TCREUR_Public/040625.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 25, 2004, Vol. 5, No. 125

                            Headlines

B U L G A R I A

AIR DOBRUDJA: Court to Hear Bankruptcy Petition Today


F R A N C E

ALSTOM SA: Lenders Allow Amendments to Credit Pacts
TATI: Court Grants Retailer Two More Months to Find Partner
VIVENDI UNIVERSAL: Computer Games Unit Axes 350 Workers
VIVENDI UNIVERSAL: Ex-chairman Released on GBP900,000 Bail


G E R M A N Y

DUERR AG: S&P Gives 'BB-' Rating; Cites Weak Profitability
JENOPTIK AG: Issues EUR60 Million Five-year Convertible Bond


H U N G A R Y

DAM STEEL: Latest Attempt to Sell Assets Fails


I T A L Y

ALITALIA SPA: Air France-KLM to Only Welcome a Healthy Alitalia
ALITALIA SPA: Government Intercedes to Keep Airline Flying
PARMALAT FINANZIARIA: EBITDA Up Slightly to EUR61.3 Million
PARMALAT U.S.A.: Lenders Extend Deadline for Plan Requirements


L U X E M B O U R G

TK ALUMINUM: Absorbs EUR2.8 Million Loss as Revenues Drop


N E T H E R L A N D S

BUHRMANN N.V.: Senior Implied, Issuer Ratings Affirmed
KONINKLIJKE AHOLD: Faces EUR1 Billion Extraordinary Expense


N O R W A Y

AKER KVAERNER: Wins Contract to Build U.S. Cancer Center


R O M A N I A

ROMPETROL GROUP: Proposed EUR150 Mln Bond Receives 'B-' Rating


R U S S I A

WEB-INVEST BANK: Assigned 'CCC/C' Ratings; Outlook Stable


S W E D E N

SAS GROUP: Scales down 2004 Fiscal Year Forecast
SCANDINAVIAN AIRLINES: OSL/Avinor Drops Talk with SAS Trading
SKANDIA INSURANCE: Nick Poyntz-Wright Takes over U.K., Asia Unit


U K R A I N E

NEMIRIVSKE CONSTRUCTION 6: Court Orders Liquidation
SPIVDRUZHNIST: Court Begins Bankruptcy Proceedings
STAROKRIMSKIJ CONCRETE: Under Bankruptcy Supervision
UKRPRODUKT: Bankruptcy Proceedings Start
YUZHPROMHIMMONTAZH: Declared Insolvent


U N I T E D   K I N G D O M

ACE CLOTHING: Extraordinary Winding up Resolution Passed
ACORN ENGINEERING: Hires Baker Tilly Liquidator
ALLEN WASTE: Calls in Liquidator
ANMER OILS: In Administrative Receivership
ASSURED INVESTMENT: Names Liquidator from Parkin Booth & Co

AZTEC SILKSCREEN: Winding up Resolution Passed
BEESON GREGORY: Sets Final Meeting July 30
BOROUGH MOTOR: Special Winding up Resolution Passed
BRITISH SKY: Appoints New Chief Financial Officer
BRIXWORTH SOFTWARE: Appoints Robert Day and Company Liquidator

CABALLO SADDLERY: Hires Receivers from Begbies Traynor
CAPRICORN ESTATES: Names Liquidator from Begbies Traynor
CLEMENTINE BRAND: Web site Developer for Sale
CYBERES PLC: Calls in Administrators
EQUITABLE LIFE: Government Sticks to 'No Compensation' Policy

EUROTUNNEL PLC: Adjusts Fare to Steady Rough Sailing
HISCOX 2004: Appoints PricewaterhouseCoopers Liquidator
HOLLINGER INTERNATIONAL: Barclay Brothers Grab Telegraph Group
I J P F H LIMITED: Hires Liquidator from Poppleton & Appleby
INDEPENDENT RECORD: Music Recording Business for Sale

INTERGLAZE UPVC: Appoints Grant Thornton Administrator
IVO PRINTS: Names Harrisons Administrator
JVR JERROM: Appoints Joint Administrator
KAMELIAN LIMITED: In Administrative Receivership
KINLOCHDAMPH: Cash Crunch Makes Administration Imminent

MANCHEM LIMITED: Members Final Meeting Set July 29
M DIXON: Appoints Liquidator from Bridgestones
NETWORK RAIL: Condemns Union's Threat to Strike
NEWLINE DISPLAY: Hires KPMG Administrator
NORTH DEVON: Sets General Meeting July 23

OXALIS LIMITED: Final General Meeting Set July 23
REDMAN CONSTRUCTION: Names Receivers from Rothman Pantall & Co.
SKYEPHARMA PLC: Remains Positive Despite Continued Difficulties
SOUTHERN INDUSTRIAL: Appoints Liquidators from Ernst & Young
TOMEN EUROPE: Hires Liquidators from PricewaterhouseCoopers
TRANSBUS: Unions Blame Government for Closure of Belfast Plant


                            *********


===============
B U L G A R I A
===============


AIR DOBRUDJA: Court to Hear Bankruptcy Petition Today
-----------------------------------------------------
The district court in Dobrich, Bulgaria will hear the bankruptcy
petition of Air Dobrudja on June 25.  The company, which applied
for bankruptcy in November, is in the second phase of its
bankruptcy proceedings.

Yanko Stoyanov has been appointed receiver.  He has not so far
drawn up a rehabilitation plan, although such has no use,
according to Air Dobrudja manager Vladimir Mutafchiev in an
interview with PARI daily recently.  The company's entire assets
are for sale.

Air Dobrudja incurred debts amounting to almost BGN4 million
(US$2.4 million); including BGN1.2 million (US$749,000) in
unpaid interest.


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


ALSTOM SA: Lenders Allow Amendments to Credit Pacts
---------------------------------------------------
Alstom's banks have given their unanimous consent to a new set
of financial covenants and to the amendments to its credit
agreements required to allow the implementation of the financial
plan.  This constitutes an important step towards the
implementation of the global financial plan presented on May 26
2004, aiming to secure access to bonds and strengthen the
balance sheet.  The two next steps are the European Commission's
approval and shareholders' nod.

A copy of this press release is available free of charge at
http://bankrupt.com/misc/Alstom_Covenant.pdf.

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: Investor.relations@chq.alstom.com


TATI: Court Grants Retailer Two More Months to Find Partner
-----------------------------------------------------------
The French commercial court has given local discount retailer
Tati another two months to solve its woes, according to Les
Echos.  Tati had been granted six months until July 2 to find a
partner and draft a restructuring plan.  The extension means it
has until September 21 to convince the court not to order a
liquidation.

The company has set a meeting with the works council on June 28.
The meeting has nothing to do with the restructuring plan, it
said.  Tati, which has already accumulated EUR60 million of debt
in the first nine months of its 2003 fiscal year, is actively
seeking a business associate, a move that has gained the backing
of CGT, a trade union that has vowed to oppose any
restructuring.


VIVENDI UNIVERSAL: Computer Games Unit Axes 350 Workers
-------------------------------------------------------
Vivendi Universal Games (VU Games) announced another step in its
turnaround plan to improve operating effectiveness, reduce costs
and position for growth.  The changes include a significant
staff reduction in its North American based operations resulting
in the elimination of 350 staff positions.  The Company's
Blizzard Entertainment studio was not part of the staff
reduction.

"Restructuring the organization and reducing our cost base are
necessary to improve our operating effectiveness and
profitability," said VU Games CEO Bruce Hack.  "This constitutes
another important step in our turnaround plan aimed to better
position the Company for growth."

With a global and more focused organization in place, VU Games
is looking ahead to the second half of the year with several
major releases scheduled for launch.  VU Games plans to release
World of Warcraft from Blizzard Entertainment, marking the
Company's entry into the massively multi-player online role-
playing games category.  Other current and upcoming releases for
2004 include Crash Twinsanity, Leisure Suit Larry, The
Chronicles of Riddick: Escape from Butcher Bay, Van Helsing,
Ground Control II, Fight Club and Spyro: A Hero's Tail.

About Vivendi Universal Games

Headquartered in Los Angeles, VU Games (S&P, BB Long-Term and B
Short-Term Corporate Credit Ratings, Positive) is a leading
global developer, publisher and distributor of multi-platform
interactive entertainment.  Its development studios and
publishing labels include Blizzard Entertainment, Sierra
Entertainment, Fox Interactive and Massive Entertainment.  VU
Games' library of over 700 titles features multi-million unit
selling properties such as Warcraft, StarCraft and Diablo from
Blizzard; Crash Bandicoot, Spyro The Dragon, Ground Control,
Tribes and Leisure Suit Larry.

CONTACT:  VIVENDI UNIVERSAL
          Media, Paris
          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

          Media, New York
          Flavie Lemarchand
          Phone: +(1) 212-572-1118

          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91

          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33

          Investor Relations, New York
          Eileen McLaughlin
          Phone: +(1) 212-572-8961


VIVENDI UNIVERSAL: Ex-chairman Released on GBP900,000 Bail
----------------------------------------------------------
Former Vivendi Chairman Jean-Marie Messier was released from
police custody late Tuesday after prosecutors grilled him about
his role in an alleged insider trading three years ago.

Mr. Messier was arrested by authorities Monday and held for
questioning by the police.  According to The Telegraph,
prosecutors, who had not yet interrogated him, held him for an
additional 12 hours on Tuesday.  He was released on a GBP900,000
bail, but is still subject to court-imposed restrictions, the
report said.

It has yet to be determined whether formal charges will be
brought against him.  Authorities suspect Mr. Messier may have
engaged in insider trading when Vivendi bought back a large
volume of shares in the wake of the September 11, 2001 attacks
in the United States.  They believe he personally benefited from
this buyback.  In December, Vivendi and Mr. Messier reached an
agreement with the U.S. SEC to pay a US$50 million civil penalty
to settle charges of defrauding shareholders.


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


DUERR AG: S&P Gives 'BB-' Rating; Cites Weak Profitability
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Germany-based automotive production equipment
supplier Duerr AG.  The outlook is stable.  At the same time,
Standard & Poor's assigned a 'B' debt rating to the group's
proposed subordinated EUR200 million bond, two notches below the
corporate credit rating, owing to contractual and structural
subordination.

"The ratings reflect Duerr's currently very weak profitability
and challenging position as a supplier to original equipment
manufacturers," said Standard & Poor's credit analyst Nicolas
Baudouin.

"The ratings are nevertheless supported by Duerr's leading
global positions, strong customer relationships, and widely
recognized know-how in its core markets."

Duerr's financial measures were adequate for the current ratings
at year-end 2003, with a funds from operations (FFO)-to-net debt
(adjusted for leases and pensions) ratio of 25%, but are
expected to weaken in 2004 due to anticipated cash outflows for
the group's ongoing restructuring program and increasing working
capital needs, resulting in higher net debt levels in 2004.
From 2005, once one-off costs and working capital effects have
been absorbed and cost savings start materializing, financial
measures are expected to improve significantly.

