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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 18, 2004, Vol. 5, No. 120

                            Headlines

C Z E C H   R E P U B L I C

MORAVAN AEROPLANES: Owners Filing Separate Bankruptcy Petition


F R A N C E

BULL SA: Forges Technology Alliance with SAS
VIVENDI UNIVERSAL: Ups High Yield Notes Offer to EUR2.4 Billion


G E R M A N Y

COMMERZBANK AG: Sells U.K. Stockbroking Unit for GBP16.5 Million
PRIMACOM: E.U. Commission Clears Apollo, JPMorgan Joint Takeover
THOMAS COOK: Management Drops Proposed 15% Pay cut
VIVA MEDIA: MTV Channel Owner Successfully Steamrolls Rival


H U N G A R Y

MALEV AIRLINES: Chinese Partner to Figure in Privatization


I T A L Y

CAPITALIA SPA: Individual Rating Climbs to 'C/D' from 'D'


K Y R G Y Z S T A N

LINGERIE FACTORY: Shutting down Four-month-old Operations


L U X E M B O U R G

STOLT-NIELSEN: Noteholders Agree to Modify Loan Terms


N E T H E R L A N D S

KONINKLIJKE AHOLD: Fitch Doubts Swift Return to Investment Grade
ROYAL SHELL: Promises to Bare More Details of Corporate Review
VENDEX KBB: E.U. Commission Okays KKR Buyout
VENDEX KBB: Minimum Acceptance for VDXK Offer Remains 95%


N O R W A Y

DNO ASA: 'B' Rating Withdrawn at Company's Request
PETROLEUM GEO-SERVICE: Warns of Delay in Re-audit of Reports


R U S S I A

AGRO-PROM-KHIMIYA: Public Auction of Assets June 29
AREFINSKY TIMBER: Deadline for Proofs of Claim June 28
BALTASINSKAYA SEKHOZ-TEKHNIKA: Declared Insolvent
INKUBATOR POULTRY: Insolvent Status Confirmed
KOSTROMSKOYE BREAD: Kostroma Court Appoints Insolvency Manager

KRASNY VOLGAR: Yaroslavl Court Commences Bankruptcy Proceedings
MEKH-ENERGO-STROY: Auction of Properties Slated for July 2
MOSCOW CABLECOM: Books US$2.44 Million Net Loss for 2003
NEYSKY FLAX: Under Bankruptcy Supervision Procedure
NURLAT-AGRO-KHIM: Proofs of Claim Deadline August 7
SPETS-MONTAZH-STROY: Insolvent Status Confirmed
YUKOS OIL: Hearing of Khodorkovsky-Lebedev Case Postponed


S P A I N

EUROBANK DEL MEDITERRANEO: Attracts Three Bidders for Assets


U N I T E D   K I N G D O M

ACTIVEAIR LIMITED: Names Liquidator from Blades Insolvency
ADDMERIT LIMITED: Calls in Liquidators
ALDOBRANDINI COMPANY: Winding up Resolutions Passed
ARTHOUSE HOTEL: Receivers to Start Sale Process Next Month
ASTEC GROUP: Final Meeting Set July 16

ATLAS FABRICATIONS: Appoints P&A Partnership Liquidator
BADEN INVESTMENTS: Winding up Resolutions Passed
BIDSHURST LTD.: Calls in Liquidator
BROADLEAF DEVELOPMENTS: Winding up Resolution Passed
CABLE & WIRELESS: Court Dismisses Class Action Claims

CLEVEPART LIMITED: Appoints Berley Chartered Liquidator
COMPENDIUM INTERNATIONAL: Names Crawfords Liquidator
CON-PACK SYSTEMS: Appoints Begbies Traynor Liquidator
CONSTRUCTION LABOUR: Names Valentine & Co Liquidator
CORUS GROUP: Motherwell Main Foundry for Sale

CROSFIELD ELECTRONICS: Sets Final General Meeting June 26
DESTINY: Calls in Receivers Following Parent's Liquidation
DRAKE HOLDINGS: Final Meeting Set July 19
DWS CONSTRUCTION: Names Administrators from Smith & Williamson
ETCHELLS MACHINERY: Assets for Sale

EXCELPRINT LIMITED: Hires Grant Thornton Administrator
FUSION FOODS: Meeting Set July 16
GOVETT HIGH: Shareholders to Vote on Reconstruction, Liquidation
INVENSYS PLC: Announces Tender Offer for 7 1/8% Notes Due 2007
INVESTORS COMPENSATION: Hires Ernst & Young Liquidator

MARBLEWHARF LIMITED: Members Final Meeting Set July 20
MARKS & SPENCER: Rejects Philip Green's GBP10.5 Million Offer
MYRATECH.NET PLC: Meeting of Creditors Set June 25
NESTON COLOUR: Hires Receivers from Kroll Limited
OFFICE CORP: Creditors Meeting Set June 29

PHILPOTTS ACOUSTICS: Sets General Meeting June 24
PPL THERAPEUTICS: To Return Capital to Shareholders
QUADRIGA HOLDINGS: Sets General Meeting July 14
SCOTLAND THE BRAND: To Go Into Voluntary Liquidation
SEVENTH CROSFIELDS: Hires Mercer & Hole Liquidator

SLOCOACH TRANSPORT: Security Protection Bills Forces Liquidation
SSL INTERNATIONAL: Sale of Regent Infection Control Biz Okayed
TELEWEST COMMUNICATIONS: To Delist Shares in London Bourse July
ZORBIT BABYCARE: Appoints Administrators from KPMG


                            *********


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


MORAVAN AEROPLANES: Owners Filing Separate Bankruptcy Petition
--------------------------------------------------------------
Proprietors of Moravan Aeroplanes plan to file another
bankruptcy petition in addition to those now pending before the
regional court in Brno, Europe Intelligence Wire reports.

Troubled Company Reporter-Europe knows of at least two pending
petitions: a petition for preliminary receivership filed on
April 19 and a bankruptcy petition filed by the board on June
10.  The aircraft manufacturer based in Otrokovice follows the
footsteps of Letecke Zabody, another aircraft maker that filed
for bankruptcy in March.  Both companies are owned by the same
group of investors based around L. Soska, the newswire said
citing the Financial Times.

Moravan has not been receiving any orders and consequently has
not been paying employees for several months now.  About half of
its 250 personnel are stuck at home with no work to do.  A
preliminary bankruptcy trustee has been running Moravan since
April.  Management and unions dispute the real cause of the
company's bankruptcy.


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


BULL SA: Forges Technology Alliance with SAS
--------------------------------------------
SAS, the leader in business intelligence, and BULL S.A., one of
the largest names in the European IT industry, announced a
technology alliance for the European, Middle East and African
markets under the terms of which BULL will deploy SAS(R)9 and
business intelligence solutions on both (64-bit) BULL
NovaScale(R) servers and (32-bit) NovaScale(R) blade servers.

At the contract signing, Daniele Asheuer, chief marketing
officer at BULL, said: "We are extremely pleased to sign with a
major player in the BI market.  SAS(R)9 represents great
opportunities to gain market share together and guarantee to our
customers a high level of competitiveness and quality."

SAS' analytic capabilities will combine with the performance and
availability of the Itanium 2 processor-based BULL NovaScale(R)
servers and NovaScale(R) blades servers powered by Intel(R)
Xeon(R) processors, to give managers business insights into the
data locked in large corporate databases.  As a result,
businesses will be able to identify new revenue opportunities
and pinpoint global trends to make quicker and more effective
business decisions.  In addition, SAS and BULL plan to enter
into a cooperative support agreement to provide complete support
for customers across Europe.

"We have seen a lot of traction with BULL and are very excited
to work with them to deploy the SAS(R)9 architecture and
business intelligence solutions on the BULL NovaScale(R) and 32-
bit blades," said Mike Hamm, director of channels and alliances
at SAS International.  "BULL's leading-edge technology, coupled
with their consulting expertise, will enable us to jointly
deliver outstanding solutions to organizations in EMEA."

As a part of the technology alliance, BULL will open a SAS and
NovaScale(R) Center of Excellence within the Research and
Development Centre of Les Clayes sous Bois, near Paris, and
supported by the SAS European Technology Competence Centre.  The
Center of Excellence will be dedicated to optimizing the
performance of the SAS(R)9 platform on BULL systems.  This
center, coupled with the BULL's decisional SAS Consulting and
Integration practices, will guarantee tailored and optimized
business solutions.

About BULL

BULL designs and develops servers and software for an open
environment, integrating the most advanced technologies.  It
brings to its customers its expertise and know-how to help them
in the transformation of their information systems and to
optimize their IT infrastructure and their applications.

BULL is particularly present in the public sector, banking,
finance, telecommunication and industry sectors.  Capitalizing
on its wide experience, the Group has a thorough understanding
of the business and specific processes of these sectors, thus
enabling it to efficiently advise and to accompany its
customers.  Its distribution network spreads to over 100
countries worldwide.

About SAS

SAS is the market leader in providing a new generation of
business intelligence software and services that create true
enterprise intelligence.  SAS solutions are used at more than
40,000 sites -- including 96 of the top 100 companies on the
2003 FORTUNE Global 500(R) -- to develop more profitable
relationships with customers and suppliers; to enable better,
more accurate and informed decisions; and to drive organizations
forward. SAS is the only vendor that completely integrates
leading data warehousing, analytics and traditional BI
applications to create intelligence from massive amounts of
data.  For nearly three decades, SAS has been giving customers
around the world The Power to Know(R).  For more information,
visit http://www.sas.com.

SAS and all other SAS Institute Inc. product or service names
are registered trademarks or trademarks of SAS Institute Inc. in
the USA and other countries. (R) indicates USA registration.
Other brand and product names are trademarks of their respective
companies.

