TCREUR_Public/040603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, June 3, 2004, Vol. 5, No. 109

                            Headlines

F I N L A N D

METSO CORPORATION: Automation Unit Wins Part in Veracel Project


F R A N C E

ALSTOM SA: Major Financiers Agree to Underwrite Capital Hike
ALSTOM SA: New Project Management System to Enter Market Soon
VIVENDI UNIVERSAL: Regains Investment-grade Rating
VIVENDI UNIVERSAL: Welcomes Return to Investment-grade Status


G E R M A N Y

COGNIS GMBH: First-quarter Results Show Significant Improvement
GROHE AG: On CreditWatch Negative Pending Secondary Buyout


L U X E M B O U R G

STOLT-NIELSEN: Seeks Delay to U.S. Filing of Annual Report
STOLT OFFSHORE: New Shares Start Trading on Oslo Bors, Nasdaq
TK ALUMINUM: Posts Annual Report to 11-3/8% Senior Noteholders


N E T H E R L A N D S

ROYAL SHELL: President Soothes Investors with Upbeat Results


N O R W A Y

AKER KVAERNER: Aker Yards Lists Successfully on Oslo Main Board


P O L A N D

BROWAR ZABRZE: Unresolved Debt Settlement Keeps Future Uncertain
KOMPANIA WEGLOWA: Extent of Woes Exposed


R U S S I A

GOLYSHMANOVSKIYE ELECTRIC: Court Sets Proofs of Claim Deadline
KUZNETSKY MACHINE: Bankruptcy Procedure Starts
MOBILE TELESYSTEMS: Subscribers Now Number 20.18 Million
SAREPTA: Insolvent Status Confirmed
STIROL: Perm Court Commences Bankruptcy Proceedings

VIMPELCOM-COMMUNICATIONS: 1st-Qtr Net Operating Revenues Up 71%
VOLGOGRAD PLANT: Deadline for Proofs of Claim July 17


S L O V A K   R E P U B L I C

MORAVAN-AEROPLANES: Bankruptcy Ultimate 'Solution', Say Workers


S W I T Z E R L A N D

ADECCO SA: Silences Critics with 'Solid' 2003 Results
ADECCO SA: S&P Keeps Ratings on CreditWatch Negative
ADECCO SA: Moody's Rating Set for Confirmation


U K R A I N E

AVIARM: Declared Bankrupt
DINAMO-SERVIS: Deadline for Proofs of Claim June 20
EM-UKRAINA: Insolvent Status Confirmed
KOROLLA: Declared Insolvent
NOVOTEKS GROUP: To Auction Assets June 25

TRANS-RESURS: Deadline for Proofs of Claim June 20
UKRDIPRODEREVPROM: Kyiv Court Appoints Insolvency Manager
UKREKSIKOM: Declared Insolvent
UNION OF BUSINESSMEN: Declared Insolvent
VIK-M: Declared Bankrupt
VLAKO: Zhitomir Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ABP COVERALL: Final Meeting of Members, Creditors Set July 2
ACCIDENT ADVICE: Names Leonard Curtis & Co. Administrator
CHOCOLATE TEMPTATIONS: Hires Baker Tilly Administrator
COMPLETE TRADING: Appoints Tait Walker Administrator
DBP HOLDINGS: Hires Receivers from PricewaterhouseCoopers

DOVER INTERNATIONAL: Names PricewaterhouseCoopers Liquidator
EMERALD CROWN: Calls in Liquidator
EQUITABLE LIFE: Ex-Chief's 'Lifetime Ban' Reduced to Six Years
EXTRICITY LIMITED: Names Liquidator from Smith & Williamson
GOPI GRANITES: Meeting of Creditors Set June 11

HLM DESIGN: Creditors Meeting Set June 10
HOLLINGER INTERNATIONAL: Quicker Telegraph Sale Foreseen
ICP LIMITED: In Administrative Receivership
KEOCO 225: Names DTE Leonard Curtis Liquidator
LANKASTER COACHWORKS: Names Receiver from Kallis & Co.

LAWSEARCH LIMITED: Hires Receiver from Chamberlain & Co
MARKS & SPENCER: Reveals Terms of Board Remuneration
MOUNT OFFHAM: Special Winding up Resolution Passed
NTL INC.: Announces Adoption of Trading Plan
OUTSIDE MEDIA: Appoints Baker Tilly Liquidator

PYRAMID CONSERVATORIES: Names Receivers from Tait Walker
QUEENS MOAT: Regulator Expels Former Deputy Chairman
QUIX BODYSHOP: Appoints Kroll Limited Administrator
STEETON LEISURE: Hires Receivers from Begbies Traynor
TELEWEST COMMUNICATIONS: Creditors Okay Financial Restructuring
V P RECRUITMENT: Calls in Liquidator
WELCOME BREAK: Administrators Receive Offer from Investcorp


                            *********


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


METSO CORPORATION: Automation Unit Wins Part in Veracel Project
---------------------------------------------------------------
Metso Automation will supply valves and online analyzers for the
Veracel Celulose S.A. pulp mill project in Brazil.  The total
value of the delivery will exceed EUR6 million.  The start-up of
the mill is scheduled for mid-2005 in Eunapolis, state of Bahia.

Metso Automation's delivery will consist of more than one
thousand automated valves for the fiber line, chemical recovery
and water treatment process.  Over 600 critical flow control
applications will be furnished with Metso Automation's digital
valve controller technology.  In addition, Metso Automation will
deliver online analyzers, which will be included in the controls
of the fiber line delignification and pulp brightness, and in
the causticizing controls of the white liquor plant.

Veracel Celulose is a joint venture of Stora Enso Oyj and
Aracruz Celulose S.A.  The new greenfield pulp mill will produce
900,000 tons of eucalyptus-based kraft pulp per year.  The
chosen technology has been specially designed for the production
of high quality pulp with minimum environmental impact.

Metso Corporation, whose corporate credit is rated 'BB+' by
Standard & Poor's, 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
reached EUR4.3 billion.  It has approximately 26,000 employees
in 50 countries.  Metso Corporation is listed on the Helsinki
and New York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Jorma Eloranta, President and CEO
          Phone: +358 204 843 000

          Olli Vaartimo, Executive Vice President and CFO
          Phone: +358 204 843 010

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

          Web site: http://www.metso.com

          Mr. Marcelo Motti,
          General Manager, Metso Automation do Brasil Ltda.
          Phone: +55 15 219 1300
          E-mail: marcelo.motti@metso.com

          Mr. Ilpo Miettinen,
          Sales Manager, Metso Endress+Hauser Oy
          Phone: +358 20 483 160
          E-mail: ilpo.miettinen@metso.com

          Mr. Janne Tolonen,
          Sales Director. Metso Endress+Hauser Oy,
          Kajaani Products
          Phone: +358 20 483 121
          E-mail: janne.tolonen@metso.com


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


ALSTOM SA: Major Financiers Agree to Underwrite Capital Hike
------------------------------------------------------------
Alstom's core banks have committed to underwrite EUR1 billion of
the capital increase with preferential subscription rights,
which will be submitted for shareholders at the Group's Ordinary
and Extraordinary Annual General Meeting to be held on 9 July
2004.

Alstom has also launched the syndication of a bonding facility
for a maximum of EUR8 billion which should cover the Group's
commercial needs for the next 24 months.  Alstom's core banks
have already confirmed that they will provide EUR6.6 billion of
this new facility, corresponding to approximately 18 months of
new bonding.

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: New Project Management System to Enter Market Soon
-------------------------------------------------------------
Alstom S.A. has completed the technical validation stage of its
rollout of a unique global collaborative platform to operate
projects and business processes.  The Active Workflow Management
(AWM) system is to be initially rolled out to major business
units in the power sector.  The completely Web-based system
combines collaborative document management features with
traditional project management features and workflow to create a
focused event-based system.  The system architecture will
ultimately allow Alstom to scale this system worldwide.

Luigi Dibisceglia, Vice-President, e-Business/IT Power
Environment Sector says: "The introduction of the AWM within our
project execution community signs a new era in the project
control field.  Alstom, with its multiple cross country units,
will now have the capability to handle projects in a very
friendly and organic way, as well as providing real time control
of all activities needed to complete successfully events.  The
document management function embedded in the platform provides
finally a perfect control of all documents generated and
modified during execution."

"Alstom found the AWM platform to be the perfect generic
collaborative instrument to control projects with the best ratio
price/quality and ease of use.  The platform has been
extensively tested and validated by Alstom's internal
Information Technology Center.  Alstom expects to reduce
substantially the level of Cost per Quality, inefficiency and to
improve project management standard workflow to reduce costs."

The system is being delivered to Alstom through an international
partnership between Wistek S.r.l. headquartered in Milan, Italy
and BPS -- Business Propulsion Systems Incorporated --
headquartered in Toronto, Canada.

                            *   *   *

Alstom S.A. (http://www.alstom.com)is the global specialist in
energy and transport infrastructure.  Alstom serves the energy
market through its activities in power generation and transport
through its activities in rail and marine.

BPS (http://www.bpsproject.com)is a manufacturer of leading
collaborative project execution systems with offices in Toronto,
Ontario and Grand Rapids, Michigan.

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


VIVENDI UNIVERSAL: Regains Investment-grade Rating
--------------------------------------------------
Standard & Poor's Ratings Services on Tuesday raised its long-
and short-term corporate credit ratings on French media and
telecommunications group Vivendi Universal S.A. (VU) to 'BBB-/A-
3' from 'BB/B', bringing the company back up to investment-grade
status.  At the same time, the long-term rating was removed from
CreditWatch, where it had been placed on September 3, 2003,
following news that the group had agreed to sell its U.S. media
subsidiary, Vivendi Universal Entertainment LLLP (VUE), for
US$3.4 billion in cash to NBC, a wholly owned subsidiary of
General Electric Co.  The outlook is stable.

"VU's renewed investment-grade status primarily reflects the
benefits of controlling 56% of SFR, France's second-largest
mobile-telephony operator, as well as significant debt reduction
potential stemming from assets slated for disposal," said
Standard & Poor's Milan-based credit analyst Guy Deslondes.

"These strengths mitigate the group's credit metrics, which are
still somewhat weak despite some operating improvement recently
achieved at the remaining media businesses."

In addition, the aggregate value of the group's asset portfolio
provides a significant degree of protection for VU's creditors
in terms of financial flexibility.  At end-May 2004, and pro
forma for the VUE transaction, VU's proportionate net debt --
adjusted for leases, unfunded pension obligations, and off-
balance-sheet and contingent liabilities, and including 56% of
SFR's debt -- was estimated at about EUR9.7 billion.

"We expect VU's management to actively continue to streamline
the group's asset portfolio -- using proceeds to further reduce
gross debt -- and steadily improve the operating efficiency and
cash flow performance of its media businesses," added Mr.
Deslondes.

Except for the acquisition of the additional stake in Maroc
Telecom -- of which a significant portion is expected to be
financed locally -- no material acquisitions or share buybacks
are factored into the ratings.

CONTACT:  STANDARD & POOR'S RATING SERVICES
          Analysts E-mail addresses
          guy_deslondes@standardandpoors.com
          emmanuel_dubois-pelerin@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com
          Web sites: http://www.ratingsdirect.com
                     http://www.ratingsdirect.com

          European Press Office
          E-mail: media_europe@standardandpoors.com

          London Ratings Desk
          Phone: (44) 20-7176-7400
          London Press Office Hotline
          Phone: (44) 20-7176-3605

          Paris
          Phone: (33) 1-4420-6708

          Frankfurt
          Phone: (49) 69-33-999-225

          Stockholm
          Phone: (46) 8-440-5916

          Moscow
          Phone: (7) 095-783-4017.


VIVENDI UNIVERSAL: Welcomes Return to Investment-grade Status
-------------------------------------------------------------
Vivendi Universal (Paris Bourse: EX FP)(NYSE:V) was pleased to
learn of Standard & Poor's decision to raise its short- and
long-term credit notes to 'BBB-/A-3' from the previous 'BB/B'.
For Standard & Poor's, therefore, Vivendi Universal is now back
to investment grade, the category from which it was dropped in
August 2002.

