TCREUR_Public/040611.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 11, 2004, Vol. 5, No. 115

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Ratings on CreditWatch Positive


F I N L A N D

SANITEC OYJ: Closing Bathtub Production Plant in Germany


F R A N C E

EURO DISNEY: Reaches Preliminary Deal with Lenders


G E R M A N Y

BERTELSMANN AG: Set for Oral Arguments Before E.U. Commission
MANNESMANN AG: Trial of Former Execs Could End Next Month
WESTLB AG: Cinema Attracts Another Suitor


H U N G A R Y

NABI RT: Receives Order for 25 Buses from Broward County, FL


K Y R G Y Z S T A N

AINEK: Puts 14 Lots of Office Equipment on Auction Block
ARSTAN: Under Bankruptcy Supervision Procedure
FORA-L: Selling Unfinished Building for KGS791,625
KYRGYZAGROPROMBANK: Public Auction of Properties June 21
KYRGYZAGROPROMBANK: Auctions 43 Lots of Office Equipment

MSR: Sets Meeting of Creditors June 21
SARY-KOO: Public Auction of Buildings, Machineries June 17
TEHNOPOLIS: Deadline for Proofs of Claim June 25


L U X E M B O U R G

STOLT OFFSHORE: Adds Two New Directors to Board


N E T H E R L A N D S

KONINKLIJKE AHOLD: SVP Sharon Christians Leaving Next Month
NUMICO N.V.: Sells Kampen Facility for Undisclosed Sum


P O L A N D

AIRPOLONIA: Lacks Planes to Accommodate Rising Demand


R U S S I A

ARKHANGELSKY WOOD: Moves Public Auction to June 30
KALININ-AGRO: Proofs of Claim Deadline July 27
KURGANINSKY COMBINE: Under Bankruptcy Supervision Procedure
ROT-FRONT: Public Auction of Properties July 5
SAKHALIN: Public Auction of Properties Set July 1
SIMBIRSK-SPIRTPROM: Public Auction of Assets Set for July 1
SUKHONA: Insolvent Status Confirmed


U K R A I N E

AGROMOLPRODUKT: Insolvent Status Confirmed
BRATSKAVTOTRANS: Under Bankruptcy Supervision Procedure
CEMREMONT: Under Bankruptcy Supervision Procedure
DONINVESTBUD: Donetsk Court Appoints Insolvency Manager
DRUZHKIVSKE AVTO: Deadline for Proofs of Claim June 26

GRAND: Declared Insolvent
GULYAJPOLE' PLANT: Bankruptcy Proceedings Begin
KONONIVKA' REPAIR: Under Bankruptcy Supervision Procedure
KONOTOP PLANT: Insolvent Status Confirmed
RODINA: Bankruptcy Proceedings Start

UKRAINA: Under Bankruptcy Supervision Procedure
UKRSPETSMONTAZHOBLADNANNYA: Declared Insolvent
ZHORNAVA' WOOD: Deadline for Proofs of Claim June 26


U N I T E D   K I N G D O M

ABN AMRO: Calls in Liquidator from Ernst & Young LLP
AUTOMOTIVE PRECISION: Stiff Competition Forces Liquidation
BARILLA LIMITED: Meeting of Members Set July 12
CITIFUTURES LIMITED: Members Meeting Set July 16
HERITAGE HOMES: In Compulsory Liquidation

LEWIS JOINERY: General Meeting July 2
M10 LIMITED: Special Winding up Resolution Passed
MARKS & SPENCER: Vittorio Radice Resigning
MORECROFT GROUP: Calls in Liquidator
NORTHUMBRIAN WATER: Profit Before Tax Down to GBP56.5 Million

NORTHUMBRIAN WATER: To Distribute Final Dividend July 13
NORWICH UNION: Streamlining to Affect 700 Workers
NOW AIRLINES: Funding Problems Spoil Start-up
OZANAM CENTRE: Appoints Liquidators from Benedict Mackenzie
RAYNER GEARS: In Administrative Receivership

ROBERTS STONEWICH: Hires Stoy Hayward Administrator
ROYAL & SUNALLIANCE: Terms of Eurobond Subordinated Debt Amended
S RAINES: Calls in Liquidator
TODD-WOOD BOX: Names Receiver from Bishop Fleming
WELCOME BREAK: Fitch Withdraws 'B', 'C' Ratings
WEST 175: Discloses Result of Annual General Meeting


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


TELESYSTEM INTERNATIONAL: Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday placed its 'B-'
long-term corporate credit ratings on MobiFon Holdings B.V. and
Telesystem International Wireless Inc. on CreditWatch with
positive implications.  Telesystem International owns 99.8% of
MobiFon Holdings, which in turn owns 63.5% of MobiFon S.A.
(MobiFon), Romania's largest cellular operator.

"The CreditWatch placement follows Telesystem International's
announcement that it has entered into an agreement in principle,
which will result in MobiFon Holdings increasing its ownership
interest in MobiFon to up to 79% from the current 63.5%," said
Standard & Poor's credit analyst Joe Morin.

This is a materially relevant ownership threshold for this
company, as the MobiFon statutes require a supermajority
approval of shareholders (75%) for certain material financial
change.  At the current ownership level of 63.5%, MobiFon
Holdings is not able to unilaterally control or access MobiFon,
and the default risk of MobiFon Holdings is separate from that
of MobiFon.  MobiFon Holdings' current credit profile and the
ratings on the company reflect its debt levels and the stability
of its proportional share of MobiFon's dividends.  Although
unrated, the stand-alone credit quality of MobiFon (excluding
debt at Holdings) is currently viewed as 'BB-'.

Vodafone will continue to remain an influential minority
shareholder, however, MobiFon Holdings will have substantive
control over MobiFon.  The default risk on both entities would
be the same, and the credit profile would reflect that of the
consolidated company including Telesystem International.  The
consolidated entity has a better financial profile than MobiFon
Holdings' stand-alone profile.

The current long-term corporate credit rating on the
consolidated entity would be 'B+'.  If this pro forma rating
remains unchanged by transaction close, the 'B-' ratings on the
MobiFon Holdings notes would be unaffected by the transaction.
They would be notched down to reflect the structural
subordination to the priority debt at MobiFon.  There is an
immaterial amount of lease-adjusted debt and no external debt at
the Telesystem International level.  Telesystem International's
only other holding, 27%-owned TIW Czech N.V., has a neutral
effect on the ratings on MobiFon and TIW, as it is treated as an
equity investment.

MobiFon is the leading cellular operator in Romania, with a
slight market share lead over the No. 2 competitor in the
market: a subsidiary of Orange S.A. The other two competitors in
Romania have combined market share of less than 5% and continue
to be ineffective in the market.  The effective duopoly has
resulted in high (50%) EBITDA margins, and substantial free
cash flow after debt servicing at the operating company level.
The low level penetration and relative poor quality of land-line
services in Romania have helped with rapid growth in wireless
subscribers, resulting in MobiFon being one of the fastest
growing cellular operators in Eastern Europe.


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


SANITEC OYJ: Closing Bathtub Production Plant in Germany
--------------------------------------------------------
In order to further improve the cost structure in its Bath &
Shower Products business segment, Sanitec on 2 June 2004
announced a plan to close its Koralle acrylic bathtub production
unit in Hirzenhain, Germany.  The production of bathtubs,
whirlpools and shower trays in Hirzenhain is intended to cease
on 31 December 2004, and will be taken over by Sanitec's other
existing production units.  The closing will affect 44 employees
in Hirzenhain.

CONTACT:  SANITEC OYJ
          Mr. Corrado Giovannetti
          Executive Vice President, Bath and Shower Products
          Phone: +39 0427 587 400
          Mobile: +39 335 241 116
          E-mail: corrado.giovannetti@dominospa.com


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


EURO DISNEY: Reaches Preliminary Deal with Lenders
--------------------------------------------------
Euro Disney S.C.A. announced on Wednesday that the primary
negotiating parties (the Company, The Walt Disney Company,
Caisse des Depots et Consignations and the Steering Committee of
its other lenders) have approved a Memorandum of Agreement.

The MOA contemplates a restructuring of the Company's financial
obligations as well as new debt and equity financing.  These
transactions are intended to enhance the Company's liquidity and
provide capital for the Company's ongoing business as well as
investment in new park attractions and other resort assets.

The MOA is subject to certain conditions, including approval by
all of the lenders by July 31, 2004, shareholder approvals,
regulatory authorizations, and other significant milestones.
Additionally, a continuing debt covenant waiver depends upon the
approval by the requisite number of lenders by June 30, 2004.

The Company believes that the approval of the MOA and the
continuing waiver are in all of the parties' best interests.  In
the event that such approval is not obtained, and absent a
subsequent waiver or agreement, Walt Disney and the Company's
other lenders would be able to demand immediate payments from
the Company for amounts owed, which the Company would not be
able to satisfy.

Upon obtaining lender approvals and completion of the related
documentation, the Company plans to begin the design of new
rides and attractions for the Walt Disney Studios and Disneyland
theme parks as well as other assets throughout the resort.

Andre Lacroix, Chairman and Chief Executive Officer, said: "We
are extremely pleased and grateful to the Caisse des Depots,
CALYON, BNP Paribas, the other members of the Steering Committee
and The Walt Disney Company, as we reach this very important
milestone.  This Memorandum of Agreement embodies the essential
elements for Disneyland Resort Paris to pursue its long-term
growth strategy, including capital for asset additions.  We will
be announcing additional details as well as the components of
our new investment plan at the appropriate time in the near
future."

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 1,576 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

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


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


BERTELSMANN AG: Set for Oral Arguments Before E.U. Commission
-------------------------------------------------------------
Bertelsmann and Sony on June 9, 2004 sent to the European
Commission their detailed Reply to the Statement of Objections
(SO) regarding the proposed Sony BMG recorded music joint
venture.  BMG is confident that the reply, and the economic
analysis it includes, deals with all issues raised in the SO.
Both BMG and Sony have requested an Oral Hearing, which will
take place in Brussels on June 14/15, at which they will have
the opportunity to debate the outstanding issues with the
Commission and address directly the third parties who have
voiced their own views.

Following this Hearing, the parties can continue to provide the
Commission with any additional information and explanations the
Commission needs to prepare its formal decision on the Sony BMG
recorded music joint venture.  The deadline for that decision is
July 22.

The Sony BMG joint venture is the response to long-term change
in the economic viability of the recorded music industry. It
enables the creation of a focused recorded music business, which
can sustain higher levels of investment in A&R (artists and
repertoire) than would otherwise be possible, thereby
safeguarding and promoting cultural diversity in Europe.  The
creation of the joint venture will benefit consumers of music in
this rapidly changing market environment.

CONTACT:  BERTELSMANN AG
          Oliver Herrgesell
          Senior Vice President Media Relations
          Phone: +49 - 52 41 - 80 24 66
          E-mails: oliver.herrgesell@bertelsmann.com
                   press@bertelsmann.com
          Web site: http://www.bertelsmann.com


MANNESMANN AG: Trial of Former Execs Could End Next Month
---------------------------------------------------------
The trial seeking the imprisonment of former Mannesmann
executives for accepting bonuses in relation to Vodafone's
takeover of the company four years ago could end next month,
according to Bloomberg News.

Court spokesman Ulrich Thole said the prosecution led by
Johannes Puls no longer wishes to hear more testimonies, in
particular that of retired Goldman Sachs Group Inc. banker, E.
Scott Mead, who was Vodafone's adviser on the acquisition of
Mannesmann.  Mr. Puls did not explain why.  He will deliver his
final statement before the Dusseldorf court headed by Judge
Brigitte Koppenhoefer on June 24.  According to Mr. Thole, the
lead prosecutor may still request additional evidence in his
final statement; but absent this, a verdict is possible in July.

In March, the five-judge panel ruled out a crime for the
approval of more than EUR57 million in bonuses and other
payments during Vodafone's EUR154 million takeover of
Mannesmann.  The defendants in the case are Deutsche Bank CEO
Josef Ackermann and five other former Mannesmann AG directors,
managers and employees.


WESTLB AG: Cinema Attracts Another Suitor
-----------------------------------------
Vue Entertainment is planning to launch a rival bid for
Britain's biggest cinema chain, Odeon, Reuters reports citing
the Times.

According to the report, the company is considering offering
GBP20 million more than the GBP360 million tabled by Iranian
businessman Robert Tchenguiz on Friday.  The bid is likely to
come within days of the issuance of a sale memorandum, which is
expected later this month, the report said.

Mr. Tchenguiz, who already owns 17.5% of Odeon, is hoping his
bid will block a formal auction for the chain.  His bid expires
at the end of the week.

None of the companies were immediately available for comment on
Tuesday, according to the report.

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.


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


NABI RT: Receives Order for 25 Buses from Broward County, FL
------------------------------------------------------------
Broward County Mass Transit (Florida) placed a purchase order
for 25 NABI 40-foot, low-floor steel buses with diesel
propulsion systems.  The buses are scheduled to be delivered by
May 2005.  The contract includes a firm order in the amount of
US$7.8 million and 3 options for the delivery of 25 buses each.
NABI Group to date has delivered more than 500 transit buses in
Florida.  NABI cornered 20.9% share of the U.S. heavy-duty urban
transit bus market in 2003.

                            *   *   *

In May, the company reported a net loss of US$870,000, an
improvement from a loss of US$1.4 million in the same period
last year.  The current loss included more than US$1 million of
one-time costs associated with the restructuring of the
company's debt agreements, which became effective on April 23,
2004.

CONTACT:  NABI RT
          Andras Bodor
          Corporate Affairs Director
          Phone: +36.1.401.7100
          E-mail: andras.bodor@nabi.hu


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


AINEK: Puts 14 Lots of Office Equipment on Auction Block
--------------------------------------------------------
The bidding organizer and insolvency manager of joint-stock
company, Ainek, set the public auction of its properties on June
22, 2004, 10 a.m. (local time).  The auction will be held at
Kyrgyzstan, Bishkek, Fatianova str. 1.  Up for sale are 14 lots
of office equipment and systems.

Preliminary examination and reception of bids are done at Chui
region, Tokmok City, industry zone; and Bishkek, Fatianova str.
1.  Auction conditions and description of lots are available in
said addresses.   To participate, bidders must deposit 10% of
the starting price on or before June 21, 2004, 12 p.m. (local
time).  Winners must pay the lots won on the day of the public
auction.

CONTACT:  AINEK
          Kyrgyzstan, Bishkek,
          Fatianova str. 1


ARSTAN: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Inter-district Court of Talas region commenced bankruptcy
supervision procedure on Arstan farm on October 13, 2003.
Mrs. Abdykaharova Abdrasila (License No.0218) has been appointed
temporary insolvency manager.  Creditors will meet on June 21,
2004, 10:00 a.m. at Talas region, Manas district, Kyzyl-Jyldyz
village, Mira str. 5.  For more information, contact the
insolvency manager by Phone: 2-13-79

CONTACT:  Abdykaharova Abdrasila
          Temporary Insolvency Manager
          Phone: 2-13-79


FORA-L: Selling Unfinished Building for KGS791,625
--------------------------------------------------
The bidding organizer and insolvency manager of limited
liability company, Fora-L, set the public auction of its
unfinished building on June 18, 2004, 10 a.m. (local time).  The
auction will take place at Kyrgyzstan, Bishkek, Ave. Erkindik
57, Room 101.  Starting price of the lot is 791,625 soms (US$1 =
441,058 soms).

Preliminary examination and reception of bids are ongoing at
Bishkek, 4th micro district, House 31 #40 and will close June
17, 5 p.m. (local time).  Auction conditions and documents
related to the auction are available in the same address.  To
participate, bidders must deposit 10% of the starting price.

CONTACT:  FORA-L
          Kyrgyzstan, Bishkek,
          4th Micro District, House 31 #40
          Phone: (0-502) 32-11-97 (Morning)
                 (0-312) 47-10-42 (Afternoon)


KYRGYZAGROPROMBANK: Public Auction of Properties June 21
--------------------------------------------------------
The bidding organizer and insolvency manager of joint-stock
commercial bank, Kyrgyzagroprombank, set the public auction of
its properties on June 21, 2004, 10:00 a.m. (local time).  The
auction will be held at Kyrgyzstan, Bishkek, Ave. Chui 114.
Up for sale are 19 lots of office equipment.

Preliminary examination and reception of bids are ongoing at the
auction venue and will close the day before the auction.
Auction conditions and description of lots are available in the
same address.  To participate, bidders must deposit 10% of the
starting price on or before June 20, 2004.

CONTACT:  AK KYRGYZAGROPROMBANK
     Kyrgyzstan, Bishkek
     Avenue Chui, 114
     Phone: (0-312) 62-44-57, 66-38-00


KYRGYZAGROPROMBANK: Auctions 43 Lots of Office Equipment
--------------------------------------------------------
The bidding organizer and insolvency manager of joint-stock
commercial bank, Kyrgyzagroprombank, set the public auction of
its properties on June 21, 2004, 10 a.m. (local time).  The
auction will take place at Kyrgyzstan, Bishkek, Ave. Chui 114.
Up for sale are 43 lots of office equipment and systems.

Preliminary examination and reception of bids are ongoing at the
auction venue and will close the day before the auction.
Auction conditions and description of lots are available in the
same address.  To participate, bidders must deposit 10% of the
starting price on or before June 20, 2004.

CONTACT:  AK KYRGYZAGROPROMBANK
          Kyrgyzstan, Bishkek
     Avenue Chui, 114
          Phone: (0-312) 62-44-57, 66-38-00


MSR: Sets Meeting of Creditors June 21
--------------------------------------
The Inter-district Court of Issyk-Kul region commenced
bankruptcy supervision procedure on limited liability company
MSR on May 11, 2004.  The case is docketed as #03-27/M-2004.
Mr. Sultanov Manasbek (License No.021) was appointed temporary
insolvency manager on June 3, 2004.

Creditors will meet on June 21, 2004, 2 p.m. at Issyk-Kul
region, Karakol city, intersection of str. Toktogula-Gorkogo.
To attend the meeting, they must register and submit their
proofs of claim to the insolvency manager on or before June 14.
Proxies must have authorization to vote.  Additional information
is available at Bishkek, str. Fatianova 1.

CONTACT:  Sultanov Manasbek
          Temporary Insolvency Manager
          Phone: (0-502) 32-31-01


SARY-KOO: Public Auction of Buildings, Machineries June 17
----------------------------------------------------------
The bidding organizer and insolvency manager of Sary-Koo farm
set the public auction of its properties on June 17, 2004, 11
a.m. (local time).  The auction will be held at Kyrgyzstan, Chui
region, Jaiyl district, Altyn village.  Up for sale are 45 lots
buildings and constructions, machines and equipment, and
apartments.

Preliminary examination and reception of bids are done Tuesdays
and Saturdays at Jaiyl district, Altyn village; and Mondays,
Thursdays and Fridays at Bishkek, str. Fatyanova, 1.  The
process will close June 16, 2004, 11 a.m. (local time).  Auction
conditions and other documents related to the auction are
available in the said addresses.  To participate, bidders must
deposit 10% of the starting price to the cashier of Sary-Koo
farm.

CONTACT:  Phone: (0-502) 57-90-17
                 (0-517) 73-66-64
                 (0-502) 39-33-78


TEHNOPOLIS: Deadline for Proofs of Claim June 25
------------------------------------------------
The Bishkek Inter-district Court commenced bankruptcy
supervision procedure on private company Tehnopolis on May 24,
2004.  The case is docketed as #03-122/M-04c5.  Mr. Beishebayev
Mirlan (License No.0215) was appointed temporary insolvency
manager on June 1, 2004.

Creditors will meet on July 2, 2004, 4 p.m. at Bishkek, Ave.
Erkindik 57, Room 101.  They must register and submit their
proofs of claim to the insolvency manager on or before June 25.
Proxies must have authorization to vote.

CONTACT:  Beishebayev Mirlan
          Temporary Insolvency Manager
          Phone: (0-312) 62-68-29


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


STOLT OFFSHORE: Adds Two New Directors to Board
-----------------------------------------------
Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO),
announced on June 9, 2004 that it intends to elect Mr. Trond O.
Westlie and Mr. George H. Doremus to the Board of Directors at
the extraordinary general meeting on June 30, 2004 at 1400 local
time, at the offices of Services Generaux de Gestion S.A., 23,
avenue Monterey, L-2086 Luxembourg, at which shareholders will
be asked to vote these candidates onto the Board.  These new
appointments will increase the number of Directors to nine.
Information for the EGM will be posted to shareholders during
the week commencing June 7, 2004.

Mr. Westlie brings significant financial experience serving most
recently as Group Executive Vice President and Chief Financial
Officer of Aker Kvaerner ASA, from 2002 to 2004, one of Norway's
largest engineering and construction companies.  Prior
management positions include Executive Vice President and Chief
Financial Officer of Aker Maritime ASA.  Mr. Westlie is a State
Authorized Public Auditor and a former audit manager with KPMG
and has served on numerous corporate boards.

Mr. George Doremus has extensive management experience currently
serving as CEO of Gulf Energy Technologies Inc. and Erie Power
Technologies/Keystone Energies.  Previous management positions
in the oil and gas sector include Executive Vice President, Oil
and Gas Process International with Aker Kvaerner ASA and Vice
President and Manager of Eastern Hemisphere Projects and Middle
East Operations at Parsons Corporation.

Jacob Stolt-Nielsen, Chairman of Stolt Offshore S.A., said:
"These appointments bring significant additional oil and gas
industry and financial expertise to the Board. I am confident
that both Mr. Westlie and Mr. Doremus will provide valuable
contributions to the Board in determining the future course of
Stolt Offshore."

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

          BRUNSWICK GROUP
          Patrick Handley (U.K.) / Tim Payne (U.S.)
          Phone: (U.K.) +44 207 404 5959
          Phone: (U.S.) +1 212 333 3810
          E-mail: phandley@brunswickgroup.com
               Or tpayne@brunswickgroup.com
          Web site: http://www.stoltoffshore.com


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


KONINKLIJKE AHOLD: SVP Sharon Christians Leaving Next Month
-----------------------------------------------------------
Sharon Christians, Senior Vice President for Corporate
Communications at Ahold, will be leaving the company to pursue a
career outside effective July 1, 2004.  She joined Ahold in
October 2002, having worked at a senior level in corporate
communications for multinational companies in Canada, Great
Britain and Europe.

Commenting on her departure, President & CEO Anders Moberg said:
"Sharon played a key role in helping to steer our company
through the most serious crisis in its history.  We very much
appreciate her involvement and the contribution she made in
helping to begin the process of restoring Ahold's reputation. We
wish her all the best in her future career."

Ms. Christians commented: "Ahold has been a challenging yet very
rewarding experience.  I wish the company and all its associates
much success as it returns to its deserved position as one of
the most respected competitors in the food sector."

Kiki Stiemer, Vice President Management Support, will take
operational responsibility for Corporate Communications as
interim head of the department.  She will combine this temporary
role with her present duties.  An announcement on the
appointment of a new SVP Corporate Communications will be made
later this year.

CONTACT:  ROYAL AHOLD N.V.
          P.O. Box 3050 1500
          HB Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax:   +31 (0)75 659 83 02
          Web site: http://www.ahold.com

          Corporate Communications
          Phone: +31.75.659.5720


NUMICO N.V.: Sells Kampen Facility for Undisclosed Sum
------------------------------------------------------
Royal Numico N.V. announces that in principle an agreement has
been reached on the sale of its subsidiary Nutricia Lyempf in
Kampen (the Netherlands) to Alsi Beheer B.V. in Raalte (the
Netherlands).

Nutricia Lyempf B.V. mainly produces (milk) powders for third
parties with net sales of approximately EUR30 million in 2003.
All 73 employees as well as the production facility will be
transferred to Alsi Beheer B.V.  The transaction is expected to
be finalized by the end of July 2004.  The sale is in line with
Numico's strategy to fully focus on the segments Baby Food and
Clinical Nutrition in order to become a high-growth, high-margin
specialized nutrition company.

Alsi Beheer B.V., through subsidiary Fresena-Salland B.V.,
specializes in the import and export of milk powders.  For more
information, visit http://www.fresena.nl.

Royal Numico is a specialized nutrition company with leading
positions in Baby Food and Clinical Nutrition.  The company
operates in over 100 countries and employs approximately 10,500
people.  For more information, visit http://www.numico.com.

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931

          Investor Relations
          Phone: +31 79 353 9003 0420


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


AIRPOLONIA: Lacks Planes to Accommodate Rising Demand
-----------------------------------------------------
Poland's first budget airline, Airopolania, will cut down its
domestic flights this summer due to lack of planes and working
capital, Warsaw Business Journal reports.

According to Adam Wychowaniec, director of charter flights,
Airopolania had asked other companies to fly its excess
passengers, but they failed to do so.  The airline is in need of
a fourth plane to accommodate the excess demand.  They wanted to
lease but don't have enough money.   As a result they decided to
cancel some flights, including those to Tenerife.

Airopolania is optimistic about finding an investor soon.
Unofficial sources say Crescent PlanConsult is interested in
purchasing a 76% stake in the budget airline.  It may also
provide PLN1.3 million in working capital.


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


ARKHANGELSKY WOOD: Moves Public Auction to June 30
--------------------------------------------------
The insolvency manager of LLC Arkhangelsky Wood-Processing
Combine says the auction of the company's properties on May 11,
2004 failed to push through for lack of participants.  A second
auction is scheduled for June 30, 2004 at 9:00 a.m. (Moscow
Time).  The auction will take place at 163045 Russia,
Arkhangelsk, Talazhskoye Shosse, 1, Build.1

The assets for sale are:

Lot 1: Carpentry shop.  Starting price: RUB1.8 million inclusive
       of VAT.

Lot 2: Mechanical repair Shop.  Starting price: RUB1 million
       inclusive of VAT.

Lot 3: Sawmill shop with pool and bunker gallery (with
       household premises and equipment, with an area for
       storing the materials).  Starting price: RUB3 million
       inclusive of VAT.

Lot 4: A part of the building of the carpentry shop (823.9 m2).
  Starting price: RUB1.4 million inclusive of VAT.

Lot 5: A part of the building of the carpentry shop (1,276.1
       m2).  Starting price: RUB1.4 million inclusive of VAT.

Lot 6: A part of the building of the carpentry shop (1,411.4
       m2).  Starting price: RUB1.4 million inclusive of VAT.

Lot 7: A part of the building of the carpentry shop (1,764.6
       m2).  Starting price: RUB2.5 million inclusive of VAT.

Lot 8: A part of the building of the carpentry shop (1,772.5
       m2).  Starting price: RUB4.5 million inclusive of VAT.

Lot 9: Administrative-household building.  Starting price:
       RUB10.0 million inclusive of VAT.

Lot 10: Drying area and boiler plant building with warehouse.
        Starting price: RUB3.0 million inclusive of VAT.

Lot 11: Tractor K-701 (2001 model).  Starting price: RUB180,000
        inclusive of VAT.

Preliminary examination of auction conditions and reception of
bids are done at Russia, Arkhangelsk, Talazhskoye Shosse, 1,
Bild.1; Phone: 8 (822) 24-23-06, (881842) 6-97-40 (in
Severodvinsk).  Document list for participants, description of
lots and additional information are available in the same
address.  Bids are accepted until 5:00 p.m. (Moscow Time) of
June 26, 2004.

In order to participate in the auction, bidders should transfer
deposits amounting to 20% of the starting price of each lot to
the bidding organizer's settlement account LLC Arkhangelsky
Wood-Processing Combine 40702810700460000400, TIN 292601610, in
Arkhangelsk branch of Joint-Stock Commercial Moscow Municipal
Bank of Moscow (Arkhangelsk, Timme Str., 26), BIC 041117720,
correspondent account 30101810900000000720.

CONTACT:  ARKHANGELSKY WOOD-PROCESSING COMBINE
     163045, Russia, Arkhangelsk
          Talazhskoye Shosse, 1, Build.1
          Phone: 8 (822) 24-23-06


KALININ-AGRO: Proofs of Claim Deadline July 27
----------------------------------------------
The Arbitration Court of Tver region declared agricultural
industrial chemical company OJSC Kalinin-Agro-Prom-Khimiya
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A66-8736-04.  Mr. N. Vereshjak has been appointed
insolvency manager.  Creditors have until July 27, 2004 to
submit their proofs of claim to 170000, Russia, Tver, Pochtamt,
Post User Box 169, Phone: (0822) 42-88-43.

CONTACT:  KALININ-AGRO-PROM-KHIMIYA
          Russia, Tver, Ushakova Str., 25

          Mr. N. Vereshjak
          Insolvency Manager
          170000, Russia, Tver,
          Post Office, Post User Box 169
          Phone: (0822) 42-88-43


KURGANINSKY COMBINE: Under Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on OJSC Kurganinsky Combine of Nonmetallic
Materials.  The case is docketed as A-32-7021/2004-43/48-B.  Mr.
A. Pukhov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 350051,
Russia, Krasnodar, Rashpilevskaya Str., 321.

CONTACT:  KURGANINSKY COMBINE OF NONMETALLIC MATERIALS
          Russia, Krasnodar region,
          Kurganinsk, Komsomolskaya Str., 95

          Mr. A. Pukhov
          Temporary Insolvency Manager
          350051, Russia, Krasnodar,
          Rashpilevskaya Str., 321


ROT-FRONT: Public Auction of Properties July 5
----------------------------------------------
The bidding organizer and insolvency manager of OJSC PTMP Rot-
Front, set the public auction of the firm's properties on July
5, 2004, 10:00 a.m. (local time) at Russia, Saint-Petersburg,
nab. reki Smolenki, 5/7.

The assets for sale are:

(a) Lot 1: Children's sanatorium situated on 63,166 m2 plot
    located at Russia, the Leningrad Region, Gatchinsky region,
    Vyrytsa, Lejtenanta Shmidta Str., 19.  It includes:

    (i) Uninhabitable building (bath-house - laundry) - 1,014 m2
   (ii) Uninhabitable building (sanatorium) - 153 m2
  (iii) Kindergarten building (sleeping building) - 4,531 m2
   (iv) Uninhabitable building (pumping station) - 275 m2
    (v) Kindergarten building (sleeping building) - 4,701 m2
   (vi) Uninhabitable building (kitchen) - 440 m2
  (vii) Uninhabitable building (kitchen) with attic storey -
        2,023 m2.  Starting price: RUB9 million.

(b) Lot 2: Share holdings of judicial persons that belong to:
    OJSC PTMP Rot-Front; CJSC Liro Bank Petrovsky, LLC;
    Kingesepovskaya Fir Factory; OJSC PSB (18351 shares.  The
    nominal price is 1 RUB per 1 share), OJSC Concern Russian
    Fir (300 shares, the nominal price is 1 RUB per 1 share),
    LLC Rot-FrontPetersburg (4,838,695 shares, the nominal price
    is 1 RUB) LLC Rys, LLC Feniks.  Starting price is RUB5
    million.

Preliminary examination of auction conditions and reception of
biddings are done (except weekends) from 12:00 noon until 4:00
p.m.  Document list for participants and description of lots are
available at Russia, Saint-Petersburg, River Smolenka Emb.,5/7.
All transactions will be closed at 4:00 p.m., June 30, 2004.

To participate in the auction, bidders are required to transfer
deposits amounting to 20% of the starting price to the
settlement account of 4070281075100000796, correspondent account
30101810200000000791, BIC 044030791 OJCS Promyshlenno-Stroitelny
Bank Branch Admiralteysky.

CONTACT:  ROT-FRONT
          Russia, Saint-Petersburg,
          River Smolenka Emb.,5/7


SAKHALIN: Public Auction of Properties Set July 1
-------------------------------------------------
Mr. J. Sednev, the bidding organizer and insolvency manager of
fishing collective farm, Sakhalin, set the public auction of the
firm's property on July 1, 2004, 12:00 p.m. (local time) at
694740, Russia, Sakhalin region, Nevelsk, Sovetskaya Str., 18.

The asset for sale is the fishing collective farm.  Starting
price is RUB65 million.  Preliminary examination of auction
conditions and reception of biddings are done daily (except
weekends) until 5:00 p.m.  Document list for participants and
description of lots are available at 694740, Russia, Sakhalin
region, Nevelsk, Sovetskaya Str., 18, Phone/Fax: 8 (42436) 55-3-
55, 8 (42436) 60-1-49.  All transactions will be closed at 5:00
p.m., June 26, 2004.

To participate in the auction, bidders are required to transfer
deposits amounting to RUB6.5 million to the settlement account
40802810300000000321 in LLC Bank Iturup of Juzhnosakhalinsk.
The correspondent account 30101810300000000772, BIC 04640177,
TIN 650900249704 on or before June 25, 2004.

CONTACT:  SAKHALIN
          694740, Russia, Sakhalin region,
          Nevelsk, Sovetskaya Str., 18

          Mr. J. Sednev
          Bidding Organizer/Insolvency Manager
     694740, Russia, Sakhalin region,
          Nevelsk, Sovetskaya Str., 18


SIMBIRSK-SPIRTPROM: Public Auction of Assets Set for July 1
-----------------------------------------------------------
Mr. S. Levchenko, the bidding organizer and insolvency manager
of OJSC Simbirsk-Spirtprom, set the public auction of the firm's
property on July 1, 2004, 10:00 a.m. (local time) at Russia,
Ulyanovsk, River Svijaga Emb., 140, administration building,
assembly hall.  The case is docketed as A72-3225/03-K2-B.

The assets for sale are:

(a) Lot 1: Yeast and ferment complex located at Russia,
    Ulyanovsk region, Ulyanovsk, River Svijaga Emb., 140.
    Starting price: RUB3,156,646.

(b) Lot 2: Boiler plant located at Russia, Ulyanovsk region,
    Ulyanovsk, River Svijaga Emb., 140.  Starting price:
    RUB308,925.

(c) Lot 3: Splintering complex located at Russia, Ulyanovsk
    region, Ulyanovsk, River Svijaga Emb., 140.  Starting price:
    RUB580,236.

(d) Lot 4: Administrative building located at Russia, Ulyanovsk
    region, Ulyanovsk, Karla Libknekhta Str., 15.  Starting
    price: RUB1,615,400.

(e) Lot 5: Administrative building located at Russia, Ulyanovsk
    region, Ulyanovsk, Karla Libknekhta Str., 15.  Starting
    price: RUB550,000.

(f) Lot 6: Shop building located at Russia, Ulyanovsk region,
    Radishevo, Chkalovo Str., 55-A.  Starting price: RUB381,371.

(g) 24,679 nominal shares of OJSC Biokhimzavod Kavkazsky with a
    nominal price of RUB1, state registration number 18-1-p-
    0628.

Preliminary examination of auction conditions and reception of
biddings are done daily (except weekends) from 1:00 p.m. until
5:00 p.m.  Document list for participants and description of
lots are available at Russia, Ulyanovsk, Karla Libknekhta Str.,
15.  All transactions will be closed on June 25, 2004, 5:00 p.m.

To participate in the auction, bidders are required to transfer
deposits amounting to 20% of the starting price to the
settlement account of OJSC Simbirsk-Spirtprom
40702810800030000597 in Moscow branch of GAZ-ENERGO-BANK, BIC
044552918.  The correspondent account is 30101810700000000918.

CONTACT:  SIMBIRSK-SPIRTPROM
     Russia, Ulyanovsk region, Ulyanovsk,
          Karla Libknekhta Str., 15

          Mr. S. Levchenko
          Bidding Organizer/Insolvency Manager
          Russia, Ulyanovsk region, Ulyanovsk,
          Karla Libknekhta Str., 15


SUKHONA: Insolvent Status Confirmed
-----------------------------------
The Arbitration Court of Vologda region declared OJSC shipping
company Sukhona insolvent and introduced bankruptcy proceedings.
The case is docketed as A13-4538/04-22.  Mr. A. Novitsky has
been appointed insolvency manager.   Creditors have until June
27, 2004 to submit their proofs of claim to 160014, Russia,
Vologda, Gogolya Str., 88, Office 27.

CONTACT:  SUKHONA
          Russia, Vologda,
          Turundaevskaya Str., 128a

          Mr. A. Novitsky
          Insolvency Manager
          160014, Russia, Vologda,
          Gogolya Str., 88, Office 27


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


AGROMOLPRODUKT: Insolvent Status Confirmed
------------------------------------------
The Economic Court of Vinnitsya region declared agricultural LLC
Agromolprodukt (code EDRPOU 00431987) insolvent and introduced
bankruptcy proceedings on May 18, 2004.  The case is docketed as
212/10-785.  Mr. Osadchij Valentin (License Number AA 140460)
has been appointed liquidator/insolvency manager.

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

(a) Liquidator/Insolvency Manager: 21036, Ukraine,
    Vinnitsya, Hmelnitske shose, 7, Room 731;
    Phone: 39-94-44

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

Agromolprodukt holds Account Number 260053011188 at JSCB Mrija,
Vinnitsya branch, MFO 302559.

CONTACT:  AGROMOLPRODUKT
          Ukraine, Vinnitsy region,
          Vinnitsya district, Shiroka Greblya,

          Mr. Osadchij Valentin
          Liquidator/Insolvency Manager
          21036, Ukraine, Vinnitsya,
          Hmelnitske shose, 7, room 731
          Phone: 39-94-44

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


BRATSKAVTOTRANS: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on OJSC Bratskavtotrans (code EDRPOU
03117903).  The case is docketed as 2/61.  Arbitral manager Mrs.
Ratinska Stalina (License Number AA 783075 approved April 23,
2004) has been appointed temporary insolvency manager.
Bratskavtotrans holds Account Number 26009301151920
MFO 326289.

CONTACT:  BRATSKAVTOTRANS
          55400, Ukraine, Mikolaiv region,
          Bratske, Promislova str., 13

          Mrs. Ratinska Stalina
          Temporary Insolvency Manager
          Ukraine, Mikolaiv, Sadova str., 1a

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


CEMREMONT: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Cemremont (code EDRPOU 00292965)
in April.  The case is docketed as 5/72 B.  Arbitral manager Mr.
Berezhnij I. (License Number 783024) has been appointed
temporary insolvency manager.

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

(a) Temporary Insolvency Manager:
    Phone: (050) 582-51-43

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

Cemremont holds Account Number 26000301461184 at Prominvestbank,
Amvrosijivka branch.

CONTACT:  CEMREMONT
          Juridical address: 87300, Ukraine,
          Donetsk region, Amvrosijivka,
          Artem str., 3

          Mr. Berezhnij I.
          Temporary Insolvency Manager
          Phone: (050) 582-51-43

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


DONINVESTBUD: Donetsk Court Appoints Insolvency Manager
-------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Doninvestbud (code EDRPOU
05428116) in March.  The case is docketed as 42/51B.  Arbitral
manager Mr. Paterilov Vitalij (License Number 783055) has been
appointed temporary insolvency manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 83050, Ukraine,
    Donetsk, Miru avenue, 1/309
    Phone: 8-050-3608066

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

Doninvestbud holds Account Number 26005190671012 at
Privatbank, Kramatorsk branch, MFO 335548.

CONTACT:  DONINVESTBUD
          84200, Ukraine, Donetsk region,
          Druzhkivka, Zavodska str., 6

          Mr. Paterilov Vitalij
          Temporary Insolvency Manager:
          83050, Ukraine, Donetsk,
          Miru avenue, 1/309
          Phone: 8-050-3608066

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


DRUZHKIVSKE AVTO: Deadline for Proofs of Claim June 26
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Druzhkivske Avto-Transport
Enterprise 11418 (code EDRPOU 03113733) in April.  The case is
docketed as 42/60B.   Arbitral manager Mr. Paterilov Vitalij
(License Number 783055) has been appointed temporary insolvency
manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: 83050, Ukraine,
    Donetsk, Miru avenue, 1/309
    Phone: 8-050-3608066

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

Druzhkivske Avto-Transport Enterprise 11418 holds Account Number
26006274897012 at Privatbank, Kramatorsk branch, MFO 335548.

CONTACT:  DRUZHKIVSKE AVTO-TRANSPORT ENTERPRISE 11418
          84200, Ukraine, Donetsk region,
          Druzhkivka, Nova str., 8

          Mr. Paterilov Vitalij
          Temporary Insolvency Manager
          83050, Ukraine, Donetsk,
          Miru avenue, 1/309
          Phone: 8-050-3608066

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


GRAND: Declared Insolvent
-------------------------
The Economic Court of Zhitomir region declared LLC Grand (code
EDRPOU 31133624) insolvent and introduced bankruptcy proceedings
on December 3, 2003.  The case is docketed as 4/172 B.  Zhitomir
Regional State Tax Inspection has been appointed liquidator.
Grand holds Account Number 26003382301 at JSB Energobank,
Zhitomir branch.

CONTACT:  GRAND
          10014, Ukraine, Zhitomir,
          Singajivskij str., 4

          Zhitomir Regional State Tax Inspection
          Liquidator
          10014, Ukraine, Zhitomir,
          Peremogi square, 2
          Phone: 37-47-76

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


GULYAJPOLE' PLANT: Bankruptcy Proceedings Begin
-----------------------------------------------
The Economic Court of Zaporizhya region declared OJSC
Gulyajpole' Plant Of Varnish-Paint Products (code EDRPOU
00204412) insolvent and introduced bankruptcy proceedings on
April 25, 2004.  The case is docketed as 25/3.  Mr. Roslik N.
(License Number AA 668287 approved September 29, 2003) has been
appointed liquidator/insolvency manager.

Gulyajpole' Plant Of Varnish-Paint Products holds Account Number
260011101 at JSPPB Aval, Zaporizhya branch, MFO 313827.

CONTACT:  GULYAJPOLE' PLANT OF VARNISH-PAINT PRODUCTS
          70200, Ukraine, Zaporizhya region,
          Gulyajpole, Shevchenko str., 61,

          Mr. Roslik N.
          Liquidator/Insolvency Manager
          69050, Ukraine, Zaporizhya,
          Kosmichna str., 95/114


KONONIVKA' REPAIR: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Kononivka' Repair-Transport
Enterprise (code EDRPOU 00908567) in April.  The case is
docketed as 14/1343.  Arbitral manager Mr. Nazarenko Sergij
(License Number AA 484198 approved January 16, 2003) has been
appointed temporary insolvency manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Ukraine, Cherkassy,
    Dobrovolskij str., 3/1-25

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

Kononivka' Repair-Transport Enterprise holds Account Number
26001351219001 at Privatbank, Cherkassy regional branch, MFO
354347.

CONTACT:  KONONIVKA' REPAIR-TRANSPORT ENTERPRISE
          Ukraine, Cherkassy region,
          Drabivskij district, Kononivka,
          Molodizhna str., 8

          Mr. Nazarenko Sergij
          Temporary Insolvency Manager
          Ukraine, Cherkassy,
          Dobrovolskij str., 3/1-25

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


KONOTOP PLANT: Insolvent Status Confirmed
-----------------------------------------
The Economic Court of Sumi region declared OJSC Konotop' Plant
of Building Materials (code EDRPOU 05467286) insolvent and
introduced bankruptcy proceedings on May 6, 2004.  The case is
docketed as 6098-7/225.  Arbitral manager Mrs. Klimenko Svitlana
(License Number AA 668349 approved October 29, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  KONOTOP' PLANT OF BUILDING MATERIALS
          41600, Ukraine, Sumi region,
          Konotop, G. Thor str., 152

          Mrs. Klimenko Svitlana
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv,
          B. Hmelnitskij str., 9/23
          Phone/Fax: (044) 228-52-06


RODINA: Bankruptcy Proceedings Start
------------------------------------
The Economic Court of Herson region declared agricultural LLC
Rodina (code EDRPOU 03785303) insolvent and introduced
bankruptcy proceedings on May 11, 2004.  The case is docketed as
12/176-B.  Arbitral manager Mr. Bilousov Igor (License Number AA
669625 approved July 22, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  RODINA
          74400, Ukraine, Herson region,
          Verhnyorogachitskij district, Berezhanka

          Mr. Bilousov Igor
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson, Vijskovij passage, 6
          Phone: (0552) 22-31-17

          ECONOMIC COURT OF HERSON REGION:
          73000, Ukraine, Herson, Gorkij str., 18


UKRAINA: Under Bankruptcy Supervision Procedure
-----------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on LLC agricultural firm Ukraina (code EDRPOU
03759808).  The case is docketed as 2-8/6138-2004.  Mr.
Gerasimov Illya (License Number AA 140432 approved June 10,
2002) has been appointed temporary insolvency manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: AR Krym, Simferopol, Gagarin
    str., 36/52

(b) THE ECONOMIC COURT OF AR KRYM: 98100, Ukraine, AR Krym,
    Simferopol, Karl Marks str., 18

Ukraina holds Account Number 26009488341001 at JSPPB Ukraina,
MFO 324214.

CONTACT:  UKRAINA
          98464, AR Krym,
          Bahchisaraj district, Chervonij Mak

          Mr. Gerasimov Illya
          Temporary Insolvency Manager
          AR Krym, Simferopol,
          Gagarin str., 36/52

          THE ECONOMIC COURT OF AR KRYM:
          98100, Ukraine, AR Krym,
          Simferopol, Karl Marks str., 18


UKRSPETSMONTAZHOBLADNANNYA: Declared Insolvent
----------------------------------------------
The Economic Court of Donetsk region declared JSCCT
Ukrspetsmontazhobladnannya (code EDRPOU 25339722) insolvent and
introduced bankruptcy proceedings on May 12, 2004.  The case is
docketed as 32/134 B.  Arbitral manager Mr. Solovyov Vyacheslav
(License Number AA 249689) has been appointed
liquidator/insolvency manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager: 84333, Ukraine,
    Donetsk region, Kramatorsk, Lenin str., 19A/318, a/b 1618

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

CONTACT:  UKRSPETSMONTAZHOBLADNANNYA
          83000, Ukraine, Donetsk,
          Konstitutsiji square, 2

          Mr. Solovyov Vyacheslav
          Liquidator/Insolvency Manager
          84333, Ukraine, Donetsk region,
          Kramatorsk, Lenin str., 19A/318, a/b 1618

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


ZHORNAVA' WOOD: Deadline for Proofs of Claim June 26
----------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on CJSC Zhornava' Wood Combine (code
EDRPOU 00273726).  The case is docketed as 6/59.  Arbitral
manager Mr. Sidak Ivan (License Number AA 315445 approved July
12, 2002) has been appointed temporary insolvency manager.

Creditors have until June 26, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager: Ukraine, Uzhgorod,
    Koshitska str., 44

(b) ECONOMIC COURT OF ZAKARPATSKA REGION: 88000, Ukraine,
    Zakarpatska region, Uzhgorod, Kotsubinski str.,2a

Zhornava' Wood Combine holds Account Number 26006353350001 at
Privatbank, MFO 312464.

CONTACT:  ZHORNAVA' WOOD COMBINE
          Ukraine, Zakarpatska region,
          Velikobereznyanskij district, Zhornava

          Mr. Sidak Ivan
          Temporary Insolvency Manager
          Ukraine, Uzhgorod, Koshitska str., 44

          ECONOMIC COURT OF ZAKARPATSKA REGION:
          88000, Ukraine, Zakarpatska region,
          Uzhgorod, Kotsubinski str.,2a


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


ABN AMRO: Calls in Liquidator from Ernst & Young LLP
----------------------------------------------------
At an Extraordinary General Meeting of the ABN AMRO Asia
Securities Limited Company on May 27, 2004 held at 250
Bishopsgate, London EC2M 4AA, the Special Resolution to wind up
the Company was passed.  Patrick J Brazzill and Alan Lovett of
Ernst & Young LLP, 1 More London Place, London SE1 2AF have been
appointed Joint Liquidator for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Contact:
          Patrick K Brazzill, Liquidator
          Alan Lovett, Liquidator


AUTOMOTIVE PRECISION: Stiff Competition Forces Liquidation
----------------------------------------------------------
Car parts producer Automotive Precision Components based in the
West Midlands is to be wound up due to declining sales and
unsustainable losses.

The Tonbridge, Kent-based company was placed in administration
late last year after losing customers to rival Asian firms.  In
the first half of 2003, the company had losses of GBP1.5 million
on turnover of GBP9.7 million.  Prior year losses and turnover
was GBP1 million and GBP12.2 million, respectively.

Automotive Precision is the sole trading company of Automotive
Precision Holdings.  It employs 430 people


BARILLA LIMITED: Meeting of Members Set July 12
-----------------------------------------------
Members of Barilla Limited Company will have a Final Meeting on
July 12, 2004 at 2:00 p.m.  It will be held at the offices of
Lameys, 1 Courtenay Park, Newton Abbot, Devon TQ12 2HD.

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 Lameys, 1 Courtenay Park,
Newton Abbot, Devon TQ12 2HD not later than 4:00 p.m., July 11,
2004.


CITIFUTURES LIMITED: Members Meeting Set July 16
------------------------------------------------
There will be a Meeting of the Members of the Citifutures
Limited Company on July 16, 2004 at 10:00 a.m.  It will be held
at 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.

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.


HERITAGE HOMES: In Compulsory Liquidation
-----------------------------------------
Ashleigh, the Glasgow-based creditor of Heritage Homes, has
appointed Blair Nimmo of KPMG as provisional liquidator to the
luxury house builder, the Herald reports.

The Prestwick-based company was launched seven years ago to
target high-profile customers in England.  But its dream to
build the most expensive enclave of new homes in the country
started to dwindle after the September 11 terrorist attack in
the U.S., which discouraged interest in the financial services
sector

Two years ago, Al Linden, Heritage's former managing director
claimed the company had sales of GBP16 million and was on track
to increase revenue to GBP45 million over the following 12
months.

Yet, according to the report, the abbreviated balance sheet for
Heritage Homes Scotland's last published accounts for the year
ending March 31, 2002, showed only net assets of GBP763,755.

It is not disclosed how much money is owed to Ashleigh.


LEWIS JOINERY: General Meeting July 2
-------------------------------------
The Members of Lewis Joinery Limited Company will have a General
Meeting on July 2, 2004 at 10:00 a.m.  It will be held at 65 St
Edmund's Church Street, Salisbury, Wiltshire SP1 1EF.

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 to 65 St Edmund's Church
Street, Salisbury, Wiltshire SP1 1EF not later than 12:00 noon,
July 1, 2004.


M10 LIMITED: Special Winding up Resolution Passed
-------------------------------------------------
At an Extraordinary General Meeting of the M10 Limited Company
on May 27, 2004 held at 2 Temple Back East, Temple Quay,
Bristol, the Special Resolution to wind up the Company was
passed.  Paul Michael McConnell of 38-42 Newport Street,
Swindon, Wiltshire has been appointed Liquidator for the purpose
of such winding-up.


MARKS & SPENCER: Vittorio Radice Resigning
------------------------------------------
Stuart Rose, Chief Executive of Marks and Spencer Group plc, on
Wednesday set out the details of his management team.  The
Company also announced succession plans for the Non-Executive
Directors.

Vittorio Radice is to leave the Company on Friday 11 June 2004.
The decision was taken by mutual consent.  Stuart Rose said:
"Vittorio is a hugely talented retailer and we would like to
thank him for his valuable contribution to the Company during
his time here.  We wish him well."

Vittorio Radice said: "I enjoyed my year at Marks & Spencer
enormously and we achieved a lot.  This is a very exciting time
for the icon brand on the high street. I wish the new team at
Marks & Spencer well for the future."

Maurice Helfgott will with effect from 11 June 2004, move from
Executive Director, Food to Executive Director of Menswear,
Childrenswear and Home.  Guy Farrant will take on interim
responsibility for the Food Division, reporting directly to
Stuart Rose.  The search for an Executive Director of Food will
begin immediately.

Stuart Rose also confirmed the roles of Charles Wilson and
Steven Sharp, both of whom joined Marks & Spencer with him.
Charles Wilson, Executive Director, will be in charge of
Property, IT and Supply Chain and will work with the Chief
Executive on strategy.  Steven Sharp will sit on the Executive
Committee and will be responsible for Marketing, Store
Development and Design.

Stuart Rose, Chief Executive said:  "We have a huge opportunity
at Marks & Spencer and some very talented people.  We wanted to
move quickly to ensure we have the right people in the right
roles so we can move forward."

The Board has also reviewed its succession plans for the Non-
Executive Directors.

Brian Baldock, who is our Senior Independent Director, will be
70 this month.  The Board has asked Brian to continue in office
as part of its successional arrangements.  He will therefore
seek re-election at the forthcoming AGM, to be held on Wednesday
14 July 2004.

New Non-Executive Directors are expected to join the Board
during the next 12 months.  The first such appointment will
start to re-establish the balance between Executive and Non-
Executive Directors.  Subsequent appointments will lead to first
Brian Baldock and then Dame Stella Rimington retiring from the
Board, both having served in excess of six years as Non-
Executive Directors.

This recruitment plan has been agreed by the Board, on the
recommendation of the Nomination Committee, to manage the
orderly succession of Non-Executive Directors without
compromising Board or Committee effectiveness.

For information, other Directors seeking election for the first
time at our AGM are: Maurice Helfgott, Mark McKeon, Stuart Rose
and Charles Wilson.  Kevin Lomax and Paul Myners will also be
seeking re-election.

The Board of Marks & Spencer now comprises of:
Paul Myners - Chairman
Brian Baldock - Senior Independent Director
Jack Keenan - Non-Executive Director
Kevin Lomax - Non-Executive Director
Dame Stella Rimington - Non-Executive Director

Stuart Rose - Chief Executive
Alison Reed - Chief Financial Officer
Maurice Helfgott - Executive Director
Mark McKeon - Executive Director
Laurel Powers-Freeling - Executive Director
Charles Wilson - Executive Director
Graham Oakley - Group Secretary

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

          Investor Relations
          Tony Quinlan
          Phone: 020 7268 4195


MORECROFT GROUP: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of Morecroft Group Limited
ON June 2, 2004 held at Winchfield, Craig Penllyne, Cowbridge,
Vale of Glamorgan CF72 9RP, the Special Resolution to wind up
the Company was passed.  Roger Anthony Stanford Isaacs of
Milsted Langdon, One Redcliff Street, Bristol BS1 6NP has been
appointed Liquidator for the Company.

CONTACT:  MILSTED LANGDON
          One Redcliff Street
          Bristol BS1 6NP
          Contact:
          Roger Anthony Stanford Isaacs, Liquidator


NORTHUMBRIAN WATER: Profit Before Tax Down to GBP56.5 Million
-------------------------------------------------------------
Northumbrian Water Group plc is pleased to announce its
preliminary results for the period ended 31 March 2004.

HIGHLIGHTS

(a) Turnover of GBP442.1 million for the ten months trading
    ended 31 March 2004 (2002/03: GBP429.0 million); pro forma
    turnover of GBP520.8 million for the 12 month period to 31
    March 2004.

(b) Profit before tax and exceptionals of GBP56.5 million
    (2002/03: GBP80.6 million) principally reflecting the
    increased interest charges arising from the acquisition; pro
    forma profit before tax and exceptionals of GBP65.0 million
    for the 12 month period to 31 March 2004.

(c) Proposed final dividend of 4.63 pence per share, giving a
    total dividend of 6.95 pence per share for the 10 months
    trading period.

(d) Levels of customer service, drinking water quality and
    environmental protection continue to be amongst the highest
    in the industry.

(e) Ofwat interim determination of price limits of 10.0% plus
    inflation applied in 2004/05.

(f) Post balance sheet: GBP212.1 million raised from a 30 year
    AAA rated bond, in securitization of Kielder Water operating
    contract to refinance short term debt and European
    Investment Bank (EIB) confirmed its intention to remain a
    lender to the core business.

John Cuthbert, Managing Director, said: "I am pleased to report
a strong operating performance in what was a year of
considerable change.  The Group's financial position has been
significantly strengthened ahead of the next regulatory period
by the interim price increase, the successful securitization of
the Kielder Water contract and the EIB decision to maintain its
funding.

"We have prepared a well-balanced business plan for the next
regulatory period which would allow us to deliver both quality
improvements and maintain the high standards of service our
customers expect."

Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/Northumbrian_Mar04.htm.

CONTACT:  NORTHUMBRIAN WATER
          John Cuthbert, Managing Director
          Chris Green, Finance Director
          Andrew Panting, Communications Manager

          Phone: 0191 301 6419

          FINSBURY
          Rollo Head
          Mark Harris
          Anthony Silverman
          Phone: 020 7251 3801


NORTHUMBRIAN WATER: To Distribute Final Dividend July 13
--------------------------------------------------------
A final dividend for the 15 months ended 31 March 2004 of
GBP63.31 million in total (51.62 pence per share) will be paid
on 13  July 2004 to shareholders recorded in the Register of
Members at the close of business on 9 July 2004.  Together
with the first interim dividend of GBP46.0 million in total (an
exceptional dividend) and the second interim dividend of GBP42.2
million in total, this makes a total dividend for the period of
GBP151.5 million (123.52 pence per share).

                            *   *   *

In April, Standard & Poor's affirmed its 'BB+' long-term
corporate rating on Northumbrian Services and its 'BBB' long-
term corporate credit rating on Northumbrian Water.

The ratings on the Northumbrian group reflect its aggressive
post-floatation financial profile and uncertainty regarding
operating expenditure, capital expenditure, and return on
capital for the next regulatory period, and the relatively weak
liquidity position.  These risks are offset by the strong
business profile of its regulated U.K. water and sewerage
operations.


NORWICH UNION: Streamlining to Affect 700 Workers
-------------------------------------------------
Insurer Norwich Union plans to cut 700 jobs as it transfers some
of its works to outsourcing companies in Europe, America and
India, reports say.

The areas affected by the job cuts are information technology,
facilities management and business systems.  The functions of a
further 250 contract workers are also under review.

Under the plan, Norwich Union's business services division will
have narrowed down its manpower to half or 700 workers and 100
contract staff by the end of 2005.  The dismissals will be
mostly done through compulsory redundancies.

Norwich Union U.K. life chief executive Gary Withers explained:
"However, recent market conditions in the U.K. long-term savings
market have been tough and we have to ensure that the company
continues its drive for efficiency."


NOW AIRLINES: Funding Problems Spoil Start-up
---------------------------------------------
The airline, which promised to conquer the budget airline
industry last year, has gone into receivership before it could
even launch its first flight.

Now Airlines, owned by Sunjet Airlines, said in a statement it
called receivers after encountering problems regarding funding.
It said its launch has been deferred until further notice, and a
restructuring plan is being considered.  The Luton-based airline
was expecting a start-up fund worth GBP10 million from a
Luxembourg-based syndicate.

The climate for the budget airline industry, whose main players
are Ryanair and easyJet, is currently not very friendly to new
entrants.  Price competition is tight, and oil prices are up.

CONTACT:  The Official Receivers Office
          1st Floor Trident House
          42-48 Victoria Street
          St. Albans AL1 3HR
          E-mail:info@now-airlines.com
          Web site: http://www.now-airlines.com/


OZANAM CENTRE: Appoints Liquidators from Benedict Mackenzie
-----------------------------------------------------------
At an Extraordinary General Meeting of the Ozanam Centre (North
Wales) Ltd Company on May 25, 2004 held at Benedict Mackenzie,
3-4 The Courtyard, East Park, Crawley, West Sussex RH10 6AG (via
telephone calls to those represented), the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Malcolm Peter Fillmore and Ranjit Baijon both of Benedict
Mackenzie, 3-4 The Courtyard, East Park, Crawley, West Sussex
RH10 6AG have been appointed Liquidators for the purpose of such
winding-up.

CONTACT:  BENEDICT MACKENZIE
          3-4 The Courtyard
          East Park, Crawley,
          West Sussex RH10 6AG
          Contact:
          Malcolm Peter Fillmore, Liquidator
          Ranjit Baijon, Liquidator


RAYNER GEARS: In Administrative Receivership
--------------------------------------------
Richard Alan Engineering Company called in Neil Andrew
Brackenbury and Michael Joseph Moore of Kroll Limited receivers
for Rayner Gears Limited (Reg No 04311718, Trade Classification:
06-Metal Manufacture.  The application was filed June 1, 2004.
The company manufactures gears and bearing.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street, Leeds LS1 5AP
          Receivers:
          Neil Andrew Brackenbury
          Michael Joseph Moore
         (Office Holder Nos 8269, 5562)


ROBERTS STONEWICH: Hires Stoy Hayward Administrator
---------------------------------------------------
The Roberts Stonewich Limited Company has appointed David Harry
Gilbert and Anthony Peter Supperstone of BDO Stoy Hayward LLP as
joint administrative receiver.  The appointment was made June 1,
2004.  The company manufactures furniture.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Receiver:
          David Harry Gilbert
          (IP No 2376/01)

          BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Receiver:
          Anthony Peter Supperstone
          (IP No 2703/01)


ROYAL & SUNALLIANCE: Terms of Eurobond Subordinated Debt Amended
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc on Wednesday announces
that bondholders have voted at the first meeting to accept its
offer to amend the terms of both tranches of its EUR500 million
Eurobond subordinated debt.  As a result, the Eurobonds will be
eligible to qualify as regulatory capital under the forthcoming
regulatory regime being introduced by the Financial Services
Authority (CP190 and CP204).  The securities will continue to
qualify as rating agency hybrid capital, and the ratings of the
securities and the financial strength rating of Royal &
SunAlliance will remain unchanged by virtue of these amendments.

Andy Haste, Chief Executive of Royal & SunAlliance commented:
"For some time now we have been indicating that we would be
reviewing our debt capital structure to ensure it was optimal
and qualified under the prospective regulatory environment.  The
acceptance of the offer from bondholders today was an important
part of this review and will strengthen further our regulatory
capital position.  I'm pleased with the strong level of support
bondholders have demonstrated."

CONTACT:  ROYAL SUN ALLIANCE INSURANCE GROUP PLC
          30 Berkeley Square,
          London W1J 6EW
          Phone: +44 (0) 20 7569 6134
          Fax:   +44 (0) 20 7569 6587

          Analysts Press
          Karen Donhue
          Richard Emmott
          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 6133
          Phone: +44 (0) 20 7569 6023
          Phone: +44 (0) 20 7569 4027


S RAINES: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the S Raines
(Developments) Limited Company on June 2, 2004 held at Norwich
House, Savile Street, Hull HU1 3ES, the subjoined Special
Resolution to wind up the Company was passed.  Francesca Patrice
Devine and Christopher Charles Garwood both of Norwich House,
Savile Street, Hull HU1 3ES have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  Francesca Patrice Devine, Liquidator
          Christopher Charles Garwood, Liquidator
          Norwich House,
          Savile Street, Hull HU1 3ES


TODD-WOOD BOX: Names Receiver from Bishop Fleming
-------------------------------------------------
The Tood-Wood Box Company Limited has appointed Stephen Anthony
John Ramsbottom as joint administrative receiver.  The
appointment was made May 26, 2004.

The Company manufactures corrugated cartons, boxes and cases.
There registered office address is located at Alexander House,
Hume Street, Kidderminster, Worcestershire DY11 6RD.

CONTACT:  BISHOP FLEMING
          Priest House,
          1624-1628 High Street, Knowle,
          Birmingham, West Midlands B93 0JU
          Receiver:
          Stephen Anthony John Ramsbottom
          (IP No 8990)


WELCOME BREAK: Fitch Withdraws 'B', 'C' Ratings
-----------------------------------------------
Fitch Ratings, the international rating agency, has on Wednesday
affirmed and simultaneously withdrawn the ratings of Welcome
Break Finance Plc's notes following payment in full at par:
GBP72 million Class A1 secured floating-rate notes due 2007:
'B'; GBP110 million Class A2 secured floating-rate notes due
2011: 'B'; GBP127 million Class A3 secured notes due 2015: 'B';
and GBP67 million Class B secured notes due 2017: 'C'.

Fitch has received confirmation that the refinancing offer
proposed by Investcorp S.A. to Welcome Break Finance Plc has
been accepted and the payment made.  Noteholders received
payment of the par value of the notes plus accrued interest
yesterday.

CONTACT:  WELCOME BREAK
          Michael Cox, Paris,
          Phone: +33 (0) 1 44 29 91 86

          John Keane, London,
          Phone: +44 (0) 20 7417 3553

          Vicky Jensen, London,
          Phone: +44 (0) 20 7417 6266

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


WEST 175: Discloses Result of Annual General Meeting
----------------------------------------------------
WEST 175 Media announces that at its AGM held yesterday, all the
resolutions put to shareholders were passed. These related to:

    (i) The re-election of David Montgomery, John Gunn and
        Charles Sebag-Montefiore as directors;

   (ii) The ratification of all actions taken by the directors
        since 1 June 2002;

  (iii) The approval of the accounts for the years ended 31
        March 2003 and 2004; and

   (iv) The ratification of the appointment of Rees Pollock as
        the Company's auditors.

                            *   *   *

The Company filed the necessary Company Voluntary Arrangement
documents with the Court in May.  On its announcement, it also
said has conditionally raised GBP450,000 (before expenses) by a
placing of new shares of the Company.


                            *********


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.


                 * * * End of Transmission * * *