With annual sales of about EUR2.3 billion, Duerr is one of the
world's leading suppliers of production systems and services for
the automotive industry, deriving 57% of its EBITDA from paint
shops.  Although the group enjoys a leading world position, this
does not translate into adequate profitability: Operating
margins (based on EBITDA) bottomed out at 3.2% in 2003, and are,
in Standard Poor's opinion, not likely to substantially exceed
6% in the future, even after benefits from the restructuring
program materialize.  Duerr is in the midst of a transitional
period, after several years of strong external growth that
increased revenues but weakened profitability.  Drastic cost
savings measures are underway, but the bargaining power of
automotive original equipment manufacturers is expected to
absorb part of the forecasted productivity gains.  The group's
earnings enhancement program, "Sprint Squared", should, however,
boost financial measures from 2005 forward, and will be key to
generating free cash flows since revenues, constrained by
pricing pressure, are expected to remain flat.

"We expect that Duerr will maintain its leading market shares,
significantly enhance profitability, and abstain from making any
important acquisitions in the short-to-medium term," added Mr.
Baudouin.

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
          Analyst E-mail Addresses
          nicolas_baudouin@standardandpoors.com
          eve_greb@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


JENOPTIK AG: Issues EUR60 Million Five-year Convertible Bond
------------------------------------------------------------
The Executive Board of Jenoptik AG (ISIN DE0006229107) decided,
with the consent of the Supervisory Board, to issue a
convertible bond.  The issue volume of the bond is about EUR60
million and can be converted into up to 4.884 million shares.
This corresponds to 10 percent of the outstanding shares.  The
shareholders' subscription right is being excluded from the bond
issue.

The term of the convertible bond is five years, and cannot be
terminated by the company during the first three years of the
term.  Thereafter the company can terminate the bond if the
Jenoptik share price exceeds 135 percent of the conversion price
within a specific period.

The bond will be offered together with a coupon of 2.5% and a
conversion premium of 45 to 50% to institutional investors
outside the USA, Canada, Australia and Japan (Regulation S).
The definitive pricing including the yield to maturity will be
carried out on Thursday, June 24, 2004 using a bookbuilding
procedure.  The transaction will be carried out by the HVB
Corporates & Markets as sole lead manager and sole bookrunner
assisted by the Commerzbank as co-lead.

Jenoptik AG is issuing the convertible bond at this time against
the background of the attractive market environment for
convertible bonds.  Jenoptik intends to use the proceeds from
the issue to repay liabilities prior to maturity and to further
improve its financing structure in the long run. In addition,
the expansion of the Photonics business division will be
continued.

No prospectus within the meaning of the German Securities Sales
Prospectus Act (the SPA) has been or will be prepared in
connection with the offering.  The securities will be offered in
the Federal Republic of Germany solely to persons who purchase
or sell securities as part of their trade, profession or
occupation pursuant to Section 2, No. 1 of the SPA and/or who
are a part of a restricted circle of investors who have been
selected by the offeror(s) and are informed enough to understand
the possible investment risks involved pursuant to Section 2,
No. 2 of the SPA.

                            *   *   *

Not for Distribution into the United States

The information contained herein is not for publication or
distribution in the United States of America.  The securities
referred to herein have not been and will not be registered
under the United States Securities Act of 1933 (the Securities
Act), as amended, and may not be offered, sold or delivered,
directly or indirectly, in the United States or to U.S. persons
absent registration under the Securities Act or an available
exemption from the registration requirements of the Securities
Act.  These materials do not contain or constitute an offer of
securities for sale in the United States or to U.S. persons.

This document is directed at and/or for distribution in the
United Kingdom only to (i) persons who have professional
experience in matters relating to investments falling within
article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 (the Order) or (ii) high net
worth entities falling within article 49(2)(a) to (e) of the
Order (all such persons being together referred to as relevant
persons).  This document is directed only at relevant persons.
Other persons should not act or rely on this document or any of
its contents.  This document is confidential and is being
supplied to you solely for your information and may not be
reproduced, redistributed or passed on to any other person or
published, in whole or in part, for any other purpose.

CONTACT:  JENOPTIK AG
          Investor Relation:
          Cornelia Todt
          Phone/Fax: ++49 (0) 3641- 652290/2157

          Press Relation:
          Markus Wild
          Phone/Fax: +49 (0) 3641 - 652255/2484
          Web site: http://www.jenoptik.com


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


DAM STEEL: Latest Attempt to Sell Assets Fails
----------------------------------------------
DAM Steel's liquidator failed anew to secure a buyer for the
company's assets, MTI-ECONEWS reports.  As a result,
Matraholding, the liquidator assigned to DAM Steel, is issuing
another invitation to prospective buyers.  This latest failure
brings to three the number of attempts to sell DAM Steel's
assets since its liquidation in March 2003.

Cogni, which acquired the company from receivers for HUF4.3
billion in April 2001, set up SAM Steel Specialis Acelgyarto Rt
to run DAM Steel.  The Italian investor, however, suffered
losses of HUF7 billion and eventually decided to pull out after
production halted due to repeated strikes.  Afterwards,
Matraholding and three trade unions set up Borsodi Nemesacel
Acelgyarto Kft to operate DAM Steel and save the jobs of 1,100
workers.  But Borsodi, too, went into receivership.

Troubled Company Reporter-Europe in its June 16, 2004 report
said four parties had showed interest in acquiring DAM Steel's
assets, although none of them was willing to cough up more than
50% of the HUF5.3 billion price tag set by the liquidator.  The
highest bid was only HUF2.5 billion.


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


ALITALIA SPA: Air France-KLM to Only Welcome a Healthy Alitalia
---------------------------------------------------------------
French-Dutch airline Air France-KLM is ready to welcome Alitalia
to its fold, but only after the Italian carrier shall have
sorted out its troubles.

Air France chief Jean-Cyril Spinetta told the press in Teheran
on Monday: "We are open to the proposition, but that will not be
possible until Alitalia draws up a restructuring plan."

"Alitalia needs to focus on breaking even," adds Mr. Spinetta,
who was in Teheran for the resumption of Air France flights
between the city and Paris.

Air France-KLM became the biggest European carrier and the
number one airline in terms of sales worldwide after a merger
last month.  Alitalia at the time had expressed interest in a
merger with the giant.


ALITALIA SPA: Government Intercedes to Keep Airline Flying
----------------------------------------------------------
The Italian government agreed to guarantee a EUR400-600 million
bridging loan for state-controlled Alitalia, according to
Bloomberg News.  The Rome-based airline, which is 62%-owned by
the government, is seeking the amount from a group of banks,
including Mediobanca S.p.A.

Industry Minister Antonio Marzano said the amount is a
"temporary financing that will need to be followed by the
industrial plan," adding it's not renewable.  The European
Commission has still to scrutinize the arrangement to make sure
it does not breach competition rules.

Auditor Deloitte and Touche had warned the company may go
bankrupt if it does not immediately find cash needed for its
daily operation.  The company, which has been losing for several
years now, booked first-quarter pre-tax loss of EUR206 million
(US$249 million), up from EUR198 million last year.


PARMALAT FINANZIARIA: EBITDA Up Slightly to EUR61.3 Million
-----------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates the group's financial results as at 31 May 2004.


                  Parmalat Finanziaria S.p.A.

RESULTS

Highlights

                     Revenues        EBITDA        % Revenues

In millions
of Euros           2003    2004    2003  2004    2003    2004

Core Activities* 1,519.5 1,484.4  89.3  101.3     5.9    6.8

Non-core
Activities**       330.9   260.4 (21.5)  (8.3)    (6.5) (3.2)

Activities
In Special
Procedures***      372.9   232.4 (11.4) (31.7)    (3.1) (13.6)
Total            2,223.3 1,977.2  56.4   61.3      2.5    3.1

(*) Core Activities: consisting of drinks (milk and fruit
juice), milk-based products, focused on approximately thirty
brands (Global brands or strong local brands), focused on high
potential countries in which there is a strong demand for
healthy lifestyle products, a willingness to pay a premium price
for Parmalat brands and the availability of leading edge
technology.

(**) Non-core Activities: consisting of countries and activities
considered non-strategic which will be subject to disposal.

(***) Activities subject to Special Procedures: consisting of
businesses in countries outside Italy that are currently subject
to restrictions to their management as a result of local
bankruptcy proceedings.

CORE ACTIVITIES

Parmalat's Core Activity revenues have generally held up well
compared to the same period in the previous year (GBP1,484.4
million compared to GBP1,519.5 million) while EBITDA increased
by 13.4% to GBP101.3 million compared to GBP89.3 million in the
same period in 2003.

This improvement in operating results is largely as a result of
initiatives of a commercial nature and thanks to operating cost
reduction measures, which have also been applied to the
corporate structure.

In particular, looking at the Group's principal geographic areas
of operation, these can be noted:

Italy

Revenues for the period reached GBP574.2, down 7.9% compared to
the GBP623.8 million recorded in the same period in 2003.  While
revenues fell, EBITDA showed an improvement rising by 17.6% from
GBP34.0 million at 31 May 2003 to GBP40.0 at 31 May 2004.  This
confirms the positive trend already seen last month, even if
this is somewhat reduced as a result of a lower contribution
from the fruit juice activities (-12% for the period January to
May) compared to the same period in the previous year, whose
sales were slowed by unfavorable weather conditions.

Spain

Revenues for the period were GBP91.0 million compared to GBP93.4
million achieved at 31 May 2003.  EBITDA for the same period
fell from GBP8.9 million to GBP5.9 million.  The two factors
largely responsible for the worsening of the result for the
period were the increase in the cost of milk supplies compared
to the previous year (+8.2%) that were not balanced by a
corresponding increase in sale prices and the negative trend of
a strong seasonal character relating to the sale of ice cream
(Royne brand) which suffered as a result of weather conditions
that slowed consumption.

South Africa

Revenues for the period of GBP93.1 million grew by 28.8%
compared to the GBP72.3 million reported at 31 May 2003.  EBITDA
also increased considerably moving from GBP5.6 million at 31 May
2003 to GBP8.1 million at 31 May 2004. As indicated last month
this increase in profitability has resulted from the acquisition
of new brands, the optimization of the business' productive
structure as well as the appreciation of the South African rand
against the Euro.

Venezuela

The lack of credit lines for the importation of raw materials
(powdered milk) resulted in reduced revenues, which went from
GBP78.6 million in May 2003 to GBP62.7 million in May 2004 (-
20.2%).  This resulted in a strong decrease in operating
profitability, which fell from GBP11.5 million to GBP1.7
million, impacted also by an increase in local raw materials
costs and higher structural costs.

Canada

The Canadian market showed slight growth at the revenue level
moving from GBP457.1 million to GBP464.6 million while EBITDA of
GBP27.2 million in May 2004 was 23.7% ahead of the same period
last year (GBP22.0 million).

This improved profitability results principally from an increase
in cheese sales and from general and distribution cost
containment.

Australia

Revenues reached GBP154.9 million up 7.3% compared to the
GBP144.4 million in the same period in 2003.  Similarly EBITDA
for the period was GBP11.7 million compared to GBP10.5 million
in the same period in the previous year (+10.9%).  This
improvement in results is down to a favorable exchange rate
trend; and with regard to EBITDA a reduction in general and
promotional costs also made a contribution.

NON-CORE ACTIVITIES AND ACTIVITIES IN SPECIAL PROCEDURES

The negative result for the businesses covered under these two
headings is mainly due to the performance of the Brazilian and
U.S. operations.

Brazil

Revenues fell from GBP153.7 million to GBP45.4 million (-70.5%)
and EBITDA worsened moving from a negative GBP9.9 million to a
loss of GBP21.8 million.  However in Brazil the Group's
operations recently came back under Parmalat's control and a
corporate restructuring plan is currently being drawn up as part
of a Concordata procedure.  In the meantime revenues have
started to pick up compared to previous months (+18% in May
compared to April).

USA

Consolidated results showed a fall in revenues (from GBP350.2
million at 31 May 2003 to GBP288.7 million at 31 May 2004) and a
reduction in the operating result, which moved from a loss of
GBP5.8 million in 2003 to a loss of GBP7.6 million at 31 May
2004.

The Dairy activities (milk and milk products) hit by a serious
financial crisis, were put into a Chapter 11 procedure.  This
crisis has resulted in a significant reduction in revenues and
worsening in EBITDA.

The Bakery activities produced lower revenues but a
significantly improved operating result (even though this is
still in negative territory) thanks to the process of
reorganization currently underway.

NET FINANCIAL POSITION:

Highlights

Values in
millions of Euros                      As at           As at
                                  31 May 2004      31 December
2003

Short-term Financial Assets            (121.0)         (121.3)
of which:

Liquid financial assets                  (0.9)          (20.9)
Available liquidity                    (120.1)         (100.4)
Accruals on Financial Assets            (63.1)          (61.9)
Total Short-term Financial Assets      (184.1)         (183.2)
Financial Debt                       13,762.5        13,457.5
Accruals on financial liabilities       263.5           256.2
Total Financial Liabilities          14,026.0        13,713.7
Financial Indebtedness               13,841.9         3,530.5

In addition, further financial debt of GBP132.0 million needs to
be taken into account in relation to the situations as at 31
December 2003 and 31 May 2004, this relating to companies that
are not totally consolidated, and connected and controlling
companies.

The above figures still contain an element of uncertainty as
regards some companies in the Group that are subject to
restrictions as a result of local procedures (Brazil and USA
Dairy specifically).

Financial debt should be considered as being largely short-term
in nature, given the current situation of theoretical default on
the covenants underlying the financing contracts.  Some
companies are in talks to renegotiate their debt in order to
consolidate it.

At 31 May, a debt of GBP250 million was inserted relating to the
financing of a foreign subsidiary company carried out in 2002,
which envisaged a possible conversion into equity. Parmalat has
deemed it appropriate to forgo this option instead registering
with the subsidiary company a debt for the same amount.

Given the above the net financial position of the Group is
substantially unchanged and impacted by two events:

(a) On the asset side there has been an increase in the level of
    available liquidity largely thanks to the close attention
    paid to the management of available resources and to the
    disposal of Parmalat S.p.A.'s holdings in MCC S.p.A. and
    Banca di Roma S.p.A. and Parmalat Finanziaria S.p.A.'s
    disposal of its holding in Fondo Alfieri.

(b) On the liabilities side there has been a small increase
    almost entirely resulting from a worsening of exchange in
    the exchange rate between the Euro and currencies in
    countries outside Europe where the Group operates, and by an
    increase in accruals on liabilities for interest.

No use has been made until now of the line of credit of GBP105.8
million provided by a pool of banks on 4 March 2004.

Main Companies in Extraordinary Administration

These tables summarize situations of the main Italian Companies
in Extraordinary Administration

Parmalat Finanziaria S.p.A.

Values in millions of Euros
                                       As at           As at
                                  31 May 2004      31 December
2003

Short-term Financial Assets           (172.8)           (172.3)
Of which:
Intercompany financial credit         (171.8)           (171.8)
Liquid Financial assets                  0.0              (0.5)
Available liquidity                    (1.0)              0.0
Accruals on financial assets
(incl. Interco.)                         0.0              (0.6)
Total short-term financial assets    - 172.8            (172.9)
Financial Debit
(incl. Intercompany debt)            1,268.4           1,268.4
of which:

Intercompany Financial Debt           1,006.4           1,006.4
Other Financial Debt                   262.0             262.0
Accruals on Financial Liabilities
(incl. Interco.)                         4.7               4.8
Total Financial Liabilities          1,273.1           1,273.2
Financial Indebtedness               1,100.3           1,100.3

The net financial position of the company is substantially
unchanged with a small increase in available liquidity even
given the disposal during the course of May 2004 of its holding
in Fondo Alfieri.

Parmalat S.p.A.

Values in millions of Euros          Situazione       Situazione
                                         al               al
                                    31 Maggio 2004 31 Dicembre
2003

Short-term Financial Assets             (64.8)          (53.9)
of which:
Intercompany Financial Credit           (44.6)          (27.6)
Liquid Financial Assets                   0.0           (19.7)
Available Liquidity                     (20.2)           (6.6)
Accruals on Financial Assets
(incl. Interco.)                          0.0             0.0
Total Short-term Financial Assets       (64.8)          (53.9)
Financial Debt
(incl. Intercompany Debt)             3,912.8          3,912.8
of which:

Intercompany Financial Debt           1,030.0          1,030.0
Other Financial Debt                  2,882.8          2,882.8
Accruals on Financial Liabilities
(incl. Interco.)                          -                -
Total Financial Liabilities           3,912.8          3,912.8
Financial Indebtedness                3,848.0          3,858.9

The net financial position of Parmalat S.p.A. presents a
positive variation for the period (moving from -GBP3,859.0 to -
GBP3848.1, an improvement of GBP10.9 million). Liabilities were
unchanged while available financial resources were positively
affected by the disposal of holdings in MCC S.p.A. and Banca di
Roma S.p.A.

These disposals, along with the performance of the operating
business generated new cash that allowed for, above and beyond
covering the ongoing requirements of the business, an increase
in total available liquidity (moving from GBP6.6 million to
GBP20.2 million) and the granting of inter-company credits for
an amount of GBP16.7 million, principally in favor of units in
North America (GBP10.7 million), Uruguay (GBP1.7 million) and
Germany (GBP1.6 million) and the payment of suppliers with a
privileged position (advisors to the Administration procedure).

Eurolat S.p.A.

Values in millions
of Euros                            As at             As at
                                31 May 2004      31 December
2003

Short-term Financial Assets          (11.3)           (13.6)
of which:

Intercompany Financial Credit          0.0              0.0
Liquid Financial Assets                0.0              0.0
Available Liquidity                  (11.3)           (13.6)
Accruals on Financial Assets
(incl. Interco.)                      (0.1)             0.0
Total Short-term Financial Assets    (11.4)           (13.6)
Financial Debt
(incl. Intercompany Debt)            192.9            191.9
of which:

Intercompany Financial Debt           45.8             45.8
Other Financial Debt                 147.1            146.1
Accruals on Financial Liabilities
(incl. Interco.)                       0.5              1.5
Total Financial Liabilities          193.4            193.4
Financial Indebtedness               182.0            179.8

This company also saw its debt position stabilize having had no
requirement to seek new financing.  The variation in the Other
Financial Debt line as at 31 May 2004 compared to 31 December
2003 is at a result of reclassifications relating to already
made accruals for liabilities at the close of the previous
financial year.

Lactis S.p.A.

Values in millions of Euros           As at           As at
                                  31 May 2004   31 December 2003

Short-term Financial Assets            (3.1)           (0.4)
of which:

Intercompany Financial Credit           0.0             0.0
Liquid Financial Assets                 0.0             0.0
Available Liquidity                    (3.1)           (0.4)
Accruals on Financial Assets
(incl. Interco.)                        0.0            (0.0)
Total Short-term Financial Assets      (3.1)           (0.4)
Financial Debt
(incl. Intercompany Debt)              20.5            20.5
of which:
Intercompany Financial Debt             8.6             8.6
Other Financial Debt                   11.9            11.9
Accruals on Financial Liabilities
(incl. Interco.)                        0.0             0.1
Total Financial Liabilities            20.5            20.6
Financial Indebtedness                 17.4            20.2

Available liquidity increased from GBP0.4 million to GBP3.1
million, while financial liabilities remained unchanged compared
to 31 December 2003.


PARMALAT U.S.A.: Lenders Extend Deadline for Plan Requirements
--------------------------------------------------------------
Pursuant to the DIP Financing Agreement and the Final DIP Order,
the Parmalat U.S. Debtors are required to provide the
Postpetition Lenders on or before April 22, 2004:

    (i) Definitive documentation relating to the sale of the
        assets of Farmland Dairies, LLC, and Milk Products
        of Alabama, LLC, acceptable to a majority in interest
        of the Lenders, in their sole discretion; or

   (ii) A business plan acceptable to a majority in interest of
        the Lenders, in their sole discretion, for substantially
        all of the assets of Farmland and Milk Products not
        subject to the definitive documentation.

The U.S. Debtors' failure to satisfy these requirements
constitutes an Absolute Termination Event, and the Lenders are
immediately authorized to cease extending credit to or for the
benefit of the Debtors, and terminate the DIP Facility.

By letter agreements, General Electric Capital Corporation, as
Postpetition Agent, agreed to extend the deadline to June 7,
2004.

By this stipulation, the parties agree that the U.S. Debtors
will:

(a) Provide the Lenders, on of before June 25, 2004, with a
    business plan acceptable to a majority in interest of the
    Lenders, in their sole discretion, for substantially all of
    the assets of Farmland;

(b) Provide the Lenders, on or before July 20, 2004, with a term
    sheet for a plan of reorganization;

(c) Provide the Lenders, on or before August 25, 2004, with a
    draft plan of reorganization; and

(d) File a plan of reorganization and accompanying disclosure
    statement, on or before August 23, 2004.

In all other respects, the Final DIP Order will remain in full
force and effect.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some-brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


TK ALUMINUM: Absorbs EUR2.8 Million Loss as Revenues Drop
---------------------------------------------------------
Net revenues for the quarter ended March 31, 2004, at EUR221.4
million, decreased by EUR14.7 million or 6.2% compared to the
quarter ended March 31, 2003.  While sales volumes increased by
3.8%, revenues declined by EUR13.5 million due primarily to the
unfavorable impact of a price dispute and the adverse impact of
changes in foreign exchange rates.

Adjusted EBITDA was EUR12.3 million for the quarter, or 5.5% of
net revenue, compared to EUR19.3 million, or 8.2% of net
revenue, in the first quarter of 2003.  Adjusted EBITDA has been
adjusted for certain expenses which have been reimbursed by
Teksid S.p.A. under the terms of the purchase agreement and in
2003 for certain non-recurring transaction expenses.  Reported
loss from operations equaled EUR2.8 million for the quarter
versus an operating income of EUR4.9 in Q1 2003.  Attached to
this release is a reconciliation of reported income (loss) from
operations to Adjusted EBITDA.

During the first quarter of 2004 the decrease in Adjusted
EBITDA versus 2003 was due to a negative shift in the mix of
products sold and the effect of a price dispute, which is
currently under negotiation, with a significant customer in
North America.  The positive impact of increased volumes in the
quarter was more than offset by the temporary effect of a sharp
increase in North American aluminum prices, which under contract
may be passed through to customers following a lag period of one
to nine months, and contracted price decreases which have not
been fully offset by cost reductions.

Including EUR62.7 million of cash and cash equivalents, net debt
at March 31, 2004 amounted to EUR255.1 million, a EUR9.5 million
increase from December 31, 2003, primarily due to seasonal
increases in working capital, and a EUR8.8 million decrease from
the first quarter of 2003.  Total shareholders equity equaled
EUR158.4 million, including EUR35.4 million of cumulative non-
cash losses related to foreign exchange translation (including
EUR22.1 million of Cumulative Translation Adjustment, EUR18.6 of
accumulated Foreign Exchange Losses since the acquisition and
EUR5.3 million in gains from foreign currency swaps recognized
in Other Income (Expense)).

Net capital expenditures for the first quarter of 2004 totaled
EUR15.5 million compared to EUR13.2 million in 2003.
Approximately EUR2.6 million of capital expenditures in the
first quarter of 2004 are related to items for which the Company
will be reimbursed by Teksid Spa under the terms of the purchase
agreement.

As of March 31, 2004 the Company was in full compliance with all
of the covenants of its Senior Credit Agreement.  Subsequent to
year-end the Company amended its Senior Credit Agreement to
reset financial covenant limits through the maturity of the
Senior Credit Agreement in 2008 to provide the Company with
additional long term operating flexibility.

Results are unaudited and have been presented in accordance with
accounting principles generally accepted in the United States.
The Company will make available at
http://www.teksidaluminum.com,the TK Aluminum Ltd. unaudited
Condensed Consolidated Financial Statements on or before June
24, 2004

Further comments on Q1 2004 will be delivered by Jake Hirsch,
CEO, and Dominick Schiano, Interim CFO, during the bondholders
and analyst conference call to be held on Monday, June 28, at
4:00 p.m., Central European Time, 3:00 p.m., London Time.

Any interested person may join the conference call by dialing
+39.071.286.1848

About Teksid Aluminum

Teksid Aluminum is a leading independent manufacturer of
aluminium engine castings for the automotive industry.  Our
principal products include cylinder heads, cylinder blocks,
transmission cases and suspension components.  We operate 15
manufacturing facilities in Europe, North America, South America
and Asia.  Information about Teksid Aluminum is available on our
Web site at http://www.teksidaluminum.com.

Until September 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between September 30, 2002 and November
22, 2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG
Global Investment Corp.  As a result of the sale, Teksid
Aluminum is owned by its equity investors through TK Aluminum
Ltd., a Bermuda holding company.

On July 17 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA issued
EUR240 million aggregate principal amount of senior notes due in
2011.  The notes were sold to qualified institutional buyers in
the United States pursuant to Rule 144A of the U.S. securities
laws and to persons outside United States pursuant to Regulation
of the U.S. securities laws.  The proceeds of the sale were used
to repay amounts borrowed to finance the acquisition of Teksid
Aluminum and pay certain fees and expenses.

Reconciliation of Income from Operations to adjusted EBITDA

EBITDA is defined as income (loss) from operations before
depreciation and amortization.  Compliance with current
requirements and practice would require the modification,
reformulation or exclusion of EBITDA and Adjusted EBITDA.  We
believe that EBITDA is a relevant measure for assessing
performance because it eliminates variances caused by the
effects of differences in taxation, the amounts and types of
capital employed and amortization policies, and helps investors
evaluate the performance of our underlying business.  Because
companies do not calculate EBITDA identically, our presentation
of EBITDA may not be comparable to similarly titled measures of
other companies.  In addition, EBITDA is not calculated the same
as EBITDA will be calculated under the indenture for the notes
or as Consolidated EBITDA is calculated under our senior credit
facility.

Adjusted EBITDA adjusts EBITDA for certain charges as set forth
in the following table.  Adjusted EBITDA is not a recognized
term under U.S. GAAP and does not purport to be an alternative
to operating income as an indicator of operating performance.
Compliance with current requirements and practice would require
the modification, reformulation or exclusion of Adjusted EBITDA.
We believe that Adjusted EBITDA is a relevant measurement for
assessing performance, because it eliminates additional
variances beyond those addressed by EBITDA, such as costs
associated with our separation from Teksid S.p.A. and helps
investors evaluate the performance of our underlying business.
Because companies do not calculate Adjusted EBITDA identically,
our presentation of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. In addition,
Adjusted EBITDA is not calculated the same as EBITDA will be
calculated under the indenture for the notes or as Consolidated
EBITDA is calculated under our senior credit facility.

The following is a reconciliation of income (loss) from
operations to EBITDA and to Adjusted EBITDA:


                                  March 31,         March 31,
                                    2004              2003
Income (loss) from operations     (2,796)            4,924

Depreciation and amortization     13,982            12,953

EBITDA                            11,186            17,877
Adjustments to EBITDA:
Transaction and
separation costs ( a )               906
Early retirement
expenses         ( b )               513               503
Reimbursable expenses ( c )          559

Adjusted EBITDA                    12,258            19,286

(a) Adjustment to eliminate (i) severance costs paid subsequent
    to the acquisition and (ii) acquisition, financing and
    separation costs.  Acquisition, financing and separation
    costs include professional service costs related to the
    stand-alone audits of historical periods, implementation of
    corporate treasury and accounting systems, and legal
    expenses that are not expected to recur. Certain expenses
    related to the September 2002 acquisition have been charged
    to the income statement in 2003 and adjusted accordingly.

(b) Adjustment to eliminate expenses associated with early
    retirement programs partially subsidized by the French
    government.  The voluntary programs have been offered to
    eligible workers between the ages of 55 and 60.  Between
    2002 and 2005, we intend to replace workers who elect to
    participate in the program with lower-wage workers.  Teksid
    S.p.A. has agreed to reimburse us for the first EUR8.5
    million of payments made by us under the programs.

(c) Adjustment to eliminate the impact of expenses that are
    reimbursed by Teksid S.p.A., under the Purchase Agreement,
    primarily related to maintenance expenses in our French
    operations.

CONTACT:  TK ALUMINUM
          Domenico Orlandi
          Senior Vice President and General Counsel
          Phone: +39-011-979-4875

          Massimiliano Chiara, Finance
          Manager
          Phone: +39-011-979 4889


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


BUHRMANN N.V.: Senior Implied, Issuer Ratings Affirmed
------------------------------------------------------
Moody's Investors Service affirmed the Ba3 senior implied and B2
unsecured issuer ratings of Buhrmann N.V.  The company is in the
process of tendering its US$350 million 12.25% senior
subordinated notes due 2009 to refinance its existing
subordinated notes.

Moody's said the rating action reflects "the company's solid
competitive positions and brands, [and] the resilience of its
business model."  It also shows that the firm's "restructuring
and cost cutting initiatives are beginning to deliver margin
improvements."  The rating has a stable outlook.

Moody's said it might upgrade the rating once the company's
accounts show "a reduction in total debt leverage, including its
Preference Shares, towards 4.0x, retained cash flow to adjusted
net debt in the mid teens."  And in addition, it must give
evidence that recent margin and cash flow improvements can be
sustained.

The rating agency will withdraw the B2 rating of the notes upon
completion of the tender.  Meanwhile, the Ba3 rating of
Buhrmann's amended EUR830 million senior credit facility was
affirmed, while its proposed senior bond issue was assigned a
(P)B2 rating.  The outlook for all ratings is stable.


KONINKLIJKE AHOLD: Faces EUR1 Billion Extraordinary Expense
-----------------------------------------------------------
Dutch retailer Ahold may be forced to shell out EUR1 billion
(US$1.2 billion) to buy a stake in its joint venture with
Swedish ICA Forbundent (IFAB).

Norwegian group Canica is selling Nordic JV ICA AB, in which
Ahold has a 50%, and IFAB 30%.  ICA Forbundent has the first
option to buy the remaining 20%, but the firm said it does not
intend to exercise the right, making Ahold the ultimate buyer
according to an existing agreement.

IFAB CEO noted that Canica did not indicate the price it is
asking for Nordic, according to the Financial Times.  "We cannot
buy something that doesn't have a price tag," he said.

The JV operates some 3,000 stores in Scandinavia and the Baltic
States, and reported 2003 turnover of SKR72 billion (US$9.5
billion), the paper reported.


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


AKER KVAERNER: Wins Contract to Build U.S. Cancer Center
--------------------------------------------------------
Hitachi America, Ltd. has awarded Aker Kvaerner the contract for
construction work and services for a new proton beam cancer
treatment center in Houston, Texas.  The new facility will be
part of the University of Texas M.D. Anderson Cancer Center and
is scheduled to receive its first patients in early 2006.

The Proton Beam Therapy Center will be a freestanding radiation
oncology center for the treatment of certain types of cancer.
Hitachi is a pioneer in proton beam therapy, which is more and
more gaining worldwide attention for its promising treatment of
certain kinds of cancers.  The process involves a localized form
of radiation therapy, in which a proton beam is directed at a
tumor deep inside the body to destroy the tumor.  Side effects
are minimal compared to radiation therapy, surgery and
chemotherapy.

The project will be executed by Aker Kvaerner's subsidiary Aker
Kvaerner Industrial Constructors, which specializes in
construction projects for complex facilities.  Other units
within the Aker Kvaerner group have also previously been
involved in projects for Hitachi, which has become one of Aker
Kvaerner's key customers.  In particular, winning this project
is considered a stepping-stone for Aker Kvaerner Industrial
Constructors and the company's strategy to be a market leader in
the precision installation of large machinery.  As Hitachi is
working to build similar treatment centers around the United
States, Aker Kvaerner is working to position itself as one of
Hitachi's preferred contractors.

Gary Mandel, Executive Vice President of Aker Kvaerner says:
"This project offers a great opportunity to expand our
activities in this field. Proton beam therapy is quickly gaining
recognition for its high level of accuracy and reliability, and
projects like this fit well within our strategic goals."

                            *   *   *

AKER KVAERNER ASA, through its subsidiaries and affiliates is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner ASA.

Oil, Gas, Process & Energy executes technology development,
engineering and construction services for industries as diverse
as Oil & Gas Onshore and Offshore Developments, Chemicals &
Polymers, Pharmaceuticals, Government Services, and Mining &
Metals.  With an annual turnover of US$1.14 billion, Oil, Gas,
Process & Energy (OGPE) business area of Aker Kvaerner employs
more than 5,400 people operating worldwide.

OGPE Houston is the Center of Excellence for GoM offshore, LNG
regasification, gas processing, methanol and polymers and power
generation.  Providing engineering, procurement, construction
management and project management for clients worldwide.
Additional offices are located in Charleston, West Virginia and
Louisville, Kentucky.

Aker Kvaerner Industrial Constructors (AKIC) with offices in
Houston, Texas, and Tucson, Arizona, provides non-union
construction and construction management services worldwide to a
wide range of industries, such as the refining, petrochemical,
oil & gas, power generation, chemical, mining and metals, pulp
and paper, pharmaceutical, biotechnology industries, and LNG
regasification terminals.  Construction services include pre-
construction services, procurement and materials management,
non-union direct-hire construction and turnarounds, safety
management, subcontract management, environmental, health &
safety management, quality management, commissioning and start-
up support, and maintenance.  Drawing from a vast pool of
construction professionals with extensive experience in these
industries, AKIC provides teams of managers, superintendents,
specialists and specialty craftsmen tailored to any specific
project.

CONTACT:  AKER KVAERNER ASA
          Media:
          Per-Ake Farnstrand,
          President, Kvaerner Pulping, Sweden
          Phone: +46 54 19 46 14
              or +46 70 633 39 46

          Anders Thoren,
          Communications Manager,
          Kvaerner Pulping, Karlstad, Sweden;
          Phone: +46 54 19 47 66
              or +46 703 55 64 22


=============
R O M A N I A
=============


ROMPETROL GROUP: Proposed EUR150 Mln Bond Receives 'B-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to The Rompetrol Group N.V., which has
key oil refining and marketing operations in Romania (foreign
currency BB/Positive/B; local currency BB+/Positive/B). The
outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' senior
unsecured debt rating to the proposed EUR150 million bond to be
issued by Rompetrol under the guarantees of all its key
subsidiaries.

