TCREUR_Public/040604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, June 4, 2004, Vol. 5, No. 110

                            Headlines

F R A N C E

HARZTVILLER: Works Council Appeals Liquidation


G E R M A N Y

MG TECHNOLOGIES: Streamlines Industrial Plant Engineering Unit


I T A L Y

FIAT SPA: Fitch Maintains Current Ratings, Negative Outlook
FIAT SPA: Ratings, Outlook Unaffected by Management Changes


N E T H E R L A N D S

KONINKLIJKE AHOLD: Investors OK Results; Defer Board's Discharge
KONINKLIJKE AHOLD: CEO Posts Latest Update on 'Road to Recovery'
VENDEX KBB: 1st-Qtr Turnover Stagnates; Retail Results Slip 50%


P O L A N D

JTT COMPUTER: Court Finds Debt Talks an Exercise in Futility


R O M A N I A

MOBIFON SA: Telesystem International Ups Shareholding by 15.46%


R U S S I A

BEDNODEMYANOVSK-AGRO: Court Commences Bankruptcy Procedure
DON-PRESS: Rostov Court Appoints Insolvency Manager
DVIGATEL-MONTAZH: Bankruptcy Supervision Procedure Begins
FACTORY SILICATE: Under Bankruptcy Supervision Procedure
FEDERAL INVESTMENT: Proofs of Claim Deadline June 27

MARIINSKY OIL: Court Sets September 1 Hearing
MUROMSKY MACHINE: Vladimir Court Halts Bankruptcy Proceedings
OROTUKANSKY FACTORY: Bankruptcy Supervision Procedure Begins
SAFONOVSKY FACTORY: Under Bankruptcy Supervision Procedure
VORONEZH FACTORY: Deadline for Proofs of Claim June 27
YUKOS OIL: Gazprom Denies Taking Interest in Assets
YUKOS OIL: Relinquishes Controlling Stake in Sibneft


U K R A I N E

ELEKTRON-GAZ: Sets Public Auction of Properties June 21
FORTUNA-PLUS: Declared Bankrupt
HARKIV' EXPERIMENTAL: Insolvent Status Confirmed
KURENIVKA: Deadline for Proofs of Claim June 20
LISICHANSK' GLASS: Lugansk Court Appoints Insolvency Manager

OKEAN: Declared Insolvent
PECHERA: Deadline for Proofs of Claim Set June 20
ROMANIVKA: Bankruptcy Supervision Procedure Begins
ROST: Insolvent Status Confirmed
SHAKHTY MINING: Workers Stage Hunger Strike Over Wages

SHEPETIVKA' AGRICULTURAL: Declared Insolvent
STRATIJIVKA: Agricultural Firm Succumbs to Insolvency
TROYAN: Insolvent Status Confirmed
VAST: Declared Insolvent
VELIKOPISARIVSKIJ RAJAGROHIM: Declared Bankrupt


U N I T E D   K I N G D O M

AD EXCHANGE: Creditors and Contributories Meeting June 28
ADVENTURE CENTER: City Council to Decide Fate Today
ALLIED INTERNATIONAL: General Meeting of Members Set June 30
ASPEN PREPRINT: Hires Kroll Limited Administrator
AWG PLC: Widens Pre-tax Loss to GBP79.8 Million

BEAUTY DIRECT: Extraordinary Winding up Resolutions Passed
BRAIDSTONE LIMITED: Members General Meeting Set June 30
CABLE & WIRELESS: Acquires Vivendi's Stake in Monaco Telecom
CABLE & WIRELESS: Reinstates Dividend as Finances Stabilize
CANARY WHARF: Shakes up Board of Directors

DELTAVEND LIMITED: Hires Joint Liquidator from Stoy Hayward
DEWHIRST: Redundancy Offer Not Enough, Workers Say
FAIRVIEW SECURITIES: Members Meeting Set June 29
GEORGE SELLAR: KPMG Sets Closing Date for Offer June 2
KIMBERLEY FURNITURE: Names Cooper Parry Administrator

LANECLOUD LTD.: Names Baker Tilly Liquidator
NETTEC PLC: To Continue Looking for Suitable Acquisitions
NETWORK RAIL: Declares 2004 Year of Substantial Progress
NORTHERN FOODS: Pre-tax Profit Slips 28.7%
QUEENS MOAT: Amends Terms of Debenture Stock 2013, 2020

RADCLIFFE WHOLESALE: Appoints Receivers from Cooper Parry
RDP LIMITED: Calls in Liquidator
ROYAL & SUNALLIANCE: Implements Scrip Dividend Scheme
SHIREHOUSE DEVELOPMENTS: Creditors Meeting Set June 15
TI AUTOMOTIVE: Establishes New Manufacturing Plant in Turkey

UNISTAR TECHNOLOGIES: Creditors' First Meeting Set June 21
VALTRAR PRODUCTS: Hires Haines Watts Administrator
WATERFORD WEDGWOOD: Reduces Earnings Estimate for 2003
WFC INTERNATIONAL: Final General Meeting Set July 8


                            *********


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F R A N C E
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HARZTVILLER: Works Council Appeals Liquidation
----------------------------------------------
The Metz commercial court has decided to liquidate French
glassworks Harztviller against the wishes of its works council,
Europe Intelligence Wire said, citing Les Echos.

The group blamed competition from Poland and the Czech Republic
for its demise, which became unavoidable even after downsizing.
The company, which now has 39 employees, cut 25 jobs mostly
through early departures or early retirement last year.
Liabilities now exceed EUR800,000 including the funding of the
redundancy plan.

Harztviller works council is seeking to overturn the court's
liquidation order, the report said.


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


MG TECHNOLOGIES: Streamlines Industrial Plant Engineering Unit
--------------------------------------------------------------
The Dusseldorf-based mg subsidiary, Lurgi Lentjes AG, has
completed the process of optimizing its corporate structures.
Lurgi Energie und Entsorgung GmbH and Lurgi Shared Services GmbH
have been merged with Lurgi Lentjes AG as part of the
restructuring of mg's industrial plant engineering activities.

This means that rather than functioning as a holding company,
Lurgi Lentjes AG is now active in the market as an operating
company and, like its former Essen-based subsidiary Lurgi
Bischoff GmbH, is directly linked to the holding company of its
parent mg technologies AG.

"Now that the holding company structure at Lurgi Lentjes has
been wound up, we are operating in the marketplace with two
companies that function independently of each other.  This
creates greater flexibility and further strengthens our customer
focus.  Furthermore, we have sharply reduced our costs in all
units, thus lowering our break-even point," stressed Klaus Moll,
the mg executive director responsible for industrial plant
engineering.

The new-look Lurgi Lentjes AG will focus on its profitable core
businesses of thermal waste incineration and power plant
technology.  It occupies strong market positions in these
businesses and stands out from its competitors by virtue of its
technological leadership.  Lurgi Bischoff GmbH is one of the
world's leading companies in the field of gas cleaning.

mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003 it employed
around 29,000 people and is one of the world's market and
technology leaders in 90 percent of its businesses.


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


FIAT SPA: Fitch Maintains Current Ratings, Negative Outlook
-----------------------------------------------------------
Fitch Ratings on Wednesday said the recent appointment of Luca
Cordero di Montezemolo as chairman of the Fiat Group after last
week's death of Umberto Agnelli, as well as the subsequent
appointment of Sergio Marchionne as new Chief Executive, is
unlikely to have any immediate impact on the credit ratings or
the Outlook published by Fitch.  The ratings are currently
Senior Unsecured 'BB' and a Short-term of 'B' for Fiat S.p.A.
Group.  The Outlook is Negative.

It is Fitch's opinion that there will be no change in the
group's strategy as a result of the appointment of new
management.  In support of this, the agency notes Fiat's
announcement that the group will continue to implement the
Relaunch Plan, which was initiated during the course of 2003 and
has so far shown the desired effect in reducing the operating
losses at Fiat Auto as a result of new model launches and cuts
in the operating cost base.

The agency will continue to monitor the progress of the Relaunch
Plan and will comment as appropriate in due course.  Fitch will
hold meetings with the company within the next one to two months
and will conclude the review by end of August at the latest.

CONTACT:  FITCH RATINGS
          Wolfgang Wiehe, London
          Phone: +44 (0) 20 7417 4233

          Elisabetta Zorzi, Milan
          Phone: +39 02 8790 87 213

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


FIAT SPA: Ratings, Outlook Unaffected by Management Changes
-----------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday said its ratings
and outlook on Italian industrial group Fiat S.p.A. (BB-
/Stable/B) are unaffected following recent major changes to the
group's top management.  The new chairman, Luca Cordero di
Montezemolo, has publicly pledged to maintain Fiat's ongoing
restructuring plans, which have already helped to reduce the
losses of the group's automotive division.  This division will
continue to be headed by Herbert Demel.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail
          bob_ukiah@standardandpoors.com
          nicolas_baudouin@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


KONINKLIJKE AHOLD: Investors OK Results; Defer Board's Discharge
----------------------------------------------------------------
Ahold on Wednesday announced its General Meeting of Shareholders
in The Hague adopted all agenda items that were put to a vote.

Shareholders adopted the 2003 financial statements.  After
extensive discussion in the shareholders' meeting, it was
decided not to put to a vote agenda items 3c and 3d (the
proposals to discharge the members of the Corporate Executive
Board and Supervisory Board with respect to the performance of
their duties during the financial year 2003).

Rene Dahan, 63, former Executive Vice President and Director of
Exxon Mobil Corporation, and Karen de Segundo, 57, currently
Chief Executive Shell International Renewables, were appointed
to the Supervisory Board.  They partially replace Sir Michael
Perry, chairman of the Remuneration Committee, Bob Tobin and
Roland Fahlin, who all stepped down.  Ahold is grateful to the
three departing members of the Supervisory Board for the
contributions each of them has made to the company over a
prolonged period of time.

Deloitte Accountants was appointed as the external auditor of
the company for the fiscal years 2004 and 2005.  Jan Hommen,
member of the Supervisory Board and chairman of its Audit
Committee, said that the working relationship between Ahold and
its external auditor has remained good and productive despite
the difficult situation in which the company found itself in
2003.  An internal review, as recommended by the Tabaksblat
Code, has indicated that both parties wished to sustain their
working relationship.

The proposal to change the official language of the annual
report to English was also adopted.  This language change was
considered appropriate due to the international composition of
the Corporate Executive Board and the Supervisory Board, the
global nature of the markets in which Ahold operates, the
international spread of its shareholders and the fact that
English is the generally accepted language of international
commerce.  A Dutch version of the Annual Report will also be
prepared.  The official language at the General Meeting of
Shareholders will remain Dutch.

In his address to shareholders, Ahold President & CEO Anders
Moberg outlined the progress on the company's "Road to Recovery"
strategy and discussed where the company stood with respect to
restoring financial health, re-engineering food retail,
recovering the value of U.S. Foodservice, and reinforcing
accountability, internal controls and corporate governance.  The
full text of his presentation is available at
http://www.ahold.com.

Chief Financial Officer Hannu Ryopponen then updated
shareholders on how the "Road to Recovery" is progressing in
financial terms, following the well-known principle that finance
follows strategy.

Karel Vuursteen, Chairman of the Ahold Supervisory Board,
announced that 411 shareholders representing approximately 505
million common shares attended the General Meeting at the
Nederlands Congrescentrum in The Hague.

Financial Reporting Calendar 2005*

Results Q4/year 2004           March 28, 2005
Annual report 2004             April 14, 2005
Trading statement Q1 2005      May 12, 2005
Results Q1 2005                June 14, 2005
Trading statement Q2 2005      August 4, 2005
Results Q2 2005                September 1, 2005
Trading statement Q3 2005      October 27, 2005
Results Q3 2005                November 29, 2005
Trading statement Q4 2005      January 12, 2006

* Dates are subject to change at Ahold's discretion.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


KONINKLIJKE AHOLD: CEO Posts Latest Update on 'Road to Recovery'
----------------------------------------------------------------
Ahold on Wednesday published the speech delivered by President
and CEO Anders Moberg at the Annual General Meeting of
Shareholders in The Hague.

"Good afternoon ladies and gentlemen.  We are delighted to
welcome so many of you here.  I would like to express my
gratitude to you for the active role you have played in recent
months.  It is not always nice to hear your criticism.  But rest
assured your commitment is always appreciated, even though we do
not always agree.  Please don't let that stop you telling us
what you think.  We are listening and I hope that when our ways
part in a few hours time, you will have the feeling that we have
answered your questions to your satisfaction.  Permit me to
share with you the progress we have made on bringing our company
back on track.

