TCREUR_Public/040615.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

             Tuesday, June 15, 2004, Vol. 5, No. 117

                            Headlines

F R A N C E

SR TELECOM: Restructuring of French Operations Underway


G E R M A N Y

AAP IMPLANTATE: Expects Poor Second-quarter Sales
CONDOMI AG: Negotiations with Beate Uhse Fall Short
PFLEIDERER GROUP: Raises EUR62 Mln Capital Via Polish Unit


I R E L A N D

SKYNET AIRLINES: Retains Just 15 of 100 Employees


I T A L Y

PARMALAT FINANZIARIA: Bondi Mulls Suit Versus Banks, Advisers


N E T H E R L A N D S

MILACRON CAPITAL: Tender Offer for Eurobonds Successful
MILACRON INC.: Completes Refinancing Transactions


N O R W A Y

DNO ASA: Investors to Vote on Share Capital Increase Next Week


P O L A N D

DAEWOO FSO: Running out of Time to Find New Investors


R U S S I A

AMO ZIL: Insolvent Status Confirmed
GAZ-ENERGO-STROY: Deadline for Proofs of Claim August 2
JUGORSK-GAS-STROY: Insolvent Status Confirmed
KHABAROVSKY MACHINE: Sets Public Auction June 28
KUZOVATOVSKY: Declared Insolvent

NORTH SCIENTIFIC: Arkhangelsk Court Appoints Insolvency Manager
RAZREZ KUMERTAUSKY: Sets Deadline for Proofs of Claim
SELKHOZ-KHIMIYA: Bankruptcy Proceedings Begin
SIB-NEFT-STROJ: Court Sets August 9 Hearing
SORMOVSKY: Court Commences Bankruptcy Proceedings

TYUMEN SHIP: Declared Insolvent
YUKOS OIL: Prosecutors Brew New Cases Against Other Executives
YUKOS OIL: Affiliate Convinces Swiss Court to Lift Seizure Order
YUKOS OIL: U.S. Investor Volunteers to Become Bridge to Govt


S P A I N

ISLA MAGICA: Court Confirms Bankruptcy
TERRA MITICA: Court Appoints Insolvency Trustees


S W E D E N

SAS GROUP: Appoints New Advertising Agency


S W I T Z E R L A N D

ABB LTD.: Discovers Irregularities in Italian Medium-voltage Biz
SWISS INTERNATIONAL: To Open Basel-to-London Flights


U N I T E D   K I N G D O M

01MB LIMITED: Names Grant Thornton Liquidator
2001 SUPERIOR: Calls in Liquidator from Berley
ACHIEVEMENT DIRECT: Appoints HJS Recovery Liquidator
AIG CREDIT: Members Final Meeting Set July 19
ALFRED ELLIS: Business, Assets for Sale

ASAPH LIMITED: Extraordinary Winding up Resolution Passed
A S VANLINE: Hires Moore Stephens Liquidator
AUTOGAS TRADING: Names Liquidator from Moore Stephens
AZARA SHIPPING: Calls in Liquidator
BARKHAM INTERIORS: Brings in Liquidator

BARNTON LIMITED: Members Final Meeting Set July 29
BISHOP'S STORTFORD: Special Winding up Resolutions Passed
BLYTH & BLYTH: Pensioners Bringing Suit to Recover Money
BMB LIMITED: Winding up Resolutions Passed
BNFL: Pretax Loss for the Year Widens to GBP303 Million

BROADOAK PROJECTS: Hires Liquidator from Harrisons
CANARY WHARF: Songbird Offer Extended Until Thursday
C A R ORGANISATION: Business for Sale
CBI EQUIPMENT: Winding up Resolutions Passed
CHASE FLEMING: Names Liquidators from Mazars

CLAIREMONT ELECTRONICS: Business for Sale
EAGLE MACHINERY: Names Moore Stephens Recovery Liquidator
EAST LANCS: Hires Begbies Traynor Administrator
ETCHELLS MACHINERY: In Administrative Receivership
GREYCOAT LIMITED: Creditors Voluntary Liquidation Proposed

HALLCO 853:  Appoints KPMG Administrator
HEARING ENHANCEMENT: Hires Receivers from Kroll Limited
IFS REALISATIONS: Creditors Meeting Set June 22
INTELLIGENT MODULAR: Business and Assets for Sale
JACK RAWLINGS: Hires Knights & Company Liquidator

PARALLEL VENTURES: Members General Meeting Set July 5
PHILIP QUANTRILLL: Steel Fabrication Business for Sale
QUIX BODYSHOP: Business for Sale
SHEDDAKINS LIMITED: Winding up Resolutions Passed
SNSM LIMITED: Appoints Mazars Liquidator

STUART INTERIORS: Receivers Sell Business as Going Concern
TANGO FASHIONS: In Administrative Receivership
TARNCROFT LIMITED: Sets General Meeting July 21
TEXLAND INDUSTRIAL: Calls in Liquidator
TIGE PROPERTIES: Winding up Resolutions Passed

VERNON LIMITED: Hires Receivers from KPMG and PwC
WATFORD LEISURE: Appoints New Chief Executive Officer

* German, Swiss, Austrian SME CDO Performance Tracker Launched

* Large Companies with Insolvent Balance Sheets


                            *********


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


SR TELECOM: Restructuring of French Operations Underway
-------------------------------------------------------
The previously announced restructuring plan for SR Telecom(TM)
Inc.'s French operations has been finalized.  The details of the
plan and the implementation schedule have been confirmed and the
plan will take effect immediately.  The plan includes the
closing of its Research & Development facility in Lannion before
the end of June.  The total cost of the plan is within the
Company's expectations.  Further details will be made available
when the Company issues its second-quarter results.

"The completion of this activity is an important milestone in
the Company's overall restructuring process.  We are now
focusing our operations in France on sales, customer support and
projects.  We remain committed to providing ongoing support for
product installations and expansion plans generated by our
customers for our swing(TM) product," said David Adams, SR
Telecom's Senior Vice-President, Finance and Chief Financial
Officer.  "The restructuring initiative that was announced on
April 30 of the current fiscal year is well underway, and we are
on track to achieve our stated targets."

About SR Telecom

SR Telecom (TSX: SRX, Nasdaq: SRXA) is one of the world's
leading providers of Broadband Fixed Wireless Access technology,
which links end-users to networks using wireless transmissions.

For over two decades, the Company's products and solutions have
been used by carriers and service providers to deliver advanced,
robust and efficient telecommunications services to both urban
and remote areas around the globe.  SR Telecom's products have
been deployed in over 120 countries, connecting nearly two
million people.

The Company's unrivalled portfolio of BFWA products enables its
growing customer base to offer carrier-class voice, broadband
data and high-speed Internet services.  Its turnkey solutions
include equipment, network planning, project management,
installation and maintenance.

SR Telecom is an active member of WiMAX Forum, a cooperative
industry initiative that promotes the deployment of broadband
wireless access networks by using a global standard and
certifying interoperability of products and technologies.


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


AAP IMPLANTATE: Expects Poor Second-quarter Sales
-------------------------------------------------
In the first three months of fiscal 2004, aap Implantate AG, a
specialist in the field of artificial and biomedical implants
for the musculo-skeletal organ system, was able to halt the
negative trend in business development.  Consolidated sales
revenues as at March 31, 2004 were up 4.5% on the year at EUR3.1
million.  While restraint continued to characterize order
behavior in Germany, foreign sales growth was 63.8% due in part
to special orders from China.

Before acquisition-related write-downs, the company's first-
quarter EBITDA was EUR773,000 (previous year: EUR299,000).
Adjusted for these write-downs, the operating result was
EUR444,000 and was therefore better than the previous year's
minus EUR41,000.  Without taking this special factor into
account, the DVFA/SG consolidated result for the reporting
period was EUR56,000 (previous year: -EUR449,000) and DVFA/SG
earnings per share were EUR0.01 (previous year: -EUR0.09).

Taking acquisition-related write-downs into account, the figures
were as follows.  EBITDA was EUR773,000 (previous year:
EUR299,000) and operating result EUR329,000 (previous year:
minus EUR407,000).  The DVFA/SG consolidated result was
EUR19,000 (previous year: -EUR701,000) and DVFA/SG earnings per
share were EUR0.00 (previous year: minus EUR0.15).

Until May 28, 2004, aap was in a very tight liquidity position
that was solved only by a bridging loan provided by a consortium
of investors.  In view of the current uncertainty about the
company's financial situation and ongoing restraint in the
German market, we anticipate sales development that will tend to
be more on the negative side in the second quarter of the
current financial year.

                            *   *   *

Earlier this month, aap Implantate AG successfully sold its
reconstruction and recapitalization plan to a group of German
and Swiss financial investors and existing banks.  According to
Troubled Company Reporter-Europe, the company badly needs a cash
injection to survive an acute financial crisis.

The plan calls for investors to participate in a capital
increase by buying shares priced at EUR1.00 apiece.  The company
hopes to raise a minimum of EUR8 million and a maximum of EUR10
million.  Shareholders' stock options rights are not affected by
this transaction.  The plan is subject to the approval of the
shareholders' at the annual general meeting and by the German
regulatory authority BaFin.


CONDOMI AG: Negotiations with Beate Uhse Fall Short
---------------------------------------------------
After six months of negotiations, Beate Uhse AG has decided to
call off its planned investment in condomi AG.