CONTACT:  SAS INTERNATIONAL
          Paul Andrews
          Phone: +49 6221 416-0
          E-mail: paul.andrews@eur.sas.com
          Web site: http://www.sas.com/presscenter

          Anne-Marie Jourdian
          Phone: +33 1 39 666204
          E-mail: anne-marie.jourdian@bull.com


VIVENDI UNIVERSAL: Ups High Yield Notes Offer to EUR2.4 Billion
---------------------------------------------------------------
Vivendi Universal (Paris Bourse: EX FP; NYSE: V) announced on
Wednesday that, due to the success of its pending tender offer,
it has increased the size of its offer to purchase its high
yield notes from EUR1 billion to a maximum of EUR2.4 billion in
aggregate cash consideration of the 9.50% high yield notes
denominated in euros and the 9.25% high yield notes denominated
in U.S. dollars issued by Vivendi Universal on April 8, 2003 and
the 6.25% high yield notes denominated in euros and U.S. dollars
issued on July 10, 2003.

The transaction, which is now possible after the NBC Universal
closing, demonstrates Vivendi Universal's continued commitment
toward the efficient use of funding sources and active debt
management.  It is a further step in Vivendi Universal's
financial restructuring that substantially lowers the future
cost of its debt.

Additional details on the terms of the tender offer are
contained in a separate press release.  The offer to purchase
and material relating to the tender offer described in this
press release (as well as additional information about the terms
of the offer, and how to tender notes and conditions to the
offer) can be obtained by contacting the information agent
Global Bondholder Services Corporation [Toll free: +1 (866) 470-
4500; +44 (0)20-7864-9136]; or banks and brokers [+1 (212) 430-
3774]; or the dealer managers [Banc of America Securities LLC
(Toll free: +1 (888) 292-7000; or +1 (212) 847-5834] and J.P.
Morgan Securities Inc. [Toll free: +1 (866) 834-4666; +44 (0)20-
7742-7506; or +1 (212) 834-4802].

CONTACT:  VIVENDI UNIVERSAL S.A.
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80

          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82

          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86


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


COMMERZBANK AG: Sells U.K. Stockbroking Unit for GBP16.5 Million
----------------------------------------------------------------
Comdirect bank AG, a subsidiary of Commerzbank, has sold
Britain's second-largest on-line stockbroker to Lloyds TSB
Group.

In a statement, the company said it disposed of its U.K.
operation, Comdirect Limited, to Execution Services Group Ltd.,
an investment within the portfolios of LDC (Lloyds TSB
Development Capital Ltd.), a wholly owned subsidiary of Lloyds
TSB Group plc, and Numis Corporation Plc, for GBP16.5 million.

The transaction marks the end of the German bank's four-year
disastrous venture into foreign markets such as France, Italy,
and Spain during the stock market boom.  Comdirect Limited, the
operation that received EUR45 million from its parent, made a
profit only last year since it began trading in the summer of
2000, the Financial Times said.  It came in late in the market,
and had difficulty establishing a niche.

According to Reuters, under the transaction, the buyers will get
over 40% of the company, with Comdirect's U.K. management and
institutional stockbroker Numis Corporation each with 30%
stakes.  Commerzbank expects to book a pre-tax profit of GBP1.7
million for the sale in its 2004 results.


PRIMACOM: E.U. Commission Clears Apollo, JPMorgan Joint Takeover
----------------------------------------------------------------
The European Commission granted regulatory clearance to the
proposed acquisition of joint control over the German broadband
cable operator PrimaCom AG by investment companies Apollo Europe
V and JPMorgan Chase & Co.  This is the first merger cleared in
the European Union at 25 states even though its effects were
assessed solely in Germany in the absence of overlaps in other
countries.

Apollo and JPMorgan manage investment funds and hold substantial
parts of the debt of PrimaCom, a company that owns a modern
cable 'head-end' in Leipzig (Saxony) and operates broadband
cable networks primarily in Berlin and other regions in Eastern
Germany, but also in Western Germany and in the Netherlands.  A
cable head-end is a facility where broadcast signals are
received from satellites and fed into the cable network and
where the equipment for the provision of broadband Internet
access is located.

In Western Germany, where PrimaCom's network is not connected to
the head-end in Leipzig, PrimaCom mainly receives broadcasting
signals from other cable operators (the so-called regional net
level 3 cable operators) and distributes them to the end
customer via in-house cable networks.  It also offers broadband
Internet access via TV cable.

According to an operation notified to the Commission on May 7,
Apollo and JP Morgan will acquire PrimaCom's assets and
operating subsidiaries in exchange of the elimination of that
debt as well as a cash payment.  The Commission's analysis has
shown that the competitive effects of the transaction are
limited to the Hessen region, in central Germany, where PrimaCom
and an Apollo subsidiary are both present.  Apollo holds a
majority stake in iesy, which operates the former Deutsche
Telekom broadband cable network in Hessen.  But even there the
overlaps are minimal and do not raise competition concerns.

As regards the other German regions where PrimaCom owns
networks, the transaction will rather improve competition as it
will restore the financial viability of PrimaCom and thus enable
the company to compete more effectively against the incumbent
regional cable operators (on the TV cable markets) and against
Deutsche Telekom (on the market for broadband Internet access).

                            *   *   *

The Commission has assessed the overlaps between PrimaCom and
iesy even though Apollo and the other shareholders in iesy have
stated their intention to sell to Kabel Deutschland GmbH, which
operates the former Deutsche Telekom broadband cable network in
13 other German regions.  This is because the transaction has
not yet been approved by the German competition authority, which
has jurisdiction over the latter case.


THOMAS COOK: Management Drops Proposed 15% Pay cut
--------------------------------------------------
German travel company Thomas Cook relaxed its stance in the
current pay negotiations with staff of Condor, its airline
subsidiary, Europe Intelligence Wire reports.

Trade unions said management is no longer seeking for a 30%
increase in workload and a reduction of 15% in pay, conditions
it previously peddled as necessary to maintain the current size
of the airline.

The management board of the independent stewards' organization
(Ufo) and Thomas Cook appears to have agreed on one point: to
ensure Condor remains competitive.  Condor is increasingly
losing customers to low-cost rivals such as Ryanair Holdings
plc.  Like larger competitor TUI AG, it has been increasing
offerings in the no-frills segment as vacationers seek lower
fares.  Thomas Cook, owned by airline operator Deutsche
Lufthansa and retail group KarstadtQuelle, reported last year an
annual loss of EUR251 million, EUR100 million of which came from
Candor.  The group is currently implementing a program to save
EUR600 million over the next two years.

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


VIVA MEDIA: MTV Channel Owner Successfully Steamrolls Rival
-----------------------------------------------------------
Viva Media executives agreed to sell a majority stake in the
troubled German broadcaster to Viacom, a U.S. media group,
according to the Financial Times.  The transaction is worth
EUR310 million (US$377 million) and involves 75.5% of Viva,
sources said.

The acquisition will give Viacom a dominant position in
Germany's music broadcasting industry.  It will also strengthen
its position in countries such as the Netherlands and Poland.
Viva's largest shareholders, which include the media groups Time
Warner and Vivendi Universal, have yet to formally approve the
deal.

Time Warner and Vivendi Universal, which control almost 46% of
Viva's equity, decided to sell their holdings after finding the
business no longer strategic.  Viva has struggled to retain its
ratings, but was recently overtaken by Viacom's MTV channel.
Viacom is expected to make an offer to Viva's remaining public
shareholders and take full control of Viva Plus, Viva's loss-
making second German channel, according to the report.


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


MALEV AIRLINES: Chinese Partner to Figure in Privatization
----------------------------------------------------------
China's Hainan Airlines Ltd. could end up owning national flag
carrier Malev Hungarian Airlines Rt, a Budapest Business Journal
article predicted Monday.

The two airlines had just extended a cooperation agreement last
week, which coincided with the visit of Chinese President Hu
Jintao to Hungary.  Signed in February, the two-year agreement
makes Budapest the only city in Central Europe from which a
direct flight to Beijing is available.

The Journal believes this agreement is just the initial step
towards a full privatization via a takeover of Malev by Hainan.
The Chinese airline is partly owned by Hungarian-American
financier George Soros.  The State Privatization and Holding Rt
(APV) -- Malev's owner -- did not dismiss this possibility.  The
state agency stressed, however, that it favors a competitive
tender rather than a buyout by a partner.

In its reply to an e-mail sent by the Journal, the
communications directorate of APV said: "The three-year
privatization concept adopted by the government counted the
possibility of involving outside resources in the national
airline."

"The industry environment did not give much hope for this last
year.  Changing market conditions and the Ft7 billion (EUR27.7
million) consolidation provided by the government make it
possible for an outside investor to appear in Malev.  After
examining market conditions, the APV Rt assesses that the
possibility of privatizing Malev is in sight," the APV statement
partly reads.

According to the statement, the APV is preparing a privatization
tender, and is currently examining how Malev's national airline
status can be utilized on the liberalized European aviation
market.

"No decision has been made on calling the tender, but choosing
the investors . . . can only happen in a transparent way,
ensuring the opportunity for competition," the statement
stressed, adding, "The tool of competition might be a public
tender, where the privatization organization expects
applications from strategic partners whose business philosophy
and professional strategy ensure the long-term future of Malev."

Although Ferenc Turi, managing partner of Capitol Consulting
Group, agrees that cooperation and ownership links would benefit
the two airlines, he believes they would have a hard time
adapting their operations to each other.

"Even if it were only marketing cooperation, the companies have
to harmonize their revenue management systems.  But equity-based
cooperation involves even more serious commitments from Malev,"
Mr. Turi told the Journal.

"It will also be a very complicated and complex task to
harmonize the management and IT systems of the companies, but I
think the main emphasis should be on cultures.  Bringing the
companies closer will be a great experiment," he said.

Hainan is the fourth largest domestic airline in China,
operating 500 flights to 70 cities and serving international
routes.  Established in 1993, it employs more than 6,000 staff
and operates about 90 aircraft.  Malev, on the other hand,
serves 43 European and Mediterranean destinations.  Under the
cooperation agreement, Hainan and Malev will jointly operate
three weekly flights out of Budapest to Beijing and vice versa
beginning July.  Malev will sell 100 tickets onto each of the
270-seater aircraft.

"In order to ensure the long-term success of the direct
Budapest-Beijing flight, the companies are extending the
existing commercial and operational cooperation to new fields,"
Malev said in a press release.

Under the agreement, Malev will buy additional seats on Hainan's
Beijing-Shanghai and Beijing-Canton flights.  Moreover, Malev
has the right to sell tickets to another 30 destinations from
Beijing.  In exchange, Hainan can sell tickets for Malev's
European and Mediterranean destinations, the Journal said

"Under a cargo agreement included in the extended cooperation
agreement, Malev becomes the main agent of Hainan Airlines and
import products arriving from China will be distributed in
Malev's network. Malev cargo will offer transportation services
to main Chinese destinations via Beijing through the network of
Hainan Airlines."

Malev started selling tickets to Beijing on June 14.  The first
flight will depart August 2, the Journal said.


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


CAPITALIA SPA: Individual Rating Climbs to 'C/D' from 'D'
---------------------------------------------------------
Fitch Ratings on Wednesday upgraded the individual rating for
Italy's Capitalia to 'C/D' from 'D'.  At the same time the
agency has affirmed the bank's Long-term, Short-term and Support
ratings at 'BBB+', 'F2' and '2', respectively.  The Outlook
remains Stable.

The upgrade reflects continuing improvement in Capitalia's core
profitability, capital adequacy and risk management and Fitch's
view that measures taken by management to address the bank's
still large exposure to credit risk should over time lead to a
gradual improvement in asset quality.

Capitalia returned to profitability in 2003 following a net loss
in the previous year.  In its Q1 2004 results, it reported a
return on equity of above 4%, confirming the ongoing improvement
in revenue generation and loan loss provisions, which in the
past had weighed on the bank's profitability.  While current
profitability remains weak compared to the bank's domestic
peers, Fitch expects further improvements as Capitalia continues
to strengthen its distribution capacity and to benefit from its
strong franchise among retail and corporate customers.

At the same time as Capitalia's profitability has improved, its
capital adequacy has been boosted by growth in core capital and
a 20% reduction in risk-weighted assets since June 2002.
Although Capitalia's Tier 1 ratio has improved to 6.9% at end-
March 2004 from 5.3% at end-2001, Fitch considers it still thin
given the bank's large volume of impaired loans.

Since 2002, Capitalia has markedly strengthened risk management
systems, which has enabled it to control and manage its exposure
to credit, market and operational risk much more effectively.
However, despite a more consistent performance of its performing
loan book, Capitalia's portfolio of impaired loans, which
equaled 112% of the bank's equity at end-2003, remains large. In
addition the bank remains exposed to sizeable risk arising from
its portfolio of securitized non-performing loans, which in
Fitch's opinion might require further significant provisions in
the future.

CONTACT:  FITCH RATINGS
          Christian Scarafia, Milan
          Phone: +39 02 87 90 87 212

          Matthew Taylor, London
          Phone: +44 (0) 20 7417 4345

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


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


LINGERIE FACTORY: Shutting down Four-month-old Operations
---------------------------------------------------------
A lingerie factory in Tomak, Kyrgyzstan will shut down after
only four months in operation.  Approximately 200 of its workers
will be axed, according to just-style.com.

Details about why the company suddenly shut down after starting
its operation in February are still hazy.  The factory has been
producing export goods for Kmart, the newly reorganized retail
chain in the United States.


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


STOLT-NIELSEN: Noteholders Agree to Modify Loan Terms
-----------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
announced on Wednesday that the Company was able to resolve its
dispute with its senior noteholders regarding defaults asserted
by the noteholders.

"We are pleased that the noteholders have agreed to waive their
claims of default and to modify some loan covenants to permit
the Company to make certain investments in joint ventures," said
Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. "In
return, the Company has agreed to provide the noteholders with
certain security, which can be released if the Company obtains
an investment grade rating on its senior notes and under certain
other circumstances.  SNSA can now focus on its businesses and
capitalize on the improving parcel tanker market worldwide."

About Stolt-Nielsen S.A.

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

CONTACT:  STOLT-NIELSEN
          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: Fitch Doubts Swift Return to Investment Grade
----------------------------------------------------------------
Fitch Ratings said Koninklijke Ahold N.V. faces significant
challenges to its stated goal of regaining an investment-grade
credit rating by FY05.

Fitch currently assigns Ahold a Senior Unsecured rating of 'BB'
and a Short-term rating of 'B' with a Stable Outlook, which
suggests the company is unlikely to reach investment grade
within the next 18-24 months.

Ahold's new senior management has announced a series of measures
under its "Road to Recovery" plan since the announcement in
February 2003 of irregularities at the U.S. Foodservice division
and the subsequent ratings downgrade.  These have included a
EUR2.9 billion rights issue to aid liquidity and reduce overall
debt, the sale of EUR2.5 billion of assets/businesses and
improved operational performance.

However, it is not necessarily enough for Ahold to merely
improve its credit metrics through asset disposals and
potentially temporary improvements in working capital in order
to meet headline criteria for an investment-grade credit rating
by FY05.  The company needs to also demonstrate a solid
operational turnaround, which is the greatest challenge, given
its self-imposed timescale.

Of the recovery measures announced, only the rights issue has
been successfully completed to date.  In FY03 Ahold reduced debt
by an impressive EUR4.8 billion to EUR7.5billion, but it is
important to remember that in addition to the rights issue,
c.EUR1.1 billion of the net debt reduction was due to currency
translation effects.

Ahold may be required to buy out its minority partner(s) in
Swedish subsidiary ICA for an estimated EUR2.1 billion within
the next two years, but there is uncertainty over the final
price Ahold may have to pay.  In addition, the group's liquidity
would suffer, despite sufficient current headroom.

Fitch believes that the disposal process will be more complex
and drawn-out than originally anticipated, despite management's
confidence in its outcome, with likely proceeds to be somewhat
depressed.  To date less than half of the EUR2.5 billion target
proceeds have been achieved.  Bruno's & Bi-Lo, the two U.S. food
retail operations that Ahold has stated it intends to sell, are
both located in an area that suffers from both a depressed local
economy and strong Wal-Mart competition.

In the operational performance of the retained businesses,
Ahold's core US food retail asset Stop & Shop is also likely to
suffer from increased discount competition, as well as more
intense competition from non-traditional retailers.  When J
Sainsbury plc recently sold Shaw's, its U.S. supermarket
business, it stated that the increasing competitiveness in a
market in which it is number two to Stop & Shop, had led it to
consider its long-term position.  It must therefore be a concern
for all food retailers in the region that Sainsbury thought
Shaw's would suffer, given that it remains one of the stronger
performing supermarket chains in the U.S.  Reduced profitability
at Stop & Shop would materially impact Ahold's profitability, as
at FYE03 it accounted for 16% and 72% of group turnover and
operating profit respectively.

U.S. Foodservice has been targeted to return to the c.1.7%
operating margin achieved in FY02 by FY06.  With the business
currently making a loss and the renegotiation of supplier
contracts incomplete, it is likely that the process will indeed
take time and therefore the turnaround at U.S. Foodservice is
unlikely to be able to assist the group's rating by FYE05.

Pricing structure at Albert Heijn, which contributed 10% of
group turnover and 19% of group operating profit respectively,
has had to be reduced to compete in a discount driven market.
Group profitability will therefore be detrimentally impacted as
a result in the coming years.

Overall, Ahold's historically decentralized organization will
act as a hindrance to the implementation of the operational
changes in the arenas earmarked for improved efficiency.

CONTACT:  FITCH RATINGS
          Jonathan Pitkanen, London
          Phone: + 44 (0) 20 7417 4201

          Frederic Gits, London
          Phone: + 44 (0) 20 7417 4230.

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


ROYAL SHELL: Promises to Bare More Details of Corporate Review
--------------------------------------------------------------
Oil and gas giant Royal Dutch/Shell is giving in to demands of
shareholders to show more details of the ongoing review of its
corporate structure, according to The Telegraph.

The company will release some operational information ahead of a
formal update to be made by the chairman of the committee of
managing directors, Jeroen van der Veer, at the company's annual
meeting.

This was after two influential shareholders, Eric Knight and Ted
White, representing U.S. funds Knight Vinke Asset Management and
CalPERS, wrote a letter demanding more transparency in the
process.  They had threatened to grill executives at the meeting
if the request is not met.

The focus of the review is Shell's dual structure.  The company
has two boards and is 40% owned by Shell Transport in the U.K.
and 60% owned by Royal Dutch in the Netherlands.  It is this
arrangement that was blamed for its admission in January that it
had overstated "proven" oil and gas reserves by more than 20%.


VENDEX KBB: E.U. Commission Okays KKR Buyout
--------------------------------------------
The European Commission has cleared under the Merger Regulation
the acquisition of the Dutch retail company Vendex KBB by U.S.
investment fund KKR.  The Commission found that this transaction
would not lead to any competition problems, although KKR
controls Wincor Nixdorf, a German supplier of electronic systems
for the retail industry.

Vendex KBB is a non-food retail trade company based in the
Netherlands.  It operates nearly 1,800 outlets in seven E.U.
Member States under various trading names, including Hema,
Bijenkorf, Keur, Praxis, Brico, M&S, Hunkemoller, Dixons,
Dynabyte, and Prijstopper.  These outlets are mainly general
merchandise retailers, department stores, fashion boutiques and
Do-It-Yourself stores

KKR is a U.S.-based investment company that makes equity
investments in management buyouts on its behalf or on behalf of
its investors.  None of KKR's portfolio companies are involved
in the retail industry and therefore the transaction does not
raise any competition issues in that respect.

But the Commission also examined the extent to which the
operation could produce foreclosure effects given that KKR
controls Wincor Nixdorf, which is one of the major suppliers of
electronic systems for the retail industry in Europe such as
electronic cash registers and related equipment (printers, card
payment terminals, scanners, touch-screens, etc.) as well as
application software.

It concluded to the absence of such effects since the value of
the electronic retail systems bought by Vendex KBB, be it in the
E.U. or in the Netherlands, its main market, accounts only for a
small percentage of the total purchases of such systems.
Therefore, even if Wincor Nixdorf were to become Vendex's
exclusive supplier of electronic retail systems following the
transaction, the operation would not result in a significant
strengthening of the former and would not significantly affect
its competitors.  For that reason, the Commission concluded that
the operation will have no detrimental effect on competition.


VENDEX KBB: Minimum Acceptance for VDXK Offer Remains 95%
---------------------------------------------------------
This is a joint press release of Koninklijke Vendex KBB N.V. and
VDXK Acquisition B.V. a company controlled by a consortium
consisting of investment funds affiliated with and/or managed by
Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners LLP
and AlpInvest Partners N.V., in relation to the recommended cash
offer.  Not for release, publication or distribution, in whole
or in part, in or into the Canada, Australia or Japan.

Conditions to VDXK offer for Vendex KBB unchanged.  Minimum
acceptance condition remains 95%.

In order to rectify certain incorrect press coverage in the
Netherlands, VDXK and Vendex KBB hereby confirm that:

(a) The Offer made by VDXK for Vendex KBB remains subject to the
    condition that at least 95% of the Ordinary Shares and at
    least 95% of the Preference Shares are being tendered under
    the Offer ("95% Minimum Acceptance Condition").

(b) As stated in the press release dated 19 May 2004, the Offer
    Memorandum dated 21 May 2004 and the press release dated 11
    June 2004, VDXK reserves the right (but is under no
    obligation) to waive conditions to the Offer, including the
    95% Minimum Acceptance Condition.

(c) The press release dated 11 June 2004, stating that VDXK
    reserves the right to waive the 95% Minimum Acceptance
    Condition if tenders are received at any level at or in
    Excess of 80% of the shares in Vendex KBB, was issued for
    U.S. regulatory purposes only.  Even though the right of
    VDXK to waive the 95% Minimum Acceptance Condition was
    clearly stated in the Offer Memorandum, U.S. regulations
    require that bidders remind shareholders of this possibility
    at least five U.S. business days in advance of when such
    waiver could occur.

(d) Vendex KBB Shareholders are reminded that VDXK may or may
    not decide to waive the 95% Minimum Acceptance Condition.
    However, VDXK has no obligation to waive this (or any other)
    condition.  Unless defined herein, defined terms used in
    this announcement shall have the meanings given to them in
    the Offer Memorandum.


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


DNO ASA: 'B' Rating Withdrawn at Company's Request
--------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday it withdrew
its corporate credit rating on Norway-based oil production and
exploration company DNO ASA.  The rating on DNO was B/Watch
Dev/-- at the time of the withdrawal.  The rating was withdrawn
at DNO's request, since Standard & Poor's does not have a rating
on DNO's outstanding debt.

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.  The CreditWatch status reflected uncertainties
over the company's medium-term business strategy, growth
prospects, and financial policy following an extensive asset
sale, which was realized in spring 2004.  Standard & Poor's
believes that the company is likely to focus on riskier
exploration activities on the Norwegian Continental Shelf and
production in existing fields in Yemen.  DNO has successfully
refinanced its Norwegian krone 335 million bond (EUR40 million),
which matured on June 1, 2004.

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

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


PETROLEUM GEO-SERVICE: Warns of Delay in Re-audit of Reports
------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced that
its Board of Directors has adopted its recommended 2003 Annual
Financial Statements prepared in accordance with Norwegian
generally accepted accounting principles.  The Norwegian GAAP
Financial Statements will be distributed to its shareholders by
June 23, 2004 and subsequently posted at http://www.pgs.com.

The Company received an audit opinion from its independent
auditor Ernst & Young relating to the 2003 Norwegian GAAP
Financial Statements.  Consistent with the Company's previous
disclosures, the audit opinion contained a qualifying paragraph
as:

"The audit of the Company's financial statements, prepared in
accordance with accounting principles generally accepted in the
United States (U.S. GAAP), has not yet been completed.  The
required audit procedures for such U.S. GAAP financial
statements include a re-audit of the 2001 financial statements
as well as an audit of the 2002 and 2003 financial statements,
due to requirements relating to the filing of the annual
financial statements with the Securities and Exchange Commission
in the United States.  The outcome of such audit procedures
might also affect the financial statements prepared in
accordance with Norwegian GAAP, potentially both the opening
balance as at January 1, 2003 and the 2003 statement of
operations."

The audit opinion also includes a matter of emphasis related to
weaknesses in internal control over financial reporting.

Several adjustments have been made to the unaudited and
preliminary 2003 Norwegian GAAP Financial Statements published
on March 16, 2004.  These are the more significant changes to
the Statement of Operations:

(USD millions)       Preliminary    Final    Increase (Decrease)
Revenues              $1,111.5     $1,120.6              $9.1
Operating expenses       633.9        641.6               7.7
Depreciation and
amortization             313.5        305.4              (8.1)
Impairment of long
term assets              716.8        740.9              24.1
Provision for
income taxes              35.9         26.4              (9.5)
Net loss                (814.1)      (818.2)              4.1

The Company is continuing its efforts to have audits of the
Company's 2002 and 2003 Financial Statements and a re-audit of
the Company's 2001 Financial Statements completed under U.S.
GAAP, and to address the material weaknesses in the Company's
system of internal controls over financial reporting as
previously disclosed.

The Company has established a plan with the objective of
completing the outstanding audits under U.S. GAAP to permit the
Company to file its Annual Report on Form 20-F with the
Securities and Exchange Commission by September 30, 2004.
However, there can be no assurance that these audits and re-
audit can be completed or that the target of September 30, 2004
can be achieved.

In addition, as previously disclosed, if and when completed, the
audits and re-audit could result in restatements of the
Company's previously filed U.S. GAAP audited financial
statements and restatements or other adjustments to its 2002 and
2003 U.S. GAAP un-audited interim financial statements.  Those
restatements and adjustments could be material, although they
are expected to be of a non-cash nature.  Furthermore, although
the audits and re-audit are being conducted under U.S. GAAP,
there can be no assurance that the findings from these audits
and re-audit will not have an impact on Norwegian GAAP 2002 and
2003 historical financial statements.

Also, as earlier disclosed, until the audits and re-audit of
financial statements under U.S. GAAP are completed, the Company
will be unable to file with the Securities and Exchange
Commission an Annual Report on Form 20-F that contains audited
financial statements for three full fiscal years.  For so long
as this condition exists, the Company will be precluded from,
among other things, listing its American Depositary Shares
("ADSs") on a U.S. national securities exchange or on the NASDAQ
Stock Market. A delay in listing of the Company's ADSs in the
U.S. may have a negative impact on their liquidity.

                            *   *   *

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

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

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


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


AGRO-PROM-KHIMIYA: Public Auction of Assets June 29
---------------------------------------------------
Bidding organizer Ekspert set the public auction of OJSC
Nagorskaya Agro-Prom-Khimiya properties on June 29, 2004 at
11:00 a.m. (local time).  It will be held at Russia, Kirov,
Uritskogo Str. 12.  The assets for sale are:

Lot 1: Buildings.  Starting price: RUB392,000.

Lot 2: Incomplete buildings.  Starting price: RUB180,000.

Lot 3: Office building.  Starting price: RUB56,000.

Lot 4: 5 units of oil product storage.  Starting price:
       RUB75'000.

Reception of bids is done daily (except on weekends from June 1
to 25, 2004 at 9:00 a.m. until 3:00 p.m.  To participate,
bidders should transfer deposits amounting to 20% of the
starting price on or before June 25, 2004 to the settlement
account 40702810506090000142, TIN 4345005448, KKP 434501001 in
the branch of Commercial Bank Petrokommerts of Kirov,
correspondent account 30101810100000000805, BIC 043304805.  For
more details, contact (8332) 370511, 675425, Tel./Fax: 676055.

CONTACT:  NAGORSKAYA AGRO-PROM-KHIMIYA
          Russia, Kirov region, Nagorsk,
          Khimikov Str. 1 v


AREFINSKY TIMBER: Deadline for Proofs of Claim June 28
------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
supervision procedure on CJSC Arefinsky Timber Combine.  The
case is docketed as A82-1503/04-43-B/7.  Mr. V. Kasheev has been
appointed temporary insolvency manager.  Creditors have until
June 28, 2004 to submit their proofs of claim to CJSC Arefinsky
Timber Combine at 152954, Russia, Yaroslavl region, Rybinsky
region, Arefino.

CONTACT:  AREFINSKY TIMBER COMBINE
          152954, Russia, Yaroslavl region,
          Rybinsky region, Arefino
          Phone/Fax: (0855) 28-18-19


BALTASINSKAYA SEKHOZ-TEKHNIKA: Declared Insolvent
-------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared OJSC
Baltasinskaya Sekhoz-Tekhnika insolvent and introduced
bankruptcy proceedings.  The case is docketed as A65-432/2004-
SG4-21.  Mr. R. Ibragimov has been appointed insolvency manager.
Creditors have until August 7, 2004 to submit their proofs of
claim to the insolvency manager at 422540, Russia, R. Republic
of Tatarstan, Zelenodolsk, Frunze Str., 9.

CONTACT:  BALTASINSKAYA SEKHOZ-TEKHNIKA
          422523, Russia, Republic of Tatarstan,
          Baltasinsky region, Karelino

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


INKUBATOR POULTRY: Insolvent Status Confirmed
---------------------------------------------
The Arbitration Court of Republic of Tatarstan declared
subsidiary enterprise Inkubator Poultry Farming Station
Krasnokamskaya of state unitary agricultural enterprise Bash-
Ptits-Prom insolvent and introduced bankruptcy proceedings.  The
case is docketed as A07/19215/03-A-MOG.  Mr. D. Mudarisov has
been appointed insolvency manager.

Creditors have until August 7, 2004 to submit their proofs of
claim to 452951, Republic of Tatarstan, Nikolo-Berezovka,
Chkalova Str. 7 and to the insolvency manager at 452950, Russia,
Republic of Tatarstan, Neftekamsk, Sotsiolisticheskaya Str. 77-
11.

CONTACT:  INKUBATOR POULTRY FARMING STATION KRASNOKAMSKAYA
          452951, Republic of Tatarstan,
          Nikolo-Berezovka, Chkalova Str., 7

          Mr. D. Mudarisov
          Insolvency Manager
          452950, Russia, Republic of Tatarstan,
          Neftekamsk, Sotsiolisticheskaya Str., 77-11


KOSTROMSKOYE BREAD: Kostroma Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kostroma region declared OJSC
Kostromskoye Bread Receiving Enterprise insolvent and introduced
bankruptcy proceedings.  The case is docketed as A31-6726/18.
Mr. S. Timoshkov has been appointed insolvency manager.
Creditors have until July 28, 2004 to submit their proofs of
claim to OJSC Kostromskoye Bread Receiving Enterprise at 428017,
Russia, Cheboksary, Post-office 17, Post User Box 62.

CONTACT:  KOSTROMSKOYE BREAD RECEIVING ENTERPRISE
          156961, Russia, Kostroma,
          Kineshemskoye Shosse, 4

          Mr. S. Timoshkov
          Insolvency Manager
     111250, Russia, Moscow,
          Krasnokazarmennaya Str. 9


KRASNY VOLGAR: Yaroslavl Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Yaroslavl region declared CJSC Krasny
Volgar insolvent and introduced bankruptcy proceedings.  The
case is docketed as A82-6682/03-7B/73.  Mr. D. Pelevin has been
appointed insolvency manager.   Creditors have until July 28,
2004 to submit their proofs of claim to the temporary insolvency
manager at 649000, Russia, Republic of Altay, Gorno-Altaysk,
Glavpochtamt, Post User Box 413.

CONTACT:  KRASNY VOLGAR
          Russia, Yaroslavl region,
          Yaroslavl region, Krasny Volgar

          Mr. D. Pelevin
          Insolvency Manager
          150014, Russia, Yaroslavl,
          S.-Shedrina Str. 30


MEKH-ENERGO-STROY: Auction of Properties Slated for July 2
----------------------------------------------------------
The bidding organizer of OJSC Mekh-Energo-Stroy set the public
auction of its properties on July 2, 2004, 3:00 p.m. (local
time).  It will be held at RSGU Fund of Properties of Chuvashya
Russia, Republic of Chuvashiya, Cheboksary, Ivanova K. Str. 84.

The assets for sale are:

Lot 1: 14 units of real estate and 169 units of equipment.
       Starting price: RUB21,742,900.

Lot 2: Real estate properties (household premises ABK and 8
       workshops).  Starting price: RUB2,276,000.

Lot 3: Sanitary preparations sites and 6 garage units.  Starting
       price: RUB5,821,100.

Lot 4: Uncompleted factory of large panel housing construction.
       Starting price: RUB3,710,000.

Lot 5: 1992 KamAZ-43101 Automobile.  Starting price: RUB230,000.

Reception of bids are done daily from May 31, 2004 until August
28, 2004, 3:00 p.m.  To participate, bidders must transfer
deposits amounting to 10% of the starting price.  For more
details, call (8352) 42-88-62, 42-58-13.

CONTACT:  RSGU FUND OF PROPERTIES OF CHUVASHYA
          Russia, Republic of Chuvashiya,
          Cheboksary, Ivanova K. Str. 84
          Phone/Fax: (8352) 42-88-62, 42-58-13


MOSCOW CABLECOM: Books US$2.44 Million Net Loss for 2003
--------------------------------------------------------
Moscow CableCom Corporation, the parent company of ComCor-TV, a
Russian company that has licenses to provide telecommunications
services to 1.5 million homes and businesses in Moscow,
announced its financial results for the fiscal year ended
February 29, 2004.

The Company incurred a net loss applicable to common shares of
$2,440,000, or $1.12 per share, basic and diluted, for fiscal
2004, as compared to a net loss applicable to common shares of
$728,000, or $0.35 per share, basic and diluted, for fiscal
2003.  Results for fiscal 2003 included a loss from continuing
operations of $2,332,000, or $1.11 per share, income from
discontinued operations of $132,000, or $0.06 per share, and a
gain from the sale of the operating assets of The J.M. Ney
Company of $1,472,000, or $0.70 per share.

For the three months ended February 29, 2004, the Company
incurred a net loss applicable to common shares of $773,000, or
$0.32 per share, basic and diluted, as compared to the fiscal
2003 fourth quarter when the Company reported a net loss of
$577,000, or $0.27 per share, basic and diluted.

The Company also announced that its partial redemption of its
Preferred Stock had resulted in the conversion of 29,016 shares
of Preferred Stock into 88,635 shares of Common Stock and the
redemption of 8,761 shares of Preferred Stock for cash.  This
action represents a reduction of approximately 20% of the
Preferred Stock that had been outstanding at the Company's
fiscal year end.

Francis E. Baker, Chairman of Moscow CableCom Corporation
stated, "We were very pleased to have completed our acquisition
of ComCor-TV this past February, combining the interests of all
our respective shareholders under one company that is
financially stronger with improved administrative efficiency.
ComCor-TV has demonstrated strong operating progress thus far,
and we remain confident that future subscriber growth rates will
continue to accelerate, and that, together, we will expand our
market for broadband communication, information and
entertainment services in Moscow."

About Moscow CableCom Corp.

Moscow CableCom, formerly known as Andersen Group Inc.
(http://www.moscowcablecom.com),is a U.S.-based company quoted
on the NASDAQ NM under the ticker MOCC.  The Company owns 100%
of ComCor-TV, a Russian company that has licenses to provide
telecommunications services to 1.5 million homes and businesses
in Moscow.  CCTV is using access to an 8,000 Km MFON (Moscow
Fiber Optic Network) to provide broadband services including
cable television and high-speed Internet access to residential
and business customers, with plans to add additional services
including IP-based telephony.

Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/MoscowCablecom_2004.htm.

CONTACT:  MOSCOW CABLECOM CORP.
          Andrew M. O'Shea
          Phone: 860-298-0444
          E-mail: aoshea@moscowcablecom.com

          ADAM FRIEDMAN ASSOCIATES LLC
          Barbara J. Cano
          Phone: 212-981-2529, Ext. 22
          E-mail: barbara@adam-friedman.com


NEYSKY FLAX: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
supervision procedure on state unitary enterprise Neysky Flax
Factory.  The case is docketed as A31-919/18.  Mr. A. Rufanov
has been appointed temporary insolvency manager.   Creditors
have until July 28, 2004 to submit their proofs of claim to
157260, Russia, Kostroma region, Antropovo, Belousova Str. 40.

CONTACT:  NEYSKY FLAX FACTORY
          157330, Russia, Kostroma region,
          Neya, Dorozhnaya Str. 21

          Mr. A. Rufanov
          Temporary Insolvency Manager
          157260, Russia, Kostroma region,
          Antropovo, Belousova Str. 40

          Arbitration Court of Kostroma region
          156961, Russia, Kostroma region,
          Shagova Str. 200


NURLAT-AGRO-KHIM: Proofs of Claim Deadline August 7
---------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared OJSC
Nurlat-Agro-Khim-Servis insolvent and introduced bankruptcy
proceedings.  The case is docketed as A65-2381/2004-SG4-26.  Mr.
Sh. Valeev has been appointed insolvency manager.  Creditors
have until August 7, 2004 to submit their proofs of claim to
420029, Russia, Kazan Post User Box 44.

CONTACT:  Mr. Sh. Valeev
          Insolvency Manager
          420029, Russia,
          Kazan Post User Box 44


SPETS-MONTAZH-STROY: Insolvent Status Confirmed
-----------------------------------------------
The Arbitration Court of Republic of Chuvashiya declared state
unitary enterprise Spets-Montazh-Stroy insolvent and introduced
bankruptcy proceedings.  The case is docketed as A79-1105/04-
SK1-1033.  Mr. Y. Paramonov has been appointed insolvency
manager.  Creditors have until July 28, 2004 to submit their
proofs of claim to 428017, Russia, Cheboksary, Post-office # 17,
Post User Box 62.

CONTACT:  SPETS-MONTAZH-STROY
          Russia, Republic of Chuvashiya,
          Ceboksary, Babushkina Str., 2a

          Mr. Y. Paramonov
          Insolvency Manager
          428017, Russia, Cheboksary,
          Post-office 17, Post User Box 62


YUKOS OIL: Hearing of Khodorkovsky-Lebedev Case Postponed
---------------------------------------------------------
The trial of Mikhail Khodorkovsky, Yukos' former chief executive
and largest shareholder, and his business partner Platon Lebedev
on Friday was adjourned indefinitely.

The hearing was postponed after the judge learned that Genrikh
Padva, a member of the defense team, is still recovering from an
operation, Reuters report.  The lawyer has informed the court he
will be absent until June 21.

Mr. Khodorkovsky was arrested in October for seven counts of tax
evasion, fraud and embezzlement.  Together with Mr. Lebedev, who
was arrested in July, they face charges of tax evasion and fraud
worth more than US$1 billion (EUR812 million, GBP543 million).


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


EUROBANK DEL MEDITERRANEO: Attracts Three Bidders for Assets
------------------------------------------------------------
Three groups of investors are interested in buying the loan
portfolio and property assets that are being auctioned in
relation to the liquidation of Spanish bank Eurobank del
Mediterraneo.

According to Expansion, the portfolio includes consumer loans
and mortgages worth EUR14 million, other loans worth EUR3.25
million and some 20 branches and properties in Madrid and the
region of Cataluna worth EUR11.83 million.  The total value of
these assets is EUR33.6 million.

A successful sale will invalidate Eurobank's agreement with
creditors, which states the assets will be auctioned to pay for
75% of the bank's debt immediately, with the rest to be paid by
the end of the year.  It was not disclosed what the new
arrangement will be.  Eurobank's main creditors are the Spanish
deposit guarantee fund and the association for the parties
affected by the bank's collapse, Adaem.


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


ACTIVEAIR LIMITED: Names Liquidator from Blades Insolvency
----------------------------------------------------------
At an Extraordinary General Meeting of the Activeair Limited
Company on June 3, 2004 held at Charlotte House, 19B Market
Place, Bingham, Nottingham, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Philip Anthony
Brooks and Julie Willetts of Blades Insolvency Services,
Charlotte House, 19B Market Place, Bingham, Nottingham have been
appointed as Joint Liquidators for the purpose of the voluntary
winding-up.

CONTACT:  BLADES INSOLVENCY SERVICES
          Charlotte House
          19B Market Place, Bingham,
          Nottingham
          Contact:
          Philip Anthony Brooks, Liquidator
          Julie Willetts, Liquidator


ADDMERIT LIMITED: Calls in Liquidators
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Addmerit Limited Company on June 2, 2004 held at Square Root
Business Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ, the
Ordinary and Extraordinary Resolutions to wind up the Company
were passed.  Jeremy Charles Frost and Daniel Hennessy have been
appointed Joint Liquidators for the purpose of such winding-up.


ALDOBRANDINI COMPANY: Winding up Resolutions Passed
---------------------------------------------------
Name of Company:
Aldobrandini (U.K.) Company
Carlotta (U.K.) Company

At an Extraordinary General Meeting of these companies on June
7, 2004 held at the offices of Volaw Trust & Corporate Services
Limited, PO Box 415 Templar House, Don Road, St Helier, Jersey
JE4 8WH, the Special and Ordinary Resolutions to wind up the
Company were passed.  Stephen Goderski of Geoffrey Martin & Co,
8-12 Brook Street, London W1K 5BU has been appointed Liquidator
of the Company for the purpose of such winding-up.

CONTACT:  GEOFFREY MARTIN & CO
          8-12 Brook Street,
          London W1K 5BU
          Contact:
          Stephen Goderski, Liquidator


ARTHOUSE HOTEL: Receivers to Start Sale Process Next Month
----------------------------------------------------------
Arthouse Hotel, a four-star hotel in Glasgow whose parent is
currently in liquidation, will be officially offered for sale in
July.  One condition for the sale is a settlement deal with the
company's major creditors, which include Carlsberg Tetley.  The
property has since attracted more than 20 interested buyers.

Blair Nimmo of KPMG said Arthouse' debt runs from GBP8 million
and GBP12 million.  However, the actual figure cannot be
established due to poor accounting.  Located in Bath Street,
Arthouse employs around 70 staff and has 65 rooms, the most
expensive of which cost up to GBP180 a night.


ASTEC GROUP: Final Meeting Set July 16
--------------------------------------
There will be a Final Meeting of the Members of Astec Group Plc
on July 16, 2004 at 11:00 a.m.  It will be held at the offices
of Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester
GL4 3RT.

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.


ATLAS FABRICATIONS: Appoints P&A Partnership Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Atlas Fabrications
Limited Company on June 9, 2004 held at 93 Queen Street,
Sheffield S1 1WF, the Extraordinary Resolutions to wind up the
company were passed.  Andrew Philip Wood and John Russell, of
The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
Insolvency Practitioners duly qualified under the Insolvency Act
1986 have been appointed the Liquidators of the Company for the
purposes of such winding-up.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Contact:
          Andrew Philip Wood, Liquidator
          John Russell, Liquidator


BADEN INVESTMENTS: Winding up Resolutions Passed
------------------------------------------------
At an Extraordinary General Meeting of the Baden Investment
Limited Company on June 9, 2004 held at Bridgestones, 125-127
Union Street, Oldham OL1 1TE, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Robert Cooksey
of Bridgestones, 125-127 Union Street, Oldham OL1 1TE has been
appointed as Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  BRIDGESTONES
          125-127 Union Street,
          Oldham OL1 1TE
          Contact:
          Robert Cooksey, Liquidator


BIDSHURST LTD.: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Bdshurst Ltd Company
on June 7, 2004 held at Salisbury House, 31 Finsbury Circus,
London EC2M 5SQ, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Duncan R Beat has been
appointed Liquidator of the Company.


BROADLEAF DEVELOPMENTS: Winding up Resolution Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Broadleaf
Developments Limited Company on June 8, 2004 held at Taylor
Rowlands, 8 High Street, Yarm, Stockton-on-Tees TS15 9AE, the
subjoined Extraordinary Resolution to wind up the company was
passed.  John Harvey Madden of Taylor Rowlands has been
appointed Liquidator for the purpose of such winding-up.


CABLE & WIRELESS: Court Dismisses Class Action Claims
-----------------------------------------------------
Cable and Wireless plc notes on Wednesday, 15 June 2004, that in
relation to the securities class action pending against the
company and several of its former officers and directors, the
U.S. District Court for the Eastern District of Virginia has
issued its Memorandum of Opinion and Orders dismissing all of
the claims against the Defendants.  [The] opinion and orders
relate to the previous orders issued on 22 March 2004.  These
stated, in summary, that:

(a) The Defendants' motions to dismiss the consolidated class
    action complaint are granted;

(b) The motion of Sir Ralph Robins, the company's former
    chairman, to dismiss the claims against him for lack of
    personal jurisdiction is granted;

(c) The Defendants' alternative motions to dismiss the claims of
    foreign (non-U.S.) purchasers for lack of subject matter
    jurisdiction are denied.

[T]he Court stated that it would not grant leave to amend the
complaint and ordered that judgment be entered against the
plaintiffs.  The Court found that the complaint, which alleged
violations of U.S. securities laws, failed to state a claim.

The orders issued dispose of all of the remaining claims in the
case, subject to appeal.

CONTACT:  CABLE & WIRELESS
          Investor Relations:
          Virginia Porter
          Director, Investor Relations
          Phone: +44 20 7315 4460

          Craig Thornton
          Manager, Investor Relations
          Phone: +44 20 7315 6225

          Glenn Wight
          Manager, Investor Relations
          Phone: +44 20 7315 4468

          Media:
          Lesley Smith
          Director Corporate Affairs
          Phone: +44 20 7315 4410

          Rollo Head
          Alice MacAndrew

          FINSBURY
          Phone: +44 20 7251 3801


CLEVEPART LIMITED: Appoints Berley Chartered Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Clevepart Limited
(t/a Vision Creative Network) Company on June 8, 2004 held at 76
New Cavendish Street, London W1G 9TB, the subjoined
Extraordinary Resolution to wind up the company was passed.
Mark Levy of Berley Chartered Accountants, 76 New Cavendish
Street, London W1G 9TB has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  BERLEY CHARTERED ACCOUNTANTS
          76 New Cavendish Street,
          London W1G 9TB
          Contact:
          Mark Levy, Liquidator


COMPENDIUM INTERNATIONAL: Names Crawfords Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Compendium International Corporation Limited Company on May 28,
2004 held at Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB, the Extraordinary Resolution to wind up the
company was passed.  Alex Kachani of Crawfords, Stanton House,
41 Blackfriars Road, Salford, Manchester M3 7DB has been
nominated Liquidator for the purpose of the winding-up.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford, Manchester M3 7DB
          Contact:
          Alex Kachani, Liquidator


CON-PACK SYSTEMS: Appoints Begbies Traynor Liquidator
-----------------------------------------------------
At an Extraordinary Meeting of the Members of the Con-Pack
Systems Limited Company on May 27, 2004 held at Begbies Traynor,
8 Castlegate, Grantham, Lincolnshire, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Peter A Blair and Richard A B Saville of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Contact:
          Peter A Blair, Liquidator
          Richard A B Saville, Liquidator


CONSTRUCTION LABOUR: Names Valentine & Co Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Construction Labour
Professionals Limited (formerly Ricast Builders Limited) Company
on June 8, 2004 held at the offices of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Mark Reynolds of Valentine & Co, 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  VALENTINE & CO
          4 Dancastle Court,
          14 Arcadia Avenue, London N3 2HS
          Contact:
          Mark Reynolds, Liquidator


CORUS GROUP: Motherwell Main Foundry for Sale
---------------------------------------------
CJM Asset Management offers for sale the business and assets (as
a whole or in lots) of the Corus Group plc following the closure
of the Motherwell Main Foundry, Motherwell, Scotland.

The assets for sale includes:

(a) Range of modern, very high capacity iron foundry,

(b) Ancillary equipment capable of producing castings up to 100
    tons,

(c) 2 ASEA 120-ton capacity channel induction furnaces,

(d) Magnesium injection plant,

(e) High efficiency 25t/hr sand reclamation plant, and

(f) Range of mixers, shotblast, and heavy-duty machine tools.

CONTACT:  CJM ASSET MANAGEMENT
          E-mail: sales@cjmasset.com


CROSFIELD ELECTRONICS: Sets Final General Meeting June 26
---------------------------------------------------------
There will be a Final General Meeting of the Members of the
Crosfield Electronics Limited Company on June 26, 2004 at 10:30
a.m.  It will be held at 1 More London Place, London SE1 2AF.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.


DESTINY: Calls in Receivers Following Parent's Liquidation
----------------------------------------------------------
Destiny, the second largest nightclub operator in the U.K., is
facing uncertain future after First Leisure, its parent company,
went into liquidation.

First Leisure directors blame 'hybrid' nightclubs and the
overall decline in the industry for the financial crisis.  It
went under after two former businesses demanded backdated rent,
which actually belongs to Brannigan's pub chain and Springwood
leisure group.  The companies have been sold, but First Leisure
remains their guarantor.

The chain's 28 U.K. clubs, including Destiny, are currently
under the management of receiver Robson Rhodes.  Simon Bower,
one of the appointed receivers, said their key objective now is
to preserve the business and to secure the jobs of 1600
employees.  The club is worth GBP5 million.

Mr. Bower blames First Leisure's trouble to the decline in the
nightclub sector, but Eddie Tobin, chairman of the Glasgow
Nightclub Forum, rejected this, saying it was in truth victim of
previous management decisions.


DRAKE HOLDINGS: Final Meeting Set July 19
-----------------------------------------
Members of Drake Holdings Limited Company will have a Final
Meeting on July 19, 2004 at 11:00 a.m.  It will be held at the
offices of Baker Tilly, First Floor, International House, Queens
Road, Brighton, East Sussex BN1 3XE.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Baker Tilly, First Floor,
International House, Queens Road, Brighton, East Sussex BN1 3XE
not later than 12:00 noon, June 18, 2004.

CONTACT:  BAKER TILLY
          First Floor,
          International House, Queens Road,
          Brighton, East Sussex BN1 3XE
          Contact:
          A White, Joint Liquidator


DWS CONSTRUCTION: Names Administrators from Smith & Williamson
--------------------------------------------------------------
The DWS Construction Limited Company has appointed Neale Andrew
Jackson and Stephen John Tancock as joint administrators.  The
appointment was made June 8, 2004.

The company is engaged in general mechanical engineering.  Its
registered office address is located at the First Floor,
Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Joint Administrators:
          Neale Andrew Jackson
          Stephen John Tancock
          (Office Holders Nos 8769, 9206)


ETCHELLS MACHINERY: Assets for Sale
-----------------------------------
The Joint Administrative Receivers, John Kelly and James Martin
of Begbies Traynor offer for sale the assets of Etchells
Company.

Etchells Machinery has part-built multi-forge machines with a
production line.  It operates a 37,000 sq. ft. factory with a
production line including lattice cranes.  The company owns
design rights and intellectual property for its Etchells machine
range.  Its spares and servicing business turnover is around
GBP250,000.  Etchells also owns 3.2 acres of premises, with
alternative use potentials, in West Midlands.

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newshall Street
          Birmingham B3 3NY
          Contact:
          Susannah Carlton
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          E-mail: birmingham@bebies-traynor.com


EXCELPRINT LIMITED: Hires Grant Thornton Administrator
------------------------------------------------------
The Excelprint (Suffolk) Limited Company has appointed Andrew
Hosking and Anthony Flynn of Grant Thornton as joint
administrative receivers.  The appointment was made June 2,
2004.  The company manufactures paper stationery and printing.

CONTACT:  GRANT THORNTON
          Melton Street,
          Euston Square, London NW1 2EP
          Receivers:
          Andrew Hosking
          Anthony Flynn
          (IP Nos 9009, 8619)


FUSION FOODS: Meeting Set July 16
---------------------------------
The Contributories of Fusion Foods International Ltd Company
will have a Meeting on July 16, 2004 at 10:30 a.m.  It will be
held at No 1 St Swithin Street, Worcester WR1 2PY.

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.


GOVETT HIGH: Shareholders to Vote on Reconstruction, Liquidation
----------------------------------------------------------------
The Board of Govett High Income Investment Trust PLC announces
that it will put forward proposals by 31 July 2004 for either a
reconstruction or liquidation of the Company.  In either case
shareholders will have the option to elect for cash.

Under the proposals:

(a) Income Shareholders would receive 6.0p per share to reflect
    the income forgiven on those shares;

(b) Ordinary Shareholders would receive 0.2p per share; and

(c) Zero Dividend Preference Shareholders would receive the
    remaining net assets of the Company after taking account of
    the cost of breaking the Company's interest rate swap and
    the other costs of the proposals.

Having taken all matters into consideration the Board believes
that at this time such proposals would be in the interest of
shareholders generally.

The proposals will be subject to the approval of appropriate
class meetings and general meeting of shareholders.

CONTACT:  COLLINS STEWART LTD
          Paul Richards
          Phone: 020 7523 8350


INVENSYS PLC: Announces Tender Offer for 7 1/8% Notes Due 2007
--------------------------------------------------------------
Invensys plc announced that it has commenced a tender offer for
a portion of outstanding 7-1/8% notes due 2007 issued by the
Company under its former name Siebe plc.

The Company is inviting holders to submit offers to sell notes,
at a price determined by each holder, within a range of $965.00
to $1,000.00 per $1,000 principal amount (the Offer Price), upon
the terms and conditions specified in the Offer to Purchase
dated June 15, 2004.  In addition, the Company is offering
to pay $10.00 per $1,000 principal amount of notes (the Early
Tender Payment) for all notes that are validly tendered prior to
5:00 p.m., New York City time, on June 28, 2004 (the Early
Tender Date) and that are purchased in the tender offer.
Accordingly, the total consideration for the notes, including
Offer Price and Early Tender Payment, amounts to a minimum of
$975.00 per $1,000 principal amount of notes and a maximum of
$1,010.00 per $1,000 principal amount of notes.

This offer is being made to enable the Company to reduce the
amount of its outstanding indebtedness and its ongoing debt
service obligations.

The Company is making the tender offer by way of a 'Modified
Dutch Auction' procedure.  Under this procedure, the Company
will accept notes offered for sale in the following order:
first, offers to sell notes at an Offer Price of $965.00
per $1,000 principal amount and continuing with offers to sell
notes in order of increasing Offer Price, until the Company has
spent approximately $119.0 million.  The Company will pay to all
holders whose offers are accepted the highest Offer Price
specified for notes that are accepted for purchase by the
Company (the Clearing Price), even if that price is higher than
the price offered by such holder.  If the aggregate principal
amount of notes offered at the Clearing Price exceeds the
maximum principal amount of notes that may be accepted by the
Company at the Clearing Price under the foregoing procedure,
acceptances of offers at the Clearing Price will be allocated
among holders on a pro rata basis according to the principal
amount so offered.  The determination of whether the $119.0
million aggregate spending limit has been exceeded will be based
on the aggregate Offer Price and applicable Early Tender
Payments (but excluding payment of accrued interest).

Accordingly, holders whose notes are accepted for purchase will
receive the Clearing Price plus, in the case of notes tendered
prior to the Early Tender date, the Early Tender Payment.  In
addition, all Holders whose notes are accepted for purchase will
receive accrued and unpaid interest to, but not including, the
settlement date.

Based on the above price range, and available net proceeds of
$119.0 million, the maximum principal amount of notes the
Company may purchase pursuant to the tender offer is from $117.8
million (based on the maximum Offer Price of $1,000, plus the
Early Tender Payment) to $122.1 million (based on the minimum
Offer Price of $965.00, plus the Early Tender Payment).

The tender offer will expire at 5:00 p.m., New York City time,
on July 15, 2004, unless extended or earlier terminated (the
'Expiration Date').  Tenders of notes may be withdrawn at any
time prior to 5:00 p.m., New York City time, on June 28,
2004.

The terms and conditions of the tender offer are set forth in
the Company's Offer to Purchase dated June 15, 2004. This press
release is not an offer to purchase, a solicitation of an offer
to purchase or a solicitation of an offer to sell any notes.
The offer may only be made pursuant to the terms of the Offer to
Purchase.

The Company has engaged Banc of America Securities LLC to act as
exclusive dealer manager and solicitation agent in connection
with the tender offer.  Questions regarding the offer may be
directed to Banc of America Securities LLC, High Yield Special
Products, at 888-292-0070 (US toll-free) and 704-388-9217
(collect).  Requests for documentation may be directed to Global
Bondholder Services at (866) 807-2220 (US toll-free) and (212)
430-3774 (collect).

CONTACT:  INVENSYS PLC
          Mike Davies
          Phone: + 44 (0) 20 7821 3538

          BRUNSWICK
          Nick Claydon
          Mike Smith
          Phone: +44 (0) 20 7404 5959


INVESTORS COMPENSATION: Hires Ernst & Young Liquidator
------------------------------------------------------
Members of Investors Compensation Scheme Limited Company will
have a Final Meeting on July 15, 2004 at 10:00 a.m.  It will be
held at 1 More London Place, London SE1 2AF.

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 Ernst & Young LLP, 1 More
London Place, London SE1 2AF not later than 12:00 noon, July 14,
2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Contact:
          E A Bingham, Joint Liquidator


MARBLEWHARF LIMITED: Members Final Meeting Set July 20
------------------------------------------------------
There will be a Final Meeting of the Members of the Marblewharf
Limited Company on July 20, 2004 at 10:00 a.m.  It will be held
at Charnwood House, Gregory Boulevard, Nottingham NG7 6NX.

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 Charnwood House, Gregory
Boulevard, Nottingham NG7 6NX not later than 12:00 noon, July
19, 2004.


MARKS & SPENCER: Rejects Philip Green's GBP10.5 Million Offer
-------------------------------------------------------------
Marks & Spencer on Wednesday thwarted a takeover attempt from
retail entrepreneur Philip Green for the second time, The
Telegraph reports.

Mr. Green, who previously offered 290p to 310 p in cash plus a
25% stake, was turned down with his increased 370 p cash bid.
The enhanced offer included an option of claiming a share in Mr.
Green's bid vehicle, Revival, and a promise to take on the
company's GBP2 billion of debts.  The offer puts a total value
of GBP10.5 million to the company.

Chief executive Stuart Rose was quoted in the report saying the
approach "simply isn't at a level that we could recommend to our
shareholders.  "It significantly undervalues the group's value
and its potential.  The business is not for sale."  He did not
mention figures but said the business' worth is significantly
higher than what was offered.

The report recalls analysts' prediction that Marks & Spencer's
board is likely to ignore an offer below 400p.  Mr. Green
himself hinted the offer is still subject to "some due
diligence."


MYRATECH.NET PLC: Meeting of Creditors Set June 25
--------------------------------------------------
Creditors of Myratech.Net Plc will have a Meeting on June 25,
2004 at 10:30 a.m.  It will be held at Cobbetts Solicitors, 39
Newhall Street, Birmingham B3 3DY.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Cobbetts Solicitors, 39 Newhall Street,
Birmingham B3 3DY not later than 12:00 noon, June 24, 2004.

CONTACT:  COBBETTS SOLICITORS
          39 Newhall Street,
          Birmingham B3 3DY
          Contact:
          A J Galloway, Joint Administrator


NESTON COLOUR: Hires Receivers from Kroll Limited
-------------------------------------------------
Printing Company, Neston Colour Limited has appointed Charles
Peter Holder and Stuart Charles Edward Mackellar of Kroll
Limited as joint administrative receivers.  The appointment was
made June 9, 2004.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street,
          Leeds LS1 5AP
          Receivers:
          Charles Peter Holder
          Stuart Charles Edward Mackellar
          (IP Nos 9093, 6883)


OFFICE CORP: Creditors Meeting Set June 29
------------------------------------------
There will be a Creditors Meeting of the Office Corp Furniture
Limited Company on June 29, 2004 at 10:30 a.m.  It will be held
at the offices of Smith and Williamson Limited, No 1 rising
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 and Williamson Limited, No 1 Rising House
Street, London W1A 3AS not later than 12:00 noon, June 28, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Rising House Street,
          London W1A 3AS
          Joint Administrative Receivers:
          W D Joseph
          I J Allan


PHILPOTTS ACOUSTICS: Sets General Meeting June 24
-------------------------------------------------
A General Meeting of the unsecured Creditors of Philpotts
Acoustics Limited Company will be on June 24, 2004 at 10:30 a.m.
It will be held at Mazars, Lancaster House, 67 Newhall Street,
Birmingham B3 1NG.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Mazars, Lancaster House,
67 Newhall Street, Birmingham B3 1NG not later than 12:00 noon,
June 23, 2004.

CONTACT:  MAZARS
          Lancaster House,
          67 Newhall Street, Birmingham B3 1NG
          Contact:
          A S Wood, Joint Administrative Receiver


PPL THERAPEUTICS: To Return Capital to Shareholders
---------------------------------------------------
Further to the announcement on 4 June 2004, a circular
recommending a proposal to return capital to shareholders (other
than Innovation Development Limited) and return PPL Therapeutics
plc to private ownership by a capital reduction to be effected
by way of a scheme of arrangement under section 425 of the
Companies Act 1985 has been posted to the Company's
shareholders.

A copy of the circular has also been submitted to the Financial
Services Authority and will shortly be available for inspection
at the FSA's Document Viewing Facility, (documents will usually
be available for inspection within six normal business hours of
this notice being given), which is situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Date:     Immediate release, Wednesday 16 June 2004

CONTACT:  PPL THERAPEUTICS PLC
          Chris Greig, Chairman
          Phone: 0131 440 4777

          Lindsay Dunsmuir, Chief Financial Officer
          Phone: 0131 440 4777

          KPMG CORPORATE FINANCE
          Financial Advisers to the Company
          David McCorquodale, Partner
          Phone: 020 7311 8493

          INNOVATION DEVELOPMENT LIMITED
          Neil Muttock, Managing Director
          Phone:  020 7704 9997

          MCBRIDES
          Financial Advisers to Innovation Development Limited
          Peter McBride, Partner
          Phone: 020 7467 1700

          DEUTSCHE BANK
          Corporate Broker to the Company
          Phil Cowdy, Director
          Phone: 020 7547 6936

          HUDSON SANDLER
          PR Advisers to the Company
          Alistair Mackinnon-Musson
          Phone: 020 7796 4133
          E-mail: ppl@hspr.co.uk


QUADRIGA HOLDINGS: Sets General Meeting July 14
-----------------------------------------------
There will be a General Meeting of the Members of Quadriga U.K.
Holdings Limited Company on July 14, 2004 at 2:00 p.m.  It will
be held at the offices of Baker Tilly, Spectrum House, 20-26
Cursitor Street, London EC4A 1HY.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY not later than
12:00 noon, July 13, 2004.

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


SCOTLAND THE BRAND: To Go Into Voluntary Liquidation
----------------------------------------------------
Scotland the Brand, an organization established to promote and
harness Scotland's "distinctive brand values," is set to ask for
voluntary liquidation this month, according to Europe
Intelligence Wire.  This came after the company failed to meet
its target to grow member companies, which numbers around 160.

Nick Kuenssberg, Chairman of Scotland The Brand Ltd, said: "It
is with great regret that the board has been forced to this
decision.

Mr. Kuenssberg added that they are reassuring their members that
Scottish Enterprise, the new manager of the Scotland Mark, will
continue to service their licenses.  They will still be allowed
to use the mark, and in addition, new firms will be welcomed.


SEVENTH CROSFIELDS: Hires Mercer & Hole Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Seventh Crosfields Limited Company on June 4, 2004 held at Sygen
International plc, 2 Kingston Business Park, Kingston, Bagpuize,
Oxfordshire OX13 5FE, the Special Resolution to wind up the
company was passed.  Peter John Godfrey-Evans of Mercer & Hole,
Silbury Court, 420 Silbury Boulevard, Central Milton Keynes has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  MERCER & HOLE
          Silbury Court
          420 Silbury Boulevard,
          Central Milton Keynes
          Contact:
          Peter John Godfrey-Evans, Liquidator


SLOCOACH TRANSPORT: Security Protection Bills Forces Liquidation
----------------------------------------------------------------
Bus firm Slocoach Transport Ltd. has gone into liquidation and
will be wound up by Hamilton Sheriff Court, Evening Times
reports.  Scott House receiver Irene Harbottle has been tasked
to handle the company's accounts.

Slocoach was attacked by vandals three years ago, and was forced
to spend hundreds of thousands of pounds on security measures,
including a 24-hour protection for its fleet of buses.  The
company's insurance bill rose from GBP100,000 to almost
GBP400,000 as worried drivers refused to cover dangerous routes.


SSL INTERNATIONAL: Sale of Regent Infection Control Biz Okayed
--------------------------------------------------------------
SSL International plc is pleased to announce that the resolution
to approve the disposal of the Regent Infection Control business
was passed at an Extraordinary General Meeting held earlier on
Wednesday.

Completion of the transaction remains conditional, inter alia,
upon approval from regulatory authorities in Malaysia and
competition authorities in the US.

CONTACT:  SSL INTERNATIONAL PLC
          Garry Watts, Chief Executive
          Jan Young, Head of Investor Relations
          Phone: 020 7367 5773

          THE MAITLAND CONSULTANCY
          William Clutterbuck
          Brian Hudspith
          Phone: 07785 292617


TELEWEST COMMUNICATIONS: To Delist Shares in London Bourse July
---------------------------------------------------------------

Telewest Communications plc announces that, as part of its
planned financial restructuring, it intends to cancel the
listing of its ordinary shares on the Official List of the U.K.
Listing Authority and the admission to trading of such shares on
the London Stock Exchange's market for listed securities with
effect from 4:30 p.m. (U.K. time) on 14 July 2004, being the
business day prior to the date on which the Telewest scheme of
arrangement is expected to become effective.

Cancellation of the listing is conditional upon, among other
things, the Telewest and Telewest Finance (Jersey) Limited
schemes of arrangement being sanctioned by the High Court of
England and Wales and the Royal Court of Jersey at hearings to
be held on 17 June 2004 and 18 June 2004 respectively.  Subject
to these conditions, dealings in Telewest shares on the London
Stock Exchange are expected to cease at 4:30 p.m. (U.K. time) on
14 July 2004.   Telewest also expects that the Telewest ADRs
will cease trading on the Nasdaq National Market at 4:30 p.m.
(New York time) on the previous business day.

Any changes to the times and/or dates above will be notified by
further announcement.

CONTACT:  TELEWEST COMMUNICATIONS
          Jane Hardman, Director Of Corporate Communications
          Mary O'Reilly, Head Of Media
          Phone: 020 7299 5888

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


ZORBIT BABYCARE: Appoints Administrators from KPMG
--------------------------------------------------
Richard Fleming and Paul Flint from KPMG Corporate Recovery in
Manchester have been appointed joint administrators to Zorbit
Babycare Limited.  The company, which has a GBP12 million
turnover and which is based at Haydock Park in Merseyside,
supplies branded and licensed textile baby bedding, nursery
products and baby toys to mail order companies, supermarkets,
department stores, specialist nursery groups and wholesalers.

The administration comes following a period of poor sales after
the firm attempted to enter new markets and launch a new range
of products.

Commenting on the administration, Paul Flint, joint
administrator and director at KPMG Corporate Recovery, said, "As
a consequence of falling sales and high overhead costs, the
administrators have had to make 24 of the 59 members of staff
redundant.  However, we are continuing to trade the business and
are hopeful of rescuing the business as a going concern over the
next few weeks."

CONTACT:  KPMG
          Katy Broomhead
          Corporate Communications
          Phone:  0161 246 4623
          Mobile: 07775 708917
          E-mail: katy.broomhead@kpmg.co.uk
          Web site: http://www.kpmg.co.uk

          KPMG Press Office
          Phone: 0207 694 8773


                            *********


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.

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