's shares.

(c) Remuneration of members of the Board of Directors and Audit
    Commission of the Company.

(d) Approval of the Company's external auditor.

(e) Introduction of amendments and additions No. 1 to the
    Charter of the Company.

(f) Introduction of amendments and additions No. 2 to the
    Charter of the Company.

(g) Introduction of amendments and additions No. 3 to the
    Charter of the Company.

(h) Election of members of the Board of Directors of the
    Company.

(i) Election of members of the Audit Commission of the Company.

(j) Approval of interested-party transactions that may be
    entered into by OAO Gazprom in the future in the ordinary
    course of business.

The information (materials) to be made available in preparation
for the meeting may be reviewed starting from June 5 at the
premises of OAO Gazprom at this address: 16 Nametkina st.,
Moscow, Russian Federation; at the regional depositaries of AB
Gazprombank (ZAO) and at the specialized registrar (the holder
of the register) at this address: 71/32 Novocheryomushkinskaya
st., Moscow, 117420; the shareholders who are OAO Gazprom
employees may also review the materials at the place of their
employment.

Board of Directors of OAO Gazprom

Recommendations of the Company's Board of Directors on the
distribution of profit, including the size of dividend on the
Company's shares and the procedure for payment thereof based on
the results of the fiscal year:

"The Board of Directors of OAO Gazprom recommends that the
annual General Shareholders' Meeting pass a decision to pay
annual dividends based on the results of the Company's
activities in 2003 in the amount of RUB0.69 per ordinary share
with a face value of 5 rubles and set December 31, 2004 as the
date of completion of dividend payments.

"The dividends have been calculated in accordance with OAO
Gazprom's dividend policy approved by Decision of the Board of
Directors No. 219 dated April 24, 2001."

                            *   *   *

Fitch Ratings affirmed OAO Gazprom's (Gazprom) Senior Unsecured
foreign currency and local currency ratings at 'BB'.  The
Outlook is Stable.  At the same time the agency affirmed Gaz
Capital S.A.'s US$5 billion loan participation note program,
which relies on a Senior Unsecured liability of Gazprom for
repayment.

CONTACT:  OAO GAZPROM
          16 Nametkina st., Moscow
          Russian Federation


YUKOS OIL: Ordered to Remit US$3.42 Billion Unpaid Taxes
--------------------------------------------------------
Moscow's Arbitration Court sided with the Tax Ministry in its
case against Yukos and ordered the oil giant to pay RUB99.3
billion (US$3.42 billion) in tax arrears.

The Tax Ministry filed a case of tax evasion against the company
after investigating Yukos' 2000 accounts.  The agency said the
top management used a number of methods to evade taxes: they
created subsidiaries in regions with tax benefits but failed to
invest in the area as part of the agreement.

Yukos' lawyers, among them Sergey Pepelyayev, said they intend
to appeal the ruling.  The Yukos executives directly cited in
the tax evasion case are Irina Golub, chief accountant; and
Mikhail Dodonov, managing director.


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


SKANDIA INSURANCE: Profit Shoots Up to SEK1.14 Billion
-------------------------------------------------------
First quarter 2004 interim results, excluding discontinued
operations:

(a) Higher growth.

(b) Sales rose 48% (2%) in local currency, to SEK25.3 billion.

(c) New sales of unit linked assurance rose 21% (-9%) in local
    currency.

(d) Funds under management increased to SEK351 billion (SEK309
    billion at the start of the year).

(e) Improved result.

(f) Result according to Swedish GAAP

(g) The result before tax increased to SEK293 million (72).

(h) Earnings per share were SEK0.30 (0.03).

(i) Result according to embedded value method

(j) The operating result increased to SEK1,317 million
    (228).

(k) The estimated profit margin for new sales of unit linked
    assurance (according to embedded value accounting) increased
    from 14.5% for the first quarter of 2003 to 16.5%.  The
    profit margin for the full year 2003, recalculated according
    to new assumptions, was 19.6%.  The lower margin during the
    first quarter is attributable to a changed product mix, and
    in particular changes in the geographic composition of
    business.  Markets with a below-average profit margin showed
    stronger growth (see also Section C).

(l) However, the operational return on net asset value
    (according to the embedded value method, before tax) for
    unit linked assurance increased to 12.3%, compared with
    11.3% for the full year 2003 (excluding one-time effects).

(m) As previously reported, cash flow from operating activities
    was charged with SEK0.8 billion in one-time payments and
    amounted to -SEK1.1 billion (-0.2).  Despite the strong
    sales growth, the continuing cash flow is thus in reasonable
    balance.

(n) The group's financial position improved.

(o) Net asset value increased by 8% to SEK33.0 billion.

(p) Shareholders' equity increased by 12% to SEK17.2 billion.

(q) Borrowings decreased to SEK3.6 billion (SEK4.0 billion at
    the start of the year).  Liquid assets amounted to SEK2.2
    billion (SEK2.2 billion at the start of the year).

(r) The sale of If was carried out on 6 May 2004, which
    strengthened the group's liquidity by a further SEK4.5
    billion.

First quarter 2004 Results including discontinued operations:

(a) Sales through March amounted to SEK25,315 million (25,663),
    of which discontinued operations accounted for - (SEK8,464
    million).

(b) The result after tax (according to Swedish GAAP) was
    SEK1,137 million (SEK127).  The result includes SEK834
    million (SEK92) in items affecting comparability and the
    result for discontinued operations.  The gain on the sale of
    the Japanese operation was SEK834 million.

(c) Earnings per share were SEK1.11 (SEK0.12).

In 2004 discontinued operations pertain to the Japanese
operation, while in 2003 they also pertain to the U.S. operation
and the banking operation in Switzerland.