In view of this development, condomi has started talks with
other potential investors.  These investors contacted condomi AG
while negotiations with Beate Uhse AG were ongoing.  This,
according to the company, demonstrates the value investors
assign to a stake in condomi.

The management Board of condomi is confident a deal will be
reached before the end of the current fiscal-year first quarter.

CONTACT:  CONDOMI AG
          Venloer Strasse 231b
          50823 Cologne, Germany

          Jens Waldhof
          Chairman of the Management Board
          Phone: +49 (0) 221 50 04 - 400
          Telefax:  +49 (0) 221 50 04-499
          E-mail: ag@condomi.ag


PFLEIDERER GROUP: Raises EUR62 Mln Capital Via Polish Unit
----------------------------------------------------------
Warsaw Stock Exchange listed Pfleiderer Grajewo S.A., the Polish
affiliate of SDAX-listed Pfleiderer AG (ISIN DE0006764749),
successfully completed the issue of 1.6 million new non-par
value shares by way of an increase in share capital.  The share
-- which was five-times oversubscribed -- was placed at a price
of PLN180 among international institutional and private
investors.

Pfleiderer AG, whose short-term credit is rated 'B' by Fitch,
currently holds of 78.09% in Pfleiderer Grajewo S.A. via
Pfleiderer Holzwerkstoffe GmbH.  As a result of the capital
increase, the Pfleiderer Group will gain over EUR62 million
(corresponding to around PLN288 million) in new equity.

The revenue will be used to expand particleboard plants in
Poland, as well as for the already started construction of a new
particleboard plant in Russia.  At the same time, the holding
structure that exists between Pfleiderer Holzwerkstoffe GmbH,
Neumarkt, Pfleiderer Gra-jewo S.A, Grajewo and Pfleiderer
Prospan S.A., Wieruszow will be rationalized.  When these moves
have been completed, Pfleiderer Grajewo S.A. will be the main
holding company for all engineered wood activities in Eastern
Europe for the Pfleiderer Group.  Pfleiderer AG will then hold
just over 60 percent of the share capital in Pfleiderer Grajewo
S.A., thereby retaining its industrial control.

With this successful capital increase, Pfleiderer AG has
underlined for the second time within just three months just how
attractive it is for the international capital market.  In March
2004, the former majority shareholder of Pfleiderer AG,
Pfleiderer Unternehmensverwaltung, placed more than 20 million
Pfleiderer shares from its own portfolio with international
institutional investors, thereby increasing the freefloat to
over 86%.

CONTACT:  PFLEIDERER AG
          Contact:
          Ulrich Korner
          Alexandra Klemme
          Corporate Communication
          Phone: + 49 (0) 91 81 / 28 - 84 91
          Fax:   + 49 (0) 91 81 / 28 - 606
          E-mail: ulrich.koerner@pfleiderer.com
            Or    alexandra.klemme@pfleiderer.com


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


SKYNET AIRLINES: Retains Just 15 of 100 Employees
-------------------------------------------------
Approximately 85% of Skynet Airlines' employees will lose their
jobs as the company continues to experience difficulties with
its leasing arrangements, Businessworld reports.

The Shannon-based airline, which employs 100 staffs, will only
keep 15.  Some 20 employees will be made redundant while the
rest will go on unpaid vacation leaves.

The company was forced to cancel major flights from Shannon to
Amsterdam and Moscow on May 21 due to problems encountered with
the company from which it leased one of its aircrafts.  Skynet
has yet to resolve the conflict.


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


PARMALAT FINANZIARIA: Bondi Mulls Suit Versus Banks, Advisers
-------------------------------------------------------------
Parmalat administrator Enrico Bondi is planning to sue the
former bankers and advisers of the company for their role in the
now widely publicized financial fraud at the Italian dairy
company.

According to The Telegraph, one banker familiar with the
administration process said: "They [administrators] are thinking
very seriously about going for advisers and for those banks
which were writing debt which helped Parmalat carry on for so
long."

Bank of America and Citigroup are likely the main defendants in
the case.  Bank America raised US$1.5 billion of debt for
Parmalat.  Citigroup is a major lender to the group whose
potential losses run up to US$800 million.  Morgan Stanley,
Deutsche Bank and Credit Suisse First Boston, along with
Parmalat's group auditors Deloitte and the former Italian
business of Grant Thornton, are also likely to be included in
the case.

Mr. Bondi has to come up with a draft schedule of creditors by
June 21.  He is expected to file the case before October when
creditors will swap their debt for equity in the "new" Parmalat.


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


MILACRON CAPITAL: Tender Offer for Eurobonds Successful
-------------------------------------------------------
Shareholders of Milacron Inc. (NYSE: MZ), a leading supplier of
plastics processing equipment and supplies, and industrial
fluids, approved the proposals required to implement the
company's recent refinancing transactions.

"We are very pleased with the support shown by our shareholders
at [the] annual meeting," said Ronald D. Brown, chairman,
president and chief executive officer.  "With the approval of
the proposals necessary to complete our refinancing
transactions, we are now able to put in place a solid capital
structure with less debt and more equity.

"Our stronger and more flexible balance sheet will help to
ensure both that Milacron is able to realize its full potential
as a leading global supplier of plastics-processing technologies
and industrial fluids and that we gain maximum advantage of the
recovery in manufacturing now underway globally," he said.

Also at the annual meeting, shareholders elected David L.
Burner, Steven N. Isaacs, and Joseph A. Steger to serve as
directors for three-year terms, approved a long-term incentive
plan, and ratified the appointment of Ernst & Young LLP as the
company's independent auditors for the fiscal year 2004.

In addition, Milacron announced that the company's tender offer
for Milacron Capital Holdings B.V.'s EUR115 million 7.625%
Guaranteed Bonds due 2005 has been successful, with the holders
of more than 99.99% of the outstanding principal amount
tendering their bonds.

Having received the necessary shareholder approvals, Milacron
now expects that these will be completed by June 10, 2004:

(a) The net proceeds from a private placement of US$225 million
    in 11 1/2 Senior Secured Notes due 2011 will be released to
    the company from escrow.

(b) A new US$75 million revolving credit facility led by JP
    Morgan Chase will become available for working capital
    purposes.

(c) The company will pay off a bridge credit facility, under
    which approximately US$110 million is drawn, including
    letters of credit.

(d) The company will repurchase in excess of 99.99% of Milacron
    Capital Holdings B.V.'s EUR115 million 7.625% Guaranteed
    Bonds due 2005.

(e) Glencore Finance AG and Mizuho International plc will
    exchange their debt (US$70 million in Series B Notes) and
    equity (15 million shares of common stock) for 500,000
    shares of 6% Series B convertible preferred stock.

(f) Milacron's equity base will have increased by US$100 million
    compared to its March 31, 2004 amount.

At the shareholders' meeting Mr. Brown also confirmed that
Milacron was on track to meet its sales and segment earnings
guidance, last updated on April 26, both for the second quarter
and for the year.  Benefiting from consolidation measures taken
in 2003, the company has projected a significant improvement in
its segment earnings on a 6% to 8% sales increase in 2004.

"I would like to thank all of our employees," Mr. Brown added.
"Their hard work over the past several years has enabled
Milacron to complete a major financial and operational
restructuring while maintaining our strong market positions in
North America and Europe.  This is the real reason we are well
positioned to benefit from the recovery in manufacturing."


MILACRON INC.: Completes Refinancing Transactions
-------------------------------------------------
Milacron Inc. (NYSE: MZ), a leading supplier of plastics
processing equipment and supplies, and industrial fluids,
completed a number of key refinancing transactions to strengthen
the company's balance sheet.  These transactions were made
possible by shareholder approval of several proposals at the
company's annual meeting.  In summary, Milacron:

(a) Received from escrow cash proceeds of a private placement of
    US$225 million in 11 1/2% senior secured notes due 2011,
    issued at a discount to effectively yield 12%;

(b) Made an initial draw of approximately US$23 million,
    including letters of credit, on a new four-year, US$75
    million senior secured revolving credit facility led by
    JPMorgan Chase;

(c) Paid off a bridge credit facility with Credit Suisse First
    Boston, under which approximately US$110 million was drawn,
    including letters of credit;

(d) Repurchased EUR114.99 million of Milacron Capital Holdings
    B.V.'s EUR115 million 7.625% guaranteed bonds due 2005; and

(e) Issued 500,000 shares of 6% Series B convertible preferred
    stock to Glencore Finance AG and Mizuho International plc in
    exchange for their debt (US$70 million in Series B Notes)
    and equity (15 million shares of common stock).

As a result of these transactions, Milacron has increased its
equity base, established a source of revolving credit through
2008 and consolidated all its major term debt into one
obligation maturing in 2011.

CONTACT: MILACRON INC.
         Al Beaupre
         Phone: 513-487-5918


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


DNO ASA: Investors to Vote on Share Capital Increase Next Week
--------------------------------------------------------------
The company's shareholders are invited to the Annual General
Meeting of DNO ASA on 22 June 2004, at 1:00 p.m. and to the
Extraordinary General Meeting to take place immediately after
the annual general meeting.  Place: Vika Atrium Konferansesenter
Munkedamsveien 45, 0250 Oslo (entrance at the traffic lights at
Aker Brygge).

