TCREUR_Public/040617.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

            Thursday, June 17, 2004, Vol. 5, No. 119

                            Headlines

G E R M A N Y

BERTELSMANN AG: Confident Sony Joint Venture Will Get E.U. Nod
INFINEON TECHNOLOGY: Invests EUR230 Mln to Expand Portugal Plant
KONIGLICHE PORZELLAN: To File for Insolvency Within the Month
PRIMACOM: Appoints Heinz Eble Supervisory Board Chairman


I T A L Y

ALITALIA SPA: Auditor Defers Opinion on Financial Results
FESTIVAL CROCIERE: Files for Bankruptcy
LAZIO: Market Snubs EUR190 Million Share Offering


L U X E M B O U R G

STOLT-NIELSEN: Expands Board Membership to Nine


N E T H E R L A N D S

KONINKLIJKE AHOLD: Dutch Shareholder Group Demands Broader Probe
NUMICO N.V.: Sells Unprofitable Baby Food Biz in South Africa
ROYAL SHELL: Shareholders Demand Transparent Reporting of Review


N O R W A Y

DNO ASA: Unveils Production Figures for April and May
NORTHERN OFFSHORE: Bares Restructuring Proposal


R U S S I A

ARDATOVSKY DAIRY: Under Bankruptcy Supervision Procedure
BALTASINSKY BRICKWORKS: Deadline for Proofs of Claim July 7
BASH-STROY-DETAL: Under Bankruptcy Supervision Procedure
BREYTOVO: Sets Deadline for Proofs of Claim
CHEREPOVETSKAYA TIMBER: Declared Insolvent

DEBESSKY AGRO-COMBINE: Court Commences Bankruptcy Procedure
KAM-MONTAZH-STROY: Court Sets September 28 Hearing
KHAADI-OIL: Saratov Court Appoints Insolvency Manager
KONUS: Insolvent Status Confirmed
UST-LYGINSKY FACTORY: Bankruptcy Proceedings Begin
YUKOS OIL: May Sell Shares to Pay Tax Arrears, FT Source Says
YUKOS OIL: Freeze Order on Shares Lifted

* Fitch Forecasts Choppy Times for Local Banks


S W E D E N

LM ERICCSON: Brings 'Ericsson Expander' to Asia


U K R A I N E

AGROTEHSERVIS: Insolvent Status Confirmed
ARMLIT: Declared Insolvent
BEREZNYANKA: Bankruptcy Proceedings Start
BILOKURAKINE' RAJAGROHIM: Declared Insolvent
DOBROMIR: Kyiv Court Commences Bankruptcy Proceedings

DOROGOBICH FURNITURE: Public Auction of Assets Set July 2
HARKIV' CONDITIONER: Declared Insolvent
HARKIV' ELECTRIC: Under Bankruptcy Supervision Procedure
IMPRES: Declared Insolvent
MECHMASH: Under Bankruptcy Supervision Procedure
SEMENIVSKE: Insolvent Status Confirmed


U N I T E D   K I N G D O M

ABSOLUTE SUPPORT: Hires Smith & Williamson Administrator
AIRTECH NETWORKS: Members General Meeting Set June 7
BARNSLEY BUSINESS: Meeting of Creditors Set July 15
BH 2002: Members General Meeting June 4
BLAYTONS: Winding up Resolutions Passed

BRIGHTSTORE LIMITED: Hires Receivers from Begbies Traynor
BRITISH ENERGY: To Hold Conference Call Today
BROADFIELD CONSTRUCTION: Names Receivers from Mazars
BUSINESS DEVELOPMENT: Members Final Meeting Set July 15
CALBAN LIMITED: Brings in Liquidator

CALNFIELDS LIMITED: Special Winding up Resolution Passed
CAVALRY SHEET: Appoints DTE Leonard Curtis Administrator
CHANCELLOR GROUP: Final General Meeting Set July 9
COURTS PLC: Shareholders in the Dark Over Buyout Attempt
COURTS PLC: Posts GBP34 Mln Pre-tax Loss on Ordinary Activities

DAWSON INTERNATIONAL: To Redeem Loan Stock Early
DONCASTER SKILLSHOP: Sets Final Meeting July 15
DROP CAP: General Meeting of Members Set July 6
ENERGIS PLC: First Profit Marks Strong Progress
EVEND LIMITED: Appoints Rothman Pantall & Co Liquidator

FARAGO LIMITED: Fabric Knitting Business for Sale
FOCUS COURIERS: Extraordinary Winding up Resolution Passed
FREIGHTMASTER SERVICES: Creditors Meeting Set June 25
HANDS ON: Hires Liquidator from Portland Business Park
HANSARD MEWS: Names Liquidator from K S Tan & Co

HIBERNIA FOODS: Weiss & Yourman Files Class Action in New York
HILLTOP CONSTRUCTION: Appoints Liquidators from Begbies Traynor
IAUA LIMITED: Members Final Meeting Set June 24
IN-TECH ELECTRICAL: Hires Liquidator from Campbell Crossley
INVENSYS PLC: Announces Availability of Reports at U.K.L.A.

LEONARD FIELD: Hires Middleton Partners Administrator
LIBRAE: Calls in Liquidator from Tenon Recovery
LIVINGROOM LEISURE: In Administrative Receivership
MARCONI CORPORATION: Posts Latest Annual Report
MARKS & SPENCER: Rose Stuart to Give Operational Update July 12

MDH AUTOS: Appoints Fanshawe Lofts Administrator
MORGAN CRUCIBLE: Sells Auto, Consumer Global Biz for US$60 Mln
NETWORK HARDWARE: Hires Liquidators from Portland Business
SBF AGRICO: Neil Wattie-led Team Named Preferred Bidder
TECHNI-BUILD LIMITED: Names Sargent & Company Administrator
TOKENEKE LTD: Sets General Meeting June 30
ZORBIT BABYCARE: Business and Assets for Sale


                            *********


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


BERTELSMANN AG: Confident Sony Joint Venture Will Get E.U. Nod
--------------------------------------------------------------
Bertelsmann and Sony had two productive days at the oral
hearing in Brussels.  The companies provided arguments
addressing all the issues raised in the "Statement of
Objections" issued by the European Commission earlier.  Legal
and economic experts, officials from 13 national competition
authorities and interested third parties listened to the
explanations.  Those presentations supplemented extensive
detailed written responses that were submitted last week.

Discussions at the oral hearing were constructive.  Bertelsmann
and Sony are confident their presentations on the business
environment of the music industry and the nature of music as a
cultural product are understood.  The companies will continue
their proactive engagement with the European Commission in the
future until the final decision is made.

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

CONTACT:  BERTELSMANN AG
          Oliver Herrgesell
          Senior Vice President Media Relations
          Phone: +49 - 52 41 - 80 24 66
          E-mail: oliver.herrgesell@bertelsmann.com


INFINEON TECHNOLOGY: Invests EUR230 Mln to Expand Portugal Plant
----------------------------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX), one of the world's
leading semiconductor manufacturers, is expanding its existing
memory chip assembly and test (backend) facility.  The company
is investing a total of EUR230 million in the second module.
Work on expanding the facility kicked off in the fall of 2003
and full capacity will be reached by mid-2006.  Some 500 new
jobs will be created in the process, increasing the workforce in
Porto to around 1,500.  The new module will be formally opened
on June 16, 2004, in the presence of Portuguese Prime Minister
Jose Manuel Durao Barroso.

The need to expand assembly and testing capacities arose because
Infineon is steadily expanding its front-end capacities, for
example with the successful ramp-up of the 300mm fab in Dresden,
Germany and with the planned start up of the 300mm production
module in Richmond, USA, as well as enlarging its product
portfolio.  Up to 600 million chips per year are planned as the
maximum capacity when the new module in Porto is completed,
which means that current capacity will be more than doubled as a
result of the expansion.  The first module has around 5,000 m2
of clean room area and the second about 7,000 m2, making it as
large as a soccer pitch.

"The expansion of our production in Portugal symbolizes the
competitiveness of Europe and especially Portugal, evidenced by
very well-qualified employees and an exceptional manufacturing
performance at our Porto backend facility," said Dr. Michael
Majerus, Chief Financial Officer of the Memory Products Group.
"When we have reached full capacity in Porto, about 30 to 40
percent of our global memory chip production will be assembled
and tested here."

Building work on the second module began in the fall of 2003 and
the ready-for-equipment milestone was reached in April 2004.
Volume production got going with the production of 256-Mbit
devices in BGA packages.  Maximum capacity is scheduled to be
reached in mid-2006.  Most of the wafers arriving for further
processing at the plant come from Dresden, Germany and Richmond,
USA.  The expanded Porto site, like the Malacca fab in Malaysia
and the plant currently under construction in Suzhou in China,
is one of Infineon's high-volume backend facilities for memory
products.

About the Backend Process

Chip production is divided into two processes.  In the front-
end, complex processes are applied to produce the chips on the
silicon wafers, while in the backend the silicon wafers
containing the finished chips are diced and the chips assembled
in the package and tested.  The resulting components enable
simple mounting of the chips on printed circuit boards.

About Infineon in Portugal

The memory chip assembly and test plant was founded in 1996 in
Vila do Conde, near Porto.  Around 1,000 people are currently
employed at the facility.  Initial investment in the existing
first module amounted to EUR330 million of which EUR140 million
are used for modernizing the plant between mid-2000 and mid-
2003.  Together with the EUR230 million for the expansion of the
site, Infineon has invested a total of EUR560 million at the
Porto location.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA; in
the Asia-Pacific region from Singapore, and in Japan from Tokyo.
In fiscal year 2003 (ending September), the company achieved
sales of EUR6.15 billion with about 32,300 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Phone: +49-89-234-22404
          Fax:   +49-89-234-28482

          Ralph Heinrich
          Media Relations Contact
          E-mail: ralph.heinrich@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax:   +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax:   +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax:   +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Investors and Analysts based in Europe
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          Investors and Analysts based in North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


KONIGLICHE PORZELLAN: To File for Insolvency Within the Month
-------------------------------------------------------------
State-owned Konigliche Porzellan Manufaktur may file for
insolvency proceedings anytime soon, according to Europe
Intelligence Wire.

For years now, the German porcelain factory has been unable to
pay millions of debt due to bad management and poor state
economy.  Last month, the State of Berlin disclosed plans to
privatize the firm before the state parliament go on its summer
break at the end of June.

In 2003, the factory recorded a turnover of EUR10 million but
suffered a EUR1.5 million loss.  It currently sources funds for
day-to-day operations via special sales and discount over the
Internet.  It is expected to file for insolvency proceedings by
month's end.


PRIMACOM: Appoints Heinz Eble Supervisory Board Chairman
--------------------------------------------------------
PrimaCom, a company facing severe financial problems, confirmed
it has reshuffled its board.

According to Europe Intelligence Wire, Heinz R. Eble has been
appointed supervisory board chairman while Helmut Thoma and
Boris Augustin were made deputy supervisory board chairmen.
Stefan Schwenkedel and Jens Kircher have been discharged from
their board duties, and replaced with Hans Werner Klose and Toni
Merin.  The changes were made at an annual general meeting on
June 8, 2004.