"[This] gathering is the 57th annual meeting since we were
listed on the Amsterdam stock exchange way back in 1948.  As a
retailer with the blue blood of Ahold running swiftly through my
veins, a full conference hall always gives me the same good
feeling as a busy store!

"You are here because you care.  You want to show your
commitment to your company, which is well on its way along the
'Road to Recovery.'  We are here to demonstrate our commitment
to you and to our explicit aim of restoring sustainable
shareholder value.

"I have spoken at length with you during previous shareholder
meetings.  Three weeks ago, I wrote to you on behalf of the
Corporate Executive Board in the annual report.  We outlined our
strategy going forward.  So I will not repeat myself too much.

"What I want to do in the next few minutes is give you a sense
of the direction in which we are moving, the speed and the
objectives we are pursuing.

"Let there be no misunderstanding: Our board -- your Board -- is
dedicated, energized and intent on achieving its goals.  We are
committed to the business.  Never again do we want to find
ourselves in the same situation as last year.

"Permit me to take you through the milestones along our road to
recovery.  We will show you where we stand today on: restoring
our financial health; re-engineering our food retail business;
recovering the value of U.S. Foodservice; and reinforcing
accountability, controls and corporate governance.

"We realize that in this year of transition, progress will be
faster on some fronts than on other fronts.  By these 'other'
fronts, I mean -- for example -- litigation, investigations,
proceedings and contingent liabilities.  My point is that not
everything is in our hands.

"Let me give you an example.  With respect to ICA, as you know,
one of the shareholders exercised its put option and has offered
its shares to the other, the ICA Forbundet, which is an
association of retailers.  They have until June 22nd to take
their decision whether to purchase the shares.  For the moment,
the decision rests with ICA Forbundet.  Second, we are obliged
to take the shares if they are put to us.  Third, the price has
not yet been set.  But be assured that we are engaged in an
ongoing dialogue with ICA Forbundet!

"However, we will keep you timely informed -- as much as
possible.  We have said we want to share all relevant
information with you as appropriate.

"An example of this is the lengthy statement of defense we
posted on our Web site last week with regard to the VEB's
request to the Enterprise Chamber to launch an inquiry into
mismanagement at our company.

Restoring our financial health

"One of the main focus areas in 2003 was restoring our financial
health and real progress has been made during an -- in many ways
-- lost year.

"Let me emphasize that:

     (i) We ended 2003 as a stable company;

    (ii) With a strong balance sheet;

   (iii) We even made a significant bottom-line improvement; and

    (iv) We reduced net debt by almost EUR5 billion to a total
         of seven and a half billion.

"The proceeds from the planned divestments will enable us to
reduce this even further, in line -- we believe -- with our
strategic objectives for this year and next, this to achieve
investment grade profile by the end of 2005.

"In 2003, despite intense competition and tough economic
conditions in all of our major trading areas, we achieved
consolidated net sales of EUR56.1 billion.

"This was some 10% down on our 2002 total, but once you exclude
the impact of currency exchange rates, our net sales were
resilient.  Most of our main retail and foodservice operations
saw their net sales rise, excluding currency impact.

"Our operating income rose EUR479 million to EUR718 million in
2003, an increase of over 200%.  As you will have seen in the
annual report, the increase was mainly due to a billion-euro
drop in the level of goodwill impairment charges.

"Our 2003 operating income was primarily affected by four
things: First, a weaker operating performance at U.S.
Foodservice due to lost pricing leverage with suppliers, and
increased operating costs; Second, the difficult and fiercely
competitive environment in which our U.S. and European retail
units operate; Third, exceptional items incurred as a result of
the sale of various Ahold companies; and Fourth, the extra
audit, legal and consultancy fees.  This spending was
nevertheless required to steer our company towards financial
stability and reporting transparency.

Re-engineering our food retail business

"The next -- very important -- component of our road to recovery
is re-engineering our food retail business.

"We are convinced that the success of our 'Road to Recovery'
strategy depends upon our undivided focus on rebuilding the
strength of the business.  We have reviewed the opportunities in
what we see as our core markets in the U.S. and Europe.  We are
also creating arena structures and have created a global
organization to drive harmonization of our processes.

"Let me update you on recent developments at our current
operations.

"In the U.S., the integration of two of our key retail chains --
Stop & Shop and Giant-Landover -- is proceeding to plan.  I am
pleased to report quite some accomplishments since we started
the process earlier this year:

(a) Our store systems are being aligned;

(b) The management team for our integrated organization is in
    place; and

(c) Giant-Landover has established and announced an overhead
    reduction and relocation plan.

"In The Netherlands, the repositioning strategy carried out at
Albert Heijn has seen market share trend upwards again and
customer count is moving in the same direction.  We listened to
our customers and lowered prices on more than 2,000 articles.
This resulted in a "same basket" average price decrease of 15%.
In addition, cost-reduction, cost-awareness programs and
overhead reduction have all played their part.

"In Scandinavia, a letter of intent has been signed for a joint
venture between ICA and Kesko in the Baltics.  The aim is to
boost our presence in these states and leverage our knowledge
and experience in food retail in these rapidly growing markets.
And ICA announced last week it has reached a final agreement to
sell its non-consolidated stake in Statoil -- the Norwegian oil
company with whom it operates 1,400 full-service gas stations in
Scandinavia -- back to Statoil.

"In Central Europe, our focus is on reducing the cost structure
to become more competitive.  We are working on our
infrastructure and reviewing our store portfolio.  This is to be
prepared for future profitable growth opportunities.

"In addition to the activities in the arenas, we are working
hard on harmonizing our back-end processes.

"We made significant progress in harmonizing and centralizing
our corporate functions such as reporting, business control,
internal audit and human resources.

"In our Business Support Organization -- we are also moving
forward at full speed.  This organization is responsible for
driving the harmonization of our processes -- focused on cost
cutting and on increasing margins, but still remain sensitive to
local customer needs.  They are mainly focused on IT, sourcing
and supply chain.  Many global opportunities are identified.

"I would particularly like to single out developments within our
IT discipline.  With the Operating companies we have come to an
agreement upon a global IT strategy -- focused on getting as
close as possible to one common platform and portfolio of
applications.  Outsourcing is one of the fundamental building
blocks of this strategy.  The final component of re-engineering
our food retail business is the divestment of our non-core
activities and underperforming assets.

"The divestments are proceeding to plan.  As we have said, we
intend to raise at least EUR2.5 billion by the end of 2005.  We
are confident we will reach this target.

"Take a look at these two slides.  On the left one, you see the
Ahold network as it is today, following the 2003 divestments.
On the right one, you see the Ahold network at the end of 2005,
once all announced divestments are behind us.  Hannu Ryopponen
will return to this subject shortly.

Recovering the value of U.S. Foodservice

"The road to recovery has a third important component:
recovering the value of U.S. Foodservice.  We have communicated
a three-step plan to be done over 18-24 months, focused on
putting the basics in place.  Rigorous internal control and
strong corporate governance were the main focus points in 2003.

"We have now started work on the next phase: restoring
profitability and cash flow.  We are focused on driving core
capabilities and business performance.  Some of the highlights
are:

(a) Implementing our corporate SIS promotional allowance
    tracking system this year;

(b) Building the organization by installing a strong leadership
    and financial team and restructuring our regional field
    operations;

(c) Developing a plan to integrate our IT systems -- called U.S.
    Fast -- to be implemented over a 18 month period; and

(d) Renegotiating with about 125 vendors to restore lost
    procurement leverage.

"We are still targeting in 2004 -- a positive EBITA for U.S.
Foodservice, excluding the impact of any restructuring or
unusual one-time items.  And no later than 2006, our target for
U.S. Foodservice is to exceed its 2002 adjusted EBITA margin.

Reinforcing accountability, controls and corporate governance

"And last but not least along the road to recovery is the
challenge of reinforcing accountability, controls and corporate
governance.  Ladies and gentlemen, only three months ago, we
were seated together in this same conference hall to discuss our
ideas on these issues.  We have made rapid progress since March:

(a) Our accounting and business control functions have been
    centralized and the division of responsibilities at the
    corporate level is now better reflected by separated
    Business Controlling and Accounting & Reporting units;

(b) Hundreds of associates throughout the US and Europe are now
    involved in implementing the requirements of IFRS and the
    U.S. Sarbanes-Oxley Act to ensure that we are fully
    compliant, as required, by the end of 2004 and 2005
    respectively;

(c) Our Values program will kick off over the summer, in which
    our human resources people and key company managers will be
    closely involved.  We are committed to become a focused
    company with shared goals and common values.  This will
    safeguard the integrity of the decision-making processes
    within our organization; and

(d) We instituted a Retail Management Team to support the
    Executive Board in the tough years ahead.  The team consists
    of the arena CEOs and will play a leadership role in guiding
    Ahold into the future, helping to leverage our size and
    shape 'one Ahold.'

"In recent meetings, we have not spent much time on corporate
social responsibility, which is very important to us.  It does
not mean we have been standing still in this area.  I would like
to share one initiative with you: the Ahold Africa Sustainable
Assistance Project.

"This is a coordinated effort, focused on Ghana, which we
believe will help make a difference.  We want to utilize Ahold's
retail knowledge and experience by buying fruit and vegetables,
helping farmers to develop shelf-stable products and assisting
development organizations and governments.

"Alongside all these initiatives and developments, we continue
of course to fully cooperate with the ongoing governmental and
regulatory investigations into the events that were announced in
early 2003.  Mark my words: we will get through it!

"Let me summarize.  We are back on track.  We are quite some way
along our road to recovery.  We are focused, dedicated,
ambitious - and moving fast!  And we have set challenging but --
we believe -- attainable retail targets: by 2006, we want to
achieve 5% growth in annual net sales, 5% EBITA margin and a 14%
return on net operating assets.

"Before closing, I would like to thank the members of the
Supervisory Board seated around me as well as those stepping
down from the Board.  They stuck with us through thick and thin
and gave us the benefit of their considerable experience when
times got tough.

"We realize that 2003 was a tough year for many of you who
remained committed to Ahold.  However, the Corporate Executive
Board feels very confident about Ahold's future.  We will
maintain the momentum we have achieved in corporate governance
and in organizational and operational restructuring.  We are
making good progress.

"Together with our associates, who worked tirelessly throughout
2003 to continue the process of getting our company back on
track, we will do our utmost to restore the reputation and
credibility of our company and create value for you and our
customers.  Once again many thanks -- also on behalf of our
associates.  Thank you too for your attention."

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


VENDEX KBB: 1st-Qtr Turnover Stagnates; Retail Results Slip 50%
---------------------------------------------------------------
Royal Vendex KBB experienced a weak start of the financial year
2004/05.  Despite expansion and acquisitions (do-it-yourself
Belgium), net turnover remained at the same level as in the
first quarter of last year.  On a like-for-like basis, turnover
declined with more than 4%.  The disappointing turnover
development is the result of continuing weak market conditions.
In most countries where the company is active, consumer spending
decreased.  In the Netherlands, where approximately 82% of group
turnover is realized, sales in the first quarter of 2004 in the
non-food retail were under pressure for the fourth consecutive
quarter.  In all sectors relevant for the company and especially
in the fashion business, consumption further decreased.

Due to the lack of turnover growth the result in the first
quarter came under pressure.  The operating result on retail
activities was reduced by more than 50%, although most business
units kept costs and margins well under control.  Four out of
six business units (HEMA, Bijenkorf, Do-It-Yourself and Fashion)
realized a lower result.  V&D diminished the operational loss,
while Consumer Electronics converted previous year's first
quarter loss into a small profit.  EBITDA (operating result on
retail activities plus internal rental result before
amortization and depreciation and excluding results on disposal
of property) decreased by more than 7% to EUR55.6 million.  As
such, the decrease in EBITDA remained within the range as
indicated in the Offer Memorandum published on 21 May 2004,
related to the bid by VDXK Acquisition B.V. on Koninklijke
Vendex KBB N.V.

Copies of the financial results are available free of charge at
http://bankrupt.com/misc/Vendex_Q12004.pdf.