Comments by Hans-Erik Andersson, President and CEO: "In the
first quarter of 2004, the financial markets were characterized
by relatively strong growth.  Long-term bond rates and the
world's stock markets performed well.

"Skandia's sales increased by 48% (2%) in local currency to
SEK25.3 billion (SEK17.2).  Sales of both unit linked assurance
and mutual funds show very high rates of increase, 43% and 107%,
respectively.  New sales of unit linked assurance rose by 21%.

"In the U.K. the sales trend remained very positive and
Skandia's multi-manager products are attracting considerable
attention in a market characterized by a continued decline for
traditional life assurance products.  The quarter was also
affected by increased interest in savings products towards the
end of the British tax year.

"In the Swedish market, Skandia's sales of unit linked assurance
products were unchanged compared with the first quarter of 2003
at SEK2.6 billion.  Market share decreased to 23.4% in the face
of fierce competition.  We are not satisfied with this
performance, and intensive efforts are under way to achieve a
better coordination of the Swedish operations with a simplified
customer interface.

"The sales trend remained positive in the Europe & Latin America
division.  In Spain, however, sales were favorably affected by
seasonal variations.

"Good sales development combined with strong net flows have led
to a 14% increase in funds under management to SEK351 billion
(309) since the start of the year.

"The result according to Swedish GAAP shows improvements at all
levels and amounts to SEK293 million (SEK72) before tax.
Adjusted for one-time effects, performance compared with the
final quarter of 2003 was also positive.  In Sweden, both
SkandiaLink and SkandiaBanken report a favorable earnings trend
and the operations in the U.K. and Germany also show good
results.

"The operating result (according to the embedded value method)
for unit linked assurance, increased by 60% to SEK973 million,
of which SEK396 million (SEK291) was generated from new business
during the year and SEK512 million (SEK423) is return on value
of contracts in force from previous years.  The value of new
business is gratifying in view of the changes carried out in
product structure.

"The profit margin for the quarter rose to 16.5% (14.5%).  This
improvement was affected by changes in the geographic
composition of business and by the product mix.  The operational
return on net asset value before tax rose from 9.3% to 10.4%,
and from 11.3% to 12.3% for unit-linked assurance.

"Cash flow from operating activities, excluding one-time
payments, amounted to -SEK0.3 billion, which in view of the
substantial sales increases must be regarded as relatively well-
balanced.  The financial position is good and after the end of
the quarter liquidity was further strengthened by SEK4.5 billion
from the sale of If. As previously reported, Skandia will
present its view of the capital situation and its financial
targets in conjunction with the six-month report.

"In summary, 2004 has started with a strong sales trend and good
results.

"In the months ahead we will work hard to further improve our
profitability and to improve our market position in Sweden.  In
this context it is a pleasure to be able to welcome Gert Engman
as head of the Swedish operations. Another pleasing change in
executive management is the appointment of Jennifer Rhule as
head of human resources."

Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/Skandia_Q12004.htm.

CONTACT:  SKANDIA INSURANCE
          Jan Erik Back
          Chief Financial Officer
          Phone: +46-8-788 3720

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


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


APK LIPOVODOLINSKA: Sumi Court Appoints Insolvency Manager
----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Apk Lipovodolinska (code EDRPOU
30822028).  The case is docketed as 12/25-04.  Arbitral manager
Mr. Chzhen Stanislav (License Number AA 250088 approved November
30, 2001) has been appointed temporary insolvency manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 42238, Ukraine, Sumi region,
    Lebendinskij district, Budilka, Kosmonavtiv str., 5; Phone:
    (05445) 33-341

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

Apk Lipovodolinska maintains Account Number 26007304 at
Oshadbank, Lipovo-Dolinsk branch, MFO 337698.

CONTACT:  APK LIPOVODOLINSKA
          Ukraine

          Mr. Chzhen Stanislav, Temporary Insolvency Manager
          42238, Ukraine, Sumi region, Lebendinskij district,
          Budilka, Kosmonavtiv str., 5
          Phone: (05445) 33-341

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


AVANGARD: Vinnitsya Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Vinnitsya region declared LLC Avangard
(code EDRPOU 05535255) insolvent and introduced bankruptcy
proceedings on April 27, 2004.  The case is docketed as 5/287-
04.  Mr. Nedolya Ivan has been appointed liquidator/insolvency
manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 22023, Ukraine, Vinnitsya
    region, Hmilnik district, Ulaniv

(b) ECONOMIC COURT OF VINNITSYA REGION: 21036, Ukraine,
    Vinnitsya, Hmelnitske shoes, 7

Avangard maintains Account Number 260096003 at JSPPB Aval,
Hmilnik branch, MFO 302265.

CONTACT:  AVANGARD
          Juridical address: 22023, Ukraine, Vinnitsya region,
          Hmilnik district, Petrikivtsi

          Mr. Nedolya Ivan, Liquidator/Insolvency Manager
          22023, Ukraine, Vinnitsya region,
          Hmilnik district, Ulaniv

     ECONOMIC COURT OF VINNITSYA REGION:
     21036, Ukraine, Vinnitsya, Hmelnitske shoes, 7


GORLIVSKTEPLOMEREZHA: Deadline for Proofs of Claim June 18
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Gorlivskteplomerezha (code EDRPOU
03337007) in February.  The case is docketed as 42/31B.
Arbitral manager Mrs. Gnedova Oksana (License Number 249607)
has been appointed temporary insolvency manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF DONETSK REGION at 83048, Ukraine,
Donetsk, Artema str., 157.  Gorlivskteplomerezha holds Account
Number 26000000507001 at JSCB Nadra, Gorlivka branch, MFO
335719.