The liquidation of Primacom is expected anytime soon after
shareholders rejected the management's proposal to sell the
German cable TV operator to creditors.  JP Morgan and investment
company Apollo had offered investors EUR5 million for the firm's
cable networks; but investors spurned the offer at the AGM last
week, highlighting their loss of confidence in the board.

The management warned they may have to file for insolvency by
the end of June unless the plan is approved.  The board said the
company's debt is almost EUR200 million -- a declaration refuted
by the society for the protection of investors (SdK) and
Wolfgang Preuss, a shareholder with a 15% voting rights.  The
resolution of Primacom's story, though, may yet change as both
Mr. Preuss and a representative of SdK have now joined the
supervisory board.


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


ALITALIA SPA: Auditor Defers Opinion on Financial Results
---------------------------------------------------------
The auditors of Italian national airline Alitalia, Deloitte &
Touche, refused last week to approve its 2003 accounts as a
going concern, citing the company's lack of direction.

According to a La Stampa report, auditors are wary about the
carrier's continued losses, which, if unabated, could force it
to wind up operations.  Already, it has recorded losses in the
first few months of this year, making a third successive annual
loss likely.

The company has been unable to come up with a restructuring plan
partly because its new chairman and chief executive, Giancarlo
Cimoli, has only been in his post for a short time.  In
addition, the government has deferred any decision regarding the
airline until after the European elections.  Mr. Cimoli may be
able to secure a bridging loan from a pool of banks by July, at
which time he will likely ask for a revised auditor's opinion.

The silence of the auditors regarding its 2003 accounts means
Alitalia will find it difficult to pursue plans to raise capital
from the markets.


FESTIVAL CROCIERE: Files for Bankruptcy
---------------------------------------
Festival Crociere, a Genoa-based cruise group, filed for
bankruptcy Monday.  The company has debts of around EUR100
million.

Giovanni Pozzo, who represents some of the company's suppliers
said, 15 other companies may become insolvent as a result of the
firm's collapse.  Festival does business with around 200
companies.  The application for bankruptcy was made after
shareholders agreed that recapitalization is not viable.


LAZIO: Market Snubs EUR190 Million Share Offering
-------------------------------------------------
Investors ignored the EUR190 million (US$229.1 million) fund-
raising exercise launched by Lazio recently.  According to
Reuters, only 9% of the shares offered have been subscribed thus
far.

Shares in Lazio were suspended in March after the outfit
reported net loss of EUR68 million for the July-December period.
The loss was mainly due to a slump in capital gains made on
player sales.  Lazio, one of three Italian clubs listed on the
stock exchange, was forced to sell star players to save Cirio,
its previous owner that collapsed in November 2002.


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


STOLT-NIELSEN: Expands Board Membership to Nine
-----------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
announced on Tuesday that Roelof Hendriks and James B. Hurlock
have been nominated to the Board of Directors of SNSA. The
company shareholders will be asked to vote these candidates onto
the Board at the Annual General Meeting on July 7, 2004 at 2:00
p.m. local time, at the offices of Services Generaux de Gestion
S.A., 23, avenue Monterey, L-2086 Luxembourg.

The new appointments will increase the number of SNSA Directors
to nine and raise the number of outside Directors by one.  The
appointments also position the Company for compliance with the
Sarbanes-Oxley requirements for boards of directors by January
2005.

The Company added that Mr. Hendriks will serve on the Audit
Committee as its financial expert and that Mr. Hurlock, as
previously announced, will chair an SNSA board committee to
oversee all legal issues.

Mr. Hendriks has been Chief Financial Officer and a Member Board
of Management of CSM N.V since 2000.  Prior to that, he was a
Vice Chairman Executive Board, Koninklijke Vopak N.V.  He held
various positions at Koninklijke Vopak N.V. and its predecessor,
Van Ommeren, from 1980 until 2000.  Mr. Hendriks received a law
degree from Vrije Universiteit, Amsterdam.  He is a Dutch
citizen.

Mr. Hurlock served as Interim Chief Executive Officer of Stolt-
Nielsen Transportation Group from July 2003 to June 14, 2004.
He also serves as a Director of Stolt Offshore S.A.  Mr. Hurlock
is a retired partner from the law firm of White & Case LLP and
served as Chairman of its Management Committee from 1980 to
2000.  He holds a BA degree from Princeton University, an MA
Jurisprudence from Oxford University and a JD from Harvard Law
School.  Mr. Hurlock is a U.S. citizen.

"Mr. Hendriks and Mr. Hurlock will provide valuable financial
and legal expertise to the Board," said Jacob Stolt-Nielsen,
Chairman of the Board of Stolt-Nielsen S.A.  "We look forward to
benefiting from their counsel."

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, tuna and tilapia.  The Company also
owns 41.7 percent of Stolt Offshore S.A. (Nasdaq: SOSA; Oslo
Stock Exchange: STO), which is a leading offshore contractor to
the oil and gas industry, specializing in technologically
sophisticated deep-water 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: Dutch Shareholder Group Demands Broader Probe
----------------------------------------------------------------
VEB, a Dutch shareholder lobby group, wants investigators to
broaden a possible probe into alleged mismanagement at Dutch
retailer Royal Ahold.

Authorities are planning to go over Ahold's books for the period
September 19, 1999 to December 18, 2003, but VEB wants them to
go as far back as January 1, 1998, according to Dow Jones,
citing the group's Web site.  VEB alleges that irregularities
began appearing in Ahold's books six years ago.

The group, in addition, wants to have a court-appointed official
to lead an investigation into accounts mismanagement at the
retailer.  A hearing on VEB's accusations against Ahold is
scheduled today.  The case is in addition to the investigations
conducted by Dutch prosecutors and the U.S. Securities and
exchange Commission on the EUR1 billion accounting scandal at
the company's U.S. Foodservice operation last year.

U.S. shareholders, who have joined VEB in its action, are being
represented by Entwistle & Capucci, the same New York-based law
firm handling a class-action case in the U.S. against Ahold.

CONTACT: AHOLD CORPORATE COMMUNICATIONS
         Phone: +31 75 659 5720

         ROYAL AHOLD N.V.
         P.O. Box 3050 1500
         HB Zaandam Netherlands
         Phone: +31 (0) 75 659 57 20
         Fax:   +31 (0) 75 659 83 02


NUMICO N.V.: Sells Unprofitable Baby Food Biz in South Africa
-------------------------------------------------------------
Royal Numico N.V. announces that an agreement has been reached
on the sale of its Baby Food business in South Africa to Aspen
Pharmacare Holdings Ltd. (South Africa) for an undisclosed
amount.  Numico's South African Baby Food business produces and
markets infant milk formula, cereals and juices under the
Infacare brand name in South Africa, with total sales of EUR8
million and a negative contribution to EBITA in 2003.  The sale
includes the Infacare trademark for South Africa, the related
production facility in Clayville (South Africa) and
approximately 90 employees.  The transaction is subject to
customary regulatory approval and is expected to be completed by
the end of the third quarter 2004.

The divestment of Numico's unprofitable South African Baby Food
business is in line with Numico's strategy to become a high-
growth, high-margin specialized nutrition company by focusing on
geographies where Numico can sustain or reach a market leading
position in either Baby Food or Clinical Nutrition.

Aspen Pharmacare Holdings Ltd. is Africa's largest manufacturer
of generic and branded pharmaceutical and healthcare products to
the southern African market employing 1,588 employees and
generating R1.9 billion in sales in the year ended 30 June 2003
(http://www.pharmacare.co.za).

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

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

          Investor Relations
          Phone: +31 79 353 9003


ROYAL SHELL: Shareholders Demand Transparent Reporting of Review
----------------------------------------------------------------
Two influential shareholders of Royal Dutch/Shell on Wednesday
went out of their way to demand a more transparent reporting of
the ongoing review of the company's corporate structure, the
Financial Times reports.

Knight Vinke, a U.S.-based investor, and CalPERS, a Californian
pension fund whose worth is pegged at US$160 billion, wrote a
letter calling for a more detailed report.  They want to know
who are the executives conducting the review, what their terms
of reference are and to whom they will report.  They threatened
to grill company executives at the annual meeting on June 28.

"It was our collective hope and expectation that this rather
basic information would be disclosed to shareholders
concurrently with the agendas for the annual meetings.  This
opportunity has been lost," say Eric Knight of Knight Vinke and
Ted White of CalPERS.

Royal Shell's strength is currently being challenged by
managerial instability and movement, the possibility of
financial penalties, findings supporting shareholder litigation
and further reserve adjustments.

CONTACT:  ROYAL SHELL
          Investor Relations:
          Gerard Paulides
          Phone: +44 20 7934 6287

          Bart van der Steenstraten
          Phone: +31 70 377 3996

          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations:

          Andy Corrigan
          Phone: +44 20 7934 5963

          Herman Kievits
          Phone: +31 70 377 8750


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


DNO ASA: Unveils Production Figures for April and May
-----------------------------------------------------
Oil production from DNO's licenses during the period January to
May averaged 13,471 barrels per day.

From and including this production report, DNO will only be
reporting production figures for the company's retained licenses
after the sale to Lundin.  Oil production for Norway (Glitne)
and Yemen (Tasour and Sharyoof) for April and May and the
average for the period January - May (barrels of oil equivalent
per day) was as follows:

               April            May            Jan - May

NORWAY         1,874            924              1,951
YEMEN          11,041        10,994             11,520

In all         12,915        11,918             13,471


Oil production from Yemen was according to the plan for the
period.  A new production well in the Tasour field is now being
completed and is scheduled to come onstream by the end of June.
The drilling rig will then be moved to the Sharyoof field where
it will drill two new production wells.

Production from the Glitne field was lower than expected for the
period.  One reason is problems with a gas compressor used for
artificial lifting of oil in the wells.  A two-branch production
well is now being drilled at the field, scheduled to come
onstream during the third quarter.

DNO's estimate for the company's oil production in 2004 is
10,000 to 12,000 barrels per day.

                            *   *   *

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

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

CONTACT:  DNO ASA
          Helge Eide
          Group Managing Director
          Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80
          Web site: http://www.dno.no


NORTHERN OFFSHORE: Bares Restructuring Proposal
-----------------------------------------------
Northern Offshore Ltd. did not make the US$7.2 million interest
payment due on May 15, 2004 in connection with its 10% senior
notes due 2005, which constitutes an event of default under the
indenture governing the senior notes.  However, the Company
announced that it has commenced discussions with an unofficial
committee of noteholders regarding a potential restructuring of
the Company.

As previously announced on June 1, 2004, the Company has
proposed a transaction whereby the Company's senior notes
together with its Norwegian krone-denominated floating rate
notes due 2004 would be exchanged for newly issued shares of
common stock representing 85% of the Company's fully diluted
share capital, with the remaining 15% to be retained by current
shareholders.  The transaction would be consummated under
Bermuda law through a scheme of arrangement and an increase in
share capital approved by Northern Offshore's shareholders.
Additionally, the Company anticipates repaying the Company's
secured debt using a portion of its existing cash balance such
that the Company would be debt free following the transaction.

