TCREUR_Public/040602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 2, 2004, Vol. 5, No. 108

                            Headlines

F R A N C E

RHODIA SA: Reaches Deal with Feralco Over Wastewater Unit
RHODIA SA: Danisco Concludes Takeover of Food Ingredients Unit


G E R M A N Y

WESTLB AG: Shelves Joint Payment Handling Project with DZ Bank


H U N G A R Y

MALEV RT: 2003 Operating Loss Balloons to HUF9.5 Billion


I T A L Y

FIAT SPA: Lonza Chairman May be Next Chief Executive
IT HOLDING: Denies Reported Sale of Eyewear Division
PARMALAT FINANZIARIA: Tanzi-owned Travel Agency for Sale


N E T H E R L A N D S

BALLAST NEDAM: Hochtief AG Sells 48% Shareholding


P O L A N D

WIRTUALNA POLSKA: President Offers to Buyout Firm


R U S S I A

ARGUNSKIY COMBINE: Under Bankruptcy Supervision Procedure
ATRAT BRICKWORKS: Court Sets June 8 Hearing
AVTO-MED-TECHNICA: Proofs of Claim Deadline July 13
BRYANSK-PROM-BETON: Declared Insolvent
DAL-VOST-UGOL: Amur Court Commences Bankruptcy Proceedings

ENERGOMASH-BOR: Proofs of Claim Deadline July 13
GOR-ELECTRO: Court Appoints Insolvency Manager
INK-USKUT: Creditors Have Until June 17 to File Claims
JSC SEVERSTAL: 2003 Net Profit Jumps to RUB800 Million
KAMYSHUNSKY TINNED: Under Bankruptcy Supervision Procedure

KOTELNICHESKY MEAT: Bankruptcy Procedure Begins
KPD: Creditors Have Until July 13 to File Proofs of Claim
KUHTUYSKOYE FISHING: Court Prescribes Bankruptcy Procedure
NAVLYA-SELHOZ-HIMIYA: Declared Insolvent
NIZHNETAGILSKY VARNISH: Paint Plant Succumbs to Insolvency

PROKOPJEVSKOYE TECHNICAL: Proofs of Claim Deadline Set June 17
PROKOPJEVSKY SHAKHTO: Kemerovo Court Appoints Insolvency Manager
PYATIGORSK-GOR-GAZ: Stavropol Court Appoints Insolvency Manager
QUARTZ GLASS: Court Sets August 31 Hearing
VIKULOVSKAYA PAULTRY: Bankruptcy Supervision Procedure Begins
VOLZHSKY MACHINERY: Court Sets September 1 Hearing
YUKOS OIL: Khodorkovsky-Lebedev Hearing Postponed


S W I T Z E R L A N D

EDIPRESSE POLSKA: Przekroj Investment to Show Results This Year


U K R A I N E

DNISTER: Vinnitsya Court Appoints Insolvency Manager
FAKTOR-IMPEKS: Under Bankruptcy Supervision Procedure
FOBOS UNITED: Kyiv Court Prescribes Bankruptcy Proceedings
MAK-1: Deadline for Proofs of Claim June 19
MERIDIAN TT: Declared Insolvent

OKTAVA-OPT: Declared Bankrupt
PROMIN: Deadline for Proofs of Claim Set June 20
UKRBIZNESBUD: Insolvent Status Confirmed
VRADIJIVSKA AGROPROMTEHNIKA: Declared Insolvent


U N I T E D   K I N G D O M

ANDREW JOSE: Appoints Knights & Company Liquidator
ARTISTIC BLIND: Calls in Liquidator
ATLAS FABRICATIONS: Meeting of Creditors Set June 9
BONCHURCH BRASSERIE: Hires Liquidator from A. Segal & Co.
CHARLES SERVICES: Names Liquidator from Marshall Peters

C & H MEATS: Creditors Meeting Set June 14
CIRCATEX: Bought Out of Administration by Management
CITY STRUCTURES: Hires Liquidator from Great Central House
CURTIS FINE: To Abandon Dalmore Mill Operations
DOUGLAS & HASS: Extraordinary Winding up Resolution Passed

DUCHY CONTRACTORS: Appoints Neville Hatton Liquidator
ESTATVEST INVESTMENTS: Names Knights & Company Liquidator
EXCALIBUR WORLDWIDE: Creditors Meeting Set June 16
FRANCHISE SALONS: Winding up Resolutions Passed
GRAHAM HOWELLS: Creditors Meeting Set June 9

GPS INNS: Hires Thompson Partnership Liquidator
INTEGRATED TESTING: Appoints Liquidator from Mazars
JIM-JACK: Hires Nottingham Watson Liquidator
JINGLES INTERNATIONAL: Call in Liquidator
KWELM COMPANIES: Scheme to Close Early; Creditors to Get More

LIBRA CLOTHING: Winding up Resolutions Passed
MARK HARRISON: Names Tomlinsons Liquidator
MARKS & SPENCER: Appoints Stuart Rose Chief Executive
MYTRAVEL GROUP: Operating Loss Down to GBP149.6 Million
SBF AGRICO: Falls into Receivership
STANDARD LIFE: Hangs 'For Sale' Signs on Four Buildings


                            *********


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


RHODIA SA: Reaches Deal with Feralco Over Wastewater Unit
---------------------------------------------------------
Rhodia S.A. on Monday announced the signing of a letter of
intent with Feralco AB for the sale of the Group's potable and
wastewater treatment business.  Mainly targeting the European
market, this business generated sales in 2003 of EUR26.5
million.  The two parties expect to reach a sale agreement over
the next few weeks after consultations with employee
representatives are finished and legal authorizations are
received.

Feralco AB manufactures and sells performance chemicals for the
water treatment and paper industries.  Feralco AB is based in
Sweden and generated net sales of EUR23 million in 2003.  This
transaction will enable Feralco to reinforce its positions in
continental Europe and in the water treatment market.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Danisco Concludes Takeover of Food Ingredients Unit
--------------------------------------------------------------
Following approval from the relevant authorities, Danisco
officially took over Rhodia Food Ingredients Monday.  It paid
approximately DKK2.4 billion (EUR320 million) for the unit.
Danisco considers the acquisition a major step towards realizing
its goal of being the leading supplier of ingredients to the
food industry.

"We're looking forward to starting the integration process.
Rhodia's talented and knowledgeable employees will contribute to
the value creation at Danisco and help bolster our position in
the ingredients market," states CEO of Danisco, Alf Duch-
Pedersen.

The strategic rationale

With the addition of Rhodia's food ingredients, Danisco's
product platform has been considerably expanded -- notably
within specialty products and texturant products.

Rhodia's high-profile products will be able to leverage
Danisco's strong global sales network.  The acquisition
substantially enhances Danisco's product palette within
specialty products and texturant products.  In the market for
cultures, Rhodia supplies products with technological benefits
in terms of taste and texture, just as Rhodia is a world-leading
producer of probiotic products.  Danisco will be taking over
production in several countries, which will provide for
production plant efficiencies.  Danisco assesses that there are
good possibilities of realizing sales synergies, as the acquired
product areas supplement the existing areas optimally thereby
limiting a potential loss of sales and customers.

The purchase price includes expected cost synergies of
approximately DKK120 million.  The synergies are expected to
have full effect in the third financial year after the
acquisition.

New organization

The integration of Rhodia Food Ingredients involves the
formation of a new product division within cultures, Danisco
Cultures, to be headed by Fabienne Saadane-Oaks.  The other
activities will be integrated into the Specialties, Textural
Ingredients and Functional Systems divisions, respectively.

The results for the full year 2003/04 including outlook for
2004/05 will be published on 17 June 2004.

CONTACT:  RHOCIA S.A.
          Investor Relations
          Phone: +45 3266 2912
          E-mail: investor@danisco.com

          Media Relations
          Phone: +45 3266 2913
          E-mail: info@danisco.com


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


WESTLB AG: Shelves Joint Payment Handling Project with DZ Bank
--------------------------------------------------------------
Following a thorough review, WestLB AG decided to discontinue a
project undertaken with Transaktionsinstitut fur
Zahlungsverkehrsdienstleistungen AG, which includes a joint
handling of payments activities with DZ BANK AG Deutsche
Zentral-Genossenschaftsbank.  WestLB felt that the cost
advantages would not be adequate in relation to prohibitive
migration and restructuring expenses.