CONTACT:  GORLIVSKTEPLOMEREZHA
          Juridical address: 84601, Ukraine, Donetsk region,
          Gorlivka, Akademik Pavlov str., 13

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


NADIYA: Zaporizhya Court Okays Liquidation Report
-------------------------------------------------
The Economic Court of Zaporizhya has approved the liquidator's
report of CJSC Nadiya (code EDRPOU 0030762) on April 29, 2004.
The case is docketed as 5/4/248.  Mr. Ishenko V. (License Number
719771) is acting as the company's liquidator/insolvency
manager.

CONTACT:  Nadiya
          72312, Juridical address: Ukraine, Zaporizhya region,
          Melitopol, O. Nevskij str., 24

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


NEVID: Court Prescribes Bankruptcy Procedure
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Joint Ukrainian-Russian Enterprise with
foreign investments in the form of JSCTC commercial houses Nevid
(code EDRPOU 21622616).  The case is docketed as 24/161-b.
Mr. Solovyov Yevgen (License Number AA 419482 approved December
5, 2002) has been appointed temporary insolvency manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 01030, Ukraine, Kyiv, Chapayev
    str., 4, office 7
    Phone/fax: 246-56-90

(b) ECONOMIC COURT OF KYIV: 01030, Ukraine, Kyiv, B. Hmelnitskij
    boulevard, 44-C

Nevid maintains Account Number 2600401336052 at JSCB Ukrsocbank,
Kyiv branch, MFO 322012.

CONTACT:  NEVID
          03057, Ukraine, Kyiv, Metalisti str., 17/401

          Mr. Solovyov Yevgen, Temporary Insolvency Manager:
          01030, Ukraine, Kyiv, Chapayev str., 4, office 7
          Phone/Fax: 246-56-90

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


SEMAKIVSKE: Economic Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on LLC Semakivske (code EDRPOU
05442263) in April.  The case is docketed as B-7/173.  Arbitral
manager Mr. Savjuk Taras (License Number AA 419479 approved
November 20, 2002) has been appointed temporary insolvency
manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Ukraine, Ivano-Frankivsk
    region, Kolomiya, Kvitkova str., 20

(b) ECONOMIC COURT OF IVANO-FRANKIVSK REGION: 76000, Ukraine,
    Ivano-Frankivsk, Grunvaldska str.,11

CONTACT:  SEMAKIVSKE
          78200, Ukraine, Ivano-Frankivsk region,
          Kolomiya district, Semakivtsi

          Mr. Savjuk Taras, Temporary Insolvency Manager:
          Ukraine, Kolomiya, Kvitkova str., 20

     ECONOMIC COURT OF IVANO-FRANKIVSK REGION:
     76000, Ukraine, Ivano-Frankivsk, Grunvaldska str.,11


SHIPPING-SERVICE: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy
supervision procedure on LLC Shipping-Service-Company (code
EDRPOU 24691894) in December.  The case is docketed as 20-
10/020.  Mr. Drogajtsev Atik (License Number AA 047902 approved
October 19, 2001) has been appointed temporary insolvency
manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: AR Krym, Sevastopol, P.
    Korchagin str., 34/22

(b) ECONOMIC COURT OF SEVASTOPOL: 99011, AR Krym,
    Sevastopol, Pavlichenko str., 5

Shipping-Service-Company maintains Account Number 2600915000056
at JSCB Praveks-bank, Sevastopol branch, MFO 324979.

CONTACT:  SHIPPING-SERVICE-COMPANY
          99055, AR Krym, Sevastopol, General Lebed str., 20/80

          Mr. Drogajtsev Atik, Temporary Insolvency Manager:
          AR Krym, Sevastopol, P. Korchagin str., 34/22

     ECONOMIC COURT OF SEVASTOPOL:
     99011, AR Krym, Sevastopol, Pavlichenko str., 5


STAIL HOLDING: Kyiv Court Appoints Insolvency Manager
-----------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on CJSC commercial-industrial company Stail Holding
(code EDRPOU 21524598).  The case is docketed as 15/151-b.
Mr. Zanko Mikola (License Number AA 249798 approved October 19,
2001) has been appointed temporary insolvency manager.

Creditors have until June 18, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 18021, Ukraine, Cherkassy,
    Geroji Dnipra str., 81/409

(b) ECONOMIC COURT OF KYIV: 01030, Ukraine, Kyiv,
    B. Hmelnitskij boulevard, 44-C

Stail Holding holds Account Number 26001301275844 at
Prominvestbank, Harkiv branch in Kyiv, MFO 322205.

CONTACT:  STAIL HOLDING
          01133, Ukraine, Kyiv, I. Kudrya str., 34

          Mr. Zanko Mikola, Temporary Insolvency Manager:
          18021, Ukraine, Cherkassy, Geroji Dnipra str., 81/409

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


SUMI' AUTO: Court Declares Auto Repair Plant Insolvent
------------------------------------------------------
The Economic Court of Sumi region declared OJSC Sumi' Auto-
Repair Plant (code EDRPOU 05422065).  The case is docketed as
12/31-04.  Mr. Sisoyev O. (license AA # 315441 of July, 2002)
has been appointed as a Liquidator / Insolvency Manager.
Creditors have until June 14, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 40030, Ukraine, Sumi,
    Petropavlivska str., 74/49a

(b) ECONOMIC COURT OF SUMI REGION: 40477, Ukraine, Sumi, Ribalko
    str., 2

Sumi' Auto-Repair Plant holds Account Number 26000310386102 at
LLC CB Volodimirskij, Sumi branch, MFO 337836 insolvent and
introduced bankruptcy proceedings.