The Company believes it is in the best interests of all
stakeholders to implement a restructuring as quickly as
possible.  To that end, the Company is working with a committee
of noteholders to work toward implementing a consensual
transaction.  To facilitate this process, the Company hired
Houlihan Lokey Howard & Zukin (Europe) Ltd as its financial
advisor to assist in implementing the plan.

It is the Company's opinion that the implementation of such a
plan is critical to the continued operation of the Company.
Absent a consensual agreement, the Company believes it may be
forced to appoint a Bermuda-based liquidator who will be
responsible for the liquidation of the Company's assets for the
benefit of its creditors.  It is, in the Company's opinion, most
likely that the Company's current equity would have no value and
its unsecured debt would be substantially impaired in such a
liquidation process.

Bermuda, June 15th, 2004

The Board of Directors of Northern Offshore Ltd.

CONTACT:  NORTHERN OFFSHORE
          Tor Olav Troim
          Phone: 44 77 34 97 65 75

          Jon-Aksel Torgersen
          Phone: 47 22 93 60 00

          HOULIHAN LOKEY HOWARD & ZUKIN
          Joseph Swanson, Director
          Phone: 44 20 7747 2727

          Peter Marshall, Director
          Phone: 44 20 7747 2724

          Joseph Cleverdon, Associate
          Phone: 44 20 7747 2735


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


ARDATOVSKY DAIRY: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy supervision procedure on OJSC Ardatovsky Dairy
Factory.  The case is docketed as A43-6420/04-33-142.  Ms. M.
Lukina has been appointed temporary insolvency manager.

Creditors have until July 7, 2004 to submit their proofs of
claim to 603132, Nizhniy Novgorod, Dargomyzhskogo Str. 26,
apartment 99.  A hearing will take place on November 2, 2004,
10:15 a.m.

CONTACT:  ARDATOVSKY DAIRY FACTORY
          07130, Russia, Nizhniy Novgorod region,
          Ardatov, Lenina Str., 67

          Ms. M. Lukina
          Temporary Insolvency Manager
          603132, Nizhniy Novgorod,
          Dargomyzhskogo Str., 26, apartment 99


BALTASINSKY BRICKWORKS: Deadline for Proofs of Claim July 7
-----------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on OJSC Baltasinsky Brickworks.
The case is docketed as A65-8100/2004-SG4-26.  Mr. R. Ibragimov
has been appointed temporary insolvency manager.

Creditors have until July 7, 2004 to submit their proofs of
claim to the temporary insolvency manager at 422540, Republic of
Tatarstan, Zelenodolsk, Frunze Str., 9.

CONTACT:  BALTASINSKY BRICKWORKS
          Republic of Tatarstan, Baltasinsky region,
          Nizhnyaya Ushma

          Mr. R. Ibragimov
          Temporary Insolvency Manager
          422540, Republic of Tatarstan,
          Zelenodolsk, Frunze Str., 9


BASH-STROY-DETAL: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Republic of Bashkortostan commenced
bankruptcy supervision procedure on OJSC Bash-Stroy-Detal (TIN
0273018159).  The case is docketed as A07-8649/04-G-ADM.  Mr. S.
Illarionov has been appointed temporary insolvency manager.

Creditors have until July 7, 2004 to submit their proofs of
claim to 450043, Republic of Bashkortostan, Ufa, Komsomolskaya
Str., 11, Office 1.  A hearing will take place on September 30,
2004, 10:00 a.m.

CONTACT:  BASH-STROY-DETAL
          450043, Republic of Bashkortostan,
          Ufa, Frontovyh brigad Str., 10

          Mr. S. Illarionov
          Temporary Insolvency Manager
          450043, Republic of Bashkortostan,
          Ufa, Komsomolskaya Str., 11, Office 1


BREYTOVO: Sets Deadline for Proofs of Claim
-------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
supervision procedure on LLC Breytovo.  The case is docketed as
A82-396/04-30-B/4.  Mr. E. Sazonov has been appointed temporary
insolvency manager.

Creditors have until July 7, 2004 to submit their proofs of
claim to 152900, Russia, Yaroslavl region, Rybinsk, Lugovaya
Str., 7.  A hearing will take place on July 20, 2004, 10:00 a.m.

CONTACT:  BREYTOVO
          152760, Russia, Yaroslavl region,
          Breytovo, Stroitelnaya Str

          Mr. E. Sazonov
          Temporary Insolvency Manager
          152900, Russia, Yaroslavl region,
          Rybinsk, Lugovaya Str., 7


CHEREPOVETSKAYA TIMBER: Declared Insolvent
------------------------------------------
The Arbitration Court of Vologda region declared LLC
Cherepovetskaya Timber Industry Company insolvent and introduced
bankruptcy proceedings.  The case is docketed as A-13-7541/03-
18.  Mr. A. Kondratyev has been appointed insolvency manager.
Creditors have until August 7, 2004 to submit their proofs of
claim to 162600, Russia, Vologda region, Cherepovetsk,
Borshodskaya Str., 46.

CONTACT: Mr. S. Shubin
            Insolvency Manager
            162600, Russia, Vologda region,
            Cherepovetsk, Borshodskaya Str., 46


DEBESSKY AGRO-COMBINE: Court Commences Bankruptcy Procedure
-----------------------------------------------------------
The Arbitration Court of Republic of Udmurtiya commenced
bankruptcy supervision procedure on OJSC Debessky Agro-Combine.
The case is docketed as A71-39/2004-G26.  Mr. A. Rybakov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 427060,
Russia, Republic of Udmurtiya, Debesy, Andronova Str., 90 and to
the temporary insolvency manager at 426008, Russia, Izhevsk,
Post User Box 3051.  A hearing will take place on September 9,
2004, 1:30 p.m.

CONTACT:  DEBESSKY AGRO-COMBINE
          426060, Russia,
          Republic of Udmurtiya, Debesy

          Mr. A. Rybakov
          Temporary Insolvency Manager
     426008, Russia,
          Izhevsk, Post User Box 3051


KAM-MONTAZH-STROY: Court Sets September 28 Hearing
--------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on OJSC Kam-Montazh-Stroy.  The
case is docketed as A65-8214/2004-SG4-16.  Mr. I. Kuchumov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 420103,
Russia, Kazan, Post User Box 1.  A hearing will take place on
September 28, 2004, 2:30 p.m. at the Arbitration Court of
Republic of Tatarstan.

CONTACT:  KAM-MONTAZH-STROY
          423570, Republic of Tatarstan,
          Nizhnekamsk, BSI, Post User Box 1091

          Mr. I. Kuchumov
          Temporary Insolvency Manager
          420103, Russia, Kazan, Post User Box 1

          The Arbitration Court of Republic of Tatarstan
          Russia, Kazan, Kreml, Build.1,
          Entrance 2, 2nd Floor, Room 16


KHAADI-OIL: Saratov Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on OJSC Khaadi-Oil.  The case is docketed
as A-57-70B/04-31.  Mr. A. Aleksandrov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 410600,
Russia, Saratov, Sovetskaya Str., 57/1.  A hearing will take
place on September 9, 2004, 2:30 p.m. at the Arbitration Court
of region.

CONTACT:  KHAADI-OIL
          413100, Russia, Saratov region,
          Engels, Promzona

          Mr. A. Aleksandrov
          Temporary Insolvency Manager
          410600, Russia, Saratov,
          Sovetskaya Str., 57/1

          The Arbitration Court of Saratov region
          410032, Russia, Saratov,
          Pervomayskaya Str., 74


KONUS: Insolvent Status Confirmed
---------------------------------
The Arbitration Court of Republic of Udmurtiya declared OJSC
Konus insolvent and introduced bankruptcy proceedings.  The case
is docketed as A71-28/04-G26.  Mr. V. Kuzhelev has been
appointed insolvency manager.  Creditors have until August 7,
2004 to submit their proofs of claim to 427790, Republic of
Udmurtiya, Mozhga, Syugalsky proezd 15.

CONTACT:  KONUS
          427790, Republic of Udmurtiya,
          Mozhga, Syugalsky proezd 15


UST-LYGINSKY FACTORY: Bankruptcy Proceedings Begin
--------------------------------------------------
The Arbitration Court of Kirov region declared OJSC Ust-Lyginsky
Factory Of Hardware insolvent and introduced bankruptcy
proceedings.  The case is docketed as A28-173/03-30-349/3.  Mr.
S. Shubin has been appointed insolvency manager.  Creditors have
until August 7, 2004 to submit their proofs of claim to 610002,
Russia, Kirov, Orlovskaya Str., 14-1.

CONTACT:  UST-LYGINSKY FACTORY OF HARDWARE
          612981, Russia, Kirov region,
          Vyatskopolyansky region, Ust-Lyuga

          Mr. S. Shubin
          Insolvency Manager
          612981, Russia, Kirov region,
          Vyatskopolyansky region, Ust-Lyuga


YUKOS OIL: May Sell Shares to Pay Tax Arrears, FT Source Says
-------------------------------------------------------------
Yukos Oil is considering using its shares to settle at least
US$3.42 billion of the tax bill sent by Russia's tax
authorities, an unnamed executive told the Moscow correspondent
of The Financial Times.

The source said the oil giant might issue new shares, which will
be sold for cash or given to the Russian government.  The
proposal will see a large part of the company go to the state,
and the shares of the minority shareholders seriously diluted.
The assets being considered for disposal are Yukos' stake in
Sibneft oil and its natural gas fields.  Blocking the plan,
however, is a court order freezing asset sales or movements in
the company's share.

According to the source, company executives are planning to ask
for the lifting of the seizure order.  It is also mulling on
asking for more time to come up with the needed amount demanded
by the Tax Ministry.  Yukos' executives reached by the paper
denied such plans.  An appeal to the tax claim is being reviewed
by Moscow's Arbitration Court.  A decision could come as early
as Friday.


YUKOS OIL: Freeze Order on Shares Lifted
----------------------------------------
The Swiss Supreme Court on Monday freed shares that form part of
the US$5 billion worth of assets frozen by state authorities in
March.  No further details were provided for the ruling,
according to The Associated Press.

The law firm representing Veteran Petroleum Trust, the Yukos
pension fund behind the appeal, told the Associated Press: "For
the time being, only the operating part of the decision has been
notified to the parties."

The shares freed were worth around US$3 billion when Swiss
prosecutors froze them in March.  Now they're only worth US$1.7
billion, the law firm said.

Russia's General Prosecutor's Office successfully won a request
to have US$5 billion in funds belonging to companies and persons
related to Yukos frozen in March.  The Swiss court ordered last
week the unfreezing of a US$1.6 billion account belonging to
Pecunia, a company affiliated with Yukos through Menatep, the
principal corporate shareholder of Yukos.

Yukos' recent victories, however, are dimmed by a decision back
home in Russia.  The Moscow Arbitration Court removed Judge
Natalya Cheburashkina from hearing Yukos' appeal of a US$3.4
billion tax bill last week.  Citing a court official, Interfax
said her bias against the Tax Ministry led to her axing.


* Fitch Forecasts Choppy Times for Local Banks
----------------------------------------------
Fitch Ratings, the international rating agency, says the
turbulence in the Russian interbank markets over the past week,
provided it does not escalate, is not, in itself, expected to
materially affect Russia's leading banks.