Last month, following the announcement of the finalization of
the NBC-Universal transaction, Fitch gave Vivendi Universal a
rating for the first time.  The company's debt was rated 'BBB-',
also placing Vivendi Universal in the investment grade category.

Commenting on this news, Jacques Espinasse, Senior Executive
Vice President and Chief Financial Officer of Vivendi Universal,
said: "The decision taken by Standard & Poor's is a significant
step towards full recognition of the work done by the company
over almost two years to restructure, focus, improve the
management and increase the value of its strategic assets in the
Media and Telecommunications sectors."

CONTAOCT:  VIVENDI UNIVERSAL
           Media (Paris)
           Antoine Lefort
           Phone: +33 (0) 1 71 71 11 80

           Agnes Vetillart
           Phone: +33 (0) 1 71 71 30 82

           Alain Delrieu
           Phone: +33 (0) 1 71 71 10 86

           Investor Relations (Paris)
           Daniel Scolan
           Phone: +33 (0) 171 71 32 91

           Laurence Daniel
           Phone: +33 (0) 171 71 12 33

           Investor Relations (New York)
           Eileen McLaughlin
           Phone: +(1) 212.572.8961


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


COGNIS GMBH: First-quarter Results Show Significant Improvement
---------------------------------------------------------------
In the first three months of 2004, sales of Cognis group went up
by 3.7% to EUR777 million.  Adjusted for foreign currency
effects, sales rose 9.7% in the first quarter.  The increase was
due to higher sales from almost all of the global specialty
chemicals supplier's Strategic Business Units (SBUs), with
Nutrition & Health, Functional Products and Care Chemicals
performing particularly well.

First-quarter sales from Oleochemicals increased by 1.6% to
EUR252 million.  Disregarding the effect of currency
fluctuations, sales rose even more sharply, up 6.9%.  This
positive development was mainly attributable to higher sales of
primary surfactants, fatty alcohols and fatty acids and
partially offset by decreased glycerin sales due to a
significant decline in sales prices.

The Functional Products SBU recorded overall sales of EUR191
million in the first three months of 2004.  This represents
gross growth of EUR30 million or 18.6% on the corresponding
period in 2003.  Approximately EUR25 million of this increase
was attributable to the acquisition of the Laporte Performance
Chemicals business in the second quarter of 2003.  Adjusted to
take into account exchange rate fluctuations sales grew by
28.0%.

Thanks to stable sales prices and increased sales volumes, the
Care Chemicals SBU increased its sales by 1.4% to EUR145 million
in the first quarter of 2004.  Ignoring effect of currency
exchange rates, sales increased by 6.3%.

Sales of the Process Chemicals division fell by 3.6% to EUR106
million in the first quarter of 2004, primarily because of
unfavorable foreign exchange rates.  However, leaving aside this
factor, sales actually increased by 1.8%.

Strong sales growth in the first quarter of 2004 meant the
Nutrition & Health SBU was able to improve its sales by 5.6% to
EUR76 million.  The underlying figure adjusted for currency
fluctuations was up 11.1%.  Increased sales in the dietary
supplements market of CLA (conjugated linoleic acids), the
pharmaceutical and healthcare market and higher sales of
carotenoids and sterols, were the prime factor behind this
increase, as sales from the food technology business declined
slightly.

Overview sales by SBU:
Sales in million euros     1st      1st    Growth   Growth,
                         Quarter  Quarter          adjusted
                           2003     2004          for foreign
                                               currency effects

Cognis Group               749      777    +3.7%      +9.7%

Cognis Oleochemicals       248      252    +1.6%      +6.9%

Cognis Functional Products 161      191   +18.6%     +28.0%

Cognis Care Chemicals      143      145    +1.4%      +6.3%

Cognis Process Chemicals   110      106    -3.6%      +1.8%

Cognis Nutrition & Health   72       76    +5.6%     +11.1%

Cognis is a worldwide supplier of innovative specialty chemicals

and nutritional ingredients.  It employs 8,500 people, and has
production sites and service centers in almost 30 countries.
The company has dedicated its activities to a high level of
sustainability and delivers natural source raw materials and
ingredients for food, nutrition and healthcare markets, and the
cosmetics, detergents and cleaners industries.  Additionally,
Cognis provides solutions for a number of other industries such
as coatings and inks, lubricants, textiles and plastics, as well
as agriculture and mining.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and Schroder Ventures Life Sciences.  In 2003,
Cognis recorded sales of EUR2.95 billion and a Recurring EBITDA
(earnings before interest, taxes, depreciation, amortization and
exceptional items) of EUR312 million.

CONTACT:  COGNIS GMBH
          Arnold Kiel, Chief Financial Officer
          Phone: +49-211-7940-3571
          E-mail: arnold.kiel@cognis.com
          Web site: http://www.cognis.com

          Susanne Sengel, Corporate Communications Manager
          Phone: +49-211-7940-5431
          E-mail: susanne.sengel@cognis.com
          Web site: http://www.cognis.com


GROHE AG: On CreditWatch Negative Pending Secondary Buyout
----------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday placed its long-
term 'BB-' corporate credit rating on Germany-based GROHE
Aktiengesellschaft (GROHE) on CreditWatch with negative
implications, following the announcement that it will be
acquired by a consortium led by two financial investment
companies.  At the same time, the 'B' senior unsecured rating on
GROHE's EUR200 million bond was also placed on CreditWatch with
negative implications.

"The CreditWatch placement reflects Standard & Poor's concerns
that GROHE's financial profile might no longer be adequate for
the 'BB-' rating, following the announcement on May 29, 2004,
that a consortium led by Texas Pacific Group and Credit Suisse
First Boston Private Equity will purchase the company from BC
Partners through a secondary buyout," said Standard & Poor's
credit analyst Eve Greb.

Standard & Poor's will meet with management in the near future
to discuss the effect of this change in ownership on GROHE's
business strategy and financial profile, with a view to
resolving the CreditWatch status.

The ratings on GROHE, the holding company (via an intermediary
holding) of Germany-based manufacturer GROHE Water Technology AG
& Co. KG, reflects the group's aggressive financial profile,
after the refinancing of EUR200 million of subordinated
shareholder loans through standard financial debt in March/April
2003.  This is mitigated by GROHE's average business profile,
which reflects its ability to generate solid and resilient cash
flows.

With consolidated sales of EUR885 million ($1.2 billion) in
2003, GROHE is the leading supplier of sanitary fittings
(faucets and showers) in Europe, and ranks second in Europe in
sanitary-technology products, behind Geberit AG (BBB/Stable/--).

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail addresses
          eve_greb@standardandpoors.com
          xavier_buffon@standardandpoors.com
          peter_tuving@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


STOLT-NIELSEN: Seeks Delay to U.S. Filing of Annual Report
----------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) on
Tuesday filed with the Securities and Exchange Commission a Form
12b-25 to extend to June 16, 2004 the filing date for the
Company's Annual Report on Form 20-F for fiscal 2003.

SNSA said it needed more time to complete the filing because of
recent financing transactions, including the refinancing of one
of the Company's primary credit agreements, several transactions
that resulted in the deconsolidation of Stolt Offshore from the
Company, and ongoing discussions with its senior unsecured note
holders.

As previously reported, the Company is currently involved in an
ongoing disagreement with its senior unsecured noteholders with
respect to its compliance with certain covenants under its
senior unsecured notes.  The Company has been in discussions
with the representatives of the senior unsecured noteholders
attempting to resolve this disagreement.  As a result of the
dispute, if the Company were to file the Annual Report on Form
20-F [June 1], it is likely that the audit opinion of the
Company's independent accountants with respect to the Company's
2003 financial statements would raise concerns over the
Company's ability to continue as a going concern.

The Company currently believes it will have adequate liquidity
to meet all its commitments through at least the remainder of
this fiscal year.  The Company intends to file its Annual Report
on Form 20-F on or before June 16, 2004.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
Stolt Sea Farm, wholly owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.  The
Company also owns 41.7 percent of Stolt Offshore S.A. (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.

CONTACTS:   STOLT-NIELSEN S.A.
            Reid Gearhart
            Phone: (U.S.A) 1 212.922.0900
            E-mail: rgearhart@dgi-nyc.com

            Valerie Lyon
            Phone: (U.K.) 44 20 7611 8904
            E-mail: vlyon@stolt.com


STOLT OFFSHORE: New Shares Start Trading on Oslo Bors, Nasdaq
-------------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
announced that the new Common Shares and ADR's, which have been
issued following the Subsequent Issue which closed on May 25,
[began] trading on the Oslo Bors and on the Nasdaq National
Market on June 1, 2004.

Chief Executive Officer Tom Ehret said: "This marks the
completion of the successful raising of $165 million in new
equity before costs, in addition to the $50 million debt for
equity swap.  The over subscription of the Subsequent Issue
reflects the market's recognition of the company's progress
towards its restructuring goals in recent months."

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


TK ALUMINUM: Posts Annual Report to 11-3/8% Senior Noteholders
--------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a.r.l., SCA, announces that its 2003 Annual Report
to Holders of 11-3/8% Senior Notes has been posted on its Web
site.

About Teksid Aluminum

Teksid Aluminum [EUR240 million senior unsecured notes rated
'CCC+' by Standard & Poor's] is a leading independent
manufacturer of aluminum engine castings for the automotive
industry.  Its principal products include cylinder heads,
cylinder blocks, transmission cases and suspension components.
The group operate 15 manufacturing facilities in Europe, North
America, South America and Asia.  For more information, visit
http://www.teksidaluminum.com.

Until September 2002, Teksid Aluminum was a division of Teksid
S.p.A., a controlled subsidiary of Fiat.  Through a series of
transactions completed between September 30, 2002 and November
22, 2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG
Global Investment Corp.  As a result of the sale, Teksid
Aluminum is owned by its equity investors through TK Aluminum
Ltd., a Bermuda holding company.

On July 17, 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA
issued EUR240 million aggregate principal amount of senior notes
due in 2011.  The notes were sold to qualified institutional
buyers in the United States pursuant to Rule 144A of the U.S.
securities laws and to persons outside United States pursuant to
Regulations of the U.S. securities laws.  The proceeds of the
sale were used to repay amounts borrowed to finance the
acquisition of Teksid Aluminum and pay certain fees and
expenses.

CONTACT:  TK ALUMINUM LTD.
          Domenico Orlandi
          Senior Vice President and General Counsel
          Phone: +39-011-979-4875 or

          Massimiliano Chiara
          Finance Manager
          Phone: +39-011-979-4889


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


ROYAL SHELL: President Soothes Investors with Upbeat Results
------------------------------------------------------------
Message to Shareholders

All shareholders will know of the exceptional circumstances that
have delayed the publication of this report.  The Group's
performance in 2003 will clearly be seen in the context of the
restatement of reserves (a reduction of 4.47 billion barrels or
some 23% from the previously reported end-2002 figures), and the
subsequent related management changes of early 2004.  These
events have understandably caused considerable concern to
shareholders, and I know that we have much to do to restore your
confidence.

It is vital to ensure that these problems cannot happen again.
That is why the Group Audit Committee commissioned a rigorous
external review of the events and background to these issues and
we are implementing its recommendations.  They include ensuring
strict compliance with the rules and guidance of the Securities
and Exchange Commission; a range of measures to strengthen our
business controls; ensuring that the Committee of Managing
Directors and the Group Audit Committee take a formal role in
reviewing the booking of reserves; and the systematic use of
external reserves expertise to provide challenge and assurance
at critical points in the reserves booking and reporting
process.

Clearly the key step in restoring shareholder confidence will be
to deliver consistently strong business performance and
competitive results.  As our 2003 and first quarter 2004 results
show, Shell remains a sound and profitable business and I firmly
believe that we have real strengths on which to grow our
business, and rebuild our reputation.  In that context, I want
to highlight some of the achievements of 2003, which are
outlined in this report.