CONTACT:  SUMI' AUTO-REPAIR PLANT
          40020, Ukraine, Sumi, Kurskij avenue, 26

          Mr. Sisoyev O., Liquidator/Insolvency Manager
          40030, Ukraine, Sumi, Petropavlivska str., 74/49a

     ECONOMIC COURT OF SUMI REGION:
     40477, Ukraine, Sumi, Ribalko str., 2


SYAJVO: Declared Bankrupt
-------------------------
The Economic Court of Dnipropetrovsk region declared
agricultural LLC Syajvo (code EDRPOU 03742713) insolvent and
introduced bankruptcy proceedings in April.  The case is
docketed as B40/27/04.  Mrs. Mihajlidi Tetyana (License Number
249940) has been appointed liquidator/insolvency manager.

Syajvo maintains Account Number 26005301415 at Oshadbank,
Apostolov branch, MFO 306038.

CONTACT:  SYAJVO
          53841, Ukraine, Dnipropetrovsk region,
          Apostolivskij district, Zaporizke, Plushenko str., 1

          Mrs. Mihajlidi Tetyana
          Liquidator/Insolvency Manager
          50000, Ukraine, Dnipropetrovsk region, Krivij Rig, K.
          Libkneht str., 7
          Phone: (0564) 28-39-61

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


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


ABC CONTROLS: Creditors Meeting Set June 1
------------------------------------------
There will be a Creditors Meeting of the ABC Controls Ltd. on
June 1, 2004 at 10:00 a.m.  It will be held at Kingsley House,
Church Lane, Shurdington, Cheltenham, Gloucestershire GL51 4TQ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxies should be lodged at Kingsley House, Church
Lane, Shurdington, Cheltenahmam, Gloucestershire GL51 4TQ not
later than 12:00 noon, May 31, 2004.

A list of names and addresses of Creditors will be available for
inspection free of charge at Kingsley House, Church Lane,
Shurdington, Cheltenaham, Gloucestershire GL51 4TQ on May 30 and
31, 2004 at 10:00 a.m. and 4:00 p.m.


ABERDEEN ASSET: Completes Disposal of Property Ventures
-------------------------------------------------------
Aberdeen Asset Management PLC announces that the disposal of the
entire issued share capital of each of APII and API (together,
the APII Group) to Arlington Securities Limited and Arlington
Investment Management Limited has completed.  The net proceeds
from such disposals, after making provisions for transaction
costs and exceptional costs will be used, principally, to reduce
Aberdeen's debt.

CONTACT:  ABERDEEN ASSET MANAGEMENT
          Martin Gilbert
          Phone: 020 7463 6000

          GAVIN ANDERSON & COMPANY
          Mark Lunn
          Phone: 020 7554 1400

          INTELLI CORPORATE FINANCE
          Gordon Neilly
          Phone: 020 7653 6300


A BRISCOE: Meeting of Creditors Set June 10
-------------------------------------------
Creditors of A Briscoe Building Ltd. will have a Meeting on June
10, 2004 at 11:00 a.m.  It will be held at 48 Langham Street,
London W1W 7AY.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at Middleton Partners, 48 Langham Street, London W1W
7AY not later than 12:00 noon, June 9, 2004.


ACCOUNTABILITY LIMITED: Winding up Resolution Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Accountability (U.K.) Limited Company on May 14, 2004 held at
Oury Clark, Herschel House, 58 Herschel Street, Slough SL1 1HD,
the subjoined Extraordinary Resolution to wind up the Company
was passed.  Elliot Harry Green and Derrick Arthur Smith of Oury
Clark, Herschel House, 58 Herschel Street, Slough SL1 1HD have
been appointed Joint Liquidators for the purpose of such
winding-up.

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


ACTIVEAIR LIMITED: Meeting of Creditors Set June 3
--------------------------------------------------
There will be a Creditors Meeting of the Activeair Limited
Company on June 3, 2004 at 3:00 p.m.  It will be held at
Charlotte House, 19B Market Plave, Bingham, Nottingham.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to lades Insolvency Services, Charlotte House, 19B
Market Place, Bingham, Nottingham NG13 8AP not later than 12:00
noon, June 2, 2004.


ADPADS LIMITED: Hires Liquidator from Rothman Pantall & Co.
-----------------------------------------------------------
At an Extraordinary General Meeting of the Adpads Limited
Company on May 19, 2004 held at the Express Holiday Inn, Debdale
Park, Hyde Road, Manchester M18 7LJ, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP have been appointed Joint Liquidators of the Company
for the purpose of such winding-up.

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


AIRTECH NETWORKS: Deadline for Debt Claims Set June 6
-----------------------------------------------------
Creditors of Airtech Networks Limited will have a Meeting on
June 7, 2004 at 11:00 a.m.  It will be held at Clive House,
Clive Street, Bolton BL1 1ET.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at Unity Corporate Recovery & Insolvency, Clive
House, Clive Street, Bolton BL1 1ET not later than 12:00 noon,
June 6, 2004.


ALCOVE AWNING: Hires HKM Administrator
--------------------------------------
Name of Companies:
Alcove Awning Limited
Bishopslea Limited
Bridlevale Dealers Limited
Francolin Limited
Greenside Limited
Hillfox Limited
Hippo Pools Limited
Hopeful Consultants Limited
Kallis Limited
Masasa Limited
Montgomery Park Limited
Namib Specialists Limited
Port Edward Dealers Limited
Stillbay Limited
Teapots Valley Limited
Toowong Limited
Transpire Limited
Tricrest Estates Limited
Unit 3 Dealers Limited
Unit 3 Training Limited

These Companies has appointed Kirankumar Mistry and John Phillip
Walter Harlow of HKM as joint administrative receivers.  The
appointment was made May 14, 2004.

The Companies are consultancy firms.  Their registered offices
address is c/o HKM, The Old Mill, 9 Soar Lane, Leicester LE3
5DE.