Overnight rates rose sharply last week, triggered by the Central
Bank of Russia's (CBR) withdrawal of Sodbiznessbank's license in
mid-May, the subsequent failure and default of Commercial Bank
Credittrust and the Russian rumor mill going into overdrive.

In a Comment issued on Tuesday entitled "Russian Banks: Choppy
Times, But Should be Containable for the Country's Leading
Banks", Fitch says the sharp reduction in interbank liquidity
and increase in overnight rates, barring any escalation, are
more likely to hurt the country's very many small banks than its
larger ones, where Fitch's bank ratings are heavily
concentrated.  Russia's largest banks tend to be net depositors
rather than net borrowers on the interbank market, and most are
understood to have closed their lines to small banks.

Fitch says that the reaction of the banking sector to the events
that started with the withdrawal of Sodbiznessbank's license
produced an unexpected strain on liquidity in parts of the
system.  Therefore, recent promises of additional liquidity for
the banking sector by the CBR, are positive from a support point
of view.

Even so, Fitch is increasingly of the opinion that the Russian
authorities would like to see a further culling of the some of
the country's smallest banks, which have little value for the
Russian economy.  At end-2003, Russia's smallest 1,100 banks
accounted for only c.11% of banking sector assets.  Critical
will be how this is effected by the CBR in the run-up to the
introduction of Deposit Insurance, without aggravating what
should be an eminently containable situation.

Fitch believes a larger threat to most of the larger banks in
Russia than the current situation on the interbank market would
be a wider loss of depositor confidence.  There is presently no
sign of this, but it is something to which privately owned
Russian banks remain potentially vulnerable.

Fitch currently rates 30 banks and financial institutions in
Russia (for the full list see http://www.fitchratings.comor
contact the Ratings Desk on +44 20 7417 6300).

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

          Alexander Giles, London
          Phone: +44 20 7417 6330

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


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


LM ERICCSON: Brings 'Ericsson Expander' to Asia
-----------------------------------------------
At a media briefing at CommunicAsia in Singapore, Carl-Henric
Svanberg, President and CEO of Ericsson, the world's leading
telecom supplier, spoke about Asia's important role in the
development of communications trends, services and applications
for the benefit of consumers worldwide.

"We regard Asia Pacific as the world's greenhouse for mobile
communications," said Carl-Henric Svanberg at CommunicAsia.
"Asia is a very exciting region with one of the world's lowest
mobile penetrations as well as the world's most advanced mobile
users."

"With Ericsson Expander we can offer operators a solution for
meeting consumer demands in new growth markets.  With our
leading position in new services and 3G roll out we support our
customers in introducing advanced mobile services.  We have done
business in Asia for 120 years and we are looking forward to
continue to bring mobile communications to this region," he
said.

"Convergence of fixed and mobile networks will radically change
communications behavior.  We have a very strong position in the
convergence area with deep knowledge and a broad portfolio in
the mobile as well as the fixed area.  Converged networks allow
consumers to be always best connected

"We see a growing interest by operators toward our managed
services offering, the most comprehensive in the industry.
Managed services are a means to more efficient network
operations and for more effective hosting of platforms,
applications and content management," he added.

With Ericsson's hosting offering, operators can deliver services
to the market quickly, simply and most cost efficiently.  The
high interest for hosting is confirmed by the four hosting
contracts announced by Ericsson in the United States, Chile and
Hungary.

Ericsson has the leading role in the ongoing 3G roll out.
Ericsson is also strengthening its CDMA market position, and by
providing a common 3G platform for WCDMA and CDMA, Ericsson
gains economies of scale, not available to any other 3G vendor.
With 3G, new services and applications are becoming a reality.

Evolved 3G, so called HSDPA, which is quickly moving to the top
of many operators' agenda, will enhance this development.  With
HSDPA high speed downloading will be possible.  This opens up
for a lot of new exciting services and consumer benefits.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.  Read more at
http://www.ericsson.com/press

                            *   *   *

Standard & Poor's rates Ericsson 'BB/Negative/B'.

CONTACT:  LM ERICSSON
          Ase Lindskog
          Head of Media Relations, Communications
          Phone: +46 8 719 9725; +46 8 719 6992
          E-mail: press.relations@ericsson.com


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


AGROTEHSERVIS: Insolvent Status Confirmed
-----------------------------------------
The Economic Court of Lugansk region declared OJSC Agrotehservis
(code EDRPOU 20179461) insolvent and introduced bankruptcy
proceedings on April 27, 2004.  The case is docketed as 11/141
B.  Mr. Belikov Andrij (License Number AA 484195 approved on
December 29, 2004) has been appointed liquidator/insolvency
manager.  Agrotehservis holds Account Number 26008301180 at
Oshadbank, Bilokurakine branch 3316, MFO 364100.

CONTACT:  AGROTEHSERVIS
          92200, Ukraine, Lugansk region,
          Bilokurakine, Lenin str. 85

          Mr. Belikov Andrij
          Liquidator/Insolvency Manager
          91050, Ukraine, Lugansk region,
          Komarov quarter, 35/64
          Phone: (0642) 58-83-51

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


ARMLIT: Declared Insolvent
--------------------------
The Economic Court of Donetsk region declared OJSC Armlit (code
EDRPOU 00111136) insolvent and introduced bankruptcy proceedings
on April 21, 2004.  The case is docketed as 18/192B.  Mr. Kmitto
O. has been appointed liquidator/insolvency manager.

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

(a)  ARMLIT
     86705, Ukraine, Donetsk region,
     Hartsizk, Ogprev str. 67

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

CONTACT:  ARMLIT
          86705, Ukraine, Donetsk region,
          Hartsizk, Ogprev str., 67

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


BEREZNYANKA: Bankruptcy Proceedings Start
-----------------------------------------
The Economic Court of Kyiv region declared LLC Industrial-
Investment Concern Bereznyanka (code EDRPOU 21669552) insolvent
and introduced bankruptcy proceedings on May 24, 2004.  The case
is docketed as 23/821-B.  Arbitral manager Mr. Demchuk Oleksandr
(License Number AA 047780 approved on October 15, 2001) has been
appointed liquidator/insolvency manager.

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

(a)  INDUSTRIAL-INVESTMENT CONCERN BEREZNYANKA
     01033, Ukraine, Kyiv region,
     Saksaganskij str. 5

(b)  Liquidator/Insolvency Manager
     03127, Ukraine, Kyiv region,
     40-Richchya Zhovtnya avenue, 126

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

Industrial-Investment Concern Bereznyanka holds Account Number
26002020 with OJSC MKB of Kyiv region, MFO 300658.

CONTACT:  INDUSTRIAL-INVESTMENT CONCERN BEREZNYANKA
          01033, Ukraine, Kyiv region,
          Saksaganskij str., 5

          Mr. Demchuk Oleksandr
          Liquidator/Insolvency Manager
          03127, Ukraine, Kyiv region,
          40-Richchya Zhovtnya avenue, 126

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


BILOKURAKINE' RAJAGROHIM: Declared Insolvent
--------------------------------------------
The Economic Court of Lugansk region declared OJSC Bilokurakine'
Rajagrohim (code EDRPOU 30791000) insolvent and introduced
bankruptcy proceedings on April 20, 2004.  The case is docketed
as 11/140 B.  Mr. Belikov Andrij (License Number AA 484195
approved December 29, 2002) has been appointed
liquidator/insolvency manager.  Bilokurakine' Rajagrohim holds
Account Number 26008301113 at Oshadbank, Bilokurakine branch,
3316, MFO 3564100.

CONTACT:  BILOKURAKINE' RAJAGROHIM
          92200, Ukraine, Lugansk region,
          Bilokurakine, Lenin str., 85

          Mr. Belikov Andrij
          Liquidator/Insolvency Manager
          91050, Ukraine, Lugansk region,
          Komarov str., 35/64
          Phone: (0642) 58-83-51

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


DOBROMIR: Kyiv Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Kyiv region declared LLC Dobromir (code
EDRPOU 20614649) insolvent and introduced bankruptcy proceedings
on April 8, 2004.  The case is docketed as 2/2b-2004.  Arbitral
manager Mr. Dranchenko V. (License Number AA 630098 approved on
December 11, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  DOBROMIR
          Ukraine, Kyiv region,
          Slavutich, Moskovskij quarter, 1/87

          Mr. Dranchenko V.
          Liquidator/Insolvency Manager
          04074, Ukraine, Kyiv region, a/b 73
          Phone: (044) 430-04-29
          Fax: (044) 430-04-29


DOROGOBICH FURNITURE: Public Auction of Assets Set July 2
---------------------------------------------------------
Authorities at the Lviv region have set for public auction the
properties of OJSC Furniture Combine DOROGOBICH on July 2, 2004,
10:00 a.m. at Ukraine, Lviv, Turgenjev str. 73.

The properties for sale are:

(a) shop for wood conversion with an area of 835 square meters,
    3 units of electric closet SPA-77, and 1/10 part of
    plumbing.  Starting price: UAH46,523.28.

(b) compressor room with an area of 206 square meters, and 1/10
    part of plumbing.  The starting price is UAH25,264.08.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17.00 until June 29, 2004.  The amount must be
deposited to account number 260028218 at Lviv regional branch of
JSPPB Aval, MFO 325570, EDRPOU 26254583 of Branch of the Agency
of bankruptcy questions of Lviv region.

Participating individuals for the auction must submit written
statements and competitive proposition to Ukraine, Lviv,
Turgenjev str., 73 from 9:00 a.m. until 6:00 p.m.  Deadline is
June 29, 2004.

CONTACT:  FURNITURE COMBINE DOROGOBICH
     Ukraine, Lviv region,
          Dorogobich, Turash str., 28

     BRANCH OF THE AGENCY OF BANKRUPTCY QUESTIONS OF
          LVIV REGION
     Ukraine, Lviv Region
          Turgenjev str., 73
     Phone: (0322) 393-265


HARKIV' CONDITIONER: Declared Insolvent
---------------------------------------
The Economic Court of Harkiv region declared OJSC Harkiv' Plant
Conditioner (code EDRPOU 00240265) insolvent and introduced
bankruptcy proceedings at the company on May 20, 2004.  The case
is docketed as B-19/126-03.  Arbitral manager Mr. Lyaluk V.
(License Number AA 047706 approved on August 22, 2001) has been
appointed liquidator/insolvency manager.  Harkiv' Plant
Conditioner holds Account Number 26005630160124 at
Prominvestbank, Frunzenska branch of Harkiv, MFO 351179.

CONTACT:  HARKIV' PLANT CONDITIONER
          Ukraine, Harkiv region,
          Moskovskij avenue, 257

          Mr. Lyaluk V.
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Marjinska str. 7/1

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


HARKIV' ELECTRIC: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Harkiv' Plant of Electric
Transport (code EDRPOU 03327411) on April 19, 2004.  The case is
docketed as B-39/55-04.  Arbitral manager Mr. Lyaluk V. (License
Number AA 047706 approved on August 22, 2001) has been appointed
temporary insolvency manager.  Harkiv' Plant of Electric
Transport holds Account Number 26004301726 at JSCB Ukrsocbank,
Harkiv regional branch, MFO 351016.