Our earnings of $12.5 billion were highly competitive and we
generated record levels of cash for the Group.  We also made
good progress on important projects that will provide a solid
basis for future growth.  The production of the first synthetic
crude oil at the Athabasca Oil Sands in Canada was a key step in
developing this major unconventional oil resource.  We also
built on our strengths in deep water; the Na Kika project in the
Gulf of Mexico came on stream in record water depths and
production also started at the Bijupira-Salema fields in Brazil.

We continued to expand our gas business through the Sakhalin II
project (which will open up opportunities in the growing Asian
and North American markets for liquefied natural gas).  That
focus on gas was further reinforced with the historic agreement
giving us access to explore for gas in Saudi Arabia.  In
addition, the Qatar Shell Gas to Liquids project positions the
Group favorably for the development of an exciting new transport
fuel market with strong growth potential.

In other business areas, earnings in Oil Products increased,
although there is more work to do to meet the challenge of
improving our U.S. downstream performance.  Chemicals continued
to face difficult business conditions, but remained cash
positive.

We would not normally report on first quarter results in this
report but, in the circumstances, I believe it is important to
mention our satisfactory performance across all our business
activities at the start of the year.  These results demonstrate
strong cash delivery, helped by high oil and gas prices.  The
underlying strengths of the Group enable sustained dividend
growth for shareholders.  A second interim dividend for 2003 of
EUR1.02 made payable in May 2004, will make a total dividend for
the year of EUR1.76 per ordinary share.  This represents an
increase of 2.3% over the 2002 dividend.

I recognize that the events around the reserves restatement have
prompted a wider debate about both the structure and governance
of the Group.  We have undertaken extensive discussions with
investors on these matters and will report back on progress at
the General Meeting of Shareholders.  This work is in addition
to ongoing activity to ensure that we operate in compliance with
the appropriate codes of corporate governance.

In the Netherlands the new Dutch corporate governance code was
issued by the Tabaksblat Committee.  While the code does not
apply to the 2003 reporting year, we are already applying the
majority of the provisions and where we are not we have begun to
amend processes to reflect some of the remaining provisions.  We
will continue to review the implications of the code and
consider further amendments as necessary.  Action is also being
taken to ensure compliance as a foreign private issuer with the
Sarbanes-Oxley Act and new corporate governance requirements of
the New York Stock Exchange in the USA, and work has begun in
the U.K. to amend processes to meet the provisions of the
revised Combined Code on Corporate Governance.

Looking ahead, I am committed to ensuring that we use all the
lessons of this difficult period to strengthen our business and
to start rebuilding our reputation.  I do not underestimate the
scale of that task, but I am confident that we have the
resources, the people and the determination to ensure that our
business once again has the full confidence of our shareholders
-- based on both the performance we deliver and the principles
and values by which we deliver it.

Jeroen van der Veer
President of Royal Dutch and Chairman of the Committee of
Managing Directors

A copy of Royal Shell's annual report is available free of
charge at http://bankrupt.com/misc/RoyalDutch_2003.pdf.


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


AKER KVAERNER: Aker Yards Lists Successfully on Oslo Main Board
---------------------------------------------------------------
Aker Yards ASA was listed on the Main List of Oslo Stock
Exchange as of Tuesday June 1, 2004.  Aker Yards is listed under
the ticker AKY.

A prospectus for the listing of the Aker Yards shares has been
prepared and is available with the company and investment firms
registered exchange members, including the Managers in
connection with the Listing.  The prospectus has been
distributed to all Aker Yards shareholders, and disclosed with
the Oslo Stock Exchange.

The shares are assigned this ISIN: NO 0010222995.  The par value
is NOK 20; lot size is 100 shares.  Total number of shares:
20,602,164.  The Managers for the Listing are Enskilda
Securities ASA, Alfred Berg Norge ASA and First Securities ASA.

                            *   *   *

Aker Yards is one of three companies created from troubled Aker
Kvaerner.  One of the companies retained the name Aker Kvaerner,
while the other took the name Kvaerner.  The break-up was aimed
at preserving healthy parts of the company.

Chief Executive Lund said in March: "[With the move] Aker
Kvaerner and Aker Yards will be protected from the non-
operational problems which have haunted Kvaerner the last eight
to ten years."

CONTACT:  AKER YARDS ASA
          Tore Langballe,
          SVP Corporate Communications & Investor Relations
          Phone: +47 24 13 01 30
          Mobile: + 47 90 77 78 41
          E-mail: tore.langballe@akeryards.com


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



BROWAR ZABRZE: Unresolved Debt Settlement Keeps Future Uncertain
----------------------------------------------------------------
The official receiver of bankrupt state-owned brewery Browar
Zabrze thinks the only way to save the company is for the
Treasury Ministry to file a motion for a settlement with the
firm's creditors.

Browar Zabrze's permit to operate expires this June, and it has
not yet found an investor, making an auction of its properties
by a bailiff likely.   Receiver Zbigniew Suliga said: "The issue
can be solved even in the case of banks and Inland Revenue,
whose liabilities cannot be included in the settlement.  It just
takes the (Ministry's) decision."

The jobs of 180 people are at stake in the possible closure of
the brewery.   Treasury Minister Jacek Socha was supposed to
meet workers on May 26, but the plan did not happen and the
meeting was postponed indefinitely.

Browar Zabrze was declared bankrupt five years ago.  At present,
the report said, the company has been able to settle all its
current liabilities on time and even managed to post a net
profit of PLN2 million in 2003.


KOMPANIA WEGLOWA: Extent of Woes Exposed
----------------------------------------
The plan of the Polish government to reform its mining sector
has been thrown into turmoil by the very company it established
to save five coal-mining companies from bankruptcy.

A stenographic record of a meeting of the special team
supervising coal reform in October, published by the Gazeta
Wyborcza daily on Monday, reveals Kompania Weglowa owes the five
coal mining companies it was supposed to rescue some PLN5.4
billion.

"I have no clue how their liabilities turned into receivables,"
said Stanislaw Jaskiewicz of the PM Chancellery during the
meeting, according to Europe Intelligence Wire.  The size of the
debt exceeds the value of the mines.

The government has now decided to liquidate the mines of these
companies, however, according to the report, since Kompania
Weglowa owes them PLN5.4 billion, no court will declare them
bankrupt.


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


GOLYSHMANOVSKIYE ELECTRIC: Court Sets Proofs of Claim Deadline
--------------------------------------------------------------
The Arbitration Court of Tyumen region declared municipal
unitary enterprise Golyshmanovskiye Electric Networks insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A-70-188/3-2004.  Mr. G. Morozov has been appointed insolvency
manager.  Creditors have until July 15, 2004 to submit their
proofs of claim to 627440, Russia, Tyumen region, Berdyuzhye,
Chapaeva Str., 36.

CONTACT:  GOLYSHMANOVSKIYE ELECTRIC NETWORKS
          Russia, Polyshmanovo, Karl Marks Str., 160

          Mr. G. Morozov, 627440, Russia, Tyumen region,
          Berdyuzhye, Chapaeva Str., 36


KUZNETSKY MACHINE: Bankruptcy Procedure Starts
----------------------------------------------
The Arbitration Court of Kemerovo region has declared OJSC
Kuznetsky Machine Building Plant insolvent and introduced
bankruptcy proceedings.  The case is docketed as A27-16211/2003-
4.  Mr. A. Safin has been appointed insolvency manager.

Creditors have until July 17, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager: 650099, Russia, Kemerovo, 50 Let
    Okryabrya Str., 13

(b) KUZNETSKY MACHINE BUILDING PLANT: 654000, Russia,
    Novokuznetsk, Kujbysheva Str.,17, to Arbitration Court of
    Kemerovo region.

A hearing will take place on June 1, 2005 at 10:00 a.m.

CONTACT:  KUZNETSKY MACHINE BUILDING PLANT
          654000, Russia, Novokuznetsk, Kujbysheva Str.,17

          Mr. A. Safin, Insolvency Manager
          650099, Russia, Kemerovo, 50 Let Okryabrya Str., 13


MOBILE TELESYSTEMS: Subscribers Now Number 20.18 Million
--------------------------------------------------------
Mobile TeleSystems OJSC (MTS - NYSE: MBT), the largest mobile
phone operator in Russia and Ukraine, announces that its
consolidated subscriber base reached 20.18 million users on
April 30, 2004.

During April 2004, MTS' consolidated subscriber base on a net
basis increased by 990,000 subscribers, of which 220,000 were
added in Moscow and the Moscow region.

Commenting on the results, MTS' First Vice-President, Mikhail
Susov, said: "Last month MTS' consolidated subscriber base
exceeded 20 million, emphasizing the continuous growth of the
Russian and Ukrainian markets and our leading position on these
markets.  We are particularly pleased with our subscriber
additions on the Moscow market."

                      April  March   Growth   April    Growth
                      30,    31,    Subs   %  30,     Subs   %
                      2004   2004             2003

Total consolidated
subscribers, end
of period (mln)       20.18  19.19  0.99  5.1  10.12  9.07  89.7
Russia (mln)          16.08  15.35  0.73  4.8   8.26  7.09  85.8
Moscow and the Moscow
region (mln)           5.61   5.39  0.22  4.1   3.74  1.65  44.1
St. Petersburg and
the Leningrad region
mln)                  1.33   1.29  0.05  3.5   0.86  0.43  49.4
Rest of Russia (mln)   9.14   8.67  0.47  5.4   3.66  5.01 136.9
Ukraine (mln)          4.10   3.85  0.25  6.5   1.86  1.99 106.9
Unconsolidated
subsidiaries in
Russia[1] (thousand) 180.5 163.3  17.20 10.5     -     -    -
MTS Belarus[2]
(thousand)           635.7 592.6  43.1   7.3  106.1 486.5 458.5

----------
Footnotes:

[1] MTS owns 50% stakes in Primtelefon, a local mobile operator
in the Far Eastern and Siberian regions of Russia, and in
Volgograd Mobile and Astrakhan Mobile, local mobile operators in
the Volga part of Russia.  MTS does not consolidate these
companies.

[2] MTS owns a 49% stake in Mobile TeleSystems LLC, a mobile
operator in Belarus, which is not consolidated.

CONTACT:  MOBILE TELESYSTEMS OJSC
          Moscow
          Investor and Public Relations
          Andrey Braginski
          Phone: +7 095 911-65-53
          E-mail: ir@mts.ru

                            *   *   *

Mobile TeleSystems OJSC (MTS) is the largest mobile phone
operator in Russia and Ukraine.  Together with its subsidiaries,
the company services over 20 million subscribers.  The regions
of Russia, as well as Belarus and Ukraine, in which MTS and its
subsidiaries are licensed to provide GSM services, have a total
population of approximately 200.6 million.  Since June 2000,
MTS' Level 3 ADRs have been listed on the New York Stock
Exchange with the ticker symbol MBT.  Additional information
about MTS can be found at http://www.mtsgsm.com.

                            *   *   *

In March, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on leading Russian mobile
telecommunications operator Mobile TeleSystems (OJSC) to 'BB-'
from 'B+', due to sustained leading market positions and solid
growth of cash flow from operations.  The outlook is stable.  In
addition, Standard & Poor's also raised its senior unsecured
debt rating on related entity Mobile Telesystems Finance S.A. to
'BB-' from 'B+'.

"The upgrade reflects the proven ability of Mobile TeleSystems
to maintain leading market positions in the growing Russian and
Ukrainian mobile telecoms markets and deliver strong cash flow
generation from operations in Russia and Ukraine despite growing
exposure to low-end subscribers," said Standard & Poor's credit
analyst Pavel Kochanov.


