TCREUR_Public/040616.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

            Wednesday, June 16, 2004, Vol. 5, No. 118

                            Headlines

C R O A T I A

VIKTOR LENAC: Russian Company Interested in Shipyard


F R A N C E

RHODIA SA: Sells North American Phosphate Biz for US$550 Million
RHODIA SA: Ratings Unaffected by Sale of U.S. Phosphate Business


G E R M A N Y

AGIV REAL: Warns of Possible Insolvency
DEAG AG: Wingolf Mielke Appointed Chief Operating Officer
PLAUT AKTIENGESELLSCHAFT: Latest Figures Confirm Turnaround
WESTLB AG: Robert Tchenquiz Fails to Pre-empt Auction


H U N G A R Y

DAM STEEL: Fails to Attract Bids Higher than 50% of Price Tag
NABI RT: Market Observers Not Impressed with Latest Bus Orders


I R E L A N D

LYONS EXCAVATIONS: Files for Receivership


I T A L Y

ITALTRACTOR ITM: Rating Upped to 'CCC-' from Selective Default
PARMALAT SPA: Lunar CDO Notes on S&P's CreditWatch Negative
PARMALAT SPA: Ratings of Eirles Serial Notes Affirmed


K Y R G Y Z S T A N

ALAMUDUN: Meeting of Creditors Set June 25
AZIZ: Batken Court Appoints Insolvency Manager
KADAMJAI NAN: Sets Creditors Meeting June 21
KAINDYNSKAYA AVTOBAZA: Succumbs to Bankruptcy
KYRGYZAGROPROMBANK: Selling 29 Lots of Equipment June 21

KYRGYZGAZMUNAIZAT: Creditors Meeting Set June 28
SYN-TASH: Creditors to Meet June 25
ZAVOD STROYITELNYH: Appoints New Insolvency Manager


L U X E M B O U R G

STOLT-NIELSEN: Appoints CEO for Transportation Group


N E T H E R L A N D S

KONINKLIJKE AHOLD: Divestments Drag First-quarter Results
LAURUS N.V.: Reshuffles Managers
VENDEX KBB: VDXK Acquisition Offer Expires June 21


P O L A N D

POLLENA EWA: Adopts Restructuring Measures as Sales Dip Further


R U S S I A

AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy
BEZENCHUKHSKY MIX-FODDER: Proofs of Claim Deadline July 4
KALYAZINSKY EXPERIMENTAL: Insolvent Status Confirmed
KISELEVSK-TRANS-STROY: Court Prescribes Bankruptcy Procedure
KLINTSOVSKY COMBINE: Under Bankruptcy Supervision Procedure

MASLENNIKOV: Samara Court Commences Bankruptcy Proceedings
MOSKOVSKY INSTRUMENT: Selling RUB18 Mln Worth of Equipment
PAVLOVSKIYE KOMBIKORMA: Bankruptcy Proceedings Begin
REUTOVSKAYA FACTORY: Public Auction of Properties, Debts July 6
TINNED FOOD: Public Auction of Properties July 9


S P A I N

LAUREN: In Temporary Receivership


S W I T Z E R L A N D

ADECCO SA: On CreditWatch Positive Following Financial Review


U K R A I N E

EKO-2003: Sets Deadline for Proofs of Claim
FILEO: Bankruptcy Proceedings Begin
KASHTAN LTD.: Insolvent Status Confirmed
KONTINENT: Succumbs to Bankruptcy
UKRROS: Under Bankruptcy Supervision Procedure
ZHITOMIR MARKETING: Declared Insolvent


U N I T E D   K I N G D O M

AAA AA A ADIRECT: Members Final Meeting Set July 16
ABSOLUTE SCREEN: Liquidator to Submit Final Report July 12
ALEXCELL LIMITED: Creditors General Meeting July 16
ASTRA ZENECA: Faces Possible Consumer Suit Over Seroquel Drug
BEAR NORTH: Members Final Meeting Set July 15

BIDSTON MARINE: Names PKF Administrator
CASTLE CIVIL: Meeting of Members Set July 21
FB ESTATES: Hires Liquidator from Baker Tilly
GILLS COMPONENTS: Meeting of Creditors Set June 23
INREON LIMITED: Winding up Resolutions Passed

KISKO BUSINESS: Hires Mercer & Hole Administrator
MARK CAMPBELL: Appoints The P&A Partnership Administrator
MARKS & SPENCER: Loses One More Executive
MEDIA 1ST: Names Marchands Associates Administrator
NETTEC PLC: Drops Proposed Voluntary Liquidation

PARKINS ENGINEERING: Hires Receivers from KPMG
PHASE ONE: Appoints Hurst Morrison Thomson Administrator
PIPELINE STEEL: Meeting of Creditors Set June 23
SALTCO TRADINGS: Calls in Liquidator
SEETOIT LIMITED: Winding up Resolutions Passed

TALCO LIMITED: Creditors Meeting Set June 21
TANGO FASHIONS: In Administrative Receivership
TAURUS PETROLEUM: Calls in Liquidator
TYRE CENTRE: Business and Assets for Sale
WH SMITH: Pension Trustees Deny Snag in Takeover Talks


                            *********


=============
C R O A T I A
=============


VIKTOR LENAC: Russian Company Interested in Shipyard
----------------------------------------------------
Russia's Obedinennye Mashinostroitelnye Zavody is interested in
the assets of bankrupt shipyard Viktor Lenac.   The heavy
industry and energy giant said it will submit a bid to the
Croatian government next week, Europe Intelligence Wire says.

According to Obedinennye's representative in Croatia, Marijan
Tuskan, the proposal includes an investment of GBP5.4 million in
the northern Adriatic shipyard over the next two years.  In
addition, Obedinennye will employ Viktor Lenac's 650 workers at
an average monthly pay of around GBP350, and allow Croatian
companies to construct an oil plant in Kazakhstan.  Mr. Tuskan
refused to reveal the exact amount of the offer, but according
to sources of Croatian newspaper Vecernji List, the offer will
be most likely GBP3.5 million.

Obedinennye is interested in the shipyard as "it would be
possible for the Russian fleet to be docked here 12 months a
year," according to Mr. Tuskan.  It projects revenues of up to
GBP38 million a year at the shipyard.  The company is aware,
though, that there are legal and financial sticking points to a
possible deal.  The buyout alone could take a year.

The yard declared bankruptcy in December last year with reported
debts of GBP134 million and more than 1,700 creditors.  It is
currently mired in bankruptcy proceedings.


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


RHODIA SA: Sells North American Phosphate Biz for US$550 Million
----------------------------------------------------------------
Rhodia S.A. on Monday announced the signing of a definitive
agreement with Bain Capital for the sale of Rhodia's North
American specialty phosphates business for an enterprise value
of US$550 million (approximately EUR460 million), representing
an EBITDA multiple greater than seven.  The agreement is
expected to be finalized in the third quarter of 2004.

The business is a leading, diversified producer of phosphoric
acid and phosphates for use in a wide variety of industrial
applications, including food, pharmaceuticals, water and metal
treatment, horticulture, textiles and detergents.  It had total
net sales of EUR400 million in 2003 and employs 1,075 people.

The business will be managed by the existing senior management
team and will be renamed upon completion of the transaction.  As
part of the sale agreement, Rhodia will continue to market
phosphates with applications in pharmaceuticals.

"With the divestments already announced by the Group since the
beginning of the year, this transaction will enable us to
achieve around EUR880 million from divestitures in 2004 at an
average multiple of 10 times EBITDA," said Rhodia CEO Jean-
Pierre Clamadieu.

"These divestments also represent an important step in
refocusing the Group on a more limited portfolio of strategic
businesses.  We can now concentrate our resources on managing
our businesses and improving their performance."

After closing adjustments, divestiture fees and tax impact, the
total net proceeds from divestitures in 2004 will be
substantially over the EUR700 million objective announced by the
Group in October 2003.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

Bain Capital (http://www.baincapital.com)is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than $17 billion in assets under management.
The firm has strong experience in a variety of industries and
with "carve-out" transactions in which non-core businesses or
assets of corporations are purchased by private investors.
Since its inception in 1984, the firm has made private equity
investments and add-on acquisitions in over 225 companies around
the world.  A global team of investment professionals dedicated
to industrial businesses has guided investments in a broadly
diversified group of companies including NOVACAP, a leading
manufacturer and distributor of chemicals acquired from Rhodia
in January 2003.  Additional industrial investments include
SigmaKalon, Brenntag, Treofan, and Sud-Dekor/Dakor.
Headquartered in Boston, Bain Capital has offices in New York,
London and Munich.

CONTACT:  RHODIA S.A.
          Press Relations
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          BAIN CAPITAL
          Press Relations
          Alex Stanton
          Daniel Piels
          Phone: (212) 780-1900

          RHODIA INVESTOR RELATIONS
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Ratings Unaffected by Sale of U.S. Phosphate Business
----------------------------------------------------------------
Standard & Poor's Ratings Services said on Monday that its
ratings and outlook on France-based chemicals producer Rhodia
S.A. (B/Stable/B) are unaffected by the group's agreement to
sell its North American phosphates unit to U.S. investment firm
Bain Capital LLC for US$550 million (EUR460 million).

This divestiture will enable Rhodia to reach its target of
raising EUR700 million from asset disposals in 2004, which is
part of a restructuring and refinancing plan designed to address
the group's short- and medium-term liquidity requirements.
Rhodia had previously raised EUR470 million from an equity
rights issue and EUR700 million from high-yield bonds maturing
in 2010.  Furthermore, two large-scale savings initiatives
target about EUR245 million in additional annual cost reductions
by the end of 2006.  The combined effects of these measures
should enable Rhodia to meet its financial and operating cash
requirements until the first quarter of 2006.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail
          christine_hoarau@standardandpoors.com
          ralf_kortuem@standardandpoors.com
          olivier_beroud@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


AGIV REAL: Warns of Possible Insolvency
---------------------------------------
Agiv Real Estate, the German property company, is running out of
time to find investors willing to rescue it from insolvency.

The company warned it might have to file for insolvency should
it fail to secure an investment deal in the coming weeks, Europe
Intelligence Wire reports.  The company is continuing to hold
negotiations after shareholders ousted its head, Ralf Behne, who
holds around 12% of the company.

Agiv reported a EUR134 million loss in 2002 on turnover of
EUR158 million, largely due to write-downs.  Its debt is
estimated to be eight-figures and include risks in connection
with claims on energy company, EnBW, and group ING BHF-Bank --
two of its shareholders.


DEAG AG: Wingolf Mielke Appointed Chief Operating Officer
---------------------------------------------------------
Effective June 22, 2004, Mr. Wingolf Mielke, 57, will be DEAG
Deutsche Entertainment AG's (SIN 551390) chief financial
officer.   Mr. Mielke will also take over as chief operating
officer to ease the burden on CEO Peter Schwenkow, who will be
concentrating on expanding the international concert business
and on the activities of DEAG Classics AG.