WestLB now aims to further expand its strong position in the
payments sector in close partnership with the savings banks.
Transaktionsinstitut fur Zahlungsverkehrsdienstleistungen AG, a
DZ BANK subsidiary, already holds 16% of the German market -- an
excellent basis on which the bank will push ahead its domestic
and international marketing activities.


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


MALEV RT: 2003 Operating Loss Balloons to HUF9.5 Billion
--------------------------------------------------------
National carrier Malev Rt reported operating loss of HUF9.5
billion for 2003, up from HUF4.9 billion in 2002.  Net revenue
for 2003 reached HUF110.7 billion, according to the Budapest
Business Journal.

At its general meeting on Friday, the company revealed that
HUF4.3 billion of the losses came from the core business, while
HUF5.2 billion came from unfavorable balance and other costs.
Malev blamed the outbreak of the SARS virus last year and the
impact of the war in Iraq, which slowed down consolidation of
the market.  The escalation of fuel prices, the devaluation of
the forint, the drastic increase in forint interest rates, and
the HUF3 billion cost to upgrade the fleet beginning 2002 also
contributed to the huge annual loss, it said.

On a positive note, passenger uptake increased 8% in 2003,
coinciding with the opening of five new destinations.

"Operational losses decreased by HUF500 million compared to the
previous year while the company's market share increased by 0.5
of a percentage point to 56.5%," a company statement said,
according to the report.

The carrier expects its current strategy to deliver positive
results next year.


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


FIAT SPA: Lonza Chairman May be Next Chief Executive
----------------------------------------------------
The chairman of Swiss chemicals group Lonza is tipped as the
favorite candidate to become chief executive of troubled
carmaker Fiat, according to The Scotsman.

Sergio Marchionne, who is at the same time an independent member
of Fiat's board, is believed to be the front-runner among
possible candidates to replace recently resigned CEO Giuseppe
Morchio.  Mr. Morchio did not like the appointment of Luca di
Montezemolo as chairman.

Fiat's incoming CEO has a big task ahead of him: make the loss-
making group profitable again.  The Italian conglomerate
reported a first-quarter net loss of GBP129.5 million, down from
GBP457.4 million in the corresponding period last year.


IT HOLDING: Denies Reported Sale of Eyewear Division
----------------------------------------------------
IT Holding S.p.A. denied in a statement a report by weekly
newspaper Il Mondo saying it has sold its eyewear division
Allison.

Allison is leader in the eyewear production in Italy and part of
the Group since 1999.  IT Holding also owns the Gianfranco Ferre
label apparels and produces the junior apparel of high-end
products like Versace and Dolce & Gabbana.  In April, it
reported EUR73 million net loss for last year due to one-time
devaluations worth EUR57 million and additional financing fees
amounting to EUR12.4 million.

In February, Standard & Poor's Ratings Services revised its
outlook on the company to negative from stable, reflecting the
company's heightened refinancing risk due to the current
unfavorable market conditions in Italy.


PARMALAT FINANZIARIA: Tanzi-owned Travel Agency for Sale
--------------------------------------------------------
The Tanzi family, which founded Parmalat, is looking to sell the
dairy food group's loss-making travel firm Parmatour, union
sources said, according to Reuters.

Parmalat administrator Enrico Bondi, who acts in the same
capacity for Parmatour, told the source he is selling the firm
as a whole, although changes may still happen depending on the
offers.  Expressions of interests for the tour operator will be
presented by the end of July.

Mr. Bondi will use proceeds of the sale to repay creditors who
have been demanding payment since the group collapsed in
December under a EUR14 billion (US$17 billion) debt load.


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


BALLAST NEDAM: Hochtief AG Sells 48% Shareholding
-------------------------------------------------
Hochtief AG sold its 48% stake in Ballast Nedam to TCN Property
Projects, a Dutch property company and project developer, and
Wedge International Holdings, an investment vehicle controlled
by Issam M. Fares, a Lebanese private investor.  TCN Property
Projects and Wedge International purchased a 24% stake each.
The purchasers plan to eventually acquire a majority of the
shares of Ballast Nedam.

Houthoff Buruma advised Hochtief AG, a listed German
construction services provider, on the sale.  The Houthoff
Buruma team was led by Eddie Meijer, a partner with Houthoff
Buruma's Corporate & Finance Department in Rotterdam.  The team
included Jan-Paul van der Hoek, a senior associate and future
partner, and Jobst Melcher, a German lawyer and associate.  The
purchasers were advised by Allen & Overy.

Ballast Nedam is a listed Dutch construction company involved in
civil engineering, hydraulic-engineering, industrial and road-
building projects.


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


WIRTUALNA POLSKA: President Offers to Buyout Firm
-------------------------------------------------
Internet portal Wirtualna Polska has found an investor willing
to rescue it out of receivership, Warsaw Business Journal
reports.

The company's president Marek Borzestowski and Zenon Beker,
another member of the management board, are reportedly willing
to pay creditors PLN36 million to takeover the company.  They
are backed by stock exchange-listed venture capital fund MCI
Management.

Mr. Borzestowski have had a troubled relationship with Wirtualna
Polska's minority shareholders.  The group is accusing him of
leading the portal to bankruptcy to allow strategic shareholder,
TP S.A., to recoup its investment and regain control of the
portal.  Two members of the management board supported this
claim and presented documents taken from Mr. Borzestowski's
laptop.  In return, Mr. Borzestowski sued them for theft of the
laptop, according to the report.


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


ARGUNSKIY COMBINE: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Chita region has commenced bankruptcy
supervision procedure on OJSC The Argunskiy Combine of
Production Enterprises.  The case is docketed as A78-1413/04-B-
22.  Mr. A. Osipov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim according to
the Federal Law of RF Bankruptcy.  A hearing will take place on
August 3, 2004, 10:00 a.m. at the Arbitration Court of Chita
region.

CONTACT:  THE ARGUNSKIY COMBINE OF PRODUCTION ENTERPRISES
          Russia, Chita region, Priargunsky region, Priatgunsk

          Mr. A. Osipov, Temporary Insolvency Manager
          Russia, Chita, January 9th str.37, office 212


ATRAT BRICKWORKS: Court Sets June 8 Hearing
-------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on CJSC Atrat Brickworks.  The
case is docketed as A79-2170/04-SK1-2046.  Ms. N. Grigorieva has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at Russia, Republic of Chuvashiya,
Cheboksary, Petrova str.6.  A hearing will take place on June 8,
2004, 10:00 a.m. at the Arbitration Court of Republic of
Chuvashiya.

CONTACT:  ATRAT BRICKWORKS
          Russia, Republic of Chuvashiya,
          Alatyrsky district, Atrat

          Ms. N. Grigorieva, Temporary Insolvency Manager
          Russia, Republic of Chuvashiya, Cheboksary,
          Petrova str.6


AVTO-MED-TECHNICA: Proofs of Claim Deadline July 13
---------------------------------------------------
The Arbitration Court of Penza region declared Federal State
Unitary Enterprise Penza factory Avto-Med-Technica insolvent and
introduced bankruptcy proceedings.  The case is docketed as A49-
6238/03-92B/20.  Mr. D. Fedulaev has been appointed insolvency
manager.

Creditors have until July 13, 2004 to submit their proofs of
claim to:

(a) The Arbitration Court of Penza region:
    Russia, Penza, Belinsky str.2

(b) Insolvency Manager: Russia, Penza-11, Post User Box 2600

CONTACT:  AVTO-MED-TECHNICA
          Russia, Penza, Suvorov str.92

          Mr. D. Fedulaev, Insolvency Manager
          Russia, Penza-11, Post User Box 2600

          The Arbitration Court of Penza region:
          Russia, Penza, Belinsky str.2


BRYANSK-PROM-BETON: Declared Insolvent
--------------------------------------
The Arbitration Court of Moscow declared industrial concrete
factory OJSC Bryansk-Prom-Beton insolvent and introduced
bankruptcy proceedings.  The case is docketed as A09-12114/03-
27.  Mr. M. Panteleev has been appointed insolvency manager.
Creditors have until July 13, 2004 to submit their proofs of
claim to the insolvency manager at 241012, Russia, Bryansk, Post
User Box 66.