SAREPTA: Insolvent Status Confirmed
-----------------------------------
The Arbitration Court of Volgograd region has declared OJSC
Volgograd oil-extracting plant Sarepta insolvent and introduced
bankruptcy proceedings.  The case is docketed as A12-3260/02-
s49.  Mr. S. Nevrov has been appointed insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to 400005, Russia, Volgograd, 7th Gvardeyskaya Str., 2,
room 234.

CONTACT:  Mr. S. Nevrov, Insolvency Manager
          400005, Russia, Volgograd, 7th Gvardeyskaya Str., 2,
          Room 234


STIROL: Perm Court Commences Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Perm region declared OJSC STIROL
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A50-35675/2003-B.  Mr. A. Yulygin has been appointed
insolvency manager.  Creditors have until July 17, 2004 to
submit their proofs of claim at 614055, Russia, Perm, Osentsy,
Promyshlennaya Str., 112.

CONTACT:  STIROL
          614055, Russia, Perm, Osentsy,
          Promyshlennaya Str., 112

          Mr. A. Yulygin, Insolvency Manager
          614055, Russia, Perm, Osentsy,
          Promyshlennaya Str., 112


VIMPELCOM-COMMUNICATIONS: 1st-Qtr Net Operating Revenues Up 71%
---------------------------------------------------------------
Open Joint Stock Company Vimpel-Communications (NYSE: VIP), a
leading provider of wireless telecommunications services in
Russia, announced its financial and operating results for the
first quarter ended March 31, 2004.  During the first quarter,
the Company continued its rapid growth in new subscribers and
strengthened its financial performance, with the regions growing
significantly faster than Moscow.  Consolidated financial
statements of VimpelCom and consolidated financial statements of
VimpelCom-Region, VimpelCom's subsidiary for regional
development, are attached.

Commenting on [the] announcement, CEO Alexander Izosimov said:
"We are pleased with our first quarter results.  In a very
competitive market that is now the fastest growing wireless
market in the world we added approximately 2 million
subscribers, and we increased our OIBDA margin to 48.4%, the
highest level achieved since our listing on the New York Stock
Exchange in 1996.  We were able to achieve these results by
successfully implementing our strategy of national expansion."

Key Financial and Operating Indicators

                               Three months ended
                      March 31, 2004 March 31, 2003 Change
                                                    Y-on-Y
                                                      (%)
Net operating revenues
(US$,000)              417,697          244,437      70.9%
OIBDA (US$,000) (1)    202,025          107,936      87.2%
OIBDA margin (2)         48.4%             44.2%        -
Gross margin
(US$,000) (3)          342,141           196,570     74.1%
Gross margin
percentage (4)           81.9%              80.4%       -
Net income (US$,000)    76,131            41,387     83.9%
Net income per
share (US$)               1.90              1.09     74.3%
Net income per
ADS (US$) (5)             1.43              0.82     74.4%
ARPU (US$) (6)           10.8              13.5     -20.0%
MOU, revised
definition (min) (7)     91.4              87.5       4.5%
SAC (US$) (8)            16.8              20.8     -19.2%

Significant improvements in VimpelCom's financial and operating
results in the first quarter of 2004, as compared with the first
quarter of 2003, were achieved largely as a result of rapid
subscriber growth combined with the effects of economies of
scale, efficient cost control and lower acquisition costs per
subscriber in the regions outside of Moscow.  When compared with
the fourth quarter of 2003, strong seasonal effects (reduced
roaming revenue and reduced minutes of use) resulted in a
reduced rate of growth in net operating revenues.  On the other
hand, margins improved both on OIBDA and net income levels as
compared with the fourth quarter of 2003.

The Company's financial results include the activities in the
Moscow license area and in the regions.  Net operating revenues,
excluding inter-company transactions, for Moscow stand-alone and
the regions in the first quarter of 2004 were $256.3 million and
$161.4 million, respectively.  Net income for Moscow stand-alone
and in the regions in the first quarter of 2004 was $60.0
million and $26.8 million, respectively.

Selling, general and administrative (SG&A) expenses, as a
percentage of net operating revenues, improved to 33.0% reported
in the first quarter of 2004 as compared with 34.9% in the first
quarter of 2003.  The decrease in SG&A from $148.8 million in
the fourth quarter of 2003 to $138.0 million in the first
quarter of 2004 was in part due to a decrease in aggregate
subscriber acquisition costs from $57.2 million in the fourth
quarter of 2003 to $50.1 million in the first quarter of 2004.

VimpelCom's total capital expenditures for the first quarter of
2004 were approximately $157 million, spent entirely for the
purchase of property and equipment.

In January 2004, VimpelCom adopted a new depreciation policy.
Based on periodic internal studies of the useful economic lives
of the Company's property and equipment, the Company changed the
estimated useful life of GSM telecommunications equipment from
9.5 to 7 years.

Beginning with the first quarter of 2004, the Company will use a
new definition of MOU based on total minutes of usage (including
both billable minutes of usage and free minutes of usage) rather
than only billable minutes as used in the previous definition.
This approach is similar to that currently used by the majority
of cellular operators in and outside of Russia and the Company
believes the new definition better reflects the relationship
between traffic, capital expenditures, revenues and operating
costs.  The tables with the quarterly MOU numbers for 2003
calculated under both the new and previous definitions are
presented below in the definition section.  The MOU figures used
throughout this release have been calculated under the new
definition.

The Company's MOU in the first quarter of 2004 was 91.4 minutes,
an increase of approximately 4.5% compared to 87.5 minutes
recorded in the first quarter of 2003.  As compared with 96.8
minutes recorded for the fourth quarter of 2003, MOU declined by
5.6%, primarily due to seasonal effects.  ARPU for the first
quarter of 2004 was approximately $10.8, a 20.0% decrease from
the $13.5 reported for the first quarter of 2003 and a 13.6%
decrease from the $12.5 reported for the fourth quarter of 2003.

The decline in ARPU was due to seasonal effects, which are most
pronounced in the first quarter, and a growing proportion of
regional subscribers who generate lower ARPU than Moscow
subscribers.  In addition, the decline in ARPU was caused by
strong competition, which resulted in tariff reductions and an
effective decline in average price per minute.  An increase in
the proportion of intra-network traffic also led to an effective
decline in average price per minute, although this decline was
mitigated by the absence of interconnect charges.

Key Subscriber Statistics

As of March 31, 2004 As of March 31, 2003 Change, Y-on-Y
(%) As of Dec.  31, 2003 Change Q-on-Q (%)

                    As of       As of   Change,  As of    Change
                  March 31    March 31   Y-on-Y  Dec. 31, Q-on-Q
                    2004        2003       %      2003      %

Moscow license area 6,042,300 3,945,600   53.1%  5,659,600  6.8%
Contract              826,800   732,000   13.0%    819,900  0.8%
Prepaid             5,215,500 3,213,600   62.3%  4,839,700  7.8%
Regions             7,329,200 2,242,400  226.8%  5,777,300 26.9%
Total Number of Subscribers
                   13,371,500 6,188,000  116.1% 11,436,900 16.9%

Churn (quarterly)       8.6%       9.6%    --         9.7%   --

Rapid subscriber growth continued in the first quarter of 2004,
particularly in the regions.  As of May 27, 2004, VimpelCom's
total number of subscribers reached approximately 14.93 million,
with approximately 6.22 million subscribers in the Moscow
license area and 8.72 million in the regions outside Moscow.

Using independent sources to estimate the number of subscribers
of the Company's competitors, VimpelCom estimates that its
market share in the Moscow license area was 48.4% at the end of
the first quarter of 2004, compared to the Company's estimated
market share of 49.5% reported at the end of the first quarter
of 2003.  On a nationwide basis, VimpelCom estimates its market
share at 32.0% at the end of the first quarter of 2004, compared
to 29.0% estimated at the end of the first quarter of 2003.

The Company's quarterly churn rate in the first quarter of 2004
was 8.6%, compared to the Company's churn rate of 9.6% reported
for the same period in 2003.  Marketing activities in the past
few quarters resulted in some improvement in churn in the first
quarter of 2004.  Loyalty and retention, especially in the
Company's more saturated markets, remain one of VimpelCom's
priorities going forward.

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

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

CONTACT:  OJSC VIMPEL-COMMUNICATIONS
          Valery Goldin
          Phone: 7(095) 974-5888
          E-mail: vgoldin@vimpelcom.com

          EDELMAN FINANCIAL WORLDWIDE
          Christopher Mittendorf
          Phone: 1(212) 704-8134
          E-mail: christopher.mittendorf@edelman.com


VOLGOGRAD PLANT: Deadline for Proofs of Claim July 17
-----------------------------------------------------
The Arbitration Court of Volgograd region declared OJSC
Volgograd Plant Name of 62nd Army insolvent and introduced
bankruptcy proceedings.  The case is docketed as A12-14082/03-
s55.  Mr. V. Bashmakov has been appointed insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to 400131, Russia, Volgograd, Mira str., 19a, 238.

CONTACT:  PAULTRY FARM NAME OF 62ND ARMY
          Russia, Volgograd region, Gorodishe region

          Mr. V. Bashmakov, Insolvency Manager
          400131, Russia, Volgograd, Mira Str., 19a, 238


=============================
S L O V A K   R E P U B L I C
=============================


MORAVAN-AEROPLANES: Bankruptcy Ultimate 'Solution', Say Workers
---------------------------------------------------------------
Labor unions at aircraft maker Moravan-Aeroplanes see bankruptcy
as the final solution to the airline's troubles, Europe
Intelligence Wire said citing the Czech News Agency.

Labor leader Milan Mazel is blaming the managers for the plight
of the company, which entered preliminary receivership April 19.
They staged a rally against delayed wages in front of the
company on the same day.  Further protests are in store
following the forced leave of half of Moravan's 250 staff
beginning May 25, the report said.

Moravan-Aeroplanes is a unit of a group composed of Letecke
zavody Kunovice, Moravan-Air Containers, Moravan-Transport
Systems, Moravan-Safety Belts and Moravan-Technicke sluzby
Otrokovice.


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


ADECCO SA: Silences Critics with 'Solid' 2003 Results
-----------------------------------------------------
Highlights of 2003 Audited Results:

2003 audit work completed: results solid

(a) 2003 audit work completed with no restatement of prior year
    accounts;

(b) Independent investigation by Paul, Weiss completed with
    respect to the audit of the financial statements;

(c) Net income EUR305 million, up by 26%;

(d) Cash flow from operations EUR455 million;

(e) Net debt, including off-balance sheet debt, reduced by
    EUR491 million to EUR918 million;

(d) 17% dividend increase to CHF 0.70 per share to be proposed.

Timetable to Annual General Meeting

(a) Friday, June 4:

    (i) Publication of Q1 2004 results at 07:00 CET

   (ii) 2003 and Q1 2004 results presentation and media
        conference call

(b) Tuesday, June 8:

    (i) Publication of the invitation for and the proposals to
        the AGM 2003 annual report made available

(c) Tuesday, June 29:

    (i) AGM to be held at 10:30 a.m.  CET in Lausanne,
        Switzerland

The Board of Directors has approved Adecco's financial
statements for 2003.  Now that the 2003 audit work is complete,
the Company is able to finalize the first quarter 2004 results
during the course of this week.

Commenting on the announcement John Bowmer, Executive Chairman
of the Board, said: "I am pleased to announce the completion of
both the long and detailed audit work for Adecco's 2003 accounts
and the independent investigation by Paul, Weiss with respect to
the audit.  Ernst & Young has confirmed to the Board that they
will deliver an unqualified audit opinion with the full
consolidated financial statements prepared in accordance with
U.S.  GAAP.  Furthermore, there has been no restatement of prior
year accounts.  The identification by our auditors of potential
risks, which caused this unexpected audit sign off delay, was
something that the Board and Management took very seriously.
Much effort has been and will continue to be expended to ensure
that our Company is well managed and further improves its
control systems.  Having gone through such an exhaustive audit,
I am convinced that Adecco emerges a stronger company, ready to
face the challenges of the future."