Mr. Mielke, a qualified banker, studied business management,
then worked for a number of companies before spending 27 years,
15 of them abroad, in management positions with the Poly-Gram
(later Universal) Group, mainly as Executive Vice President/CFO
in Hamburg, Toronto, Montreal, London and New York.

As Executive Vice President/General Manager, he shared
responsibility from 2001 to 2003 for Sony Music's business in
Germany, Austria and Switzerland.  Mr. Mielke has excellent
contacts in and knowledge of the entertainment industry and will
play an enduring role in setting up the newly structured and
profitable DEAG.

Berlin, 14 June 2004

                            *   *   *

DEAG said in March that due to scheduled repayment of bank loans
and settlements of litigation risks, extraordinary expenses were
taken into account, leading to a negative consolidated net loss
of EUR14.7 million.


PLAUT AKTIENGESELLSCHAFT: Latest Figures Confirm Turnaround
-----------------------------------------------------------
At the annual general meeting of Plaut AG, Salzburg (SCN 918
703) on June 11, 2004, the shareholders approved by a large
majority all agenda items submitted for a vote by the
Supervisory and Executive Boards.  Around 45.7% of the voting
capital was represented at the AGM.

Shareholder Equity Boosted by Capital Increase

The main item on the agenda was the resolution for creating an
authorized capital in the amount of up to EUR6.5 million,
authorizing the Executive Board to increase the existing capital
of approximately EUR19.9 million up to EUR26.4 million.  This
step has laid the necessary groundwork for strengthening the
company's equity basis.

Economic Turnaround Confirmed

In the Executive Board report, Chief Financial Officer Johann
Zwicklhuber outlined the business development of 2003.  The far-
reaching restructuring measures, which included the sale of
regional companies as well as the group-wide reduction of costs,
created the foundations for the economic turnaround and the
strategic reorientation by the end of the year 2003.  According
to Dr. Nico Brunner, Speaker of the Executive Board, the core
elements of Plaut's new business strategy comprise the
concentration of consulting activities on Europe and a target-
oriented consulting portfolio consisting of highly qualified
business consulting services in conjunction with efficient
implementation solutions.  The company's industry focus is on
manufacturing, the process industry, retail, as well as the
service industry.

Successful Strategic Reorientation

The optimization and reorientation of the Plaut business model
has already reaped successful results: In the first quarter of
2004, the consulting company achieved revenues of approximately
EUR16.5 million.  Earnings before interest and tax (EBIT)
amounted to EUR0.5 million (Q4-2003: -EUR1.8 million).  For the
second quarter of 2004, the EBIT margin is anticipated to amount
to approximately 3.0%, with revenue at about the same levels as
in Q1.  On the strength of this stable and positive development,
the Executive Board holds fast to its guidance for 2004 group
revenues of approximately EUR70 million and an EBIT margin of
5.0%.

About Plaut

Customers in Central Europe benefit from Plaut's comprehensive
portfolio based on the integration of business
consulting/organizational & IT consulting services with focus on
the consulting segments performance management, value chain
management, and information technology & IT services, primarily
in the SAP environment.  Plaut possesses decades of in-depth
industry knowledge and hands-on experience in manufacturing and
CPG/retail and services.  On the basis of the Plaut
Methodology(R) in internal and external accounting, in
particular in controlling, Plaut has been developing renowned
and value-based oriented management standards for the management
of successful large corporations as well as small to midsize
enterprises since 1946.

Plaut AG, Salzburg, has been listed in the General Standard
segment of Frankfurt stock exchange since January 2, 2003 (PUT;
SCN 918 703, ISIN AT0000954359).  For more information, visit
http://www.plaut.com.

CONTACT:  PLAUT AKTIENGESELLSCHAFT
          Lilli-Lehmann-Gasse 4
          A-5020 Salzburg
          Phone: +43 (662) 4092-58
          Fax: +43 (662) 4092-59
          E-mail: IR@plaut.com
          Web site: http://www.plaut.com

          Heinz-Peter Schneider
          Manager Communications, IR & Marketing


WESTLB AG: Robert Tchenquiz Fails to Pre-empt Auction
-----------------------------------------------------
The Odeon cinema chain is now being offered for auction after
minority shareholders refused Iranian businessman Robert
Tchenquiz's offer to buy the chain.

Mr. Tchenguiz's GBP360 million bid lapsed on Friday without
Nigel and Entertainment Cinemas taking it, sources said,
according to Reuters.  Banks Goldman Sachs and Citigroup are now
ready to send a memorandum regarding the auction of the
business.  They expect to receive the first wave of bids by July
9, the sources said.  As many as 20 offers are expected.

VUE Entertainment, which previously offered GBP380 million for
Odeon; private equity firms BC Partners and Terra Firma; Mr.
Tchenguiz himself; and bidders for UCI cinemas, including
Michael Green, the former boss of Carlton television, are
reportedly interested in bidding for Odeon.

German bank WestLB owns 45% of Odeon.  Mr. Tchenguiz owns about
17.5%.


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


DAM STEEL: Fails to Attract Bids Higher than 50% of Price Tag
-------------------------------------------------------------
The assets of DAM Steel Rt have attracted four valid bids, but
not one has offered a sum near the asking price, HVG reports,
according to Budapest Business Journal.

Liquidators of the Hungarian steelmaker have searched for a
buyer for DAM steel since the company went into liquidation in
March 2003.  The business was offered for sale for the third
time in May and liquidator Matraholding Rt is expected to choose
one buyer in a few days.

The problem is no one is willing to cough up more than 50% of
the HUF5.3 billion (EUR21 million) price tag set by the
liquidator.  The highest bid, which reports say was from
Ukranian company Danko AO, is only HUF2.5 billion.  Danko, a
member of the Donbass group, want to explore the potential of
the company's steel rolling facility.  Two of the four bids were
made by companies owned by local businessman Kalman Mudra.  The
last bidder is German firm Max Aicher, which owns Ozd Steelworks
Kft.

DAM Steel is currently operated by Borsod Steel Manufacturing
Kft, with Matraholding as majority owner.  The company employs
1,200 workers.


NABI RT: Market Observers Not Impressed with Latest Bus Orders
--------------------------------------------------------------
Analysts say bus-maker Nabi Rt's result will not show it has
turned the corner despite receiving bus orders worth US$10.64
million from local and foreign companies.

Broward County Mass Transit of Florida ordered 25 Nabi 40-foot
low-floor diesel buses scheduled for delivery by May 2005.  The
contract is worth US$7.8 million.  It has in addition an order
worth HUF594 million (EUR2.35 million, US$2.84) for 16 buses of
700 SE model from Volan group member companies Kapos Volan Rt,
Gemenc Volan Rt and Pannon Volan Rt.

Peter Makray, analyst at Erste Bank Investment Rt, however,
believes the volume of order will not significantly affect the
company's results. He said: "Total sales in 2003 were US$270
million, and US$345 million is expected for 2004.  These deals,
which total just over US$10 million, are not going to change the
bigger picture."

Kornel Sarkadi Szabo, of Raiffeisen Securities Rt, added: "To
break even, a 25% increase in sales volume over the company's
own targets would be necessary."

Analysts expect 2004 to be another loss-making year for the
company.  Nabi Rt's loss in 2003 was US$16.5 million.  For the
company to make significant progress, analysts say it must
increase sales volume, limit foreign-exchange risks, and cut
cost.


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


LYONS EXCAVATIONS: Files for Receivership
-----------------------------------------
Lyons Excavations will ask the High Court to appoint an examiner
for the company.  Accountant Brian McEnery is currently acting
as interim examiner to the Limerick civil engineering firm.

According to Europe Intelligence Wire, the Ardagh-based company
blames its insolvency to two development companies, which
refused to pay a disputed bill of EUR8.4 million.  It owes 200
trade creditors that are mostly small- and medium-sized
businesses.

Lyons Excavations owes its banks, AIB, Bank of Ireland, Bank of
Scotland (Ireland) and ACC, EUR3.6 million.  Another EUR1
million is owed with the Revenue Commissioners.  Its total debts
amount to EUR11.7 million, higher than its EUR4.1 million
assets.  These assets would be valued EUR2.7 million at most
once liquidated, the report said.


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


ITALTRACTOR ITM: Rating Upped to 'CCC-' from Selective Default
--------------------------------------------------------------
Standard & Poor's Ratings Services on Monday raised its long-
term corporate credit rating on Italian machinery component
maker Italtractor ITM S.p.A. to 'CCC-' from 'SD', following the
completion of the restructuring of the company's EUR100 million
($120 million) bond.  At the same time, the rating was placed on
CreditWatch with developing implications.

In addition, Standard and Poor's assigned its 'CC' rating, also
placed on CreditWatch with developing implications, to the
EUR100 million notes due January 22, 2008, issued by
Italtractor's Luxembourg-based subsidiary Italtractor ITM S.A.
The notes are irrevocably and unconditionally guaranteed by
Italtractor.  The difference with the parent's corporate credit
rating reflects subordination of this debt to the group's
priority liabilities, secured by the group's assets.

"The rating actions reflect the agreement reached by Italtractor
with its bondholders to extend the repayment schedule of the
EUR100 million bond," said Standard & Poor's credit analyst
Tatiana Kordyukova.

The group's creditworthiness remains constrained, however, by
major uncertainties regarding the future capital structure and
trading and financial performance in 2004.  Additional pressure
on Italtractor's ability to meet its obligations is caused by
tight financial flexibility, high financial leverage, and the
challenges of cyclical demand patterns and price-driven
competition.  The CreditWatch status will be resolved when the
core banks decide on restructuring options.

"If the banks opt for equity conversion and trading performance
is satisfactory, the ratings could be raised.  They could be
lowered, however, in the case of poor operating performance, or
if equity conversion is not realized," said Ms. Kordyukova.

At the same time, Standard & Poor's needs to receive updated
information on the group's operations and financial position in
order to assess the overall result of the industrial and
financial restructuring on the group's credit quality.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. It can also be found on
Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

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


PARMALAT SPA: Lunar CDO Notes on S&P's CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services on Monday changed to negative
the CreditWatch status of its credit rating on the asset-backed
notes issued by Lunar Funding IV Ltd.  At the same time, the
notes were affirmed.  The rating was originally placed on
CreditWatch developing on January 20, 2004.

Lunar Funding IV is a synthetic CDO transaction referencing a
portfolio of 149 corporate entities.  The rating action follows
the completion of the valuation process in relation to a credit
event on Parmalat S.p.A., a reference credit under the credit
default swap entered into between Lunar Funding IV and The Royal
Bank of Scotland PLC.