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P O L A N D
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JTT COMPUTER: Court Finds Debt Talks an Exercise in Futility
------------------------------------------------------------
The Wroclaw court no longer believes JTT Computer will be able
to strike a deal with creditors, thus the decision to declare
the firm bankrupt.

JTT Computer became insolvent in the autumn of 2003.  This year,
it won a PLN20.7 million- tax refund that would have
strengthened its finances.  Financier KredytBank, however,
seized the amount deposited at its vault without negotiating a
debt settlement.  The seizure came at a time the company was
making headway in its negotiations with creditors.

The court's decision will pave the way for the company's
liquidation.  JTT is one of Poland's largest computer
manufacturers.


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R O M A N I A
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MOBIFON SA: Telesystem International Ups Shareholding by 15.46%
---------------------------------------------------------------
Telesystem International Wireless Inc. (NASDAQ:TIWI) (TSX:TIW)
entered into an agreement in principle to acquire 15.46% of
MobiFon S.A. from certain private equity investors for a
combination of cash and common shares of TIW.  TIW will acquire
25,185,168 shares of MobiFon in exchange for 28,358,499 shares
of TIW, representing an exchange ratio of 1.126, and an
additional 4,203,310 shares of MobiFon for $36.6 million in
cash.  The exchange ratio for the stock consideration has been
established on an economic equivalency basis.  Upon closing, TIW
will increase its indirect ownership in MobiFon from 63.5% to
79.0%.

The MobiFon shares will be acquired directly or indirectly from
Deraso Holdings B.V. and certain Deraso shareholders, which
include funds advised or managed by Advent International
Corporation, Apax Partners, affiliates of The Bancroft Group
L.P., Baring Communications Equity, Emporiki Venture Capital, GE
Commercial Finance, GMT Communications Partners Limited, and JP
Morgan Partners.  An affiliate of JPMorgan Partners owns 28.2%
of Deraso, which in turn currently owns 14.4% of MobiFon.
Affiliates of JPMorgan Partners already own 13.4% of TIW's
common shares outstanding.

"This is an important milestone in the continuing simplification
process of our corporate structure, pursuant to which we
continue to seek opportunities to increase our economic interest
in our subsidiaries on terms that are attractive to our
shareholders," said Bruno Ducharme, President and Chief
Executive Officer of TIW.

The terms of the agreement restrict the Selling Shareholders'
ability to resell or otherwise dispose of their TIW shares for a
period of 12 months following closing of the transaction.  No
more than 16.6% of the total TIW shares received by the Selling
Shareholders can be disposed of three months after completion,
an additional 16.7% six months after completion, a further 16.7%
nine months after completion and the remaining 50% on the first
anniversary of completion.  The Selling Shareholders will obtain
piggyback registration rights for their TIW shares.

The closing of the transaction remains subject to certain
conditions, including the execution of final documentation,
regulatory approvals and obtaining waivers from certain TIW
shareholders to enable the Selling Shareholders to benefit from
the piggy-back registration rights.  Closing is expected to take
place in the third quarter of 2004.  The transaction is also
subject to other MobiFon shareholders' pro rata rights of first
refusal, which, if fully exercised, will reduce the actual
number of shares to be acquired by TIW to an 11.6% interest in
MobiFon in exchange for 21.3 million common shares of TIW and
$27.5 million in cash.

Assuming no rights of first refusal are exercised, this
transaction would bring the number of TIW common shares
outstanding from 139.9 million currently to 168.2 million.

TIW -- http://www.tiw.ca/-- provides wireless voice, data and
short messaging services in Central and Eastern Europe to more
than 5.2 million subscribers.  TIW is the market leader in
Romania through MobiFon S.A. and a rapidly growing operator in
the Czech Republic through Cesky Mobil a.s. TIW's shares are
listed on NASDAQ ("TIWI") and on the Toronto Stock Exchange
("TIW").

                            *   *   *

Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on MobiFon Holdings B.V. to 'B-' from
'B' in April.  At the same time, the rating on MobiFon Holdings'
senior unsecured notes, due 2010, were raised to 'B-' from
'CCC+'.  The outlook is stable.

"The change in ratings reflects our review of the control
relationship between MobiFon Holdings and its subsidiary MobiFon
S.A. (unrated), and of the insulation of MobiFon S.A. from
default at MobiFon Holdings," said Standard & Poor's credit
analyst Joe Morin.

As a result of this review Standard & Poor's has shifted the
ratings methodology to a stand-alone ratings basis from a
consolidated ratings basis.  Standard & Poor's has determined
that given the rights of the minority interest (held by Vodafone
Europe B.V. (20%) and certain financial sponsors 16.5%), MobiFon
Holdings' creditworthiness reflects primarily the quality of the
dividend stream received from MobiFon S.A.  In the event of a
credit event or deterioration, MobiFon Holdings would not be
able to independently transfer additional liquidity from MobiFon
S.A., nor would any creditor have direct recourse to MobiFon
S.A. or its assets. As a result, MobiFon Holdings has a separate
risk of default than MobiFon S.A.

Although unrated, Standard & Poor's views the credit quality of
MobiFon S.A. on a stand-alone basis in the 'BB-' ratings
category.  MobiFon S.A.'s credit quality is the anchor point to
the MobiFon Holdings ratings.

In deconsolidating MobiFon Holdings from MobiFon S.A., Standard
& Poor's views MobiFon S.A. as an equity investment, whereby
interest payments on the notes at MobiFon Holdings are dependent
on dividends received from MobiFon S.A.  The notes provide no
direct recourse to MobiFon S.A., nor do the shares held in
MobiFon S.A secure them.  The only external debt at the MobiFon
Holdings level is the US$225 million senior unsecured notes.

MobiFon Holdings receives 63.5% of any dividend payments made by
MobiFon S.A., which are made after capital expenditures and debt
servicing on the credit facility.  Under Romanian law, dividends
are restricted to 100% of net income.  The other gating factor
for dividend payments is compliance with covenants under the
senior secured credit facility, under which MobiFon S.A.
currently has substantial headroom.  The credit facility also
requires that MobiFon S.A. maintain a cash balance sufficient
for six months of debt servicing.

MobiFon Holdings' only asset is its 63.5% interest in operating
subsidiary MobiFon S.A.  The ratings on MobiFon Holdings reflect
the creditworthiness of MobiFon S.A. as the source of dividends,
but also reflect the resultant weak cash interest coverage of
its notes (currently about 2x) given high debt leverage and
substantial foreign currency exposure at both MobiFon Holdings
and MobiFon S.A.  MobiFon S.A.'s below-average business profile
reflects the economic and political risks of operating in
Romania.  These weaknesses are only partially mitigated by
MobiFon S.A.'s position as a leading cellular operator in
Romania, continuing subscriber and revenue growth, high EBITDA
margins, and substantial free cash flow after debt servicing at
the operating company level.  The ratings are further supported
by the strategic support from Vodafone and an improving economic
and political environment in Romania.


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


BEDNODEMYANOVSK-AGRO: Court Commences Bankruptcy Procedure
----------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
supervision procedure on state unitary enterprise
Bednodemyanovsk-Agro-Prom-Khimiya.  The case is docketed as A49-
110/04-16b/26.  Mr. A. Presnyakov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 440039, Russia, Penza, Shmidta
Str., 4.  A hearing will take place on July 29, 2004 at 11:30
a.m.

CONTACT:  SUE BEDNODEMYANOVSK-AGRO-PROM-KHIMIYA
          Russia, Penza region, Bednodemyanovkiy region,
          Bednodemyanovsk, Kommunalnaya Str., 76

          Mr. A. Presnyakov, Temporary Insolvency Manager
          440039, Russia, Penza, Shmidta Str., 4


DON-PRESS: Rostov Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on OJSC Don-Press-Mash.  The case is
docketed as A53-4421/04-S2-30.  Ms. S. Yurjeva has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at 346780, Russia, Rostov region, Azov, Zavodskaya Str., 1.

CONTACT:  DON-PRESS-MASH
          346870, Russia, Rostov region, Azov,
          Zavodskaya Str., 1

          Ms. S. Yurjeva, Temporary Insolvency Manager
          346780, Russia, Rostov region, Azov,
          Zavodskaya Str., 1


DVIGATEL-MONTAZH: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
supervision procedure on OJSC Dvigatel-Montazh.  The case is
docketed as K/A-31/04.  Mr. A. Kuzmin has been appointed
temporary insolvency manager.  Creditors have until June 27,
2004 to submit their proofs of claim to the temporary insolvency
manager at 644042, Russia, Omsk, Karla Marksa Prospect, 34A-207,
Phone/Fax: 8 (3812) 532849.

CONTACT:  DVIGATEL-MONTAZH
          Russia, Omsk region, Omskiy region,
          Kluchi, Zavodskaya Str., 1

          Mr. A. Kuzmin, Temporary Insolvency Manager
          644042, Russia, Omsk, Karla Marksa Prospect, 34A-207
          Phone/Fax: 8 (3812) 532849


FACTORY SILICATE: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on OJSC Factory of Silicate Stenovy
Materials.  The case is docketed as A08-3286/04-2B.  Mr. V.
Bushuev has been appointed temporary insolvency manager.  A
hearing will take place on September 28, 2004 at 11:00 a.m.

CONTACT:   FACTORY OF SILICATE STENOVY MATERIALS
           309504, Russia, Belgorod region, Starooskolsky
           region, promploshadka Silikatnaya, 2

           The Arbitration Court of Belgorod region:
           308600, Russia, Belgorod, Narodnaya Str., 135

           Mr. V. Bushuev, Temporary Insolvency Manager
           Phone: (0725) 24-44-53, 24-83-51


FEDERAL INVESTMENT: Proofs of Claim Deadline June 27
----------------------------------------------------
The Arbitration Court of Moscow declared Center of the Federal
Investment Program of the publishing house The Way of Russia
(TIN 7722233208) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A40-4874/04-70-3B.  Mr. M.
Dyakonov has been appointed insolvency manager.  Creditors have
until June 27, 2004 to submit their proofs of claim to the
insolvency manager at 111141, Russia, Moscow, Post User Box 481.

CONTACT:  CENTER OF THE FEDERAL INVESTMENT PROGRAM
          117342, Russia, Moscow, Borovaya Str., 10, korp.1

          Mr. M. Dyakonov, Insolvency Manager
          111141, Russia, Moscow, Post User Box 481


MARIINSKY OIL: Court Sets September 1 Hearing
---------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Mariinsky Oil-Factory.  The case
is docketed as A27-4181-2004-4.  Mr. N. Bondarev has been
appointed temporary insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to the temporary insolvency manager at 652150, Russia,
Kemerovo region, Mariinsk, 50 years of October Str.,78.  A
hearing will take place on September 1, 2004.

CONTACT:  MARIINSKY OIL-FACTORY
          652150, Russia, Kemerovo region, Mariinsk,
          Palchikova Str., 79

          Mr. N. Bondarev, Temporary Insolvency Manager
          652150, Russia, Kemerovo region, Mariinsk,
          50 years of October Str.,78


MUROMSKY MACHINE: Vladimir Court Halts Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Vladimir region has stopped bankruptcy
proceedings to Muromsky Machine-Building Factory.  The case was
docketed as A11-2346/2003-K1-6B.  The authority given to the
temporary insolvency manager Mr. O. Muratov was similarly
cancelled.

CONTACT:  MUROMSKY MACHINE-BUILDING FACTORY
          602251, Russia, Vladimir region, Murom,
          Karachavskoye Shosse, 5


OROTUKANSKY FACTORY: Bankruptcy Supervision Procedure Begins
------------------------------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
supervision procedure on OJSC Orotukansky Factory Of Building
Materials.  The case is docketed as A37-1114/040-48B.  Mr. A.
Teryakov has been appointed temporary insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to the Arbitration Court of Magadan region at 685000,
Russia, Magadan, K. Marksa Pr., 62; and to the temporary
insolvency manager at 685000, Russia, Magadan, Glavpochtamt,
Post User Box 58.  A hearing will take place on October 11,
2004, 3:00 p.m. at the Arbitration Court of Magadan region.