Jerome Caille, Adecco Group Chief Executive Officer added: "We
had a solid performance in 2003, converting a 2% sales growth
into a 21% increase in operating income, measured in local
currency.  At the same time, we generated a strong cash flow
from operations of EUR455 million, whilst reducing net debt by
EUR491 million, a reduction of 35% compared to the end of 2002.
I would like to congratulate all our teams, who provided jobs
for over 2.3 million people in 70 territories in 2003.  I would
also like to thank them for their outstanding commitment during
the recent period to continue to grow our business by delivering
the best employment services, and all our customers and
associates for their continued confidence in Adecco.  This shows
the resilience and the strength of the Company, the world leader
in Staffing and Career Services.  We are now well positioned for
continuing growth: sales trends so far this year are above those
we observed at the end of last year, and key economic indicators
are more positive, giving us confidence that demand for staffing
services should pick up further in the rest of the year."

Audit delay

The Adecco Group is expensing the costs associated with the
extensive audit work, litigation and investigations as incurred;
accordingly, there is no provision for these matters in its 2003
consolidated financial statements.  Total costs related to the
additional audit fees for Ernst & Young and fees for other
advisers in connection with the investigations and related
matters are expected to be approximately EUR100 million of which
EUR6 million has been charged in 2003.  The remainder will be
charged in 2004 of which approximately EUR36 million is in Q1
2004.

The Adecco Group and certain of its directors and officers are
defendants in consolidated class action lawsuits in the U.S.
alleging violations of the federal securities laws in connection
with the Adecco Group's public disclosures.  The lawsuits, which
the Adecco Group intends to defend vigorously, seek an
unspecified amount of damages.  Regulators in the U.S. and
Switzerland are conducting related inquiries.  The Adecco Group
is cooperating fully with these inquiries.

Timetable

The Company plans to release its Q1 2004 results on June 4,
2004.  On that day it will also hold a briefing with respect to
the 2003 and Q1 2004 results for financial analysts and a
separate media conference call.  On June 8, 2004 the Company
will make available its 2003 annual report and an invitation to
shareholders for the AGM, which is scheduled for June 29, 2004.

Dividend

The Board of Directors proposes a dividend increase of 17% to
CHF0.70 per share (CHF0.60 for 2002).  The dividend for the
shares is planned to be paid on July 12, 2004, and the dividend
for the ADRs is planned to be paid on August 13, 2004.

                    Full-year 2003 results

Sales

Group sales for the full year were up 2% over 2002 in local
currency at EUR16.3 billion.  Sales were down 5% in Euro
principally due to the strength of the Euro against most other
currencies, which reduced reported sales in local currency when
translated into Euro by 7%.

In the Adecco Staffing Division, which represents 89% of group
revenues, sales were up 2% in local currency but were down 3% in
Euro.  Sales in local currency in Europe were unchanged with
flat sales in France, and growth in Spain, Italy and the U.K.
offset by declines in the Netherlands, Belgium, Germany and
Switzerland.  In North America, sales in local currency were up
4%, principally due to the US business where sales grew by 5%.
In Asia/Pacific sales in local currency were up 11%, with an 11%
increase in Japan.

In the Ajilon Professional Division, which represents 10% of
group revenues, sales were down by 4% in local currency and by
15% in Euro.  Sales in local currency in Europe were down 3% and
in North America 7% but increased by 1% in Asia/Pacific.

In the LHH Career Services Division, which represents 1% of
group revenues, sales were down by 11% in local currency and by
25% in Euro, reflecting the reduction in demand for outplacement
services during the early stages of an economic recovery.

Gross margin

Overall gross margin for the full year decreased by 9% to EUR2.8
billion.  In local currency gross margin was down 2% reflecting
a negative currency impact of 7%.  Gross margin as a percent of
sales was 17.1% compared with 17.8% in 2002, a reduction of 73
basis points (bp).  This decline is explained by: negative
currency mix changes (18bp), unfavorable change in business mix
(11bp), lower average placement fees (12bp) and lower temporary
staffing margins (32bp).  This 32 bp decrease is attributable to
Adecco U.S. (-47 bp), mainly due to an increase in provisions,
workers' compensation and state unemployment insurance offset by
Adecco France (32 bp) due to a reduction in estimated liability
related to payroll tax subsidies, and the remaining decline (-17
bp) is due to all other changes, including a change in mix of
higher and lower margin business.

Operating costs

Total operating costs for the full year were reduced to EUR2.3
billion, representing a reduction of 6% in local currency and
13% in Euro.  The ratio of operating costs to sales improved to
13.9% compared with 15.2% last year.  Productivity improvements
were largely driven by the successful implementation of global
cost management initiatives.

Operating income

Operating income before amortization for the full year was up
21% in local currency to EUR514 million, representing a return
on sales of 3.2%, an improvement of 53 bp over last year's
level.  Operating income before amortization measured in Euro
was up 14% due to negative currency impact of 7%.

Operating income, after amortization of intangibles of EUR9
million, was up 14% in Euro to EUR505 million, representing a
return on sales of 3.1%.

Interest and other expense

Interest expense for the full year decreased by EUR30 million to
EUR70 million compared to EUR100 million in 2002 mainly due to a
decrease of interest rates and the mix of outstanding debt.  Net
foreign exchange gains and losses were EUR9 million in 2003 and
EUR12 million in 2002.  Interest income of EUR11 million was
similar to that earned last year with EUR12 million.  Non-
operating expenses decreased by EUR6 million to EUR2 million in
2003.

Provision for income taxes

The effective tax rate for the full year was 29% compared with
28% last year.  The provision for income taxes increased by
EUR31 million to EUR127 million this year from EUR96 million
last year, mainly due to higher taxable income and the addition
of valuation allowances partly offset by favorable tax dispute
settlements and other net changes to the tax risk reserve.

It is expected that the effective tax rate for 2004 will
increase mainly due to certain additional expenses being
benefited at lower tax rates, certain income streams being taxed
at higher rates and not benefiting from favorable tax dispute
settlements as enjoyed in 2003.

Net income

Net income for the full year was up 26% to EUR305 million, after
charging EUR3 million for the cumulative effect of change in
accounting principle, net of tax (SFAS No. 143 "Asset Retirement
Obligations").

Net debt and cash flow

Net debt, defined as short term and long-term debt and off-
balance sheet debt less cash and marketable securities, was
EUR918 million at the end of the year.  This represents a
reduction of EUR172 million during the fourth quarter and a
reduction of EUR491 million or 35% from the level at the end of
2002.  Strong operating cash flow of EUR455 million in 2003 was
the major contributor to this reduction.

Divisional performance in 2003

Adecco Staffing

Adecco Staffing is the number 1 in the world, and is ranked
number 1 in 9 of the 13 most important staffing markets.  This
year Adecco Staffing again managed, with sales of EUR14.4
billion and profits of EUR511 million, to extend operating
gearing converting sales growth of 2% into a profit improvement
of 22% in local currency (sales down 3% and profit up 19% in
Euro).

(a) Adecco France sales were flat in a declining market.  Market
    outperformance was the result of a focused sales approach.
    Profits were positively impacted by a net reduction of EUR75
    million in estimated liability related to payroll tax
    subsidies.

(b) Adecco USA sales increased by 5% in local currency, but
    profitability was adversely affected by increases in
    provisions of approximately EUR50 million, mainly related to
    changes in accounting estimates in the billing and payroll
    cycles, and high costs for workers' compensation and
    unemployment insurance.

(c) Adecco U.K. sales were up 5% in local currency and
    profitability increased substantially.  Branch network
    expansion allowed Adecco U.K. to capture high margin
    transactional business and to be optimally positioned in the
    fastest growing market segments.

(d) Adecco Japan posted sales growth of 11% in local currency
    and profitability improved.

(e) Adecco Italy sales were up 5% in local currency and it
    succeeded in increasing its client base and maintaining its
    market share in a challenging environment in 2003.

(f) Adecco Spain posted 7% sales growth, with strong improvement
    in profitability.

(g) Adecco Switzerland sales were down by 2% in local currency.
    Profitability was impacted by a change in business mix
    resulting from a decline in permanent placements in 2003,
    but the unit succeeded in raising its market share by four
    percentage points in 2003 to 28%.

(h) Adecco Germany sales were down by 5%, but the business
    turned profitable in 2003.

(i) Adecco Benelux sales were down by 12% with a decline of 21%
    in Adecco Netherlands partially offset by a 4% decline in
    Adecco Belgium.  Tighter financial controls and specific
    sales action plans resulted in an increase in profitability
    in spite of declining sales.

Ajilon Professional

Ajilon Professional is ranked world number 3 in the professional
staffing market.  Ajilon sales were down 4% in local currency at
EUR1.6 billion.  Profits were up 35% in local currency at EUR51
million (sales down 15% and profit up 14% in Euro).  In the
absence of a recovery in IT and Finance, the segments where
Ajilon mainly operates, management focused on maintaining gross
margins and on cost containment, resulting in strong profit
growth despite a decrease in sales.

LHH Career Services

Lee Hecht Harrison (LHH) is ranked number 2 in the world
outplacement and career services market.  This division
contributed 11% of group profit on only 1% of group sales this
year.  Sales of EUR212 million were down 11% in local currency
(down 25% in Euro).  Profits declined by 15% in local currency
to EUR67 million (down 29% in Euro).

Fourth quarter 2003 results

Sales

Group sales for the fourth quarter were up 3% year on year in
local currency at EUR4.1 billion.  Sales were down 3% in Euro
due to adverse exchange rate movements that reduced sales
overall by 6% in the quarter.

In the Adecco Staffing Division, sales growth was 3% in local
currency but was down 2% in Euro.  Sales in local currency in
Europe were up 3% with growth in France, Spain, Italy,
Switzerland and the U.K. offset by declines in the Netherlands,
Belgium and Germany.  In North America, sales in local currency
were flat, reflecting flat sales in the USA.  In Asia/Pacific
sales in local currency were up 11%, with an 11% increase in
Japan.

In the Ajilon Professional Division, sales were down 9% in Euro,
but in local currency, sales were flat showing that Ajilon
succeeded in closing the sales gap compared to 2002.

In the LHH Career Services Division, sales were down by 23% in
local currency and were down by 35% in Euro, reflecting the
further decline in demand for outplacement services during the
initial period of an economic recovery.

Gross margin

In the fourth quarter the Group's gross margin was 16.9%, down
18 bp compared to 17.1% in the fourth quarter of 2002.

Operating costs

The Group reduced operating costs this quarter by 4% when
measured in local currency and by 11% when measured in Euro.
The ratio of operating costs to sales this quarter decreased to
14.4% of sales compared with 15.6% last year.

Operating income

Operating income before amortization was EUR103 million this
quarter, up 62% in local currency, representing a return on
sales of 2.5%, which is 107 bp better than last year's level.
Operating income before amortization measured in Euro was up 70%
due to favorable currency mix changes.

Operating income, after amortization of intangibles of EUR6
million, was up 66% in Euro to EUR97 million, representing an
overall return on sales of 2.3%.

Interest and other expense

Interest expense decreased by EUR8 million to EUR16 million in
the fourth quarter of 2003 compared to EUR24 million in the same
period of 2002.  Net foreign exchange gains and losses were EUR2
million in the fourth quarter 2003 and EUR3 million in the
fourth quarter 2002.  Interest income in the quarter was EUR4
million in both years.  Non-operating expenses changed from EUR4
million expenses in the fourth quarter 2002 to EUR3 million
income in the fourth quarter 2003.

Provision for income taxes

The provision for income taxes increased by EUR26 million to
EUR32 million this quarter from EUR6 million last year, mainly
due to higher taxable income and the addition of valuation
allowances partly offset by favorable tax dispute settlements.

Net income

Net income increased in the fourth quarter by 99% to EUR51
million.

Divisional performance in the fourth quarter 2003

Adecco Staffing

In the fourth quarter Adecco, with sales of EUR3.7 billion and
profits of EUR119 million, again extended operating gearing
converting sales growth of 3% into a profit improvement of 63%
in local currency (sales down 2% and profit up 77% in Euro).

(a) Adecco France achieved sales growth of 2% consistent with
    growth in the market.  Profit was positively impacted due to
    a reduction in estimated liabilities related to payroll tax
    subsidies.

(b) Adecco USA sales were flat in local currency but
    profitability was adversely affected by increases in
    provisions of approximately EUR50 million, mainly related to
    changes in accounting estimates in the billing and payroll
    cycles.

(c) Adecco U.K. sales were up 8% in local currency and profits
    were above last year.

(d) Adecco Japan posted sales growth of 11% in local currency
    and continues to pursue opportunities for expansion in Japan
    following recent regulatory reforms.

(e) Adecco Italy sales were up 9%, a further improvement over
    the previous quarter.

(f) Adecco Spain sales growth recovered to 12% compared with
    just 2% reported last quarter due to seasonal factors.

(g) Adecco Switzerland sales were 5% higher in local currency.

(h) Adecco Germany sales were down by 8% but profitability
    improved significantly from last year's level.  Germany is a
    key market for the future and Adecco continues to lead
    industry efforts towards a more favorable regulatory
    environment.

(i) Adecco Benelux sales overall were down by 10% with a decline
    in Netherlands of 21% partially offset by 1% sales decline
    in Belgium.

Ajilon Professional

Ajilon sales continued to improve when measured in local
currency.  Sales for the fourth quarter in local currency were
flat on last year's fourth quarter at EUR394 million (down 9% in
Euro).  Profits were up 74% in local currency at EUR8 million
(up 23% in Euro).  In the U.S., sales in local currency at
Ajilon Consulting were down 1% and at Ajilon Finance down 10%.
In the U.K., sales in local currency at Ajilon Computer People
increased by 6% and at Ajilon Office Angels and Roevin sales
were flat.

LHH Career Services

This division contributed 11% of group profit on only 1% of
group sales.  Sales for the quarter of EUR46 million were down
23% in local currency (down 35% in Euro).  Profits declined by
22% to EUR16 million (down 34% in Euro) in line with sales as
the division succeeded in adjusting its cost base to current
business levels.

Changes in accounting principles

In 2003 Adecco adopted Statement of Financial Accounting
Standards (SFAS) No. 123, "Accounting for Stock-Based
Compensation."  For 2003 and future stock-based compensation
transactions such as grants of stock options or restricted
stock, using the prospective method of SFAS No.  123 will result
in compensation expense being amortized through the income
statement over the vesting period.  The effect of the adoption
on the financial statements for the quarter and full year was
EUR6 million additional operating expenses.

A charge of EUR3 million was recorded for the cumulative effect
of change in accounting principle, net of tax following adoption
of SFAS No. 143 "Asset Retirement Obligations" related to office
leases.  There was no equivalent charge in the previous year.

Outlook

Demand for temporary staffing is already accelerating and Adecco
expects it to further strengthen later in 2004.  In the short
term, Adecco expects some margin pressure resulting from
competitive pricing as well as a change in business mix with a
decrease in sales of the outplacement division.  Furthermore,
profitability will be impacted by the significant non-recurring
costs related to the audit delay during 2004.  However, Adecco
remains confident about the medium term profitability outlook
and expects gross margins to be positively impacted by the
increase in the number of permanent placements, the recovery of
the professional staffing sector, particularly in IT, and the
accelerated growth in deregulated countries with higher margins.
Furthermore, the Company's lower cost base and higher
productivity will result in a high conversion of top line sales
growth into bottom line profitability.

About Adecco

Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions.  The Adecco Group network connects 650,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 70 territories around
the world.  Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.

The Adecco Group, after the sale of jobpilot (e-HR Services) in
2004, comprises three Divisions, Adecco Staffing, Ajilon
Professional and LHH Career Services.  In Adecco Staffing, the
Adecco staffing network focuses on flexible staffing solutions
for global industries in transition, including automotive,
banking, electronics, logistics and telecommunications; Ajilon
Professional offers an unrivalled range of specialized
consulting and project management businesses and LHH Career
Services encompasses our portfolio of outplacement and coaching.

Adecco S.A. is registered in Switzerland (ISIN: CH0012138605)
and listed on the Swiss Stock Exchange with trading on Virt-x
(SWX/VIRT-X:ADEN), the New York Stock Exchange (NYSE:ADO) and
Euronext Paris - Premier Marche (EURONEXT:ADE).

Additional information is available at http://www.adecco.com.

Selected financial figures are available free of charge at
http://bankrupt.com/misc/Adecco_Q4.htm.

CONTACT:  ADECCO S.A.
          Media Centre
          Phone: +41 1 878 8888


ADECCO SA: S&P Keeps Ratings on CreditWatch Negative
----------------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that its
'BB+' corporate credit rating on Adecco S.A. and related
entities will remain on CreditWatch with negative implications,
where they were placed on January 20, 2004.  Switzerland-based
personnel services group Adecco -- the world leader in temporary
staffing -- announced its 2003 audited results after postponing
the announcement twice since January 12, 2004.

Adecco's long-awaited 2003 audited results show there are no
restatements relating to previous year's accounts and that the
independent investigation relating to the audit of the group's
financial statements has also been completed.  The publication
of Adecco's 2003 audited accounts will enable the company to
comply with its obligations to produce financial information in
a timely fashion under certain finance documents.

The completion of the audit work demonstrating the absence of
restatements should also help the group materially improve its
position with creditors and restore its financial flexibility.

Adecco and certain of its directors and officers are defendants
in consolidated class action lawsuits in the U.S. alleging
violations of the federal securities laws in connection with
Adecco's public disclosures.

The lawsuits, which Adecco intends to defend vigorously, seek an
unspecified amount of damages.  Regulators in the U.S. and
Switzerland are conducting related inquiries.  Adecco is
cooperating fully with these inquiries.

Standard & Poor's believes the publication of the group's 2003
audited accounts will have a positive effect on Adecco's
liquidity and is a decisive step toward resolving the
CreditWatch placement.  However, Standard & Poor's will need
additional, more detailed information regarding Adecco's recent
and future financial and business positions before resolving the
CreditWatch.  Additional information may be available from the
detailed accounts included in the group's 2003 annual report,
when published.  On Friday, June 4, 2004, Adecco's management
will make a presentation of the results for 2003 and for the
first quarter of 2004.


ADECCO SA: Moody's Rating Set for Confirmation
----------------------------------------------
Moody's Investors Service said it expects to confirm its Ba1
senior rating on Swiss company Adecco following announcement
with regard to the company's 2003 results.  The rating agency
has placed Adecco on review for possible downgrade.

In the report, Adecco said Ernst & Young will deliver an
unqualified audit opinion (on a U.S. GAAP basis) of the accounts
and that there will be no restatement of prior year figures.  It
also said that the independent investigation by Paul Weiss with
regard to the audit has also been concluded.

Moody's said: "...against the backdrop of [the] statement and
absent any new adverse issues arising from the steps mentioned
above Moody's expects to confirm Adecco's ratings at the Ba1
level."

Adecco S.A. is one of the world's largest personnel services
company with a global network of more than 5,800 offices across
70 countries.


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


AVIARM: Declared Bankrupt
-------------------------
The Economic Court of Kyiv region declared LLC scientific-
production enterprise Aviarm (code EDRPOU 18019135) insolvent
and introduced bankruptcy proceedings on April 30, 2004.  The
case is docketed as 43/177.  Mrs. Babich Svitlana has been
appointed liquidator/insolvency manager.  Creditors have until
June 20, 2004 to submit their proofs of claim to the ECONOMIC
COURT OF KYIV at 01030, Ukraine, Kyiv, B. Hmelnitskij boulevard,
44-b.

Aviarm maintains Account Number 26005169261001 at Privatbank,
branch Accounting center, MFO 320649.

CONTACT:  AVIARM
          03057, Ukraine, Kyiv, Zhelyabov str., 8/4

          Mrs. Babich Svitlana, Temporary Insolvency Manager
          Ukraine, Kyiv, Melnikov str., 2/10

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


DINAMO-SERVIS: Deadline for Proofs of Claim June 20
---------------------------------------------------
The Economic Court of Kyiv region declared LLC Dinamo-Servis
(code EDRPOU 25400611) insolvent and introduced bankruptcy
proceedings on April 30, 2004.  The case is docketed as 43/176.
Mrs. Babich Svitlana has been appointed liquidator/insolvency
manager.  Creditors have until June 20, 2004 to submit their
proofs of claim to the ECONOMIC COURT OF KYIV at 01030, Ukraine,
Kyiv, B. Hmelnitskij boulevard, 44-b

Dinamo-Servis holds Account Number 26002304851980 at JSCB TK
Kredit, MFO 322830.

CONTACT:  DINAMO-SERVIS
          02217, Ukraine, Kyiv, Zakrevskij str., 16

          Mrs. Babich Svitlana, Temporary Insolvency Manager
          Ukraine, Kyiv, Melnikov str., 2/10

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


EM-UKRAINA: Insolvent Status Confirmed
--------------------------------------
The Economic Court of Kyiv region declared LLC Em-Ukraina (code
EDRPOU 31567813) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 43/134.  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

Em-Ukraina maintains Account Number 26006029033700/980 at JSCB
Ukrsocbank, Pecherska branch, MFO 322090.

CONTACT:  EM-UKRAINA
          01023, Ukraine, Kyiv, Mechnikov str., 8/22

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

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


KOROLLA: Declared Insolvent
---------------------------
The Economic Court of Kyiv region declared LLC Korolla (code
EDRPOU 23729838) insolvent and introduced bankruptcy proceedings
on May 17, 2004.  The case is docketed as 24/237-b.  Mr.
Starchenko I. has been appointed liquidator/insolvency manager.
Creditors have until June 20, 2004 to submit their proofs of
claim to the insolvency manager. You can contact him for further
details through this number: 233-37-31.

CONTACT:  KOROLLA
          Ukraine, Kyiv, Vizvoliteliv avenue, 1

          Mr. Starchemko I., Liquidator/Insolvency Manager
          Phone: 233-37-31

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


NOVOTEKS GROUP: To Auction Assets June 25
-----------------------------------------
During the public auction of LLC Novoteks Group on May 31, 2004
the company has decided to sell these properties on June 25:

(a) Shop building
    Starting price is UAH114,852.20 including Value Added Tax
    (VAT).

(b) Building
    Starting price is UAH17,525.23 including VAT.

(c) Pig Farm Building
    Starting price is UAH24,328.22 including VAT.

(d) Building of hothouse with foundation, walls and overlapping
    of metal (constructions-metal pipes).
    Starting price is UAH18,428.05 including VAT.

(e) Building of hothouse with foundation, walls and overlapping
    of metal (constructions-metal pipes)
    Start price is UAH 15176,07 including Value Added Tax (VAT).

(f) Water pressuring tower:
    Starting price is UAH3,612.00 including VAT.

These properties are located at Ukraine, Zakarpatska region,
Beregivskij district, V. Beregi, Nova str., 32.

In order to participate in the auction potential buyers should
transfer 10% of the initial cost of the property not later than
June 22, 2004 at Account Number 2600014776, code 26252740 at
JSPPB Aval of Uzhgorod, MFO 312345 of Branch of the Agency of
bankruptcy questions of Zakarpatska region.

Competitive proposition and copy of document of guarantee
installment payment will be sent through recommended letter to
the organizer (Branch of the Agency of bankruptcy questions of
Zakarpatska region).

Auction participant carries responsibility for well-timed
delivery and form of demand and propositions.

Potential buyers must have these papers to qualify in the
auction:

(a) Document, that certifies a person or representative of
    juridical person;

(b) Certificate about the absence of bankruptcy case against the
    participant;

(c) Document about the payment of guarantee installment in
    amount of 10% from the initial cost of the property being
    sold;

(d) Document about the contribution of registration due in
    amount of one untaxed minimum;

(e) Declaration about the incomes for buyers - physical persons;
    notarized certified copies of statutory documents for buyers
    - juridical persons (copy of decision about the
    participation in auction - for local self-governing bodies).

CONTACT:  BRANCH OF THE AGENCY OF BANKRUPTCY QUESTIONS OF
          ZAKARPATSKA REGION
          Ukraine, Uzhgorod
          B. Hmelnitskij square, 2/234, 8
          Phone: (03122) 3-59-37


TRANS-RESURS: Deadline for Proofs of Claim June 20
--------------------------------------------------
The Economic Court of Kyiv region declared LLC Trans-Resurs
(code EDRPOU 25269536) insolvent and introduced bankruptcy
proceedings on April 30, 2004.  The case is docketed as 43/178.
Mrs. Plyushakova Valentina has been appointed
liquidator/insolvency manager.  Creditors have until June 20,
2004 to submit their proofs of claim to the ECONOMIC COURT OF
KYIV at 01030, Ukraine, Kyiv, B. Hmelnitskij boulevard, 44b.

Trans-Resurs maintains Account Number 26000000756 at JSB
Express-Bank, MFO 322959.

CONTACT:  TRANS-RESURS
          03143, Ukraine, Kyiv, Zabolotnij str., 20-a

          Mrs. Plyushakova Valentina,
          Temporary Insolvency Manager
          Ukraine, Kyiv, Melnikov str., 2/10

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


UKRDIPRODEREVPROM: Kyiv Court Appoints Insolvency Manager
---------------------------------------------------------
The Economic Court of Kyiv region declared OJSC
Ukrdiproderevprom (code EDRPOU 05275523) insolvent and
introduced bankruptcy proceedings on April 30, 2004.  The case
is docketed as 43/175.  Mrs. Babich Svitlana has been appointed
liquidator/insolvency manager.  Creditors have until June 20,
2004 to submit their proofs of claim to the ECONOMIC COURT OF
KYIV at 01030, Ukraine, Kyiv, B. Hmelnitskij boulevard, 44-b.

Ukrdiproderevprom holds Account Number 260063011174 at JSCB
Starokijivskij bank, MFO 321477.

CONTACT:  UKRDIPRODEREVPROM
          02002, Ukraine, Kyiv, M. Raskova str., 17

          Mrs. Babich Svitlana, Temporary Insolvency Manager
          Ukraine, Kyiv, Melnikov str., 2/10

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


UKREKSIKOM: Declared Insolvent
------------------------------
The Economic Court of Kyiv region declared LLC Ukreksikom
(code EDRPOU 31086994; accounts are absent) insolvent and
introduced bankruptcy proceedings.  The case is docketed as
23/802-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:
    Phone: 234-47-55

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

CONTACT:  UKREKSIKOM
          01133, Ukraine, Kyiv, L. Ukrajinka boulevard, 15-a

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

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


UNION OF BUSINESSMEN: Declared Insolvent
----------------------------------------
The Economic Court of Zhitomir region declared JSCCT Union Of
Businessmen And Manufacturers Of Zhitomir Region (code EDRPOU
20420552) insolvent and introduced bankruptcy proceedings on
January 29, 2004.  The case is docketed as 4/5 B.  Zhitomir RSTI
has been appointed liquidator/insolvency manager.

Union Of Businessmen And Manufacturers Of Zhitomir Region
maintains Account Number 26004302170719 at Prominvestbank,
Zhitomir central branch.

CONTACT:  UNION OF BUSINESSMEN AND MANUFACTURERS OF ZHITOMIR
          REGION
          10014, Ukraine, Zhitomir, Peremogi str., 17

          Zhitomir RSTI, Liquidator/Insolvency Manager
          10014, Ukraine, Zhitomir, Peremogi square, 2
          Phone: 37-47-76

          ECONOMIC COURT OF ZHITOMIR REGION:
          10014, Ukraine, Zhitomir, Mala Berdichivska str., 25


VIK-M: Declared Bankrupt
------------------------
The Economic Court of Kyiv region declared LLC Vik-M
(code EDRPOU 25268146) insolvent and introduced bankruptcy
proceedings on April 30, 2004.  The case is docketed as 43/179.
Mrs. Plyushakova Valentina has been appointed
liquidator/insolvency manager.  Creditors have until June 20,
2004 to submit their proofs of claim to the ECONOMIC COURT OF
KYIV at 01030, Ukraine, Kyiv, B. Hmelnitskij boulevard, 44-b

Vik-M maintains Account Number 26003141130085 at MKB of Kyiv,
Dniprovska branch, MFO 320456.

CONTACT:  VIK-M
          02090, Ukraine, Kyiv, Sosyura str., 6

          Mrs. Babich Svitlana, Temporary Insolvency Manager
          Ukraine, Kyiv, Melnikov str., 2/10

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


VLAKO: Zhitomir Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Zhitomir region declared JSCCT Vlako (code
EDRPOU 22043918) insolvent and introduced bankruptcy proceedings
on January 29, 2004.  The case is docketed as 7/22 B.  Zhitomir
RSTI has been appointed liquidator/insolvency manager.   Vlako
holds Account Number 26002167589001 at CB Privatbank, Zhitomir
branch.

CONTACT:  VLAKO
          10000, Ukraine, Zhitomir, Zavodska str., 4

          Zhitomir RSTI, Liquidator/Insolvency Manager
          10014, Ukraine, Zhitomir, Peremogi square, 2
          Phone: 37-47-76

          ECONOMIC COURT OF ZHITOMIR REGION:
          10014, Ukraine, Zhitomir, Mala Berdichivska str., 25


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


ABP COVERALL: Final Meeting of Members, Creditors Set July 2
------------------------------------------------------------
Names of Companies:
ABP Coverall Limited
G W Dixon (Gateshead) Limited

Members and Creditors of these Companies will have a Final
Meeting on July 2, 2004 at 10:00 a.m. and a 15-minute interval
thereafter.  It will be held at the offices of Bartfields (U.K.)
Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members or Creditors who want to be represented at the Meeting
may appoint proxies.  Proxies must be lodged with Bartfields
(U.K.) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF
not later than 12:00 noon, July 1, 2004.

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House
          12 Clarendon Road,
          Leeds LS2 9NF
          Contact:
          G M Krasner, Liquidator


ACCIDENT ADVICE: Names Leonard Curtis & Co. Administrator
---------------------------------------------------------
Name of Companies:
Accident Advice Financial Services Limited
Accident Advice Investigations Limited
Claim13 PLC (formerly Accident Advice Group plc)
Claim15 Limited (formerly Accident Advice Helpline Limited)

These companies have appointed J J Schapira and S D Swaden of
Leonard Curtis & Co as joint administrative receivers.  The
appointment was made May 18, 20004.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place, Marble Arch,
          London W1H 7LW
          Receivers:
          J J Schapira
          S D Swaden
          (IP Nos 5784, 2719)


CHOCOLATE TEMPTATIONS: Hires Baker Tilly Administrator
------------------------------------------------------
The Chocolate Temptations Limited Company has appointed Phillip
Hartland Allen and Guy Edward Brooke Mander of Baker Tilly as
joint administrative receivers.  The appointment was made May
24, 2004.  The Company manufactures cocoa, chocolates and
confectionaries.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row,
          Birmingham B2 5AF
          Receivers:
          Phillip Harland Allen
          Guy Edward Brooke Mander


COMPLETE TRADING: Appoints Tait Walker Administrator
----------------------------------------------------
Gordon S Goldie and Allan David Kelly of Tait Walker have been
appointed joint administrative receivers for Complete Trading
U.K. Limited Company.  The appointment was made May 18, 2004.
Company is selling and distributing fancy goods.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Receivers:
          Gordon S Goldie
          Allan David Kelly


DBP HOLDINGS: Hires Receivers from PricewaterhouseCoopers
---------------------------------------------------------
The DBP Holdings Limited Company has appointed Edward Klempka,
Stephen Andrew Ellis, Stephen Jonathan Taylor of
PricewaterhouseCoopers LLP as joint administrative receivers.
The appointment was made May 21, 2004.  The company is into non-
trading investment.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Receivers:
          Edward Klempka
          Stephen Andrew Ellis
          Stephen Jonathan Taylor
          (IP Nos 5791, 8843, 7821)


DOVER INTERNATIONAL: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------------
At the Extraordinary General Meeting of the Dover International
Finance Services Company on May 17, 2004, the Special and
Ordinary Resolutions to wind up the Company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Contact:
          Richard Setchim, Liquidator
          Jonathan Sisson, Liquidator


EMERALD CROWN: Calls in Liquidator
----------------------------------
At a General Meeting of the Emerald Crown Limited Company on May
19, 2004, the Resolutions to wind up the Company has been
passed.  Peter R Frowde of McCabe Ford William, Chartered
Accountants and Insolvency Practitioners, of Bank Chambers, 1
Central Avenue, Sittingbourne, Kent ME10 4AE has been appointed
Liquidator for the company.

CONTACT:  MCCABE FORD WILLIAMS
          Chartered Accountants and Insolvency Practitioners
          Bank Chambers
          1 Central Avenue, Sittingbourne,
          Kent ME10 4AE
          Contact:
          Peter R Frowde, Liquidator


EQUITABLE LIFE: Ex-Chief's 'Lifetime Ban' Reduced to Six Years
--------------------------------------------------------------
Equitable Life's former appointed actuary and chief executive
accepted a six-year exclusion that could spare him a lifetime
ban from the City regulator.

The Financial Services authority several months ago ordered a
lifetime ban on Chris Headdon for his role in the near-collapse
of the society.  But Mr. Headdon appealed, and was able to reach
agreement on the exclusion.  As a result, he was able to avoid a
public tribunal hearing.

Mr. Headdon will only turn 53 after he serves the six-year ban,
and could still return to his career.  But the Financial
Services Authority might still ban him from returning
immediately after the six-year term.  The regulator already
dropped plans to pursue a case against Roy Ranson, another
former chief executive, because of his age.


EXTRICITY LIMITED: Names Liquidator from Smith & Williamson
-----------------------------------------------------------
At an Extraordinary General Meeting of the Extricity Limited
Company on May 17, 2004 held at No 1 Riding House Street, London
W1A 3AS, on 17 May 2004, the subjoined Special Resolution to
wind up the Company was passed.  Anthony Cliff Spicer of Smith &
Williamson Limited has been appointed Liquidator of the Company
for the purpose of such winding-up.


GOPI GRANITES: Meeting of Creditors Set June 11
-----------------------------------------------
Name of Companies:
Gopi Granites Limited
Harndale Granite Limited
Megalith Granites Limited

There will be a Creditors Meeting of these Companies on June 11,
2004 at 10:30 a.m.  It will be held at Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxies to be used at the Meeting must be lodged
together with written debt claims to Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY not later than
12:00 noon, June 10, 2004.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street,
          London EC4A 1HY
          Contact:
          L M Brittain, Joint Administrative Receiver


HLM DESIGN: Creditors Meeting Set June 10
-----------------------------------------
Name of Companies:
HLM Design International (Holdings) Limited
HLM Design International Limited
HLM Design Limited

The unsecured Creditors of these Companies will have a Meeting
on June 10, 2004 at 11:00 a.m.  It will be held at KPMG LLP, 24
Blythswood Square, Glasgow G2 4QS.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EG not later than 12:00 noon, June 9, 2004.

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Contact:
          B C Nimmo, Joint Administrative Receiver


HOLLINGER INTERNATIONAL: Quicker Telegraph Sale Foreseen
--------------------------------------------------------
Hollinger International is looking forward to selling its
Telegraph newspaper earlier than scheduled, sources close to the
situation told Reuters.

The company is hoping to clinch a deal by mid-June, ahead of the
July 4 deadline set by investment bank Lazard to find a buyer.
This was after the manager of the sale narrowed down the
shortlist of bidders for the newspaper to three, which include
billionaire Barclay brothers, venture capital group 3i and a
consortium of rival newspaper the Daily Mail with private equity
groups Apax and Candover.

Lazard has already given the bidders access to more privileged
information about the Telegraph, according to the sources.  But
Hollinger will keep the talks open to all three and select a
winner, instead of entering an exclusivity agreement, they said.


ICP LIMITED: In Administrative Receivership
-------------------------------------------
Barclay Bank Plc called in Andrew M Sheridan and Cedric M Clapp
of Baker Tilly as receivers for ICP (Coatings) Limited Company
(Reg No 1009125, Trade Classification: 05).  The application was
made May 24, 2004.  The Company manufactures chemical products.

CONTACT:  BAKER TILLY
          1 Georges Square,
          Bristol BS1 6BP
          Contact:
          Andrew M Sheridan
          Cedric M Clapp


KEOCO 225: Names DTE Leonard Curtis Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Keoco 225 Limited
Company on May 13, 2004 held at Units 4, 6 and 7, West Mews,
West Road, Tottenham, London N17 0QT, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
John Malcolm Titley of DTE Leonard Curtis, Bury has been
appointed Liquidator for the purpose of such winding-up.


LANKASTER COACHWORKS: Names Receiver from Kallis & Co.
------------------------------------------------------
Kikis Kallis of Kallis & Co. has been appointed joint
administrative receivers for Lankaster Coachworks Limited.  The
appointment was made May 20, 2004.  The company repairs cars.

CONTACT:  KALLIS & CO
          Mountview Court
          1148 High Road, Whetstone,
          London N20 0RA
          Receiver:
          Kikis Kallis


LAWSEARCH LIMITED: Hires Receiver from Chamberlain & Co
-------------------------------------------------------
The Lawsearch Limited Company has appointed Michael Chamberlain
of Chamberlain & Co. as joint administrative receiver.  The
appointment was made May 21, 2004.  The Company is engaged in
legal referrals.

CONTACT:  CHAMBERLAIN & CO.
          Aireside House
          24-26 Aire Street,
          Leeds LS1 4HT
          Contact:
          Michael Chamberlain
          (IP No 8735)


MARKS & SPENCER: Reveals Terms of Board Remuneration
----------------------------------------------------
Marks & Spencer confirmed the remuneration payments for the new
appointments to its board.

Stuart Rose, Chief Executive, will be paid a salary of
GBP850,000 with a maximum bonus potential of 100% of salary.  He
will also receive a signing-on fee of GBP1,250,000, which will
be paid on the six month anniversary of the start date of
employment or the end of any offer period, whichever is the
latest.

Charles Wilson, executive director, will be paid a salary of
GBP500,000 with a maximum bonus potential of 100% of salary.  He
will receive a signing-on fee of GBP900,000 on the same terms as
above.

Both Stuart and Charles are on a 12-month rolling contract from
the company and will be required to give six month's notice of
termination.  Share options will be granted in line with the
normal level of recruitment grants, at the end of any offer
period and in line with scheme rules.

Paul Myners has indicated that he will not accept any additional
salary for his role as interim chairman.  His fee is currently
GBP50,000.

The termination payments for Luc Vandevelde and Roger Holmes
have also been confirmed.  Luc and Roger are contractually
entitled to these termination payments, which are paid under the
terms of their employment agreements.

Luc Vandevelde will receive 12 months payment in lieu of notice.
As Luc is paid in shares, this will be 162,000 shares (13,500
shares x 12) to be purchased within 14 days of 31 May 2004.  Luc
gets no other payments as he is no longer eligible for bonus,
pension contributions or share options.

Roger Holmes will receive GBP620,000, which is 12 months payment
in lieu of notice.  In addition, he will be paid around
GBP200,000 for loss of benefits.  This includes holiday pay, car
and petrol, notional bonus entitlement and pension supplement.

Both Luc and Roger are entitled to exercise their existing share
options at anytime within the next twelve months.

CONTACT:  MARKS & SPENCER
          Sue Sadler
          Corporate Press Office
          Phone: 020 7268 8642


MOUNT OFFHAM: Special Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Mount Offham Limited
Company on May 19, 2004 held at 3 Pond Place, London SW3 6QR,
the Special Resolution to wind up the Company was passed.
Martin Charles Armstrong of Turpin Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA has been
appointed the Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton,
          Surrey SM1 4LA
          Contact:
          Martin Charles Armstrong, Liquidator


NTL INC.: Announces Adoption of Trading Plan
--------------------------------------------
NTL Incorporated (NASDAQ: NTLI) announced on Tuesday that James
F. Mooney, its Chairman, has established a structured,
prearranged trading plan to periodically sell shares in the
company over a designated timeframe in accordance with Rule
10b5-1 of the Securities Exchange Act of 1934.

Rule 10b5-1 permits the implementation of a written plan for
selling stock at times when insiders are not in possession of
material non-public information and allows them to sell stock on
a periodic basis and in a non-discretionary manner, regardless
of whether they are in possession of material, non-public
information at the time the sales occur.

Mr. Mooney's plan was initiated following NTL's first quarter
reported results and during the company's open window for
insider transactions.  The plan, which covers a two-year period,
has been established to permit Mr. Mooney to diversify his
personal equity portfolio for tax and estate planning purposes.
Sales under this plan, the first of which occurred on May 27,
2004, are subject to the achievement of predetermined stock
prices.

Other officers and directors of the company may establish plans
in compliance with Rule 10b5-1 in the future.

More on NTL Incorporated:

(a) NTL Incorporated (NASDAQ: NTLI) offers a wide range of
    communications services to residential and business
    customers throughout the U.K. and Ireland.

(b) NTL is the U.K.'s largest cable company and leading
    broadband supplier with over 1 million broadband customers
    and 2.9 million residential customers.

(c) NTL's fiber-optic broadband network passes 8.4 million homes
    in the U.K. including London, Manchester, Nottingham,
    Oxford, Cambridge, Cardiff, Glasgow and Belfast.

CONTACT:  NTL INCORPORATED
          Investor Relations:
          Patti Leahy
          Phone: (U.S.) +1 610 667 5554

          Virginia Ramsden
          Phone (U.K.): +44 (0) 20 7967 3338

          Media:
          Alison Kirkwood
          Phone: +44 (0) 7788 186154

          Justine Parrish
          Phone: +44 (0) 7966 421 991

          BUCHANAN COMMUNICATIONS
          Richard Oldworth
          Jeremy Garcia
          Mark Edwards
          Phone: +44 (0) 207 466 5000


OUTSIDE MEDIA: Appoints Baker Tilly Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Outside Media Promotions Limited Company on May 17, 2004 held at
Butler House, 178-179 Tottenham Court Road, London W1T 7PD, on
17 May 2004, the Special Resolution to wind up the Company was
passed.  Tracey Elizabeth Callaghan and Mark John Wilson 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:
          Tracey Elizabeth Callaghan, Liquidator
          Mark John Wilson, Liquidator


PYRAMID CONSERVATORIES: Names Receivers from Tait Walker
--------------------------------------------------------
The Pyramid Conservatories Limited has appointed Gordon S.
Goldie and Allan David Kelly of Tait Walker as joint
administrative receivers.  The appointment was made May 14,
2004.  The company sells and constructs conservatories.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Receivers:
          Gordon S Goldie
          Allan David Kelly
          (IP Nos 5799, 9156)


QUEENS MOAT: Regulator Expels Former Deputy Chairman
----------------------------------------------------
The debacle that lead to the near-collapse of Queens Moat Houses
has caused the hotel group's former deputy chairman his
profession.

The Joint Disciplinary Scheme has expelled Martin Marcus from
the profession and ordered him to pay GBP225,000 in fine and
GBP15,000 of costs for leading Queens Moat when it overstated
profits in the 90s.  It also fined Bird Luckin, the former
auditors, GBP17,000 for failing "to obtain reliable evidence,"
and "severely reprimanded" Alan Radford, the former engagement
partner.

The company inflated profits by GBP146 million in 1991 and
substantially more in 1992, when the restated accounts showed a
loss of GBP1 billion.  Queens Moat now has debts of GBP680
million and assets of less than GBP100 million.


QUIX BODYSHOP: Appoints Kroll Limited Administrator
---------------------------------------------------
The Quix Bodyshop Limited has appointed C P Holder and S C E
Mackellar of Kroll Limited as joint administrative receivers.
The appointment was made May 21, 2004.  The company repairs and
maintains motors.

CONTACT:  KROLL LIMITED
          5th Floor
          Airedale House, 77 Albion Street,
          Leeds LS1 5AP
          Receivers:
          C P Holder
          S C E Mackellar


STEETON LEISURE: Hires Receivers from Begbies Traynor
-----------------------------------------------------
Bar Company, Steeton Leisure Limited has appointed Gordon Craig
and David Appleby of Begbies Traynor as joint administrative
receivers.  The appointment was made May 18, 2004.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Receivers:
          Gordon Craig
          David Appleby


TELEWEST COMMUNICATIONS: Creditors Okay Financial Restructuring
---------------------------------------------------------------
Telewest Communications plc announces that its proposed scheme
of arrangement and the proposed schemes of arrangement of its
wholly owned subsidiary Telewest Finance (Jersey) Limited
(Telewest Jersey) have been approved by their respective
creditors.

The approval of the schemes by Telewest's and Telewest Jersey's
creditors is one of the key steps being taken to implement
Telewest's financial restructuring.

The next important step in the financial restructuring will be
court hearings to sanction the schemes, which are currently
scheduled for 17 June 2004 in the English High Court and for 18
June 2004 in the Jersey Royal Court.  Successful completion of
the financial restructuring remains subject to a number of
conditions.

CONTACT:  TELEWEST COMMNUCATIONS
          Jane Hardman, Director Of Corporate Communications
          Phone: 020 7299 5888

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


V P RECRUITMENT: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the V P Recruitment
Limited Company on May 19, 2004 held at 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY, the Special Resolution to wind up
the Company was passed.  Robert William Keating of R W Keating &
Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  R W KEATING & CO
          20 Winmarleigh Street,
          Warrington, Cheshire WA1 1JY
          Contact:
          Robert William Keating, Liquidator


WELCOME BREAK: Administrators Receive Offer from Investcorp
-----------------------------------------------------------
Following their appointment as joint administrative receivers in
respect of the assets of the Issuer on May 25, 2004, Neville
Kahn and Nick Dargan of Deloitte (the Receivers) make these
announcements:

Shortly after their appointment, the Receivers received a
conditional offer from Investcorp SA to purchase all of the
Issuer's rights, title, interest and benefit in, to and under
the term loans outstanding under the facility agreement (the
Issuer/WBG Facility Agreement) between, among others, the Issuer
and Welcome Break Group Limited (WBGL) (the Receivables) for an
amount of GBP376,000,000 (being the amount equal to the
aggregate of the principal amount outstanding under the Term
Loans), together with an amount equal to the accrued interest on
the Term Loans and all outstanding fees and expenses of Deutsche
Trustee Company Limited as Security Trustee, the Receivers and
their respective advisers (together the Purchase Price).  The
Offer was accompanied by evidence that committed funding for the
Purchase Price has been obtained by the Offeror.

Noteholders have indicated their support for the Offer and
accordingly the Receiver has accepted the offer subject to
completion of the necessary documentation.  It is anticipated
that the purchase of the Receivables will be completed this week

The Receivers have also been informed that the Offeror has
arranged for funding to be provided to WBGL and its subsidiaries
(the Group) for the purposes of making the payments due on June
1, 2004 under the Issuer/WBG Facility Agreement.

Neville Kahn remarked "This is an excellent result for all
concerned and is a deal which has the strong support of
Noteholders.  It removes the recent uncertainty regarding the
financial position of the operating companies whilst enabling
each class of Noteholder to receive the full amount of debt
outstanding under their notes."

CONTACT:  DELOITTE & TOUCHE
          Jo Ouvry
          Public Relations
          Phone: +44 (0) 20 7303 0587


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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