CONTACT:  HKM
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Receivers:
          Kirankumar Mistry
          John Phillip Walter Harlow
          (IP Nos 008795, 008319)


APM BUILDING: Names Liquidator from Mazars
------------------------------------------
At an Extraordinary General Meeting of the APM Building (U.K.)
Limited Company on May 18, 2004 held at Mazars, The Atrium, Park
Street West, Luton LU1 3BE, the Special and Ordinary Resolutions
to wind up the Company were passed.  Martin Dominic Pickard of
Mazars, The Atrium, Park Street West, Luton LU1 3BE has been
appointed as Liquidator of the Company.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton LU1 3BE
          Contact:
          Martin Dominic Pickard, Liquidator


BALTIMORE TECHNOLOGIES: Sells Non-trading Arm for GBP99 Mln
-----------------------------------------------------------
Baltimore Technologies plc announces the sale of part of its
realized but unrecognized deferred tax assets through the
disposal of the entire issued share capital of Baltimore
Technologies Investments Limited.

As part of the orderly asset realization process, which has
continued since May 2003, the Board has been evaluating the
potential to crystallize value from the unrecognized assets
represented by the Group's capital and trading losses.  As a
result of this process, Baltimore announces the sale of some
GBP99.0 million of realized but unrecognized deferred tax assets
through the disposal of BTIL.

BTIL is a non-trading subsidiary of Baltimore Technologies plc
and has been sold, on 26 May 2004, for a consideration of GBP2.0
million paid in cash on completion.  The net asset value of BTIL
and the profits attributable thereto at the date of sale were
zero.

Completion of the transaction resulted in an increase in the
cash resources of Baltimore Technologies plc of GBP2.0 million
(before expenses).  The net proceeds from the sale will be used
for working capital purposes.

Baltimore's Capital and Trading Losses Position

The unrecognized tax assets relating to Baltimore's capital and
trading losses are subject to numerous uncertainties and the
Board believes it may never be possible to predict to what
extent, if at all, they may be monetized or utilized.

Realized, unrecognized capital losses

Realized, unrecognized capital losses are those that have
crystallized for capital gains purposes because of an asset sale
(or other deemed disposal under the capital gains legislation)
but are only recorded in the Group's accounts by way of a note.
As disclosed in the Annual Report and Form 20F for the year
ended 31 December 2003, the Group has a realized but
unrecognized deferred tax asset of GBP145.2 million, relating to
realized capital losses of some GBP484.0 million.

These relate to the disposal of various businesses, notably
Content Technologies Holdings Limited and, in accordance with
U.K. Accounting Standards, the relevant deferred tax asset was
not included on the Group's balance sheet (this information is
set out in note 19, page 76, of the 2003 Annual Report).
GBP99.0 million of this GBP145.2 million unrecognized deferred
tax asset has been sold for GBP2.0 million leaving further
realized, unrecognized deferred tax assets of GBP46.2 million.

Unrealized, unrecognized capital losses

Unrealized, unrecognized capital losses are inherent capital
losses that have not yet been crystallized for tax purposes.
Not all unrealized capital losses may be allowable losses if
crystallized currently because of the operation of the
legislation that provides a tax exemption for disposals of
substantial shareholdings in trading companies.  Under that
legislation, as currently enacted, such losses may become
allowable if crystallized at some future time.

At 31 December 2003, the Directors estimate that the Group had
unrealized and unrecognized capital losses amounting to GBP1.2
billion.  These losses would not ordinarily become available to
the Group until approximately December 2005.

Unrecognized trading losses

The Group has substantial unrecognized trading losses. However,
in view of the cessation of the Group's businesses, the
Directors consider these losses to be of little value.

About Baltimore Technologies

Following the completion of the disposal of Baltimore
Technologies' core PKI business on 2 December 2003, the
continuing Group's assets consist primarily of cash.

CONTACT:  BALTIMORE TECHNOLOGIES
          Smithfield
          Andrew Hey
          Nick Bastin
          Phone: +44 (0) 20 7360 4900
          Web site: http://www.baltimore.com


EURODIS ELECTRON: Healthier After GBP39 Million Refinancing
-----------------------------------------------------------
Eurodis Electron on Wednesday announced these update prior to
entering the close period for its results for the year ending 31
May 2004, which are scheduled to be announced on 27 July 2004:

Current trading

The successful conclusion of the GBP39 million equity raising at
the beginning of March has enabled the business to get back to
operating on a normal footing.  The equity proceeds have been
deployed in line with the plans stated during the fund raising.

As stated at the time of the equity raising, sales had been
affected by the Group's working capital position, and some
erosion of market share occurred in the quarter ended 31 March
2004.  Since the refinancing we believe that financial
credibility in the Group has been restored and progress has been
made in regaining the confidence of trading partners.  As
anticipated, additional inventory levels will enable the Group
to take advantage of a strengthening market.

Sales, margins and recurring operating costs for the year ending
31 May 2004 are expected to be within market expectations.
Further cost reductions have been implemented in the second half
of the current financial year as planned and we continue to work
towards improved utilization of working capital.  Net bank debt
as at 31 May 2004 will be substantially lower than market
expectations.

Outlook

There are increasing signs of the market strengthening, though
this is currently characterized more by supply allocation than
by market price increases.  Against this backdrop, and starting
from a lower market share than anticipated, the Board believes
that steady progress will restore the Group to profitability
though this may take a few months longer than originally
envisaged.  The Group continues to aim to increase margins but,
in the short term, recovery of market share is a higher
priority.  Operating expenses continue to be controlled tightly
in line with expectations.

Since the refinancing, we have been encouraged by the continuing
level of support from our key franchise partners.  We have
retained all franchises but one, which has decided to
rationalize its own distribution arrangements following a
merger.  It represents about 2% of Group sales.  We are in
discussions with a number of suppliers about potential new
franchises that will provide sales growth opportunities once in
place.

Accounting charges, adoption of FRS17, proposed change of year-
end.

As stated in the fund raising prospectus, the results for the
six months ending 31 May 2004 will include a number of one off
charges associated with restructuring and refinancing.

The Board also intends to review the carrying value of assets,
including goodwill, and some significant one off charges may
arise from this review.  The Board has also decided to adopt
Financial Reporting Standard 17, 'Retirement Benefits', as it
believes this will provide a clearer distinction between
financing and operating costs of the continuing business.

Later this year, the Company is planning to change its year-end
to 30 September.  Historically, the timetable for reporting the
year-end has fallen during a period when sales are seasonally
low and reporting during November will better facilitate the
Company's planning and forecasting.  To effect this change,
there will be two sets of interim results: the first will cover
the six months ending 30 November 2004 and the second will cover
the four months ending 31 March 2005.

Audited results will then be announced for the sixteen-month
period to 30 September 2005.

Non-Executive Directors

Progress is being made with seeking two additional Non-Executive
Directors and we hope to announce the first of these
appointments shortly.

CONTACT:  EURODIS ELECTRON
          Doug Rogers, Chairman
          Steve Swayne, Chief Executive
          Peter Grant, Group Finance Director
          Phone:01737 242 464

          BELL POTTINGER FINANCIAL
          Billy Clegg
          Emily MacKay
          Phone: 020 7861 3232


EUROTUNNEL PLC: Turnaround Strategy Receives Big Blow
-----------------------------------------------------
Creditors of Anglo-French Channel tunnel railway operator
Eurotunnel rejected the company's plan to operate a freight
business, a spokeswoman said, according to Reuters.

The spokeswoman said the company's creditors had vetoed the plan
without even meeting the new management or even explaining.

Eurotunnel is under new management after retail shareholders
kicked out the old administration in April.  The team, under
former travel agency boss Jacques Maillot, is proposing to run a
freight business as part of the plan to get the company back on
track.

Eurotunnel has US$10.78 billion in debts.  It run into trouble
when costs to build the Channel Tunnel that connect U.K. and
France started to overrun before it opened in 1994.  Worsening
the problem is an over-optimistic traffic forecasts that crashed
when tourist traffic fell following the Iraq war.

CONTACT:  EUROTUNNEL PLC
          Kevin Charles
          Phone: + 44 (0) 1303 288728

          Investor Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


FIELDFARE PROPERTIES: Hires Receivers from Middleton Partners
-------------------------------------------------------------
The Fieldfare Properties Limited Company has appointed Michael
Francis Stevenson and Julie Anne Palmer of Middleton Partners as
joint administrative receivers.  The appointment was made May
17, 2004.

The Company is engaged in developing and selling real estates.
Fieldfare Properties' registered office is located at Hi-Tech
House, Brunel Road, Salisbury SP2 7PU.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury SP1 1EF
          Receivers:
          Michael Francis Stevenson
          Julie Anne Palmer
          (Office Holder Nos 8154, 8835)


G P MYLER: Appoints Grant Thornton Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the G P Myler and Company
Limited held at 49 Mill Street, Bedford MK40 3LB, the Special
Resolution to wind up the Company was passed.  Samantha Keen of
Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW has
been appointed Liquidator of the Company for the purpose of the
voluntary winding-up.

CONTACT:  GRANT THORNTON
          31 Carlton Crescent,
          Southampton SO15 2EW
          Contact:
          Samantha Keen, Liquidator


HSC GC: Appoints KPMG Liquidator
--------------------------------
At an Extraordinary General Meeting of the HSC GC Limited
(formerly The Camberley Heath Golf Club Limited) on May 14, 2004
held at Chichester House, 8th Floor, 278-282 High Holborn,
London WC1V 7HA, the Special and Ordinary Resolutions to wind up
the Company were passed.  Jeremy Simon Spratt and Stephen
Treharne KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Contact:
          Jeremy Simon Spratt, Liquidator
          Stephen Treharne, Liquidator


IMPERIAL CHEMICAL: Chairman Forecasts 10% Annual Growth
-------------------------------------------------------
Chairman's Speech to the Annual General Meeting:

You will be all too aware of the considerable challenges faced
by ICI over recent years.  A Rights Issue to reduce debt; a
profit warning; and the departure of a Chief Executive are not
confidence inducing to shareholders and, although progress has
been made over the past 12 months, we should be in no doubt that
we face challenging times ahead.  After an unacceptable
performance over the last three years with reduced sales,
reduced profits, and reduced dividends, we must -- and we
believe we can -- make better progress in the future, driven by
a strong focus on profitable growth as a result of being more
efficient and effective operationally, and by continued
innovation based on good knowledge of our customers' needs and
our strong technology platforms.

Since I joined ICI last summer I have been examining the Group's
operations around the world, visiting many of our production
sites, and meeting a large cross section of our staff.  Their
commitment and creative ability makes me much more optimistic
that the challenges ahead can be met.  In National Starch's
factories in the USA I met people who had worked there for
almost 40 years but were every bit as keen and enthusiastic
about their work and products as the youngsters who had joined
our Paints operations in China only a few weeks earlier.  In the
Quest Flavours research laboratories in Holland I met a
brilliant young scientist who had created that intensity of
flavor we experience when we bite into a green apple.

So I was uplifted by the commitment, the dedication and the high
level of innovation that I experienced as I traveled around the
group.

I also have two other reasons for optimism: First, the global
economic situation is looking more encouraging.  The U.S.A is
expected to see GDP growth in 2004 of more than 4%; China and
the other large Asian markets, where we are well represented,
continue to be significant drivers of the global economy.

But I am optimistic mainly because the Group's strategy has been
better articulated and is clearer now than it has been for some
time, and is beginning to be effectively implemented.