CONTACT:  OROTUKANSKY FACTORY OF BUILDING MATERIALS
          685, Russia, Magadan, Pushkina Str., 16

          Temporary Insolvency Manager:
          685000, Russia, Magadan, Glavpochtamt,
          Post User Box 58

          The Arbitration Court of Magadan region:
          685000, Russia, Magadan, K. Marksa Pr., 62


SAFONOVSKY FACTORY: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
supervision procedure on OJSC Safonovsky Factory of Mobile
Buildings.  The case is docketed as A62-528-N/04.  Mr. A.
Vikentyev has been appointed temporary insolvency manager.
Creditors have until June 27, 2004 to submit their proofs of
claim to the temporary insolvency manager at 214000, Russia,
Smolensk, Gagarina Pr., 10/2. Tel./Fax.08-12-33-08-94.

CONTACT:   SAFONOVSKY FACTORY OF MOBILE BUILDINGS
           215700, Smolensk region, Safonovo, Kutuzova Str.,11

           Mr. A. Vikentyev, Temporary Insolvency Manager
           214000, Russia, Smolensk, Gagarina Pr., 10/2
           Phone/Fax: 08-12-33-08-94


VORONEZH FACTORY: Deadline for Proofs of Claim June 27
------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on OJSC Voronezh Factory of Building
Materials.  The case is docketed as A14-3781-04/29/16b.  Mr. A.
Alekseev has been appointed temporary insolvency manager.
Creditors have until June 27, 2004 to submit their proofs of
claim to OJSC Voronezh Factory of Building Materials 394083,
Russia, Voronezh, Nikolskoye, Mayskaya Str., 9.

CONTACT:  VORONEZH FACTORY OF BUILDING MATERIALS
          394083, Russia, Voronezh, Nikolskoye,
          Mayskaya Str., 9

          Mr. A. Alekseev, Temporary Insolvency Manager
          394083, Russia, Voronezh, Nikolskoye, Mayskaya Str., 9


YUKOS OIL: Gazprom Denies Taking Interest in Assets
---------------------------------------------------
Gazprom clarifies that the recent statement, made by one of its
board members about Gazprom being interested in acquiring Yukos'
assets if offered for sale, is not the "official position" of
the company.

Vlada Rusakova, head of strategic development department of the
natural gas monopoly and member of Gazprom's board, had earlier
told a press conference in Moscow that Gazprom is interested in
buying Yukos' assets.

Gazprom spokesman Sergey Kupriyanov denied this in a statement
to RBC: "Statements regarding such acquisitions are beyond the
competence of Vlada Rusakova, a member of the Gazprom Board, and
her opinion on this issue does not reflect Gazprom's official
position."

Gazprom's press relations office also told MosNews "[the
company] is not going to be the only company purchasing Yukos
assets if they go up for sale," adding they would as well be
interested in other acquisitions in that line should anything be
made available.


YUKOS OIL: Relinquishes Controlling Stake in Sibneft
----------------------------------------------------
The Moscow Arbitration Court on Monday ordered the Federal
Service for Financial Markets to cancel the additional shares
issued by Yukos in relation to its failed merger with rival
Sibneft.

Yukos issued shares to acquire a 14.5% stake in Sibneft and US$3
billion in cash for an additional 20% under a merger last year.
It offered additional shares to acquire a further 57.5%
shareholding, raising its total stake in Sibneft to 92%.  In
turn Sibneft got 26.01% of Yukos' shares.  But Sibneft
unilaterally called off the merger saying the additional issue
was unlawful since the transaction lacked appropriate notice.

In March, Cyprus-registered Nimegan Trading Ltd. and N.P. Gemini
Holdings Ltd., which represent the interests of Sibneft
shareholders, got a local court to rule in their favor.  An
arbitration court also upheld the ruling and ordered the Federal
Service for Financial Markets to cancel the transaction in the
next five days.  The order states that Yukos should return its
57.5% stake in Sibneft and Sibneft gives up the 17.2% it holds
in Yukos.

Yukos' plans to appeal the ruling; but aside from the opposition
that Yukos may pose, the order is also being hampered by a
ruling on the company's tax case.  Tax authorities, which are
demanding a US$3.4 billion claim for unpaid taxes in 2000, has
asked a court to freeze the assets of the firm.  While the court
ruled that the additional shares issued last year were not part
of the frozen assets, it also said that the rest of Yukos' stock
cannot be sold or transferred.


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


ELEKTRON-GAZ: Sets Public Auction of Properties June 21
-------------------------------------------------------
Authorities at Dnipropetrovsk region set the public auction of
the properties of OJSC Elektron-Gaz (case B 26/17/03) for June
21, 2004, 2:00 p.m.  The auction will take place at Ukraine,
Dnipropetrovsk, Komsomolska str., 48, room 3.

The assets for sale include a complex of buildings and
constructions.  The starting price is UAH161,788.58 inclusive of
VAT.

The terms of the auction:

(a) The bidder must have no outstanding indebtedness to OJSC
    ELEKTRON-GAZ;

(b) Registration of buying-selling agreement is made at the
    expense of buyer;

(c) Redrafting of right of usage of land areas, those adjoined
    to the buildings and constructions that are for sale, are
    charged against the buyer;

(d) Obligations of buyer concerning monthly compensation to
    OJSC Elektron-Gaz of expenses on service of land areas
    adjoined to the buildings and constructions that are for
    sale since the day of determination of winner of
    auction until the moment of redrafting of right of usage of
    land areas, are charged to the buyer.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17.00 until June 14, 2004.  The amount must be
deposited to Account Number 26006351680200 at Dnipropetrovsk
Branch of JSPPB Aval, MFO 305653, EDRPOU 26252710 of Branch of
the Agency of bankruptcy questions of Dnipropetrovsk region.

Participating individuals for the auction must submit written
statements and competitive proposition at 49000, Ukraine,
Dnipropetrovsk, Komsomolska str., 48, room 3 from 9:00 a.m.
until 6:00 p.m. on June 16, 2004.  For more information about
the auction, call (056) 744-19-31 or (05652) 2-40-01.

CONTACT:  ELEKTRON-GAZ
          Ukraine, Kirovograd Region
          Petrovskij district
          Bogdanivka

          BRANCH OF THE AGENCY OF BANKRUPTCY QUESTIONS OF
          DNIPROPETROVSK REGION
          49000, Ukraine, Dnipropetrovsk
          Komsomolska str., 48, room 3


FORTUNA-PLUS: Declared Bankrupt
-------------------------------
The Economic Court of Zhitomir region declared commercial-
production enterprise LLC Fortuna-Plus (code EDRPOU 24704036)
insolvent and introduced bankruptcy proceedings on December 29,
2003.  The case is docketed as 7/209 B.  Zhitomir RSTI has been
appointed liquidator/insolvency manager.  Fortuna-Plus maintains
Account Number 26008301170794 at Prominvestbank, Zhitomir
central branch.

CONTACT:  FORTUNA-PLUS
          10008, Ukraine, Zhitomir, Zhitnij rinok square, 8

          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


HARKIV' EXPERIMENTAL: Insolvent Status Confirmed
------------------------------------------------
The Economic Court of Harkiv region declared OJSC Harkiv'
Experimental Plant Of Metall Constractions And Items (code
EDRPOU 05807003) insolvent and introduced bankruptcy proceedings
on April 22, 2004.  The case is docketed as B-19/171-03.
Arbitral manager Mr. Tkachenko Vitalij (License Number AA 249717
approved October 19, 2001) has been appointed
liquidator/insolvency manager.

Harkiv' Experimental Plant Of Metall Constractions And Items
holds Account Number 26001153940000 at JSCIB UkrSibBank Harkiv
branch, MFO 351641.

CONTACT:  HARKIV
          61039, Ukraine, Harkiv, Vikonkomivska str., 32

          Mr. Tkachenko Vitalij, Liquidator/Insolvency Manager
          61052, Ukraine, Harkiv, Dmitrivska str., 5/14

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


KURENIVKA: Deadline for Proofs of Claim June 20
-----------------------------------------------
The Economic Court of Vinnitsya region declared LLC agricultural
firm Kurenivka (code EDRPOU 01195425) insolvent and bankruptcy
proceedings on April 20, 2004.  The case is docketed as 5/277-
04.  Representative of Regional governing of bankruptcy
questions Mr. Karpik T. has been appointed liquidator/insolvency
manager.

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

(a) Liquidator/Insolvency Manager:
    Phone: 21-40-96

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

CONTACT:  KURENIVKA
          Ukraine, Vinnitsya region, Chechelnitskij district,
          Kurenivka

          Mr. Karpik T., Liquidator/Insolvency Manager
          Phone: 21-40-96

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


LISICHANSK' GLASS: Lugansk Court Appoints Insolvency Manager
------------------------------------------------------------
The Economic Court of Lugansk region declared OJSC Lisichansk'
Glass Factory (code EDRPOU 00293120) insolvent and introduced
bankruptcy proceedings on April 26, 2004.  The case is docketed
as 12/107 b.  Arbitral manager Mr. Voronko Oleksij (License
Number AA 630079 approved December 15, 2003) has been appointed
liquidator/insolvency manager.

Lisichansk' Glass Factory maintains Account Number 2600430140205
at Prominvestbank, Lugansk branch, MFO 304416.

CONTACT:  LISICHANSK' GLASS FACTORY
          Ukraine, Lugansk region, Lisichansk,
          Zhovtneva str., 318

          Mr. Voronko Oleksij, Liquidator/Insolvency Manager
          91047, Ukraine, Lugansk, Vedenin str., 58

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


OKEAN: Declared Insolvent
-------------------------
The Economic Court of Zhitomir region declared Ukrainian-Russian
production-commercial firm Okean in the form of LLC (code EDRPOU
20411254) insolvent and introduced bankruptcy proceedings on
January 29, 2004.  The case is docketed as 7/23 B.  Zhitomir
RSTI has been appointed liquidator/insolvency manager.  Okean
holds Account Number 26004301170799 at Prominvestbank, Zhitomir
central branch.

CONTACT:  OKEAN
          10025, Ukraine, Zhitomir, Promislova str., 8

          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


PECHERA: Deadline for Proofs of Claim Set June 20
-------------------------------------------------
The Economic Court of Kyiv region declared LLC Pechera
(code EDRPOU 31810500) insolvent and introduced bankruptcy
proceedings on April 30, 2004.  The case is docketed as 43/180.
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.
Pechera maintains Account Number 26008101921 at LLC Artem-Bank,
MFO 300885.

CONTACT:  PECHERA
          04210, Ukraine, Kyiv, Geroji Stalingradu str., 27

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

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


ROMANIVKA: Bankruptcy Supervision Procedure Begins
--------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Romanivka (code EDRPOU 037984153).
The case is docketed as 14/1055.  Arbitral manager Mr. Golub
Andrij (License Number AA 419222 approved October 9, 2002)
has been appointed temporary insolvency manager.

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

(a) Temporary Insolvency Manager: Ukraine, Cherkassy,
    Pasterivska str., 205

(b) ECONOMIC COURT OF CHERCASSY REGION: 18005, Ukraine,
    Cherkassy, Shevchenko avenue, 307

Romanivka holds Account Number 260084819 at JSPPB Aval, Talnivsk
branch, MFO 354411.

CONTACT:  ROMANIVKA
          20416, Ukraine, Cherkassy region, Talnivskij district,
          Romanivka, Lenin str., 20

          Mr. Golub Andrij, Temporary Insolvency Manager
          Ukraine, Cherkassy, Pasterivska str., 205

          ECONOMIC COURT OF CHERCASSY REGION:
          18005, Ukraine, Cherkassy, Shevchenko avenue, 307


ROST: Insolvent Status Confirmed
--------------------------------
The Economic Court of Zhitomir region declared JSCCT Rost (code
EDRPOU 22045500) insolvent and introduced bankruptcy proceedings
on December 29, 2003.  The case is docketed as 7/210 B.
Zhitomir RSTI has been appointed liquidator/insolvency manager.
Rost holds Account Number 26001301170412 at Prominvestbank,
Zhitomir central branch.

CONTACT:  ROST
          10000, Ukraine, Zhitomir, Shors str., 5-a

          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


SHAKHTY MINING: Workers Stage Hunger Strike Over Wages
------------------------------------------------------
Nine workers at the Shakhty Mining Equipment Works turned
rallies into a hunger strike on Monday to force their employers
to pay back wages, Interfax-South reported, according to Europe
Intelligence Wire.

Sergei Nekhoroshkov, deputy chairman of the Rostov region branch
of the Russian Coal Miners Union, told Interfax the protests
dates back to March.  The workers are demanding guarantees that
back wages will be paid according to a schedule, he said

Interfax discovered from an official in the regional industry
ministry the workers have went on without pay for almost 11
months.  They have a claim to RUB4.5 million from the
liquidation commission of Rostovugol public coal mining company,
which already started paying back wages Friday.

The workers further stand to receive RUB27 million from a
limited company also named Shakhty.  The ministry official said
the firm plans to distribute payments only after the
liquidation.


SHEPETIVKA' AGRICULTURAL: Declared Insolvent
--------------------------------------------
The Economic Court of Hmelnitskij region declared OJSC
Shepetivka' Agricultural Technique (code EDRPOU 05519215)
insolvent and introduced bankruptcy proceedings on April 3,
2003.  The case is docketed as 5/175-B.  Mr. Kunashenko V.
(License Number AA 047951 approved October 18, 2001) has been
appointed liquidator/insolvency manager.

CONTACT:  SHEPETIVKA' AGRICULTURAL TECHNIQUE
          Ukraine, Hmelnitskij region, Shepetivka, Sudilkivska
          str., 92

          ECONOMIC COURT OF HMELNITSKIJ REGION:
          29000, Ukraine, Hmelnitskij, Nezalezhnosti square, 1


STRATIJIVKA: Agricultural Firm Succumbs to Insolvency
-----------------------------------------------------
The Economic Court of Vinnitsya region declared
LLC agricultural firm Stratijivka (code EDRPOU 03729440)
insolvent and introduced bankruptcy proceedings on April 20,
2004.  The case is docketed as 5/278-04.  Representative of
Regional governing of bankruptcy questions Mr. Karpik T.
has been appointed liquidator/insolvency manager.

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

(a) Liquidator/Insolvency Manager:
    Phone: 21-40-96

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

CONTACT:  STRATIJIVKA
          Ukraine, Vinnitsya region, Chechelnitskij district,
          Stratijivka

          Mr. Karpik T., Liquidator/Insolvency Manager
          Phone: 21-40-96

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


TROYAN: Insolvent Status Confirmed
----------------------------------
The Economic Court of Kyiv region declared LLC Troyan (code
EDRPOU 31454645) insolvent and introduced bankruptcy proceedings
on March 2, 2004.  The case is docketed as 43/131.  Mrs. Gritsaj
Svitlana (License Number AA 719865 approved March 1, 2004) has
been appointed liquidator/insolvency manager.

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

(a) Temporary Insolvency Manager:
    Phone: 236-14-40

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

CONTACT:  TROYAN
          Juridical address: 04070, Ukraine, Kyiv,
          Bratska str., 8

          Mrs. Plyushakova Valentina,
          Temporary Insolvency Manager
          Phone: 236-14-40

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


VAST: Declared Insolvent
------------------------
The Economic Court of Kyiv region declared LLC Vast (code EDRPOU
31993217) insolvent and introduced bankruptcy proceedings on
April 5, 2004.  The case is docketed as 23/201-b.  Mr. Hrinyuk
Oleksij (License Number 668329 approved November 3, 2003) has
been appointed liquidator/insolvency manager.

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

(a) Temporary Insolvency Manager: 04210, Ukraine, Kyiv,
    Geroji Stalingrady avenue, 35/102

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

CONTACT:  VAST
          Juridical address:
          04080, Ukraine, Kyiv, Frunze str., 86

          Mr. Hrinyuk Oleksij, Temporary Insolvency Manager
          04210, Ukraine, Kyiv, Geroji Stalingrady avenue,
          35/102

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


VELIKOPISARIVSKIJ RAJAGROHIM: Declared Bankrupt
-----------------------------------------------
The Economic Court of Sumi region declared OJSC
Velikopisarivskij Rajagrohim (code EDRPOU 05490658) insolvent
On December 15, 2003.  The case is docketed as 6/63.  Arbitral
manager Mr. Shevich Oleksandr (License Number AA 668288 approved
October 9, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  VELIKOPISARIVSKIJ RAJAGROHIM
          Ukraine, Sumi, Veliko-Pisarivskij district, Kirilivka,
          Vokzalnij lane, 7

          Mr. Shevich Oleksandr, Liquidator/Insolvency Manager
          Ukraine, Sumi, Nezalezhnosti square, room 1412, 1418
          Phone/fax: (0542) 218-869


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


AD EXCHANGE: Creditors and Contributories Meeting June 28
---------------------------------------------------------
The Creditors and Contributories of The Ad Exchange Limited
Company will have a Final Meeting on June 28, 2004 at 2:30 p.m.
It will be held at the offices of ThorntonRones, 167 High Road,
Loughton, Essex IG10 4LF.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be lodged with ThorntonRones, 167
High Road, Loughton, Essex IG10 4LF not later than 12:00 noon,
June 27, 2004.

CONTACT:  THORNTONRONES
          167 High Road
          Loughton, Essex IG10 4LF
          Contact:
          R J Rones, Liquidator


ADVENTURE CENTER: City Council to Decide Fate Today
---------------------------------------------------
Local authorities are exploring ways to help troubled Ratho-
based Adventure Center meet a deadline for it to plug a funding
shortfall this week, Edinburgh City Council sources said,
according The Scotsman.

The host for the World Youth Mountaineering Championships this
autumn needed to come up with GBP40,000 today, or lose the
prestigious event to other venues.  The competition expects to
welcome 400 delegates from 30 counties across the world.

Officials assured discussions to bring in the needed cash are
underway, and that they expect to make an announcement soon.
Receivers from Deloitte, which were called in for the center
last month, put the GBP20 million-center for sale, but failed to
find a buyer.


ALLIED INTERNATIONAL: General Meeting of Members Set June 30
------------------------------------------------------------
There will be a General Meeting of the Allied International
Associates Limited Company on June 30, 2004 at 11:00 a.m.  It
will be held at Acre House, 11-15 William Road, London NW1 3ER.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies need not be members of the company.


ASPEN PREPRINT: Hires Kroll Limited Administrator
-------------------------------------------------
The Aspen Preprint Limited Company has appointed Charles Peter
Holder and Stuart Charles Edward Mackellar of Kroll Limited as
joint administrative receivers.  The appointment was made May
24, 2004.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 albion Street, Leeds LS1 5AP
          Receivers:
          Charles Peter Holder
          Stuart Charles Edward Mackellar


AWG PLC: Widens Pre-tax Loss to GBP79.8 Million
-----------------------------------------------
Financial summary of preliminary results announcement for the
year ended 31 March 2004:

Year to 31 March             2004                 2003

Group turnover           GBP1,759.6million    GBP1,740.0 million
Total operating profit
before exceptional items
and goodwill
amortization             GBP341.6 million     GBP325.9 million
Total operating profit   GBP305.4 million     GBP248.7 million
Profit before tax,
exceptional items and goodwill
amortization             GBP77.9 million      GBP106.0 million
Exceptional charges
before tax              (GBP144.2 million)   (GBP134.6 million)
Loss on ordinary
activities before tax   (GBP79.8 million)    (GBP42.4 million)
Earnings per share
before exceptional items and
goodwill amortization       50.6p                25.0p
Loss per share             (52.0p)              (26.4p)
Payments per share to shareholders,
January payment
and September proposed      47.2p                46.0p

Overview

(a) Good operating performance from Anglian Water

(b) Final regulatory business plan submitted -- lower capital
    investment

(c) Lowest projected price rises of any water and wastewater
    company

(d) High exceptional costs principally arising from the sale of
    international businesses

(e) Management changes in progress

(f) Shareholder payment up 2.6 percent to 47.2 pence

AWG's Group Chief Executive, Jonson Cox said:

"AWG's operating profit before exceptional items and goodwill
amortization increased by 4.8 percent from GBP325.9 million to
GBP341.6 million.

"Anglian Water delivered a good operating performance and
submitted its final regulatory business plan, which proposes
lower capital expenditure and the lowest bill increases of any
major water company.  The operating results of the contracting
businesses in the Infrastructure Management Business (IMB) were
disappointing.  The bulk of the GBP144.2 million exceptional
costs were as a result of the disposals and closures of the
international businesses.

"Since I joined in January we have completed a review of the
group's businesses.  The review has underlined the pivotal role
of Anglian Water in the group and its key role in delivering
consistent returns for equity investors.  We see Anglian
Water at the heart of the group's strategy, while ensuring that
our other businesses contribute to our earnings and cash flow."

A full copy of the financial report is available free of charge
at: http://bankrupt.com/misc/AWG_2004.htm

CONTACT:  AWG
          Jonson Cox,
          Group Chief Executive and Elliott Mannis,
          Group Finance Director can be contacted via:

          Mike Keohane
          Group Director of HR and Communications
          Phone: 07702 151044

          CARDEW CHANCERY
          Anthony Cardew
          Phone: 0207 930 0777
          Or 07770 720389


BEAUTY DIRECT: Extraordinary Winding up Resolutions Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Beauty Direct
International Limited Company on May 21, 2004 held at 10
Wilhelmena Close, The Three Graces, Warwick New Road, Leamington
Spa CV32 5JT, the Extraordinary Resolutions to wind up the
Company were passed.  Neil Richard Gibson and Geoff Robbins of
CBA, 39 Castle Street, Leicester LE1 5WN have been nominated
Joint Liquidator for the purpose of such winding-up.

CONTACT:  CBA
          39 Castle Street,
          Leicester LE1 5WN
          Contact:
          Neil Richard Gibson, Liquidator
          Geoff Robbins, Liquidator


BRAIDSTONE LIMITED: Members General Meeting Set June 30
-------------------------------------------------------
Members of the Braidstone Limited Company will have a General
Meeting on June 30, 2004 at 10:30 a.m.  It will be held at Acre
House, 11-15 William Road, London NW1 3ER.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.


CABLE & WIRELESS: Acquires Vivendi's Stake in Monaco Telecom
------------------------------------------------------------
Cable and Wireless plc agreed to purchase a 55% stake in Monaco
Telecom S.A from Vivendi Universal for a total consideration of
EUR162 million.  The acquisition will be funded from Cable &
Wireless existing cash resources.

Monaco Telecom is 45% owned by the Principality of Monaco (the
Principality) and the transaction is subject to the formal
approval of the Monaco government.  On completion, Cable &
Wireless will transfer a 6% stake in Monaco Telecom to Compagnie
Monegasque de Banque S.A.M (CMB) for consideration of EUR18
million.  CMB will be Cable & Wireless financial partner in
Monaco Telecom and its 6% stake will be subject to certain put
and call agreements with Cable & Wireless.  Cable & Wireless
will have full management control of Monaco Telecom.

Francesco Caio, Chief Executive of Cable & Wireless, said: The
investment in Monaco Telecom is an important step in the
expansion of our National Telcos portfolio and we look forward
to working with the Principality over the long term.  Monaco is
a highly attractive location and Cable & Wireless is committed
to bringing highest quality telecommunications services to the
residents of Monaco, as well as to its public institutions and
international business community."

Monaco Telecom is an integrated telecommunications operator
created in 1997 following the privatization of the
Principality's incumbent public telecommunications operator.
Monaco Telecom has a license to provide public
telecommunications services throughout Monaco, with exclusive
rights to provide fixed line, mobile, Internet access, and cable
services in Monaco.

Internationally, Monaco Telecom has operated a mobile network in
Kosovo since 2000, and at the beginning of 2003 it was awarded
the second GSM license in Afghanistan as the strategic partner
in a consortium 51% owned by the Aga Khan Fund for Economic
Development.

For the year ended 31 December 2003, Monaco Telecom reported
consolidated turnover of EUR172 million, net profit of EUR18
million, and had EUR74 million of net assets at that date which
included EUR73 million of cash.

Lazard Freres and JPMorgan plc are advising Cable & Wireless on
this transaction.

About Cable & Wireless

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.

Cable & Wireless' principal operations are in the United
Kingdom, Continental Europe, Asia, the Caribbean, Panama, and
the Middle East.

For more information about Cable & Wireless, go to
http://www.cw.com.

About Compagnie Monegasque de Banque S.A.M

CMB was founded in 1976 and has established itself as the
Principality's leading bank.  CMB specializes in private
banking, asset management and corporate finance.