CONTACT:  BRYANSK-PROM-BETON
          241035, Russia, Bryansk, Schosseynaya str.1

          Mr. M. Panteleev, Insolvency Manager
          241012, Russia, Bryansk, Post User Box 66


DAL-VOST-UGOL: Amur Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Amur region has declared coal-mining
enterprise OJSC Dal-Vost-Ugol insolvent and introduced
bankruptcy proceedings.  The case is docketed as A04-1704/02-
4/123B, A04-1953/02-4/147 B.  Mr. A. Zinchenko has been
appointed insolvency manager.  Creditors have until July 17,
2004 to submit their proofs of claim to 676770, Russia, Amur
region, Raichikhinsk, Pobeda str.,28.

CONTACT:  DAL-VOST-UGOL
          676770, Russia, Amur region, Raichikhinsk,
          Pobeda str.,28

          Mr. A. Zinchenko, 676770, Russia, Amur region,
          Raichikhinsk, Pobeda str.,28


ENERGOMASH-BOR: Proofs of Claim Deadline July 13
------------------------------------------------
The Arbitration Court of Irkutsk region declared power company
OJSC Energomash-Bor insolvent and introduced bankruptcy
proceedings.  The case is docketed as A51-16771/03 (9-316/14).
Mr. A. Lopanov has been appointed insolvency manager.  Creditors
have until July 13, 2004 to submit their proofs of claim to the
insolvency manager at 692446, Russia, Primorski Krai,
Dalnegorsk, 50-th of Oktober str.116.

CONTACT:  ENERGOMASH-BOR
          692446, Russia, Primorski Krai, Dalnegorsk,
          50th of Oktober str.116

          Mr. A. Lopanov, Insolvency Manager
          692446, Russia, Primorski Krai, Dalnegorsk,
          50th of Oktober str.116

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


GOR-ELECTRO: Court Appoints Insolvency Manager
----------------------------------------------
The Arbitration Court of Amur region declared shimanovsk power
municipal unitary enterprise Gor-Electro-Teplo-Seti insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A04-660/04-6/46B.  Ms. G. Chmutina has been appointed insolvency
manager.  Creditors are asked to submit their proofs of claim to
the temporary insolvency manager at 675000, Russia, Amur region,
Blagoveschensk, Ostrovskogo str.39-2.

CONTACT:  GOR-ELECTRO-TEPLO-SETI
          Russia, Amur region, Shimanovsk, Lenin str.14

          Ms. G. Chmutina, Insolvency Manager
          675000, Russia, Amur region, Blagoveschensk,
          Ostrovskogo str.39-2


INK-USKUT: Creditors Have Until June 17 to File Claims
------------------------------------------------------
The Arbitration Court of Irkutsk region declared LLC Ink-Uskut-
Nefte-Gaz insolvent and introduced bankruptcy proceedings.  The
case is docketed as A19-4546/04-49.  Mr. V. Polygalov has been
appointed insolvency manager.

Creditors have until June 17, 2004 to submit their proofs of
claim at 664007, Russia, Irkutsk, Yamskaya str.12. Tel./Fax:
(3952) 206-190.  A hearing will take place on October 20, 2004,
9:30 a.m. at the Arbitration Court of Irkutsk region 664025,
Russia, Irkutsk, Gagarin av., 70.

CONTACT:  INK-USKUT-NEFTE-GAZ
          665780, Russia, Irkutsk region, Ust-Kut,
          Kalinina str.,6

          Mr. V. Polygalov, Insolvency Manager
          664007, Russia, Irkutsk, Yamskaya str.12
          Phone/Fax: (3952) 206-190

          The Arbitration Court of Irkutsk region:
          664025, Russia, Irkutsk, Gagarin av., 70


JSC SEVERSTAL: 2003 Net Profit Jumps to RUB800 Million
------------------------------------------------------
The annual JSC "Severstal" stockholders' meeting was held in
Cherepovets.  Shareholders approved the annual report and the
accounting reports of the society for 2003 and the payment of
dividends.  They also approved a number of changes to the
charter documents and elected a new Board of Directors and
auditing committee.

The General Director of JSC "Severstal" Anatoly Kruchinin in his
report at the meeting said that, in terms of steel consumption
and market prices dynamics, the year 2003 exceeded the most
optimistic expectations of analysts.  As a result, the volume of
steel production in 2003 reached 9.888 million tons, while the
volume of saleable rolled stock reached 8.810 million tons,
higher than in 2002 by 1.1% and 3.2% respectively.

The amount of capital investments in 2003 exceeded RUB7 billion;
RUB1 billion was spent for expansion of production capacities.
All these efforts catapulted net profit to RUB800 million from
only RUB18 billion in 2002.

The stockholders' meeting of the company approved the share
dividends in the amount of RUB28 per 1 equity share.  The
shareholders also approved a RUB42 dividend for the first
quarter.

Speaking about the future plans of the company, Mr. Kruchinin
said that production of rolled stock this year will increase by
5% and will reach 9.250 million tons.

"Nevertheless, it must be taken into account that the last two
years are characterized by 2 to 3 times increase of prices for
the raw materials like iron ore pellets, coal and nonferrous
scrap.  Only for the fiscal year of 2003 the share of raw
materials and fuel and energy resources costs increased up to
73.2%.  Today electric power prices are practically equal to the
European level, the price of coal approaches imported coal
price," he said.

Due to this and other objective reasons the most important work,
according to Mr. A. Kruchinin, will be towards mobilization of
internal resources, optimization of relations with external
environment, suppliers and clients.  In particular,
implementation of power saving program in 2003 resulted in
reduction of specific power consumption at JSC "Severstal" down
to 6.41 KAN per ton of liquid steel (which is 2% less than at
NLMK and 1% less than at MMK).  It plans to reduce this
parameter further by 2%.  Commissioning of the polymeric coating
line in the fourth quarter of the current year and the beginning
of start-up and adjustment of autosheet galvanizing line at
"Severgal" are examples of activities to increase production of
high value added products.

No major changes in the composition of the board were made at
the meeting.  These are members of the 2004 Board of Directors:

(a) Mordashov Alexey Aleksandrovich -- the General Director of
    Joint-Stock Company "Severstal-Group"

(b) Kruchinin Anatoly Nikolaevich -- the General Director of JSC
    "Severstal";

(c) Andrianov Alexander Nikolaevich -- Director of Finance and
    Economy "Severstal" Bykov Valery Pavlovich; expert of legal
    bureau "Centurion - M";

(d) Goroshkov Dmitry Jurjevich -- Sales Director of JSC
    "Severstal";

(e) Zhuravlyov Igor Pavlovich -- Chairman of JSC "Severstal"
    Trade-Union Committee;

(f) Kostin Igor Yurievich -- Strategic Planning Director of JSC
    "Severstal";

(g) Makhov Vadim Aleksandrovich -- Deputy General Director of
    Joint-Stock Company Severstal-group" for Strategy and
    Controlling;

(h) Nechaev Igor Evgenjevich -- Commercial Director of JSC
    "Severstal" Noskov;

(i) Mikhail Vyacheslavovich -- Deputy General Director of Joint-
    Stock Company "Severstal-group";

(j) Pogozhev Alexander Vladimirovich -- Production Director of
    JSC "Severstal";

(k) Stepanov Alexander Aleksandrovich -- Technical Director -
    Chief Engineer of JSC "Severstal";

(l) Shvetsov Vadim Arkadievich -- First Deputy General Director
    of JSC "Severstal-group";

(m) Kuvshinnikov Oleg Aleksandrovich -- Director of Social
    Welfare of JSC "Severstal";

(n) Chelnokov Pavel Anatolievich -- Director on Legal Issues of
    JSC "Severstal".

At their first session, which took place immediately after the
meeting, Mr. Alexey Mordashov was elected chairman of the board.
Shareholders also approved a number of issues connected with
day-to-day activity of the company.