"The ratings are constrained by Rompetrol's weak financial
profile, asset concentration, and aggressive financial policy,"
said Standard & Poor's credit analyst Elena Anankina.

These factors are tempered, however, by the favorable location
of Rompetrol's key Petromidia refinery close to the Black Sea,
which improves the logistics of crude supply and product export,
and by the ability of this reasonably complex refinery to
process cheaper Urals crude into a light product mix.

Standard & Poor's expects that Rompetrol will be able to
maintain an adequate liquidity position, with bank lines and
cash reserves covering short-term maturities.

"Rompetrol is expected to take advantage of improving conditions
in Romania's product market," said Ms. Anankina.  "Still, free
cash flow generation is expected to be negative in the coming
years, due to aggressive investment plans and higher interest
expenses going forward, because of interest on the convertible
bond."

Standard & Poor's will closely monitor the company's strategy
regarding the convertible bond (such as any bond repurchases and
any increases in Petromidia's share capital in cash or in kind),
investments, leverage, and liquidity.

No financing of any stock repurchase by the company or its
shareholders is factored into the ratings on Rompetrol.

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;under Credit Ratings in the
left navigation bar, select Find Ratings, then Credit Ratings
Search.  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 on:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          elena_anankina@standardandpoors.com
          eric_tanguy@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


WEB-INVEST BANK: Assigned 'CCC/C' Ratings; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' long-term
and 'C' short term counterparty ratings to Russia-based Web-
invest Bank.  The outlook is stable.

"The ratings on Web-invest reflect its limited size and track
record, highly concentrated assets, and dependence on trading
volumes of Russian equities," said Standard & Poor's credit
analyst Ekaterina Trofimova.

"These negative factors are somewhat offset by the bank's
improving franchise, fairly transparent ownership, and adequate
capitalization."

With assets of RUB8 billion (about U.S.$270 million) and assets
under management of RUR2 billion at March 31, 2004, Web-invest
is a niche player involved in brokerage dealing, investment
banking, and asset management.  The bank is also actively
expanding into retail and institutional fund management.  This
business specialization makes the bank highly vulnerable to
volatility in the Russian securities market.  The bank has a
concentrated customer base and financial profile.  The top 20
customers represented 80% of total brokerage fees in 2003.  With
an adjusted common equity-to-assets ratio of 31% at March 31,
2004, capitalization appears adequate.

The future direction of the ratings will largely depend on the
bank's ability to build up a diversified business and client
base, which could also smooth out the potential performance
volatility relating to Web-invest's high market risks and
significant dependence on trading gains to sustain earnings.

"The bank's track record is short and covers only the bull
market in Russian securities of the past three years. It is
uncertain how the bank would perform in a downturn," added Ms.
Trofimova.

"Assuming that the bank maintains adequate capitalization and
reduces concentrations risks, improvements in the macroeconomic
and banking environment could positively affect the
creditworthiness of the bank."

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
          Analyst E-mail Addresses
          ekaterina_trofimova@standardandpoors.com
          alwin_greder@standardandpoors.com
          FIG_Europe@standardandpoors.com


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


SAS GROUP: Scales down 2004 Fiscal Year Forecast
------------------------------------------------
The SAS Group has in connection with the full year result in
February and at the 1st Quarter result in May stated that it is
the primary aim of the Board and the management of the SAS Group
to attain a positive result before taxes, capital gains and
other non- recurring items for the full year 2004 and take the
necessary decisions for this to be achieved.

As a result of the continued large overcapacity on many markets
and heavy price pressure, yields have, primarily for
Scandinavian Airlines, developed very weak during April and May.
The other airlines in the group have developed according to
plan.  Yields for May were down 22,5%1) compared with May 2003.
(for Scandinavian Airlines).  In addition jet fuel prices has
been at very high levels during 2nd Quarter 2004.

The passenger volumes has during 2004 developed well and
turnaround 2005 incorporating cost reductions of SEK14 billion
develops according to plan and has resulted in and will continue
to give significant unit cost reductions for all airlines in the
group.

Due to the development during January through May and the
continued uncertainties about yields and the competitive
situation, the Board and the management's previous aim about a
positive result before taxes, capital gains and non-recurring
items, for the full year 2004 is expected not to be possible to
achieve.

---------
Footnote:
(1) 5-6 percentage units of the yield reduction is due to
    technical effects due to increased share of long haul
    traffic.

CONTACT:  SAS GROUP
          Gunilla Berg
          Executive Vice President and CFO
          Phone: +46 8 797 5006


SCANDINAVIAN AIRLINES: OSL/Avinor Drops Talk with SAS Trading
-------------------------------------------------------------
OSL/Avinor said it will continue contractual negotiations with
another operator regarding duty free-shops at the Norwegian
airports.  A definite concession agreement is expected to be
signed in August.

In a Letter of Intent OSL/Avinor intends to sign an agreement
with another operator regarding the duty free concessions at the
following airports: Gardermoen, Stavanger, Bergen, Trondheim and
Kristiansand.  The new concession agreement will be valid for
seven years starting in 2005 and is estimated to have a turnover
of SEK1 billion per year.

SAS Trading has been operating the above-mentioned concessions
in the last 40 years.

"Due to our long experience of the Norwegian duty free-market,
we have been working intensively to offer OSL/Avinor an
attractive and serious tender.  Unfortunately, OSL/Avinor has
decided to move forward with another travel-retail operator,
says Patric Sjoberg," President, SAS Trading.

                            *   *   *

SAS Trading will continue to operate and develop its business in
Scandinavia, Poland and the Baltic States.  If the concession
agreement is definitely signed with another operator, SAS
Trading will operate 32 airport shops next year compared to
today's 38.

Euroshop is SAS Trading's retail chain.  The business concept is
to satisfy air passengers' needs for goods and service with
care, quality and customer-perceived price benefits. There are
currently 39 Euroshop stores in six countries, at a total of
21airports in six countries.  Each shop is like a mini-
department store, with well-known and exclusive brands
represented in the areas of spirits, tobacco, perfume, fashion,
confectionary, glass and gift items.  Each visit is to be more
than a shopping experience -- it must be the most fun part of
the entire trip.

This is why Euroshop focuses on active and segmented customer
care, activities and inspiration through creativity, happiness,
consideration and reliability.  For more information on SAS
Trading, visit http://www.euroshop.com.

CONTACT:  SCANDINAVIAN AIRLINES
          Patric Sjoberg, President, SAS Trading
          Phone: +46-70-997 25 06

          Merete Elvestad
          Area Manager, SAS Trading
          Phone: +47-95 71 78 05

          John Dueholm
          Executive Vice President, SAS
          Phone: +46 70 997 5005


SKANDIA INSURANCE: Nick Poyntz-Wright Takes over U.K., Asia Unit
----------------------------------------------------------------
While Alan Wilson, Head of Skandia's U.K. & Asia Pacific
division, continues with his recovery from illness, Nick Poyntz-
Wright (Chief Operating Officer - U.K.) has assumed Mr. Wilson's
responsibilities for the U.K. & Asia Pacific division and duties
in the Skandia group's executive management.  Mike Evans has
stepped into Nick's role as acting Chief Operating Officer for
the U.K.  All other executive management roles remain unchanged.

"I am confident that this strong management team will continue
to grow the successful U.K. & Asia Pacific division businesses
under the stewardship of Nick Poyntz-Wright," comments Hans-Erik
Andersson, President and CEO of Skandia."

CONTACT:  SKANDIA INSURANCE
          Hans-Erik Andersson
          President and CEO
          Phone: +44-8-788 25 00

          Gunilla Svensson
          Press Manager
          Phone: +44-8-788 42 97

          Corporate Communications
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788 10 00
          Fax: +46-8-788 23 80
          Web site: http://www.skandia.com

          Office:
          Sveavagen 44


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


NEMIRIVSKE CONSTRUCTION 6: Court Orders Liquidation
---------------------------------------------------
The Economic Court of Vinnitsya region introduced liquidation
proceedings at OJSC Nemirivske Construction-Repair Enterprise
Number 6 (code EDRPOU 01350908) on May 18, 2004.  The case is
docketed as 5/596-03.  A moratorium to satisfy creditors' claims
was entered.  Arbitral manager Mr. Voznyakevich N. has been
appointed liquidator/insolvency manager.  Nemirivske
Construction-Repair Enterprise Number 6 holds account number
26007336801 at JSB Energobank, Vinnitsya branch, MFO 302731.

CONTACT:  NEMIRIVSKE CONSTRUCTION-REPAIR ENTERPRISE NUMBER 6
          Ukraine, Vinnitsya region,
          Nemiriv, Lenin str., 281

          Mr. Voznyakevich N.
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya,
          Hmelnitske shose str., 2-A/712
          Phone: (0432) 39-97-85


SPIVDRUZHNIST: Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Spivdruzhnist (code EDRPOU 30791498) insolvent and introduced
bankruptcy proceedings on May 13, 2004.  The case is docketed as
B26/153/03.  Mr. Shmal Volodimir (License Number AA 630010
approved on November 5, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  SPIVDRUZHNIST
          53275, Ukraine, Dnipropetrovsk region,
          Nikopol district,
          Kapulovka, I. Sirko str., 6

          Mr. Shmal Volodimir
          Liquidator/Insolvency Manager
          53210, Ukraine, Dnipropetrovsk region,
          Nikopol, Gerojiv Chornobilyu str., 61/18
          Phone: (05662) 2-33-26

     ECONOMIC COURT OF DNIPROPETROVSK REGION
     49600, Ukraine, Dnipropetrovsk region,
          Kujbishev str., 1a


STAROKRIMSKIJ CONCRETE: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Starokrimskij Plant of Reinforced
Concrete Products (code EDRPOU 00412205) on April 29, 2004.  The
case is docketed as 2-20/7063-2004.  Arbitral manager Mr.
Sherbin Oleksij (License Number AA 719799 approved on February
12, 2004) has been appointed temporary insolvency manager.

Creditors have until July 5, 2004 to submit their proofs of
claim to:

(a)  STAROKRIMSKIJ PLANT OF REINFORCED CONCRETE PRODUCTS
     97300, Ukraine, AR Krym region,
     Kirovskij district, Starij Krym,
     Lenin str., 1

(b)  Temporary Insolvency Manager
     Ukraine, Simferopol,
     Alushtinska str., 21

(c)  THE ECONOMIC COURT OF AR KRYM REGION
     95000, Ukraine, AR Krym region,
     Simferopol, Karl Marks str., 18

Starokrimskij Plant of Reinforced Concrete Products holds
account number 26005263158801 at OJSC United Commercial Bank,
MFO 324485.

CONTACT:  STAROKRIMSKIJ PLANT OF REINFORCED CONCRETE PRODUCTS
          97300, Ukraine, AR Krym region,
          Kirovskij district, Starij Krym,
          Lenin str., 1

          Mr. Sherbin Oleksij
          Temporary Insolvency Manager
          Ukraine, AR Krym region, Simferopol,
          Alushtinska str., 21

     THE ECONOMIC COURT OF AR KRYM
     95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks str., 18


UKRPRODUKT: Bankruptcy Proceedings Start
----------------------------------------
The Economic Court of Cherkassy region declared Food Company
Ukrprodukt (code EDRPOU 30285642) insolvent and introduced
bankruptcy proceedings on March 25, 2004.  The case is docketed
as 14/3142.  Arbitral manager Mr. Zozulya Sergij (License Number
AA 000451 approved on April 20, 2000) has been appointed
liquidator/insolvency manager.  Food Company Ukrprodukt holds
account number 26008779 at JSPPB Aval, Smilyanska branch, MFO
354499.

CONTACT:  FOOD COMPANY UKRPRODUKT
          19523, Ukraine, Cherkassy region,
          Gorodishenskij district,
          Vilshanka, Shevchenko str., 180

          Mr. Zozulya Sergij
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Gerojiv Stalingradu str., 20/16
          Phone: 8-067-470-18-06

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


YUZHPROMHIMMONTAZH: Declared Insolvent
--------------------------------------
The Economic Court of AR Krym region declared OJSC
Yuzhpromhimmontazh (code EDRPOU 01416033) insolvent and
introduced bankruptcy proceedings.  The case is docketed as 2-
5/1915-2004.  Mr. Miheyev Sergij (License Number AA 249836) has
been appointed liquidator/insolvency manager.

CONTACT:  YUZHPROMHIMMONTAZH
          95013, Ukraine, AR Krym region,
          Simferopol, Krilov str., 7

          Mr. Miheyev Sergij
          Liquidator/Insolvency Manager
          95015, Ukraine, AR Krym region,
          Simferopol, Sevastopolska str., 23/3-1

     THE ECONOMIC COURT OF AR KRYM REGION
     95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks str., 18


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


ACE CLOTHING: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Ace Clothing Company
(Leicester) Limited Company on June 16, 2004 held at 109 Swan
Street, Sileby, Leicestershire LE12 7NN, the subjoined
Extraordinary Resolution to wind up the company was passed.
Paul Anthony Saxton of Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire LE12 7NN has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby
          Leicestershire LE12 7NN
          Liquidator:
          Paul Anthony Saxton


ACORN ENGINEERING: Hires Baker Tilly Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Acorn Engineering
(Guilford) Limited Company on June 15, 2004 held at Baker Tilly,
The Clock House, 140 London Road, Guildford, Surrey GU1 1UW, the
subjoined Extraordinary Resolutions to wind up the company were
passed.  Matthew Richard Meadley Wild of Baker Tilly, The Clock
House, 140 London Road, Guildford, Surrey GU1 1UW has been
appointed Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          The Clock House
          140 London Road, Guilford,
          Surrey GU1 1UW
          Liquidator:
          Matthew Richard Meadley Wild


ALLEN WASTE: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Members of the Allen
Waste Management Limited Company on June 17, 2004 held at 35
Ballards Lane, London N3 1XW, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Stewart Trevor
Bennett and Kevin Thomas Brown have been appointed Joint
Liquidators for the purpose of such winding-up.


ANMER OILS: In Administrative Receivership
------------------------------------------
Name of Companies:
Anmer Oils Limited
Ballingdon Oils Limited
Chapter Oils Group Limited
Chapter Oils Limited

These Companies have appointed Duncan Roderick Morris as joint
administrative receiver.  The appointment was made May 26, 2004.
The company supplies fuel products.

CONTACT:  Duncan Roderick Morris
          (IP No 8693)
          3 Chapel Court, Holly Walk,
          Leamington Spa CV32 4YS


ASSURED INVESTMENT: Names Liquidator from Parkin Booth & Co
-----------------------------------------------------------
Name of Companies:
Assured Investment Management Limited
Assured Works Limited

At an Extraordinary General Meeting of these companies on June
15, 2004 held at the offices of Parkin S. Booth & Co, 44 Old
Hall Street, Liverpool L3 9EB, the subjoined Extraordinary
Resolution to wind up the company was passed.  Jonathan R Booth
of Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3 9EB has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  PARKIN S BOOTH & CO
          44 Old Hall Street,
          Liverpool L3 9EB
          Liquidator:
          Jonathan R Booth


AZTEC SILKSCREEN: Winding up Resolution Passed
----------------------------------------------
At an Extraordinary General Meeting of the Aztec Silkscreen
Limited Company  (formerly t/a Opus Publicity (Northern) Limited
and Grenard Silkscreen Limited) on June 16, 2004 held at 109
Swan Street, Sileby, Leicestershire LE12 7NN, the subjoined
Extraordinary Resolution to wind up the company was passed.
John Michael Munn and Richard John Elwell of Elwell Watchorn &
Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN have
been appointed Joint Liquidator for the purpose of such winding-
up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire LE12 7NN
          Liquidators:
          John Michael Munn
          Richard John Elwell


BEESON GREGORY: Sets Final Meeting July 30
------------------------------------------
Name of Companies:
Beeson Gregory Group Limited
Beeson Gregory (U.S.) Limited
Beeson Gregory Investment Management Limited
Beeson Gregory Technology Investments Limited
Evolution Capital Limited
Index IT Partnership Limited

Members of these companies will have Final Meetings on July 30,
2004 at 10:30 a.m. and a 15-minute interval thereafter.  It will
be held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the companies have been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be lodged with PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon,
July 29, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          R Setchim


BOROUGH MOTOR: Special Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Borough Motor
Services Limited Company on June 15, 2004 held at 20 Winmarleigh
Street, Warrington, Cheshire WA1 1JY, the Special Resolution to
wind up the company was passed.  Robert William Keating of R W
Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1
1JY has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  R W KEATING & CO
          20 Winmarleigh Street,
          Warrington, Cheshire WA1 1JY
          Liquidator:
          Robert William Keating


BRITISH SKY: Appoints New Chief Financial Officer
-------------------------------------------------
British Sky Broadcasting Group plc (BSkyB) announced Wednesday
the appointment of Jeremy Darroch as its new Chief Financial
Officer.  Mr. Darroch will join the company at a date to be
confirmed from Dixons Group plc where he is currently Group
Finance Director.  He will join the BSkyB Board upon taking up
the post.

Mr. Darroch will replace Martin Stewart who will continue in his
post until 4th August 2004, as previously announced on 4th
February 2004.

Mr. Darroch (41) joined Dixons in January 2000 as Retail Finance
Director, rising to the position of Group Finance Director in
February 2002.  Prior to Dixons, he spent 12 years at Procter &
Gamble in a variety of roles in the U.K. and Europe, latterly as
European Finance Director for their Health Care businesses.  Mr.
Darroch is a qualified Chartered Accountant.

James Murdoch, Chief Executive of BSkyB, said: "We are delighted
to welcome someone of Jeremy's calibre to BSkyB.  He has a
strong track record in a highly competitive industry and his
experience in operating in consumer-facing enterprises will be
very valuable as BSkyB grows its business for the future."

Jeremy Darroch said: "I am very pleased to be joining BSkyB at
such an exciting time in the company's development.  I have
followed the progress at the company closely over the past few
years and look forward to joining a strong team."

CONTACTS: BRITISH SKY
          Analysts and Investors:
          Neil Chugani
          Phone: 0207 705 3837

          Andrew Griffith
          Phone: 0207 705 3118

          Press:
          Julian Eccles
          Phone: 020 7705 3267

          Robert Fraser
          Phone: 020 7705 3036

          Finsbury
          Alice Macandrew
          Phone: 020 7251 3801


BRIXWORTH SOFTWARE: Appoints Robert Day and Company Liquidator
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Brixworth Software Limited Company on June 17, 2004 held at
Regus, Fairbourne Drive, Atterbury, Milton Keynes MK10 9RG, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Robert Day of Robert Day and Company, Garfield,
Church Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL has been
appointed Liquidator of the Company for the purpose of the
voluntary winding-up.

CONTACT:  ROBERT DAY AND COMPANY
          Garfield, Church Lane,
          Oving, Aylesbury,
          Buckinghamshire HP22 4HL
          Liquidator:
          Robert Day


CABALLO SADDLERY: Hires Receivers from Begbies Traynor
------------------------------------------------------
The Caballo Saddlery Limited Company has appointed D Bailey and
D Moore of Begbies Traynor as joint administrative receivers.
The appointment was made June 17, 2004.

The company is engaged in mail order items for horses, riders
and stable yards.  Its registered office address is located at
Cardinal House, 20 St Mary's Parsonage, Manchester M3 2LG.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Receiver:
          D Bailey
          (IP No 6739)

          BEGBIES TRAYNOR
          1 Old Hall Street,
          Liverpool
          Receiver:
          D Moore
          (IP No 7510)


CAPRICORN ESTATES: Names Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Capricorn Estates Limited Company on June 11, 2004 held at
Clarke Willmott, Blackbrook Gate, Blackbrook, Park Avenue,
Taunton TA1 2PG, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  I E Walker of Begbies Traynor,
Balliol House, Southernhay Gardens, Exeter EX1 1NP has been
appointed Liquidator of the Company for the purpose of the
voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Balliol House
          Southernhay Gardens,
          Exeter EX1
          Liquidator:
          I E Walker


CLEMENTINE BRAND: Web site Developer for Sale
---------------------------------------------
Clementine Limited sets a creditors meeting on July 2, 2004 and
seeks interest regarding its brand name and goodwill.  The
business develops Web sites including virtual tours and provides
Internet services.  The asset being offered consists of customer
list and Web site content.

Offers from interested parties should be receive before July 5,
2004.

CONTACT:  MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane
          Norwich NR1 1NE
          Contact:
          Andrew McTear
          Phone: 01603 877450
          Fax: 01603 877549
          E-mail: andrewmctear@mw-w.com


CYBERES PLC: Calls in Administrators
------------------------------------
Steve Ellis and Ian Stokoe of PricewaterhouseCoopers were
appointed on Wednesday as administrators of Cyberes and its
subsidiaries Cyberes Systems Limited and Corporate Travel
International Limited.

The joint administrators intend to talk to interested parties to
establish whether the business can be preserved or sold as a
going concern.


EQUITABLE LIFE: Government Sticks to 'No Compensation' Policy
-------------------------------------------------------------
The government is standing firm on its resolve not compensate
Equitable Life clients who lost money after the society's near
collapse in 2000.

Financial Secretary Ruth Kelly told MPs they would not do so
because savers had made the transaction at "their own free
choice."

Their plight "is a very different situation to members of failed
company pension schemes," she said.

According to Tory MP Andrew Tyrie, policyholders have suspicions
the government is playing hard as it has secret plans to
discourage the Parliamentary Ombudsman, Ann Abraham, to reopen
inquiries into the disaster.  Policyholders hope an
investigation might give them chance to sue for compensation.

They are attacking the government's refusal to publish its
submission to the Parliamentary Ombudsman over whether she
should reopen her inquiry into Equitable Life saying the
Ministry "has something to hide."  Ms. Kelly had left it to the
Ombudsman to make the report public.


EUROTUNNEL PLC: Adjusts Fare to Steady Rough Sailing
----------------------------------------------------
Eurotunnel plc, the operator of Channel Tunnel, is cutting down
prices in an effort to survive competition with ferries and
high-speed catamaran services.

The company is offering GBP100 return tickets for a car and
passengers traveling to France provided passengers travel to
France after 2 p.m. on the day of the outward journey and to
return before 2 p.m. on any subsequent day.  The schedule may be
booked one day in advance.  The offer lasts until December 31.

Eurotunnel is facing tough competition especially on routes from
Dover to northern France.  The situation is further strained by
the launch of a new low-cost catamaran, Speedferries.com.  The
boat service charges GBP50 for a cruise between Dover and
Boulogne.

The company is blaming competition for its current woes, but it
would not admit it is the reason why it lowered fares, according
to the Telegraph.

"It is certainly not a response to Speedferries," a spokesman
said.


HISCOX 2004: Appoints PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At a Meeting of the Hiscox 2004 the Special and Ordinary
Resolutions to wind up the company were passed.  Jonathan Sisson
and Tim Walsh of PricewaterhouseCoopers LLP, Benson House, 33
Wellington, Leeds LS1 4JP have been appointed Liquidators for
the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington
          Leeds LS1 4JP
          Liquidators:
          Jonathan Sisson
          Tim Walsh


HOLLINGER INTERNATIONAL: Barclay Brothers Grab Telegraph Group
--------------------------------------------------------------
Hollinger International Inc. (NYSE:HLR) on Wednesday announced
that Press Acquisitions Limited has agreed to acquire Telegraph
Group Limited for a purchase price of GBP729.5 million in cash
(or approximately $1,327.4 million at an exchange rate of
$1.8196 to GBP1).  The purchase price includes cash on the
balance sheet of Telegraph Group of approximately GBP64.5
million (or approximately $117.3 million).  Accordingly, the
transaction is expected to result in a cash-free/debt-free price
of approximately GBP665.0 million (or approximately $1,210.0
million).  The sale agreement resulted from the Company's
previously announced ongoing Strategic Process.

The transaction is scheduled to close on July 30, 2004.
Following the closing there may be a purchase price adjustment
depending on certain working capital levels, but the Company
does not expect any adjustment to be material.  The purchase
price will be paid primarily in British pounds sterling with a
small portion being settled in U.S. dollars.

Gordon Paris, interim Chairman and CEO of Hollinger
International, stated, "We are extremely pleased with this
significant transaction resulting from our ongoing Strategic
Process.  We believe that the sale of the Telegraph Group at
this time presents the best opportunity for us to maximize value
for our shareholders.  I would like to thank the Telegraph
Group's employees for their efforts during this process, as the
agreement we have reached reflects all of their hard work.  The
Daily Telegraph, The Sunday Telegraph and The Spectator will be
in good hands, with people who understand the business and will
further enhance these great properties."

"At the same time, we are proud of the continued commitment
demonstrated by all of the employees at The Chicago Sun-Times,
The Jerusalem Post and Report and our other newspapers across
North America.  During this process, our teams at all our
publications have successfully remained focused on providing the
high quality reporting that our readers expect," concluded Mr.
Paris.

Aidan Barclay, Chairman of Press Acquisitions Limited, said, "We
are delighted to have reached agreement for the purchase of the
Telegraph Group, which comprises some of the great titles in
newspaper publishing, and to have ended the uncertainty
surrounding their future.  We are looking forward to working
with the management in running the business."

Jeremy Deedes, Deputy Chairman and Chief Executive Officer of
Telegraph Group Limited, said, "This is the first day of a new
life for the staff of the Telegraph Group, who have endured
months of uncertainty with great resolve.  I would like to
congratulate Press Acquisitions Limited on their successful bid.
It has been a long, hard process for them too.  But I am
confident that we have ended up not just in safe hands, but with
new owners who have a great track record for nurturing,
developing and investing in their acquisitions."

The transaction involves the sale of stock in Telegraph Group
Limited by subsidiaries of Hollinger International and is
subject to satisfaction of certain customary conditions.  The
after-tax proceeds of the transaction, based on the GBP729.5
purchase price, are expected to be approximately GBP625.3
million (or approximately $1,137.7 million).  Hollinger
International noted that a portion of proceeds are expected to
be applied to the repayment of outstanding indebtedness of its
subsidiaries' bank credit agreement and to the 9% Senior Notes
due 2010 (the Notes) of its subsidiary, Hollinger International
Publishing Inc. (Publishing).

To that end, Hollinger International said that it intends to
commence shortly a tender offer by Publishing for all of the
outstanding Senior Notes, and that it will separately announce
the details of this offer in the near future.  There is
currently $300,000,000 in principal amount of Senior Notes
outstanding and approximately $210,000,000 outstanding under the
bank credit agreement.

The Company said that its Board of Directors is considering
several options for the use of the remaining proceeds including
a special dividend to shareholders, a self-tender for common
stock, or other corporate purposes.  It expects to announce its
decision in this matter as soon as practicable.

Hollinger International's financial adviser in the Strategic
Process is Lazard and its legal counsel are Paul, Weiss,
Rifkind, Wharton & Garrison LLP and Herbert Smith, as well as
Delaware counsel Young Conaway Stargatt & Taylor, LLP.  Press
Acquisitions Limited's financial advisor in relation the
transaction is UBS and its legal counsel is Lovells.

Hollinger International Inc. is a global newspaper publisher
with English-language newspapers in the United States, Great
Britain and Israel.  Its assets include The Daily Telegraph
(http://www.telegraph.co.uk),The Sunday Telegraph
(http://www.telegraph.co.uk)and The Spectator
(http://www.spectator.co.uk)in Great Britain; The Chicago Sun-
Times (http://www.suntimes.com)and a large number of community
newspapers in the Chicago area, The Jerusalem Post
(http://www.jpost.com)and The International Jerusalem Post
(http://www.jpost.com)in Israel, a portfolio of new media
investments and a variety of other assets.

Press Acquisitions is owned by Hollyrood Holdings Limited, which
is controlled by Sir David and Sir Frederick Barclay. Hollyrood
Holdings owns a group of newspapers in the U.K. including The
Scotsman, Scotland on Sunday and The Business.

CONTACT:  HOLLINGER INTERNATIONAL
          U.S./Canada Media
          Molly Morse
          Kekst and Company
          Phone: 212-521-4826
          E-mail: molly-morse@kekst.com

          U.K. Media
          Jeremy Fielding
          Phone: 1-212-521-4825
          Mobile: (646) 644-4825
          Fax: (212) 521-4900
          E-mail: jeremy-fielding@kekst.com


I J P F H LIMITED: Hires Liquidator from Poppleton & Appleby
------------------------------------------------------------
At an Extraordinary General Meeting of the I J P F H Limited
Company (formerly Propak (Midlands) Limited) on June 15, 2004
held at 35 Ludgate Hill, Birmingham B3 1EH, the subjoined
Special Resolution to wind up the company was passed.  M T Coyne
of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne


INDEPENDENT RECORD: Music Recording Business for Sale
-----------------------------------------------------
Martha Thompson and Antony Nygate, Joint Administrators of
Beechwood Music Limited, offer for sale the business and assets
of this Middlesex based Independent Record Company.  This is a
unique opportunity to buy a long established, well-regarded
compilation label.

The company has these features:

(a)  Back catalogue of music rights,

(b)  Established trade marks,

(c)  Publishing Library, and

(d)  Dedicated and highly motivated staff

CONTACT:  BDO STOY HAYWARD
          Contact:
          Tim Townley
          Phone: 0118 925 8542
          Fax: 0118 950 4013
          E-mail: tim.townley@bdo.co.uk


INTERGLAZE UPVC: Appoints Grant Thornton Administrator
------------------------------------------------------
The Interglaze UPVC Limited Company has appointed Sean Kenneth
Croston and Leslie Ross of Grant Thornton as joint
administrative receivers.  The appointment was made June 14,
2004.  The company supplies and installs double glazed doors,
windows and conservatories.

CONTACT:  GRANT THORNTON
          1st Floor,
          Royal Liver Building,
          Liverpool L3 1PS
          Receivers:
          Sean Kenneth Croston
          Leslie Ross
          (IP Nos 8930, 7244)


IVO PRINTS: Names Harrisons Administrator
-----------------------------------------
The IVO Prints Limited Company has appointed P R Boyle and J C
Sallabank as joint administrative receivers.  The appointment
was made June 14, 2004.

The company prints textiles.  Its registered office address is
located at 4 St Giles Court, Southampton Street, Reading,
Berkshire RG1 2QL.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street, Reading,
          Berkshire RG1 2QL
          Receiver:
          P R Boyle
          (IP No 008897)

          J C Sallabank
          (IP No 008099)
          35 Waters Edge Business Park
          Modwen Road, Manchester M5 3EZ


JVR JERROM: Appoints Joint Administrator
----------------------------------------
Accounting firm, JVR Jerrom LLP has appointed J M Birch as joint
administrator.  The administration order was made June 8, 2004.
Its registered office address is located at Effra House, 34 High
Street, Ewell, Surrey KT17 1RW.


KAMELIAN LIMITED: In Administrative Receivership
------------------------------------------------
European Technology Ventures (Advisers) Ltd, GTX European
Technology Ventures called in Graham Paul Bushby and Mandy Jane
Smart as receivers for Kamelian Limited (Reg No 03991226, Trade
Classification: SIC (92).  The application was filed June 17,
2004.  Previously named Buyworld Limited, the company
manufactures electronic components.

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

          BAKER TILLY
          Marlborough House,
          Victoria Road South, Chelmsford,
          Essex CM1 1LN
          Receiver:
          Mandy Jane Smart
          (Office Holder No 1063)


KINLOCHDAMPH: Cash Crunch Makes Administration Imminent
-------------------------------------------------------
Fish farm Kinlochdamph based in Wester Ross will either be
placed into administration or offered for sale after suffering
severe cash-flow problems.

The jobs of 50 workers were kept hanging as managing director
Mark Pattinson announced: "We are considering administration as
part of the solution, but certainly not receivership.  The banks
are closing down the amount of money they are prepared to give
to fish farming companies.

He added, "We are trying to put long-term credit in place at the
moment.  These are the ongoing effects of massive dumping by
other countries of farmed salmon on to the European market."

"Our objective is to keep employment going at our sites at
Culdoran in Kishorn, in Skye, Shetland and at Loch Shin.  There
is also a possibility that the company could be put up for
sale," Mr. Pattinson said further.

"We supply smolts to a good base of multinational companies and
we have 7 million salmon fry ready at the moment.  This is just
the latest blow for Wester Ross."

Kinlochdamph has been one of the most innovative independent
salmon hatchery companies in the Highlands and islands.  It
began importing salmon eggs from Iceland in 2002.  This was
through a deal with the Reykjavik-based company Stofnfiskur.

Fish farming companies such as Highland Fish Farmers and
Lighthouse have already closed down their operations in
Lochcarron, while others are also facing difficult times.  This
is because salmon prices cannot keep up with production cost for
the past three years.  The European Commission is considering
imposing tariffs on salmon imports but this could come too late
for a number of Scottish companies.

Ewen Mackinnon, a Lochcarron councilor, said: "I hope a solution
can be found, because if anything were to happen to Kinlochdamph
it would be a huge blow for this area.  By my reckoning there
are about 300 working households in this area."

Mr. Mackinnon added it is very difficult to determine
alternative employment opportunities for the area.

Kinlochdamph had invested GBP2 million in the new production
facility at Kishorn.  The company employs 50 people in Scotland
and has ongrowing sites in Skye, Lewis, Shetland and at Loch
Shin in Sutherland.


MANCHEM LIMITED: Members Final Meeting Set July 29
--------------------------------------------------
There will be a Final Meeting of the Members of Manchem Limited
Company on July 29, 2004 at 10:30 a.m.  It will be held at the
offices of Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxy must be lodged with Baker Tilly, 1st Floor, 46
Clarendon Road, Watford, Hertfordshire WD17 1JJ not later than
12:00 noon, July 28, 2004.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD17 1JJ
          Joint Liquidator:
          M J Wilson


M DIXON: Appoints Liquidator from Bridgestones
----------------------------------------------
At an Extraordinary General Meeting of the M Dixon Limited
Company on May 17, 2004 held at 104 Oldham Road, Grasscroft,
Oldham, the Special Resolutions to wind up the company were
passed.  Robert L Cooksey of Bridgestones, 125-127 Union Street,
Oldham OL1 1TE has been appointed Liquidator for the purpose of
such winding-up.

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


NETWORK RAIL: Condemns Union's Threat to Strike
-----------------------------------------------
Network Rail is dismayed and surprised at the decision of the
RMT union to call a 24-hour rail strike starting at 6:30 p.m.,
29 June until 6:29 p.m., 30 June.  This strike will severely
inconvenience millions of passengers and freight customers.  The
strike will also be a setback to the significant progress made
over the last twelve months in restoring punctuality levels to a
four-year high.

Following lengthy negotiations, Network Rail has increased its
offer three times.  Since the result of the strike ballots,
Network Rail made further concessions in an attempt to address
all concerns raised by the RMT.

The current offer comprises:

(a) An improved pay deal, including an inflation-busting pay
    increase of 3.5% in year one and RPI + 0.75% (with a
    guaranteed minimum level of 3%) in year two;

(b) Travel benefits for all staff, with 25% discount on season
     tickets; and

(c) A fair deal on pensions, with a new Unions/Company pension
    forum to be set up.

The issue of the strike relates to the pension scheme where, in
common with the majority of large companies, Network Rail has
closed its costly final salary pension scheme to all new
entrants.  All existing members of the scheme are protected and
all new employees are able to join a new defined contributions
scheme that is the best in the rail industry and one of the best
in the market place.

Chief Executive John Armitt said: "Following a further round of
talks, we have made our third offer, making further concessions
to address the unions concerns.  This strike is wholly
unnecessary and comes as a surprise when talks had progressed so
constructively."

Mr. Armitt continued: "We understand that the RMT is happy with
the revised pay offer and the concessions we have made on travel
facilities.  Neither we, nor the public can or will understand
why they are threatening to bring the country to a standstill
when we have offered concession after concession.  The pay offer
now on the table is generous and all existing pension rights are
protected.

"Network Rail will now consider all options to protect the
public from this unnecessary and damaging strike, including
possible legal action"

With a strike date now set, contingency planning will begin in
earnest.  Network Rail has spent the last month re-training
employees with signaling experience and competence so that it
can keep as many services running as possible in the event of a
strike.  Whilst major disruption would be inevitable in the
event of a strike, the Company will do everything possible to
keep the impact to a minimum.

CONTACT:  NETWORK RAIL
          Press Office
          Phone: 020 7557 8292 / 3
          Web site: http://www.networkrail.co.uk

          JARVIS
          Press Office
          Phone: 020 7462 4639


NEWLINE DISPLAY: Hires KPMG Administrator
-----------------------------------------
Timber Furniture Company, Newline Desplay (Halifax) Limited has
appointed Richard Dixon Fleming and Julian Richard Whale of
KPMG.  The appointment was made June 16, 2004.

CONTACT:  KPMG
          1 The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Receivers:
          Richard Dixon Fleming
          Julian Richard Whale
          (IP Nos 8370, 7252)


NORTH DEVON: Sets General Meeting July 23
-----------------------------------------
There will be a General Meeting of the Members of North Devon
Print Limited Company on July 23, 2004 at 11:00 a.m.  It will be
held at 1 Barnfield Crescent, Exeter EX1 1QY.

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.


OXALIS LIMITED: Final General Meeting Set July 23
-------------------------------------------------
The Members of Oxalis Limited Company will have a Final General
Meeting on July 23, 2004 at 10:30 a.m.  It will be held at 62
Wilson Street, London EC2A 2BU.

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 Benedict Mackenzie LLP, 62
Wilson Street, London EC2A 2BU not later than 12:00 noon, July
22, 2004.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Joint Liquidator:
          I D Williams


REDMAN CONSTRUCTION: Names Receivers from Rothman Pantall & Co.
---------------------------------------------------------------
The Redman Construction Limited Company has appointed Robert
Derek Smailes and Stephen Blandford Ryman of Rothman Pantall &
Co as joint administrative receivers.  The appointment was made
June 16, 2004.  The company is engaged in other service
activities.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Receivers:
          Robert Derek Smailes
          Stephen Blandford Ryman
          (IP Nos 8975, 4731)


SKYEPHARMA PLC: Remains Positive Despite Continued Difficulties
---------------------------------------------------------------
The Annual General Meeting of SkyePharma plc (LSE: SKP,
NASDAQ:SKYE) was held in London on Wednesday.  All resolutions
were passed.

Chairman Ian Gowrie-Smith made the following comments to
shareholders: "As I explained in the Annual Report, 2003 was a
frustrating year.  We made encouraging progress in some areas.
In particular we were gratified to report that the rapid growth
of sales of marketed products such as Paxil CRTM and Xatral(R)
OD/Uroxatral(R) resulted in a tripling of our royalty income
after a four-fold increase in the previous year.  As I have said
before, royalty income is the key to our future growth.  In 2001
just 3% of our revenues came from royalties but last year the
contribution was 35%.  However this success was offset by delays
to the completion of certain new agreements that we had expected
to conclude in 2003: I shall return to this topic later.  I am
delighted to report that 2004 looks likely to be a much more
positive year for SkyePharma and we have already made great
strides.

"The most important recent event was the U.S. Food & Drug
Administration's approval of DepoDurTM (the new name for
DepoMorphineTM) on 18 May.  This was the first possible date on
which the product could be approved.  It is becoming
increasingly uncommon for drugs to be approved at the first
opportunity so this achievement is a real tribute to both the
quality of the product and the skill of our clinical and
regulatory teams.  DepoDurTM is the first product for which we
have undertaken full development ourselves and we expect it to
be a major contributor to the company's future. We now look
forward to the U.S. launch of DepoDurTM by our partner Endo
later this year.  We also expect approval by the U.K. regulatory
authorities in the second half.  This will be used as the basis
for approval throughout European Union using the E.U.'s 'mutual
recognition' procedure.  Our new partner Medeus Pharma is
eagerly awaiting approval of DepoDurTM to commence marketing in
Europe.

"At the end of 2003, we reported that three key new deals were
still outstanding.  We have now completed two of these - on
excellent terms.  The first was with Medeus Pharma for a
European license for DepoDurTM.  The second was with the U.S.
specialty pharmaceutical company First Horizon for a
cardiovascular product that I cannot yet disclose.  This is a
very near-term market opportunity -- we expect FDA approval in
the autumn -- and will bring us substantial milestone payments
and a very satisfactory royalty rate.  Both of these agreements
illustrate our determination to hold out for deal structures
that optimize royalties and other sales-related payments.  This
will progressively reduce the importance of upfront payments in
our revenues.

"We have also out-licensed our topical products and delivery
technologies.  We made a strategic decision last year that we
did not have the resources to exploit these fully and that it
would therefore be better to let someone else take on this
development.  Our agreement with Trigenesis gives us a share of
future revenues and leaves intact our existing topical
agreements (such as those for Solaraze(R)).  We also retain the
right to use these technologies in certain circumstances.
Trigenesis has since been acquired by the Indian company Dr.
Reddy's, a move we welcome since it will put greater development
and marketing resources behind these assets.

"Negotiations to out-license our pulmonary package, while not
progressing as fast as we had expected, continue to proceed with
a number of parties, including our preferred partner.  Our
expertise in pulmonary delivery was recognized in 2003 by new
agreements with Novartis, GlaxoSmithKline and another
pharmaceutical company we cannot yet identify.  Foradil(R)
Certihaler, a version of Novartis' bronchodilator using our
multi-dose dry-powder inhaler, has now received its first
approvals in Europe and the US FDA issued an 'approvable' letter
in late 2003.  We look forward to the launch of this product
later this year.  Novartis has also decided to use the same
device for a new product, code named QAB149, which is still in
development.

"I am resigning [Wednesday] as Executive Chairman and seeking
reappointment as Non-executive Chairman.  I founded SkyePharma
in 1996.  Since then, the company has grown substantially and
developed a strong internal organization.  I am confident that I
can leave day-to-day management in the capable hands of Michael
Ashton and his team.  My particular area of expertise is in
establishing new companies and I have a number of other
interests where I believe these skills can more appropriately be
applied.  I am more certain than ever of SkyePharma's potential
and you can be assured that I shall continue to be closely
involved with the company in my new role."

About SkyePharma

SkyePharma develops pharmaceutical products benefiting from
world-leading drug delivery technologies that provide easier-to-
use and more effective drug formulations.  There are now ten
approved products incorporating SkyePharma's technologies in the
areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilization capabilities.  For more
information, visit http://www.skyepharma.com.

CONTACT:  SKYEPHARMA PLC
          Phone: +44 207 491 1777

          Michael Ashton
          Chief Executive Officer

          Peter Laing
          Director of Corporate Communications
          Phone: +44 207 491 5124

          Sandra Haughton
          U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Tim Anderson
          Mark Court
          Phone: +44 207 466 5000


SOUTHERN INDUSTRIAL: Appoints Liquidators from Ernst & Young
------------------------------------------------------------
At an Extraordinary General Meeting of Southern Industrial
Redevelopments Limited on June 15, 2004 the Special Resolution
to wind up the company was passed.  Patrick Joseph Brazill and
Alan Lovett of Ernst & Young LLP, 1 More London Place, London
SE1 2AF have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Liquidators:
          Patrick Joseph Brazill
          Alan Lovett


TOMEN EUROPE: Hires Liquidators from PricewaterhouseCoopers
-----------------------------------------------------------
At an Extraordinary General Meeting of the Tomen Europe Limited
Company on June 11, 2004, the Special and Ordinary Resolutions
to wind up the company were passed.  Richard Setchim and
Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed Joint Liquidators of the
Company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Liquidators:
          Richard Setchim
          Jonathan Sisson


TRANSBUS: Unions Blame Government for Closure of Belfast Plant
--------------------------------------------------------------
Leading trade unions Tuesday claimed Transbus' plant in Belfast
could have been saved from closure had the government allowed
the release of Translink's order for 400 buses.

Transport and General Workers' Union (AT&G) and Amicus said
Translink's order along with a commitment from Dublin Bus for
160 buses, could have secured the facility for up to four years.

David McMurray from AT&G and Terry Collins of AMICUS said in a
joint statement: "We wish to express our unions' concern at the
imminent closure of the Transbus International Plant in Belfast,
with the loss of 200 jobs."

"We are at a loss to understand why these highly-skilled workers
will lose their jobs, when Dublin Bus has given a commitment to
the Belfast factory of 160 buses and Translink require 400 buses
to replace their fleet," the statement added.

"To that end, the workers and unions have received unqualified
support from Labour TDs in Dublin and of local MLAs and MPs in
Belfast.

"The only stumbling block would appear to exist in the Northern
Ireland Office in their apparent inability to release the 400
buses that Translink require.

"We have supported the Government and they are failing to
demonstrate any support to our members in securing jobs as per
the Good Friday Agreement."

Transbus International went into receivership in March 2004.
The unions received in May a confirmation from administrator
Deloitte and Touche that the Belfast plant was to be closed.


                            *********


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-
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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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