Notice is hereby given of the Annual General Meeting of DNO ASA
for discussion of the issues listed below.  The Board of
Directors was re-elected for a two-year period at the
extraordinary general meeting on 30 September 2003, and election
of Board of Directors, therefore, is not part of the agenda.

Notice is hereby also given of the Extraordinary General
Meeting, which will take place immediately after the Annual
General Meeting.

Annual General Meeting Agenda:

(a) Opening by the Chairman of the Board, registration of
    attending shareholders and shares represented by proxy.

(b) Election of chairman to preside over the meeting and
    shareholder to sign the minutes of the Annual General
    Meeting together with the chairman of the meeting.

(c) Approval of notice and agenda.

(d) Annual financial statements for 2003. Approval of annual
    report and financial statements for DNO ASA including
    allocation of profit for the year.

(e) Approval of directors' remuneration and auditors' fees for
    2003.

(f) Authorization of the Board of Directors to increase the
    company's share capital.

(g) Granting of options.

(h) Authorization of the Board of Directors to acquire treasury
    shares.

Agenda Extraordinary General Meeting:

(a) Opening by the Chairman of the Board, registration of
    attending shareholders and shares represented by proxy.

(b) Election of chairman to preside over the meeting and a
    shareholder to sign the minutes of the Extraordinary General
    Meeting together with the chairman of the meeting.

(c) Approval of notice and agenda.

(d) Distributions to shareholders.

Guidelines

Shareholders who wish to attend the Annual General Meeting, must
complete and submit the enclosed attendance slip.  Shareholders
who are unable to attend the Annual General Meeting but who wish
to be represented, may authorize the chairman of the board, the
company's managing director or another person as their proxy
using the enclosed form of proxy.

Notice of attendance or form of proxy must have been received by
18 June 2004 at the latest.

Copies of the invitation, including proxy form, financial
statements are available free of charge at
http://bankrupt.com/misc/DNO_AGMAgenda.pdf.

7 June 2004
DNO ASA

Berge G. Larsen
Chairman of the Board

                            *   *   *

In November, Standard & Poor's Ratings Services placed its 'B'
corporate credit rating on DNO ASA on CreditWatch with
developing implications.  At the same time, Standard & Poor's
withdrew its senior unsecured rating on DNO's proposed US$175
million bond due to its cancellation.  The action follows DNO's
decision to sell two of its main operating subsidiaries, DNO
Britain Ltd. and Island Petroleum Developments Ltd., as well as
some of its operating assets in Norway.

"The placement on CreditWatch with developing implications
reflects current uncertainties over the company's medium-term
business strategy, growth prospects, and financial policy," said
Standard & Poor's credit analyst Eric Tanguy.  "It also reflects
our expectation that DNO may redefine its financial policy
toward lower debt leverage than is factored into the current
rating.  Failure to conclude the planned disposal before mid-
year 2004 may result in refinancing difficulties and would
likely result in the rating being lowered."

CONTACT:  DNO ASA
          Helge Eide
          Group Managing Director
          Phone: 23 23 84 80/ 55 22 47 00

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


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


DAEWOO FSO: Running out of Time to Find New Investors
-----------------------------------------------------
Daewoo FSO could be forced to abandon plants later this year as
Deputy Economy Minister Jacek Piechota failed to choose an
investor for the carmaker last month.

According to Warsaw Business Journal, the Polish car company has
attracted at least three interested investors: Daihatsu of
Japan, which is controlled by Toyota; the Austrian truck
producers Magna Steyer and a Ukrainian company called ZAZ.  When
asked about the issue, Daewoo FSO supervisory board Chairman
Wojciech Jonczyk refused to comment.

Any proposal to take full control of Daewoo FSO may take several
months, which is bad news as the company needs to re-start
production before September or it will be forced to shut down
plants.  The company wants to produce new car models for 2006,
but to do this production must start immediately since it takes
about a year to assemble and deliver new cars to the market.


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


AMO ZIL: Insolvent Status Confirmed
-----------------------------------
The Arbitration Court of Ryazan region declared CJSC Ryazansky
factory of aggregates Amo Zil insolvent and introduced
bankruptcy proceedings.  The case is docketed as A54-513/01-S4-
S6.  Mr. V. Bordukov has been appointed insolvency manager.
Creditors have until August 2, 2004 to submit their proofs of
claim.

CONTACT:  AMO ZIL
          391000, Russia,
          Ryazan, GSP

          Mr. V. Bordukov
          Insolvency Manager
          391000, Russia,
          Ryazan, GSP


GAZ-ENERGO-STROY: Deadline for Proofs of Claim August 2
-------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared GR
municipal unitary enterprise Gaz-Energo-Stroy insolvent and
introduced bankruptcy proceedings.  The case is docketed as A70-
8454/2-2003.  Ms. N. Belyakova has been appointed insolvency
manager.   Creditors have until August 2, 2004 to submit their
proofs of claim to 625013, Russia, Tyumen, Oktybrya Str., 64/82.

CONTACT:  Ms. N. Belyakova
          Insolvency Manager
          625013, Russia, Tyumen,
          Oktybrya Str., 64/82


JUGORSK-GAS-STROY: Insolvent Status Confirmed
---------------------------------------------
The Arbitration Court of Khanti-Mansiysky autonomous region
declared LLC JUGORSK-GAS-STROY insolvent and introduced
bankruptcy proceedings.  The case is docketed as A75-370-B/03-
137-B/04.  Mr. V. Shityakov has been appointed insolvency
manager.

Creditors have until July 2, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager: 628250, Khanti-Mansiysky autonomous
    region, Tyumen region, Sovetsky region, Pionersky, Noviy
    Per., 8A;

(b) The Arbitration Court of Khanti-Mansiysky Autonomous Region:
    628012, Tyumen region, Khanti-Mansiysk, Chekhova Str., 12A,
    Room 106.

CONTACT:  JUGORSK-GAS-STROY
          628260, Russia,
          Khanti-Mansiysky autonomous region,
          Tyumen region, Yugorsk,
          Zheleznodorozhnaya 53A

          Mr. V. Shityakov
          Insolvency Manager
          628250, Khanti-Mansiysky autonomous region,
          Tyumen region, Sovetsky region,
          Pionersky, Noviy Per., 8A

          The Arbitration court of
          Khanti-Mansiysky autonomous region:
          628012, Tyumen region, Khanti-Mansiysk,
          Chekhova Str., 12A, Room 106


KHABAROVSKY MACHINE: Sets Public Auction June 28
------------------------------------------------
The insolvency manager of OJSC Khabarovsky Machine-Tool
Constructing Factory will sell a 3,860 square-meter building on
June 28, 2004, 10:00 a.m. (local time).  The sale includes the
8,700 square-meter lot where the factory sits.  Starting price:
RUB3.6 million; bids shall be increased by increments of
RUB200,000.  The auction will take place at Russia, Khabarovsk,
Promyshlennaya Str., 20.

Preliminary examination of auction conditions and reception of
bids are done daily (except weekends) from 10:00 a.m. until
12:00 noon at Russia, Khabarovsk, Promyshlennaya Str., 20.  The
list of participants and description of lots are available in
the same address.  All transactions will close on June 22, 2004.

To participate in the auction, bidders are required to deposit
an amount equivalent to 20% of the starting price to the
settlement account 4070281000080001001 in OJSC Dalkombank.
The correspondent account is 30101 810600000000718, BIC
040813718, TIN 2724015742, KPP 272401001.

CONTACT:  KHABAROVSKY MACHINE-TOOL CONSTRUCTING FACTORY
          Russia, Khabarovsk,
          Promyshlennaya Str., 20

          Bidding Organizer/Insolvency Manager
          Russia, Khabarovsk,
          Promyshlennaya Str., 20


KUZOVATOVSKY: Declared Insolvent
--------------------------------
The Arbitration Court of Ulyanovsk region declared OJSC food
combine Kuzovatovsky insolvent and introduced bankruptcy
proceedings.  The case is docketed as A72-3379/04-20/16-B.  Mr.
A. Sobitnyuk has been appointed insolvency manager.  Creditors
have until July 2, 2004 to submit their proofs of claim to
433513, Russia, Ulyanovsk region, Dimitrograd, Post User Box
968.

CONTACT:  KUZOVATOVSKY
          Russia, Ulyanovsk region,
          Kuzovatovsky region, Kuzovatovo

          Mr. A. Sobitnyuk
          Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrograd, Post User Box 968


NORTH SCIENTIFIC: Arkhangelsk Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk region declared OJSC North
Scientific Research Institute Of Industry insolvent and
introduced bankruptcy proceedings.  The case is docketed as A05-
4217/04-27.  Mr. D. Belyaev has been appointed insolvency
manager.

Creditors have until July 2, 2004 to submit their proofs of
claim to 163061, Russia, Akhangelsk, Novogordsky Pr., 74.  A
hearing will take place on October 8, 2004 at 1:30 p.m.

CONTACT:  NORTH SCIENTIFIC RESEARCH INSTITUTE OF INDUSTRY
          Russia, Arkhangelsk,
          Novogorodsky Pr., 74

          Mr. D. Belyaev
          Insolvency Manager
          163061, Russia, Akhangelsk,
          Novogordsky Pr., 74


RAZREZ KUMERTAUSKY: Sets Deadline for Proofs of Claim
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic declared
subsidiary open joint stock company Razrez Kumertausky (TIN
0262008590) insolvent and introduced bankruptcy proceedings.
The case is docketed as A07-7426/03-A-RSA.  Mr. V. Kryuchkov has
been appointed insolvency manager.  Creditors have until August
2, 2004 to submit their proofs of claim to the insolvency
manager at 453300, Bashkortostan republic, Kumertau,
Promyshlennaya Str.,1, Phone/Fax: 4-81-44.

CONTACT:  RAZREZ KUMERTAUSKY
          453300, Russia, Bashkortostan republic,
          Kumertau, Industrialnaya Str., 4

          Mr. V. Kryuchkov
          Insolvency Manager
          453300, Bashkortostan republic,
          Kumertau, Promyshlennaya Str.,1
          Phone/Fax: 4-81-44


SELKHOZ-KHIMIYA: Bankruptcy Proceedings Begin
---------------------------------------------
The Arbitration Court of Kabardino-Balkarskaya Republic region
declared OJSC Shardanovskoye enterprise Selkhoz-Khimiya
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A20-3291/02.  Mr. B. Kantor has been appointed
temporary insolvency manager.   Creditors are asked to submit
their proofs of claim to the temporary insolvency manager at
360000, Nalchik, Lermontova Str., 54, office 203.

CONTACT:  SELKHOZ-KHIMIYA
          361017, Kabardino-Balkarskaya Republic,
          Prokhladenchesky region, Shardanovo

          Mr. B. Kantor
          Temporary Insolvency Manager
          360000, Nalchik,
          Lermontova Str., 54, office 203


SIB-NEFT-STROJ: Court Sets August 9 Hearing
-------------------------------------------
The Arbitration Court of Khanti-Mansiysky autonomous region
declared PK Sib-Neft-Stroj-Montazh insolvent and introduced
bankruptcy proceedings.  The case is docketed as A75-78-B/03.
Ms. V. Kuzmina has been appointed insolvency manager.

Creditors have until August 2, 2004 to submit their proofs of
claim to the insolvency manager at 628183, Russia, Khanti-
Mansiysky autonomous region, Nyagan, Neftyannikov Pr., 1A.
Tel.: 5-18-12.  A hearing will take place on August 9, 2004 at
9:00 a.m.

CONTACT:  SIB-NEFT-STROJ-MONTAZH
          628183, Russia, Khanti-Mansiysky autonomous region,
          Nyagan, Neftyannikov Pr., 1A
          Phone: 5-18-12

          Ms. V. Kuzmina
          Insolvency Manager
          628183, Russia, Khanti-Mansiysky autonomous region,
          Nyagan, Neftyannikov Pr., 1A
          Phone: 5-18-12


SORMOVSKY: Court Commences Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared CJSC
experimental winemaking factory Sormovsky insolvent and
introduced bankruptcy proceedings.  The case is docketed as A43-
14667/03-18-47.  Mr. I. Korostylev has been appointed insolvency
manager.   Creditors have until August 2, 2004 to submit their
proofs of claim to the insolvency manager at 603029, Russia,
Nizhny Novgorod, Pamirskaya Str., 11, Fax: (8312) 58-37-54.

CONTACT:  SORMOVSKY
          603029, Russia,
          Nizhny Novgorod, Fedosenko Str., 47

          Mr. I. Korostylev
          Insolvency Manager
          603029, Russia,
          Nizhny Novgorod, Pamirskaya Str., 11
          Fax: (8312) 58-37-54


TYUMEN SHIP: Declared Insolvent
-------------------------------
The Arbitration Court of Tyumen region declared LLC trading
house Tyumen Ship-Building Factory insolvent and introduced
bankruptcy proceedings.  The case is docketed as A70-321/3-04.
Ms. I. Baranova has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at 625035, Russia, Tyumen, Respubliki Str.,
204-222.

CONTACT:  TYUMEN SHIPBUILDING FACTORY
          625001, Russia, Tyumen,
          Novgorodskaya Str., 10

          Ms. I. Baranova
          Insolvency Manager
          625035, Russia, Tyumen,
          Respubliki Str., 204-222


YUKOS OIL: Prosecutors Brew New Cases Against Other Executives
--------------------------------------------------------------
Top executives of oil giant Yukos face criminal charges in
connection with the company's takeover of assets in one
subsidiary, Easter Oil Co., Moscow Times reports.

Mikhail Zotov, first deputy head of the interior ministry's
investigation committee, said "investigators have collected
enough information to present charges... This case is now with
the Prosecutor General's Office."

There are six executives involved, among them Leonid Nevzlin,
who is in exile in Israel; and Alexei Golubovich, former vice
president for strategy and finance at Yukos.  They are allegedly
involved in fraudulent transfer of funds from Eastern Oil.

Russia's second-largest oil producer is currently facing a
US$3.4 billion bill for taxes and fines dating back to 2000.
Former CEO Mikhail Khodorkovsky currently faces seven counts of
tax evasion, fraud and embezzlement.


YUKOS OIL: Affiliate Convinces Swiss Court to Lift Seizure Order
----------------------------------------------------------------
The Federal Court of Switzerland has ordered the unfreezing of a
US$1.6 billion account belonging to one company affiliated with
Yukos.

Oliver Ciric, a representative of the law firm that appealed the
order, identified the company as Pecunia, a subsidiary of the
Menatep holding company.

Russia's General Prosecutor's Office successfully won a request
to have US$5 billion in funds belonging to companies and persons
related to Yukos frozen in March, according to Gateway to
Russia.  The accounts are held at Banque Indosuez (Geneva),
Dresdner Bank (Switzerland) S.A. (Geneva), CBG Compagnic
Bancaire Geneve (Geneva) and UBS AG (Zurich), the news portal
said citing the Associated Press.  Lawyers for these companies
filed a total of 10 petitions to lift the seizure order.  Four
petitions currently remain under consideration after the
rejection of five others.

The funds form part of the security for the bank loan used to
finance the proposed acquisition of Sibneft.  According to Swiss
newspaper Tribune de Geneve, Yukos took a US$1 billion loan to
take over Sibneft from a syndicate of banks, led by Societe
Generale.  Yukos later asked for a further US$1.6 billion loan,
which was guaranteed and fully secured by UBS.  The takeover
plan fell apart after the arrest of former Yukos CEO Mikhail
Khodorkovsky in October.


YUKOS OIL: U.S. Investor Volunteers to Become Bridge to Govt
------------------------------------------------------------
Boris Jordan, a U.S. businessman, has offered to represent
Yukos' minority shareholders in the company's conflict with the
government, the Vedomosti newspaper reports.

Mr. Jordan said his Sputnik fund has a stake in Yukos, and he
wants to advance the interest of minority shareholders.
According to him, he knew how to negotiate with Russian
officials having spent 15 years dealing business in the country.
He also has experiences in settling corporate conflicts in
SIDANCO and partly in NTV television channel and Gazprom-Media.
On Wednesday, he asked the largest Western investment funds to
give him a mandate for talks with the Russian government.

In a letter to minority shareholders, Mr. Jordan suggested a
compromise: Yukos' debts should be calculated according to law,
in that way Yukos will be able to pay lenders and tax
authorities.  According to the report, investors welcomed the
initiative, but Yukos officials say they do not need mediators.


=========
S P A I N
=========


ISLA MAGICA: Court Confirms Bankruptcy
--------------------------------------
A Seville judge declared troubled theme park Isla Magica legally
insolvent and bankrupt, Europe Intelligence Wire reported.  The
company has EUR13.4 million in callable capital surplus as
determined by the company's receivers previously.

Isla Magica has EUR69.3 million total callable liabilities, most
of which is owed to a syndicate of banks that funded its
construction.  The remaining part of the debt is in the form of

subordinated loans and participating loans to shareholders.
According to the report, the company is currently negotiating a
70% reduction in its outstanding debt.  A creditors' meeting has
been scheduled for July 30.

The park, which cost EUR40.86 million to construct, recorded
EBITDA of EUR1.03 million and turnover of EUR6 million in 2003.


TERRA MITICA: Court Appoints Insolvency Trustees
------------------------------------------------
The judge reviewing the insolvency filing of Terra Mitica has
ordered the troubled theme park operator to present its balance
sheet in a month's time, Europe Intelligence Wire reports.

Terra Mitica, the Mediterranean Sea-inspired park, filed for
insolvency in May with debts of EUR307 million.  Its troubles
were the result of the general slump in tourism across Europe.
It reported losses of EUR61.47 million in 2003, according to
Libertas 7, a Spanish property and investment group that owns a
2.07% stake in the theme park.

In conjunction with judge's request for the firm's balance
sheet, the court also appointed two trustees to manage the
company's application for insolvency.  A third trustee, who will
take charge of the company's restructuring, is to be appointed
by Banco Cooperativo.

The company's creditors include the president of the provincial
authority of Alicante, Jose Joaquin Ripoll.

CONTACT:  TERRA MITICA
          Benidorm a Finestrat
          Camino de Moralet s/n
          3500 Benidorm, Alicante
          Spain
          Phone: (0902) 020 220
          E-mail: callcenter@terramiticapark.com
                  info@terramiticapark.com
          Home Page: http://www.terramiticapark.com


===========
S W E D E N
===========


SAS GROUP: Appoints New Advertising Agency
------------------------------------------
The SAS Group has assigned responsibility for corporate SAS
brand advertising to the Danish agency Halbye & Kaag.