In a few minutes I will ask the Group Chief Executive John
McAdam, who I believe has done a very good job in the first year
of his tenure, to take you through the strategy in greater
detail, but in essence our strategy is to develop genuine
leadership in formulation science.  We have and will continue to
build businesses that are leaders in their respective
industries.  Our businesses bring together outstanding knowledge
of customer needs with leading edge technology platforms.

Formulation science for me means putting together the right mix
of ingredients which will best meet the needs of our end-
customers, which will in turn give us a competitive advantage,
which in turn will maximize shareholder value.

While traveling around the company I have been impressed by the
very considerable creativity and expertise I have found, which
is developing the products to drive our future growth.

We will also be much more focused in ensuring that we are
allocating the right level and type of resource to each of the
markets in which we operate.

ICI contains four International Businesses that are in turn made
up of Strategic Business Units.  The Business Units have been
divided into four main groups and our basic strategies differ in
each.  There are certain Businesses and geographic regions which
will have priority in terms of investment, such as Starch,
Adhesives and the Paints Business in Asia, an area of the world
which is showing the most growth in demand for our products.  It
now represents about one-quarter of our global turnover; employs
one-quarter of our people; and makes more than one third of our
Group profits.

At the other end of the scale, there are Businesses such as
Uniqema which operate in more mature markets where investment in
technology and marketing is unlikely to deliver a satisfactory
pay-back, and where the focus will be more exclusively on cost
management and capital effectiveness.

Going forward, success will be about both growing our income and
managing our costs more effectively than we have been doing in
the past.

That is why, in 2003 we announced two major tranches of
restructuring within ICI.  Together they aim to benefit the
profit and loss account by more than GBP100 million in 2005 and
succeeding years.

So we go forward with a focus on profitable sales growth and
effective cost management augmented by a modest divestment
program.  We have no plans to sell off any of our major
international businesses, but where we can create greater value
for shareholders by selling off parts of businesses which are
worth more to others than to ourselves, and which are not core
to our strategic growth, then we will do so.

This was the thinking behind the sale of the Quest Food
Ingredients business that we have recently sold for $440
million.  This will further strengthen our balance sheet and
enable Quest to focus totally on the recovery of its position in
the Fragrance and Flavours markets.

This sale will help reduce the Group's debt where we are making
steady progress.  The debt at the end of 2001 stood at GBP2.9
billion.  This was reduced to GBP1.3 billion by the end of last
year, and getting the debt down to an even lower level as a
result of organic profit growth and modest non-core divestment
will give us greater flexibility going forward.

However, no one is more conscious than your Board that whilst
there has been some growth in the share price over recent
months, it is still well below the price it was three years ago.
The only thing that will move the share price in the right
direction is consistent and sustainable profit growth, which is
what we are totally committed to achieve.

Let me now say a word about the dividend.  It is a matter of
great regret that over the last three years we have not felt
able to adequately reward the shareholders who own the Company.
The Board considers that most value can be created over time for
shareholders by maintaining our policy of paying a dividend,
which represents about 1/3rd of our net profit before
exceptional costs and goodwill.  This policy over time, enables
us to invest for profitable growth, which in turn will drive
future dividend pay out.

We believe that it is not sensible to change the policy at this
time.  Indeed, after payment of the dividend there was a small
reduction in the Group's capital and reserves.

The key to better dividends per share lies in improved
performance.  The proposed new Executive Share Option Plan is
designed to create a strong link between EPS performance and
executive reward opportunity.  Our EPS will have to have grown
by 35 percent over three years for any reward to be delivered to
executives through this plan.  To achieve the maximum, our EPS
must increase by 66 percent by 2006 from its 2003 base.  Any
reward from the Plan is also totally dependant on delivering
share price growth, thus aligning the interests of executives
and shareholders.

May I conclude by re-emphasizing what I believe are the two key
points for this Group going forward.

First, that I believe that the strategy outlined last October
with its focus on being a leader in formulation science,
concentrating on growth regions and markets, while at the same
time implementing the restructuring and efficiency measures, is
absolutely the right strategy to pursue.

Second, I think that the financial goals announced at the same
time, of sales' growth at, or better than, GDP on average, with
trading profit growing by 0.5% a year on average, and a 1% per
annum improvement on return of capital employed will, if
delivered, see earnings per share growing by a compound annual
growth rate in excess of 10%, I believe that these goals, whilst
testing, are achievable and all of us at ICI are committed to
their achievement.  Despite an unsatisfactory profit performance
for 2003, the first quarter results for this year were
encouraging but we are in no doubt that we have a long way to
go.

I believe that the excellent steps that John and his team have
taken are creating a robust platform on which to build. We are
now better placed to move forward, and we are beginning to see
the benefits of implementation.  We go forward with cautious
optimism knowing that the climb ahead is steep, but we are
committed to delivering better results.


JCM GROUP: Brings in Receivers from Begbies Traynor
---------------------------------------------------
Printer Company, JCM Group (U.K.) Limited has appointed David
Moore and David Rankin of Begbies Traynor as joint
administrative receivers.  The appointment was made May 14,
2004.  The Company's registered office is located at 1 Old Hall
Street, Liverpool L3 9HF.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Receivers:
          David Moore
          David Rankin
          (IP Nos 007510, 9287)


LARNERWAY LTD.: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the
Larnerway Ltd Company on May 14, 2004 held at New Century Park,
Coventry CV3 1HJ, the Special Resolution to wind up the Company
was passed.  Robin Arthur Ellis of 2 The Elms, Church Road,
Claygate, Surrey KT10 0JT has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  2 THE ELMS
          Church Road, Claygate
          Surrey KT10 0JT
          Contact:
          Robin Arthur Ellis, Liquidator


NEECOL STRUCTURES: Appoints Receivers from Ratcliffe
----------------------------------------------------
The Neecol Structures Limited Company has appointed Andrew David
Rosler of Ratcliffe & Co. as joint administrative receiver.  The
appointment was made May 14, 2004.  The Company manufactures and
installs steel fabrications.

CONTACT:  RATCLIFFE & CO INSOLVENCY PRACTITIONERS
          Tarleton House
          112A-116 Chorley New Road, Bolton,
          Lancashire BL1
          Contact:
          Andrew David Rosler


NUSING LIMITED: Names Baker Tilly Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of the Nusing
U.K. Limited Company on May 18, 2004 held at 35 Watford Metro
Centre, Tolpits Lane, Watford, Hertfordshire WD18 9XN, the
Special Resolution to wind up the Company was passed.  Mark John
Wilson and Tracey Elizabeth Callaghan both of Baker Tilly, 1st
Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD17 1JJ
          Contact:
          Mark John Wilson, Liquidator
          Tracey Elizabeth Callaghan, Liquidator


ORGANIC FARM: West Lothian Outlet to be Wound Up
------------------------------------------------
Organic Farm Foods (Scotland) Ltd. filed a petition to liquidate
its West Lothian-based operation, according to The Herald.  The
19-year old firm is Scotland's first organic vegetable
distributor, and the country's largest commercial organic
supplier.

Parent Organic Farm Foods is Britain's leading organic food
company and Europe's number one specialist supplier to the
supermarket chains.  It is headquartered in Wales with centers
in England at Worcestershire and Herefordshire, and distribution
network covering the whole of the U.K. and France.

The Scottish firm manages packing and distribution facilities
for farmers.  It is run by 32 employees.

The liquidation is part of the shakeup at the whole group after
new owners for Organic Farm in Wales took over management of the
company.

Keith Anderson, the provisional liquidator of Scott and
Paterson, chartered accountants, said: "The company decided the
principal contracts could be better served from its sites in the
south."


PROSPECT ORCHARDS: Appoints Liquidator from Smith & Williamson
--------------------------------------------------------------
At an Extraordinary General Meeting of the prospect orchards
Limited (formerly Rice Homes Limited) Company on May 11, 2004
held at Old School House, Kings Langley, the subjoined Special,
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Stephen Robert Cork of Smith & Williamson Limited
has been appointed Liquidator for the Company.


R.E. PLASTICS: Creditors Meeting Set June 1
-------------------------------------------
There will be a Creditors Meeting of the R.E. Plastics Limited
Company on June 1, 2004 at 11:15 a.m.  It will be held at The
Castletown Golf Links Hotel, Fort Island, Derbyhaven, Isle of
Man IM9 8UA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to The Old Halsall Arms, 2 Summerwood Lane, Halsall
L39 8RJ not later than 12:00 noon, May 31, 2004.


RIVERMOON PUB: Hires Price & Co. Administrator
----------------------------------------------
Public House Operator, Rivermoon Pub Company Ltd. has appointed
Alan R Price of Price & Co as joint administrative receiver.
The appointment was made May 17, 2004.  The Company's registered
office is located at The Royal Oak, 414 Worting Road,
Basingstoke RG22 5EA.

CONTACT:  PRICE & CO
          PO Box 5895, Wellingborough,
          Northamptonshire NN8 5ZD
          Contact:
          Alan R Price


SEABROOK SMITH: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Seabrook & Smith
Limited Company on May 19, 2004 held at 10 Fleet Place, London
EC4M 7RB, the Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Peter Mark Saville of Kroll Limited,
10 Fleet Place, London EC4M 7RB and Louise Mary Brittain of
Baker Tilly, 2 Bloomsbury Street, London WC1B 3ST have been
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up.

CONTACT:  KROLL LIMITED
          10 Fleet Place,
          London EC4M 7RB
          Contact:
          Peter Mark Saville, Liquidator

          BAKER TILLY
          2 Bloomsbury Street
          London WC1B 3ST
          Contact:
          Louise Mary Brittain, Liquidator


STUART INTERIORS: In Administrative Receivership
------------------------------------------------
The Royal Bank of Scotland Plc called in receivers Andrew Howard
Beckingham and Ian Edward Walker of Begbies Traynor for Stuart
Interiors Limited (Reg No 01324615, Trade Classification: 09).
The application was made May 17, 2004.  The company is into
furniture-making.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Receiver:
          Andrew Howard Beckingham
          (Office Holder No 8683)

          Balliol House,
          Southernhay Gardens,
          Exeter
          Receiver:
          Ian Edward Walker
          (Office Holder No 6537)


WELCOME BREAK: Finance Arm Falls into Receivership
--------------------------------------------------
The finance arm of motorway service station operator Welcome
Break went into administrative receivership on Tuesday,
according to the Financial Times.  Deloitte & Touche confirmed
that Neville Kahn had been appointed receiver.

Welcome Break Finance PLC was set in 1998 to help private equity
investor Investcorp, its sole shareholder, launch a GBP376
million bond offering to finance the acquisition of Welcome
Break.  The finance arm was declared insolvent after its
directors took a GBP41 million provision on the loan.

Investcorp was in the previous months offering holders of B-
bonds 55% of their investment in case of default.  But the
bondholders refused.  This was in February when A-bond holders,
which holds preferential treatment in a default scenario,
accepted a full repayment.

The creditors of WBF include hedge funds Odey Asset Management,
and Sisu Capital (class B bondholders), which is being advised
by Lazard.

Bondholders want receivers not only to get into the loan issued
by the finance arm, but to the assets of operating company,
Welcome Break, as well.  In such case, Investcorp will be forced
to write off its equity investment.

Part of the original offer to bondholders is the sale and
leaseback of part of Welcome Break's motorway service chain to
Rotch Property -- a condition that Investcorp may revive.
Bondholders are expected to oppose the plan.

Investcorp is being advised by Houlihan Lokey.


                            *********


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

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

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

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