The exposure to Parmalat represented 0.667% of the total
reference portfolio.  Following a final valuation of 12.452%,
credit enhancement provided to the notes by the swap's first-
loss amount was effectively reduced to 3.04% from 3.60%.

The expected net loss rate at the 'AA-' rating level is more
than the current credit enhancement.  However, we expect this
loss rate to reduce to a level commensurate with the rating of
'AA-' owing to the transaction's shortening maturity and
provided there is no further downward credit migration in the
reference portfolio.  The CreditWatch negative situation
reflects this view, as the rating on the notes could stay the
same or be lowered.

Related media releases are available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. Alternatively, call one
of Standard & Poor's Ratings Desks: London (44) 20-7847-7400;
Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may contact the Press Office Hotline on (44) 20-7826-3605
or via media_europe@standardandpoors.com.

RATINGS LIST

                      Rating
              To                 From

Lunar Funding IV Ltd.
EUR146,160,000 Secured Asset-Backed Fixed-Rate Notes

Rating Affirmed and CreditWatch Status Changed
              AA-/Watch Neg      AA-/Watch Dev

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail
          simon_chantry@standardandpoors.com
          birgit_unteregger@standardandpoors.com
          simon_collingridge@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com


PARMALAT SPA: Ratings of Eirles Serial Notes Affirmed
-----------------------------------------------------
Standard & Poor's Ratings Services on Monday affirmed the credit
ratings on the series 62, 70, 73, and 74 notes issued by Eirles
Two Ltd. and the series 20 and 21 notes issued by Eirles Four
Ltd.  At the same time, all of the ratings were removed from
CreditWatch, where they had been placed in January 2004.

The affirmations follow receipt by Standard & Poor's of
valuation notices with respect to Parmalat S.p.A., a reference
credit under the credit default swaps associated with these
transactions.  The six series of notes, all of which were issued
in 2003, were originally rated 'AAA'.  Eirles Two's series 70
and 74 notes were downgraded to 'AA' in December 2003 as a
result of the downgrade of Parmalat to 'CC'.

Following the triggering of credit events, all six ratings were
placed on CreditWatch in January 2004 while valuation processes
under the relevant credit default swaps were undertaken.
Standard & Poor's has now received notification of the final
valuations and has determined that the effective credit
enhancement available remains sufficient for the ratings on each
series.

The list below shows the rating changes, the Parmalat valuation,
the current SROC (synthetic rated overcollateralization), and
the rating cushions for each series of notes.

RATINGS LIST
Series            Rating
           To               From

Eirles Two Ltd.

EUR12 Million Secured Floating-Rate Notes, Series 62
62         AAA              AAA/Watch Dev
Parmalat Final Price: 8.93%
SROC: 100.50%
Rating Cushion: EUR55.6 million

EUR16 Million Credit-Linked Secured Accrual Notes, Series 70
70         AA               AA/Watch Dev
Parmalat Final Price: 9.30%
SROC: 100.39%
Rating Cushion: EUR2.9 million

EUR16.522 Million Floating-Rate Secured Notes, Series 73
73         AAA              AAA/Watch Dev
Parmalat Final Price: 6.68%
SROC: 100.10%
Rating Cushion: EUR16.3 million

EUR11.9 Million Floating-Rate Credit-Linked Secured Notes,
Series 74
74         AA              AA/Watch Dev
Parmalat Final Price: 9.00%
SROC: 100.35%
Rating Cushion: EUR5.3 million


Eirles Four Ltd.

EUR11.976 Million Zero-Coupon Credit-Linked Notes, Series 20
20         AAA             AAA/Watch Dev
Parmalat Final Price: 9.27%
SROC: 100.77%
Rating Cushion: EUR2.4 million

EUR3 Million Floating-Rate Credit-Linked Notes, Series 21
21          AAA             AAA/Watch Dev
Parmalat Final Price: 9.27%
SROC: 101.71%
Rating Cushion: EUR9.5 million

Related media releases can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail
          simon_chantry@standardandpoors.com
          james_gayer@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com


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


ALAMUDUN: Meeting of Creditors Set June 25
------------------------------------------
Creditors of construction plant Alamudun will meet on June 25,
2004, 10:00 a.m. at Bishbek, Toktogula str. 212, Apartment 3.
Creditors who want to be represented at the meeting may appoint
proxies.  Proxies must have authorization to vote.

CONTACT:  ALAMUDUN
          Bishkek, Toktogula str. 212, apart. 3


AZIZ: Batken Court Appoints Insolvency Manager
----------------------------------------------
The Arbitration Court of Batken Region has commenced bankruptcy
supervision procedure on enterprise Aziz.  The case is docketed
as B-08-56/C2-02.  Mr. Joroyev Nabi (License No. 0219) has been
appointed temporary insolvency manager.

Creditors will meet on July 1, 2004, 10:00 a.m. at Batken
Region, Kyzyk Kia at the State Tax Inspection building.  To
attend the meeting, they must register and submit their proofs
of claim on or before June 24, 2004.  Proxies must have
authorization to vote.

CONTACT:  Mr. Joroyev Nabi
          Temporary Insolvency Manager


KADAMJAI NAN: Sets Creditors Meeting June 21
--------------------------------------------
Creditors of JSC Kadamjai Nan will meet on June 21, 2004, 10:00
a.m. at the Batken region, Kadamjai, State Tax Inspection 212
building.

CONTACT:  KADAMJAI NAN
          Batken region, Kadamjai,
          State Tax Inspection 212 Building


KAINDYNSKAYA AVTOBAZA: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Cui region recently declared state JSC
Kaindynskaya Avtobaza bankrupt.  Creditors have two months to
submit their proofs of claim.  For more details, call (031-33)
2-13-31.


KYRGYZAGROPROMBANK: Selling 29 Lots of Equipment June 21
--------------------------------------------------------
The bidding organizer and insolvency manager of joint-stock
commercial bank, Kyrgyzagroprombank, set the public auction of
its properties on June 21, 2004, 10:00 a.m. (local time).  The
auction will take place at Kyrgyzstan, Bishkek, Ave. Chui 114.
Up for sale are 29 lots of equipment, fabric and clothes.

CONTACT:  KYRGYZAGROPROMBANK
          Kyrgyzstan, Bishkek Avenue Chui, 114
          Phone: (0-312) 66-05-82, 25-59-66


KYRGYZGAZMUNAIZAT: Creditors Meeting Set June 28
------------------------------------------------
Creditors of state JSC Kyrgyzgazmunaizat will meet on June 28,
2004, 10:00 a.m.  The purpose of the meeting is to lay before
the members the report of the insolvency manager for the last 12
months, among others.  For more details call, 65-77-78.


SYN-TASH: Creditors to Meet June 25
-----------------------------------
Creditors of Syn-Tash at the Issyk-Ata region will meet on June
25, 2004, 11:00 a.m. at Issyk-Ata region, Telman, Shkolnaya str.
31.  The purpose of the meeting is to announce the postponement
of the court hearing, among others.

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


ZAVOD STROYITELNYH: Appoints New Insolvency Manager
---------------------------------------------------
The State Property Committee of Kyrgyz Republic, on orders of
the department on bankruptcy issues, dismissed Omorov K.B (No.
175) as insolvency manager of JSC Zavod Stroyitelnyh Izdeli on
June 3, 2004.  He was replaced by Mr. Ismailov Almanbek (License
No. 0315, No. 176).

CONTACT:  Mr. Ismailov Almanbek, Insolvency Manager
          Phone: (0-31-33) 7-24-14


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


STOLT-NIELSEN: Appoints CEO for Transportation Group
----------------------------------------------------
The Board of Directors of Stolt-Nielsen S.A. appointed Otto H.
Fritzner Chief Executive Officer of Stolt-Nielsen Transportation
Group (SNTG).  Mr. Fritzner most recently served as Managing
Director, Ship Owning at SNTG.

He succeeds James B. Hurlock, who was named Interim Chief
Executive Officer of SNTG in July 2003.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
S.A., said: "Otto Fritzner brings extensive parcel trade and
general shipping experience and knowledge to this key position.
We have the utmost confidence in his ability to take the Company
forward."

Mr. Fritzner said, "SNTG is an outstanding company and it is our
people who make it so.  Our strong reputation for innovation,
customer service and a relentless dedication to quality is
unmatched in the industry.  I am happy to have the opportunity
to carry this proud tradition forward."

Regarding Mr. Hurlock, Mr. Stolt-Nielsen said, "James Hurlock
stepped in as CEO of SNTG at a very difficult time.  We thank
him for his exemplary leadership, firm guidance and superb
counsel."

Going forward Mr. Hurlock will chair Stolt-Nielsen's board
committee that will oversee all legal issues.  He has been
nominated as a Director of SNSA, pending Stolt-Nielsen's Annual
General Meeting on July 7, 2004.  Mr. Hurlock also is a Director
of Stolt Offshore S.A.

Otto H. Fritzner

Mr. Fritzner joined Stolt-Nielsen in 1993 as Senior Vice
President and General Manager of Stolt Parcel Tankers, Inc. --
Ship-owning, where he was responsible for all ship-owning
issues, including ship management and new buildings.  He later
was named Executive Vice President, before becoming Managing
Director, Ship Owning at SNTG.

From 1988 to 1993, he was a Director at Columbia Ship Management
Ltd., Cyprus, one of the world's largest ship management
companies.  Before that, he spent two years with Kristian
Gerhard Jebsen, where he was General Manager for the Fleet
Management Division and Vice President of Gearbulk, the world's
largest operator of open-hatch bulk carriers.  From 1977 to
1986, he held a number of positions at L. Gill-Johannessen & Co.
He began his career in 1967 at Det Norske Veritas, after serving
in the Royal Norwegian Navy.

Mr. Fritzner serves with a number of industry organizations.  He
is a Member of the INTERTANKO Council and Executive Committee
Vice Chairman of INTERTANKO; Chairman of the Board of the
Steamship Mutual Underwriting Association Ltd.; a Director of
ITOPF and a Member of the Germanischer Lloyd Committee and the
Council of the Norwegian Shipowners Association.  He also serves
on the Board of SeaSupplier Ltd.

Mr. Fritzner holds an M.Sc in Naval Architecture and Marine
Engineering from Technical University of Norway, and an MBA from
the North European Management Institute.

About Stolt-Nielsen S.A.

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

CONTACT:  STOLT-NIELSEN S.A.
          Reid Gearhart
          Phone: (U.S.A) 1 212 922 0900
          E-mail: rgearhart@dgi-nyc.com

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


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


KONINKLIJKE AHOLD: Divestments Drag First-quarter Results
---------------------------------------------------------
Ahold on Monday published its first quarter 2004 results.
Commenting on the results, President and CEO Anders Moberg said:
"We announced that 2004 will be a year of transition.  In March
we sold Bompreco and Hipercard in Brazil and we have completed
our departure from Asia, all of which were important milestones
on our 'Road to Recovery' program.  The results were heavily
impacted by the exceptional losses that we previously
communicated relating to these divestments.  Apart from these
exceptional losses that have no impact on equity or cash, the
main operating companies performed in line with our
expectations."

                         Summary

Net Sales

In the first quarter of 2004, net sales amounted to EUR15.4
billion, a decrease of 11.3% compared to the same period in
2003.  Net sales growth was approximately 1.3% excluding
currency impact and the impact of divestments.  Ahold's retail
operations in the United States have experienced ongoing
challenging market conditions.  In the European retail
operations net sales excluding currency impact and the impact of
divestments remained unchanged compared to the same quarter of
2003.  Net sales at U.S. Foodservice increased in U.S. dollars
by 4.6% to USD5.5 billion, mainly driven by food price
inflation.

Operating loss: mainly due to losses related to divestments
The operating loss amounted to EUR145 million (Q1 2003:
operating income EUR402 million) and was primarily caused by
exceptional losses of EUR450 million (Q1 2003: EUR0 million)
related to the divestments of Bompreco, Hipercard and operations
in Thailand.  These exceptional losses were mainly caused by
accumulated foreign currency translation adjustments ("CTA
losses") and goodwill reversals.  These losses, which were
expected, have no impact on equity or cash.

Operating income from the U.S. retail operations was heavily
impacted by a weaker U.S. dollar.  Furthermore, non-recurring
costs for the integration of Stop & Shop and Giant-Landover and
the U.S. corporate office (USD25 million) impacted operating
income negatively.  Ahold expects this integration to generate
significant benefits in 2005 and beyond.  The operating loss at
U.S. Foodservice was lower than last year's quarter.  Operating
income from the European retail operations was impacted by a
weaker performance in Spain and higher costs related to pensions
in the Netherlands.  Both Albert Heijn and Central Europe
performed resiliently in the first quarter of this year.

Net Loss: Favorable Impact of Lower Interest Expenses

The net loss of EUR405 million (Q1 2003: net income EUR84
million) was primarily caused by the exceptional losses on
divestments as described above.  Net interest declined by 29.2%
to EUR223 million with the repayment of debt during 2003, the
increase of the cash balance to EUR3.8 billion and much lower
bank fees.

Further Reduction of Net Debt

Net debt was further reduced from EUR7.5 billion at the end of
2003 to EUR7.1 billion at the end of the first quarter of 2004,
the result of our ongoing efforts to strengthen our balance
sheet.

Strong Cash Flow Generation

Net cash generated before financing activities was EUR485
million in the first quarter of 2004 (Q1 2003: net cash outflows
EUR24 million).  This improvement was mainly due to cash inflows
from divestments and lower capital expenditure.

Full-year 2004: A Year of Transition

With regard to the outlook for 2004, Ahold refers to its full-
year 2003 financial statements, published on April 19, 2004.
As previously announced, exceptional items related to certain
divestments, of which a substantial portion was booked in the
first quarter, will have a significant impact on net income for
2004.  However, this will have no impact on equity or cash.

Ahold Q1 2004 Results

Ahold prepares its financial statements in accordance with
accounting principles generally accepted in the Netherlands
("Dutch GAAP").  Dutch GAAP differs in certain material respects
from accounting principles generally accepted in the United
States ("U.S. GAAP").  All financial information in this press
release is based on Dutch GAAP unless otherwise noted.

The quarterly figures reported in this press release are
unaudited.

In certain instances, results presented in this press release
either exclude the impact of fluctuations in currency exchange
rates used in the translation of Ahold's foreign subsidiaries'
financial results into Euro or are presented in local
currencies, which Ahold's management believes provides a better
insight into the operating performance of foreign subsidiaries.
For more information regarding the non-GAAP financial measure
'excluding currency impact', see "Definitions" below.
In addition, in certain instances, operating income for Ahold's
business segments is presented excluding the impact of the
impairment and amortization of goodwill and exceptional items.
Operating income before impairment and amortization of goodwill
and exceptional items is a non-GAAP financial measure.  A
reconciliation of this non-GAAP financial measure to the Dutch
GAAP measure of operating income, as well as management's
explanation for the use of this measure, are set forth in Annex
B.

In this press release net cash flow before financing activities
refers to the sum of net cash from operating activities and net
cash from investing activities.

The results for Q1 2003 presented in this press release have
been adjusted to make them comparable to the results for Q1
2004.  These adjustments to the Q1 2003 results relate to
accounting for vendor allowances, and reflect:

(a) In the fourth quarter of 2003 Ahold adopted EITF 02-16
    "Accounting by a Customer (including a Reseller) for certain
    Consideration Received from a Vendor"("EITF 02-16").  As the
    adoption of EITF 02-16 in the fourth quarter includes the
    effect of EITF 02-16 from December 30, 2002, Ahold adjusted
    the results for Q1 2003 for the portion of the effect that
    related to Q1 2003, which  resulted in an increase in net
    income for Q1 2003 by EUR27 million (as previously
    announced); and

(b) In response to the irregularities announced in February 2003
    relating to vendor allowances we conservatively deferred the
    recognition of certain vendor allowances in Q1 2003 until Q2
    2003.  After analyzing the accounting of our vendor
    allowance arrangements Ahold determined that EUR65 million
    of income from vendor allowances, net of tax effect, could
    have been recognized in Q1 2003 instead of Q2 2003 in
    accordance with the current accounting policies.

The financial reporting calendar has been amended versus
previously announced: the results for Q4 2004 and year 2004 will
be published on March 29, 2005.

Net Sales

In the first quarter of 2004 net sales amounted to EUR15.4
billion, a decrease of 11.3% compared to the same period in
2003.  Net sales growth excluding currency impact and impact of
divestments was approximately 1.3% in the first quarter.  Net
sales were significantly impacted by lower currency exchange
rates against the Euro, in particular that of the U.S. dollar.
In challenging conditions, the U.S. retail operations
experienced net sales growth, excluding currency impact and the
impact of the divestment of Golden Gallon, of 0.3%.  In the
European retail operations, net sales excluding currency impact
and the impact from divestments, remained unchanged compared to
the same quarter last year.  U.S. Foodservice showed an increase
in net sales in U.S. dollar of 4.6%, mainly driven by food price
inflation.

Operating Income

Operating income before impairment and amortization of goodwill
and exceptional items.  The operating income before impairment
and amortization of goodwill and exceptional items, decreased by
22.9% to EUR351 million, heavily impacted by the weak U.S.
dollar against the Euro.

In addition there were non-recurring costs in the first quarter
of USD25 million relating to the integration process of Stop &
Shop, Giant-Landover and the U.S. corporate office.  This
integration is expected to yield significant benefits in 2005
and beyond.   Operating income from the European retail
operations was impacted by a weaker performance in Spain and
higher costs related to pensions in the Netherlands.  Both
Albert Heijn and Central Europe performed resiliently in the
first quarter of this year.

U.S.  Foodservice showed an improved operating income before
impairment and amortization of goodwill and exceptional items.
This improvement was largely due to currency impact and an
increased leverage of fixed costs over a higher amount of sales
in U.S. dollars.

Operating Income

The operating loss of EUR145 million (Q1 2003: operating profit
EUR402 million) was mainly due to exceptional losses of EUR450
million relating to the divestments of Bompreco and the
operations in Thailand.  These exceptional losses, which were
expected and also discussed in prior press releases, have no
impact on equity or cash.

Goodwill amortization
Goodwill amortization in Q1 2004 amounted to EUR46 million, a
decrease of 13.2% compared to Q1 2003.  This decrease was
primarily due to a lower U.S. dollar exchange rate.

Goodwill Impairment

No goodwill impairment charges were required in the first
quarter of 2004.

Loss on Disposal of Tangible Fixed Assets

In the first quarter the loss on disposal of tangible fixed
assets amounted to EUR6 million compared to a gain of EUR8
million in the same period last year.

Exceptional Loss

An exceptional losses of EUR450 million was recorded in Q1 2004
compared to no exceptional losses in Q1 2003.  The Q1 2004
exceptional losses were related to the divestments of Bompreco,
Hipercard and operations in Thailand.  Of these exceptional
items, EUR322 million related to CTA losses and EUR213 million
to the partial reversal of goodwill, both of which had
previously been charged to shareholders' equity.  These negative
impacts were partly offset by a EUR85 million gain representing
the difference between the selling price and the book value of
certain assets.

Net Loss

Ahold reported a net loss of EUR405 million in Q1 2004 compared
to a net income of EUR84 million in Q1 2003, mainly due to the
above-mentioned exceptional losses.  The weakening of the U.S.
dollar against the Euro also had a negative impact.

Net Financial Expense Showed a Significant Decrease

Net financial expense was EUR218 million in Q1 2004 compared to
EUR292 million in Q1 2003.  Net interest amounted to EUR223
million, a decrease of 29.2% compared to Q1 2003.  The decrease
was primarily caused by lower banking fees, higher interest
income and lower interest expenses, related to the substantially
decreased net debt and the lower U.S. dollar exchange rate.

The gain on foreign exchange in Q1 2004 amounted to EUR5
million, compared to EUR23 million in Q1 2003, both mainly
related to the positive impact of the revaluation of the
Argentine Peso on U.S. dollar-denominated debt in Argentina.

Income Taxes

The effective income tax rate, excluding the impact of non-tax-
deductible impairment and amortization of goodwill and
exceptional items, increased to 48.5% in Q1 2004 compared to
33.1% in Q1 2003, mainly as a result of the impact of a
different geographic mix of income and consequences of the
divestments.

Share in income (loss) of joint ventures and equity investees
The share in income of joint ventures and equity investees in
the first quarter of 2004 was in line with the same quarter last
year.

Further Improved Balance Sheet

Ahold closed Q1 2004 with an improved balance sheet.  Since
year-end 2003 Ahold reduced net debt by EUR422 million to EUR7.1
billion mainly due to cash inflows from divestments and lower
capital expenditure.

Balance Sheet Total Reduced, Reflecting Reduced Capital
Expenditure and Divestments

The US$ to EUR exchange rate went up to EUR0.83 per U.S. dollar
at the end of Q1 2004 compared to EUR0.80 at year-end 2003.
Despite the currency impact of the stronger U.S. dollar against
the Euro, the company continued to strengthen the balance sheet
by decreasing net debt.  The balance sheet total decreased by
EUR130 million.  The cash balance increased to EUR3.8 billion.
The balance sheet total as per year-end 2003 of the companies
divested in March 2004 amounted to EUR714 million.

Net Debt Reduced by Eur0.4 Billion

In the first quarter of 2004 Ahold was in compliance with the
financial ratios contained in its December 2003 Credit Facility.
The main covenants consist of Net Debt / EBITDA and EBITDA / Net
Interest Expense Ratios.  Net debt decreased due to cash inflows
mainly related to divestments and lower capital expenditure.

Cash flow

Net cash inflow before financing activities improved mainly as a
result of the divestment of Bompreco and Hipercard and the
operations in Thailand.

Lower operating income impacted by integration costs
Net sales in the U.S. retail trade operations in Q1 2004
decreased 1.2% in U.S. dollars compared to Q1 2003.  Net sales
in the first quarter were negatively impacted by the Easter
calendar effect by approximately 0.8%; i.e. the first quarter of
2004 included the week after Easter, which in food retail is a
slow week, compared to 2003 where the first quarter ended with
the week before Easter, which is usually a strong week.

Excluding the impact of the divestment of Golden Gallon in 2003
net sales in U.S. dollars increased slightly by 0.3%.  Identical
sales in U.S. dollars declined by 1.6% and comparable sales in
U.S. dollars declined by 1.0% in Q1 2004 compared to Q1 2003,
partly caused by the earlier-mentioned Easter calendar effect.

During the first quarter of 2004 Ahold began integrating the two
largest U.S. retail operating companies, Stop & Shop and Giant-
Landover, into one arena.  The integration will improve long-
term competitiveness and cost-effectiveness of these companies.
In addition, Ahold started integrating the U.S. retail corporate
functions into this new arena.  These steps will generate
significant benefits in 2005 and beyond.  Operating income
before impairment and amortization of goodwill and exceptional
items in the U.S. retail trade business in U.S. dollars
decreased by 12.6% compared to Q1 2003 impacted heavily by the
non-recurring integration costs (USD25 million).  Both Stop &
Shop and Giant-Carlisle showed a solid performance in the first
quarter of 2004.

Resilient performance in the Netherlands and Central Europe
The net sales decline of 1.1% in the first quarter of 2004 in
the European retail operations is partly related to the
divestments of De Tuinen and Jamin in 2003.  Excluding currency
impact in Central Europe and impact from divestments, net sales
were unchanged compared to the same quarter of 2003.  In the
European retail operations, net sales were also negatively
impacted by the Easter calendar effect.  Sales volume at Albert
Heijn increased as a result of the price repositioning campaign.
The impact of food price deflation was largely offset by a
higher sales volume.  The identical sales at Albert Heijn
declined by 0.2% compared to the same quarter of 2003.  (Note
that net sales at Albert Heijn were EUR6 million lower versus
previously announced in the Q1 2004 trading statement resulting
from a final adjustment.)

Operating income before impairment and amortization of goodwill
and exceptional items in the European retail operations
decreased by 16.7%, primarily due to higher pension costs (EUR15
million) and a weaker performance in Spain.  At Albert Heijn the
price repositioning in combination with ongoing cost reductions
led to a slightly higher operating income.  The operations in
Central Europe reported a lower operating loss due to increased
net sales, improved margins and cost reductions resulting from
the integration of the Central European retail operations.

U.S. Foodservice

U.S. Foodservice showed an increase in net sales excluding
currency impact of 4.6%, primarily driven by food price
inflation.  The operating loss at U.S. Foodservice in the first
quarter of 2004 was EUR58 million, compared to a loss of EUR73
million in the first quarter of 2003.  This improvement was
largely due to currency impact and an increased leverage of
fixed costs over a higher amount of sales in U.S. dollars.
During the first quarter of 2004, U.S. Foodservice continued the
process of improving the effectiveness of its procurement
contracts and organization, as well as evaluating the
profitability of its largest customer accounts.

South America

Net sales in the South American retail trade operations in Q1
2004 were EUR336 million, compared to EUR581 million in the same
period last year.  The decrease was primarily a result of the
divestments of Santa Isabel in 2003 and Bompreco in March 2004.
CTA loss and reversal of goodwill resulting from the divestment
of Bompreco heavily impacted operating income.  Operating income
before impairment and amortization of goodwill and exceptional
items decreased from EUR2 million in Q1 2003 to an operating
loss of EUR1 million in Q1 2004.

Asia

Net sales in the Asian retail trade operations in Q1 2004
amounted to EUR51 million, a decrease of 53.2% compared to Q1
2003.  This decrease was primarily due to the divestments of the
operations in Malaysia and Indonesia completed in September 2003
and the divestment of the Thai operations in March 2004.  The
operating loss increased from EUR7 million to EUR18 million due
to exceptional losses in the form of CTA loss and reversal of
goodwill related to the divestment of the Thai operations.

Other Activities

Other activities mainly include operations of three real estate
companies that acquire, develop and manage store locations in
Europe and the U.S. and corporate overhead costs of the Ahold
parent company.

Definitions
----------
(a) Identical sales compare sales from exactly the same stores.

(b) Comparable sales are identical sales plus sales from
    replacement stores.

(c) Net Debt/EBITDA: Net debt includes long- and short-term
    interest bearing debt as well as capitalized lease
    commitments, netted with cash and cash investments
    (excluding cash on hand), divided by EBITDA excluding
    exceptional items.

(d) EBITDA/Net Interest: EBITDA excludes exceptional items.
    For this ratio net interest excludes financing arrangement
    fees.

(e) Currency impact: the impact using different exchange rates
    to translate the financial figures of Ahold's subsidiaries
    to Euros.  For comparison reasons the financial figures of
    the previous year are adjusted using the actual exchange
    rates in order to eliminate this currency impact.

(f) Impact of divestments: the impact on our financial figures
    of divested operations.  The financial figures from divested
    operations are excluded from prior year's financial figures.

(g) Explanation on CTA losses (currency translation adjustments)
    and reversal of goodwill as a result of divestments: upon
    the divestment of some of our foreign operations, Ahold is
    required to recognize accumulated foreign currency
    translation adjustments and reverse goodwill, both of which
    were previously charged to shareholders' equity.  This loss
    on divestments has no impact on the overall level of
    shareholders' equity.  Exchange rate differences related to
    the translation of the financial results of foreign
    subsidiaries are recorded directly in shareholders' equity.
    When these exchange rate differences are realized, which
    occurs upon the sale of the underlying foreign subsidiary,
    the cumulative foreign currency translation adjustments are
    recognized in the statement of operations as part of the
    gain or loss on the sale.  Also goodwill previously deducted
    directly from shareholders' equity upon acquisition has to
    be reclassified pro rata to the statement of operations if
    sold within six years of the initial acquisition.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/Ahold_Q12004.pdf.

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

          Corporate Communications
          Phone: +31.75.659.5720


LAURUS N.V.: Reshuffles Managers
--------------------------------
Laurus N.V. announces that, in consultation with those directly
involved and in the interests of job rotation, Wilfred van
Elzakker, Manager Fresh Produce of Laurus Central Purchasing &
Category Management department; and Edward Buitelaar, Edah
Marketing & Sales Manager, are changing places.  Beginning
Monday, Wilfred van Elzakker became Edah Marketing & Sales
Manager and Edward Buitelaar became Manager Fresh Produce of
Laurus Central Purchasing & Category Management department.  We
wish them both every success in their new posts.

Laurus and the Road to Recovery

With strong and distinctive retail formats, each with its
individual identity and commercial policy and each independently
addressing its specific market segment, Laurus aims in the
coming years to strengthen significantly its position as the
second-largest player in the Dutch food retailing sector.  The
company is resolutely pursuing its step-by-step recovery plan,
which covers the period up to the end of 2007, while closely
monitoring its operating costs and back-office processes on a
continuous basis.


VENDEX KBB: VDXK Acquisition Offer Expires June 21
--------------------------------------------------
This is a joint press release of Koninklijke Vendex KBB N.V. and
VDXK Acquisition B.V., a company controlled by a consortium
consisting of investment funds affiliated with and/or managed by
Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners LLP
and AlpInvest Partners N.V., in relation to the recommended cash
offer.   Not for release, publication or distribution, in whole
or in part, in or into Canada, Australia or Japan.

VDXK ACQUISITION B.V. CONFIRMS FOR U.S. REGULATORY PURPOSES THAT
IT RESERVES THE RIGHT TO WAIVE THE MINIMUM ACCEPTANCE CONDITION
TO ITS OFFER FOR KONINKLIJKE VENDEX KBB N.V.

SHAREHOLDERS ARE ADVISED THAT VDXK HAS NOT MADE A DETERMINATION
AT THIS TIME WHETHER TO WAIVE THE MINIMUM ACCEPTANCE CONDITION

As stated in the press release dated 19 May 2004 and the Offer
Memorandum dated 21 May 2004, the Offer is subject to the
fulfillment of certain Offer Conditions, including, but not
limited to, the condition that at least 95% of the Ordinary
Shares and at least 95% of the Preference Shares have been
tendered under the Offer (the Minimum Acceptance Condition).
VDXK confirms for U.S. regulatory purposes that it reserves the
right to waive the Minimum Acceptance Condition if tenders have
been received at any level at or in excess of 80% of the shares
in Vendex KBB, excluding shares held by Vendex KBB (and its
subsidiaries).  Shareholders are advised that VDXK has not made
a determination at this time whether to waive the Minimum
Acceptance Condition.

As previously announced, the Offer expires at 15:00 hours,
Amsterdam time (9:00 hours, New York time), on 21 June 2004,
unless extended (Acceptance Closing Date).  VDXK will determine
within five Business Days following the Acceptance Closing Date,
unless the Offer is extended, whether the Offer Conditions have
been fulfilled or are to be waived by VDXK and will announce
whether (i) the Offer has been declared unconditional, (ii)
there is still uncertainty as to the fulfillment of any of the
Offer Conditions, or (iii) the Offer is terminated as a result
of the Offer Conditions not having been fulfilled or waived by
VDXK, as described in the Offer Memorandum.

Shareholders are reminded that, as described in the Offer
Memorandum, should the Offer be declared unconditional (whether
or not the Minimum Acceptance Condition has been waived), (i) it
is intended that Vendex KBB's listing on the Official Market of
Euronext Amsterdam N.V. will be terminated as soon as possible,
(ii) subject to the necessary threshold being reached, VDXK
expects to initiate the statutory procedure contemplated by the
Dutch Civil Code in order to acquire all Shares and depositary
receipts held by minority Shareholders or take such other steps
to terminate the listing and/or acquire Shares that have not
been tendered, including effecting a legal merger (juridische
fusie), (iii) the purchase of Shares pursuant to the Offer,
among other things, will reduce the number of Shareholders and
the number of Shares that might otherwise trade publicly and
could adversely affect the liquidity and market value of the
remaining Shares not tendered and not held by Vendex KBB (and
its subsidiaries) and (iv) VDXK expects to amend significantly
Vendex KBB's dividend policy, which may result in no (cash)
dividends being paid to Vendex KBB's Shareholders in the future.

Any Shareholders who have already tendered and consider that a
waiver of the Minimum Acceptance Condition would impact their
willingness to accept the Offer, may wish to consider
withdrawing their tender at this time (excluding of course
Shareholders who have signed a separate irrevocable undertaking
with VDXK).  Any such withdrawals of tenders may be made from
Monday until the Acceptance Closing Date.

Unless defined herein, defined terms used in this announcement
shall have the meanings given to them in the Offer Memorandum.

This press release appears in Dutch also.  In the event of any
inconsistency, the English version will prevail above the Dutch
version.


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


POLLENA EWA: Adopts Restructuring Measures as Sales Dip Further
---------------------------------------------------------------
The supervisory board of Pollena Ewa has identified falling
sales as one of the main problems of the cosmetics producer,
Warsaw Business Journal reports.

The company's average monthly sales decreased from PLN3.8
million in 2002 to PLN2.5 million last year.  The board admitted
the firm did not benefit from modern distribution channels, and
retail networks.  They also said that the company just has too
many products, making processing of orders difficult.

Pollena Ewa reported a PLN13.7 million loss for last year, which
the board attributes to falling revenues, costs, and write-off
for losses.  They admitted that in addition, the company is
overwhelmed by a high level of outstanding receivables.  It is
also overstaffed.  The company is solving the problem by laying
off workers.  It is also reviewing the possibility of cutting
some products.


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


AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Republic of Mordoviya declared LLC
Agro-Prom-Khimiya insolvent and subsequently commenced
bankruptcy proceedings.  The case is docketed as #A39-307/04-
13/6.  Mr. N. Smekalin has been appointed insolvency manager.
Creditors have until August 4, 2004 to submit their proofs of
claim to: 431310, Russia, Republic of Mordoviya, Kovylkinsky
region, Kochelaevo, Zarechnaya Str. 46.

CONTACT:  Mr. N. Smekalin
          Insolvency Manager
          431310, Russia, Republic of Mordoviya,
          Kovylkinsky region, Kochelaevo,
          Zarechnaya Str. 46


BEZENCHUKHSKY MIX-FODDER: Proofs of Claim Deadline July 4
---------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on CJSC Bezenchukhsky Mix-fodder Factory
(TIN6362005441).  The case is docketed as #A55-4955/04-15.
Mr. I. Teleshin has been appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to: 446001, Russia, Samara region, Syzran, Post User Box
41.

CONTACT:  CJSC BEZENCHUKHSKY MIX-FODDER FACTORY:
     Russia, Samara region,
          Bezenchuk, Oktyabrskaya Str. 41

          Mr. I. Teleshin
          Temporary Insolvency Manager
          446001, Russia, Samara region,
          Syzran, Post User Box 41


KALYAZINSKY EXPERIMENTAL: Insolvent Status Confirmed
----------------------------------------------------
The Arbitration Court of Kalyazin declared OJSC Kalyazinsky
Experimental Factory of Concentrates insolvent and subsequently
commenced bankruptcy proceedings.  The case is docketed as #A66-
2095-04.  Mr. O. Akinshin has been appointed insolvency manager.
Creditors have until August 4, 2004 to submit their proofs of
claim to: 170037, Russia, Kalyazin, Sadovaya Str. 1.

CONTACT:  OJSC KALYAZINSKY EXPERIMENTAL FACTORY OF CONCENTRATES
          170037, Russia, Kalyazin, Sadovaya Str. 1

          Mr. O. Akinshin
          Insolvency Manager
          170037, Russia, Kalyazin,
          Sadovaya Str. 1


KISELEVSK-TRANS-STROY: Court Prescribes Bankruptcy Procedure
------------------------------------------------------------
The Arbitration Court of Kemerovo region declared LLC Kiselevsk-
Trans-Stroy insolvent and subsequently commenced bankruptcy
proceedings.  The case is docketed as #A27-10521/2004-4.  Mr. R.
Bikinin has been appointed insolvency manager.  Creditors have
until August 4, 2004 to submit their proofs of claim to: Russia,
Kemerovo region, Leninsk-Kuznetsky, Kirova Pr., 34A-26.  The
court has set a hearing for April 21, 2005.

CONTACT:  LLC KISELEVSK-TRANS-STROY
     652702, Russia, Kemerovo region,
          Kiselevsk, Ushakova Str. 1

          Mr. R. Bikinin
          Insolvency Manager
     Russia, Kemerovo region,
          Leninsk-Kuznetsky, Kirovo Pr., 34A-26


KLINTSOVSKY COMBINE: Under Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on CJSC Klintsovsky Combine of Building
Materials (TIN3203007769).  The case is docketed as #A09-
2050/04-8.
Ms. T. Kraynova has been appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 109029, Russia,
Moscow, Nizhegorodskaya Str. 10, Building 1, Apartment 36.  A
hearing will take place on September 28, 2004 at the Arbitration
Court of Bryansk region.

CONTACT:  CJSC KLINTSOVSKY COMBINE OF BUILDING MATERIALS
          243140, Russia, Bryansk region,
          Klintsy, Skachkovskaya Str. 3

          Ms. T. Kraynova
          Temporary Insolvency Manager
          109029, Russia, Moscow,
          Nizhegorodskaya Str. 10, Building 1, Apartment 36


MASLENNIKOV: Samara Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Samara region declared state enterprise
Maslennikov insolvent and subsequently commenced bankruptcy
proceedings.  The case is docketed as #A55-34/98-10B(39).  Mr.
M. Kudachkin has been appointed insolvency manager.  Creditors
have until August 4, 2004 to submit their proofs of claim to:
443068, Russia, Samara, Novo-Sadovaya Str. 106.

CONTACT:  Mr. M. Kudachkin
          Insolvency Manager
          443068, Russia, Samara,
          Novo-Sadovaya Str. 106
          Phone: (8462) 35-30-01


MOSKOVSKY INSTRUMENT: Selling RUB18 Mln Worth of Equipment
----------------------------------------------------------
Bidding organizer LLC Lokston set the public auction of state
unitary enterprise Moskovsky Instrument Factory on July 6, 2004.
The auction will take place at Russia, Moscow, Jaroslavskoye
Shosse, 19, Building.  An assortment of equipment is up for sale
at a starting price of RUB18 million (inclusive of VAT).

Preliminary examination and reception of bids are ongoing daily
from 10 a.m. to 12 p.m. and from 1 p.m. to 4 p.m. at Russia,
Moscow, Parkovaya 16th Str. 30.  Auction conditions and document
list for participants are available in the same address.  For
more information, call 464-61-90.  All transactions will close
July 1, 2004.

To participate, bidders must deposit RUB3.6 million with the
settlement account 40502810600000000003 in CB Evrosojuz (LLC) of
Moscow, correspondent account 30101810100000000418, BIC044579418
on or before July 2, 2004.

CONTACT:  LLC Lokston
          Bidding Organizer
          Russia, Moscow, Parkovaya
          16th Str. 30
          Phone: 464-61-90


PAVLOVSKIYE KOMBIKORMA: Bankruptcy Proceedings Begin
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared OJSC
Pavlovskiye Kombikorma insolvent and subsequently commenced
bankruptcy proceedings.  The case is docketed as #A43-15136/03-
24-42. Mr. I. Morozov has been appointed insolvency manager.
Creditors have until August 4, 2004 to submit their proofs of
claim to: 606108, Russia, Nizhniy Novgorod region, Pavlovo,
Vokzalnaya Str. 64.

CONTACT:  Mr. I. Morozov
          Insolvency Manager
          606108, Russia, Nizhniy Novgorod region,
          Pavlovo, Vokzalnaya Str. 64


REUTOVSKAYA FACTORY: Public Auction of Properties, Debts July 6
---------------------------------------------------------------
Bidding organizer LLC Aljans set the public auction of the
properties of CJSC Reutovskaya Factory on July 6, 2004, 10 a.m.
(local time).  The auction will take place at Russia, Moscow
region, Reutov, Pobedy Str. 1.  The assets for sale are:

Lot 1: A building containing movable properties located at
       Russia, Moscow region, Reutov, Pobedy Str. 1.  Starting
       price: RUB6,150,000.

Lot 2: Textile and auxiliary equipment.  Starting price:
       RUB3,750,000.

Lot 3: Debtor's liability.  Starting price: RUB8,450,000.

Preliminary examination and reception of bids are done daily
from 12 p.m. to 3 p.m. at Russia, Moscow region, Reutov, Pobedy
Str. 1. until June 30, 2004.  For more information, call 8-926-
530-09-84.  The complete list of lots and description of
properties are available in the same address.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price of the lot with the settlement account
40702810138090110073, TIN 7703358882, KPP 770301001,
correspondent account 30101810100000000418 in SberBank RF #1606,
correspondent account 30101810400000000225, BIC 044525225.

CONTACT:  CJSC REUTOVSKAYA FACTORY
          Russia, Moscow region,
          Reutov, Pobedy Str. 1


TINNED FOOD: Public Auction of Properties July 9
------------------------------------------------
Bidding organizer LLC Attika set the public auction of the
properties of OJSC Tinned Food Factory Kropotkinsky on July 9,
2004, 1:00 p.m. (local time).  The auction will take place at
Russia, Krasnodar region, Kropotkin, Bazarnaya Str. 27.  The
assets for sale are:

Lot 1: A property complex consisting of buildings and equipment
       sitting on a 2.65-hectare land located at Kropotkin,
       Bazarnaya Str. 27.  Starting price: RUB12,000,000
       (inclusive of VAT).  Interested bidders only need to
       deposit RUB1,200.

Lot 2: Immovable property located at Kropotkin, Shossejnaja Str.
       17.  Starting price: RUB400,000 (inclusive of VAT).
       Interested bidders only need to deposit RUB50,000.

Preliminary examination and reception of bids are done daily
from 10 a.m. to 4 p.m. at Russia, Krasnodar, Krasnaya Str. 180,
Room 422 until July 2, 2004.  The list of lots and their
description are available in the same address.  For more
information, call 59-84-94.

To participate, bidders must deposit the required amount with
the settlement account of the bidding organizer [LLC Trade House
ATTIKA (TIN 2308089573)] 407028100110004661 in the Leningrad
branch of OJSC JSCB JUGBANK, correspondent account
30101810400000000713, BIC 040349713.

CONTACT:  OJSC TINNED FOOD FACTORY KROPOTKINSKY
          Russia, Krasnodar region, Kropotkin,
          Bazarnaya Str. 27

          LLC ATTIKA
          Bidding Organizer
          Russia, Krasnodar,
          Krasnaya Str. 180, Room 422


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


LAUREN: In Temporary Receivership
---------------------------------
Lauren, a Catalan cinema group, applied for a temporary
receivership with a Barcelona court after failing to sell its
cinemas.  Lauren has total debts of EUR137 million, of which
EUR81 million are owed to lending institutions.  The company's
revenue projections were proven inaccurate due to restrictions
in the television market, causing the company to incur debt.

The company had received an offer from cinema group Cinebox but
negotiations fell through.  Lauren will now prepare an emergency
plan to sustain operations.


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


ADECCO SA: On CreditWatch Positive Following Financial Review
-------------------------------------------------------------
Standard & Poor's Ratings Services on Monday revised the
CreditWatch implications on Adecco S.A. to positive from
negative.  The 'BB+' long-term ratings are unchanged.

The CreditWatch revision follows a review of the group's
business and financial positions following publication of its
2003 audited detailed accounts and of its unaudited results for
the first quarter of 2004.  On June 1, 2004, Adecco published
its twice-delayed 2003 unqualified audited financial statements
with no restatement of previous years' figures.

Publication of these audited accounts should allow the group to
restore financial flexibility and be in timely compliance with
requirements under its bond and bank documents and with various
market regulations.  The rating will be raised by one notch, to
'BBB-', once the company has satisfied all of these
requirements.  Switzerland-based Adecco is the world leader in
providing temporary staffing.

"Adecco's unaudited results for the first quarter of 2004
indicate that there is no evidence of customer or market share
losses following the delays in publishing its 2003 audited
accounts," said Standard & Poor's credit analyst Melvyn Cooke.
The group reported a 4% increase in organic sales at March 31,
2004.  Full-year 2003 audited and first-quarter 2004 unaudited
figures show that Adecco managed to reduce net debt by about
EUR500 million in the 15 months ended March 31, 2004.  Lease-
adjusted credit measures are expected to remain commensurate
with an investment-grade rating in 2004.

Adecco remains subject to a number of pending investigations and
shareholder class action lawsuits that may have a further
material effect on the group's financial profile, the extent of
which remains uncertain.

Outside investigations by the U.S. Securities and Exchange
Commission, the U.S. Attorney, the Swiss Exchange, and the Swiss
Federal Banking Commission are ongoing.  The group is expected
to improve corporate governance and has recently made progress
in addressing the material weaknesses identified by the U.S.
auditors, but it will need to fully resolve these concerns
before undergoing the audit process for its 2004 accounts.

Standard & Poor's will resolve the CreditWatch placement and
raise Adecco's rating upon full compliance of the covenants in
its bonds and bank facility.  Adecco will also have to comply in
a timely manner with local stock and bond market regulations for
the filing of its audited accounts prior to any CreditWatch
resolution.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. It can also be found on
Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

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


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


EKO-2003: Sets Deadline for Proofs of Claim
-------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on LLC EKO-2003 (code EDRPOU 30077266)
on May 19, 2004.  The case is docketed as 7/71 B.  Mr. Shklyar
Oleg has been appointed temporary insolvency manager.

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

(a) Temporary Insolvency Manager
    10002, Ukraine, Zhitomir region,
    Putyatinskij square, 2/304
    Phone: (80412) 34-04-44

(b) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski square, 3/65

EKO-2003 holds Account Number 260053001002608 at JSCB Transbank
of Kyiv region, MFO 300089.

CONTACT:  EKO-2003
          12430, Ukraine, Zhitomir region
          Zhitomir district, Stanishivka
          Stantsijna str., 1

          Mr. Shklyar Oleg
          Temporary Insolvency Manager
          10002, Ukraine, Zhitomir region,
          Putyatinskij square, 2/304
          Phone: (80412) 34-04-44

          ECONOMIC COURT OF ZHITOMIR REGION
     10002, Ukraine, Zhitomir region,
          Putyatinski square, 3/65


FILEO: Bankruptcy Proceedings Begin
-----------------------------------
The Economic Court of Zhitomir region declared LLC Fileo
(code EDRPOU 13569309) insolvent and introduced bankruptcy
proceedings on January 22, 2004.  The case is docketed as 7/195
B.  Zhitomir Regional State Tax Inspection has been appointed
liquidator.  Fileo holds Account Number 26006033107840 at JSCB
Ukrsocbank.

CONTACT:  FILEO
          Ukraine, Zhitomir region,
          Kotsubinskij str., 3

          ZHITOMIR REGIONAL STATE TAX INSPECTION
          Liquidator
          10014, Ukraine, Zhitomir region,
          Peremogi square, 2
          Phone: 37-47-76

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


KASHTAN LTD.: Insolvent Status Confirmed
----------------------------------------
The Economic Court of Zhitomir region declared LLC Kashtan Ltd.
(code EDRPOU 13556124) insolvent and introduced bankruptcy
proceedings on January 20, 2004.  The case is docketed as 4/170
B.  Zhitomir Regional State Tax Inspection has been appointed
liquidator.  JSCCT Zhitomir Marketing Center holds Account
Number 2604308522012 at OJSC State export-import bank of
Ukraine, Zhitomir branch.

CONTACT:  KASHTAN LTD.
          10003, Ukraine, Zhitomir region,
          Peremogi str., 33

          ZHITOMIR REGIONAL STATE TAX INSPECTION
          Liquidator
          10014, Ukraine, Zhitomir region,
          Peremogi square, 2
          Phone: 37-47-76

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


KONTINENT: Succumbs to Bankruptcy
---------------------------------
The Economic Court of Zhitomir region declared LLC Kontinent
(code EDRPOU 30356042) insolvent and introduced bankruptcy
proceedings on January 27, 2004.  The case is docketed as 7/211
B.  Zhitomir Regional State Tax Inspection has been appointed
liquidator.  Kontinent holds Account Number 260013031801 at
JSCIB Ukrsibbank, Zhitomir branch.

CONTACT:  KONTINENT
          10014, Ukraine, Zhitomir region,
          Pushkinska str., 25

          ZHITOMIR REGIONAL STATE TAX INSPECTION
          Liquidator
          10014, Ukraine, Zhitomir region,
          Peremogi square, 2
          Phone: 37-47-76

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


UKRROS: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Ukrros (code EDRPOU 22971690).
The case is docketed as 19/31. Arbitral manager Mr. Shapilov
Sergij (License Number 2520166 approved July 24, 2003 due July
23, 2006) has been appointed temporary insolvency manager.

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

(a) CJSC UKRROS
    03037, Ukraine, Kyiv region
    Povitroflotskij avenue, 39/1

(b) Temporary Insolvency Manager
    Ukraine, Harkiv region
    Academician Pavlov str., 132-D / 27

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region
    B. Hmelnitskij boulevard, 44-B

CJSC Ukrros holds Account Number 2600801281345 at OJSC
Ukreksimbank of Kyiv region, MFO 322313.

CONTACT:  CJSC UKRROS
          03037, Ukraine, Kyiv region,
          Povitroflotskij avenue, 39/1

          Mr. Shapilov Sergij
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Academician Pavlov str., 132-D / 27

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


ZHITOMIR MARKETING: Declared Insolvent
--------------------------------------
The Economic Court of Zhitomir region declared JSCCT Zhitomir
Marketing Center (code EDRPOU 20422737) insolvent and introduced
bankruptcy proceedings on January 16, 2004.  The case is
docketed as 4/8 B.  Zhitomir Regional State Tax Inspection has
been appointed liquidator.  Zhitomir Marketing Center holds
Account Number 2600620012200 at JSPB Ukraina.

CONTACT:  ZHITOMIR MARKETING CENTER
          10000, Ukraine, Zhitomir region,
          Korolyov str., 158

          ZHITOMIR REGIONAL STATE TAX INSPECTION
          Liquidator
          10014, Ukraine, Zhitomir region,
          Peremogi square, 2
          Phone: 37-47-76

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


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


AAA AA A ADIRECT: Members Final Meeting Set July 16
---------------------------------------------------
Members of AAA AA A Adirect Maintenance Services Ltd. will have
a Final Meeting on July 16, 2004 at 10:30 a.m.  It will be held
at the offices of Begbies Traynor (Incorporating Taylor Gotham &
Fry), The Old Exchange, 234 Southchurch Road, Southend-on Sea,
Essex SS1 2EG.

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


ABSOLUTE SCREEN: Liquidator to Submit Final Report July 12
----------------------------------------------------------
Members of the Absolute Screen Limited Company will have a Final
Meetings on July 12, 2004 at 11:00 a.m. and 11:15 a.m.
respectively.  It will be held at Prospect House, 2 Athenaeum
Road, London N20 9YU.

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.


ALEXCELL LIMITED: Creditors General Meeting July 16
---------------------------------------------------
There will be a General Meeting of the Creditors of Alexcell
Limited Company on July 16, 2004 at 10:30 a.m.  It will be held
at 63 Walter Road, Swansea SA1 4PT.

The purpose of the Meeting is to lay before the Creditors the
account how the winding up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodge with Stones & Co., 63 Walter
Road, Swansea SA1 4PT not later than 12:00 noon, July 15, 2004.

CONTACT:  STONE & CO
          63 Walter Road,
          Swansea SA1 4PT
          Contact:
          G Stones, Liquidator


ASTRA ZENECA: Faces Possible Consumer Suit Over Seroquel Drug
-------------------------------------------------------------
A major damages case against Astra Zeneca PLC, a U.K.-based
pharmaceutical company, is currently being prepared in the U.S.,
the Asia Intelligence Wire reports.

If the company loses at least two million Americans could be
demanding compensation because they were not given clear warning
that the drug Seroquel increased the risk of diabetes.  In
August 2003 the company was issued summons by a group of private
individuals in a class action lawsuit.

Seroquel is one of Astra Zeneca's top selling drugs and one of
the world's best selling agents for the treatment of
schizophrenia and manic depression.

Since Seroquel sales began in 1997 26.5 M prescriptions for the
drug have been written in the U.S.  Since the summons was issued
the FDA has demanded that manufacturers of particular
psychotherapeutics should give a clear warning of the diabetes
risk.  Astra Zeneca therefore changed the labeling on Seroquel
in spring 2004, though it rejects the complaints.  It claims
that available data show no causative connection between
Seroquel and diabetes but says that the new FDA ruling should
prompt awareness amongst doctors who prescribe drugs that some
patients can be particularly susceptible to developing diabetes
because of some underlying illness.


BEAR NORTH: Members Final Meeting Set July 15
---------------------------------------------
The Final Meetings of Members of the Bear North Limited Company
will be held on July 15, 2004 at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of Begbies
Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP.

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 Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP not later than 12:00
noon, July 14, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Contact:
          D Bailey, Joint Liquidator


BIDSTON MARINE: Names PKF Administrator
---------------------------------------
The Bidston Marine Limited Company has appointed Kerry F Bailey
and Jonathan D Newell of PKF as joint administrative receivers.
The appointment was made June 2, 2004.  The company is engaged
in building and repair of pleasure and sports boats.

CONTACT:  PKF
          52 Mount Pleasant,
          Liverpool L3 5UN
          Receivers:
          Kerry F Bailey
          Jonathan D Newell
          (IP Nos 8780, 6419)


CASTLE CIVIL: Meeting of Members Set July 21
--------------------------------------------
The Members of Castle Civil Engineering Ltd Company will have
Meetings on July 21, 2004 at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP.

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 Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP not later than 12:00
noon, July 20, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Contact:
          G Bell, Joint Liquidator


FB ESTATES: Hires Liquidator from Baker Tilly
---------------------------------------------
Name of Companies:
FB ESTATES (NO.26) LIMITED
FB Estates (No.65) Limited
FB Estates (No.67) Limited
FB Estates (No.68) Limited
FB Estates (No.69) Limited
FB Estates (No.70) Limited
FB Estates (No.78) Limited
FB Estates (No.89) Limited
FB Estates (No.93) Limited
FB Estates (No.97) Limited
FB Estates (No.122) Limited
FB Estates (No.114) Limited

At an Extraordinary General Meeting of the Members of these
companies on June 7, 2004 held at Forrester Boyd, 26 South Saint
Mary's Gate, Grimsby DN31 1LW the Special Resolutions to wind up
the companies were passed.  Alec David Pillmoor of Baker Tilly,
27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU has
been appointed Liquidator for these companies.

CONTACT:  BAKER TILLY
          27 Osborne Street, Grimsby,
          North East Lincolnshire DN31 1NU
          Contact:
          Alec David Pillmoor, Liquidator


GILLS COMPONENTS: Meeting of Creditors Set June 23
--------------------------------------------------
Creditors of Gills Components Limited Company will have a
Meeting on June 23, 2004 at 11:00 a.m.  It will be held at
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS
not later than 12:00 noon, June 22, 2004.

CONTACT:  CBA
          435 Lichfield Road,
          Aston, Birmingham B6 7SS
          Contact:
          N Gibson, Joint Administrator


INREON LIMITED: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the Inreon
Limited Company on May 28, 2004, the Special and Ordinary
Resolutions to wind up the Company were passed.  Graeme Gadsby
and Phillip Sykes of Moore Stephens, 1 Snow Hill, London EC1A
2EN have been appointed Joint Liquidators for the purpose of the
voluntary winding-up.

CONTACT:  MOORE STEPHENS
          1 Snow Hill
          London EC1A 2EN
          Contact:
          Graeme Gadsby, Liquidator
          Phillip Sykes, Liquidator


KISKO BUSINESS: Hires Mercer & Hole Administrator
-------------------------------------------------
Event Management, Kisko Business Services Limited Company has
appointed Peter John Godfrey-Evans and Steven Leslie Smith of
Mercer & Hole as joint administrative receivers.  The
appointment was made May 27, 2004.

CONTACT:  MERCER & HOLE
          Gloucester House
          72 London Road, St Albans,
          Hertfordshire AL1 1NS
          Receivers:
          Peter John Godfrey-Evans
          Steven Leslie Smith


MARK CAMPBELL: Appoints The P&A Partnership Administrator
---------------------------------------------------------
The Mark Campbell Limited Company has appointed John Russell and
Philip Andrew Revill of The P&A Partnership as joint
administrative receivers.  The appointment was made June 4,
2004.  The company sells new and used motor vehicles.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Receivers:
          John Russell
          Philip Andrew Revill
          (IP Nos 5544 and 6421)


MARKS & SPENCER: Loses One More Executive
-----------------------------------------
The shakeup at clothing retailer Marks & Spencer continues with
the resignation of Alice Avis as marketing director on Monday.

According to The Telegraph, sources close to Ms. Avis said she
did not like the decision of Stuart Rose, the new chief
executive, to effectively replace her with Steven Sharp.  Though
Mr. Stuart wanted her to work side by side with Mr. Sharp, Ms.
Alvis decided to resign.  She will leave the company on Friday.
The resignation follows that of chairman Luc Vandevelde, chief
executive Roger Homes, and clothing director Vittorio Radice.

The shakeup comes as Mr. Stuart wards off a possible second
takeover bid from retail entrepreneur Philip Green.  Mr. Green
previously offered 290p to 310 p in cash plus a 25% stake, but
was almost immediately turned down.  He is expected to come back
with a bid of between 380p and 390p.

Marks & Spencer could thwart another approach by revaluing its
portfolio of freehold property, thought to be valued at GBP4
billion, the report said.


MEDIA 1ST: Names Marchands Associates Administrator
---------------------------------------------------
Advertising Company, Media 1st Limited has appointed Martin Shaw
and Charles Beook of Marchands Associates LLP as joint
administrative receivers.  The appointment was made June 7,
2004.

CONTACT:  MARCHANDS ASSOCIATES LLP
          100 Wakefield Road, Lepton,
          Huddersfield HD8 0DL
          Receivers:
          Martin Shaw
          Charles Brook


NETTEC PLC: Drops Proposed Voluntary Liquidation
------------------------------------------------
The Extraordinary General Meeting of Nettec plc was opened by
the Chairman who stated that, as previously announced, he would
not be putting the resolutions for a Members Voluntary
Liquidation to a vote at the meeting and that the Board will
continue a strategy of looking for suitable acquisitions.

                            *   *   *

At an Annual General Meeting, held June 3, 2004, the Chairman,
Mr. Jeremy White, issued this statement:

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

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

CONTACT:  NEETEC PLC
          Ian Seaton
          Bankside Consultants
          Phone: +44 (0) 20 7444 4157


PARKINS ENGINEERING: Hires Receivers from KPMG
----------------------------------------------
The Parkins Engineering Limited Company has appointed Richard
John Hill and David John Crawshaw of KPMG as joint
administrative receivers.  The appointment was made June 7,
2004.  The company is engaged in light engineering business.

CONTACT:  KPMG CORPORATE RECOVERY
          Plym House,
          3 Longbridge Road,
          Plymouth PL6 8LT
          Receivers:
          Richard John Hill
          David John Crawshaw
          (IP Nos 8027, 8814)


PHASE ONE: Appoints Hurst Morrison Thomson Administrator
--------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson have been appointed joint administrative receivers for
Phase One Building Services Limited Company.  The appointment
was made May 5, 2004.  The company is engaged in building
services.

CONTACT:  HURST MORRISON THOMSON
          5 Fairmile,
          Henley on Thames,
          Oxfordshire RG9 2JR
          Receivers:
          Gareth Wyn Roberts
          Paul William Ellison
          (IP Nos 1162, 7254)


PIPELINE STEEL: Meeting of Creditors Set June 23
------------------------------------------------
There will be a Creditors Meeting of the Pipeline Steel Tubes
Limited Company on June 23, 2004 at 10:00 a.m.  It will be held
at Bdo Stoy Hayward LLP, Mander House, Mander Center,
Wolverhampton WV1 3NF.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Mander House, Mander
Centre, Wolverhampton WV1 3NF not later than 12:00 noon, June
22, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Mander House
          Mander Centre,
          Wolverhampton WV1 3NF
          Contact:
          C K Rayment, Joint Administrator


SALTCO TRADINGS: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Saltco Tradings
Limited Company on June 4, 2004 held at Maher Limited, Edward
Street, Sheffield S3 7GD, the subjoined Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Andrew Philip Wood and John Russell of 93 Queen Street,
Sheffield S1 1WF, Insolvency Practitioners duly qualified under
the Insolvency Act 1986 have been appointed the Joint
Liquidators of the Company for the purpose of such winding-up.


SEETOIT LIMITED: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Seetoit Limited
Company (formerly John F Salt & Company Limited) on June 4, 2004
held at Maher Limited, Edward Street, Sheffield S3 7GD, the
subjoined Special, Ordinary and Extraordinary Resolutions to
wind up the Company were passed.   Andrew Philip Wood and John
Russell of 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioners duly qualified under the Insolvency Act 1986 have
been appointed the Joint Liquidators of the Company for the
purpose of such winding-up.


TALCO LIMITED: Creditors Meeting Set June 21
--------------------------------------------
Creditors of Talco Limited Company will have a Meeting on June
21, 2004 at 11:30 a.m.  It will be held at Moore Stephens
Corporate Recovery, 94-96 Newhall Street, Birmingham B3 1PB.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
12:00 noon, June 20, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Joint Administrators:
          Nigel Price
          Roderick Graham Butcher


TANGO FASHIONS: In Administrative Receivership
----------------------------------------------
Lloyds TSB Bank Plc called in Graham Paul Bushby and Guy Edward
Brooke Mander of Baker Tilly as receivers for Tango Fashions
Trading Limited Company (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


TAURUS PETROLEUM: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Members of the Taurus
Petroleum Services Limited Company on June 4, 2004 held at Grove
House, 25 Upper Mulgrave Road, Cheam, Surrey SM2 7AY, the
Special Resolution to wind up the Company was passed.  Robert
Stephen Palmer has been appointed Liquidator for the purpose of
such winding-up.


TYRE CENTRE: Business and Assets 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
           or alternatively
          Fax: 020 7253 4629


WH SMITH: Pension Trustees Deny Snag in Takeover Talks
------------------------------------------------------
Martin Taylor, the chairman of pension trustees at WH Smith,
denied the company's pension fund deficit has become a stumbling
block to the company's takeover negotiations with Permira.

It was reported previously that the pension trustees had
threatened to block the deal if the venture capitalist refuse to
cover the approximately GBP215 million shortfall in the firm's
pension fund.

Yet, according to Europe Intelligence Wire, Mr. Taylor said his
negotiations with Permira were "extremely constructive and
friendly".

Permira is offering a GBP940 million for the high street
retailer, and is currently continuing its due diligence.  It is
understood to have agreed to repair the deficit within 10 years,
the way WH Smith would.  But the pension trustees is said to
want that Permira fill the black hole immediately or guarantee
that the fund will be financially supported should the company
run into difficulty.

The Scotsman quoted a source close to the negotiations saying:
"WH Smith is debt free, but if Permira were to buy it that would
change.

"In the worst case scenario -- that the firm ever goes bust -
the banks would be repaid ahead of the pension fund."

Fitch Ratings in April downgraded WH Smith plc's Senior
Unsecured rating to 'BB+' from 'BBB-' and the short-term rating
to 'B' from 'F3' to reflect deterioration in WH Smith's business
profile and its debt protections measures.  At the time, the
rating agency said in the case of a takeover bid from Permira,
further rating action is likely to occur.


                            *********


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
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