"Halbye & Kaag has the strategic competence we require for SAS'

continued development within the field of market communication,"
says Linda Fredheim-Bjork, responsible for the SAS Group brand
strategy and corporate market communication activities.  "In our
opinion, this agency is the partner we need to secure our
corporate brand across market borders in the future."

The contract covers strategic advisory services and the
preparation of a communications platform for the SAS Group.

"The agency will also play a new role, since Scandinavian
Airlines will be reorganized into independent airline units in
Denmark, Norway and Sweden.  This was a difficult choice to make
because all of the agencies in the final round made excellent
presentations," says Nina Wahlgren, responsible for the
procurement process.

CONTACT:  SAS GROUP
          Linda Fredheim-Bjork
          Brand Strategy & Market Communication
          Phone: +46 70 997 2789


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


ABB LTD.: Discovers Irregularities in Italian Medium-voltage Biz
----------------------------------------------------------------
ABB said on Friday it has disclosed to the Italian authorities
the preliminary results of a company inquiry into accounting
irregularities and other improper business practices in an
Italian ABB subsidiary.

ABB launched its inquiry, which is still ongoing, earlier this
year following the discovery of the accounting irregularities
during an internal audit review.

"We have a policy of zero tolerance for improper behavior, and
we acted promptly to address the issue," said Jurgen Dormann,
ABB chairman and CEO.

"Our investigation showed that this is an isolated case.  We
have contacted the relevant authorities and disclosed our
findings."

The inquiry uncovered an overstatement by the medium-voltage
business in Italy of its earnings before interest and taxes
(EBIT) of approximately $70 million from the first quarter of
1998 through the first quarter of 2004.  That corresponds to
1.4% of ABB's total reported consolidated EBIT during the
period.

According to the company's initial review, the annual impact on
EBIT over the period ranged between about $2 million in 1998 to
a maximum of some $20 million in 2002.

The unit manager primarily responsible has been released, and
further disciplinary measures against other employees are under
consideration.

The company inquiry also uncovered two improper payments made in
2001 and 2002 in connection with the award of a power equipment
contract in Italy.  A disciplinary process has been initiated
with regard to the employee involved.

ABB said a disclosure similar to the one it made to the Italian
authorities has also been made to the United States Securities
and Exchange Commission (SEC) and that it would take corrective
action regarding its consolidated results for the period in
question.  ABB said it intends to publish later this year
restated consolidated figures.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 113,000 people.


SWISS INTERNATIONAL: To Open Basel-to-London Flights
----------------------------------------------------
Swiss International Air Lines will serve London City Airport
from Basel from August 30.  The flights to and from City
Airport, which is conveniently close to London's central
business district, will be operated thrice daily on weekdays and
daily at the weekend using Saab 2000 equipment.  The current
Basel-London (Heathrow) services will be withdrawn from the
start of the 2004/05 winter schedules.

Travelers between Basel and London will again enjoy direct
service to and from the latter's popular City Airport.  SWISS
will be introducing a new thrice-daily weekday service on the
route on August 30, offering attractive early-morning and late-
evening frequencies for the business travel community along with
a midday flight.  Weekend services on the route will consist of
a Saturday morning and a Sunday evening flight in each
direction, catering for the needs of weekend-break travelers.

City Airport is within easy reach of all key parts of London.
The Canary Wharf financial district is just five to ten minutes
away, the City banking quarter is a 15-to-20-minute journey, and
the West End shopping and entertainment district is only 25 to
30 minutes away.  Passengers using the airport also appreciate
the short distances to and from the gates and the generous
check-in deadlines.

The planned Basel - London City service pattern from August 30:

LX484     BSL-LCY     0805-0845     123456-
LX482     BSL-LCY     1230-1310     12345--
LX486     BSL-LCY     1815-1855     12345-7

The planned London City - Basel service pattern from August 30:

LX485     LCY-BSL     0915-1155     123456-
LX483     LCY-BSL     1340-1620     12345--
LX487     LCY-BSL     1925-2205     12345-7

CONTACT:  SWISS INTERNATIONAL
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


01MB LIMITED: Names Grant Thornton Liquidator
---------------------------------------------
The Members of 01MB Limited Company (formerly Maxwell Batley
Limited) will have a Final Meeting on July 15, 2004 at 11:00
a.m.  It will be held at the offices of Grant Thornton, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP.

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 submitted to Grant Thornton, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP not
later than 12:00 noon, July 14, 2004.

CONTACT:  GRANT THORNTON
          Grant Thornton House
          Melton Street, Euston Square,
          London NW1 2EP
          Contact:
          J Earp, Joint Liquidator


2001 SUPERIOR: Calls in Liquidator from Berley
----------------------------------------------
Name of Companies:
2001 Superior Cleaning Co. Ltd.
2001 Superior Management Co. Ltd.

At an Extraordinary General Meeting of these Companies on June
2, 2004 held at 76 New Cavendish Street, London W1G 9TB, the
subjoined Extraordinary Resolution to wind up the company was
passed.  Jeremy Berman of Berley, 76 New Cavendish Street,
London W1G 9TB has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB
          Contact:
          Jeremy Berman, Liquidator


ACHIEVEMENT DIRECT: Appoints HJS Recovery Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Achievement Direct
Limited Company on May 27, 2004 held at the offices of hjs
Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Gordon Johnston of hjs Recovery, of 12-14
Carlton Place, Southampton, Hampshire SO15 2EA has been
appointed Liquidator of the company for the purpose of the
voluntary winding-up.

CONTACT:  HJS RECOVERY
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Contact:
          Gordon Johnston, Liquidator


AIG CREDIT: Members Final Meeting Set July 19
---------------------------------------------
Members of AIG Credit (U.K.) Limited Company will have a Final
Meeting on July 19, 2004 at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at KPMG, 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 submitted to KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB, Fax: +44(0) 20
7694 3533 not later than 12:00 noon, July 16, 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          8 Salisbury Square
          London EC4Y 8BB
          Fax: +44 (0) 20 7694 3533
          Contact:
          J S Spratt, Joint Liquidator


ALFRED ELLIS: Business, Assets for Sale
---------------------------------------
Joint Administrative Receivers Angus Martin and Ian Brown offer
for sale the business and assets of Alfred Ellis & Sons Limited.

The company has GBP4.5 million annual turnover, and employs 29
people.  It has state of the art electric induction melting
furnaces, an order book of approximately GBP1 million, and
customers in both the U.K. and Export markets.  It operates from
leasehold premises in Wakefield, West Yorkshire

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds LS1 2AL
          Contact:
          Dan Butters or Andrew Skinner
          Phone: +44(0) 113 292 1521
          Fax: +44(0) 113 244 8942
          E-mail: dbutters@deloitte.co.uk
          askinner@deloitte.co.uk


ASAPH LIMITED: Extraordinary Winding up Resolution Passed
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Asaph
Limited Company on June 1, 2004 held at 5-6 The Crescent,
Taunton, Somerset TA1 4EA, the Extraordinary Resolution to wind
up the company was passed.  David Hartley of 5-6 The Crescent,
Taunton, Somerset TA1 4EA has been nominated Liquidator for the
purpose of the winding-up.

CONTACT:  David Hartley, Liquidator
          5-6 The Crescent
          Taunton, Somerset TA1 4EA


A S VANLINE: Hires Moore Stephens Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the A S Vanline Limited
Company on May 26, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  R G Butcher of Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB has been appointed Liquidator of the company for the purpose
of the voluntary winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street
          Birmingham B3 1PB
          Contact:
          R G Butcher, Liquidator


AUTOGAS TRADING: Names Liquidator from Moore Stephens
-----------------------------------------------------
There will be a Final Meetings of the Members of Autogas Trading
Limited Company on July 28, 2004 at 11:00 a.m. and 11:15 a.m.
respectively.  It will be held at the offices of Moore Stephens,
1-2 Little King Street, Bristol BS1 4HW.

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:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Contact:
          C Prescott, Liquidator


AZARA SHIPPING: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Azara Shipping UK
Limited Company on June 7, 2004 held at 1 Snow Hill, London EC1A
2EN, the Special and Ordinary Resolutions to wind up the company
were passed.  Jeremy M Willmont and Phillip R Sykes have been
appointed Joint Liquidators for the purpose of such winding-up.


BARKHAM INTERIORS: Brings in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Barkham Interiors Limited Company on June 4, 2004 held at
Premier Lodge, Sewardstone Road, Waltham Abbey, Essex EN9 3QF,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  A J Clark of Carter Clark, Meridian House,
62 Station Road, North Chingford, London E4 7BA has been
appointed Liquidator for the purpose of the voluntary winding-
up.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road, North Chingford,
          London E4 7BA
          Contact:
          A J Clark, Liquidator


BARNTON LIMITED: Members Final Meeting Set July 29
--------------------------------------------------
There will be a Final Meeting of the Members of Barnton Limited
Company on July 29, 2004 at 10:30 a.m.  It will be held at
Teresa Gavin House, Woodford Avenue, Woodford Green, Essex IG8
8FB.

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.


BISHOP'S STORTFORD: Special Winding up Resolutions Passed
---------------------------------------------------------
At an Extraordinary General Meeting of the Bishop's Stortford
Golf Club (1993) Limited Company on June 3, 2004 held at
Bishop's Stortford Golf Club, Dunmow Road, Bishop's Stortford,
the subjoined Special Resolution to wind up the company was
passed.  Peter George Byatt of Lake Bushells, 129 New London
Road, Chelmsford, Essex CM2 0QT has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  LAKE BUSHELLS
          129 New London Road,
          Chelmsford, Essex CM2 0QT
          Contact:
          Peter George Byatt, Liquidator


BLYTH & BLYTH: Pensioners Bringing Suit to Recover Money
--------------------------------------------------------
PS Independent Trustees, the statutory independent trustee for
workers of engineering Blyth & Blyth, plans to take a legal
action to recover future pensioners' money, according to The
Scotsman.

150 pension scheme members at the company lost savings after the
Edinburgh-based company went into receivership last year with a
GBP6 million-plus deficit in its pension fund.

The trustees will seek to recover part of the deficit through a
legal action against the scheme actuary and three former
trustees who were also directors of the company.  The case will
set a record for being the first to seek a large part of a
pension deficit from trustees and actuary.  It will center on
allegations of general mismanagement in the fund, and will
question the early retirement of the three directors.


BMB LIMITED: Winding up Resolutions Passed
------------------------------------------
At an Extraordinary General Meeting of the Members of the BMB
U.K. Limited Company on June 2, 2004 held at Hamilton House,
Mabledon Place, Euston, London WC1H 9BB, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Lisa Hogg and David Field of Wilson Field, 289 Abbeydale Road
South, Sheffield S17 3LB have been appointed Joint Liquidators
for the purpose of such winding-up.

CONTACT:  WILSON FIELD
          289 Abbeydale Road South,
          Sheffield S17 3LB
          Contact:
          Lisa Hogg, Liquidator
          David Field, Liquidator


BNFL: Pretax Loss for the Year Widens to GBP303 Million
-------------------------------------------------------
Highlights of final results for the year ended 31 March 2004:

                                          2004        2003
                                         GBPm        GBPm
Turnover                                2,322        2,219
Loss on ordinary activities
before taxation and exceptional items    (303)        (261)
Exceptional profits/(charges)               4         (827)
Loss on ordinary activities before
taxation                                 (299)      (1,088)
(Decrease)/increase in cash              (128)         109

Financial Highlights

(a) Turnover increased 5% to GBP2,322 million

(b) Loss on ordinary activities before taxation and exceptional
    items of GBP303 million (2003: GBP261m million loss).  Worse
    than last year due to the impact of the costs of start-up of
    the Mox plant and some increased costs at Sellafield
    (particularly relating to our nuclear clean-up liabilities)
    and Westinghouse

(c) The Group's cash outflow of GBP128 million reflects
    continued heavy investment in capital expenditure and
    committing substantial funds to addressing legacy clean-up
    issues

Operational and commercial highlights

(a) Best overall nuclear safety performance in the company's
    history

(b) Successful creation and launch of the British Nuclear Group
    to concentrate on U.K. nuclear clean-up programs.

(c) Over GBP500 million spent on discharging historic nuclear
    liabilities Sellafield production ahead of target in the
    majority of key plants Magnox exceeded electricity
    production targets by 5%

(b) Westinghouse turnover constant with strong, sustainable
    profits and record new orders of GBP1,580 million.

Michael Parker, BNFL Group Chief Executive said: "The period
since last summer has been one of the most challenging in BNFL's
history.  The loss sustained by the Group in 2003-2004 is
disappointing, but the financial position will change
dramatically once the NDA takes responsibility for a significant
portion of our assets and liabilities as well as the legacy
issues.  This is scheduled to take place on 1 April 2005.

The U.K. Government has taken a bold step in its radical
reshaping of Britain's nuclear industry.  BNFL's response is
similarly bold -- the creation of British Nuclear Group and the
transformation of its organization and culture to allow us to
play a leading role in the safe, cost-effective and timely
management of the U.K.'s nuclear clean-up program.

We've managed our businesses to very high standards, with the
best overall year in nuclear safety performance in the company's
history.  We exceeded a significant number of our operating
targets including reprocessing, vitrification, fuel production
and electricity generation.  The Group spent GBP510 million
discharging UK nuclear clean-up liabilities and met, and in many
cases exceeded, the NDA-related operational targets.  We are
pleased to report further good progress at Westinghouse, with
constant sales and strong underlying sustainable profits.

The Group's cash outflow of GBP128 million reflects continued
heavy investment in capital expenditure and committing
substantial funds to addressing legacy clean-up issues.

Nearly a year into the job, I'm excited by the prospects.  We've
jointly reviewed our strategy with our shareholder (HMG) and
welcome the chance to operate in the new competitive U.K. clean-
up marketplace.  We are committed to playing our part in helping
the NDA achieve its objectives.  We're ready to compete and have
the knowledge, skills and experience to succeed.  Overall we
feel that we are in good shape to face the future.

Our thanks must go to our retiring Chairman, Hugh Collum.
Hugh's influence on the company and the industry has been
immense and all of us in BNFL wish him every success in the
future.  We very much look forward to working with Gordon
Campbell as our new Chairman."

CONTACT:  BNFL
          Philip Dewhurst
          Corporate Affairs Director
          Phone: 020 7222 9717

          Paul Vallance
          Head of Media Affairs
          Phone: 01925 834075


BROADOAK PROJECTS: Hires Liquidator from Harrisons
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Broadoak Projects Limited Company on June 2, 2004 held at 35
Waters Edge Business Park, Modwen Road, Manchester M5 3EZ, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  J C Sallabank and Paul R Boyle of Harrisons, 35
Waters Edge Business Park, Modwen Road, Manchester M5 3EZ have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  HARRISONS
          35 Waters Edge Business Park
          Modwen Road, Manchester M5 3EZ
          Contact:
          J C Sallabank, Liquidator
          Paul R Boyle, Liquidator


CANARY WHARF: Songbird Offer Extended Until Thursday
----------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.  The Offer was subsequently extended until 10 June
2004.

As at 1:00 p.m. (London time) on 10 June 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 383,044,933 Canary Wharf Shares,
representing approximately 65.47% of the existing issued share
capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5% of
the issued share capital of Canary Wharf, which have been
acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family in respect
of 13,288,000 Canary Wharf Shares, representing approximately
2.3% of the issued share capital of Canary Wharf.  Also included
in the acceptances are those received from the Canary Wharf
Directors comprising the Independent Committee, George Iacobescu
and Peter Anderson, who stated in the Offer Document their
intention to accept the Offer in respect of their beneficial
holdings of 3,955,001 Canary Wharf Shares, representing
approximately 0.7% of the issued share capital of Canary Wharf.

As at the close of business on 9 June 2004, the Morgan Stanley
Group was the beneficial owner of 732,328 Canary Wharf Shares
and held 2,099,635 Canary Wharf Shares on behalf of clients.
Valid acceptances have been received by Songbird in respect of
968,755 of these Canary Wharf Shares.  As at the close of
business on 9 June 2004, Goldman Sachs International was the
beneficial owner of 340,543 Canary Wharf Shares.  Valid
acceptances have been received by Songbird in respect of 340,304
of these Canary Wharf Shares.  Goldman Sachs International was
also the discretionary manager of 10,000 Canary Wharf Shares.
Valid acceptances have been received by Songbird in respect of
10,000 of these Canary Wharf Shares.  Goldman, Sachs & Co. was
the discretionary manager of 15,000 Canary Wharf Shares.  Valid
acceptances have been received by Songbird in respect of 15,000
of these Canary Wharf Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.

Extension of Offer to 17 June 2004

Songbird announces that the Offer will remain open for
acceptances until 1:00 p.m. (London time)/8:00 a.m. (New York
time) on Thursday, 17 June 2004.  The Offer will then close
unless further extended.

Songbird also announces that Canary Wharf Shareholders will
continue to be able to elect to vary the proportions of Class B
Shares and cash consideration they receive in respect of their
Canary Wharf Shares.

As a result of the extension of the Offer until 17 June 2004,
Canary Wharf Shareholders will be able to accept the Offer and
make an election to vary the proportions of Class B Shares and
cash consideration that they receive in respect of their
holdings of Canary Wharf Shares.  If they so elect, Canary Wharf
Shareholders will be able to receive 295 pence in cash per
Canary Wharf Share.  However they will not be able to elect to
receive Class C Shares in lieu of consideration to which they
would otherwise be entitled.

As permitted by the terms and conditions of the Offer, Songbird
will elect to treat elections received (or validated or
completed) during the period from 1:00 p.m. (London time)/8:00
a.m. (New York time) on 10 June 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on Thursday 17 June 2004 as
forming a separate pool of elections for the purposes of
determining the cash and Class B Shares available to meet such
elections.  The number of Class B Shares that will therefore be
made available to meet elections made after 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 10 June 2004 until 1:00 p.m.
(London time)/8:00 a.m. (New York time) on Thursday 17 June 2004
for the purposes of paragraph 6 of Part B of Appendix 1 to the
Offer will be determined based upon the number of valid
acceptances received (or validated or completed) during that
period.

Canary Wharf Shareholders should note that, if any elections
received during this period purport to make an election for
Class C Shares, those elections will be deemed to be elections
for Class B Shares and will be dealt with accordingly.

Settlement of the consideration due to Canary Wharf Shareholders
under the Offer will be made as:

(a) In the case of acceptances received complete in all respects
    on or before 21 May 2004; or

(b) In the case of acceptances received complete in all respects
    after 21 May 2004 but while the Offer remains open for
    acceptance, within 14 days of such receipt.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on Thursday 10 June 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, +44 20
8639 2157).

CONTACT:  MORGAN STANLEY
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG CORPORATE FINANCE
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


C A R ORGANISATION: Business for Sale
-------------------------------------
The Joint Administrators, Geoff Rowley and Michael Oldham, offer
for sale the companies or business and assets of C A R
Organisation Limited (CAR0 and Xtreme Wheel and Tyre Centre
Limited (Xtreme) (both in administration).

CAR manages and operates 10 retail stores throughout Southeast
England from leasehold premises, established 1985.  It is a
retailer of car performance accessories and car parts.
Turnover, year to January 2004 was GBP3.28 million.

Xtreme operates a retail store and workshop from leasehold
premises in Harlow, Essex and also has a mail order service. It
is one of the leading brands in the car performance and styling
market.  Turnover, year to January 2004 was GBP1.6 million.  The
company has 52 employees, group head office in Aldershot,
Hampshire.

Full asset inventory is available on application.

CONTACT:  XTREME WHEEL AND TYRE CENTRE LIMITED
          Home Page: http://www.xtrememotorsport.co.uk

          RSM ROBSON RHODES
          186 City Road
          London EC1V 2NU
          Contact:
          Rachael Wilson
          Phone: 020 7865 2815
          E-mail: rachael.wilson@rsmi.co.uk
          Fax: 020 7253 4629


CBI EQUIPMENT: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Members of the CBI
Equipment U.K. Limited Company on May 24, 2004 held at The
Wessex Hotel, 11-13 West Cliff Road, Bournemouth BH2 5EU, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Philip E Simons has been appointed Liquidator for
the purpose of such winding-up.


CHASE FLEMING: Names Liquidators from Mazars
--------------------------------------------
Name of Companies:
Chase Fleming Private Wealth Management Limited
Chase Manhattan FX Net Limited
Copthall Overseas (Number 2) Limited
Stone Investments (Number 3) Limited
Stone Investments (Number 4) Limited
Stone Investments (Number 5) Limited
Stone Investments (Number 7) Limited
Robert Fleming Fixed Income Securities Limited
Robert Fleming (Overseas) Number 3 Limited

At an Extraordinary General Meeting of these Companies on June
3, 2004 held at 125 London Wall, London EC2Y 5AJ, the subjoined
Special Resolution to wind up the Companies was passed.  David
Richard Thorniley and Christopher Rodney Ashurst of Mazars, 24
Bevis Marks, London EC3A 7NR have been appointed Joint
Liquidators for these Companies.

CONTACT:  MAZARS
          24 Bevis Marks
          London EC3A 7NR
          Contact:
          David Richard Thorniley, Liquidator
          Christopher Rodney Ashurst, Liquidator


CLAIREMONT ELECTRONICS: Business for Sale
-----------------------------------------
The Joint Administrators, Graham Martin and Laurie Mason, offer
for sale the business and assets of Clairemont Electronics, a
West Scotland-based interconnect manufacturing business.

Principal features of the business include:

(a) Supplier to blue chip electronics companies,

(b) ISO 9000/2000 and Underwriters Laboratories accredited
    manufacturing facilities in Greenock,

(c) Specialist in custom design and manufacture of cable
    assemblies, wire harnesses and electro-mechanical sub-
    assemblies,

(d) Trained multi-skilled labor force experienced in in-house
    manufacturing, and

(e) Ability to offer high quality value-add assembly, test and
    refurbishment solutions

CONTACT:  CLAIREMONT ELECTRONICS LIMITED

          PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Contact:
          Laurie Mason or Senthil Alagar
          Phone: 0141 245 2222
          Fax: 0141 245 2100
          E-mail: senthil.n.alagar@uk.pwc.com


EAGLE MACHINERY: Names Moore Stephens Recovery Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of the Eagle Machinery
Limited Company on May 28, 2004 held at Moore Stephens, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.  R
G Butcher of Moore Stephens Corporate Recovery, Beaufort House,
94-96 Newhall Street, Birmingham B3 1PB has been appointed
Liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Contact:
          R G Butcher, Liquidator


EAST LANCS: Hires Begbies Traynor Administrator
-----------------------------------------------
The East Lancs Engineering Limited Company has appointed Gordon
Craig and David Appleby of Begbies Traynor as joint
administrative receivers.  The appointment was made May 28,
2004.  The company's registered office address is located at 1
Winckley Court, Chapel Street, Preston PR1 8BU.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Receivers:
          Gordon Craig
          David Appleby
          (IP Nos 0978 and 8976)


ETCHELLS MACHINERY: In Administrative Receivership
--------------------------------------------------
HSBC Bank called in W J Kelly and James P N Martin of Begbies
Traynor as joint administrative receivers for Etchells Machinery
Limited Company.  The appointment was made June 3, 2004.  The
company manufactures machine tools.

CONTACT:  BEGBIES TRAYNOR
          Newater House,
          11 Newhall Street,
          Birmingham B3 3NY
          Receivers:
          W J Kelly
          James P N Martin
          (IP Nos 4857, 8316)


GREYCOAT LIMITED: Creditors Voluntary Liquidation Proposed
----------------------------------------------------------
As previously announced by the Company, Greycoat Limited has
been continuing discussions with, among others, an informal
committee of Eurobond holders in connection with a proposed
restructuring of certain of the assets and liabilities of the
companies in the Greycoat Estate Limited Group.

On 9 June 2004 it became apparent to Greycoat Limited that it
and the Eurobond holders could not agree the terms of the
proposed restructuring and as a result Greycoat Limited and
various other companies in the Greycoat Limited group of
companies (including the Company) will be placed into creditors
voluntary liquidation on or about 9 June 2004.  In these
circumstances, payments to the holders of the 350,000 4.2%
cumulative preference shares issued by the company may be
impaired.

CONTACT:  GREYCOAT LIMITED
          Peter Thornton
          Phone: +4420 7379 1000

          Martin Poole
          Phone: +4420 7379 1000


HALLCO 853:  Appoints KPMG Administrator
----------------------------------------
The Hallco 853 Limited Company has appointed Julian Richard
Whale and Paul Andrew Flint as joint administrative receiver.
The appointment was made June 4, 2004.  The company is engaged
in wholesaling and distributing food.  Its trading name is under
speciality food services.

CONTACT:  KPMG LLP
          1 The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Receiver:
          Julian Richard Whale
          (IP No 7252)

          KPMG LLP
          St James Square,
          Manchester M2 6DS
          Receiver:
          Paul Andrew Flint
          (IP No 9075)


HEARING ENHANCEMENT: Hires Receivers from Kroll Limited
-------------------------------------------------------
The Hearing Enhancement Plc has appointed Fraser James Gray and
David John Whitehouse of Kroll Limited as joint administrative
receivers.  The appointment was made June 3, 2004.

CONTACT:  KROLL LIMITED
          Afton House,
          26 West Nile Street,
          Glasgow G1 2PF
          Receivers:
          Fraser James Gray
          David John Whitehouse
          (IP Nos 8905, 8699)


IFS REALISATIONS: Creditors Meeting Set June 22
-----------------------------------------------
There will be a Creditors Meeting of the IFS Realisations
Limited Company on June 22, 2004 at 11:00 a.m.  It will be held
at The Quality Hotel Royal, Ferensway, Hull HU1 3UF.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jacksons Jolliffe Cork, Lowgate House, Lowgate,
Hull HU1 1EL not later than 12:00 noon, June 21, 2004.

CONTACT:  JACKSONS JOLLIFFE CORK
          Lowgate House, Lowgate,
          Hull HU1 1EL
          Contact:
          M C Bowker, Administrator


INTELLIGENT MODULAR: Business and Assets for Sale
-------------------------------------------------
The Joint Administrators, Kenneth W Touhey and William J Turner
of Chantrey Vellacott DKF, offer for sale the goodwill, business
and assets of Intelligent Modular Solutions Limited.

Intelligent Modular manufactures, designs and installs bespoke
joinery and modular panels.  It specializes in pre-fabricated
wall and floor solutions for both commercial and residential
developments using hi-tech computerized design and CNC
production techniques.  It has 100,000 sq. ft. leasehold
premises in Manchester.  It has blue chip customer base, skilled
and dedicated workforce of 90, and a turnover of GBP6.5 million
(12 months to December 31, 2003)

CONTACT:  CHANTREY VELLACOTT DKF
          Russell Square House
          10-12 Russell Square
          London WC1B 5LF
          Contact:
          William Turner or Mike Kernick
          Phone: 020 7509 9333
          Fax: 020 7436 8884
          E-mail: mkernick@cvdfk.com


JACK RAWLINGS: Hires Knights & Company Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Jack
Rawlings Pump Limited Company on May 27, 2004 held at 47 St
Johns Wood High Street, St Johns Wood, London NW8 7NJ, the
Special and Ordinary Resolutions to wind up the company were
passed.  Barry P Knights of Knights & Company, Milford House,
43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has been
appointed as Liquidator of the company for the purpose of the
voluntary winding-up.

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


PARALLEL VENTURES: Members General Meeting Set July 5
-----------------------------------------------------
Members of Parallel Ventures Holdings Limited Company will have
a General Meeting on July 5, 2004 at 10:00 a.m.  It will be held
at the offices of Baker Tilly, Spectrum House, 20-26 Cursitor
Street, London EC4A 1HY.

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 Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY not later than
12:00 noon, July 4, 2004.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street,
          London EC4A 1HY
          Contact:
          P J R Souster, Joint Liquidator


PHILIP QUANTRILLL: Steel Fabrication Business for Sale
------------------------------------------------------
The Joint Administrative Receivers, Stephen Oldfield and Mike
Gercke, offer for sale the business and assets of this East
Anglian based structural steelwork producer.

Principal features of the business include:

(a) Specialist steel fabricator well respected in the industry,

(b) Turnover to year ended March 31, 2003 is GBP6 million,

(c) 5,100 freehold premises in Norfolk with residential
    redevelopment potential,

(d) High profile contracts with significant order book,

(e) Modern bespoke high capacity twin CNC and full CAD
    facilities linked to production,

(f) Full shot blasting, cutting, welding and painting
    facilities,

(g) Extensive external storage available, and

(h) Dedicated and skilled workforce of 55 employees

CONTACT:  PHILIP QUANTRILLL (STRUCTURAL ENGINEERS) LIMITED


          PRICEWATERHOUSECOOPERS LLP
          The Atrium
          St Georges Street
          Norwich NR3 1AG
          Contact:
          Matt Williams
          Phone: 01603 883214
          Fax: 01603 883213
          E-mail: sharon.d.peryer@uk.pwc.com


QUIX BODYSHOP: Business for Sale
--------------------------------
The Joint Administrators, C P Holder and S C E Mackeller offer
for sale the business and assets of Quix Bodyshop Limited.

The company is involved in crash repair, refurbishment and re-
livery of commercial vehicles.  It occupies 22,000 square feet
freehold premises, which has a well-equipped high tech workshop,
located close to A1 in North Yorkshire.  It has annual turnover
in excess of GBP1 million.  It holds industry and insurance
approved certification.

CONTACT:  KROLL
          Contact:
          Jane Jackson
          Phone: 0113 3860819
          Fax: 0113 2449305
          E-mail: jjackson@krollworldwide.com


SHEDDAKINS LIMITED: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Sheddakins Import/Export Limited Company on May 27, 2004 held at
47 St Johns Wood High Street, St Johns Wood, London NW8 7NJ, the
Special and Ordinary Resolutions to wind up the company were
passed.  Barry P Knights of Knights & Company, Milford House,
43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has been
appointed as Liquidator of the company for the purpose of the
voluntary winding-up.

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


SNSM LIMITED: Appoints Mazars Liquidator
----------------------------------------
At an Extraordinary General Meeting of the SNSM Limited Company
on June 2, 2004 held at 24 Bevis Marks, London EC3A 7NR, the
subjoined Special Resolution was duly passed.  David Richard
Thorniley and Christopher Rodney Ashurst of Mazars, 24 Bevis
Marks, London EC3A 7NR have been appointed Joint Liquidators for
the purpose of such winding-up.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Contact:
          David Richard Thorniley, Liquidator
          Christopher Rodney Ashurst, Liquidator


STUART INTERIORS: Receivers Sell Business as Going Concern
----------------------------------------------------------
The Joint Administrative Receivers are seeking buyers for the
business and assets of the company on a going concern basis.

Principal features are:

(a) Reproduction furniture and architectural joinery,

(b) Antiques sourcing - collection in stock,

(c) Renaissance textiles, decorative accessories and lighting
services, and

(d) International reputation and customer base

CONTACT:  STUART INTERIORS LIMITED
          Home Page: http://www.stuart-interiors.com

          BEGBIES TRAYNOR
          Contact:
          Andy Beckingham or Neil Vinnicombe
          E-mail: Bristol@begbies-traynor.com


TANGO FASHIONS: In Administrative Receivership
----------------------------------------------
Lloyds TSB Bank Plc called in Graham Paul Bushby and Guy Edward
Brook Mander of Baker Tilly as receivers for Tango Fashions
Trading Limited (Reg No 01504596, Trade Classification: SIC 92).
The application was filed June 7, 2004.  The company sells
clothing and footwear.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Receiver:
          Graham Paul Bushby
          (Office Holder No 8736)

          Guy Edward Brooke Mander
          (Office Holder No 8845)
          City Plaza, Temple Row,
          Birmingham B2 5AF


TARNCROFT LIMITED: Sets General Meeting July 21
-----------------------------------------------
Members of Tarncroft Limited Company will have a General Meeting
on July 21, 2004 at 10:00 a.m.  It will be held at 60-62 Old
London Road, Kingston upon Thames, Surrey KT2 6QZ.

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.


TEXLAND INDUSTRIAL: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Texland Industrial Supplies Limited Company on May 27, 2004 held
at 47 St Johns Wood High Street, St Johns Wood, London NW8 7NJ,
the Special and Ordinary Resolutions to wind up the company were
passed.  Barry P Knights of Knights & Company, Milford House,
43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has been
appointed as Liquidator of the company for the purpose of the
voluntary winding-up.

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


TIGE PROPERTIES: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Tige Properties
Limited Company on May 28, 2004 held at Wayside, 9 Bruntwood
Lane, Cheadle, Stockport, Cheshire SK8 1HS, the Special,
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  David Norman Kaye of Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB has been appointed Liquidator
for the purpose of such winding-up.


VERNON LIMITED: Hires Receivers from KPMG and PwC
-------------------------------------------------
The Vernon (Holdings) Limited has appointed Paul Flint and Brian
Green of KPMG and Michael Horrocks of PricewaterhouseCoopers LLP
as joint administrative receivers.  The appointment was made
January 14, 2004.  The holding company is a distributor of
stainless steel.

CONTACT:  KPMG
          St James Square,
          Manchester M2 6DS
          Receivers:
          Paul Flint
          Brian Green
          (IP Nos 9075, 8709)

          PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square,
          Lower Mosley Street,
          Manchester M2 3PW
          Receiver:
          Michael Horrocks
          (IP No 8026)


WATFORD LEISURE: Appoints New Chief Executive Officer
-----------------------------------------------------
Watford Leisure announces that with effect from 1 July 2004 the
new Chief Executive Officer of the Company will be Mark Ashton.
Mark was previously director of Community and New Projects at
West Bromwich Albion Football Club.  In his new role as CEO he
will report to the board of directors of the Company but will
not himself be a director.

Graham Simpson will relinquish his dual role of Chairman and CEO
but will remain as Executive Chairman of the Company.


* German, Swiss, Austrian SME CDO Performance Tracker Launched
--------------------------------------------------------------
Fitch Ratings, the international ratings agency, on Friday
launched a performance tracker for German, Swiss and Austrian
(GSA) small- and medium-sized (SME) CDO.  This performance
tracker is part of Fitch's ongoing efforts to provide
transparency in the European structured finance market and
additionally support the rapidly expanding CDO SME sector.
The 'GSA' tracker is modeled on Fitch's highly successful
Spanish SME-sized CDO tracker, which was launched in March 2004.

"The Spanish CDO tracker has proved to be a valuable tool in the
performance appraisal of deals in this sector.  Market
participants are additionally able to run comparative analyses
between Fitch-rated transactions.  The GSA will serve a similar
purpose for German SME CDOs," said Stefan Bund, Senior Director,
and head of Fitch Ratings German Structured Finance team.

Bund said further that Germany and Spain represent the two
largest European markets for SME CDOs and all but four of the
Fitch-rated transactions of this type are in these two national
markets.  The Swiss and Austrian Fitch-rated SME CDOs feature
similar structures and collateral to typical German deals, which
is why the agency has grouped all three countries together.

Despite difficult economic conditions in Germany, initial key
findings from the GSA show that most deals are performing ahead
of the Fitch's base case expectations.  "The sector is
relatively robust, with certain transactions exhibiting strong
recovery performance, thereby mitigating mounting defaults."
Shaun Baddeley, Senior Director and head of Fitch Ratings
European CDO performance analytics team said.  "However, we have
found that in some cases there are very large differences
between the best and worst performing transactions."

Mr. Baddeley explained further that projected loss and default
ratios are the principal tracker measures and are presented for
all deals in the report.  "Higher ratios reflect worse
comparable performance and in most cases scores close to one
will lead to downgrades of sub-investment grade tranches, with a
number of caveats that are discussed in the report."

The report, which is available at http://www.fitchratings.com,
also includes a brief overview of the GSA SME CDO market, the
performance history to date and the rating methodology employed
by Fitch for these transactions.  Some of the features of the
market and the analytical issues they present are also
discussed.

The GSA CDO tracker adds to Fitch's suite of CDO performance
analysis tools, which features the Synthetic Index and will, in
the second half of 2004, include an index for cash flow
arbitrage transactions.

CONTACT:  FITCH RATINGS
          Stefan Bund, Frankfurt
          Phone: +49 69 7680 76233
          E-mail: Stefan.bund@fitchratings.com

          Shaun Baddeley, London
          Phone: +44 20 7417 4396
          E-mail: Shaun.baddeley@fitchratings.com

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


* 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.


LUXEMBOURG
----------
Metro International-SDB                           136       35


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)       3,472     (293)
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,
Liv Arcipe, and Julybien Atadero, 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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