CONTACT:  HARKIV' PLANT OF ELECTRIC TRANSPORT
          Ukraine, Harkiv region,
          Molodoji Gvardiji str., 15/17

          Mr. Lyaluk V.
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Marjinska str., 7/1

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


IMPRES: Declared Insolvent
--------------------------
The Economic Court of Kyiv region declared LLC Impres (code
EDRPOU 30936074) insolvent and introduced bankruptcy proceedings
on May 18, 2004.  The case is docketed as 15/175-B.  Arbitral
manager Mrs. Zorina Olena (License Number AA 140453 approved on
July 1, 2002) has been appointed liquidator/insolvency manager.

CONTACT:  IMPRES
          Ukraine, Kyiv region,
          Volkov str., 8/204

          Mrs. Zorina Olena
          Liquidator/Insolvency Manager
          04214, Ukraine, Kyiv region,
          Gerojiv Dnipra str., 34-a / 239

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


MECHMASH: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Scientific-Production Corporation
Mechmash.  The case is docketed as 10/43.  Mr. Serdyuk Oleksandr
(License Number AA 630105 approved on December 17, 2003) has
been appointed temporary insolvency manager.  Scientific-
Production Corporation Mechmash holds Account Number
26008181033001 at CB Privatbank, Oleksandriya branch, MFO
323691.

CONTACT:  SCIENTIFIC-PRODUCTION CORPORATION MECHMASH
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Kirov square, 15

          Mr. Serdyuk Oleksandr
          Temporary Insolvency Manager
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Chervone Kozatstvo str. 41/2

     THE ECONOMIC COURT OF KIROVOGRAD REGION
     25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


SEMENIVSKE: Insolvent Status Confirmed
--------------------------------------
The Economic Court of Cherkassy region declared agricultural LLC
Semenivske (code 05278177791092) insolvent and introduced
bankruptcy proceedings on January 23, 2004.  The case is
docketed as 14-3043.  Arbitral manager Mr. Nikiforov I. has been
appointed liquidator/insolvency manager.

CONTACT: SEMENIVSKE
         Ukraine, Cherkassy region,
         Lisyanskij district, Semenivka

         Mr. Nikiforov I.
         Liquidator/Insolvency Manager
         Ukraine, Cherkassy region,
         Rizdvyana str. 170

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


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


ABSOLUTE SUPPORT: Hires Smith & Williamson Administrator
--------------------------------------------------------
Contract Cleaning Company, Absolute Support Services Limited has
appointed Anthony Murohy, Roger Tullock and Robert Horton of
Smith & Williamson Limited as joint administrative receivers.
The appointment was made June 7, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          1 Bishops Wharf,
          Walnut Tree Close, Guildford,
          Surrey GU1 4RA
          Receivers:
          Anthony Murphy
          Roger Tullock
          Robert Horton
          (Office Holder Nos 8716, 9174 and 8922)


AIRTECH NETWORKS: Members General Meeting Set June 7
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Airtech Networks Limited Company on June 7, 2004 held at Unity
Corporate Recovery and Insolvency, Clive House, Clive Street,
Bolton BL1 1ET, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  M C Bowker of Unity Corporate
Recovery and Insolvency, Clive House, Clive Street, Bolton BL1
1ET has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House, Clive Street,
          Bolton BL1 1ET
          Contact:
          M C Bowker, Liquidator


BARNSLEY BUSINESS: Meeting of Creditors Set July 15
---------------------------------------------------
Members of Barnsley Business Link Limited Company will have a
final meeting of July 15, 2004 at 2:00 p.m.  It will be held at
the offices of Gibson Booth, 15 Victoria Road, Barnsley S70 2BB.

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 Gibson Booth, 15 Victoria
Road, Barnsley S70 2BB not later than 12:00 noon, July 14, 2004.

CONTACT:  GIBSON BOOTH
          5 Victoria Road,
          Barnsley S70 2BB
          Contact:
          E C Wetton, Liquidator


BH 2002: Members General Meeting June 4
---------------------------------------
At an Extraordinary General Meeting of the Members of the BH
2002 Limited Company on June 4, 2004 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the Ordinary and Extraordinary
Resolutions to wind up the Company were passed.  Stephen L Conn
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP has been appointed Liquidator of the Company for the purpose
of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate, Manchester M3 3BP
          Contact:
          Stephen L Conn, Liquidator


BLAYTONS: Winding up Resolutions Passed
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Blaytons (t/a Access Sales International Limited) Company on May
26, 2004 held at The Weeping Ash, Hardstoft, Pilsley,
Chesterfield, Derbyshire S45 8AF, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Andrew Whelan
of Marks Bloom has been appointed Liquidator for the purpose of
such voluntary winding-up.


BRIGHTSTORE LIMITED: Hires Receivers from Begbies Traynor
---------------------------------------------------------
The Brightstore Limited Company has appointed Peter A Blair and
Richard Albert Brock Saville of Begbies Traynor as joint
administrative receivers.  The appointment was made June 8,
2004.

The company's registered office address is located at Regency
House, 21 The Ropewalk, Nottingham NG1 5DU.  Brightstore is
formerly named Britannia Stores.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Receivers:
          Peter A Blair
          Richard Albert Brock Saville
          (IP Nos 8886, 7829)


BRITISH ENERGY: To Hold Conference Call Today
---------------------------------------------
British Energy plc will be releasing its financial results for
the fourth quarter and for the year ended March 31, 2004 on
Thursday June 17, 2004 at 0930hrs U.K. time (0430hrs Eastern
Time).

There will be a Conference Call for Investors and Bondholders on
June 17, 2004 to be hosted by Mike Alexander, Chief Executive at
1600hrs U.K. time (1100hrs -Eastern Time).

Dial-in details will be released in the results announcement on
17th June.

CONTACT:  FINANCIAL DYNAMICS
          Media
          Andrew Dowler
          Phone: 020 7831 3113

          BRITISH ENERGY
          Paul Heward, Investor Relations
          Phone: 01355 262 201
          Web site: http://www.british-energy.com


BROADFIELD CONSTRUCTION: Names Receivers from Mazars
----------------------------------------------------
The Broadfield Construction Limited Company has appointed
Timothy Colin Hamilton and Alistair Steven Wood of Mazars as
joint administrative receivers.  The appointment was made May
24, 2004.  The company is engaged in general construction and
demolition.

CONTACT:  MAZARS
          Clifton Down House,
          Beaufort Buildings, Clifton Down,
          Clifton, Bristol BS8 4AN
          Receivers:
          Timothy Colin Hamilton Ball
          Alistair Steven Wood
          (IP Nos 8018, 7929)


BUSINESS DEVELOPMENT: Members Final Meeting Set July 15
-------------------------------------------------------
There will be a final meeting of the Business Development
Solutions Limited Company on July 15, 2004 at 10:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT.

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 PricewaterhouseCoopers
LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT not
later than 12:00 noon, July 14, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court
          19 Cornwall Street,
          Birmingham B3 2DT
          Contact:
          T Walsh, Joint Liquidator


CALBAN LIMITED: Brings in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Calban
Limited Company on June 2, 2004 held at 50 Newhall Street,
Birmingham B3 3QE, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Gagen Dulari Sharma has been
appointed Liquidator for the purpose of such a winding-up.


CALNFIELDS LIMITED: Special Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Calnfields Limited Company on June 2, 2004 held at Unit 12,
Cranbourne Industrial Estate, Cranbourne Road, Potters Bar,
Hertfordshire, the subjoined Special Resolution to wind up the
Company was passed.  Paul Barrett and James Richard Tickell of
Portland Business & Financial Solutions, 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire have been appointed
Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham,
          Hampshire
          Contact:
          Paul Barrett, Liquidator
          James Richard Tickell, Liquidator


CAVALRY SHEET: Appoints DTE Leonard Curtis Administrator
--------------------------------------------------------
A Poxon and J M Titley of DTE Leonard Curtis have been appointed
as joint administrative receivers for Cavalry Sheet Metal
Limited Company.  The appointment was made June 2, 2004.  The
company manufactures metal.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Receivers:
          A Poxon
          J M Titley
          (IP Nos 8620, 8617)


CHANCELLOR GROUP: Final General Meeting Set July 9
--------------------------------------------------
Name of Companies:
Chancellor Group Limited
Cortecs (Berger) Limited
Healthcare Delivery Limited

There will be Final General Meetings of the Members of these
companies on July 9, 2004 at 10:00 a.m., 10:30 a.m. and 11:00
a.m. respectively.  It will be held at the offices of Solomon
Hare Business Rescue, Oakfield House, Oakfield Grove, Clifton,
Bristol BS8 2BN.

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 Solomon Hare Business
Rescue, Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN
not later than 12:00 noon, July 8, 2004.

CONTACT:  SOLOMON HARE BUSINESS RESCUE
          Oakfield House
          Oakfield Grove, Clifton,
          Bristol BS8 2BN
          Contact:
          P W Engel, Liquidator


COURTS PLC: Shareholders in the Dark Over Buyout Attempt
--------------------------------------------------------
Furnishing and electrical retail group Courts did not discuss
the recent buyout attempt for its U.K. operations at its annual
report, leaving shareholders still guessing about what really
happened.

Rumors circulated last week that a group led by Steven Cohen has
approached the company with a GBP50 million takeover offer for
Court's under performing British division.  The company is said
to have turned down the offer.  Investors were waiting for an
update in the company's full-year results, but the firm was
silent about it.

In the report, Courts revealed that Chief Executive Steve Cohen
has stepped down from the board.  The Cohen family owns more
than 50% of the shares of Courts.  It also said that the company
made an operating loss of more than GBP19.2 million last year.

Courts operates from over 350 stores in 20 countries around the
world specializing in retailing home furnishing and electrical
products.

CONTACT:  COURTS PLC
          Phone: 020 7796 4133


COURTS PLC: Posts GBP34 Mln Pre-tax Loss on Ordinary Activities
---------------------------------------------------------------
Highlights of Unaudited Preliminary Results for the year ended
31 March 2004:

(a) Sales from continuing operations GBP686.3 million (2003:
    GBP627.9 million as restated)

(b) Profit before interest GBP11.8 million, before operating
    exceptional items of GBP24.4 million (2003 : GBP29.5 million
    as restated)

(c) Loss on ordinary activities before tax GBP34.4 million
    (2003: profit GBP11.5 million as restated)

Restructuring and Refinancing

(a) New leadership team

(b) U.K. turnaround program in train

(C) Good progress with refinancing initiatives

(d) Heads of Terms for additional funding being finalized

Chairman's Statement

This is a time of significant change for Courts -- change in
leadership team, change in our mission and focus, and change in
our financial structure.  The intent of these changes is to move
the business onto a stable financial basis and to restore it to
profitability.

At the trading level, the overseas businesses performed
satisfactorily in local currency. Despite strong like-for-like
sales growth, the U.K. Retail business continued to
underperform.  Substantial provisions have been made against the
carrying value of its assets.

A turnaround manager has been appointed to lead the U.K. Retail
business.  Overseas, as already announced, the business is being
focused into regional groupings and is being refinanced on a
local basis.  This will remove dependence on the U.K. for
finance and will result in a closer matching of liabilities with
assets.

We are pleased to announce that Heads of Terms are being
finalized for additional facilities under the Group's GBP260
million Revolving Credit Facility.

Results

Group sales from continuing operations were GBP686.3 million
(2003: GBP627.9 million as restated to account for a provision
for customer returns arising from the implementation of
Application Note G to FRS 5 (see note 1b)).

Profit before interest, before charging an operating exceptional
item of GBP24.4 million, was GBP11.8 million (2003: GBP29.5
million as restated).  The operating exceptional item comprises
a U.K. Retail stock adjustment of GBP8.6 million, a U.K. Retail
assets write-off, including provision for loss making stores, of
GBP7.5 million, and costs associated with the refinancing,
including bank fees, amounting to GBP8.3 million.

Taking account of this charge and net interest payable and
similar charges, the loss on ordinary activities before taxation
was GBP34.4 million (2003: profit GBP11.5 million as restated).
The fully diluted loss per share was 83.6p (2003:17.5p as
restated).

The Group's net assets as at 31 March 2004 were GBP150.5 million
(2003: GBP234.8 million as restated), and shareholders' funds
were 116p per ordinary share (2003: 247p as restated).  The net
asset figures are exclusive of deferred revenue of GBP63.0
million (2003: GBP62.7 million) or 102p per share (2003: 102p
per share), which is deducted from the debtors' figure in the
balance sheet and which should benefit future pre-tax profits.

Adverse currency movements affected turnover by GBP42.6 million,
the loss before interest by GBP6.7 million, the loss before tax
by GBP5.7 million and net assets by GBP42.6 million.

Dividend

The Board is recommending that no final dividend be paid.  It is
intended to resume the payment of dividends once profitability
and the financial position permit.

Operating review

Overseas

Sales in our overseas businesses were GBP401 million (2003:
GBP398 million).  Like-for-like sales at constant currency were
5.9% ahead, and achieved gross margins improved slightly.

Profit before interest was GBP36.5 million (2003: GBP50.3
million) and, before this year's increased revenue deferral, was
GBP44.8 million (2003: GBP53.0 million).

Like-for-like sales in the Caribbean region increased by 15.2%
at constant currency, with achieved gross margins slightly below
last year.  Profit before interest and revenue deferral was
GBP29.7 million (2003: GBP31.0 million).  On a constant currency
basis, profit before interest and revenue deferral was ahead by
15.4%.  Profit before interest was GBP24.2 million (2003:
GBP28.8 million).

Like-for-like sales in the South East Asia region fell by 1.5%
at constant currency, although achieved gross margins were ahead
of last year.  Profit before interest and revenue deferral was
GBP11.0 million (2003: GBP12.9 million).  On a constant currency
basis, profit before interest and revenue deferral was lower by
5.2%. Profit before interest was GBP8.8 million (2003: GBP14.7
million).

Like-for-like sales in the Africa & Pacific region decreased by
1.3% at constant currency, with achieved gross margins lower
year-on-year.  Profit before interest and revenue deferral was
GBP4.1 million (GBP9.1 million).  On a constant currency basis,
profit before interest and revenue deferral was lower by 53.0%.
Profit before interest was GBP3.5 million (2003: GBP6.8
million).

United Kingdom

Sales were GBP286 million (2003: GBP230 million as restated).
Like-for-like sales increased by 21.5% in a relatively flat
market.

The U.K. segment made a loss before interest of GBP12.0 million
after one off costs (2003: loss GBP7.8 million as restated)
before an operating exceptional charge of GBP16.1 million.  The
U.K. balance sheet has been reviewed to ensure that the carrying
value of assets is appropriate, and where necessary values have
been written down.

The profit before interest is stated after crediting GBP0.6
million (2003: GBP3.2 million) in respect of compensation from
landlords towards the disruption caused during store
refurbishment works, and profits from property disposals of
GBP5.4 million (2003: GBP1.7 million).  Recognition of a further
GBP5.5 million of compensation to be paid by landlords for the
disruption resulting from the reformatting and downsizing of
certain UK stores has been deferred and will be recognized in
the year to 31 March 2005.

Costs and working capital are being aggressively reduced and
operating efficiencies improved, alongside initiatives to re-
engineer the supply chain, improve the product offer and
redeploy and retrain store personnel.

Refinancing

It was announced on 19 January 2004 that a comprehensive plan
had been developed to provide the Group with a capital structure
appropriate to the financing needs of a multi-national group.
The plan involves a reorganization of the Group onto a regional
basis and the localization of financing overseas to match assets
and funding more appropriately.

Good progress has been made with the implementation of this
plan.  In the Caribbean region, we are progressing a
comprehensive refinancing independent of support from the U.K.,
and the 11 separate subsidiaries there are being brought
together under a regional holding company, which it is intended
to float on the regional stock exchanges later this year.  In
South East Asia, the consumer receivables book in Singapore was
securitized on a revolving basis in April, releasing substantial
cash resources for the development of Courts Singapore and
Thailand, and work is in hand to bring together our Asian
businesses within a single regional group.

Business leadership

The board and senior management has been streamlined and
directors' accountabilities have been realigned to support the
new business structure.

Reporting into the Group Chairman, Leo McKee, is a team of five:
Stuart Miller, Group Finance Director; Robert Shrager,
Refinancing Director; Nigel Blake, Regional Director Caribbean,
Americas and Pacific; Chris Lee, who joins the board on 1 July
2004 and will be appointed Regional Director Asia/Indian Ocean
in due course; and Alan Fort, who heads the U.K. team and is
responsible for the turnaround of that business.

Bruce Cohen, Deputy Chairman and Managing Director
International, has decided to retire from the board with effect
from 14 June 2004, when he will become President.  We are
delighted that his advice and experience will continue to be
available to the Group after his retirement from the board.

Steven Cohen has stepped down from the board with immediate
effect and leaves the Group on 30 June 2004 by mutual agreement
to pursue other opportunities.  We thank Steven for his
contribution in starting the rejuvenation process in the U.K.
and building a high calibre management team.

Negotiation with banking syndicate

Heads of Terms are being finalized to increase the Group's
GBP260 million Revolving Credit Facility by GBP20 million to
GBP280 million and permit the use of GBP10 million of existing
letters of credit to support an overdraft facility.  These new
facilities will carry a higher margin than the original
facility, and additional fees will be payable.  The Heads of
Terms are subject to approval by the syndicate banks.

We expect the amended facility, which will be secured, to be
signed prior to the Group's financial statements being issued.
Taking this into account, the board considers that it is
appropriate for the financial statements to be prepared on a
going concern basis (see note 1a).

Outlook

Overseas, orders booked since the start of the current financial
year are ahead of last year in local currency terms.  Deliveries
are lower, although at slightly higher gross margins.

In the U.K., both orders booked and deliveries since the start
of the current financial year are lower than for the
corresponding period last year.  Gross margins, including
clearance lines, are lower.

As we move forward into 2004/5 there will continue to be
significant change throughout Courts to improve our
profitability and to grow our market share.  However, one
element, which will not change is our Company's core value of
customer satisfaction throughout the Courts' world.  Our people
are truly outstanding in their commitment to our customers and
service.  My goal as Chairman is to build on that heritage.

Leo McKee
Chairman
15 June 2004

Financial statements are available free of charge at
http://bankrupt.com/misc/Courts_Mar2004.htm.

CONTACT:  COURTS PLC
          Phone: 020 7796 4133


DAWSON INTERNATIONAL: To Redeem Loan Stock Early
------------------------------------------------
On 28 May 2004 the Company announced proposals including a
Placing and Open Offer of GBP10,000,000 nominal of zero coupon,
convertible, secured, redeemable loan stock 2009.  It was noted
in the prospectus sent to Shareholders of the Company on 28 May
2004 that, as a result of the escalating premia payable on
redemption, the Directors believed that it was in the interests
of the Company and its Shareholders to seek to reduce the amount
of Loan Stock outstanding by means of early redemption of the
Loan Stock.  For this reason it was also announced that it was
in the best interests of the Company that Senior Debt facilities
be established following completion of the Placing and Open
Offer and that the sum raised be used to redeem early certain of
the Loan Stock.

The Directors are making progress in discussions with a number
of potential providers of Senior Debt facilities with a view to
the early redemption of certain of the Loan Stock in accordance
with its terms.  A further announcement will be made as
appropriate.  Dealings in the Loan Stock are expected to
commence on 25 June 2004.

                            *   *   *

In its offer document, the company said:

If the Placing and Open Offer does not proceed and the Company
would need to secure forthwith alternative funding to allow it
to continue trading.  The Directors are not aware of any viable
alternative funding for the Group.  If such funding was not
immediately available, the Group would be required to cease
trading and a liquidator, receiver or administrator would be
appointed.  In such an event, the Directors believe that there
would be no funds available to Shareholders after the repayment
of the Company's creditors.

CONTACT:  DAWSON INTERNATIONAL
          Michael G.  Hartley, Chairman
          Phone: 01629 55098
          David G.  Cooper, Finance Director
          Phone: 01577 867000


DONCASTER SKILLSHOP: Sets Final Meeting July 15
-----------------------------------------------
The Members of Doncaster Skillshop Limited Company will have a
final meeting on July 15, 2004 at 11:30 a.m.  It will be held at
the offices of Gibson Booth, 15 Victoria Road, Barnsley S70 2BB.

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 Gibson Booth, 15 Victoria
Road, Barnsley S70 2BB not later than 12:00 noon, July 14, 2004.

CONTACT:  GIBSON BOOTH
          15 Victoria Road,
          Barnsley S70 2BB
          Contact:
          E C Wetton, Liquidator


DROP CAP: General Meeting of Members Set July 6
-----------------------------------------------
There will be a General Meeting of the Members of Drop Cap
Limited Company in July 6, 2004 at 11:30 a.m.  It will be held
at 15 Victoria Place, Carlisle.

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.


ENERGIS PLC: First Profit Marks Strong Progress
-----------------------------------------------
Archie Norman, chairman of Energis, said: "Energis is fully-
funded, profitable and generating cash.  We have delivered our
first ever profit.  This is a milestone in the Energis journey
and a clear sign that we are building a strong and commercially
robust business."

Key achievements:

(a) First ever profit, with Earnings Before Interest and Tax of
    GBP10 million EBITDA up 21% to GBP125 million

(b) Generating cash for the second successive year

(c) Revenue from core products up 9%

(d) Contribution margin up 6 percentage points

(e) Over GBP300 million of contract wins from target customers.

John Pluthero, chief executive of Energis, said: "From a
standing start, we have forged a strongly performing business.
This year we will see a return to growth driven by our existing
products.  The opening up of broadband will provide further
growth in 2005 and beyond.

"A strong product set, a clear market focus and 1,700 talented
people with only one ambition -- to improve the customer's
experience.  It's a recipe I like."

Highlights of 2004 results:

Profit and Loss
GBPmillion                     2003    2004
Revenue                        770     745
Contribution Margin            37%     43%
EBITDA                         103     125
EBIT *                        (369)      4

* FY04 EBIT of GBP10m pre-exceptional items

Cash Flow
GBPmillion                     2003    2004
Capital Expenditure            (47)    (67)
Free Cash Flow                   6      66
Cash Balance                   150     171

Strong 12 month performance

During the last 12 months, Energis has made progress creating a
financially strong business focused on serving market-leading
organizations.

Energis has now completed the first phase in its journey and has
built a secure long-term platform for future growth.

Revenue for the year was GBP745 million, a 3% decline year-on-
year driven by a market place refocus on generating higher
quality revenue from fewer, larger customers.  Overall, revenue
last year from core products grew by 9% and the more favorable
product mix delivered a 6 percentage point increase in
contribution margin from 37% to 43%.  This refocus has seen the
directly served customer base reduce from 4,000 to less than
2,000 and the product set rationalized.

Profitability has also improved considerably.  EBIT, pre-
exceptional items, was GBP10 million, the first-ever operating
profit for the company.  EBITDA grew 21% to GBP125 million, an
increase in margin from 13% to 17%.

Full year free cash flow of GBP66 million was GBP60 million
ahead of last year.  This was despite a 43% increase in capital
expenditure due to significant investment in infrastructure for
key customers and in the core network.

Return to growth

Energis is set for a return to growth with over GBP300 million
of contract wins and opportunities opening in broadband, local
loop unbundling and IP convergence.

New contracts and renewals from market-leading organizations
include:

Boots: to work with IBM to provide a flexible IP Select data
network linking 1,600 Boots stores enabling the high street
retailer to prioritize critical data such as credit card
transactions.

Centrica: to supply reliable call center, telephony and internet
connectivity for critical services across its portfolio of
brands including the AA, British Gas and One.tel
Financial Times Group: to provide internet connectivity for
FT.com, one of the world's leading business information Web
sites, and secure managed hosting services for the Financial

Times' print and online systems
Government Secure intranet (GSi): to link 140 government
organizations and 300,000 civil servants via secure e-mail and

Intranet access

National Grid Transco: to provide network and telecoms services
to 18,000 NGT users in partnership with Computer Sciences
Corporation (CSC)

Wanadoo Broadband: to deliver an end-to-end broadband solution
based on the new Energis ISPConnect broadband solution.

                            *   *   *

Energis is a technology-driven communications company. Our aim
is to help the largest and most successful organizations and
public institutions in the U.K. and Ireland achieve their
business goals using technology.  Our range of solutions include
data, voice, call centre and Internet and hosting services.
Major customers include the BBC, Boots, Centrica, Royal &
SunAlliance, Tesco, Wanadoo and the UK Government.

CONTACT:  ENERGIS
          Paul Maguire
          Director of PR
          Phone: +44 (0) 118 919 3499

          Antonia Graham
          PR Manager
          Phone: +44 (0) 7803 724 111


EVEND LIMITED: Appoints Rothman Pantall & Co Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Evend Limited Company
on June 3, 2004 held at The New Connaught Rooms, Covent Garden
Exhibition Centre, 61-65 Great Queen Street, London WC2B 5DA,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Robert Derek Smailes and Stephen Blandford
Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP have been appointed Joint Liquidators of
the Company for the purpose of such winding-up.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House
          26-27 Oxendon Street,
          London SW1Y 4EP
          Contact:
          Robert Derek Smailes, Liquidator
          Stephen Blandford Ryman, Liquidator


FARAGO LIMITED: Fabric Knitting Business for Sale
-------------------------------------------------
The joint administrators, Stuart Maddison and Robert Hunt, offer
for sale the businesses and assets (either separately or
combined) of Farago Limited, Apex Dryers and Finishers Limited,
and Long Eaton Textile Services Limited (all in administration).

Farago Limited has an established fabric knitter for wide-
ranging domestic and international client base with high street
presence.  Its highly flexible modern production facility can
generate 80 tons of output per week.  It has a leasehold factory
and office premises.  The company has a workforce of 50 highly
skilled and experienced employees and generates an annual
turnover of GBP12 million.

Apex Dryers and Finishers Limited operates a leasehold fabric
dye house with a fully automated plant including color kitchen.
The company has up-to-date HT machines including MCS machine,
and a laboratory fully accredited by major blue chip retailers.
Apex Dryers and Finishers employs 65 skilled and experienced
personnel, and its annual turnover is GBP3.5 million.

Long Eaton Textile Services Limited operates a fully self-
contained leasehold dye house with capacity to dye 60 tons per
week.  Its testing laboratory is accredited by UKAS and the
company is an approved supplier to major chain stores.  Its
annual turnover is GBP12 million.  The company has 108 skilled
and experienced employees.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park
          Castle Donington
          East Midlands DE74 2UZ
          Contact:
          Claire Cole
          Phone: 01509 604323
          Fax: 01509 604035
          E-mail: claire.l.cole@uk.pwc.com


FOCUS COURIERS: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Focus Couriers Ltd
Company on June 8, 2004 held at 24 Conduit Place, London W2 1EP,
the Extraordinary Resolution to wind up the company was passed.
Ian Franses of Ian Franses Associates, 24 Conduit Place, London
W2 1EP has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Contact:
          Ian Franses, Liquidator


FREIGHTMASTER SERVICES: Creditors Meeting Set June 25
-----------------------------------------------------
Creditors of Freightmaster Services Limited Company will have a
Meeting on June 25, 2004 at 11:00 a.m.  It will be held at the
offices of Smith & Williamson Limited, No 1 Riding House Street,
London W1A 3AS.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, No 1 Riding House
Street, London W1A 3AS not later than 12:00 noon, June 24, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Riding House Street,
          London W1A 3AS
          Joint Administrative Receivers:
          A C Spicer
          M Newman


HANDS ON: Hires Liquidator from Portland Business Park
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the "Hands
On" Midi Software Limited Company on June 4, 2004 held at 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Peter Robin Bacon and Carl Derek Faulds of
Portland Business & Financial Solutions Ltd., 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire have been
appointed Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS PARK & FINANCIAL SOLUTIONS LTD
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire
          Contact:
          Peter Robin Bacon, Liquidator
          Carl Derek Faulds, Liquidator


HANSARD MEWS: Names Liquidator from K S Tan & Co
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Hansard News Limited Company (formerly Baden-Powell
Environmental Technologies Limited) on June 8, 2004 held at 10-
12 New College Parade, Finchley Road, London NW3 5EP, the
Extraordinary Resolution to wind up the Company was passed.
Kian Seng Tan of K S Tan & Co, 10-12 New College Parade,
Finchley Road, London NW3 5EP has been appointed as Liquidator
for the purpose of the winding-up.

CONTACT:  K S TAN & CO
          10-12 New College Parade,
          Finchley Road, London NW3 5EP
          Contact:
          Kian Seng Tan, Liquidator


HIBERNIA FOODS: Weiss & Yourman Files Class Action in New York
--------------------------------------------------------------
A class action lawsuit against Hibernia Foods PLC (OTC:HIBNY.PK)
and its officers was commenced in the United States District
Court, Southern District of New York, on behalf of purchasers of
Hibernia securities.  If you purchased Hibernia securities
between August 2, 1999 and October 21, 2003, please read this
notice.

The complaint charges the defendants with violations of the
Securities Exchange Act of 1934, alleging that defendants issued
false and misleading statements during the Class Period.

This action seeks to recover damages on behalf of defrauded
investors who purchased Hibernia securities.  Plaintiff is
represented by Weiss & Yourman, a law firm possessing
significant experience and expertise in prosecuting class
actions on behalf of defrauded shareholders in federal and state
courts throughout the United States.  Weiss & Yourman has been
appointed by numerous courts to serve as lead counsel in class
action lawsuits and in that capacity has recovered hundreds of
millions of dollars on behalf of investors.

If you purchased Hibernia securities between August 2, 1999 and
October 21, 2003, you may move the Court no later than July 13,
2004, to serve as a lead plaintiff of the class.  In order to
serve as a lead plaintiff, you must meet certain legal
requirements.  A lead plaintiff is a representative party that
acts on behalf of other class members in directing the
litigation.  In order to be appointed lead plaintiff, the Court
must determine that the class member's claim is typical of the
claims of other class members, and that the class member will
adequately represent the class.  Under certain circumstances,
one or more class members may together serve as "lead
plaintiff."  Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a
lead plaintiff.  You may retain Weiss & Yourman or other counsel
of your choice to serve as your counsel in this action.

If you wish to receive an investor package or if you wish to
discuss this action, have any questions concerning this notice
or your rights or interests with respect to this matter, or if
you have any information you wish to provide to us, please

CONTACT:  WEISS & YOURMAN
          The French Building,
          551 Fifth Avenue, Suite 1600,
          New York, New York 10176, U.S.A.

          David C. Katz
          James E. Tullman
          Mark D. Smilow
          E-mail: info@wynyc.com
          Phone: 001-212-682-3025



HILLTOP CONSTRUCTION: Appoints Liquidators from Begbies Traynor
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Hilltop Construction Services Limited Company on June 8, 2004
held at the offices of Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF, the Extraordinary Resolution to wind up the
company was passed.  David Moore and David Rankin of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Contact:
          David Moore, Liquidator
          David Rankin, Liquidator


IAUA LIMITED: Members Final Meeting Set June 24
-----------------------------------------------
Members of Iaua Limited Company will have a Final Meeting on
June 24, 2004 at 11:00 a.m.  It will be held at 30 Camp Road,
Farnborough GU14 6EW.

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.


IN-TECH ELECTRICAL: Hires Liquidator from Campbell Crossley
-----------------------------------------------------------
At an Extraordinary General Meeting of the In-Tech Electrical
Limited Company on June 3, 2004 held at The Rhinewood Inn and
Hotel, Glazebrook Lane, Glazebrook, near Warrington, Cheshire
WA3 5BB, the subjoined Resolutions to wind up the company were
passed.  Richard Ian Williamson of Campbell Crossley & Davis,
348-350 Lytham Road, Blackpool, Lancashire FY4 1DW has been
appointed the Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road, Blackpool,
          Lancashire FY4 1DW
          Contact:
          Richard Ian Williamson, Liquidator


INVENSYS PLC: Announces Availability of Reports at U.K.L.A.
-----------------------------------------------------------
Invensys plc confirms that two copies of these documents have
been lodged with the U.K. Listing Authority in accordance with
paragraphs 9.31 and 9.32 of the Listing Rules:

(a) Invensys plc Annual report & accounts 2004;

(b) Invensys plc Summary financial statement 2004;

(c) Invensys plc Chairman's explanatory letter and notice of
    annual general meeting 2004; and

(d) Invensys plc form of proxy in relation to the annual general
    meeting 2004.

These documents will be available to the public for inspection
at the U.K. Listing Authority's Document Viewing Facility at:

                    The UK Listing Authority

                     25 The North Collonade

                          Canary Wharf

                         London E14 5HS

Name of contact and telephone number for queries: Victoria
Scarth, Senior Vice President, Director - Group Marketing and
Communications 020 78213538

Name of Company official responsible for making notification:
Emma Sullivan, Assistant Secretary.

Date of notification: 15 June 2004

                            *   *   *

Invensys reported in its preliminary results for the year ended
March 31, 2004 that its loss for financial year was reduced to
GBP328 million from GBP1,380 million last year.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies

          BRUNSWICK
          Nick Claydon
          Mike Smith
          Phone: +44 (0) 20 7821 3755
          Phone: +44 (0) 20 7404 5959
          Fax:   +44 (0) 20 7821 3709
          Fax:   +44 (0) 20 7831 2823


LEONARD FIELD: Hires Middleton Partners Administrator
-----------------------------------------------------
Julie Ann Palmer and Michael Francis Stevenson of Middleton
Partners have been appointed joint administrative receivers for
Leonard Field Group Plc.  The appointment was made June 8, 2004.

The company is engaged in construction and civil engineering.
Its registered office address is located at 65 St Edmunds Church
Street, Salisbury, Wiltshire SP1 1EF.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Receivers:
          Julie Ann Palmer
          Michael Francis Stevenson
          (IP Nos 008835, 008154)


LIBRAE: Calls in Liquidator from Tenon Recovery
-----------------------------------------------
Librae, the originator of an award diabetes-management device,
has gone into liquidation after failing to raise funding to
commercialize the product.

The Body Double software, which simulate the effects of changes
in diet and exercise on their blood sugar levels, won the title
Scottish start-up of the year in 2003.  To market the product,
the company raised GBP400,000 with a view to raising GBP2.4
million more to bring it across U.K.  But it failed to get the
amount, making a winding up a necessity.  Alexander Fraser from
Tenon Recovery has been called as liquidator.  The move resulted
to the lay off of all 12 permanent and contract staff of the
firm.

Chief Executive Brian Burnett is currently trying to save the
technology, which specializes on diabetes generally found in
children.  According to Librae's accounts for the year to August
2003, published last month, revealed the company had come near
to raising GBP450,000.  Without added funding, the company has
only until the end of May 2004 to exist.

The company made an operating loss of GBP355,000 on turnover of
just GBP168 in the year to August, compared with a loss of
GBP111,000 the year before.  Pay for the company's four
directors made up half of the losses at GBP178,000.

Librae's shareholders include Nick Felisiak, the former Spider
Systems director, Drummond Whiteford, an Aberdeen oil
millionaire, and Univation.


LIVINGROOM LEISURE: In Administrative Receivership
--------------------------------------------------
Scottish Courage Limited called in Andrew Andronikou of UHY
Hacker Young as receiver for bar company Livingroom Leisure
Limited (Reg No 03995826, Trade Classification: 48).  The
application was filed May 25, 2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House
          2 Fore Street,
          London EC2Y 5DH
          Receiver:
          Andrew Andronikou
          (Office Holder No 1253)


MARCONI CORPORATION: Posts Latest Annual Report
-----------------------------------------------
A copy of the Marconi Corporation plc Annual report and accounts
and a circular to shareholders, dated 9 June 2004, regarding the
adoption of an employee share save plan, have been submitted to
the UKLA, and will shortly be available for inspection at the
UKLA's Document Viewing Facility, which is situated at:
Financial Services Authority 25 The North Colonnade Canary Wharf
LondonE14 5HS Phone: 020 7676 1000.

The Annual report and accounts and the circular to shareholders
are now available to view on the Company's Web site
http://www.marconi.comand will be posted to shareholders by the
end of June.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.  The
company is listed on the London Stock Exchange under the symbol
MONI and on NASDAQ under the ticker MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com. Copyright (c) 2004 Marconi Corporation
plc.  All rights reserved.  All brands or product names are
trademarks of their respective holders.

CONTACT:  MARCONI CORPORATION PLC
          Press Inquiries:
          David Beck
          Phone: +44 207 306 1490
          E-mail: david.beck@marconi.com

          Investor Inquiries:
          Mathew Brooks
          Phone: +44 247 656 2249
          E-mail: matthew.brooks@marconi.com

          Heather Green
          Phone: + 44 207 306 1735
          E-mail: heather.green@marconi.com


MARKS & SPENCER: Rose Stuart to Give Operational Update July 12
---------------------------------------------------------------
Since his appointment as Chief Executive on 31 May 2004, Stuart
Rose and the senior management team have made good progress in
reviewing the Group.

Marks & Spencer intends to set out its plans to improve
operating performance across the Group, as well as providing an
update on current trading, on Monday 12 July 2004.

As previously announced, the AGM will take place on Wednesday 14
July 2004.

The Directors of Marks and Spencer Group plc accept
responsibility for the information contained in this
announcement and confirm that, to the best of their knowledge
and belief, (having taken all reasonable care to ensure that
such is the case), the information contained in this
announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.

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

          Tony Quinlan
          Investor Relations
          Phone: 020 7268 4195

          TULCHAN
          Andrew Grant
          Katie Macdonald-Smith
          Phone: 020 7353 4200


MDH AUTOS: Appoints Fanshawe Lofts Administrator
------------------------------------------------
The MDH Autos Limited Company has appointed Antony Robert
Fanshawe and Stephen John Adshead of Fanshawe Lofts as joint
administrative receivers.  The appointment was made April 23,
2004.

Formerly known as NDH Accident Repair Centre, the company
repairs and maintains motors of all kind.  Its registered office
address is located at Unit 9 Parham Drive, Boyatt Wood,
Eastleigh SO45 4NU.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way,
          Southampton SO14 2BW
          Receivers:
          Antony Robert Fanshawe
          Stephen John Adshead
          (IP Nos 005944, 008574)


MORGAN CRUCIBLE: Sells Auto, Consumer Global Biz for US$60 Mln
--------------------------------------------------------------
The Morgan Crucible Company plc on Tuesday reached agreement to
dispose of the net operating assets of its Auto and Consumer
Global Business to Energy Conversion Systems Holdings, LLC,
incorporated in Delaware, USA, for a consideration of US$60
million (GBP33 million).  Some 80% of this consideration due to
Morgan Crucible is payable in cash over the next few days.  Of
the balance, some 60% will be paid after 3 months, with the
remainder payable after 15 months.

In addition, there is an element of deferred consideration of up
to US$17.5 million (GBP10 million), based upon the Earnings
Before Interest, Tax, Depreciation and Amortization (EBITDA)
performance of the sold entity for 2004 and 2005.

This sale is in line with management's strategy of disposing of
non-core businesses to simplify and focus the Group, while
raising funds to reinvest in Morgan Crucible's profit
improvement program and reduce debt.  Following this disposal
the number of Morgan Crucible Global Businesses will be reduced
to five, down from nine in early 2003.

The Auto and Consumer business manufactures a wide range of
carbon brushes, commutators and energy conversion systems for
consumer, automotive, and industrial applications.  With
operations on three continents, it has a current headcount of
approximately 1,800 and in 2003 generated turnover of circa
US$130 million (GBP80 million), EBITDA of circa US$11 million
(GBP6.7 million), Earnings Before Interest, Tax and Amortization
of circa US$4 million (GBP2.4 million) and had net assets
(including goodwill) of circa US$102 million (GBP57 million) at
4 January 2004.

The purchaser is backed by a consortium of financial buyers,
including MidMark Capital, who provide unique financial and
strategic benefits to take advantage of opportunities in the
Auto and Consumer Global Business.

Many of the Auto and Consumer locations currently operate on
shared sites with businesses from other Morgan Crucible global
business units, and therefore the agreement with the purchaser
includes some post-closing arrangements to account for this.
There will also be a post-closing working capital adjustment.
The exceptional loss on disposal is expected to be circa GBP33
million, of which goodwill accounts for approximately 40% of
this amount.  In addition the company has given certain
representations, warranties and indemnities in connection with
the transaction.

Warren Knowlton, Chief Executive Officer said: "At our recent
Annual General Meeting we made it clear that Morgan Crucible's
focus on reducing debt would continue assisted by the disposal
of those businesses that do not meet its key criteria.  The Auto
and Consumer business clearly fits into that category and its
disposal will also help to simplify the Group's structure."

CONTACT:  MORGAN CRUCIBLE COMPANY PLC
          Victoria Gould
          Director of Group Communications
          Phone: 01753 837 000

          FINSBURY GROUP
          Robin Walker
          Kate Ebbage
          Phone: 020 7251 3801


NETWORK HARDWARE: Hires Liquidators from Portland Business
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Network Hardware Limited Company on June 2, 2004 held at Unit
12, Cranborne Industrial Estate, Cranborne Road, Potters Bar,
Hertfordshire, the subjoined Special Resolution to wind up the
Company was passed.  Paul Barrett and James Richard Tickell, of
Portland Business & Financial Solutions, 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire have been appointed
Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham,
          Hampshire
          Contact:
          Paul Barrett, Liquidator
          James Richard Tickell, Liquidator


SBF AGRICO: Neil Wattie-led Team Named Preferred Bidder
-------------------------------------------------------
The Joint Receivers of the farming equipment distributor, George
Sellar & Son Ltd, are pleased to announce a preferred bidder.

Joint Receivers, Blair Nimmo and Neil Armour can confirm that
the KPMG Corporate Recovery team will now work towards closing a
deal with an MBO team led by Neil Wattie, the former finance
director at George Sellar & Son Ltd, to purchase the business
and assets as a going concern.  Details of the deal which has
the support and backing of leading farming equipment
manufacturer, Claas, are still under discussion at this stage
and remain subject to legal documentation and confidentiality
agreements.  It is hoped that the deal will be concluded within
the next 10 to 14 days.

A closing date for offers for SBF Agrico's farm equipment
manufacturer, Fraser Manufacturing Ltd and both the Grays and
Sellars Engineering businesses, have been set for 12 noon on
Tuesday 22 June.  Those interested in purchasing these
businesses and/or assets as going concerns should contact the
Joint Receivers at KPMG, 37 Albyn Place, Aberdeen (Tel: 01224
591000) as soon as possible.

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


TECHNI-BUILD LIMITED: Names Sargent & Company Administrator
-----------------------------------------------------------
Building Contractors, Techni-Build Limited Company has appointed
Peter Sargent of Sargent & Company Limited as joint
administrative receivers.  The appointment was made June 8,
2004.  Its registered office address is located at Meltham
Mills, Bent Ley Road, Meltham, Holmfirth HD9 4AP.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road,
          Halifax HX1 2HX
          Receiver:
          Peter Sargent
          (IP No 8636)


TOKENEKE LTD: Sets General Meeting June 30
------------------------------------------
There will be a General Meeting of the Members of the Tokeneke
Ltd Company on June 30, 2004 at 11:00 a.m.  It will be held at
29 Ludgate Hill, London EC4M 7JE.

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


ZORBIT BABYCARE: Business and Assets for Sale
---------------------------------------------
The joint administrators offer for sale the business and assets
of Zorbit Babycare, supplier of branded and licensed textile
baby bedding, nursery products and baby toys.

Zorbit Babycare operates modern leasehold premises located near
M6 Haydock Park, Merseyside and has an established U.K. blue
chip customer base including mail order, supermarkets,
department stores, specialist nursery groups and wholesalers.
It also has a growing European and U.S. customer base.  Zorbit
has wide brand recognition in U.K. for nursery fashion bedding
and bath time baby terry products.

The company employs a skilled workforce and has in-house design
capability with fast response sampling facility.  It also has a
CAD and nine color embroidery system.

CONTACT:  KPMG'S CORPORATE RECOVERY
          St. James' Square
          Manchester, M2 6DS
          Contact:
          Simon Owers
          Phone: 0161 246 4228
          Fax: 0161 838 4089
          E-mail: simon.owers@kpmg.co.uk


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *