---

        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

             Tuesday, June 8, 2004, Vol. 5, No. 112

                            Headlines

F R A N C E

ALCATEL: Shareholders Swallow Another Annual Figures in Red Ink


G E R M A N Y

CONDOR: Parent Won't Hesitate Shutting Down Losing Airline
WESTLB AG: Robert Tchenguiz Dangles GBP350 Mln for Odeon Stake


G R E E C E

ROYAL OLYMPIC: Asks U.S. SEC to Extend Deadline for Form 20-F


I R E L A N D

ELAN CORPORATION: Applies for Approval of Antegren in Europe


I T A L Y

PARMALAT FINANZIARIA: Lenders to Know Recovery Prospect by July
PARMALAT FINANZIARIA: BofA's Foreign Loan Net Charge-offs Drop
PARMALAT FINANZIARIA: BofA Confirms Lawsuits vs. Milan Execs


K Y R G Y Z S T A N

HOLIK-ATA: Meeting of Creditors Set June 18
KYZ-BULAK: Deadline for Proofs of Claim June 15
MARKO POLO: Concludes Sale of Business Interests
MEKEN: Under Bankruptcy Supervision Procedure
REF: Public Auction of Machineries Set June 9
SEVERNAYA PMK: Sets Public Auction June 9
SYN-TASH: Creditors Meeting Set June 25


N E T H E R L A N D S

GETRONICS N.V.: Buys back 5.5 Million Ordinary Shares


N O R W A Y

PETROLEUM GEO-SERVICES: 2006, 2010 Noteholders Waive Covenants


R U S S I A

BOLSHEMALINSKY FLAX: Declared Insolvent
COMMERCIAL BANK: Downgraded to 'CC'; Voluntary Liquidation Cited
DZERZHINSKY DAIRY: Court Commences Bankruptcy Proceedings
KAMBARKA: Under Bankruptcy Supervision Procedure
KARAT: Penza Court Appoints Insolvency Manager

KRONSHTADT SEA: Bankruptcy Proceedings Start
KUCHUGSKAYA SUDOVERF: Court Sets July 5 Hearing
PLANT KPD-2: Tatarstan Court Prescribes Bankruptcy Supervision
SARKOO-ENERGO: Udmurtiya Court Appoints Insolvency Manager
SHIKHAZANSKAYA SEL: Under Bankruptcy Supervision Procedure
UCHALINSKY TIMBER: Deadline for Proofs of Claim June 27
YUKOS OIL: Swiss Court Affirms Seizure of Ex-CEO's Accounts


S W I T Z E R L A N D

ADECCO SA: First-quarter Net Income Down 53% to EUR30 Million
ADECCO SA: Executive Chairman Resigning by Month's End
SKANDIA INSURANCE: Odd Eiken Leaving This Summer
VON ROLL: Sells Non-core Assets in Brazil, Germany


U K R A I N E

AGRO-POLIS: Deadline for Proofs of Claim June 21
DNIPROPETROVSK' TOOLS: Declared Bankrupt
ENERGOFINPROM: Bankruptcy Proceedings Begin
LAKI-RIFT: Insolvent Status Confirmed
MRAMOR: Donertsk Court Appoints Insolvency Manager

PODILLYA: Agricultural Company Succumbs to Insolvency
TEHNOSERVIS: Dnipropetrovsk Court Appoints Insolvency Manager
TOREZ' FURNITURE: Donetsk Court Confirms Insolvent Status
ZAHIDAGRORESURSI: Declared Insolvent
ZARNOPRODUKT: Odesa Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABLE VEHICLES: In Administrative Receivership
ALFRED ELLIS: Lloyds TSB Appoints Deloitte & Touche Receiver
A & M ASSOCIATES: Final Meeting Set June 25
ASIAN INTOUCH: Special Winding up Resolution Passed
CFM LIMITED: Bank of Scotland Appoints Begbies Traynor Receiver

C P WINDOWS: In Administrative Receivership
DRAYTON FAR: Members Final Meeting Set July 9
DUAL CONTRACTORS: Names Carter Backer Winter Administrator
EMANTIC LIMITED: Final General Meetings Set July 9
EQUITABLE LIFE: Colin Slater Elected New EMAG Chairman

FLYFORD PROPERTY: Hires Duncan Sheard Glass Liquidator
GREAT PORTLAND: Sets Final Meeting June 18
HOLLINGER INC.: Daily Mail, CVC May Submit Joint Telegraph Bid
KNORR HOLDINGS: Members Final Meeting Set July 9
MARKS & SPENCER: Green Expected to Cough up Additional GBP2 Bln

MICHAEL FORSTER: Names Numerica Liquidator
M. R. WARNER: Appoints Mazars Administrator
NUKO 62: Bank of Scotland Appoints Kroll Limited Receiver
PKFINANS INTERNATIONAL: Final Meetings Set July 2
PROMPT MOTOR: In Administrative Receivership

PST LIMITED: Names Receivers from Tenon Recovery
RANK NEMO: Appoints Liquidator from Haslers
TRANSFER PRESSES: Sets General Meeting June 25

* Large Companies with Insolvent Balance Sheets


                            *********


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


ALCATEL: Shareholders Swallow Another Annual Figures in Red Ink
---------------------------------------------------------------
The annual ordinary and extraordinary Shareholders Meeting of
Alcatel (Paris: CGEP.PA and NYSE: ALA) held on June 4, 2004
approved all the proposed resolutions.  The Shareholders Meeting
thus approved the 2003 consolidated results, which registered a
net loss of EUR1.94 billion.  The Shareholders Meeting likewise
approved Alcatel's financial statements and the proposed
appropriation of the income for the year to "other reserves" and
"additional paid in capital."  In addition, the Shareholders
Meeting renewed Jozef Cornu's term as board director for a
period of four years.

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.


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


CONDOR: Parent Won't Hesitate Shutting Down Losing Airline
----------------------------------------------------------
Tour operator Thomas Cook AG is prepared to clip the wings of
its struggling German airline, Condor, if worse turns to worst,
Financial Times Deutschland said, according to Bloomberg News.

Condor is increasingly losing customers to low-cost rivals such
as Ryanair Holdings plc.  Like larger competitor TUI AG, it has
been increasing offerings in the no-frills segment as
vacationers seek lower fares.

Thomas Cook, owned by airline operator Deutsche Lufthansa and
retail group KarstadtQuelle, reported last year an annual loss
of EUR251 million, EUR100 million of which came from Candor.
The group is currently implementing a program to save EUR600
million over the next two years.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: ++49(0)6171 / 65-1700
          Fax: ++49(0)6171 / 65-1060
          Home Page: http://www.thomascook.info


WESTLB AG: Robert Tchenguiz Dangles GBP350 Mln for Odeon Stake
--------------------------------------------------------------
Iranian businessman Robert Tchenguiz has offered GBP350 million
for Britain's biggest cinema chain, Odeon, with which it already
holds a 17.5% stake, The Sunday Times said.

"This is meant to be pre-emptive," the newspaper quoted a source
as saying.  Odeon is set for auction after its other
shareholders failed to exercise an option to buy the cinema
group.

Mr. Tchenguiz and Entertainment Cinemas, another shareholder,
entered exclusive discussions to buy the company in March, but
failed to agree on the terms of the offer by the end of May when
the privilege status expired, sources told Reuters.

German bank WestLB, which owns 45% of Odeon, started selling
assets such as the Odeon stake after booking a record loss in
2002.  It allegedly favors Mr. Tchenguiz's offer, which is being
backed by Iceland's Kaupthing Bank.  The latter will end up
owning a minority stake in Odeon if the transaction pushes
through.


===========
G R E E C E
===========


ROYAL OLYMPIC: Asks U.S. SEC to Extend Deadline for Form 20-F
-------------------------------------------------------------
Royal Olympic Cruise Lines (Nasdaq: ROCLF) filed a request with
the U.S. Securities and Exchange Commission for an extension of
the deadline for its Form 20-F for 2003.

As previously reported, some of the Company's subsidiaries are
under Section 45 protection in Greece (which is similar to the
United States' Chapter 11).  The Company has until 28 August
2004 to develop a restructuring plan acceptable to its lenders,
after which the legal protection of Section 45 will expire.  At
this time, the Company has not obtained the financing necessary
for it to continue in operation.  Discussions with the Company's
lenders are ongoing.  However, the Company can offer no
assurance that these discussions will be successful.

CONTACT:  ROYAL OLYMPIC CRUISE LINES
          James R. Lawrence
          Phone: +1-203-406-0106


=============
I R E L A N D
=============


ELAN CORPORATION: Applies for Approval of Antegren in Europe
------------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
submitted a Marketing Authorisation Application to the European
Medicines Agency for approval of ANTEGREN(R) (natalizumab) as a
treatment for multiple sclerosis.

The submission includes one-year data from two ongoing Phase III
trials.  The companies are committed to completing these two-
year trials.  In order to protect the integrity of the trials,
the companies are not disclosing the one-year data at this time.
Last month, Biogen Idec and Elan submitted a Biologics License
Application (BLA) to the U.S. Food and Drug Administration (FDA)
for the approval of natalizumab for multiple sclerosis.

"Based on the promising results in previous clinical trials and
the one-year analysis from our Phase III studies, we believe
natalizumab has the potential to meet a significant unmet need
for MS patients around the world," said Burt Adelman, MD,
executive vice president, Development, Biogen Idec.
"Natalizumab's novel mechanism of action represents an
innovative approach to treating multiple sclerosis."

"This submission represents a significant milestone for Elan and
Biogen Idec and demonstrates our ongoing commitment to new
therapies for MS patients," said Lars Ekman, MD, executive vice
president and president Research & Development, Elan.  "We will
continue to work with European regulators during the review
process to bring natalizumab to patients as quickly as
possible."

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

About the multiple sclerosis Clinical Trials for ANTEGREN

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

About ANTEGREN (natalizumab)

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

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in multiple sclerosis, CD, and
rheumatoid arthritis.

About Biogen Idec

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

About Elan

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

CONTACT:  BIOGEN IDEC
          Media:
          Amy Brockelman
          Phone: 617-914-6524

          Investor:
          Elizabeth Woo
          Phone: 617-679-2812

          ELAN CORPORATION
          Anita Kawatra
          Phone: 212-407-5755, 800-252-3526

          Emer Reynolds
          Phone: 353 1 709 4000, 800-252-3526


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


PARMALAT FINANZIARIA: Lenders to Know Recovery Prospect by July
---------------------------------------------------------------
Parmalat creditors will have to wait until next month to learn
how much money they will recover from the bankrupt diary group.
This decision was apparently made after the meeting between
lenders and Enrico Bondi, Parmalat's special administrator, on
Friday.

The valuation of debt will depend on seniority and the financial
health of the various Parmalat subsidiaries that issued bonds.
Parmalat's creditors are ranked as preferential, unsecured and
those accepted on a "pre-deduction" basis.  The company's
handful of "preferential" creditors will be reimbursed in full
with cash.  But most will receive shares in a new company named
Assuntore S.p.A.  The amount of shares the creditors will
receive will be determined by the ratio of those companies'
assets to their liabilities.  The proposal for the exact ratios
for the exchange of some EUR12 billion (US$14.7 billion) in debt
for equity will be submitted to the government by June 21 for
approval, and Industry minister Antonio Marzano is not expected
to approve the plan before July 1.

In the meeting, Mr. Bondi said he expects Parmalat to post
EBITDA of EUR490 million in 2007 under his restructuring plan.
It would value the company at approximately EUR4.5 billion,
based on current market multiples for the industry.  Parmalat
filed for bankruptcy in December after the discovery of a US$4.9
billion "ghost account" allegedly deposited with Bank of
America.

Documents used during the meeting are available free of charge
at http://bankrupt.com/misc/Parmalat_June4CreditorsMeeting.pdf.


PARMALAT FINANZIARIA: BofA's Foreign Loan Net Charge-offs Drop
--------------------------------------------------------------
In a May 7, 2004 filing with the U.S. Securities and Exchange
Commission, Neil A. Cotty, Chief Accounting Officer of Bank of
America Corporation, reported that the company's commercial-
foreign loan net charge-offs decreased by US$14,000,000.  In the
three months ended March 31, 2004, foreign loan net charge-offs
total US$106,000,000 compared to US$120,000,000 in the same
period in 2003.

The decrease was attributable to reductions in exposure to the
telecommunications and utilities sectors.  The largest
concentration of commercial-foreign loan net charge-offs in the
three months ended March 31, 2004, was Parmalat Finanziaria
S.p.A. and its related entities.

"There has been a great deal of publicity and interest
surrounding Parmalat that warrants further explanation of our
current exposure to Parmalat," Mr. Cotty noted in the SEC
filing.

At March 31, 2004, BofA reported a US$120,000,000 credit
exposure related to Parmalat, of which US$105,000,000 had credit
support.  This exposure included derivatives of US$2,000,000 at
March 31.  Non-performing loans related to Parmalat were
US$118,000,000 at March 31.  In the first quarter of 2004, BofA
charged off US$106,000,000 of direct loans that did not have
credit support and exercised its contractual rights under the
credit agreements to repay the US$18,000,000 in drawings under
letters of credit.  In addition, BofA marked down the value of
its derivative exposure by approximately US$28,000,000.
(Parmalat Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: BofA Confirms Lawsuits vs. Milan Execs
------------------------------------------------------------
Bank of America Corporation Chief Accounting Officer, Neil A.
Cotty, disclosed in a regulatory filing dated May 7, 2004 with
the U.S. Securities and Exchange Commission that the Public
Prosecutor's Office for the Court of Milan, Italy, filed
criminal charges against three former BofA employees, Antonio
Luzi, Luis Moncada, and Luca Sala in connection with the
Parmalat scandal.  The Prosecutor's Office also filed related
charges for administrative liability against BofA in accordance
with the normal rules of criminal procedure.

BofA's activities and certain former or current employees in
Milan are currently being investigated.  BofA, through certain
of its subsidiaries, have provided financial services to
Parmalat and its related entities.

On January 8, 2004, the Italian authorities identified Luca
Sala, a former BofA employee, as a subject of the investigation.
On March 2, the Italian authorities named three additional
employees in the Milan office as subject to investigation.  On
March 18, BofA's counsel in Italy was informed by the Public
Prosecutor's Office for the Court of Milan, Italy, that a
request had been filed with the Court of Milan for an
accelerated trial with respect to BofA for administrative
liability arising out of the actions of several of the bank's
former employees who allegedly committed illegal acts relating
to Parmalat.  Messrs. Luzi, Moncada, and Sala were also the
subject of a request for accelerated trial.  On March 24, the
Milan Court rejected those requests. (Parmalat Bankruptcy News,
Issue No. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000)


===================
K Y R G Y Z S T A N
===================


HOLIK-ATA: Meeting of Creditors Set June 18
-------------------------------------------
The Arbitration Court of OSH region commenced bankruptcy
supervision procedure on LLC Holik-Ata.  The case is docketed as
14.  Mr. Ahunjanov Ikramjan (License Number 002) was appointed
temporary insolvency manager on April 12, 2004 (120).

Creditors of Holik-Ata will have a meeting on June 18, 2004 at
10:00 a.m.  It will be held at Osh city, Lenina str.221.
Creditors who want to be represented at the meeting may appoint
proxies.  Proxies must submit their authorization letters to
vote to the temporary insolvency manager not later than June 10,
2004.

CONTACT:  Mr. Ahunjanov Ikramjan
          Temporary Insolvency Manager
          Phone: (0-32-22) 2-77-90


KYZ-BULAK: Deadline for Proofs of Claim June 15
-----------------------------------------------
The Arbitration Court of Jalal-Abad region commenced bankruptcy
supervision procedure on enterprise Kyz-Bulak.  The case is
docketed as A02-283/99 c 3.  Mr. Asipov Salmorbek (License
Number 0261) was appointed temporary insolvency manager on
October 18, 2002 (159).

Creditors of Kyz-Bulak will have a meeting on June 24, 2004 at
10:00 a.m.  It will be held at Jalal-Abad city, Panfilova
str.34.  Creditors who want to be represented at the meeting may
appoint proxies.  Proxies must submit their authorization
letters to vote and the proofs of claim of their principals to
the insolvency manager not later than June 15, 2004.

CONTACT:  Mr. Asipov Salmorbek, Temporary Insolvency Manager
          Phone:  (0-37-22) 5-18-51, 5-00-45


MARKO POLO: Concludes Sale of Business Interests
------------------------------------------------
The bidding organizer of JV LLC Marko Polo sold the activities
of the company on June 4 at an auction held at Kyrgyzstan,
Bishkek, Toktogula Str. 212/3.


MEKEN: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Arbitration Court of Jalal-Abad region commenced bankruptcy
supervision procedure on LLC Meken.  The case is docketed as
A02-284/99 c 3.  Mr. Asipov Salmorbek (License Number 0261) was
appointed temporary insolvency manager on October 18, 2002
(160).

Creditors of Meken will have a meeting on June 24, 2004 at 2:00
p.m.  It will be held at Jalal-Abad city, str. Panfilova, 34.
Creditors who want to be represented at the meeting may appoint
proxies.  Proxies must submit their authorization letters to
vote and the proofs of claim of their principals to the
insolvency manager not later than June 15, 2004.  For more
details, contact: (0-37-22) 5-18-51, 5-00-45.


REF: Public Auction of Machineries Set June 9
---------------------------------------------
The bidding organizer of LLC Ref has set the public auction of
the company's properties on June 9, 2004, 11:00 a.m. at
Kyrgyzstan, Bishkek city, Trudovaya str. 9.  The properties for
sale are Lots 1 to 7, including machines and equipment.

Preliminary examination of auction conditions, reception of
biddings and documents for participation in the auction will end
at 4:00 p.m. of June 8, 2004.  To participate, the bidder must
deposit 20% of the starting price not later than 4:00 p.m. of
June 8, 2004.

CONTACT:  REF
          KYRGYZSTAN, BISHKEK
          TRUDOVAYA STR. 9
          Phone: 24 47 34


SEVERNAYA PMK: Sets Public Auction June 9
-----------------------------------------
The properties of JSC Servernaya PMK will be offered at a public
auction on June 9, 2004, 9:00 a.m. at Kyrgyzstan, Bishkek,
Fatianova str.1.  The assets for sale are Lots 1 to 6 consisting
of machines and equipment, among others.

Preliminary examination of auction conditions and description of
lots are done at the auction address.  The starting price of the
properties per unit is 20% (excluding VAT) less than the
original price at the previous auction.  To participate, the
bidder must deposit 10% of the value of the starting price not
later than 12:00 noon of June 9, 2004.  The winning bidder must
pay the agreed price not later than 5:00 p.m. that day.

CONTACT:  SEVERNAYA PMK
          KYRGYZSTAN, BISHKEK
     Fatianova str, 1
          Phone: 42 39 68


SYN-TASH: Creditors Meeting Set June 25
---------------------------------------
Creditors of joint enterprise Syn-Tash at the Yssk-Ata region
will have a meeting on June 25, 2004 at 11:00 a.m.  It will be
held at Issyk-Ata region, Telman, Shkolnaya str., 31.  The
purpose of the meeting is to announce the postponement of the
court hearing, among others.

CONTACT:  SYN-TASH
          Issyk-Ata region, Telman, Shkolnaya str., 31


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


GETRONICS N.V.: Buys back 5.5 Million Ordinary Shares
-----------------------------------------------------
Getronics finalized its program to buy back shares to cover
employee options granted in 2003 and 2004.  Between 3 May and 27
May 2004 the Company bought 5.5 million ordinary shares
(representing just over 1% of the outstanding ordinary shares)
at an average price of EUR2.14 in the open market.  The buy-back
program was announced in the Company's Annual Report and
discussed at the Annual General Meeting of Shareholders.

About Getronics

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

CONTACT:  GETRONICS
          Press Inquiries:
          Phone: +31 20 586 1581
          E-mail: media@getronics.com

          Investor Inquiries:
          Phone: +31 20 586 1982
          E-mail: investor.relations@getronics.com


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


PETROLEUM GEO-SERVICES: 2006, 2010 Noteholders Waive Covenants
--------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) on Friday
announced that, as of 5:00 p.m., New York time, on June 3, 2004,
it has received the requisite consents from holders of its 10%
Senior Notes due 2010 and its 8% Senior Notes due 2006 to
waivers and amendments to the indenture under which the notes
were issued with respect to certain financial reporting
covenants.

As PGS has previously announced, PGS may be unable to comply
with certain U.S. GAAP financial reporting requirements and to
timely file its Annual Report on Form 20-F for the year ended
December 31, 2003 in accordance with the terms of the indenture.
The waiver effected Friday waives any defaults under the
indenture resulting from the failure to comply with these
financial reporting requirements.  In addition, the indenture
has been amended to require that, prior to June 30, 2005, at
PGS' option, PGS may prepare and file with the indenture trustee
Norwegian GAAP consolidated financial statements in lieu of
consolidated financial statements prepared in accordance with
U.S. GAAP.

UBS Investment Bank was the Solicitation Agent and Global
Bondholder Services Corporation was the Information Agent for
the transaction.

                            *   *   *

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

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

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


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


BOLSHEMALINSKY FLAX: Declared Insolvent
---------------------------------------
The Arbitration Court of Tver region declared OJSC
Bolshemalinsky Flax Factory insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A66-6106-
03.  Mr. I. Peshekhonov has been appointed insolvency manager.
Creditors have until June 27, 2004 to submit their proofs of
claim to the insolvency manager at 170000, Russia, Tver,
Glavpochtamt, Post User Box 39A, Phone: 47-55-45.

CONTACT:  BOLSHEMALINSKY FLAX FACTORY
          Russia, Tver region, Sandovsky region,,
          Bloshemalinskoye

          Mr. I. Peshekhonov, Temporary Insolvency Manager
          170000, Russia, Tver, Glavpochtamt, Post User Box 39A
          Phone: 47-55-45


COMMERCIAL BANK: Downgraded to 'CC'; Voluntary Liquidation Cited
----------------------------------------------------------------
Fitch Ratings on Friday downgraded Russia-based Commercial Bank
Credittrust's ratings to International Long-term 'CC' from
'CCC+', National Long-term 'CCC-(rus)' from 'B+(rus)' and
Individual 'E' from 'D/E'.  The Short-term rating has been
affirmed at 'C'.  The International Long- and Short-term ratings
and the National Long-term rating have been placed on Rating
Watch Negative.

Fitch anticipates resolving the Rating Watch Negative in the
next few weeks.  The rating action follows the news that
Credittrust has been placed into voluntary liquidation.
Credittrust's liquidity has been negatively affected in recent
weeks by market perceptions of its association with
Sodbusinessbank, whose license was revoked by the Central Bank
of Russia last month.  Although retail funds are not a
substantial part of its funding base, Credittrust subsequently
suffered from some exodus of such funds and its access to the
money markets weakened considerably.  An additional RUB500
million of new share capital was injected into the bank very
recently to shore up its balance sheet.

Credittrust is a small bank, with assets of less than RUB9
billion.  It is headquartered in Moscow.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


DZERZHINSKY DAIRY: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region declared OJSC
Dzerzhinsky Dairy Combine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-11850/03-33-111.  Mr.
A. Dokukin has been appointed insolvency manager.

Creditors have until July 27, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager:
    606015, Russia, Nizhny-Novgorod region, Dzerzhinsk, Lenina
    Pr., 1. Phone/Fax: (8313) 28-27-14; 28-25-79;

(b) The Arbitration Court of Nizhny-Novgorod region: 603082,
    Russia, Nizhny-Novgorod, Kreml, 9.

CONTACT:  DZERZHINSKY DAIRY COMBINE
          606015, Russia, Nizhny-Novgorod region, Dzerzhinsk,
          Lenina Pr., 1

          Mr. A. Dokukin, Insolvency Manager
          606015, Russia, Nizhny-Novgorod region, Dzerzhinsk,
          Lenina Pr., 1.
          Phone/Fax: 8313) 28-27-14; 28-25-79

          The Arbitration Court of Nizhny-Novgorod region:
          603082, Russia, Nizhny-Novgorod, Kreml, 9


KAMBARKA: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Republic of Udmurtiya commenced
bankruptcy supervision procedure on OJSC port Kambarka.  The
case is docketed as A71-32/2004-G21.  Mr. N. Gulyashikh has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at 426004, Russia, Republic of Udmurtiya, Izhevsk, Post User
Box, 910.

CONTACT:  KAMBARKA
          Russia, Republic of Udmurtiya, Kama, Nizhnekamskaya

          Mr. N. Gulyashikh, Temporary Insolvency Manager
          426004, Russia, Republic of Udmurtiya, Izhevsk,
          Post User Box, 910


KARAT: Penza Court Appoints Insolvency Manager
----------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
supervision procedure on state enterprise-factory Karat.  The
case is docketed as A49-2737/04-51b/26.  Mr. D. Sherban has been
appointed temporary insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to the Arbitration Court of Penza region; the state
enterprise-factory KARAT and to the temporary insolvency manager
at 44008, Russia, Penza, Pushkina Str., 2, Office 707.

CONTACT:  KARAT
          Russia, Penza region, Kuznetsk, Belinskogo Str., 4

          Mr. D. Sherban, Temporary Insolvency Manager
          44008, Russia, Penza, Pushkina Str., 2, Office 707


KRONSHTADT SEA: Bankruptcy Proceedings Start
--------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on federal state
unitary enterprise Kronshtadt Sea Factory.  The case is docketed
as A56-31332/00.  Mr. Y. Shimanaev has been appointed temporary
insolvency manager.  Creditors have until June 27, 2004 to
submit their proofs of claim to the temporary insolvency manager
at 190000, Russia, Saint-Petersburg, Pochtamt, Post User Box
189.

CONTACT:  KRONSHTADT SEA FACTORY
          197762, Russia, Kronshtadt
          Petrovskaya Str.2,

          Mr. Y. Shimanaev
          Temporary Insolvency Manager
          190000, Russia, Saint-Petersburg, Pochtamt
          Post User Box 189


KUCHUGSKAYA SUDOVERF: Court Sets July 5 Hearing
-----------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on OJSC Kuchugskaya Sudoverf (Kachug
Shipyard).  The case is docketed as A19-6140/04-8.  Mr. A.
Nikolaev has been appointed temporary insolvency manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to the temporary insolvency manager at 664001, Russia,
Irkutsk, Barrikad Str., 510, Office 1.  A hearing will take
place on July 5, 2004, 10:00 a.m. at the Arbitration Court of
Irkutsk region.

CONTACT:  KUCHUGSKAYA SUDOVERF (KACHUG SHIPYARD)
          Russia, Irkutsk region, Kachug, Mayakovskaya Str.,21

          Mr. D. Sherban, Temporary Insolvency Manager
          664001, Russia, Irkutsk, Barrikad Str., 510, Office 1

          The Arbitration Court of Irkutsk region
          664025, Russia, Irkutsk, Gagarina Av., 70, room 317


PLANT KPD-2: Tatarstan Court Prescribes Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
supervision procedure on OJSC Plant KPD-2.  The case is docketed
as A65-9036/2004-SG4-35.  Mr. A. Yasko has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 420095, Tatarstan Republic,
Russia, Kazan, Vosstaniya Str., 119A.  A hearing will take place
on November 29, 2004.

CONTACT:  PLANT KPD-2
          420087, Tatarstan Republic
          Kazan, Daurskaya Str.

          Mr. A. Yasko
          Temporary Insolvency Manager
          420095, Tatarstan Republic
          Russia, Kazan, Vosstaniya
          Str., 119A


SARKOO-ENERGO: Udmurtiya Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Republic of Udmurtiya commenced
bankruptcy supervision procedure on LLC Sarkoo-Energo (TIN
1827012815).  The case is docketed as A71-33/2004-G2.  Mr. A.
Kudryavzev has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 426063, Russia, Izhevsk,
Vorovskogo Str., 158.

CONTACT:  SARKOO-ENERGO
          427000, Russia
          Sarapul, Azinina Str., 146

          Mr. A. Kudryavzev
          Temporary Insolvency Manager
          426063, Russia, Izhevsk
          Vorovskogo Str., 158


SHIKHAZANSKAYA SEL: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on state unitary agricultural
chemistry enterprise Shikhazanskaya Sel-Hoz-Khimiya.  The case
is docketed as A79-2998/04-SK1-2803.  Mr. V. Ivanov has been
appointed temporary insolvency manager.   Creditors have to
submit their proofs of claim to the temporary insolvency manager
at 428020, Russia, Cheboksary, Moskovsky pr., 14, appart.90.

CONTACT:  SHIKHAZANSKAYA SEL-HOZ-KHIMIYA
          429310, Russia, Republic of Chuvashiya, Shikhazany

          Mr. V. Ivanov, Temporary Insolvency Manager
          428020, Russia, Cheboksary, Moskovsky pr.14, 90


UCHALINSKY TIMBER: Deadline for Proofs of Claim June 27
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Uchalinsky Timber
Engineering Industry.  The case is docketed as A-07-6958/04-G-
RSA.  Mr. R. Abdrakipov has been appointed temporary insolvency
manager.

Creditors have until June 27, 2004 to submit their proofs of
claim to:

(a) Arbitration Court of Bashkortostan Republic: 450057,
    Russia, Ufa, Oktyabskoj Revolutsii Str., 63A;

(b) Mr. R. Abdrakipov, temporary insolvency manager: 428020,
    Russia, Cheboksary, Moskovsky pr., 14, appart. 90;

(c) OJSC Uchalinsky Timber Engineering Industry:
    453700, Russia, Bashkortostan Republic, Uchaly, Energetikov
    Str., 27.

CONTACT:  UCHALINSKY TIMBER ENGENEERING INDUSTRY:
          453700, Russia, Bashkortostan Republic, Uchaly,
          Energetikov Str., 27

          Mr. R. Adrakipov, Temporary Insolvency Manager
          428020, Russia, Cheboksary, Moskovsky pr.,
          14, appart. 90

          The Arbitration Court of  Bashkortostan Republic:
          450057, Russia, Ufa, Oktyabskoj Revolutsii Str., 63A


YUKOS OIL: Swiss Court Affirms Seizure of Ex-CEO's Accounts
-----------------------------------------------------------
The Swiss Federal Court dismissed an appeal seeking to lift its
previous order to freeze accounts belonging to 20 Russian
companies and businessmen that include Mikhail Khodorkovsky,
Yukos' former CEO.

In March, Russian authorities successfully sought the seizure of
the accounts, which they claim held amounts generated from
illegal deals involving fertilizer, oil and its byproducts.
Three companies, claiming the seizure application was illegal
and politically motivated, immediately appealed the order.  Six
other appeals on behalf of other companies and businessmen are
currently pending.

Mr. Khodorkovsky's accounts contain US$5 billion, according to
the Moscow Times.  The high court struck down the appeal on his
behalf.  A spokesman for the Swiss Federal Prosecutor's Office
declined to comment on the ruling.

Mr. Khodorkovsky is currently in jail for charges of tax evasion
and fraud, but observers say it's Kremlin's way of punishing Mr.
Khodorkovsky for funding liberal political parties.


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


ADECCO SA: First-quarter Net Income Down 53% to EUR30 Million
-------------------------------------------------------------
Highlights of Q1 2004 results:

(a) Group sales up 4.4% in local currency to EUR3.8 billion
    (down 1% in Euro)

(b) Operating income before amortization down 8% in local
    currency excluding corporate costs

(c) Cash flow from operations of EUR87 million, compared to
    EUR88 million in Q1 2003

(d) Net debt, including off-balance sheet debt, reduced by a
    further EUR81 million to EUR837 million

(e) Additional audit fees and fees for other advisers of EUR36
    million

Key Proposals for the Annual General Meeting

(a) Candidates for election to the Board are Jakob Baer[1],
Jurgen
    Dormann, Philippe Foriel-Destezet, Klaus J.  Jacobs,
    Philippe Marcel, Francis Mer, Thomas O'Neill, David Prince
    and Peter
    Ueberroth

(b) Elimination of the 5% voting limit to be proposed

Adecco announces the Company's unaudited financial results for
the first quarter of 2004.  In addition, the Board of directors
has outlined a number of proposals that will be put forward to
the AGM, scheduled for June 29, 2004.

Jerome Caille, Adecco Group Chief Executive Officer, commenting
on the Q1 2004 results, said: "We are pleased with our sales
performance, which was up 4.4% in local currency in the first
quarter, our fastest growing quarter since Q2 2001.  Moreover,
we have not lost any major clients due to the recent events --
in fact, we actually succeeded in growing our client base
further in the quarter.  I am tremendously proud of these
results, which demonstrate the resilience of our business in
what has been a very challenging period for the Company.  Gross
margins came under pressure in the quarter, mainly due to
pricing pressure and changes in business mix.  In addition, our
profitability was significantly impacted by the non-recurring
costs related to the audit delay, of which EUR36 million was
incurred in the first quarter.  However, we anticipate that
sales and profitability will improve after this challenging
first quarter resulting in further increases from higher margin
permanent placements, temporary staffing pay rate increases and
a decline in workers compensation in the U.S.  I am confident
that we are now well positioned to continue to grow our
leadership in the world of work."

Commenting on the proposals for the AGM, John Bowmer, Executive
Chairman of the Board, said: "I am delighted to announce that we
have assembled a very talented new Board who will be able to
greatly contribute to the future success of Adecco."

First quarter 2004 results

Sales

Group sales for the first quarter were up 4.4% over Q1 2003 in
local currency at EUR3.8 billion.  Sales were down 1% in Euro
due to the impact of exchange rate movements.

In the Adecco Staffing Division, sales growth was 5% in local
currency and 1% in Euro.  Sales in local currency in Europe were
up 5% with growth in France, Spain, Italy, the U.K. and Belgium
offset by declines in the Netherlands and Germany, whilst in
Switzerland sales were flat.  In North America, sales in local
currency were up 3%, reflecting 3% growth in the U.S.  In
Asia/Pacific sales in local currency were up 10%, largely
boosted by a 10% increase in Japan.

In the Ajilon Professional Division, sales growth was 2% in
local currency (down 5% in Euro).  This is the first quarter of
underlying growth in the business, showing the effect of the
economic recovery.

In the LHH/Career Services Division, sales were down 22% in
local currency (down 32% in Euro), reflecting the further
decline in demand for outplacement services during the initial
period of the economic recovery.

Gross margin

In the first quarter, the Group's gross margin was 16.6%, down
109 basis points compared to 17.7% in the first quarter of 2003
and down 26 basis points compared to 16.9% in the fourth quarter
of 2003.  The decrease in gross margin was largely due to
pricing pressure and changes in business mix.  This change in
business mix was driven by two major elements, the rapid
decrease of LHH given the outplacement cycle and the faster
growth of large accounts in the economic recovery compared to
higher margin transactional business from smaller companies.

Operating costs

Operating costs increased by 8% in local currency compared to Q1
2003 and by 1% in Euro.  This increase was primarily due to the
charging of EUR36 million for additional audit fees and fees for
other advisers.  Excluding these costs, the operating costs
increased by 1% in local currency.  The ratio of operating costs
to sales this quarter increased to 15.1% of sales (excluding the
additional audit fees and fees for other advisers to 14.1% of
sales) compared with 14.8% in Q1 2003.

Operating income

Operating income before amortization and additional audit fees
and fees for other advisers was EUR96 million compared to EUR113
million of operating income before amortization in the first
quarter of 2003.  Operating income before amortization was EUR60
million this quarter, down 45% in local currency (down 47% in
Euro), representing a return on sales of 1.6%.  Excluding EUR36
million charged for additional audit fees and fees for other
advisers, return on sales decreased by 49 basis points in local
currency terms to 2.5% in Q1 2004 from 3.0% in Q1 2003.
Operating income excluding amortization and corporate expenses
in local currency decreased 8% to EUR119 million compared to Q1
2003.

Operating income was EUR59 million, down 47% in Euro compared to
EUR112 million in Q1 2003, representing an overall return on
sales of 1.6%.

Interest and other expenses

Interest expense decreased to EUR15 million compared to EUR21
million in the first quarter of 2003.  Net foreign exchange
losses were EUR3 million compared to EUR1 million in the first
quarter of 2003.  Interest income was EUR3 million in the first
quarter of 2004 compared to EUR2 million in Q1 2003.  Non-
operating income was EUR2 million compared to non-operating
expenses of EUR4 million in the first quarter of 2003.

Provision for income taxes

The provision for income taxes decreased to EUR16 million this
quarter from EUR24 million in the first quarter last year.  The
effective tax rate increased to 35% from 27% in Q1 2003.  This
increase is primarily due to additional audit fees and other
advisers' fees being incurred in lower tax jurisdictions,
certain other income streams being taxed at higher tax rates and
not benefiting from favorable tax dispute settlements as enjoyed
in 2003.

Net income

Net income decreased in the first quarter by 53% to EUR30
million.

Net debt and cash flow

Net debt, defined as short-term and long-term debt and off-
balance sheet debt less cash and marketable securities, was
EUR837 million at the end of Q1 2004.  This represents a
reduction of EUR81 million during the first quarter, even after
incurring additional audit fees and fees for other advisers, and
a reduction of EUR453 million from the level at the end of Q1
2003.  Strong operating cash flow of EUR87 million was a major
contributor to this reduction.

Divisional performance in the first quarter 2004

Adecco Staffing

Adecco Staffing is the number 1 in the world, and is ranked
number 1 in 9 of the 13 most important staffing markets.  In the
first quarter Adecco Staffing increased sales by 5% and
increased gross margin by 1% in local currency.  Contribution
decreased by 5% in local currency.

(a) Adecco France achieved sales growth of 4% and continued to
    grow market share in the quarter.  Contribution decreased by
    25%, largely due to pricing pressure and this quarter's
    comparison with an exceptionally strong first quarter last
    year.

(b) Adecco North America sales were up 3% in local currency and
    improved contribution -- a particularly good result given
    the additional work created by the audit.

(c) Adecco U.K. sales were up 7% in local currency, the second
    year of constant growth.  Contribution was up 49% in local
    currency compared to last year, largely due to a series of
    low cost branch openings and a highly targeted approach to
    the market.

(d) Adecco Japan posted sales growth of 10% in local currency.
    However, contribution in local currency was down 60% largely
    due to our investment in building our presence in this
    market following recent regulatory reforms.

(e) Adecco Italy sales were up 12% in local currency, a further
    improvement over the previous quarter, and contribution
    increased 25% in local currency.

(f) Adecco Spain sales grew by 8% and contribution improved by
    38%, largely as a result of gross margin improvements and
    its efficient cost structure.

(g) Adecco Switzerland sales were flat with contribution down
    26% in local currency largely due to the decrease in the
    high margin permanent placement business.

(h) Germany sales were down by 2% compared to last year.
    Contribution improved significantly from last year's level.

(i) Adecco Benelux sales were flat overall with a decline in the
    Netherlands of 7% offset by a 7% sales growth in Belgium.

Ajilon Professional

Sales for the first quarter in local currency continued to
improve to EUR412 million, an increase of 2% compared to Q1 2003
in local currency.  Profits were up 11% in local currency to
EUR15 million (up 3% in Euro).  In the U.S. sales in local
currency were down just 1% at Ajilon Consulting and down 5% at
Ajilon Finance.  In the U.K. sales in local currency were up 7%
at Ajilon Consulting, up 1% at Ajilon Engineering and up 17% at
U.K. Ajilon Finance while sales at Ajilon Office Angels were
down 1%.

LHH/Career Services

At LHH, which represents 1% of Group revenues and 9% of profits,
sales for the quarter of EUR43 million were down 22% in local
currency (32% in Euro).  Profits declined by 39% to EUR11
million (down 48% in Euro) in line with the decrease in sales as
the division adjusted its cost base to adapt to current business
levels.

Corporate Expenses

Corporate expenses increased by EUR39 million to EUR59 million
in the first quarter of 2004.  This increase is primarily driven
by EUR36 million of additional audit fees and fees for other
advisers.  In addition, employee stock options of EUR5 million
were expensed for the first time in this quarter.

Proposals for the Annual General Meeting

Changes to the Board

The Board has decided to propose these candidates at its Annual
General Meeting: Jakob Baer, currently CEO of KPMG Switzerland
(will join the Board as of October 1, 2004); Jurgen Dormann, CEO
and Chairman of the Board of ABB; Philippe Foriel-Destezet,
Member of the Board, Adecco SA, Klaus J.  Jacobs, Philippe
Marcel, Member of the Board, Adecco SA, Francis Mer, former
Finance Minister of France; Thomas O'Neill, Member of the Board
and Chairman of the Audit & Finance Committee of Bell Canada
Enterprises, David Prince, former Group Finance Director of
Cable & Wireless, Member of the Board and Chairman of the Audit
and Finance Committee of Therapeutics Group; Peter Ueberroth,
Entrepreneur, Member of the Board of The Coca Cola Company.

Elimination of 5% voting limit

At present, a shareholder holding more than 5% is registered as
"shareholder without voting right" for the shares exceeding such
5%.  The Board of Directors proposes to abolish this
restriction, following the principle "one share one vote".

Outlook

Worldwide demand for temporary staffing is accelerating and
Adecco expects it to further strengthen over the course of 2004.
In the short term, Adecco expects some margin pressure resulting
from competitive pricing as well as a change in business mix
with a decrease in demand for outplacement services.
Furthermore, profitability will continue to be impacted by the
significant non-recurring costs related to the delay in
finalizing the 2003 audited results.  However, Adecco remains
confident about the medium term profitability outlook and
expects gross margins to be positively impacted by the increase
in the number of permanent placements, the recovery of the
professional staffing sector, particularly in Information
Technology, and the accelerated growth in deregulated countries
with higher margins.  Furthermore, the Company's lower cost base
and higher productivity will result in a high conversion of top
line sales growth into bottom line profitability.

About Adecco

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

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

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

Additional information is available at the Company's Web site at
http://www.adecco.com.

(1) As of October 1, 2004.

                     Selected Financial Highlights


EUR millions           Three months ended       % change
                    ------------------------------------------
                        March 28,    March 30,
                          2004         2003       EUR  Constant
                   ------------------------------------------

Net service revenues     3,807       3,832       -1%       4%

Operating income before
   amortization(1)          60         113      -47%     -45%

Amortization of
intangibles                 (1)         (1)

Operating income            59         112      -47%

Net income                  30          64      -53%

---------------------------

Net income per share
        Basic                     0.16       0.34
        Diluted                   0.16       0.34

Weighted average shares      186,985,582   186,697,246
Diluted shares               187,621,398   192,069,919

(1) Operating income before amortization is a non-U.S. GAAP
    (U.S. generally accepted accounting principles) information
    used by management as supplementary information.

CONTACT:  ADECCO
          Media Centre
          Phone: +41 1 878 8888


ADECCO SA: Executive Chairman Resigning by Month's End
------------------------------------------------------
Adecco Executive Chairman John Bowmer announced his resignation
from the employment services giant on Friday, six months after
the revelation of bookkeeping problems at the company's U.S.
business.  He will step down at the end of the month, but will
remain as consultant after the June 29 annual general meeting.

To adjust to the change, the firm plans to appoint to the board
Juergen Dormann, chief of Swiss-Swedish engineering giant ABB,
and former French finance minister Francis Mer, and Peter
Ueberroth, member of Coca-Cola's board.

Adecco had to overhaul its accounts during the first three
months of the year after the discovery of accounting problems
related to control and compliance issues at its North American
operations.  It delayed publication of its 2003 results by two
months, during which its shares lost almost half of their value.
Mr. Bowmer denied to reporters he was responsible for the
accounting glitch.

Shares in Adecco recovered recently, but it was still 25% lower
than what it was worth before the January fiasco.  The company's
first quarter net income fell more than half to EUR30 million,
largely due to EUR36 million charges for accounting costs and
adviser fees related to the bookkeeping problems.  But it
assured investors early last week it would not restate earnings,
and that is audit fees would only cost a total of EUR100 million
(GBP66 million).  Adecco is facing investigations in the U.S.,
as well as class-action lawsuits.


SKANDIA INSURANCE: Odd Eiken Leaving This Summer
------------------------------------------------
Odd Eiken, Executive Vice President, Strategy & Communication,
will be leaving the company after the summer.  He joined Skandia
in November 2002.

In a statement, Odd Eiken said: "These have been two very
intensive years of crisis management.  Now that Skandia is
reasonably beyond the most intensive period of this, hopefully
the need of the role I have had will decrease.

"Following last year's turbulence, we have worked intensively
this spring on confidence issues and on Skandia's future market
communication.  This work feels solid and is proceeding well
according to plan, and I am confident about Skandia's ability to
successfully continue its restoration work.  I feel this is now
for me an opportunity to take next step.  I will wait a few
months before taking on next assignments, however, in view of
Skandia's planning and recruitment work it is appropriate that I
announce my departure at this time."

Hans-Erik Andersson, President and CEO of Skandia, says: "Odd
Eiken has made an immense and important contribution during an
extraordinarily extreme and difficult period for the company.
We are very grateful for his contribution, at the same time that
we naturally respect his decision and wish him all the best in
the future."

CONTACT:  SKANDIA INSURANCE
          Odd Eiken
          Executive Vice President, Strategy & Communication
          Phone: + 46-8-788 25 00

          Hans-Erik Andersson
          President & CEO
          Phone: +46-8-788 25 00

          Gunilla Svensson
          Press Manager
          Phone: +46-8-788 25 00


VON ROLL: Sells Non-core Assets in Brazil, Germany
--------------------------------------------------
On June 1, 2004, Von Roll Isola divested two minor production
units in the context of its effort to focus on strategically
important and profitable market segments.  The unit in Sao
Paolo, Brazil, producing composite materials was sold to a
locally active company, Eletrisol.  Von Roll has retained its
sales activities in the electrical insulation sector as well as
the production of mica-based material in Brazil.

In Duren, Germany, Von Roll Isola sold the production of
filament-wound tubes to Xperion.  All other business activities
in Duren will be continued.  Both units are of only minor
importance to Von Roll in terms of volume, however these sales
will help to improve the company's earnings.

CONTACT:  VON ROLL HOLDING LTD.
          8045 Zurich
          E-mail: press@vonroll-isola.com

          Corporate Finance:
          Werner Matzner
          Phone: +41 1 204 30 80
          Fax: +41 1 204 30 64

          Corporate Communications:
          Celine Aubry
          Phone: +41 1 204 30 01
          Fax:   +41 1 204 30 12


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


AGRO-POLIS: Deadline for Proofs of Claim June 21
------------------------------------------------
The Economic Court of Rivne region declared enterprise Agro-
Polis (code EDRPOU 30681336) insolvent and introduced bankruptcy
proceedings on April 1, 2004.  The case is docketed as 8/6.
Mr. Cherevatij Lubomir has been appointed liquidator/insolvency
manager.

Creditors have until June 21, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 79022, Ukraine, Lviv,
    Gorodotsa str., 277

(b) ECONOMIC COURT OF RIVNE REGION: 33001, Ukraine, Rivne,
    Yavornitski str., 59

CONTACT:  AGRO-POLIS
          Ukraine, Rivne, Kurchatov str., 18

          Mr. Cherevatij Lubomir
          Liquidator/Insolvency Manager
          79022, Ukraine, Lviv, Gorodotsa str., 277

  ECONOMIC COURT OF RIVNE REGION:
  33001, Ukraine, Rivne, Yavornitski str., 59


DNIPROPETROVSK' TOOLS: Declared Bankrupt
----------------------------------------
The Economic Court of Dnipropetrovsk region declared
CJSC Dnipropetrovsk' Tools Building Plant (code EDRPOU 05797629)
insolvent and introduced bankruptcy proceedings on April 27,
2004.  The case is docketed as B 15/75/03.  Arbitral manager Mr.
Talan Leonid has been appointed liquidator/insolvency manager.

CONTACT:  DNIPROPETROVSK' TOOLS BUILDING PLANT
          49070, Ukraine, Dnipropetrovsk,
          Krasnozavodska str., 14

          Mr. Talan Leonid, Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk, a/b 158
          Phone: (0562) 92-53-18

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


ENERGOFINPROM: Bankruptcy Proceedings Begin
-------------------------------------------
The Economic Court of Zaporizhya region declared LLC
Energofinprom (code EDRPOU 30771321) insolvent and introduced
bankruptcy proceedings on April 19, 2004.  The case is docketed
as 19/58.  Mr. Chulakov Petro (License Number AA 719815) has
been appointed liquidator/insolvency manager.

CONTACT:  Mr. Chulakov Petro, Liquidator/Insolvency Manager
          69050, Ukraine, Zaporizhya, a/b 7683

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


LAKI-RIFT: Insolvent Status Confirmed
-------------------------------------
The Economic Court of Zaporizhya region declared LLC Laki-Rift
(code EDRPOU 25487517) insolvent and introduced bankruptcy
proceedings on April 26, 2004.  The case is docketed as 25/68.
Mr. Chulakov Petro (License Number AA 719815) has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. Chulakov Petro, Liquidator/Insolvency Manager
          69050, Ukraine, Zaporizhya, a/b 7683

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


MRAMOR: Donertsk Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Donetsk region declared JSCCT Mramor (code
EDRPOU 20397135) insolvent and introduced bankruptcy proceedings
on April 28, 2004.  The case is docketed as 15/40B.  Arbitral
manager Mr. Tkachenko P. (License Number 520125) has been
appointed liquidator/insolvency manager.

Creditors have until June 21, 2004 to submit their proofs of
claim to the liquidator/insolvency manager at 83003, Ukraine,
Donetsk, Illich avenue, 89, Donetsk' industrial-legal company;
Phone: 345-20-72.

CONTACT:  MRAMOR
          87330, Ukraine, Donetsk region, Amvrosijivskij
          district, Blagodatne

          Mr. Tkachenko P., Liquidator/Insolvency Manager
          83003, Ukraine, Donetsk, Illich avenue, 89, Donetsk'
          industrial-legal company
          Phone: 345-20-72

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


PODILLYA: Agricultural Company Succumbs to Insolvency
-----------------------------------------------------
The Economic Court of Vinnitsya region declared agricultural LLC
Podillya (code EDRPOU 30740050) insolvent and introduced
bankruptcy proceedings on May 11, 2004.  The case is docketed as
5/582-03.  Mr. Kozenyuk Yuhim (License Number AA 668346 approved
November 7, 2003) has been appointed liquidator/insolvency
manager.  Podillya holds Account Number 260093000902 at CB
Privatbank, Vinnitsya branch, MFO 302689.

CONTACT:  PODILLYA
          22040, Ukraine, Vinnitsya region,
          Hmilnitskij district, V. Ostrizhok

          Mr. Kozenyuk Yuhim, Liquidator/Insolvency Manager
          Ukraine, Vinnitsya, Chervonih kursantiv str., 8
          Phone: (0432) 27-04-43

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


TEHNOSERVIS: Dnipropetrovsk Court Appoints Insolvency Manager
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Tehnoservis (code EDRPOU 30959056) insolvent and introduced
bankruptcy proceedings on April 29, 2004.  The case is docketed
as B 24/61/04.  Arbitral manager Mr. Talan Leonid has been
appointed liquidator/insolvency manager.

CONTACT:  TEHNOSERVIS
          49038, Ukraine, Dnipropetrovsk, Stolyarov str., 3 A

          Mr. Talan Leonid, Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk, a/b 158
          Phone: (0562) 92-53-18

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


TOREZ' FURNITURE: Donetsk Court Confirms Insolvent Status
---------------------------------------------------------
The Economic Court of Donetsk region declared CJSC Torez'
Furniture Factory (code EDRPOU 20346404) insolvent and
introduced bankruptcy proceedings on April 13, 2004.  The case
is docketed as 32/18 B.  Mr. Dmitrichenko Anatolij (License
Number AA 540063 approved November 25, 2003) has been appointed
liquidator/insolvency manager.

Creditors have until June 21, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 83000, Ukraine, Donetsk,
    Cheluskintsi str., 107/45
    Phone: (0622) 91-74-97; 335-61-14

(b) ECONOMIC COURT OF DONETSK REGION: 83048, Ukraine, Donetsk,
    Artema str., 157; Contact phone: 381-88-46

Torez' Furniture Factory holds Account Number 26000301460044 at
Prominvestbank, Torez branch, MFO 334282.

CONTACT:  TOREZ' FURNITURE FACTORY
          86607, Ukraine, Donetsk region, Torez

          Mr. Dmitrichenko Anatolij
          Liquidator/Insolvency Manager
          83000, Ukraine, Donetsk, Cheluskintsi str., 107/45
          Phone: (0622) 91-74-97; 335-61-14

          ECONOMIC COURT OF DONETSK REGION:
          83048, Ukraine, Donetsk, Artema str., 157
          Phone: 381-88-46


ZAHIDAGRORESURSI: Declared Insolvent
------------------------------------
The Economic Court of Rivne region declared LLC Zahidagroresursi
(code EDRPOU 30398077) insolvent and introduced bankruptcy
proceedings on April 1, 2004.  The case is docketed as 8/8.
Mr. Cherevatij Lubomir has been appointed liquidator/insolvency
manager.

Creditors have until June 21, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 79022, Ukraine, Lviv,
    Gorodotsa str., 277

(b) ECONOMIC COURT OF RIVNE REGION: 33001, Ukraine, Rivne,
    Yavornitski str., 59

CONTACT:  ZAHIDAGRORESURSI
          Ukraine, Rivne, Grushevskij str., 40/68

          Mr. Cherevatij Lubomir, Liquidator/Insolvency Manager
          79022, Ukraine, Lviv, Gorodotsa str., 277

          ECONOMIC COURT OF RIVNE REGION:
          33001, Ukraine, Rivne, Yavornitski str., 59


ZARNOPRODUKT: Odesa Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Odesa region declared LLC ZARNOPRODUKT
(code EDRPOU 32059689) insolvent and introduced bankruptcy
proceedings on May 5, 2004.  Mr. Ivanov V. (License Number AA
250152 approved January 25, 2002) has been appointed liquidator
/insolvency manager.

CONTACT:  ZARNOPRODUKT
          67800, Ukraine, Odesa region, Ovidiopol,
          Lenin str., 21

          Mr. Ivanov V., Liquidator/Insolvency Manager
          65011, Ukraine, Odesa a/b 46

          ECONOMIC COURT OF ODESA REGION:
          65032, Ukraine, Odesa, Shevchenko avenue, 4


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


ABLE VEHICLES: In Administrative Receivership
---------------------------------------------
The Able Vehicles Limited has appointed Paul Howard Finn as
joint administrative receivers.  The appointment was made May 5,
2004.

Able Vehicles' registered office address is located at 4
Enterprise Court, Downmill Road, Berkshire RG12 1QS.  The
company is engaged in vehicle leasing.

CONTACT: Paul Howard Finn
         (IP No 005367)
         Four The Chandlery,
         40 Gowers Walk, London E1 8BH


ALFRED ELLIS: Lloyds TSB Appoints Deloitte & Touche Receiver
------------------------------------------------------------
Lloyds TSB Bank Plc called in Angus Matthew Martin and Ian Brown
from Deloitte & Touche LLP receivers for Alfred Ellis & Sons
Limited Company (Reg No 01849738, Trade Classification: 2811).
The application was filed May 25, 2004.  Alfred Ellis' previous
company name is Cobnor Limited.  The company manufactures metal
casting.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square,
          Leeds, West Yorkshire LS1 2AL
          Receivers:
          Angus Matthew Martin
          Ian Brown
          (Office Holder Nos 008331, 007236)


A & M ASSOCIATES: Final Meeting Set June 25
-------------------------------------------
There will be a Final Meeting of the Members of the A & M
Associates Limited Company on June 25, 2004 at 11:30 a.m.  It
will be held at the offices of Begbies Traynor (Incorporating
Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG.

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.


ASIAN INTOUCH: Special Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Asian Intouch Media
Limited Company (formerly Asian Interactive Media Limited)
On May 20, 2004 held at The Old Exchange, 234 Southchurch Road,
Southend on Sea, Essex SS1 2EG, the subjoined Special Resolution
to wind up the Company was passed.  David Paul Hudson of Begbies
Traynor, The Old Exchange, 234 Southchurch Road, Southend on
Sea, Essex SS1 2EG has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road,
          Southend on Sea, Essex SS1 2EG
          Contact:
          David Paul Hudson, Liquidator


CFM LIMITED: Bank of Scotland Appoints Begbies Traynor Receiver
---------------------------------------------------------------
The Bank of Scotland called in W John Kelly and P N Martin from
Begbies Traynor receivers for CFM (U.K.) Limited Company
formerly named Aldercrest Limited (Reg No 03721563, Trade
Classification: 46).  The application was filed May 24, 2004.
The Company supplies commercial cleaning equipment.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Newater House,
          11 Newhall Street, Birmingham B3 3NY
          Receivers:
          W John Kelly
          James P N Martin
          (Office Holder Nos 4857, 8316)


C P WINDOWS: In Administrative Receivership
-------------------------------------------
C Perren Esq. called in receivers Leonard Harry Knight from
Vantis Business Recovery for C P Windows (Ashford Kent) Limited
Company (Reg No 02204776, Trade Classification: Home
Improvements).  The application was filed May 24, 2004.  The
company manufactures and installs doors and windows.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street, Epsom,
          Surrey KT18 7BS
          Receiver:
          Robert Leonard Harry Knight
          (Office Holder No 002231)


DRAYTON FAR: Members Final Meeting Set July 9
---------------------------------------------
Members of the Drayton Far Eastern Trust PLC will have a Final
Meeting on July 9, 2004 at 11:00 a.m.  It will be held at 180
Strand, London WC2R 1WL.  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.


DUAL CONTRACTORS: Names Carter Backer Winter Administrator
----------------------------------------------------------
John Alfred George Alexander and Melvyn Julian Carter of Cater
Backer Winter have been appointed joint administrative receivers
for Dual Contractors Limited Company.  The appointment was made
May 21, 2004.  The Company is engaged in general construction
and civil engineering.

CONTACT:  CARTER BACKER WINTER
          Hill House,
          Highgate Hill,
          London N19 5UU
          Receivers:
          John Alfred George Alexander
          Melvyn Julian Carter
          (IP Nos 5053, 5773)


EMANTIC LIMITED: Final General Meetings Set July 9
--------------------------------------------------
Name of Companies:
Emantic Limited
J.S. & S. Shipping Limited
Swire Pacific I B Limited
Swire Shipping (Polynesia) Limited

There will be a Final General Meetings of Members of these
Companies on July 9, 2004 at 10:30 a.m., 10:45 a.m., 11:00 a.m.
and 11:15 a.m. respectively.  It will be held at KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB.

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.  Proxy forms must be lodged with KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB on July 8, 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          8 Salisbury Square,
          London EC4Y 8BB
          Receiver:
          J Spratt, Joint Liquidator


EQUITABLE LIFE: Colin Slater Elected New EMAG Chairman
------------------------------------------------------
After two years as chairman of Equitable Members Action Group
(EMAG), Alex Henney has stepped down and his deputy, Colin
Slater, has been elected in his place.

Paul Braithwaite (general secretary) said: "Colin Slater has
done exceptional work for policyholders, particularly in the
supervision of the superb studies conducted by his chartered
accountancy practice, Burgess Hodgson.  Colin will maintain and
develop EMAG's focus on government compensation for serial
maladministration via the PO and through seeking to hold the
U.K. government to account for breaches of EU Directives."

EMAG is pleased to announce the co-option of two talented
accountants as new committee members: John Newman (FCA) is a
chartered accountant and was until recently a member of the
council of the Institute of Chartered Accountants.  Stewart
Simpson (ACCA retired) is Mr. P, the sole complainant evaluated
in the PO's study of Equitable.  EMAG also announces the
resignation of committee members Rodney Allen and Leslie Seymour
(both of whom have also served for more than two years) for
personal reasons.  The committee thanked them for their sterling
contributions.

EMAG's new chairman Colin Slater said: "Over the two year period
of Alex Henney's stewardship there has been a major improvement
in the chances of recovering for Equitable Life policyholders
public compensation for serial failure by the government as
regulator.  This is thanks in significant part to EMAG's
concentrated attention on the Parliamentary Ombudsman, to a
number of submissions to Parliamentary Select Committees and to
extensive political lobbying.

"I am strongly of the view that EMAG is a valuable resource for
policyholders. However, it can best make its contribution if
Equitable Life is willing to recognize EMAG's complementary
role.  To that end, EMAG has written to Vanni Treves offering an
olive branch."


FLYFORD PROPERTY: Hires Duncan Sheard Glass Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Flyford Property
Investment Company Limited on May 19, 2004 held at Axiothea
Thorsway Caldy, Wirral CH48 2JJ, the subjoined Special
Resolution to wind up the Company was passed.  Jean McKay Ellis
of Duncan Sheard Glass, Castle Chambers, 43 Castle Street,
Liverpool L2 9TL has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  DUNCAN SHEARD GLASS
          Castle Chambers
          43 Castle Street,
          Liverpool L2 9TL
          Contact:
          Jean McKay Ellis, Liquidator


GREAT PORTLAND: Sets Final Meeting June 18
------------------------------------------
Members of the Great Portland Hotels Limited Company will have a
Final Meeting on June 18, 2004 at 10:00 a.m.  It will be held at
35 Waters Edge Business Park, Modwen Road, Manchester M5 3EZ.

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 submitted to 35 Water Edge Business
Park, Modwen Road, Manchester M5 3EZ not later than 12:00 noon,
June 17, 2004.


HOLLINGER INC.: Daily Mail, CVC May Submit Joint Telegraph Bid
--------------------------------------------------------------
The Daily Mail & General Trust (DMGT) and private equity fund
CVC Capital Partners are considering making a joint bid for the
newspaper assets of Hollinger International, according to
reports.

Unnamed sources say the two are in talks regarding an
approximately GBP700 million offer for The Telegraph, U.K.'s
biggest selling broadsheet.  DMGT had previously been linked to
buyout firms Apax and Candover, and Cinven, with which it broke
talks last month.

Investment bank Lazards, which is running the sale, recently cut
the number of bidders to three: the billionaire Barclay
brothers, venture capital group 3i, and DMGT.  It hopes to reach
a deal by mid-June.  Under DMGT's plan, CVC is to take a
controlling stake to satisfy regulatory concerns.  DMGT may even
relinquish all managerial and editorial control to secure the
deal.


KNORR HOLDINGS: Members Final Meeting Set July 9
------------------------------------------------
Members of the Knorr Holdings Europe Limited Company will have a
Final Meeting on July 9, 2004 at 10:00 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.

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.

CONTACT:  PRICEWATERHOUSECOOPER LLP
          Plumtree Court, London EC4A 4HT
          Contact:
          R Setchim, Joint Liquidator


MARKS & SPENCER: Green Expected to Cough up Additional GBP2 Bln
---------------------------------------------------------------
Analysts are expecting retail billionaire Philip Green to come
back with a significantly higher bid for Marks & Spencer after
his first attempt was rejected last week.

Mr. Green submitted an offer that valued the clothing retailer
at between GBP7 billion and GBP9 billion.  It included a GBP1.05
billion of his own money and a 25% stake in Revival
Acquisitions, his bid vehicle.  Marks & Spencer said the offer
was too low, and turned it down promptly.

But analysts believe Mr. Green's offer was just preliminary; he
could increase it by up to GBP2 billion as early as this week.
According to The Scotsman, one source said: "He will bide his
time for a few days, and come back the following week."

Mr. Green has the backing of a syndicate of banks.  He is said
to be further going around to solicit other support from across
the continent.  He might even sell some of his assets, including
Bhs, in order to avoid a competition inquiry and raise the
required funds, according to speculations.

Mr. Green's extra GBP2 billion equity funding, if used in full,
would imply a share price of 500p, an offer hard to refuse as it
was well above the 400p shareholders had demanded and the 330p-
380p value of his initial offer.


MICHAEL FORSTER: Names Numerica Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Michael Forster
Property Development Limited Company on May 21, 2004 held at
Numerica, 4th Floor, Southfield House, 11 Liverpool Gardens,
Worthing, West Sussex BN11 1RY, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Colin Ian Vickers and Nicholas Hugh O'Reilly both of Numerica,
4th Floor, Southfield House, 11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY and 66 Wigmore Street, London have been
appointed Joint Liquidators for the purpose of the voluntary
winding-up.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing,
          West Sussex BN11 1RY

          NUMERICA
          66 Wigmore Street,
          London

          Contact:
          Colin Ian Vickers, Liquidator
          Nicholas Hugh O'Reilly, Liquidator


M. R. WARNER: Appoints Mazars Administrator
-------------------------------------------
The M. R. Warner & Son Limited has appointed A S Wood and Philip
Michael Lyon of Mazars as joint administrative receivers.  The
appointment was made May 25, 2004.

The company's registered office address is located at 47 Queen
Street, Wolverhampton WV1 3BW.  M. R. Warner is engaged in
photographic activities.

CONTACT:  MAZARS
          Lancaster House,
          67 Newhall Street,
          Birmingham B3 1NG
          Receiver:
          A S Wood
          (IP No 7929)

          MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Receiver:
          Philip Michael Lyon
          (IP No 2108)


NUKO 62: Bank of Scotland Appoints Kroll Limited Receiver
---------------------------------------------------------
Bank of Scotland called in receivers Simon Walker and David
Whitehouse from Kroll Limited for Nuko 62 Limited Company (Reg
No 04555545, Trade Classification: 3663-Other Manufacturing).
The application was filed May 28, 2004.  The Company
manufactures tableware.

CONTACT:  KROLL LIMITED
          1 Oxford Court, Bishopsgate,
          Manchester M2 3WR
          Receivers:
          Simon Wilson
          David Whitehouse
          (Office Holder Nos 008963, 008699)


PKFINANS INTERNATIONAL: Final Meetings Set July 2
-------------------------------------------------
Name of Companies:
Pkfinans International (U.K.) Limited
The English Trust (Export Finance) Limited

There will be a Final Meetings of the Members of these Companies
on July 2, 2004 at 10:00 a.m. and 10:30 a.m. respectively.  It
will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB.

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 submitted to KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB not later than 12:00 noon, July 1, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Contact:
          J S Spratt, Joint Liquidator


PROMPT MOTOR: In Administrative Receivership
--------------------------------------------
HSBC Bank Plc called in receivers Mark Shaw and David Rolph from
Moore Stephens for Prompt Motor Limited Company (Reg No
02626165, Trade Classification: 92).  The application was filed
May 27, 2004.  The company sells automotive fuel.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Receivers:
          Mark Shaw
          David Rolph
          (Office Holder Nos 8893, 5930)


PST LIMITED: Names Receivers from Tenon Recovery
------------------------------------------------
The PST (International) Limited Company has appointed Simon
Robert Thomas and Steven John Parker of Tenon Recovery as joint
administrative receivers.  The appointment was made May 27,
2004.

PST handles inventory management services.  The company's
registered office address is located at Priors Way, Maidenhead.
Berkshire SL6 2HP.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Receivers:
          Simon Robert Thomas
          Steven John Parker
          (IP Nos 8920, 8989)


RANK NEMO: Appoints Liquidator from Haslers
-------------------------------------------
At an Extraordinary General Meeting of the Rank Nemo (HTR)
Limited Company on May 25, 2004 held at 6 Connaught Place,
London W2 2EZ, the Special and Ordinary Resolutions to wind up
the Company were passed.  Richard A J Hooper of Haslers,
Johnston House, 8 Johnston Road, Woodford Green, Essex IG8 0XA
has been appointed Liquidator of the Company.

CONTACT:  HASLERS
          Johnston House
          8 Johnston Road,
          Woodford Green Essex IG8 0XA
          Contact:
          Richard A J Hooper, Liquidator


TRANSFER PRESSES: Sets General Meeting June 25
----------------------------------------------
There will be a General Meeting of the Members of the Transfer
Presses Ltd. Company on June 25, 2004 at 11:00 a.m.  It will be
held at 29 Ludgate Hill, London EC4M 7JE.

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.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     176       17


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Dollfus-Mieg                                      187       28
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Swisslog Holding-R                                354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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