CONTACT:  CABLE & WIRELESS
          Investor Relations:
          Virginia Porter
          Acting Director
          Phone: +44 20 7315 4460

          Craig Thornton
          Manager
          Phone: +44 20 7315 6225

          Glenn Wight
          Manager
          Phone: +44 20 7315 4468

          Media:
          Lesley Smith
          Group Director of Corporate & Public Affairs
          Phone: +44 20 7315 4410

          Peter Eustace
          Head of Media Relations
          Phone: +44 20 7315 4495

          ROLLO HEAD FINSBURY
          Alice Macandrew
          Phone: +44 20 7251 3801


CABLE & WIRELESS: Reinstates Dividend as Finances Stabilize
-----------------------------------------------------------
Announcing the full year results for Cable and Wireless plc for
the year ended 31 March 2004 Group Chief Executive Officer
Francesco Caio said:

"A year ago we announced a three year program to bring the Group
under tight financial control, exploiting our core skills and
focusing on key customers in order to lay the foundations to
rebuild Cable & Wireless as a profitable telecoms operator.  The
Group had a better year producing GBP317 million of PBT before
exceptionals from our continuing business, equal to 8 pence per
share and we have been able to recommend a full year dividend of
3.15 pence per share.  Revenues of GBP1,661 million from our
businesses in the U.K. represented a halt in the decline in
sales in the U.K. business for the first time in three years.
Over sixty-five per cent of our National Telco revenues are now
earned in fully or partly liberalized markets.  In constant
currency terms the National Telcos have maintained their revenue
levels.

Highlights include:

(a) Portfolio restructuring ahead of plan: and below expected
    cost; U.S. exit the key component

(b) U.K. operational restructuring on plan: GBP93 million
    reduction in underlying cost base in the full year; revenue
    decline halted for first time in three years

(c) National Telco capital expenditure refocused: accelerated
    GSM rollout in Caribbean

(d) Bulldog acquisition accelerates implementation of U.K.
    strategy

(e) Dividend reinstated: backdated to six months earlier than
    expected

(f) Balance Sheet risk managed out

(g) Strategic framework defined: to be clear number two in the
    U.K. market and a world leader in the provision of telecom
    services in small and medium-sized countries.

Cable & Wireless Chairman Richard Lapthorne said:

"Whether in the restructuring of our portfolio of businesses or
of our operations, the past year has seen a remarkable
determination to succeed from our staff worldwide.  Eighteen
months ago Cable & Wireless was regarded as down and out.
Today, that is not the case and the resumption of dividends,
whereby we are recommending a total dividend for the year of
3.15 pence per share, is evidence of our belief that we can
build a prosperous future."

Chief Executive's Review of Operations

Last year I set out three priorities aimed at creating a stable
platform from which to launch our reconstruction of the Group.
I am encouraged by the progress that the Group has made so far
and I am pleased to report genuine progress in each area.

Exit the U.S.

Following the completion of its sale in March, we have now
exited our U.S. domestic business.  The cash cost of withdrawing
from this market will be within our original estimate of GBP300
million and, most importantly, we have exited this business with
minimal disruption to our U.S. and international customers.

Restructure the U.K. and drive performance

In the U.K. we have reduced capital expenditure and operating
costs, introduced new skills and redesigned our systems and
processes.  Our initiatives in all these areas are reflected in
the financial performance of the U.K. business this year.

We held revenues level year on year, halting the decline of
approximately 6% in each half year over the last three years and
we achieved an operating profit, before exceptional items and
amortization, of GBP33 million.  This resulted from cost
reduction and the positive impact of the reduced depreciation
charge as a consequence of the impairments in the prior year.
We reduced the underlying cost base in the U.K. by GBP93 million
in the full year.  This improvement is the result of our
headcount reduction proceeding ahead of plan and significant
savings achieved on property costs.

The U.K. business achieved break even free cash flow, a
significant improvement against the cash outflow of GBP225
million in the prior year.  This was achieved by reducing
capital expenditure for the year to GBP101 million and by
introducing tighter control on working capital.  This
restriction on capital expenditure was always a limited term
measure.  For the next 12 months we intend to move to a level of
capital expenditure in the region of 9-10% of revenues, which
will be shared fairly evenly across customer related,
transformation and maintenance spending.  The success of these
actions demonstrates, however, the greatly improved financial
control we have achieved.

We have now established a platform on which to reconstruct our
position in the U.K.  The next phase in this transformation will
be driven by our success in addressing customer needs and in
capitalizing on the opportunities offered by the shift in
technology and, potentially, the regulatory review now in
progress.  Our recent acquisition of Bulldog is part of this
positioning process, accelerating our ability to offer Broadband
and IP based solutions to the Business segment and providing the
means to leverage our existing infrastructure and reduce
outpayments.

National Telcos

Despite ongoing liberalization and increasing competitive
pressure in most markets, our National Telco revenues have held
steady in constant currency terms.  The initiatives we have
taken to reduce our cost base during the year have meant that,
although underlying operating profit margins, excluding one off
impacts, have declined year on year, the decline has slowed half
on half.  Free cash flow as a percentage of operating profit has
remained stable.

In the Caribbean, where more than 70% of our revenue was exposed
to competition by year-end, our increased involvement in these
businesses has ensured better coordination and accountability.
We have de-layered the regional management structure, upgraded
management skills, appointed a local Head of Operations for the
Caribbean and are looking to further strengthen management with
Caribbean talent from outside the region.  We have accelerated
our GSM network roll out, introducing GSM services in ten
Caribbean markets and recruited an experienced Head of Caribbean
Mobile to drive performance through coordinated sales and
marketing programs.  We have reduced headcount by more than 820
in areas that do not impact customer service and exited surplus
properties.

Across all our National Telcos we recognize the importance of a
constructive dialogue with local governments and regulators.  We
intend to work with host governments to ensure that our
investment in new services will not only benefit customers and
businesses but generate returns capable of balancing, over time,
the decline in margins of more mature and increasingly
competitive offerings.

Learning from our experience across increasingly liberalized
markets we have been able to develop clear operating priorities
to protect and stabilize margins over time and create businesses
capable of delivering sustainable cash flow.

While we recognize that the progress of liberalization means
that the returns typically associated with exclusive licenses
will not be recaptured we believe that, through our operating
priorities, these businesses will deliver sustainable cash flow
and that we can leverage Cable & Wireless' core skills in this
area to selectively expand our footprint, strengthen our
position and grow cash generation.

These priorities provide a framework against which to assess
opportunities to selectively expand our footprint to strengthen
our position and generate sustainable returns.  Our criteria for
expansion will focus on profitable integrated incumbents or
mobile licenses in small to medium-sized countries.

Proximity to existing businesses and the opportunity to create
hubs will also be considerations.  All opportunities will
continue to be screened against a strict financial framework to
evaluate sustainable returns.

As we enter the reconstruction phase of our transformation plan
we are realistic about the challenges we face. Our progress this
year has enabled us to identify the framework that will drive
our actions in developing our core business.  In the U.K. our
aim is to build a sustainable competitor position as the number
two in the U.K. -- helping customers migrate from legacy to new
telecoms services, while efficiently managing current services.
In National Telcos we intend to be an efficient, high skilled
operator, to sustain profits and cash flow and to be the first
choice provider of telco services for small to medium countries.
In all markets the strength in our balance sheet and our focus
on tight cash management will assist us in achieving our
objectives.

I remain confident that our business has great potential and
that we will continue to build on the improvements we have made
this year.

                       Summary Results

Continuing Operations - Year Ended 31 MARCH*


                              2004             2003

Group Revenue               GBP3,384 million  GBP3,677 million
Operating profit before
exceptional items
and amortization            GBP226 million    GBP(42)million
Profit before tax
and exceptional items       GBP317 million    GBP79 million
Earnings/(loss) per
share before exceptional
items and                      8.0p               (2.3)p
amortization

Net cash balance at
31 March                    GBP1,448 million  GBP1,619 million

Recommended dividend
                               3.15p               1.6p

* Continuing operations exclude the results for the US domestic
business and TeleYemen.

Total Group Result (including continuing and discontinued
operations and exceptional items)

                              2004             2003

Loss for the financial year  GBP(237) million  GBP(6,533)million

Basic and diluted
loss per ordinary share       (10.2)p          (280.4)p

The full profit and loss account, cash flow statement and
balance sheet, drawn up in accordance with UK generally accepted
accounting principles, from which this information is extracted,
is set out in the attachments.

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/CableandWireless_2004.htm

CONTACT:  CABLE & WIRELESS
          Investor Relations:
          Virginia Porter
          Acting Director
          Phone: +44 20 7315 4460

          Craig Thornton
          Manager
          Phone: +44 20 7315 6225

          Glenn Wight
          Manager
          Phone: +44 20 7315 4468

          Media:
          Lesley Smith
          Group Director of Corporate & Public Affairs
          Phone: +44 20 7315 4410

          Peter Eustace
          Head of Media Relations
          Phone: +44 20 7315 4495


CANARY WHARF: Shakes up Board of Directors
------------------------------------------
Canary Wharf Group plc announces that these Non-Executive
Directors have resigned as directors of the Company with
immediate effect: Sir John Carter, Christopher Jonas, Michael
Price, Gerald Rothman, Robert Speirs, Andrew Tisch.

It is further announced that, also with immediate effect, these
four new directors have been appointed to the Board of the
Company: John Anthony Carrafiell, Shmuel David Levinson,
Alexander Heini Philip Midgen, Stephane Theuriau.

Company Official making Announcement:
Anna Marie Holland
Assistant Company Secretary
CANARY WHARF GROUP PLC


DELTAVEND LIMITED: Hires Joint Liquidator from Stoy Hayward
-----------------------------------------------------------
There will be a Final General Meeting of the Members of
Deltavend Limited Company on June 30, 2004 at 11:00 a.m.  It
will be held at BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS.

The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted.  Members who want
to be represented at the Meeting may appoint proxies.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place
          85 Great North Road, Hatfield,
          Hertfordshire AL9 5BS
          Contact:
          G S Kinlan, Joint Liquidator


DEWHIRST: Redundancy Offer Not Enough, Workers Say
--------------------------------------------------
Around 150 workers of apparel maker, Dewhirst has rejected the
redundancy package offered by the Company.  Majority of the
workers were not satisfied of the offer the Company provided for
them.

On June 7, the redundancy offer of the apparel maker will still
be re-evaluated on a Meeting by the Company and the union
leaders to come up with a good resolution.

Dewhirst who had more than 500 workers had already laid off 380
workers the past 12 months in their plant in Hendon.

The thriving clothing market in some parts of the United Kingdom
has been suffering and axing many jobs due to the competition of
cheap labor provided by East Asia.


FAIRVIEW SECURITIES: Members Meeting Set June 29
------------------------------------------------
Members of Fairview Securities Limited Company will have a
General Meeting on June 29, 2004 at 10:00 a.m.  It will be held
at the offices of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Pearl Assurance House, 319
Ballards Lane, London N12 8LY not later than 12:00 noon, June
28, 2004.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House
          319 Ballards Lane,
          London N12 8LY
          Contact:
          D Rubin, Liquidator


GEORGE SELLAR: KPMG Sets Closing Date for Offer June 2
------------------------------------------------------
Blair Nimmo and Neil Armour, the Joint Receivers of SBF Agrico
are pleased to confirm that there has been a significant level
of interest in the sale of the farming equipment distributor,
George Sellar & Son Ltd, based in Oldmeldrum, Aberdeenshire, and
as a result a closing date for offers for the company's business
and assets as a going concern has been set.

Joint Receiver Blair Nimmo, Head of KPMG Corporate Recovery in
Scotland said:

"Since our appointment we have received a positive level of
interest in the business and assets of George Sellar & Son.  We
would encourage any party with interest in purchasing the
business as a going concern to contact us prior to the closing
date for offers, which has been set for 12 noon on Tuesday 8th
June."

Interested parties should contact the Joint Receivers at KPMG,
37 Albyn Place, Aberdeen (Phone: 01224 591000) as soon as
possible.

SBF Agrico went into Receivership on Tuesday 25th May.  From its
headquarters in Oldmeldrum, George Sellar & Son Ltd employs
approximately 130 staff.  It has depots in Oldmeldrum,
Invergordon, Forres, Huntly, Letham, Perth, Maud, Cupar and
Newbridge.

CONTACT:  KPMG CORPORATE INSOLVENCY
          Wilma Littlejohn
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk
          Web site: http://www.kpmg.co.uk


KIMBERLEY FURNITURE: Names Cooper Parry Administrator
-----------------------------------------------------
The Kimberley Furniture Limited Company has appointed Tyrone
Shaun Courtman and Shaun Neil Adams of Cooper Parry LLP as joint
administrative receivers.  The appointment was made May 25,
2004.

Kimberley Furniture is a maker of high-quality, Bespoke
furniture's and kitchen.  The registered office of the Company
is located at 14 Park row, Nottingham NG1 6GR.

CONTACT:  COOPER PARRY LLP
          14 Park Row,
          Nottingham NG1 6GR
          Receivers:
          Tyrone Shaun Courtman
          Shaun Neil Adams
          (IP Nos 7237, 8568)


LANECLOUD LTD.: Names Baker Tilly Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Lanecloud Ltd Company
on May 25, 2004, the Special and Extraordinary Resolutions to
wind up the Company were passed.  Geoffrey Lambert Carton-Kelly
of Baker Tilly, The Clock House, 140 London Road, Guildford,
Surrey GU1 1UW has been appointed the Liquidator of the Company
for the purpose of such winding-up.

CONTACT:  BAKER TILLY
          The Clock House
          140 London Road, Guilford
          Surrey GU1 1UW
          Contact:
          Geoffrey Lambert Carton-Kelly, Liquidator


NETTEC PLC: To Continue Looking for Suitable Acquisitions
---------------------------------------------------------
At the Annual General Meeting, held on Wednesday, the Chairman,
Mr. Jeremy White, made this statement:

"As you are all aware the Company is now a cash shell which has
been engaged in clearing up past matters details of which are
disclosed in the accounts.  Management accounts for the first
four months of 2004 show that the Company has achieved a result
marginally better than break-even.

"All shareholders have received a Circular with a proposal for a
Members' Voluntary Liquidation.  However, there have been some
significant changes to our shareholders in the last month.  As a
consequence of those shareholder changes, the Board is meeting
with its major shareholders."

All the four resolutions were passed on a show of hands and the
proxy votes casts were:

(a) Resolution 1
    For - 70,565,333 Against - 541 Not Voted - 50,421,690

(b) Resolution 2
    For - 70,560,333 Against - 5,541 Not Voted - 50,421,690

(c) Resolution 3
    For - 70,560,333 Against - 5,541 Not Voted - 50,421,690

(d) Resolution 4
    For - 70,560,333 Against - 5,541 Not Voted - 50,421,690

Following the AGM, the Board contacted certain major
shareholders and it has been decided that the resolutions for a
Members' Voluntary Liquidation which are due to be put to the
Extraordinary General Meeting which has been called for 14
June will not be put to a vote at that meeting.  The Board will
continue a strategy of looking for suitable acquisitions.

Mr. David Shaw has accepted an invitation to rejoin the Board as
interim Finance Director.  He was a director of The Adscene
Group plc between 1986 and 1999.

CONTACT:  NETTEC PLC AGM
          Ian Seaton, Bankside Consultants
          Phone: 0207 444 4157


NETWORK RAIL: Declares 2004 Year of Substantial Progress
--------------------------------------------------------
Network Rail publishes its preliminary results for the year to
31 March 2004, a year during which the Company began to take the
first substantial steps towards the delivery of the safe,
reliable and efficient rail infrastructure the country wishes to
see.

The financial and performance highlights for 2003/04 include
(comparison with 2002/03):


(a) A 7% reduction in Network Rail delay minutes, down to 13.7
    million minutes from 14.7 million minutes

(b) An increase in the proportion of trains classified as having
    arrived on time (Public Performance Measure) to 81.2% from
    79.2%

(c) Operating loss of GBP758 million, compared to operating
    profit of GBP80 million -- of this nearly three-quarters
    (GBP544 million) is attributable to a change in phasing of
    network grant income from the SRA

(d) Net debt levels at GBP12.6 billion, some GBP1.3 billion
    lower than forecast in October 2002

(e) Broken rails reduced to 334 compared to 444 -- lowest level
    ever recorded

(f) Reduction in the number of temporary speed restrictions to
    458 from 537

(g) 1,373 km. of new rail laid, compared to 1,010 km.

(h) 820 km. of sleepers renewed, compared to 666 km.

(i) 806 km. of ballast renewed, compared to 665 km.

(j) 380 units of switches & crossings renewed, compared to 254

(k) Completion of installation of the Train Protection & Warning
    System

(l) Substantial progress on the bringing in-house of rail
    maintenance

(m)  Successful conclusion of the Interim Review process

Commenting on the year, Network Rail Chairman Ian McAllister
said:

"Last year was one of substantial progress.  Significant strides
were taken towards delivering Network Rail's vision of the safe,
reliable and efficient railway everyone wishes to see.

"The reduction in Network Rail delay minutes is one of the
year's most important achievements.  The 7% reduction in delay
minutes compared to the previous year means they now stand at
their lowest level for four years.  This very welcome
performance improvement is something for the Company to continue
to build upon in the year to come.

"Network Rail concluded the year on 31 March with the
publication of the 2004 Business Plan.  The plan details how the
Company will modernize the railway, significantly reduce costs
and make substantial improvements in train punctuality.  Our
target is for 90% of trains to run on time by the end of the
five-year period, with year-on-year improvements to get to this
symbolic milestone.

"Network Rail is undergoing huge change, at an incredible pace.
Over the next five years, Network Rail's dedicated and highly
skilled employees will be working tirelessly to meet the
challenges of safety, performance and cost.  The traveling
public expects nothing less."

Chief Executive John Armitt added:

"When Network Rail was created, the twin priorities were clear
-- to improve train performance and get a grip on costs which
had increased substantially over the previous few years.

"I am pleased to report good progress on cost control.  Whilst
we have made a GBP758 million operating loss in the past year,
the Company's debt levels are now some GBP1.3 billion lower than
forecast in October 2002, principally due to a rigorous approach
to cash management.

"There are improvements in other areas too.  Measures of asset
condition continue to demonstrate significant improvement,
largely as a consequence of the sizeable increases in renewal
volumes that have been carried-out in recent years.  In 2003/04,
1373 km. of rail and 380 units of switches and crossings were
renewed compared to 1010 km. and 254 units respectively in
2002/03.

"Many of the principal safety indices, such as significant train
accidents, have shown improvement over the course of the year.
One disturbing feature of the year, however, was the increase in
workforce fatalities from four in 2002-03 to eight in 2003-04.
Any fatality is unacceptable and we will continue to work to
eliminate fatal incidents on our infrastructure.

"Further improvement is essential, but Network Rail believes
that people will look back on 2003/04 as the year when the
railways turned the corner towards a future that delivers a much
better service to passengers.  In the year to come, that
improvement must continue."

Management Incentive Plan outcome

As detailed in last year's Annual Report the annual bonus for
2003-04 was to be calculated measuring actual company
performance against the three equally weighted targets set in
the MIP for 2003-04.  These were Public Performance Measure
(PPM), Asset Stewardship Index (ASI) and Financial Efficiency
Index (FEI).

Each measure had three achievement levels comprising target,
enhanced and maximum with the outcome:

(a) In respect of PPM the target level was not reached so no
    award was payable under this measure

(b) In respect of ASI the enhanced target level was reached (at
    which a potential bonus of 12% of basic salary is payable
    for executive directors)

(c) In respect of FEI the maximum target level was reached (at
    which a potential bonus of 20% of basic salary is payable
    for executive directors)

The resultant total potential award was 32%.  The Committee then
chose to use their discretion by reducing the overall bonus
award for the executive directors to 24% of their basic salary.

The bonus scheme is cascaded down through the organization and,
as a consequence, all Network Rail employees will receive a
bonus this year.

Commenting on the award of the bonuses, Network Rail Chairman
Ian McAllister said:

"Network Rail has achieved a great deal in the last twelve
months.  Delay minutes are at their lowest for four years and
significant strides have been taken to improve the efficiency of
the Company and the condition of the railway assets.

"Following this, I think it is only right that all Network Rail
employees will receive a bonus this year.  The substantial
improvements in Network Rail's performance are a testament to
the hard work of all of our employees."

                            *   *   *

Network Rail Infrastructure Limited is the principal operating
subsidiary of Network Rail Limited.  Network Rail Infrastructure
Limited operates, maintains and renews Britain's rail
infrastructure.


NORTHERN FOODS: Pre-tax Profit Slips 28.7%
------------------------------------------
Preliminary Announcement of Results for the 53 Weeks Ended 3
April 2004:

Key Financials
                         Before goodwill     After goodwill
                        amortization and    amortization and
                       exceptional items   exceptional items
                     2004       Change YOY    2004   Change YOY
Sales                GBP1,542.1m    +8.5% GBP1,542.1m     +8.5%
Operating profit       GBP107.0m    -7.4%    GBP85.0m    +20.4%
Pre-tax profit          GBP86.0m   -11.8%    GBP75.4m    -28.7%
Earnings per share         13.77p   -7.0%      12.78p    -31.8%
Dividend per share          8.90p   +2.3%       8.90p     +2.3%

(a) Good sales growth: underlying retail sales +up 3.5%

(b) Continuing Grocery profit* up to GBP45.2 million from
    GBP40.1 million

(c) Continuing Convenience profit* down to GBP56.1 million from
    GBP72.9 million

(d) Solway acquired; Fox's Confectionery, Batchelors, Emile
    Tissot and Eden Vale sold

(e) New Chief Executive appointed

(f) Major structural cost initiatives in progress

(g) New management structure announced and review of business
    under way

(h) Progressive dividend and share buyback program continue

(i) Trading in line with expectations in first seven weeks of
    current year

"The inherent strengths of Northern Foods remain substantial.
These are vital in a market place where competition is becoming
ever more intense, as reflected in the recent slowing of food
sales reported by some of our largest customers.  Although this
has been a difficult and disappointing year for Northern Foods,
and we recognize that much remains to be done, I am confident
that we have begun to take the right actions to equip the
business to compete in this most demanding climate.  I look
forward to the increasing benefits to Northern from the
refocusing and restructuring initiatives already in hand, and to
further developments under the leadership of our new Chief
Executive."

Peter Blackburn, Chairman

+Underlying retail sales exclude the impact of currency,
acquisitions, divestments and the 53rd week

* Analyzed in the turnover and segmental analysis

Financial statements are available free of charge at:
http://bankrupt.com/misc/NorthernFoods_53weeksApril.htm

CONTACT:  NORTHERN FOODS
          Hudson Sandler
          Peter Blackburn, Chairman
          Jessica Rouleau
          Michael Sandler
          Pat O'Driscoll,
          Chief Executive
          Phone: 020 7796 4133

          Sean Christie, Finance Director
          Phone: 020 7796 4133 on Wednesday, 2 June only;

          Keith Hann
          Phone: 01482 325432 thereafter
          Or     07831 521870


QUEENS MOAT: Amends Terms of Debenture Stock 2013, 2020
-------------------------------------------------------
12 percent First Mortgage Debenture Stock 2013 and
10.25 percent First Mortgage Debenture Stock 2020

Queens Moat Houses plc announces that, at a meeting of holders
of the above stocks, held earlier on Wednesday, the resolutions
to approve amendments to the terms of the stocks were passed.
As stated in the circular to stockholders, the amendments are
inter-conditional upon the approval of the company's Junior Term
Debt holders.  Once this is received, the supplemental trust
deed will be executed and the amendments will come into effect.

CONTACT:  COLLEGE HILL
          Mark Garraway
          Phone: 020 7457 2020


RADCLIFFE WHOLESALE: Appoints Receivers from Cooper Parry
---------------------------------------------------------
Shaun Neil Adams and Tyrone Shaun Courtman of Cooper Parry LLP
have been appointed joint administrative receivers for Radcliffe
Wholesale Limited Company.  The appointment was made May 20,
2004.  The Company is a wholesaler of flowers and plants.

CONTACT:  COOPER PARRY LLP
          14 Park Row,
          Nottingham NG1 6GR
          Receivers:
          Shaun Neil Adams
          Tyrone Shaun Courtman
          (IP Nos 8568 and 7237)


RDP LIMITED: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the RDP (SC) Limited
Company on May 24, 2004 held at Overtown Farm, Woodmans Lane,
Cowan Bridge, Carnforth LA6 2HT, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Jane Lindsay Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ
has been appointed Liquidator for the purpose of such winding-
up.


ROYAL & SUNALLIANCE: Implements Scrip Dividend Scheme
-----------------------------------------------------
Following shareholder approval of the final dividend for 2003
and of a Scrip Dividend Scheme, the Company will issue 8,906,940
ordinary shares of 27.5p each to shareholders who have elected
to receive new ordinary shares instead of a cash dividend.