Shareholders also decided to split JSC "Severstal" shares by the
factor of 25, therefore the quantity of the floated shares will
be 551,854,800, with nominal share price of RUB0.01.  The
chartered capital of the Joint-Stock Society is RUB5,519.

LLC "Firm Audit - training" (Moscow) was elected auditor for the
Joint-Stock Society.

                            *   *   *

In April, Fitch Ratings assigned Severstal's US$375 million
senior notes a 'B+' final rating with Stable outlook.  The same
rating applies to the company's Senior Unsecured foreign
currency debt.  The rating action follows a review of the final
offer documents confirming information already received when
Fitch assigned the expected rating of 'B+' on March 24, 2004.
The notes carry a coupon of 9.25% and have a ten-year maturity.
Severstal concluded the issue of the notes on 6 April 2004.

Under the bond documentation the proceeds can be used for the
expansion of the core business in line with Severstal's
corporate strategy, to refinance the existing indebtedness and
for general corporate purposes.  Severstal operates the second
largest single-site integrated steel plant within the Russian
Federation.  In FY02, Severstal's total output was 9.8 million
tons, which was equivalent to 16% of total steel produced in
Russia.


KAMYSHUNSKY TINNED: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on OJSC Kamyshunsky Tinned Food Factory.
The case is docketed as A12-2282/04-s58.  Mr. S. Sadykov has
been appointed temporary insolvency manager.  A hearing will
take place on August 3, 2004.

CONTACT:  Mr. S. Sadykov, Temporary Insolvency Manager
          Russia, Volgograd-112, Ostrovskaya Str., 18-26


KOTELNICHESKY MEAT: Bankruptcy Procedure Begins
-----------------------------------------------
The Arbitration Court of Kirov region declared LLC Kotelnichesky
Meat-Packing Plant insolvent and introduced bankruptcy
proceedings.  The case is docketed as A28-66/04-69/24.  Mr. S.
Shubin has been appointed insolvency manager.  Creditors have
until June 17, 2004 to submit their proofs of claim to the
insolvency manager at 610002, Russia, Kirov, Orlovskaya str.14-
1.

CONTACT:  KOTELNICHESKY MEAT-PACKING PLANT
          612100, Russia, Kirov region, Vesniny

          Mr. S. Shubin, Insolvency Manager
          610002, Russia, Kirov, Orlovskaya str.14-1


KPD: Creditors Have Until July 13 to File Proofs of Claim
---------------------------------------------------------
The Arbitration Court of Republic of Komi declared pechora
factory CJSC KPD insolvent and introduced bankruptcy
proceedings.  The case is docketed as A29-6964/03-3B.  Ms. I.
Zemlyanskaya has been appointed insolvency manager.  Creditors
have until July 13, 2004 to submit their proofs of claim to the
insolvency manager at 167023, Russia, Republic of Komi,
Syktyvkar, Post User Box 2006.

CONTACT:  KPD
          Russia, Republic of Komi, Stroyploschadka GRES

          Ms. I. Zemlyanskaya, insolvency manager
          167023, Russia, Republic of Komi, Syktyvkar,
          Post User Box 2006


KUHTUYSKOYE FISHING: Court Prescribes Bankruptcy Procedure
----------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
supervision procedure on OJSC Kuhtuyskoye Fishing Process
Enterprise.  The case is docketed as A73-2549/2004-37.  Mr. K.
Nikiforov has been appointed temporary insolvency manager.
Creditors have until June 17, 2004 to submit their proofs of
claim to the 690014, Russia, Vladivostok, Nekrasova Str., 86-
119.

CONTACT:  KUHTUYSKOYE FISHING PROCESS ENTERPRISE
          682480, Russia, Khabarovsk region, Ohotsk,
          Zavodskaya str.,1

          Mr. K. Nikiforov, Temporary Insolvency Manager
          690014, Russia, Vladivostok, Nekrasova Str., 86-119


NAVLYA-SELHOZ-HIMIYA: Declared Insolvent
----------------------------------------
The Arbitration Court of Bryansk region declared agricultural
chemistry company OJSC Navlya-Selhoz-Himiya insolvent and
introduced bankruptcy proceedings.  The case is docketed as A09-
10986/04-8.  Ms. E. Levchenko has been appointed insolvency
manager.  Creditors have until July 17, 2004 to submit their
proofs of claim to 242130, Russia, Bryansk region, Navlya,
Kievskaya str.,18a.

CONTACT:  NAVLYA-SELHOZ-HIMIYA
          242130, Russia, Bryansk region, Navlya,
          Promyshlennaya str.76

          Ms. E. Levchenko, Insolvency Manager
          242130, Russia, Bryansk region, Navlya,
          Kievskaya str.,18a


NIZHNETAGILSKY VARNISH: Paint Plant Succumbs to Insolvency
----------------------------------------------------------
The Arbitration Court of Sverdlovsksk region declared CJSC
Nizhnetagilsky Varnish and Paint Plant insolvent and introduced
bankruptcy proceedings.  The case is docketed as A60-29263/2003-
S4.  Mr. Y. Shif has been appointed insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to 624250, Russia, Sverdlovsk region, Zarechny, Post User
Box 223.

CONTACT:  NIZHNETAGILSKY VARNISH AND PAINT PLANT
          622051, Russia, Sverdlovsk region, Nizhny Tagil,
          Severnoe Shosse, 4

          Mr. Y. Shif, 624250, Russia, Sverdlovsk region,
          Zarechny, Post User Box 223


PROKOPJEVSKOYE TECHNICAL: Proofs of Claim Deadline Set June 17
--------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Prokopjevskoye Technical Repair
Enterprise.  The case is docketed as A27-5459/2004-4.  Mr. V.
Pahmutov has been appointed temporary insolvency manager.
Creditors have until June 17, 2004 to submit their proofs of
claim to the Arbitration Court or the temporary insolvency
manager at 653000, Russia, Kemerovo region, Prokopjevsk, Post
User Box 46.

The temporary insolvency manager will release a report regarding
the outcome of the bankruptcy proceedings on October 6, 2004 at
2:00 p.m.

CONTACT:   PROKOPJEVSKOYE TECHNICAL REPAIR ENERPRISE
           Russia, Kemerovo region, Prokopjevsk,
           Pozharnaya Str., 11

           Mr. V. Pahmutov, Temporary Insolvency Manager
           653000, Russia, Kemerovo region, Prokopjevsk,
           Post User Box 46


PROKOPJEVSKY SHAKHTO: Kemerovo Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Prokopjevsky Shakhto-Stroy-
Montazh.  The case is docketed as A27-13197/2003-4.  Mr. A.
Samokhin has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 653000,
Russia, Kemerovo region, Prokopjevsk, Revolutsii Str.,4.  A
hearing will take place on July 16, 2004, 10:00 a.m. at the
Arbitration Court.

CONTACT:  PROKOPJEVSKY SHAKHTO-STROY-MONTAZH
          653000, Russia, Kemerovo region, Prokopjevsk,
          Revolutsii Str.,4.

          Mr. A. Samokhin, Temporary Insolvency Manager
          653000, Russia, Kemerovo region, Prokopjevsk,
          Revolutsii Str.,4


PYATIGORSK-GOR-GAZ: Stavropol Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on OJSC Pyatigorsk-Gor-Gaz.  The case is
docketed as A63-109/2004-S5.  Mr. D. Voroshilov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 357200,
Russia, Stavropol region, Mineralnye Vody, Proletarskaya Str.,
38.  A hearing will take place on August 8, 2004 at 10:00 a.m.

CONTACT:  PYATIGORSK-GOR-GAZ
          357500, Russia, Stavropol region, Pyatigorsk,
          Kozlova Str.,52A

          Mr. D. Voroshilov, Temporary Insolvency Manager
          357200, Russia, Stavropol region, Mineralnye Vody,
          Proletarskaya Str., 38


QUARTZ GLASS: Court Sets August 31 Hearing
------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
supervision procedure on OJSC Qartz Glass.  The case is docketed
as A11-3071/2004-K1-29B.  Mr. A. Sheblov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 601503, Russia, Gus-Khrustalny,
Vladimir region, International Str., 32,constr.5.  A hearing
will take place on August 31, 2004 at 1:30 p.m.

CONTACT:  Mr. A. Sheblov, Temporary Insolvency Manager
          601503, Russia, Gus-Khrustalny, Vladimir region,
          International Str., 32,constr.5


VIKULOVSKAYA PAULTRY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
supervision procedure on CJSC Vikulovskaya Poultry Farm.  The
case is docketed as A-70-1529/3-2004.  Mr. E. Ponomarev has been
appointed temporary insolvency manager.  A hearing will take
place on June 22, 2004.

CONTACT:  VIKULOVSKAYA PAULTRY FARM
          627520, Russia, Tyumen region, Vikulovo,
          Svobody Str., 225

          Mr. E. Ponomarev, Temporary Insolvency Manager
          620075, Russia, Ekaterinburg, Gorky str. 31


VOLZHSKY MACHINERY: Court Sets September 1 Hearing
--------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Volzhsky Machinery Plant.  The
case is docketed as A12-8883/04-s50.  Mr. P. Bashmakov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 400087,
Russia, Volgograd, Novorossiyskaya Str., 67. Phone/Fax: (8442)
32-77-74.  A hearing will take place on September 1, 2004.

CONTACT:  VOLZHSKY MACHINERY PLANT
          404103, Russia, Volgograd region, Volzhsky,
          Himkompleks

          Mr. P. Bashmakov, Temporary Insolvency Manager
          400087, Russia, Volgograd, Novorossiyskaya Str., 67
          Phone/Fax: (8442) 32-77-74


YUKOS OIL: Khodorkovsky-Lebedev Hearing Postponed
-------------------------------------------------
The hearing that would have taken up the petition for a joint
trial of former Yukos Chief Executive Mikhail Khodorkovsky and
business partner, Platon Lebedev, has been postponed due to
delays caused by the prosecutors.

According to The Moscow Times, Judge Irena Kolesnikova of
Meshchansky district court, has postponed the hearing until June
8 after a preliminary hearing on Friday took longer than
expected when prosecutors twice failed to submit a full version
of the seven-count indictment.  The Federal Tax Service also
requested more time to study the charges, which include fraud
and tax evasion against the oil company.

Russia's biggest oil company owes the government US$3.4 billion
in unpaid taxes, which if forcibly collected would drive the
company into bankruptcy.


=====================
S W I T Z E R L A N D
=====================


EDIPRESSE POLSKA: Przekroj Investment to Show Results This Year
---------------------------------------------------------------
The troubled publisher of Przekroj, Przyjaciolka and Viva! is
expecting a net profit this year, according to Warsaw Business
Journal.

Zbigniew Napierala, President of Swiss group Edipresse Polska,
expects to post a net result of PLN6 million for 2004 as sales
of Przekroj improves.  He also expects results to gain from a 7%
increase in the company's share of the advertisement market.
Projected net revenue is pegged at PLN300 million.  The company
posted a net loss of PLN19.6 million in revenues of PLN280
million last year, mainly because of investments of PLN20
million in Przekroj.


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


DNISTER: Vinnitsya Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Dnister (code EDRPOU 03730650)
Dnister maintains Account Number 260097332 at JSPPB Aval, MFO
302247.  The case is docketed as 5/291-04.  Mr. Glyebov V.
(License Number AA 630087 approved December 10, 2003) has been
appointed temporary insolvency manager.

CONTACT:  DNISTER
          Ukraine, Vinnitsya region,
          Murovanokurilovetskij district, Naddnistryanske

          Mr. Glyebov V., Temporary Insolvency Manager
          Phone: (0432) 32-75-32

          ECONOMIC COURT OF VINNITSYA REGION:
          21100, Ukraine, Vinnitsya, Hmelnitske Shose, 7


FAKTOR-IMPEKS: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Faktor-Impeks (code EDRPOU 30968237).  The case
is docketed as 23/136-b.  Arbitral manager Mr. Krikun V.
(License Number AA approved September 2, 2003) has been
appointed temporary insolvency manager.

Creditors have until June 20, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Contact phone: 234-47-55

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

Faktor-Impeks holds Account Numbers 260053013048/280/810/840/
978/980 at JSC Prominvestbank, MFO 300012 as well as Account
Numbers 2600510775/840/978/980, 26127173/980 at JSPPB Aval, MFO
300335 and Account Number 26005012990133/840 at JSCB Ukrsibbank,
Kyiv branch, MFO 300733.

CONTACT:  FAKTOR-IMPEKS
          01001, Ukraine, Kyiv, Pervomajskij str., 11

          Mr. Krikun V., Temporary Insolvency Manager:
          Phone: 234-47-55

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


FOBOS UNITED: Kyiv Court Prescribes Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on CJSC firm Fobos United Development (code EDRPOU
24253361).  The case is docketed as 43/135.  Arbitral manager
Mr. Mihno I. (License Number AA 668303 approved October 10,
2003) has been appointed temporary insolvency manager.

Creditors have until June 20, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Contact phone: 243-33-58

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

Fobos United Development holds Account Number 260063010111/980
at CJSC Prime-Bank, MFO 300669 as well as Account Numbers
26004300100716/980/810/840/978 at JSCB South-European bank, Kyiv
branch, MFO 322658.

CONTACT:  FOBOS UNITED DEVELOPMENT
          01010, Ukraine, Kyiv, Moskovska str., 7/47

          Mr. Mihno I., Temporary Insolvency Manager:
          Phone: 243-33-58

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


MAK-1: Deadline for Proofs of Claim June 19
-------------------------------------------
The Economic Court of Kyiv declared LLC Mak-1 (code EDRPOU
24575171) insolvent and bankruptcy proceedings were introduced
on April 6, 2004.  The case is docketed as 15/136-b.  Arbitral
manager Mr. Milejko Yurij (License Number AA 487805 approved
April 24. 2003) has been appointed liquidator/insolvency
manager.

Creditors have until June 19, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 36011, Ukraine, Poltava,
    Gogol str., 35/17

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

Mak-1 maintains Account Number 26007012814295 at Ukreksimbank,
Kyiv branch, MFO 322313.

CONTACT:  MAK-1
          Ukraine, Kyiv, Koshitsya str, 11

          Mr. Milejko Yurij, Liquidator/Insolvency Manager
          36011, Ukraine, Poltava, Gogol str., 35/17

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


MERIDIAN TT: Declared Insolvent
-------------------------------
The Economic Court of Donetsk region declared LLC Meridian TT
(code EDRPOU 20369428) insolvent and introduced bankruptcy
proceedings on April 28, 2004.  The case is docketed as 5/88.
Mr. Taran U. has been appointed liquidator/insolvency manager.
Creditors have until June 18, 2004 to submit their proofs of
claim at 83017, Ukraine, Donetsk, Shevchenko boulevard, 31.

Meridian TT holds Account Number 26008010792980 at FCB Finances
and credit, MFO 335816.

CONTACT:  MERIDIAN TT
          83003, Ukraine, Donetsk, K. Ratnikov str., 20a/15

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


OKTAVA-OPT: Declared Bankrupt
-----------------------------
The Economic Court of Ivano-Frankivsk region declared LLC
Oktava-Opt (code EDRPOU 22174982) insolvent and introduced
bankruptcy proceedings on April 6, 2004.  The case is docketed
as B-11/117.  Mrs. Sayevich Nataliya (License Number AA 249547)
has been appointed liquidator/insolvency manager.

CONTACT:  OKTAVA-OPT
          Ukraine, Ivano-Frankivsk region, Kolomiya,
          Staromijska str., 88

          Mrs. Sayevich Nataliya, Liquidator/Insolvency Manager
          Ukraine, Ivano-Frankivsk region, Kolomiya,
          Kostomarov str., 4/108

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


PROMIN: Deadline for Proofs of Claim Set June 20
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC plant Promin (code EDRPOU
05476954).  The case is docketed as 5/288-04.  Arbitral manager
Mr. Leshenko A. (License Number AA 484190) has been appointed
temporary insolvency manager.

Creditors have until June 20, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Contact phone: (043) 26-12-60

(b) ECONOMIC COURT OF VINNITSYA REGION: 21000, Ukraine,
    Vinnitsya, Hmelnitske shose, 7

Promin maintains Account Number 260068772 at JSPPB Aval, MFO
302247.

CONTACT:  PROMIN
          23700, Ukraine, Vinnitsya region, Gajsin,
          Lenin str., 73

          Mr. Leshenko A., Temporary Insolvency Manager:
          Phone: (043) 26-12-60

          ECONOMIC COURT OF VINNITSYA REGION:
          21000, Ukraine, Vinnitsya, Hmelnitske shose, 7


UKRBIZNESBUD: Insolvent Status Confirmed
----------------------------------------
The Economic Court of Kyiv region declared LLC Ukrbiznesbud
(code EDRPOU 31407066) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 15/84-b.  Arbitral manager
Mr. Krikun V. (License Number AA 669678 approved September 2,
2003) has been appointed liquidator/insolvency manager.

Creditors have until June 20, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Contact phone: 234-47-55

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

Ukrbiznesbud maintains Account Number 260095601/980 at JSCB
Personal computer.

CONTACT:  UKRBIZNESBUD
          01001, Ukraine, Kyiv, Kirov str., 10/204

          Mr. Krikun V., Temporary Insolvency Manager
          Phone: 234-47-55

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


VRADIJIVSKA AGROPROMTEHNIKA: Declared Insolvent
-----------------------------------------------
The Economic Court of Mikolaiv region declared
OJSC Vradijivska Agropromtehnika (code EDRPOU 00905830)
insolvent and introduced bankruptcy proceedings on May 7, 2004.
The case is docketed as 2/153.  Mrs. Dudnikova N. (License
Number AA 630150 approved January 17, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  VRADIJIVSKA AGROPROMTEHNIKA
          Juridical address: 56300, Ukraine, Mikolaiv region,
          Vradijivka, Lomonosov str., 40

          Mrs. Dudnikova N., Liquidator/Insolvency Manager
          54000, Ukraine, Mikolaiv, Admiralska str., 29/19
          Phone: 8 (0512) 35-90-61

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


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


ANDREW JOSE: Appoints Knights & Company Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the Andrew
Jose International Limited Company on May 20c 2004 held at The
Quadrangle, 2nd Floor, 180 Wardour Street, London W1F 8FY, the
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Barry P Knights of Knights & Company, Milford
House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has
been appointed Liquidator for the purpose of the voluntary
winding-up.

CONTACT:  KNIGHTS & COMPANY
          Milford House
          43-55 Milford Street
          Salisbury, Wiltshire SP1 2BP
          Contact:
          Barry P Knights, Liquidator


ARTISTIC BLIND: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the
Artistic Blind Company Ltd. on May 24, 2004 held at Kingsley
House, Church Lane, Shurdington, Cheltenham, Gloucestershire
GL51 4TQ, the Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  David N. Hughes has been appointed
Liquidator for the purpose of such winding-up.


ATLAS FABRICATIONS: Meeting of Creditors Set June 9
---------------------------------------------------
There will be a Creditors Meeting of the Atlas Fabrications
Limited on June 9, 2004 at 10:30 a.m.  It will be held at 93
Queen Street, Sheffield S1 1WF.

Creditors names and addresses will be available for inspection
free of charge between 10:00 a.m. and 4:00 p.m. at The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF on June 7 and 8,
2004.


BONCHURCH BRASSERIE: Hires Liquidator from A. Segal & Co.
---------------------------------------------------------
At an Extraordinary General Meeting of the Bonchurch Brasserie
Limited Company on May 21, 2004 held at Albert Chambers, 221-223
Chingford Mount Road, London E4 8LP, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Richard Andrew
Segal of A. Segal & Co, Albert Chambers, 221-223 Chingford Mount
Road, London E4 8LP has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  A. SEGAL & CO
          Albert Chambers
          221-223 Chingford Mount Road,
          London E4 8LP
          Contact:
          Richard Andrew Segal, Liquidator


CHARLES SERVICES: Names Liquidator from Marshall Peters
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Charles Services (Northern) Limited Company on May 19, 2004 at
Manchester City Centre, GMEX Premier Lodge, Bishopsgate, 7-11
Lower Mosley Street, Manchester M2 3DW, the Extraordinary
Resolution to wind up the Company was passed.  Clive Morris of
Marshall Peters, Heskin Hall Farm, Wood Lane, Heskin, Preston
PR7 5PA has been nominated for the purpose of winding-up.

CONTACT:  MARSHALL PETERS
          Heskin Hall Farm
          Wood Lane, Heskin,
          Preston PR7 5PA
          Contact:
          Clive Morris, Liquidator


C & H MEATS: Creditors Meeting Set June 14
------------------------------------------
There will be a Creditors Meeting of the C & H Meats (Sheffield)
Ltd. Company on June 14, 2004 at 12:00 noon.  It will be held at
Novotel Sheffield, 50 Arundel Gate, Sheffield, South Yorkshire
S1 2PR.

A list of Creditors names and addresses will be available for
inspection free of charge at the offices of Kay Johnson Gee,
Griffin Court, 201 Chapel Street, Salford M3 5EO on June 12 and
13, 2004.


CIRCATEX: Bought Out of Administration by Management
----------------------------------------------------
Administrators of electronics firm Circatex on Saturday sold the
company's business and assets to the management, saving more
than 180 jobs in the process.

The South Shields-based plant called administrators in March due
to cash flow problems triggered by increasingly tough foreign
competition.  This was after workers voted to cut 37 jobs and
10% in pay in order to keep the plant open.

The administrators say the company has continued to operate over
the last two months and is now trading profitably.

Circatex manufactures printed circuit boards.


CITY STRUCTURES: Hires Liquidator from Great Central House
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the City
Structures Limited Company on May 17, 2004 held at The Holiday
Inn Express, University Way, Dartford Bridge, Dartford, Kent DA1
5PA, the Extraordinary Resolution to wind up the Company was
passed.  Solomon Cohen of Great Central House, Great Central
Avenue, South Ruislip, Middlesex HA4 6TS has been appointed
Liquidator for the Company.

CONTACT:  GREAT CENTRAL HOUSE
          Great Central Avenue
          South Ruislip,
          Middlesex HA4 6TS
          Contact:
          Solomon Cohen, Liquidator


CURTIS FINE: To Abandon Dalmore Mill Operations
-----------------------------------------------
Curtis Fine Papers will transfer operations of its Dalmore Mill
in Midlothian to its headquarters at Guardbridge Fife next month
as trading continues to be tough across the industry, The
Scotsman reports.

The move will result to the redundancies of 100 of Dalmore
Mill's as it was decided only 30 people will be redeployed to
the Fife site.

A spokesman for the company said Curtis Fine reached agreement
with the staff regarding redundancy terms quickly.  The firm is
offering full relocation package, although it remains unclear
how many of the employees will actually move to Guardbridge.

The Midlothian site will be sold for redevelopment, and the
company is confident proceeds of the sale will be enough to
cover restructuring costs.

The specialty paper manufacturer, which made a GBP269,000 loss
last year, hopes to return to black within 12 months despite the
loss of the Dalmore facility.

Production at Dalmore will officially end July 16, after which
the 7.5 hectare-site will be cleared to meet environmental
standards before it can be sold for development.


DOUGLAS & HASS: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Douglas & Hass Hair Ltd. Company on May 24, 2004 held at 43
Blackstock Road, London N4 2JF, the Extraordinary Resolution to
wind up the Company was passed.  Andreas Georgiou Kakouris of 43
Blackstock Road, London N4 2JF has been nominated Liquidator for
the purpose of the winding-up.


DUCHY CONTRACTORS: Appoints Neville Hatton Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Duchy Contractors
Limited Company on May 21, 2004 held at The Duke of Cornwall
Hotel, Millbay Road, Plymouth, Devon PL1 3LG, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.
Richard Neville of Neville Hatton, be and is hereby appointed
Liquidator for the purpose of such winding-up.


ESTATVEST INVESTMENTS: Names Knights & Company Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Estatvest Investments Ltd Company on May 20, 2004 held at The
Millennium Baileys Hotel, 140 Gloucester Road, London SW7 4QH,
the Ordinary and Extraordinary Resolutions to wind up the
Company were passed.  Barry P Knights of Knights & Company, 15A
Nelson Road, Greenwich, London SE10 9JB has been appointed
Liquidator for the purpose of the voluntary winding-up.

CONTACT:  KNIGHTS & COMPANY
          15A Nelson Road,
          Greenwich, London SE10 9JB
          Contact:
          Barry P Knight, Liquidator


EXCALIBUR WORLDWIDE: Creditors Meeting Set June 16
--------------------------------------------------
Creditors of Excalibur Worldwide Logistics Limited Company will
have a Meeting on June 16, 2004 at 3:00 p.m.  It will be held at
109 Swan Street, Sileby, Leicestershire LE12 7NN.

A list of Creditors names and addresses will be available for
inspection free of charge at the offices of Elwell Watchorn &
Saxton, 109 Swant Street, Sileby, Leicestershire LE12 7NN
between 10:00 a.m. and 4:00 p.m., June 14 and 15, 2004.

Other Creditors who want to be represented at the Meeting may
appoint proxies.  Proxies must be lodged with Elwell Watchorn &
Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN not
later than 12:00 noon, June 15, 2004.


FRANCHISE SALONS: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Franchise Salons Limited Company (t/a Andrew Jose) on May 18,
2004 held at Ramada Jarvis Hotel, Granby Street, Leicester LE1
6ES, the Ordinary and Extraordinary Resolutions to wind up the
Company were passed.  Barry P Knights of Knights & Company,
Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1
2BP has been appointed Liquidator for the purpose of the
voluntary winding-up.

CONTACT:  KNIGHTS & COMPANY
          Milford House
          43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP
          Contact:
          Barry P Knights, Liquidator


GRAHAM HOWELLS: Creditors Meeting Set June 9
--------------------------------------------
There will be a Creditors Meeting of the Graham Howells Limited
Company on June 9, 2004 at 12:30 p.m.  It will be held at Dewey
& Co., 17 ST Andrew Crescent, Cardiff CF10 3DB.

A list of names and addresses of Creditors will be available for
inspection free of charge at 10:00 a.m. and 4:00 p.m., June 7
and 8, 2004.

Other Creditors who want to be represented at the Meeting may
appoint proxies.  Proxies must be lodged with Dewey & Co, 17 St
Andrews Crescent, Cardiff CF10 3DB not later than 12:00 noon,
June 8, 2004.


GPS INNS: Hires Thompson Partnership Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the GPS
Inns Limited Company on May 10, 2004 held at The Holiday Inn,
Pembroke Road, Portsmouth PO1 2TA, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Jeremy C Frost and Andrew W Thompson of The Thompson
Partnership, Square Root Business Centre, 102 Windmill Road,
Croydon, Surrey CR0 2XQ have been appointed Joint Liquidators
for the purpose of such winding-up.

CONTACT:  THE THOMPSON PARTNERSHIP
          Square Root Business Centre
          102 Windmill Road, Croydon,
          Surrey CR0 2XQ
          Contact:
          Jeremy C Frost, Liquidator
          Andrew W Thompson, Liquidator


INTEGRATED TESTING: Appoints Liquidator from Mazars
---------------------------------------------------
At an Extraordinary General Meeting of the Integrated Testing
Solutions Limited Company on May 17, 2004 held at Cartwright
House, Tottle Road, Nottingham NG2 1RT, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Philip Michael Lyon of Mazars, Cartwright House, Tottle Road,
Nottingham NG2 1RT has been appointed as Liquidator of the
Company for the purpose of the voluntary winding-up.

CONTACT:  MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Contact:
          Philip Michael Lyon, Liquidator


JIM-JACK: Hires Nottingham Watson Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Jim-Jack Coke Co.
Limited Company on May 21, 2004 held at 12 St Paul's Square,
Birmingham B3 1RB, the Ordinary and Extraordinary Resolutions to
wind up the Company were passed.  P Nottingham of Nottingham
Watson, of 12 St Paul's Square, Birmingham B3 1RB has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  NOTTINGHAM WATSON
          12 St Paul's Square
          Birmingham B3 1RB
          Contact:
          P Nottingham, Liquidator


JINGLES INTERNATIONAL: Call in Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Jingles International
Limited Company on May 20, 2004 held at The Quadrangle, 2nd
Floor, 180 Wardour Street, London W1F 8FY, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Barry P Knights of Knights & Company, Milford House, 43-55
Milford Street, Salisbury, Wiltshire SP1 2BP has been appointed
Liquidator for the purpose of the voluntary winding-up.


KWELM COMPANIES: Scheme to Close Early; Creditors to Get More
-------------------------------------------------------------
Creditors of the insolvent London-based KWELM insurance
companies will receive an average additional 7% payout across
the five companies, according to the tenth annual report for
2003.  This increases their total payments to date to between
44% and 62%.

The report also confirms that the creditors and the Courts have
approved a closure program that will see the bulk of funds paid
to creditors within a further three years, instead of 11 under
the original scheme.  It sets 29 September 2004 as the final day
(the Bar Date) by which creditors must submit details of any
claims.

Highlights:

(a) Creditors to receive a further 7% distribution, payable from
    end May 2004; distribution levels to date range from 44% to
    62% across the five companies.

(b) Funds for distribution to creditors increased to $2.5
    billion.

(c) Cumulative gross reinsurance recoveries now exceed $2
    billion with $246 million recovered in 2003.

(d) Cumulative agreed claims now exceed $3.1 billion; $142
    million claims processed and agreed in 2003.

(e) The closure procedure should see completion of the run off
    and further significant returns to creditors within three
    years.

(f) 29th September 2004 announced as the Bar Date for submission
    of any claims.

The KWELM companies are subsidiaries of the failed London United
Investments plc.  They comprise Kingscroft Insurance, Walbrook
Insurance, El Paso Insurance, Lime Street Insurance and Mutual
Reinsurance.  They specialized in U.S. casualty, professional
indemnity and other liability insurance business.  Over 90% of
the KWELM assets and liabilities are in U.S. dollars and most of
the policyholders are based in the United States.

The companies and their creditors entered into a Court approved
"Scheme of Arrangement" in 1993, the objective of which is to
pay out to valid creditors the maximum sum in the minimum
timescale.  The scheme was amended in 2004 to permit early
closure.

The payouts for the five companies are:

Company            Revised payment          Previous payment
                   percentage (2004)        percentage (2003)

Kingscroft              57                     51
Walbrook                51                     43
El Paso                 62                     56
Lime Street             60                     55
Mutual                  44                     38
Average                 53                     46

Chris Hughes and Ian Bond, the Scheme Administrators responsible
for the run off of the businesses, commented:

"When we launched the scheme in late 1993 we predicted a
timescale extending beyond 2015, and an average return to
creditors of 39%.  We have reached a 53% return to date; we
believe we will substantially conclude the run off within a
further three years and we now predict an eventual average
return to creditors in the range 58% to 76%."

"We continue to receive very positive feedback from creditors;
the run off to date is regarded as a success.  The distributions
achieved are a good reward for creditors' support and patience
and the product of a sustained high quality performance from the
specialist run off company we have established, KWELM Management
Services Limited."

The earlier closure procedure enables the Administrators to
achieve the aim of returning the maximum value to creditors
within the minimum timescale.  It places the onus on creditors
to submit their claims, whether present or future, before the
29th September 2004 Bar Date together with all the supporting
information.

KWELM continues to work proactively with creditors to assist
them through the closure procedure.  Creditors are encouraged to
attempt to agree their claims before the Bar Date.

Notes to editors:

The major proportion of insurance cover provided by the KWELM
companies was written between 1972 and 1990.  Payment
percentages continue to reflect available assets and estimated
ultimate liabilities, including notified claims, those incurred
but not reported, a prudent special margin and provision for
administrative costs and other liabilities. No account is taken
of future investment income, reinsurance recoveries or asset
realizations.

Further copies of the KWELM annual report can be obtained from
the individuals below or viewed on the KWELM Web site.

CONTACT:  KWELM
          John Stow House
          18 Bevis Marks
          London EC3A 7JB
          Phone: +44 (0) 20 7645 4700
          Fax:   +44 (0) 20 7645 4777
          Web site: http://www.kwelm.com

          Chris Hughes
          Phone: +44 (0) 20 7398 2900
          E-mail: chris.hughes@kwelm.com

          Chris Reynolds
          Phone: +44 (0) 20 7645 4990
          E-mail: chris.reynolds@kwelm.com

          CAROLINE CECIL ASSOCIATES
          Caroline Cecil
          Phone: +44 (0) 20 7610 4110
          E-mail: cc@carolinececil.co.uks


LIBRA CLOTHING: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the Libra
Clothing Limited Company on May 18, 2004 held at Langley House,
Park Road, East Finchley, London N2 8EX, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Alan Simon has been appointed Liquidator for the purpose of such
winding-up.


MARK HARRISON: Names Tomlinsons Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Members of the Mark
Harrison Excavation Limited Company on May 10, 2004 held at the
offices of Tomlinsons, Business Development Park, Eanam Wharf,
Blackburn BB1 5BL, the Ordinary and Extraordinary Resolutions to
wind up the Company were passed.  A H Tomlinson of Tomlinsons,
Business Development Centre, Eanam Wharf, Blackburn BB1 5BL has
been appointed Liquidator for the purposes of such winding-up.

CONTACT:  TOMLINSONS
          Business Development Centre
          Eanam Wharf
          Blackburn BB1 5BL
          Contact:
          A H Tomlinson, Liquidator


MARKS & SPENCER: Appoints Stuart Rose Chief Executive
-----------------------------------------------------
Former Arcadia Group chief executive Stuart Rose has been
formally appointed to replace Roger Holmes as chief executive of
clothing retailer Marks & Spencer.

Non-executive directors no longer believe he is capable of
turning around the troubled retailer, and bankers fear he would
not be able to lead the company in its defense against a
takeover by billionaire Philip Green.  The retailing
entrepreneur plans to meet the board this week with a GBP10
billion highly-leveraged takeover bid.

Mr. Myners denied the decision was influenced by the turn of
events, revealing that the plan had been mooted two weeks ago
before the company's full-year results that revealed Marks &
Spencer continues to lose share in the clothing market.

Chairman Luc Vandevelde also resigned as announced last month.
Non-executive director Paul Myners, who is also chairman of
Guardian Media Group, became interim chairman.

Additions to the board include former Arcadia director Charles
Wilson, who becomes an M&S director, and Steven Sharp, another
of Mr. Rose's former colleague, who will be joining the
management team.

Investment bank Citibank replaced NM Rothschild as financial
advisers.  Morgan Stanley and Cazenove remain as financial
advisers.  PR agency Brunswick has been replaced by Tulchan.

CONTACT:  MARKS & SPENCER
          Corporate Press Enquiries
          Phone: 020 7268 1919

          Shareholder Enquiries
          Phone: 0870 600 3995
          Home Page: http://www.lloydstsb-registrars.co.uk

          LLOYDS TSB REGISTRARS
          The Causeway
          Worthing
          West Sussex
          BN66 6DA


MYTRAVEL GROUP: Operating Loss Down to GBP149.6 Million
-------------------------------------------------------
Results:
(a) Group loss before tax reduced to GBP199.6 million (2003:
    loss of GBP617.9 million)

(b) Group operating loss before exceptional items and goodwill*
    reduced to GBP149.6 million (2003: loss of GBP282.7 million)

(c) U.K. operating loss before exceptional items and goodwill
    reduced to GBP164.7 million (2003: loss of GBP242.9 million)

(d) Northern Europe achieves winter operating profit before
    exceptional items and goodwill of GBP5.5 million (2003: loss
    of GBP25.2 million)

(e) North America operating profit before exceptional items and
    goodwill up to GBP9.5 million (2003: profit of GBP2.9
    million)

Current trading

(a) Market in the U.K. for summer 2004 continues to be
    challenging and margins continue to be under pressure

(b) Bookings to date for summer 2004 in Canada and Northern
    Europe are encouraging

Outlook

(a) Group continues to target a significant improvement in 2004
    and return to profitability in 2005

Operating Results Before Exceptional Items & Goodwill*

                              2004               2003
                              GBPm               GBPm

U.K.                       (164.7)              (242.9)
Northern Europe               5.5                (25.2)
Germany                       -                  (17.6)
North America                 9.5                  2.9
Joint Ventures & Associates   0.1                  0.1

Group & share of JV's and Associates  (149.6)   (282.7)

* The operating loss includes the income from Joint Ventures and
Associates and is stated before exceptional items and goodwill
amortization.  The operating loss for the period to 31 March
2004 after goodwill amortization of GBP7.0 million and
exceptional operating items of GBP6.9 million was GBP163.5
million.

Chief Executive's Comment

Commenting on the results and outlook Peter McHugh, Chief
Executive of MyTravel Group plc, said:

"These results for the six months to March 2004 are an
improvement over the first half of 2002/03.  This performance
demonstrates that the actions we are taking to move the business
forward are having an effect.

"In the U.K., while the operating loss before exceptional items
and goodwill has been reduced to GBP164.7 million from GBP242.9
million, this level of winter losses is still too high.  We are,
however, making progress with restructuring the U.K. charter and
distribution business and are continuing to reduce our fixed
cost base, increase our asset utilization and improve our
trading performance.

"I am pleased that our Northern Europe division made an
operating profit before exceptional items and goodwill of GBP5.5
million (2003: loss of GBP25.2 million).  This is an excellent
winter performance in Northern Europe and demonstrates the
potential of our business model when capacity and demand are
brought into line.

"In North America, operating profits before exceptional items
and goodwill also increased strongly, from GBP2.9 million to
GBP9.5 million.  The improvement year on year is largely
attributable to our Canadian businesses, which post-disposals,
now represent the vast majority of the North American segment.

"Our turnaround of the business is well underway.  As previously
stated, the U.K. business was in a worse state than we
appreciated and will take longer to turn around than originally
expected.  However, the actions we have taken to date are
improving our performance.  Although there is still more to be
done, we are ahead of schedule on delivering the cost savings
and believe that they are now likely to exceed the target of
GBP150 million in 2005."

A copy of the financial statements is available free of charge
at: http://bankrupt.com/misc/Mytravel_InterimH12004.htm

CONTACT:  MYTRAVEL GROUP PLC
          Peter McHugh
          Chief Executive

          John Allkins
          Finance Director
          Phone: 0161 232 6523

          BRUNSWICK
          Fiona Antcliffe
          Sophie Fitton
          Phone: 020 7404 5959


SBF AGRICO: Falls into Receivership
-----------------------------------
Blair Nimmo and Neil Armour of KPMG Corporate Recovery have been
appointed joint receivers of Scotland's largest farm machinery
company, SBF Agrico, according to The Scotsman.

The Aberdeen-based company was set six years ago out of
Oldmeldrum-based distributor George Sellar & Son, Rothienorman-
based manufacturer Fraser Agricultural and Markinch-based A&J
Bowen.  The deal was valued at GBP5 million.

SBF Agrico has a turnover of GBP20 million, and employs 190
permanent staff.  The receivers are looking forward to selling
the business as a going concern.

CONTACT:  KPMG CORPORATE INSOLVENCY
          Aberdeen Office
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax:   (01224) 590909
          Web site: http://www.kpmg.co.uk


STANDARD LIFE: Hangs 'For Sale' Signs on Four Buildings
-------------------------------------------------------
Standard Life is selling four buildings at its office in
Edinburgh as part of a plan to centralize operations and raise
cash, according to The Scotsman.

The operations on the block are in Dundas Street, Thistle Lane
Street, Leith and Canning Street.  The 9,400 employees affected
by the move will be distributed across nine locations, centered
around its main offices on George Street and Lothian Road.

Estate agent Jones Lang LaSalle, who is managing the sale, said
three of the properties would be sold for residential
development, the other one -- a 60,000 sq. ft. property on
Canning Street -- will be rented out as a work place.

Both Standard Life and Mr. LaSalle refused to estimate potential
proceeds of the auction, according to the report.

Standard Life, which is trying to demutualize, plans to make
1,000 people redundant under the program.  A spokesman confirmed
the sale is part of the move to cut the firm's 11,000 Scottish
workforce.

A spokesman said the move will enable the firm to operate more
efficiently across fewer and larger locations.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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