Accordingly, application has been made to the U.K. Listing
Authority for these shares to be admitted to the Official List
and to the London Stock Exchange for these shares to be admitted
to trading.  The new ordinary shares will rank pari passu with
the existing issued shares of the Company. Dealings are expected
to commence on 3 June 2004.

CONTACT:  ROYAL & SUNALLIANCE
          Caroline Webb
          Phone: +44 (0)20 7569 6075


SHIREHOUSE DEVELOPMENTS: Creditors Meeting Set June 15
------------------------------------------------------
Creditors of Shirehouse Developments Limited Company will have a
Meeting on June 15, 2004 at 11:30 a.m.  It will be held at the
offices of Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3
9EB.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Parkin S Booth & Co., 44 Old Hall Street,
Liverpool L3 9EB not later than 12:00 noon, June 14, 2004.

CONTACT:  PARKIN S BOOTH & CO
          44 Old Hall Street,
          Liverpool L3 9EB
          Joint Administrative Receiver:
          J R Booth


TI AUTOMOTIVE: Establishes New Manufacturing Plant in Turkey
------------------------------------------------------------
TI Automotive is opening a new manufacturing plant in Turkey to
serve three major European automakers.

The world's leading supplier of fully integrated fluid storage
and delivery systems for cars and trucks, TI Automotive has
begun pre-production from the 18,300-square-foot plant, located
in the Nilufer Industrial Zone in Bursa, Turkey.

The facility, the first in Turkey for TI Automotive, initially
will employ 30 people and fabricate finished brake and fuel
lines for Ford, Fiat and Renault models assembled in Turkey,
with other local automakers and models to be added.  Volume
production will begin in June 2004.

A significant increase in domestic auto sales along with a
nearly tenfold increase in vehicle exports has strengthened
Turkey's growing automotive manufacturing sector.

"With this new investment, TI Automotive is confirming its
support of major automotive customers with operations in the
growing Turkish market," said Rich Kopalsky, president, TI
Automotive Global Fluid-Carrying Systems Group.

Based in Warren, Mich., TI Automotive employs over 20,000 people
at more than 130 facilities in 29 countries on six continents.

                            *   *   *

Standard & Poor's Ratings Services has assigned a 'BB-' long-
term corporate credit rating to U.K.-based automotive supplier
TI Automotive Ltd. (TI Auto).  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB' long-term
rating to the proposed GBP150 million ($268 million) tranche C
of the company's senior secured bank facility.  The rating is
one notch above the corporate credit rating indicating a high
expectation of full recovery of principal in the event of a
default.

"The ratings reflect TI Auto's below-average business profile
and the highly competitive and cyclical nature of the global
automotive supply industry, as well as the company's meaningful
exposure to the 'big three' auto manufacturers in the U.S. and
aggressive financial profile," said Standard & Poor's credit
analyst Bob Ukiah.

"These factors are tempered by the group's position as a leading
provider of automotive fuel storage and delivery systems and
fluid carrying systems, allied to its broad product coverage in
its market segment."

TI Auto is expected to deleverage over time through profit
improvements and debt repayments, despite the uncertain industry
outlook.

CONTACT:  TI AUTOMOTIVE
          Andy Anderson, Communications Coordinator
          Phone: 586.427.3726
          E-mail: ganderson@US.TIAuto.com

          AUTOCOM ASSOCIATES
          Larry Weis, President
          Phone: 248.647.8621
          Fax: 248.642.2110
          E-mail: lweis@usautocom.com

          Laura Oliveto
          Phone: 248.647.8621
          Fax: 248.642.2110
          E-mail: loliveto@usautocom.com


UNISTAR TECHNOLOGIES: Creditors' First Meeting Set June 21
----------------------------------------------------------
On June 21, 2004 at 2:00 p.m. and 2:45 p.m. respectively, there
will be the first meeting of the contributories and creditors of
the Unistar Technologies Limited Company.  It will be held at
13-15 Hope Street, Douglas, Isle of Man.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodge with Shimmin Wilson & Co,
Chartered Accountants, at 13-15 Hope Street, Douglas, Isle of
Man not later than 4:00 p.m., June 18, 2004.

CONTACT:  SHIMMIN WILSON & CO
          Chartered Accountants,
          13-15 Hope Street,
          Douglas, Isle of Man


VALTRAR PRODUCTS: Hires Haines Watts Administrator
--------------------------------------------------
The Valtrar Products Limited has appointed Andrew Appleyard of
Haines Watts as joint administrative receiver.  The appointment
was made May 11, 2004.  The Company sells health and beauty
products.

CONTACT:  HAINES WATTS
          Canterbury House,
          85 Newhall Street,
          Birmingham B3 1LH
          Receiver:
          Andrew Appleyard
          (IP No 1224)


WATERFORD WEDGWOOD: Reduces Earnings Estimate for 2003
------------------------------------------------------
Waterford Wedgwood, the leading luxury lifestyle group, entered
into a contract to dispose of All-Clad, its U.S.-based cookware
subsidiary, for US$250 million (EUR205 million), all cash, to
Groupe SEB, the French-based cookware and domestic appliance
business.

The transaction is expected to close within 60 days, subject to
approval by Waterford Wedgwood shareholders and by the Federal
Trade Commission.  The cash proceeds will be used to reduce
indebtedness, enable further internal efficiencies and to
support targeted marketing for the group's three master brands:
Waterford, Wedgwood and Rosenthal and their related sub-brands
including those associated with John Rocha, Jasper Conran,
Versace, Vera Wang as well as Hutschenreuther and Thomas.

Waterford Wedgwood purchased All-Clad, based in Canonsburg,
Pennsylvania, for US$110 million in May 1999. Its sales in 1998
were US$52 million.  All-Clad had sales of approximately US$105
million in the year to March 2004.  Its profit after-tax was
approximately US$11 million.  Its net assets are approximately
US$39 million.  Waterford Wedgwood is retaining Spring, its
European cookware brand.

Waterford Wedgwood was advised by Clarion Capital Partners on
the All-Clad transaction.  Groupe SEB was advised by Downer &
Company.

The Group also announces that Peter Cameron, the chief executive
officer of All-Clad, is to remain with Waterford Wedgwood and
will become the Group's Chief Operating Officer.

In parallel with the sale of All-Clad, the group has selected a
dedicated internal management team to work with Accenture, the
international business consultants, to simplify working capital
management and manufacturing processes.  The objective of the
project is to further reduce the Group's investment in stocks
and debtors and rationalize manufacturing runs in order to
enhance trading margins, operating profits and cash flow.  This
work will take place over the next 18 months.  The commercial
and accounting implications of the project will be assessed over
the coming months.

Waterford Wedgwood also announces that its earnings before
interest, taxation, depreciation and amortization (EBITDA) for
the year to 31 March 2004 were approximately EUR68 million,
about EUR12 million less than expected.  The shortfall was
caused mainly by tighter margins and higher than anticipated
pension costs at Rosenthal, its porcelain business based at Selb
in Bavaria.  This EBITDA figure is subject to audit.

The preliminary financial results for 2003-4 are expected to be
announced on 17 June.

Redmond O'Donoghue, Group Chief Executive Officer of Waterford
Wedgwood, said: "All-Clad was a marvelous investment for
Waterford Wedgwood and it is time for our shareholders to derive
the benefits of the very significant value that we have added to
the brand.  We bought for US$110 million five years ago.  We are
selling for US$250 million.

"There is a second benefit: retaining and promoting Peter
Cameron, an outstanding executive who helped build such value
into All-Clad.  As Waterford Wedgwood's Chief Operating Officer,
he will play a vital role in the continuing development of the
Group.  Peter represents the second key addition to our
management team following the appointment of Paul D'Alton who
joined as Chief Financial Officer on 4 May.

"I am very pleased that All-Clad has found a 'good home'.
Groupe SEB is an outstandingly professional and successful
company, well-placed to take the All-Clad business to the next
level in the world housewares market."

Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, said:
"This is very good news for our group and for our management.
All-Clad was well-bought by Redmond O'Donoghue and his
colleagues, it was well-managed by Peter Cameron and now it has
been well-sold.

"The success story of All-Clad during the period it was owned by
Waterford Wedgwood shows our Group's ability to create brand
value and to realize that value for our shareholders. Our team
extended the All-Clad brand, diversified sources of production,
grew sales, extended distribution and built a substantial sub-
brand, Emeril by All-Clad.

"This transaction transforms our balance sheet.  The proceeds
will put us in a position to take control of the future
direction of the company, to reduce debt dramatically and to
post a substantial capital gain while simultaneously investing
to support the sales of Waterford, Wedgwood and Rosenthal
without sacrificing margin."

Commenting on the Group's working capital program and on the
adjusted EBITDA estimate, Mr. O'Donoghue said: "We look forward
to reducing our working capital requirements globally by
lowering inventories and other steps.  Our dedicated team will
work closely with Accenture on this project.  This exercise
should free-up cash in fiscal 2005 and 2006."

He added: "Sales in our final quarter were in line with our
expectations.  However, in our Rosenthal business, we had to
make some additional pension costs and to sacrifice margin in
order to maintain volumes and market share in Germany where the
retail environment remains challenging." (sale proceeds
converted at EUR1 = US$1.2212)

About Waterford Wedgwood plc

Waterford Wedgwood is the world's leading luxury tableware and
gifts company.  Headquartered in Waterford, Ireland, the group
was formed by the 1986 merger of two historic companies,
Waterford Crystal and Wedgwood, the world's leading manufacturer
of fine china.  Crystal was first made in Waterford in 1783.
Wedgwood was founded in 1759 in the part of England still known
as "The Potteries".  In 1998, Waterford Wedgwood acquired 85% of
Rosenthal, a luxury houseware company, based in Selb, in
Bavaria, Germany, since 1859.  In May 1999, Waterford Wedgwood
acquired All-Clad.

In recent years, Waterford Wedgwood has made a number of
successful brand extensions and co-brands, many of them
developed by some of the world's leading designers.

The group has more than 8,000 employees and has representatives
in more than 80 countries.  It had sales of EUR951million in the
year to March 2003.  Its shares are traded on the Irish Stock
Exchange, the London Stock Exchange and on NASDAQ in the U.S.
Sir Anthony O'Reilly, the Chairman and Peter John Goulandris,
the Deputy Chairman and brother-in-law to Sir Anthony, together
with their families, own about 25% of the company.

About All-Clad

All-Clad was founded in 1973 by John Ulam, a metallurgist who
patented a system to permanently bond steel and aluminum that
enabled the manufacture pots and pans that heated evenly and
were easy to clean.  All-Clad was originally aimed at
professional cooks but became a premium domestic brand during
the 1980s. Waterford Wedgwood bought All-Clad in May 1999 from a
private equity fund controlled by Wasserstein Perella, the
investment bank and from senior management including Sam
Michaels, then chairman and CEO, and Peter Cameron, then chief
operating officer.  Mr. Cameron became CEO in 2000.  Mr.
Michaels and Mr. Cameron are both members of the Waterford
Wedgwood board.

All-Clad had sales of approximately US$105m in the year to March
31 last and estimated after-tax profits of US$11 million.

About Groupe SEB

Groupe SEB (the Societe d'Emboutissage de Bourgogne) is the
world leader for small domestic appliances and has a leading
position in aluminum non-stick cookware.  It manages a strong
portfolio of well-known international brands including Tefal,
Moulinex.  Rowenta and Krups and many regional brands are
leaders in their markets. Based in France, the Group, which is
listed on the Paris Bourse, is represented in more than 120
countries and employs 14,700 people in 45 countries.  In 2003,
it had sales of EUR2,348 million, 70% of which were outside
France.

CONTACT:  WATWERFORD WEDGWOOD
          Powerscourt (UK and International)
          Phone: +44 20 7236 5615
          Rory Godson
          Phone: +44 7909 926020

          COLLEGE HILL (Analysts)
          James Henderson
          Kate Pope
          Phone: +44 20 7457 2020

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: +353 1 676 4733


WFC INTERNATIONAL: Final General Meeting Set July 8
---------------------------------------------------
There will be a Final General Meeting of the WFC International
Limited Company on July 8, 2004 at 10:00 a.m.  It will be held
at 1 More London Place, London SE1 2AF.  The purpose of the
Meeting is to lay before the Members the account how the winding
up of the Company has been conducted.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *