TCREUR_Public/040628.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

             Monday, June 28, 2004, Vol. 5, No. 126

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: 'B-/CCC+' Senior Notes Ratings Affirmed


C Z E C H   R E P U B L I C

DAEWOO AVIA: Books Another Annual Loss as Sales Slump
IPB: PPF Wants European Union Commission to Probe State Bailout
JD: Court Approves Creditors' Involuntary Bankruptcy Petition
JOSPO: Falls into Insolvency


F I N L A N D

METSO CORPORATION: Receives Another Order from Shandong Province


G E R M A N Y

AGIV: Bank Freezes Deposit; Cites Failure to Honor Put Option
ARIES VERMOGENSVERWALTUNGS: Notes Assigned 'BB+' Ratings
DRESDNER BANK: Parent Gives Bank Until this Year to Shape up
DRESDNER BANK: Divests 25% Shareholding in Spanish Broadcaster
KOGEL AG: Trailer Holding Acquires Business for Undisclosed Sum

LANDESBANKS: Improving But Future Profitability Still Uncertain
MANNESMANN AG: Court Moves Prosecution's Final Statement
SCHEFENACKER AG: Weaker 2004 EBITDA Earns Negative Outlook
VIVA MEDIA: Board Welcomes Viacom's Interest in 75.8% Stake


H U N G A R Y

DUNAFERR STEEL: Buyer, Creditors Sign Debt Settlement Deal


I T A L Y

PARMALAT U.S.A.: Farmland Selling Atlanta Ice Cream Biz
PARMALAT U.S.A.: Section 304 Petition Summary
PARMALAT U.S.A.: Debtors Seek Extension of Rescue Plan Deadline


N E T H E R L A N D S

ROYAL SHELL: Welcomes ABB Ltd.'s Peter Voser to Board
ROYAL SHELL: U.S. Shareholders Want More Say in Corporate Review


P O L A N D

GDYNIA SHIPYARD: Major Shareholders Want Out
PORTY HOLDING: Board Sues Receiver for Mismanagement


R U S S I A

KAZAKHTELECOM: Ratings Affirmed at 'BB/B'; Outlook Stable
SODBUSINESSBANK: Court Sustains Central Bank's Liquidation Order


S P A I N

LAUREN: Court Appoints Official Receivers


S W I T Z E R L A N D

ABB LTD.: Finance Chief Leaves for Royal Dutch/Shell


U N I T E D   K I N G D O M

ABN AMRO: Sets Final Meeting July 24
A D P (WALES): Creditors May Appoint Liquidator Today
A J BAYLISS: Sets Final Meeting July 20
ALPHA CHAUFFEURS: Creditors Meeting Set for July 5
AMERICAN DREAMS: Interim Liquidator Sets First Meeting Tuesday

AMPERSAND I T: Creditors Consider Liquidation Today
ANDREE & WILKERLING: Appoints Joint Administrative Receivers
ANP CONSULTANTS: Hires Receiver from Singla & Co.
ANVIL PETROLEUM: Appoints Liquidator from Ernst & Young
A P S PROCESS: Creditors Meeting Set June 29

AZUR CLOTHING: Folding up Business this Year
CAMPBELL-WALTER: Sets Creditors Meeting Tuesday
CARLTON SOUTHERN: Names David Platt Associates Administrator
CLIVE RUSSELL: Hires Springfields Administrator
C & M: Creditors' Meeting Set June 29

CORUS GROUP: Returns to Black with GBP125 Mln First-half Profit
CRYSTAL COVE: Winding up Resolutions Passed
CUMMINS BROTHERS: Creditors Meeting Set June 29
CYBERES PLC: More than a Hundred Jobs in Danger
ELLTHOM LIMITED: Special Winding up Resolution Passed

FORCE 12: Sets Creditors Meeting June 29
FREEMAN INTERACTIVE: Appoints KPMG Liquidator
GREENWICH MILLENNIUM: Creditors Seek Liquidator's Ouster
GREENWOOD HOMES: Special Winding up Resolution Passed
IMPAK FOAM: Business and Assets for Sale

KIMBERLEY FURNITURE: Furniture Business for Sale
KINGSBURY CARRIERS: Creditors Meeting Set Tomorrow
L A B Windows: Board to Update Creditors Tuesday
LAW FURNISHINGS: Appoints P & A Partnership Administrator
LOCATEAMOBILE: Board Sets Creditors Meeting June 29

MAJOR AIR: Names Receivers from Begbies Traynor
MALABRIGHT FINISHING: To Appoint Liquidator June 29
MIDWEST TECHNOLOGIES: Hires Numerica Administrator
MONARCH PLASTERING: Creditors to Vote on Liquidation Tuesday
NETWORK RAIL: Asks High Court to Enjoin Impending Rail Strike

PETERS LIMITED: Names Ernst & Young Liquidator
REACT MUSIC: Appoints Receivers from The Atrium
REVIVAL HOLDCO: Winding up Resolutions Passed
RICHARD ENGLISH: Special Winding up Resolution Passed
RIVERPOINT CREATIONS: Meeting of Creditors Set June 30

ROYAL & SUNALLIANCE: Sells Codan Life to SEB Trygg Liv
RUSSELL HOTEL: Appoints Langley & Partners Administrator
TARGETMARKET LIMITED: Sets Creditors Meeting July 2
THURNHAM LEISURE: Unsecured Creditors to Receive Nothing
TOWER GATE: Winding up Resolution Passed

TRINITY MIRROR: All Units Report Revenue Increase
TWENTYONESEE FIVE: Special Winding up Resolution Passed
WATERJET PROFILES: Hires Portland Business Administrator
WOODMILL ENGINEERING: Creditors Meeting Set June 30


                            *********


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B E L G I U M
=============


TELENET COMMUNICATIONS: 'B-/CCC+' Senior Notes Ratings Affirmed
---------------------------------------------------------------
Fitch Ratings on Thursday affirmed the ratings on Telenet
Communications N.V.'s EUR500 million senior notes at 'B-' and
Telenet Group Holding N.V.'s US$558 million senior discount
notes at 'CCC+'.  The agency also affirmed Telenet BidCo N.V.'s
Senior Unsecured rating at 'B' and Senior Secured at 'BB-'.  The
rating Outlook is Stable.

Telenet's full-year 2003 revenues of EUR502 million and EBITDA
of EUR230 million were in line with Q1-Q3 results and with
Fitch's expectations.  During Q4 Telenet increased broadband
Internet subscribers by 31,000 to 399,000.  Telephony
subscribers increased from 241,000 at the end of Q3 to 254,000
at year-end.  Cable TV subscribers were broadly stable at 1.6
million.

In May, Telenet announced plans to launch mobile services by Q4
2004, signing an agreement to buy wholesale capacity on the
mobile network of BASE, a subsidiary of KPN.  While few details
are yet available, substantial additional investment in
marketing or subscriber acquisition costs could result in
downward pressure on Telenet's ratings.

As noted in Fitch's initial report in April, Cable Partners
(Telenet's controlling shareholder) is currently undergoing
restructuring and is in discussions with Liberty Media, the
majority shareholder of UGC, one of Europe's largest cable
operators.  Liberty Media, which recently announced the spin-off
of its international assets into Liberty Media International,
has acquired a pledge over some of Cable Partners' shares in
Telenet and may become a shareholder in either Cable Partners or
Telenet.  Fitch recognizes that Liberty Media would bring
significant financial resources, content and cable experience
were it to become a direct or indirect shareholder in Telenet
but does not expect the restructuring of Cable Partners to
trigger a bond repurchase as a change of control event during
2004.

Telenet's ratings reflect the company's strong market positions
in cable television, Internet and telephony services and, in
particular, the stability of the cable television business.
Notwithstanding the success of Telenet's "triple-play" of media,
data and voice services and its profitability (EBITDA margin of
46% in 2003), the rating is constrained by the group's high
financial leverage, possible regulatory risks and the potential
for increased price competition in the Belgian Internet and
telephony markets.

Telenet is a cable operator in Belgium providing cable
television, broadband Internet and telephony services to 1.6
million subscribers in the Flanders region.  In 2003, Telenet
generated revenues of EUR502 million and EBITDA of EUR230
million.  The company expects its EBITDA margin to be slightly
lower in 2004 as a result of the effect of two acquisitions
completed in December 2003 and the full integration of the cable
television business acquired in 2002.

CONTACT:  FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0) 20 7862 4105

          Marianela Gutierrez-Portillo
          Phone: +44 (0) 20 7417 3536

          Rachel Hardee
          Phone: +44 (0) 20 7417 6322

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


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


DAEWOO AVIA: Books Another Annual Loss as Sales Slump
-----------------------------------------------------
Lorry maker Daewoo Avia booked a CZK650 million loss for 2003,
the same amount of losses as in 2002, according to Czech
Happenings.

Spokesman Yong-Ki Choi said Daewoo Avia saw its sales drop 20%
to CZK846 million, with only 858 lorries purchased in 2003.  Of
this number, 474 were sold in the Czech market.  Daewoo Avia has
been in the red since 1999 because of high write-offs and claims
by its South Korean parent.  The company booked depreciation of
CZK400 million and loans amounting to nearly CZK7 billion last
year.  Its assets are only valued at CZK3.5 million.  The
company plans to produce 1,000 Avias this year and market them
to Spain, Greece, Latvia, Serbia and Bulgaria by year's end.

Mr. Choi said the company will complete the planned debt-equity
swap with Daewoo this year.  He said Daewoo Avia intends to
operate independently from its South Korean parent.  Daewoo Avia
is owned by multinational company Daewoo (50.2%), Clearstream
Banking (10%), Marcelion Holding (9%), and Pioneer ceska
investicni spolecnost (7%).


IPB: PPF Wants European Union Commission to Probe State Bailout
---------------------------------------------------------------
Financial group PPF has asked the European Union regulators to
investigate the Czech government's assistance to Investicni a
Postovni Banka (IPB), Dow Jones Newswires reports.

On June 16, 2000, the Czech anti-terrorism squad carried out a
raid and arrested IPB's top management.  The government put the
bank under forced administration and injected up to EUR9 billion
into its balance sheet.  The government also cleaned up the
firm's accounts and stripped it off of failing assets.  Three
days later, the bank was sold to competitor Ceskoslovenska
Obchodni Banka (CSOB).  The government even gave CSOB up to EUR5
billion in guarantees against liabilities until 2016.

PPF, a former minority shareholder of IPB, wrote to European
commissioner for competition Mario Monti on June 9 demanding a
formal investigation against CSOB.  PPF believes the guarantees
are illegal under E.U. rules.  The aid leads "to distortions of
competition both in the Czech Republic and beyond," the PPF
letter reads.

The Czech government insists the aid was legal under E.U. rules
for rescuing bankrupt firms.  CSOB spokesman Milan Tomanek said
of the complaint: "It is nothing new and I do not think it could
have any practical effect."

The complaint is the latest case in the complicated wrangle
between CSOB and PPF.  CSOB is trying to persuade the Prague
Municipal Court that PPF had acquired 32% in the insurer Ceska
Pojistovna without the right to do so.  PPF is demanding that
CSOB refunds CZK88 billion to the Czech government, claiming
that the guarantees should not have been granted.

PPF's Chief Risk Manager Marcel Dostal denied the petition
lodged to the European Union Commission was "an instrument" to
strengthen PPF's position in the Prague suit or similarly a
retaliatory action against CSOB's new lawsuit.


JD: Court Approves Creditors' Involuntary Bankruptcy Petition
-------------------------------------------------------------
A second attempt to declare pungent cheese producer JD bankrupt
has succeeded, Czech Happenings reports.

The Regional Court in Ostrava on Tuesday confirmed the firm's
bankruptcy at the request of creditors, Union Leasing and
Mistecka Mlekarna, which is reportedly owed CZK8 million.

JD, one of two remaining producers of the original "olomoucke
tvaruzky" pungent cheesecakes, survived the first bankruptcy
petition filed by Dairy Mlekarna Kunin in 1998.  But in March
severe financial problems forced the company to suspend
production.  JD owner Olga Krupkova declined to discuss the
matter with the media, according to the report.

The company's closure will leave rival A.W., also based in
Lostice, the only producer of "tvaruzky", a Czech delicacy that
has been produced in the Hana region in Moravia since the 15th
century.  The two combine for 3,000 tonnes of "tvaruzky"
cheesecakes annually.


JOSPO: Falls into Insolvency
----------------------------
Furniture manufacturer Jospo has closed shop due to insolvency.
The company has not paid its 110 employees for three months,
according to Europe Intelligence Wire.  The only way the company
can avoid liquidation is by finding a strategic partner from
Netherlands.

CONTACT:  JOSPO
          589 01, Trest,
          Palackeho 2
          Phone: 567 214 113
          Fax: 567 214 038
          E-mail: jospo@jospo.cz
          Home Page: http://www.jospo.cz
          Contact:
          Lukes Cinnost


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F I N L A N D
=============


METSO CORPORATION: Receives Another Order from Shandong Province
----------------------------------------------------------------
Metso Paper will supply a bleached chemi-thermomechanical pulp
(BCTMP) line, a complete bale pulping line and a roll finishing
line for Shandong Huatai Paper Co., Ltd., China.  The lines are
scheduled to start-up in December 2005 in Dong Ying City,
Shandong Province.

The pulp line delivery will include chip washing, main-line
refining and screening, reject refining, pulp washing, high-
consistency bleaching and steam separation.  The line will
manufacture high-quality BCTMP pulp from poplar for lightweight
offset printing paper production.

This is already the third BCTMP line order to Metso Paper from
the Shandong Province within the past 12 months.  The roll
finishing line delivery includes two winders, a parent reel
cart, wrapping machine and roll handling system.  The trim width
of the winders is 9.8 meters.  The roll wrapping and handling
systems are designed for a capacity of 160 rolls/hour.  The
world's first OptiStream roll finishing line will be supplied to
the new PM 11 newsprint machine.

Shandong Huatai Paper ordered a winder and roll wrapping and
handling systems for their PM 9 from Metso Paper in 2001.
Shandong Huatai Paper's mill is located in the lower reaches of
the Yellow River and the eastern region of the North China
plains.  The company has several paper machines and produces
newsprint, fine paper, special printing papers, coated board and
tissue.

Metso Corporation, whose corporate credit is rated 'BB+' by
Standard & Poor's, is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR 4.3 billion.  Metso has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Hakan Dahlin
          Vice President, Sales
          Metso Paper, Fiber Business Line
          Phone: +46 60 16 54 07

          Ilkka Tuomenoksa
          Vice President, Sales
          Metso Paper, Paper Business Line
          Phone: +358 40 528 0779


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


AGIV: Bank Freezes Deposit; Cites Failure to Honor Put Option
-------------------------------------------------------------
Ailing German property group Agiv may suffer a severe liquidity
crisis after BHF-Bank confiscated its EUR17.4 million in fixed
deposits, FAZ says.  The bank seized the deposit, citing an
outstanding EUR20 million claim against the company.

The bank says the claim relates to a put option that obliged
Agiv to buy back its stake held by BHF at EUR4.17 per share.
Agiv did not honor this agreement, claiming it was no longer
valid.

The company needs between EUR15 million and EUR20 million to
avoid a cash crunch.  Its shareholders are reportedly
considering seeking compensation from BHF.  A BHF spokesman said
the bank is not responsible for Agiv's financial problems.


ARIES VERMOGENSVERWALTUNGS: Notes Assigned 'BB+' Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the fixed- and floating-rate credit-linked
notes to be issued by Aries Vermogensverwaltungs GmbH.  The
issuer is a newly formed SPE domiciled in the Federal Republic
of Germany.

"The euro- and U.S. dollar-denominated notes issued by Aries
will be credit linked to certain obligations of the Russian
Federation, the first time Paris Club debt has been securitized
in this way," said credit analyst Herve-Pierre Flammier,
director in Standard & Poor's Structured Finance Ratings group.

To repay the notes, the issuer will receive certain amortization
payments under a pre-established schedule from the Federal
Republic of Germany under a participation agreement, Mr.
Flammier said.  "These payments will be passed on to the asset
swap counterparty, KfW, under a reinvestment agreement.  In
turn, and subject to it receiving these payments from the
issuer, KfW will pay to the issuer interest and principal as and
when due under the terms and conditions of the notes."

Credit analyst Konrad Reuss, managing director in Standard &
Poor's Sovereign Ratings group, explained that the reinvestment
agreement with KfW therefore works as a standard asset swap.
"It aims to transform the amortizing Paris Club debt payments
into bullet obligations," he said.  "It also provides for a
fixed recovery of 20% on the satisfaction of the sovereign event
redemption conditions, and as such works as a fixed recovery
contract.

"On a default by Russia under its Paris Club debt to Germany and
if triggered by Germany, all payments from Germany will cease
under the participation agreement," Mr. Reuss said.  "Therefore,
the repayment of the notes will come directly from KfW, unless
the sovereign event redemption conditions have been satisfied.
A sovereign event is triggered if the German Federal Minister of
Finance publishes a notice stating that Russia is in default on
its Paris Club debt payments to Germany."

The notes to be issued by Aries will have these unique
characteristics:

(a) The notes will be credit linked to Russia's performance on
    its Paris Club obligations to Germany.  The occurrence of
    credit events on Russia will depend on the willingness of
    Germany to declare them.  The ratings on the notes will also
    be dependent on the long-term ratings on Germany, KfW, and
    Deutsche Bank AG as bank account provider.

(b) The notes will be directly linked to Russia remaining
    current on its Paris Club debt payments to Germany.  Should
    Russia cease to make the payments as described below, and
    Germany makes a public certification of Russia's failure to
    pay, the notes will be in default.  In that case, the
    note holders will receive a fixed recovery of 20% of the
    notes' face amount.

(c) A restructuring of the Paris Club debt between Germany and
    Russia affecting the maturity, applicable interest rate,
    and/or applicable principal repayment will not affect the
    obligations of Germany to make payments in accordance with
    the Paris Club debt participation agreement as long as
    Germany has not publicly stated a payment default by Russia
    (a restructuring in itself does not constitute a sovereign
     event of default).

(d) The noteholders have limited recourse to Aries only and no
    recourse to Germany or the Russian Federation.

(e) The notes are bullet securities with three to 10 years'
    maturities rather than the amortizing format of the Paris
    Club debt cash flows.

Other important elements of the transaction include:

(a) Germany has committed to retain part of its Paris Club debt
    with Russia throughout the term of the transaction.

(b) The Paris Club debt payments from Russia to Germany are
    governed by bilateral agreements signed by the sovereigns.

(c) Under the transaction documents, a sovereign credit event is
    defined as a failure to pay under Paris Club debt, subject
    to a minimum payment requirement of EUR50 million as a one-
    off default or of EUR250 million in aggregate over time and
    subject, in each case, to a grace period of 60 days.  Note
    that defaults giving rise to an agreed restructuring by
    Germany are not deemed sovereign events.

The full presale report for this transaction was published
Thursday and is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com. The presale report can also be
found on Standard & Poor's Web site at
http://www.standardandpoors.com. Alternatively, call one of
Standard & Poor's Ratings Desks: 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.

RATINGS LIST
Aries Vermogensverwaltungs GmbH
Fixed- and Floating-Rate Russian Federation Credit-Linked Notes
Series          Rating
A               BB+
B               BB+
C               BB+

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          herve-pierre_flammier@standardandpoors.com
          konrad_reuss@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com
          SovereignLondon@standardandpoors.com


DRESDNER BANK: Parent Gives Bank Until this Year to Shape up
------------------------------------------------------------
Allianz Chief Executive Michael Diekmann set an ultimatum for
subsidiary Dresdner Bank to improve its results.

The Financial Times said the insurance group "will stand by
Dresdner Bank only if [it] meets profitability targets..."  It
quoted Mr. Diekmann saying: "We back our subsidiaries as long as
they are working hard.  But if a subsidiary can't sustainably
contribute to profits, I can't defend that eternally to the
capital markets."

Dresdner Bank is aiming at breaking even at a net level this
year before restructuring charges, and earning its cost of
capital of 7-8% in 2005.  Last year the company reported EUR460
million (US$556 million) in losses.

Europe's largest insurer by premium income is currently trying
to come up with its bancassurance model programmed to double
domestic market share in banking to 10%.  It will send the
hardware to half of its 10,000 insurance agents, who will sell
banking products.  It will apply the model to other markets,
such as France, if the program does well in Germany.

Dresdner is cutting staff and divesting bad loans and other
unattractive assets to better tackle its difficulties.


DRESDNER BANK: Divests 25% Shareholding in Spanish Broadcaster
--------------------------------------------------------------
The banking arm of German insurance giant said it sold EUR625
million worth of stakes in leading Spanish free-to-air
broadcaster Telecinco.

The sale involved Dresdner Bank's entire 25% stake in the firm.
It was placed on the stock market as part of Telecinco's
flotation.  Dresdner received EUR2.5 billion (US$3 billion) for
the shareholding, valued at EUR10.15 apiece.  Dresdner took over
the share following the insolvency of Kirch Group, which used
the stake as collateral for a loan.

Dresdner became part of Allianz when the insurance group
acquired the bank for EUR24 billion three years ago.  It is
currently divesting non-core assets to return to profitability.


KOGEL AG: Trailer Holding Acquires Business for Undisclosed Sum
---------------------------------------------------------------
Trailer Holding will take over ailing German trailer
manufacturer Kogel AG on July 1, Suddeutsche Zeitung says.  The
purchase price was not revealed.

Kogel experienced financial difficulties for several years,
forcing it to declare insolvency in January.  The new investors
said they consider their venture in Kogel as a long-term
project.  They added it would not be purely a financial
investment.

Kogel AG, a public limited company, will be wound up during the
course of the year and parts of its operating business will be
bundled within Kogel GmbH, the limited liability company, while
the remaining parts will be sold.

Trailer Holding is jointly owned by Thomas Haffa, the former
head of German media group EM.TV, and German investment company
Schoeller, Metternich & Brennecke.  Each owns around 40% of the
company.


LANDESBANKS: Improving But Future Profitability Still Uncertain
---------------------------------------------------------------
Fitch Ratings says while the Landesbanks are slowly improving
their earnings and have started to restructure their business
model to adapt to the loss of state guarantees, it remains to be
seen if they will be capable of generating satisfactory
profitability levels, according to a Special Report published
Thursday.

In the report, "Landesbanks: Yesterday, Today, Tomorrow", Fitch
says that despite business restructuring efforts already
underway, further reorientation and reorganization measures may
be required.  Fitch expects that, in general, balance sheets
will be downsized, funding gaps closed and liquidity buffers
built before the loss of state guarantees in July 2005.

"The Landesbanks' future will depend to a great extent on their
ability to improve risk-adjusted pricing, increase cooperation
with the savings banks, limit cost growth and keep credit risk
costs under control.  At the same time they will need to
maintain capitalization at satisfactory levels," said Olivia
Perney Guillot Director in Fitch's Bank Group.

Fitch would welcome further consolidation or cooperation
agreements in the public banking sector as well as across
sectors to improve efficiency.  However, the speed and the size
of these potential moves depend on various factors, including
structural reform in Germany and political will.

Landesbanks today are in the transitional phase of adjusting
their business models to face the changes the loss of their
state guarantees and 'AAA' funding bases will entail.  The
impact of the loss of state guarantees should be somewhat
mitigated by forward looking liquidity management and funding
plans implemented during this transition phase, and the market
has already started to price the pending loss of guarantees into
Landesbank borrowing rates.  However, funding costs are expected
to increase from 2005.  While the level of the increase will
depend on the ratings the banks achieve on an unguaranteed
basis, it is still unclear how far they will increase. Costs may
benefit temporarily from strong Short-term ratings reflecting
the high proportion of grandfathered obligations some banks will
have in the first few years.

The very strong probability of support from the Laender (federal
states) for their respective Landesbanks in case of need, even
absent of explicit guarantees, means that the ratings of most
Landesbanks' unguaranteed obligations will be driven by Support
rather than Individual ratings.  Long-term ratings in most cases
will be at their support rating floors, mostly in the single 'A'
range.  Hardly any of Fitch's ratings for unguaranteed
obligations will reflect the Landesbanks' stand-alone
creditworthiness.  A few Landesbanks are, however, showing
strong enough financial fundamentals to bring up their stand-
alone Long-term ratings (illustrated by their Individual
ratings) to close to their Long-term support rating floors.

The agency is aware of increasing market demand to know what the
ratings for the unguaranteed obligations will be as the credit
default swap market for Landesbank risk has started to develop
and counterparties are starting to look at the lines they will
have available a year ahead of the guarantees being dropped.
The agency, therefore, expects to be publishing its ratings for
the Landesbanks' unguaranteed obligations in the course of the
next month.

For further details please see Fitch's comment "Landesbanks:
Yesterday, Today, Tomorrow" and "Why Landesbanks Are Single 'A'
Range" on http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Bridget Gandy, London
          Phone: +44 20 74174346

          Olivia Perney Guillot, Paris
          Phone: +33 1 44 29 91 80

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


MANNESMANN AG: Court Moves Prosecution's Final Statement
--------------------------------------------------------
The closure of the breach of trust case against Deutsche Bank AG
Chief Executive Josef Ackermann and former Mannesmann AG
executives has been stalled by a car accident of one of their
lawyers.

A German court rescheduled the prosecutors' final statement to
Wednesday next week from Thursday, Head Judge Brigitte said.  In
effect, the final statement of the six defendants will be moved
a week later than planned, Bloomberg News reports.

The court decided to postpone the schedules after the lawyer of
Mr. Ackermann, Eberhard Kempf, figured in a car accident
Wednesday evening.  Mr. Kempf was not seriously injured,
according to Mr. Ackermann's other lawyer Klaus Volk.

Mr. Ackermann is standing trial together with other five former
Mannesmann executives for alleged breach of trust charges in
relation to the takeover of Mannesmann by Vodafone four years
ago.  He and three others approved EUR57 million (US$69 million)
in bonuses during the transaction as board members of
Mannessmann.  The prosecution alleges the decision helped
expedite the deal.  Among the defendants is Mannesmann's former
Chief Executive Officer Klaus Esser.


SCHEFENACKER AG: Weaker 2004 EBITDA Earns Negative Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based automotive supplier Schefenacker AG to negative
from stable on the likelihood of weaker cash flow performance in
2004.  At the same time, the 'B+' long-term corporate credit
rating and the 'B-' rating on the EUR200 million senior
subordinated bonds were affirmed.

"The outlook revision follows Schefenacker's announcement that
it is likely to achieve lower EBITDA in 2004 compared with 2003,
due to the difficult business environment as well as operational
challenges," said Standard & Poor's credit analyst Martin Amann.

"We therefore expect the company to achieve modestly positive
free operating cash flow generation at best in 2004, if it is
able to reduce its working capital. "This does not, however,
include the cash costs of about EUR20 million from
Schefenacker's refinancing transaction in the first quarter of
2004.

Credit protection measures are expected to become somewhat weak
for the 'B+' rating category, and could be more in line with a
lower rating if Schefenacker's various improvement measures do
not start to show immediate results.  In addition, we are
concerned that financial covenants may become tight from the
third quarter of 2004 due to the likelihood of lower EBITDA
generation.  We will therefore closely monitor the company's
efforts to improve operational performance in the coming months,
with a particular focus on cash flow generation.

Schefenacker estimates it will achieve EBITDA of about EUR80
million in 2004, compared with slightly less than EUR90 million
in 2003.

"The ratings would be lowered if we came to believe that
Schefenacker's credit profile was no longer commensurate with
its current rating category," said Mr. Amann.

The company's first quarter financial report is available free
of charge at http://bankrupt.com/misc/Schefenacker_Q12004.pdf.

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


VIVA MEDIA: Board Welcomes Viacom's Interest in 75.8% Stake
-----------------------------------------------------------
Viacom Inc., a leading global media company, informed VIVA Media
that an agreement has been signed to acquire 75.8% of the shares
in VIVA Media AG.  The agreement includes, inter alia, the
shares of Time Warner, Universal Music, "Die Initiatoren Eins
bis Vier" and several shareholders who are members of the
corporate bodies of VIVA Media AG and BRAINPOOL TV GmbH.  The
closing of the agreement is, inter alia, subject to antitrust
and regulatory approval and the absence of a material adverse
change in VIVA Media AG.

Viacom also published and notified to the company pursuant to
the provisions of the German Takeover Act its decision to launch
a tender offer for the shares in VIVA Media AG at a price of
EUR12.65 per share.

The offer represents a premium of 21% versus the weighted
average share price during the previous three month period
published by the BaFin -- Bundesanstalt fur
Finanzdienstleistungsaufsicht -- (EUR10.47, as of June 15,
2004).  Based on the number of 24,413,107 shares in VIVA Media
AG the offer implies a valuation of the equity of VIVA Media AG
at EUR308.8 million.

Subject to review of the formal tender offer document, the
management board of VIVA Media AG supports this transaction.  In
the context of the transaction the management board of VIVA
Media AG has agreed with Viacom (MTV Networks Europe) on a joint
declaration regarding the post-acquisition strategy and process.
Following BaFin approval, the offer document will be published,
inter alia, at http://www.mtv-viva.com.

On the basis of a separate agreement Viacom will also acquire
Time Warner's stake in the music TV channel VIVA PLUS, a joint
venture between VIVA Fernsehen GmbH (51%) and Time Warner (49%).
The closing of this transaction is also subject to several
conditions precedent.

CONTACT:  VIVA MEDIA AG
          Schanzenstrasse 22
          D-51063 Cologne

          Investor Relations:
          Christoph Ahmadi
          Phone: +49(0) 221-6509-2300
          E-mail: ir@vivamediaag.com
          Web site: http://www.vivamediaag.com


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


DUNAFERR STEEL: Buyer, Creditors Sign Debt Settlement Deal
----------------------------------------------------------
The ISD-Duferco consortium and banks financing Hungary's
Dunaferr steelworks have signed an agreement for the acquisition
of the steel-maker's 79.5% outstanding shares.  The deal
completes talks on settling the enterprise's debts.

In an interview with Interfax, ISD corporate rights and
investment director Alexander Pilipenko said the consortium
still has to take care of a few legal procedures.  In
particular, it must convene a shareholders meeting to change the
company's managing structure.  It might finish the procedure
mid-August, he said.

ISD and Duferco, and Hungary's privatization agency APV Rt.
agreed on the HUF444 million deal (around US$2.1 million) in
February.  Part of the transaction was for the buyers to invest
in the company.


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


PARMALAT U.S.A.: Farmland Selling Atlanta Ice Cream Biz
-------------------------------------------------------
Farmland Dairies, LLC operates an ice cream distribution
business in Atlanta, Georgia.  The Atlanta Ice Cream Business
distributes ice cream throughout the State of Georgia, as well
as eastern Alabama and western South Carolina through both
Farmland-owned direct distribution routes and independent
distributors.  The Business has 19 employees and had sales of
about $6,500,000 in 2003.

Gary T. Holtzer, Esq., at Weil, Gotshal & Manges, LLP, relates
that the defection of certain of Farmland's major customers and
the highly competitive nature of the ice cream supply industry
caused the Atlanta Ice Cream Business to experience difficulty
in covering fixed costs, which include lease obligation for its
distribution center, related upkeep of the distribution center,
and lease obligation for trucks used in the distribution of ice
cream.  Due to financial difficulties, the Atlanta Ice Cream
Business is losing about US$100,000 per month and its customer
base is eroding, resulting in the decline of the business'
value.  Farmland considers the Atlanta Ice Cream Business as
unprofitable and burdensome to its estate, which would not play
a meaningful or valuable role in any reorganization plan in its
Chapter 11 case.

Mr. Holtzer points out that by selling the Atlanta Ice Cream
Business, Farmland will be relieved of the majority of the costs
and liabilities that would otherwise be incurred in connection
with its continued operation.

                     The Purchase Agreement

In February 2004, Farmland employed Lazard Freres & Co, LLC and
AlixPartners, LLC to assist in maximizing the value of its
business.  Through the marketing efforts of these firms,
Farmland received three letter proposals indicating interest in
acquiring the Atlanta Ice Cream Business.  After reviewing the
proposals, Farmland determined to sell the Atlantic Ice Cream
Business to Integrated Brands, Inc., which had tendered the best
offer.  Integrated Brands had offered US$148,000 for the Atlanta
Ice Cream Business, plus additional consideration to be
determined at closing based on the valuation of Farmland's
inventory.  Pursuant to an Asset Purchase Agreement, Farmland
will sell to Integrated Brands:

  (a) All goodwill of the Atlanta Ice Cream Business;

  (b) All Customer Lists, Route Lists and Supplier Lists;

  (c) The rights of participation in certain Shared Contracts,
      which concern the Business;

  (d) Any rights in the Third Party Freezer Cabinets;

  (e) The Freezer Cabinets;

  (f) The Trucks;

  (g) The limited right to use the Leased Trucks;

  (h) Certain Intellectual Property;

  (i) All advertising materials; and

  (j) All trademark rights associated with Mr. John's Old
      Fashioned Ice Cream Product and License Rights regarding
      the Debtors' Kinnet trademark for use in the sale of ice
      cream.

To the extent any of Farmland's Material Contracts relate to
both the Atlanta Ice Cream Business and the sale of milk and
other products by Farmland or any of its affiliates, that
contract will be considered a "Shared Contracts."  Farmland will
not assigned and will remain responsible for the performance of
all obligations under the Shared Contracts.  Farmland, however,
may dispose of a Shared Contract, subject to Integrated Brands'
rights.

                    Assumption of Liabilities

As additional consideration, Integrated Brands will assume, and
agree to pay, perform and fulfill and discharge only liabilities
arising after the Closing Date in connection with the use of the
Purchased Property.  Integrated Brands will also have its
liabilities to Farmland expressly agreed to in the subcontracts
or alternative arrangements with respect to the Shared
Contracts, and will reimburse Farmland for the cost of certain
packaging materials used in the Atlanta Ice Cream Business.
Integrated Brands will indemnify and hold Farmland harmless from
any and all losses arising after the Closing directly out of any
Assumed Liability.  Integrated Brands will not assume any
current liability and obligation of Farmland or the Atlanta Ice
Cream Business.

                    Finished Goods Inventory

Farmland will also sell Finished Goods Inventory to Integrated
Brands, as part of the Purchased Property.  Immediately before
the Closing, Integrated Brands and Farmland will jointly conduct
a physical count to determine the exact quantities and pricing
of each item of Farmland's Finished Goods Inventory.  The
parties will also jointly prepare a revised schedule reflecting
the count.  Any items of finished goods that are determined by
Integrated Brands in good faith not to be Good, Salable and Non-
Discontinued will be excluded from the count and may be
destroyed or sold by Farmland, in its sole discretion.

                    Covenant Not to Compete

Subject to certain exceptions, Farmland will not compete with
Integrated Brands for three years from the Closing in the States
of Georgia, Alabama and South Carolina, and will not participate
or engage in business activities and operations relating
specifically to the Atlanta Ice Cream Business.  The businesses
engaged in by Farmland and Milk Products of Alabama, LLC, will
not be considered part of the Atlanta Ice Cream Business or
competitive with it.  After the Closing, Farmland will reject
its contract with Hunter Farms.

Farmland believes that the sale is best for its estate and
creditors.  Accordingly, Farmland seeks the Court's authority to
sell the Atlantic Ice Cream Business to Integrated Brands
pursuant to the Purchase Agreement.  Farmland also asks the
Court to:

(a) Exempt the sale transaction from transfer taxes as provided
    under Section 1146(c) of the Bankruptcy Code; and

(b) Determine that Integrated Brands is acting in good faith,
    and is entitled to the protections of a good faith
    purchaser under Section 363(m).

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. of 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)


PARMALAT U.S.A.: Section 304 Petition Summary
---------------------------------------------
Petitioner: Dr. Enrico Bondi, as extraordinary administrator of
            the Debtors

Lead Debtor: Parmalat Finanziaria S.p.A.
             Via O. Grassi, 26
             Collecchio
             Parma, Italy

Case No.: 04-14268

Debtor affiliates filing separate section 304 petitions:

     Entity                                     Case No.
     ------                                     --------
     Parmalat S.p.A.                            04-14269
     Parmalat Netherlands B.V.                  04-14271
     Parmalat Finance Corporation B.V.          04-14273
     Parmalat Capital Netherlands B.V.          04-14274
     Dairies Holding International B.V.         04-14276
     Cebtro Latte Centallo S.r.l.               04-14277
     Parma Food Corporation B.V.                04-14278
     Eliair S.r.l.                              04-14279
     Parmalat Soparfi S.p.A.                    04-14280
     Newco S.r.l.                               04-14281
     Olex S.A.                                  04-14282
     Geslat S.r.l.                              04-14283
     Parmengineering S.r.l.                     04-14284
     Contal S.r.l.                              04-14285
     Panna Elena S.r.l.                         04-14286
     Nuova Holding S.p.A.                       04-14287
     Hit S.p.A.                                 04-14288
     Hit International S.p.A.                   04-14289
     Parmatour S.p.A.                           04-14290
     Coloniale S.p.A.                           04-14292
     Lactis S.p.A.                              04-14293
     Eurolat S.p.A.                             04-14295

Type of Business: The Debtor operates diverse businesses,
                  including, but not limited to, production,
                  packaging, purchase, import, export, storage,
                  sale and marketing of food, drink, dietetic
                  and related products.
                  See http://www.parmalat.net/

Section 304 Petition Date: June 22, 2004

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Petitioner's Counsel: Marcia L. Goldstein, Esq.
                      Weil Gotshal & Manges
                      767 Fifth Avenue
                      New York, NY 10153
                      Tel: 212-310-8214
                      Fax: 212-735-4919

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


PARMALAT U.S.A.: Debtors Seek Extension of Rescue Plan Deadline
---------------------------------------------------------------
Section 1121(b) of the Bankruptcy Code provides for an initial
period of 120 days after the Petition Date during which a debtor
has the exclusive right to propose and file a Chapter 11 plan.
Section 1121(c)(3) provides that if the debtor files a plan
within the 120-day Exclusive Filing Period, it has 180 days
after the Petition Date to obtain acceptance of that plan,
during which time competing plans may not be filed.  Pursuant to
Section 1121(d), the Court, may, upon a demonstration of cause,
extend a debtor's Exclusive Periods.

At the outset of their Chapter 11 cases, the Parmalat U.S.
Debtors believed that a sale of substantially all their assets
was required to preserve the value of their estates for the
benefit of their creditors and other parties-in-interest.  The
Debtors and their professionals worked diligently towards
exploring and achieving that goal.  While several entities have
expressed interest in and made offers for certain of the
Debtors' assets, the Debtors recently determined that a
reorganization of their businesses as a going concern, including
an extension and increase of the DIP Financing Agreement to
accommodate this initiative, can provide greater benefits to
creditors and other parties-in-interest.  Accordingly, the
Debtors decided to pursue a reorganization plan and are
negotiating with their Postpetition Lenders for additional DIP
financing.

Gary T. Holtzer, Esq. of Weil, Gotshal & Manges LLP in New York
told the Court that the U.S. Debtors have been faced with
numerous complex matters requiring the attention of their
management and their professionals since the Petition Date.
Immediately upon filing their Chapter 11 cases, the Debtors
devoted their resources to stabilizing their businesses and
winning back the loyalty of their suppliers, customers, and
employees.  The Debtors have had to respond to creditor-
initiated legal proceedings and critical operational issues
related to their customers, vendors and certain state regulatory
agencies.  Additionally, in accordance with their initial sale
strategy, the Debtors negotiated and developed procedures and
processes for the attempted sale of substantially all of their
assets.  In the first four months, the Debtors also secured
adequate financing, managed business operations, and negotiated
employee and union issues to maintain an efficient ongoing
enterprise.  The U.S. Debtors are not in the position to file a
plan now.  Thus, the Debtors ask the Court to extend their
Exclusive Plan Filing Period through October 21, 2004 and their
Exclusive Solicitation Period through December 21, 2004.

Mr. Holtzer contends that the U.S. Debtors' Chapter 11 cases are
sufficiently large and complex to warrant an extension.  The
Debtors' combined prepetition assets total $335,642,406 and
their debts total US$266,265,795.  Due to their varied
locations, the affiliations with a worldwide organization in the
process of its own restructuring, the unique issues surrounding
the three separate Debtors, and the numerous players involved,
the Debtors' cases are very complex.

Mr. Holtzer points out that the U.S. Debtors, in consultation
with their professionals, have only recently determined that a
reorganization of their businesses as a going concern can
provide greater benefits to creditors and other parties-in-
interest than a sale of substantially all of their assets could.
While the Debtors had been working on a liquidation plan in
connection with the planned sale, they must now change course,
develop a business plan, and negotiate with numerous groups of
creditors before filing their plans of reorganization.  Although
the Debtors have taken steps in this direction, they have not
had ample time since their change in strategy to finalize and
file a plan.

Mr. Holtzer assures the Court that the U.S. Debtors are not
seeking an extension to delay the Chapter 11 process for some
speculative event, or pressure creditors to accede to a plan
unsatisfactory to them.  Mr. Holtzer adds that the Debtors'
relationship with the Official Committee of Unsecured Creditors
and their professional is cordial and constructive.

The U.S. Debtors' request for a further extension of the
Exclusive Periods is not a negotiation tactic, but merely a
reflection of the fact that their cases are not yet ripe for the
formulation and confirmation of a viable Chapter 11 plan, and
will not result in a delay of the process to formulate a plan.
To the contrary, the extension of the Exclusive Periods will
permit the plan process to move forward in an orderly fashion.

Moreover, the U.S. Debtors have kept sight of the need to deal
with all parties-in-interest.  The Debtors and their
professionals have consistently conferred with various
constituencies on all major substantive and administrative
matters, at times altering their position in deference to the
views of the Creditors Committee, the U.S. Trustee, the DIP
Lenders, or other parties-in-interest.  The Debtors have no
intention of discontinuing this dialogue if the Exclusive
Periods are extended.  The extension will permit the Debtors'
management to develop and implement a viable long-term business
plan and allow the Creditors Committee and other parties-in-
interest to evaluate that plan.

Mr. Holtzer also attests that the U.S. Debtors will continue to
pay all of their bills as they become due.  The Debtors believe
they have sufficient liquidity under the existing DIP
arrangements to carry on in the normal course of business.  In
fact, the Debtors have considerably more availability under
their DIP financing than was previously forecasted.

The Court will convene a hearing to consider the U.S. Debtors'
request on June 24, 2004.  The Debtors ask the Court to enter a
bridge order to temporarily extend their Exclusive Periods until
the Court has had an opportunity to decide on the merits of the
request.

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. of 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)


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


ROYAL SHELL: Welcomes ABB Ltd.'s Peter Voser to Board
-----------------------------------------------------
The Board of Directors of The 'Shell' Transport and Trading
Company, p.l.c. is pleased to announce the appointment of Mr.
Peter Voser as Director with effect from 4 October 2004.  With
effect from the same date, Mr. Voser will be appointed a Group
Managing Director and Director of Finance of the Royal Dutch/
Shell Group of Companies.

At present, Peter Voser is the Chief Financial Officer and a
Member of the Group Executive Committee of the Asea Brown Boveri
(ABB) Group of Companies, based in Zurich, Switzerland.  ABB is
a leader in power and automation technologies operating in
around a 100 countries and employs about 110.000 people.  From
1982 to March 2002, Mr. Voser held a variety of Finance and
business roles with Shell in Switzerland, U.K. (London),
Argentina and Chile.  In his last assignment, he was the Chief
Financial Officer on the Global Oil Products Executive
Committee.

Mr. Voser, who is of Swiss nationality, was born in Baden,
Switzerland, in 1958.  He is married and has three children.  He
graduated with a degree of business administration from the
University of Applied Sciences, Zurich, Switzerland in 1982.

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

          Europe:
          Bart van der Steenstraten
          Phone: +31 70 377 3996

          U.S.A.
          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations
          U.K.
          Andy Corrigan
          Phone: +44 20 7934 5963

          U.K.
          Simon Buerk
          Phone: +44 20 7934 3453

          Europe:
          Herman Kievits
          Phone: +31 70 377 8750


ROYAL SHELL: U.S. Shareholders Want More Say in Corporate Review
----------------------------------------------------------------
Two U.S.-based shareholders of Royal Dutch/Shell want to be
represented in the committee reviewing the company's governance
and structure.

Knight Vinke, a U.S.-based asset manager, and U.S. pension fund
CalPERS have written to Shell calling on the company to consider
including two individuals "proposed by investors" to sit with
the team.  They also would like to read a "detailed
understanding of the measures that are under consideration," and
to see the committee report back in September instead of
November.

The demand came a week after Shell bowed to shareholder pressure
for transparency in the process by naming five senior executives
on the governance review and committing itself to reviewing its
complex Anglo-Dutch board structure.

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

          Europe:
          Bart van der Steenstraten
          Phone: +31 70 377 3996

          U.S.A.
          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations
          U.K.
          Andy Corrigan
          Phone: +44 20 7934 5963

          U.K.
          Simon Buerk
          Phone: +44 20 7934 3453

          Europe:
          Herman Kievits
          Phone: +31 70 377 8750


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


GDYNIA SHIPYARD: Major Shareholders Want Out
--------------------------------------------
A group of Gdynia Shipyard shareholders is demanding that Ship
Investment Fund (SFI) buy their stakes in the company as
stipulated in a contract signed five years ago, according to
Warsaw Business Journal.  SFI had guaranteed it would buy out
shares of the shipyard from the other shareholders in 1999 when
the shipyard was recapitalized with PLN60 million.

The group led by PZU wants to withdraw from the shipyard.
Kredyt Bank and Warta insurance group are also reportedly
considering similar moves because of the company's poor
financial result and restructuring.  PZU is considering legal
measures to recover its investment.  Andrzej Galganek, the head
of Warta Vita's strategy department, said since the possibility
of withdrawing the invested funds is rather slim, they may opt
for a bankruptcy filing for SFI.


PORTY HOLDING: Board Sues Receiver for Mismanagement
----------------------------------------------------
Porty Holding's board has filed a petition in a district court
in Szczecin to suspend receiver Teodor Skotarczyk from managing
the firm's bankruptcy procedures.

The board of the bankrupt shipyard is currently investigating
Mr. Skotarczyk.  The board has accused him of selling unfinished
vessels to creditors who in turn decided to continue
construction.  The sale cost the company PLN80 million in VAT.

"Had the receiver let Porty Holding finish the vessels, no tax
would have been incurred," Porty Holding president Krzysztof
Piotrowski said.

The board also accused Mr. Skotarczyk of mismanaging Porty
Holding assets with no regard for the interest of creditors and
producing messy bookkeeping.  A prosecutor in Lodz has started
an investigation on Mr. Skotarczyk.

As observers noted, the move of the board is just another
attempt to impede the Porty Holding bankruptcy procedure.  The
move is also aimed at preventing shipyard Stocznia Szczecinska
Nova from purchasing its assets.  Mr. Skotarczyk refused to
comment on the matter.


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


KAZAKHTELECOM: Ratings Affirmed at 'BB/B'; Outlook Stable
---------------------------------------------------------
Fitch Ratings on Thursday affirmed Kazakhtelecom's (Kaztel)
ratings at Senior Unsecured foreign and local currency 'BB' and
Short-term foreign currency 'B'.  The Outlook is Stable.

The ratings take into account Kaztel's near-monopoly market
position as a national fixed-line incumbent operator with
exclusive rights to operate Public Switch Telecom Network and
carry long-distance traffic.  The improving macroeconomic
situation in Kazakhstan creates a positive background for
telecom industry growth.  The company is close to completing the
build-out of a new digital trunk network capable of carrying
large volumes of both data and voice traffic.  This would help
Kaztel to better prepare for future competition arising from the
planned industry deregulation.

The ratings also take into account the high level of uncertainty
over the ultimate direction of market liberalization and its
impact on the company's operations.  Kaztel is facing high
regulatory risks with regard to both tariffs and licenses.  Its
prices for a number of key services are heavily regulated, while
it continues to carry the burden of heavy cross-subsidization
between profitable long-distance and corporate segments and
predominantly loss-making rural and residential local services.
With competition among telecoms gradually intensifying,
particularly in the most profitable long-distance market, Kaztel
sees its market share gradually being eroded although it
continues to dominate in that segment.  The government is likely
to prematurely terminate Kaztel's exclusive monopoly rights,
initially granted until 2011, while no decision has been taken
so far on compensation for the company.

At present Kaztel has no operational exposure to mobile
business.  It holds a 49% stake in the leading national mobile
operator GSM Kazakhstan (operating under the K-Cell brand name),
and a 50% stake in Altel, a fringe CDMA cellular provider, but
does not operationally control either company.  The company is
taking part in the government-organized tender for the third
GSM-type (DCS 1800) license in the country, and Fitch views
Kaztel as one of the strongest contenders.  However, an
expansion into the mobile segment is likely to be accompanied
with significant cash investments and, unless supported by
strong mobile earnings, implications for the credit rating may
not necessarily be positive.

After receiving the first US$84 million tranche of a US$110
million syndicated loan organized by the European Bank for
Reconstruction and Development, Kaztel's maturity profile has
significantly improved, with short-term debt accounting for only
c. 25.8% of the total at end-2003.  Although cash was at a
modest 6.8% of gross debt at that time, the company had access
to a number of credit lines that should help to manage its
liquidity.  Its leverage metrics have been strong in the last
four years, although they may slightly weaken in 2004 on the
back of planned increases in capex, dividend payments and
projected cash outlays if the company wins the third national
GSM license tender.  With Kaztel having been net free cash flow
negative over the last three years, any de-leveraging is likely
to come from EBITDA growth, rather than from net debt reduction.
Currency risks remain high with almost 100% of debt denominated
in USD, euro and other hard currencies.  However, these risks
are somewhat mitigated by a generally positive outlook for the
Kazakh economy that should help to support the domestic
currency.

CONTACTS: FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          E-mail: nikolai.lukashevich@fitchratings.com

          Albert Jan Hofman, London
          Phone: +44 (0) 20 7417 4282
          E-mail: albert.hofman@fitchratings.com

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


SODBUSINESSBANK: Court Sustains Central Bank's Liquidation Order
----------------------------------------------------------------
An arbitration court in Moscow on Thursday ordered the
liquidation of Sodbusinessbank as demanded by the Central Bank,
Interfax reports.

On May 13, the Central Bank revoked the general banking license
of Sudbusinessbank after a determination that the bank had
failed to comply with the federal banking law.  It alleged that
Sodbusinessbank had committed multiple violations of several
articles of anti-money laundering.

The Central Bank currently serves as the temporary administrator
of Sudbusinessbank until a liquidator or receiver is appointed.
For a week, however, it failed to carry out its duties because
of opposition from management.


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


LAUREN: Court Appoints Official Receivers
-----------------------------------------
A court in Barcelona granted the petition of Catalan cinema
group Lauren and its subsidiaries to enter temporary
receivership and appointed Miguel Buixedas and Antonio Batlle as
the company's official receivers.

Troubled Company Reporter-Europe, on June 16, 2004, said Lauren
applied for temporary receivership on June 11, after failing to
sell its cinemas.  Lauren has a combined debt of EUR137 million.
The company had received an offer from cinema group Cinebox and
publishing group Planeta but negotiations fell through.


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


ABB LTD.: Finance Chief Leaves for Royal Dutch/Shell
----------------------------------------------------
The Board of Directors of ABB announced on Thursday that Peter
Voser, chief financial officer (CFO) and a member of the Group
executive committee, will leave ABB at the end of September.
Mr. Voser, 46, is resigning to become chief financial officer of
the Royal Dutch/Shell Group of companies and a Shell Group
managing director, effective October 4.

"Peter has made vital contributions as a key member of the team
that in the past two years has secured the turnaround of ABB,"
said ABB chairman and CEO Jurgen Dormann.

"The board and his ABB colleagues will miss Peter's drive and
professionalism," Mr. Dormann said.  "We regret his departure,
but wish him well in his new, bigger role."

Mr. Dormann said the ABB Board of Directors has initiated an
external search and is planning to announce the appointment of a
new CFO in the coming months.  Mr. Voser, a Swiss citizen,
joined ABB in early 2002 after a 20-year career with Shell in a
number of finance and business roles in Switzerland, the U.K.,
Argentina and Chile.

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

CONTACT:  ABB LTD.
          Thomas Schmidt
          Media Relations
          ABB Corporate Communications, Zurich
          Phone: +41 43 317 6492
          Fax: +41 43 317 6494
          E-mail: media.relations@ch.abb.com

          Investor Relations
          Switzerland
          Phone: +41 43 3 7 3804

          Sweden
          Phone: +46 21 325 719

          U.S.A.
          Phone: +1 203 750 7743
          E-mail: investor.relations@ch.abb.com


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


ABN AMRO: Sets Final Meeting July 24
------------------------------------
Name of Companies:
ABN AMRO Mezzanine (U.K.) Limited
ABN AMRO Quoted Investments (U.K.) Limited

There will be a Final General Meeting of these companies on July
24, 2004 at 10:00 a.m. and 10:05 a.m. respectively.  It will be
held at 1 More London Place, London SE1 2AF.

The purpose of these meetings 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 these meetings may appoint
proxies.  Proxies must be lodged with Ernst & Young LLP, 1 More
London Place, London SE1 2AF not later than 12:00 noon, July 23,
2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Joint Liquidator:
          P J Brazzill


A D P (WALES): Creditors May Appoint Liquidator Today
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF A D P (Wales) Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the A D P company will
be held at 44 St Helens Road Swansea SA1 4BB, on June 28, 2004
at 12:00 p.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection
free of charge at H R Harris & Partners, 44 St Helens Road
Swansea SA1 4BB two business days next before the meeting.

By Order of the Board

L A Lovett, Director
June 9, 2004


A J BAYLISS: Sets Final Meeting July 20
---------------------------------------
Members of A J Bayliss (Stourport) Limited Company will have a
Final Meeting on July 20, 2004 at 10:30 a.m.  It will be held at
Bank House, Shaw Street, Worcester WR1 3DT.

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.


ALPHA CHAUFFEURS: Creditors Meeting Set for July 5
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

              IN THE MATTER OF Alpha Chauffeurs Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Alpha Chauffeurs
company will be held at Mountview Court 1148 High Road Whetstone
London N20 0RA, on July 5, 2004, at 10:30 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Mountview Court
1148 High Road Whetstone London N20 0RA not later that 12:00
noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Mountview Court 1148 High Road Whetstone London N20 0RA before
the Meeting, a statement giving particulars of their security,
the date when it was given, and the value at which it is
assessed.

Kikis Kallis of Kikis Kallis & Co Mountview Court 1148 High Road
Whetstone London N20 0RA is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting, furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

A Yuen
June 9, 2004


AMERICAN DREAMS: Interim Liquidator Sets First Meeting Tuesday
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF American Dreams (Scotland) Ltd (in Liquidation)

I, of Haines Watts James Miller House 98 West George Street
Glasgow G2 1PJ, hereby give notice that I was appointed Interim
Liquidator of American Dreams (Scotland) Ltd on May 18, 2004 by
the Interlocutor of the Sheriff at Sheriff of Nth Strat.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
James Miller House 98 West George Street Glasgow G2 1PJ on June
29, 2004 at 10:00 a.m. for the purpose of choosing a liquidator,
appointing a Liquidation Committee and considering the other
Resolutions specified in Rule 4.12(3) of the aforementioned
Rules.

Creditors are entitled to vote at the meeting only if they have
lodged their claim with me at or before the meeting.  Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.

Ian W Wright, Interim Liquidator
James Miller House 98 West George Street Glasgow G2 1PJ


AMPERSAND I T: Creditors Consider Liquidation Today
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Ampersand I T Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Ampersand I T Ltd
company will be held at The Freemasons Hall 36 Bridge Street
Manchester M3 3BT, on June 28, 2004 at 12:00 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection
free of charge at Tomlinsons, St Johns Court 72 Gartside Street
Manchester M3 3EL on two business days next before the meeting.

By Order of the Board

P D McCabe, Director
June 4, 2004


ANDREE & WILKERLING: Appoints Joint Administrative Receivers
------------------------------------------------------------
Name of Companies:
Andree & Wilkerling (U.K.) Limited
Karitrans Limited

These haulage companies have appointed David Paul Hudson of
Begbies Traynor and Zafar Igbal of Cooper Young as joint
administrative receivers.  The appointment was made June 14,
2004.  Its registered office address is located at The Old
Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend on Sea,
          Essex SS1 2EG
          Receiver:
          David Paul Hudson
          (IP No 008977)

          COOPER YOUNG
          Kirkdale House,
          Kirkdale Road,
          London E11 1HP
          Receiver:
          Zafar Iqbal
          (IP No 6578)


ANP CONSULTANTS: Hires Receiver from Singla & Co.
-------------------------------------------------
The ANP Consultants Limited Company has appointed S K Singla as
joint administrative receiver.  The appointment was made June
18, 2004.  The company's registered office address is c/o Singla
& Co, 12 Devereux Court, Strand, London WC2R 3JL.

CONTACT:  SINGLA & CO
          12 Devereux Court,
          Strand, London WC2R 3JL
          Receiver:
          S K Singla
          (IP No 2521)


ANVIL PETROLEUM: Appoints Liquidator from Ernst & Young
-------------------------------------------------------
Name of Companies
Anvil Petroleum Plc
Berkeley Exploration And Production Plc
Berkeley Resources Limited
Ranger Oil (North Sea) Limited
Ranger Oil (U.K.) Limited
Texas British Oil Holdings Limited

At Annual General Meetings of these Companies on June 10, 2004
held at St Magnus House, Guild Street, Aberdeen AB11 6NJ, the
Special Resolutions to wind up the companies were passed.
Thomas Merchant Burton of Ernst & Young LLP, Ten George Street,
Edinburgh EH2 2DZ has been appointed Liquidator for these
companies.

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Liquidator:
          Thomas Merchant Burton


A P S PROCESS: Creditors Meeting Set June 29
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF A P S Process Engineering Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the above-named company
will be held at The Studio 231 Stourbridge Road Kidderminster
DY10 2XB, on June 29, 2004 at 3:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged with The Studio 231
Stourbridge Road Kidderminster DY10 2XB not later that 12:00
noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, secured
Creditors must (unless they surrender their security) lodge at
The Studio 231 Stourbridge Road Kidderminster DY10 2XB before
the Meeting, a statement giving particulars of their security,
the date when it was given, and the value at which it is
assessed.

Kenneth J Wright of Wright Associates The Studio 231 Stourbridge
Road Kidderminster DY10 2XB is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting, furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

A P Slater, Director
May 28, 2004


AZUR CLOTHING: Folding up Business this Year
--------------------------------------------
Clothing company Azur will file for voluntary liquidation this
year after struggling in the market for sometime now.

Azur, which has been operating for nine years now, has
insufficient funds to support operations in the next season.  It
will withdraw from the Orfex market on July 9, according to the
Telegraph.  The company relied on network distribution since it
started, but on November last year fewer distributors came to
market the clothing line, causing the company to struggle.

With the problem at hand it will not be able to release final
sales report for the year to December 31, 2003.  Fiona Aitken,
wife of the Earl of Carnarvon, set up Azur in 1995.


CAMPBELL-WALTER: Sets Creditors Meeting Tuesday
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Campbell-Walter Promotions Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Campbell-Walter
Promotions Ltd company will be held at Forum House Stirling Road
Chichester PO19 7DN, on June 29, 2004, at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Forum House
Stirling Road Chichester PO19 7DN not later than 12:00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Forum House Stirling Road Chichester PO19 7DN before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Susan J Casey of J Casey & Co Forum House Stirling Road
Chichester PO19 7DN is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

J O Campbell-Walter , Director
May 20, 2004


CARLTON SOUTHERN: Names David Platt Associates Administrator
------------------------------------------------------------
Roofing Contractors, Carlton Southern Limited has appointed
David Graham Platt joint administrative receiver.  The
appointment was made June 18, 2004.

CONTACT:  DAVID PLATT ASSOCIATES
          Northwood,
          76 Currier Lane,
          Ashton under Lyne OL6 6TB
          Receiver:
          David Graham Platt
          (IP No 7471)


CLIVE RUSSELL: Hires Springfields Administrator
-----------------------------------------------
Situl Devji Raithatha and John Patrick Thomas Redmond of
Springfields have been appointed joint administrative receiver
for Clive Russell Limited.  The appointment was made June 17,
2004.  The company sells clothes.  Its registered office address
is located at 80 Hinckley Road, Leicester LE3 0RD.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road,
          Leicester LE3 0RD
          Receivers:
          Situl Devji Raithatha
          John Patrick Thomas Redmond
          (IP Nos 8927, 8998)


C & M: Creditors' Meeting Set June 29
-------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

        IN THE MATTER OF C & M Joinery & Construction Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the C & M Joinery &
Construction Ltd company will be held at Rochester House 29 Old
Chorley Old Road Bolton BL1 3AD, on June 29, 2004 at 11:30 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Jackson Gregory & Co, Rochester House 29 Old
Chorley Old Road Bolton BL1 3AD on two business days next before
the meeting.

By Order of the Board.

C Thompson, Director
June 9, 2004


CORUS GROUP: Returns to Black with GBP125 Mln First-half Profit
---------------------------------------------------------------
As part of the program to update the market regularly, Corus on
Thursday announced a pre-close trading update.

Trading

Through the first half of 2004 the global steel market has
experienced improving fundamentals.  Demand in the USA and Asia,
particularly China, has remained strong, and Europe, which has
been lagging, is now beginning to show some signs of
improvement.  Supply conditions have remained tight due to a
global shortage of key raw materials.

Corus' financial performance has continued to improve throughout
the first half, with better market conditions, sharpened
commercial focus and benefits from the Group's 'Restoring
Success' initiatives, all contributing to the stronger result.
For the first half of 2004 the Group's operating profit is
expected to exceed GBP125 million compared to a loss of GBP57
million in the same period of 2003, and to include a return to
operating profit for Corus U.K. steel operations.

Balance sheet and cash flow

The Group's balance sheet remains strong.  As previously
indicated, net debt at the end of June is expected to show an
increase over the year-end position, due to higher working
capital requirements and capital expenditure.  Proceeds from the
recently announced sale of the Tuscaloosa mini-mill are
anticipated to be received in the second half of the year.

Outlook

Based on the combination of further planned benefits from the
'Restoring Success' program, previously announced selling price
increases and continuing favorable global supply-demand
conditions, including tight raw material supplies, Corus expects
continued progress in margins and profits in the second half of
2004.

Corus' interim results for the six months to the end of June
2004 will be announced on 16 September 2004.


CRYSTAL COVE: Winding up Resolutions Passed
-------------------------------------------
Name of Companies:
Crystal Cove Investments Limited
Yate Industrials Limited

At an Extraordinary General Meeting of these Companies on June
16, 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


CUMMINS BROTHERS: Creditors Meeting Set June 29
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Cummins Brothers Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Cummins Brothers
Ltd company will be held at 898-902 Wimbourne Road Bournemouth
BJ9 2DW, on June 29, 2004, at 12:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Saxon House
Saxon Way Cheltenham GL52 6QX not later that 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Saxon House Saxon Way Cheltenham GL52 6QX before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

A J Findlay of Findlay James Saxon House Saxon Way Cheltenham
GL52 6QX is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.

By Order of the Board.

L E Cummins, Director
June 7, 2004


CYBERES PLC: More than a Hundred Jobs in Danger
-----------------------------------------------
Some 150 jobs at Cyberes are under threat after the travel
company called in administrative receivers last week.

Cyberes, which employs 30 people, went into receivership due to
a severe cash crunch.  Its subsidiary, Corporate Travel
International, with a workforce of 120 is included in the
filing.

Administrator Steve Ellis of PricewaterhouseCoopers said: "The
Cyberes business had not attracted sufficient customers to
generate positive cash-flow leading to a cash crisis at the
business, despite Corporate Travel International Limited trading
profitably.

"When investors would not provide further investment the group
had insufficient cash to meet its monthly payment to IATA and
its license to issue airline tickets has been withdrawn.
Consequently, the group has effectively ceased to trade."

Administrators are currently trying to operate the business with
a core workforce while they seek buyers for the business.

Harrogate North Yorkshire-based Cyberes is a traditional air
travel wholesaler that uses an internet-based system to provide
independent travel agents with automated booking and ticketing
facilities for their customers.  It has an annual turnover of
GBP15 million.

Corporate Travel International, which includes the Flightshop
business, is based in Hull.  It operates from seven branch
offices across the north of England.  The company operates as a
travel agency to the corporate, retail and Internet travel
markets with an annual turnover of GBP35 million.

CONTACT:  CIVIL AVIATION AUTHORITY
          Customers contact:
          Phone: 020 7453 6350
          Home Page: http://www.atol.org.uk


ELLTHOM LIMITED: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Ellthom Limited Company on June 10, 2004 held at Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ,
the Special Resolution to wind up the company was passed.


FORCE 12: Sets Creditors Meeting June 29
----------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Force 12 Solutions Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Force 12 Solutions
Ltd company will be held at St Johns Innovation Centre Cowley
Road Cambridge CB4 0WS, on June 29, 2004, at 11:15 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Parkville House
16 Bridge Street Pinner HA5 3JD not later that 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Parkville House 16 Bridge Street Pinner HA5 3JD before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

I D Holland of Ian Holland & Co Parkville House 16 Bridge Street
Pinner HA5 3JD is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.

By Order of the Board.

M Rigby, Director


FREEMAN INTERACTIVE: Appoints KPMG Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Freeman Interactive
Limited Company on June 16, 2004 held at 5 Albany Courtyard,
Piccadilly, London W1J 0HF, the Ordinary and Special Resolutions
to wind up the company were passed.  Jeremy Simon Spratt and
Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y
8BB have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Simon Spratt
          Finbarr O'Connell


GREENWICH MILLENNIUM: Creditors Seek Liquidator's Ouster
--------------------------------------------------------
The High Court has adjourned the hearing seeking to remove
Robson Rhodes as liquidator to Greenwich Millennium Exhibition.

Operators of the dome, New Millennium Experience, backed the
appointment of Robson Rhodes.  New Millennium Experience has
claimed creditor status due to the GBP400,000 in legal costs
said to be owed by GME.

Should Robson Rhodes be removed as liquidator, a new one is
expected to take legal action against the government, former
culture minister Peter Mandelson, the Lord Chancellor, Lord
Falconer, and liquidators of Millennium Dome, KPMG.  The
application against Robson Rhodes will be heard on July 20.
Property tycoon Robert Robinson, a GME founder, filed the
application.  Robson Rhodes has Kevin Hellard as its liquidator
to Greenwich Millennium Exhibition.

GME Creditors believe that David Mond should take over as
liquidator. Mr. Monds, an insolvency specialist with Manchester-
based accountants Hodgsons, has originally offered GBP10,000 of
his own money to act as liquidator.

Mr. Robinson said, "We are trying to remove Kevin Hellard as
compulsory liquidator of GME, and appoint David Mond," staged
millennium exhibitions at the Royal Naval College

Meanwhile, Sean Cannon, Kevin Hellard's Robson Rhodes partner on
the liquidation, said the firm was "continuing to do its job,
mindful of the fact that nothing is certain."


GREENWOOD HOMES: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Greenwood Homes Limited Company on June 10, 2004 held at
Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire
HP6 5DZ, the Special Resolution to wind up the company was
passed.


IMPAK FOAM: Business and Assets for Sale
----------------------------------------
The directors of Impak Foam and Rubber Limited have asked PKF,
chartered accountants and business advisors, to seek purchasers
for the businesses and assets of the companies.  This
opportunity provides prospective purchasers with the facilities
to enter the white goods components industry or to broaden their
existing activities.

Impak Foam and Rubber is a leading supplier of seals and gaskets
to the white goods sector.  It also supplies foam products for
the health sector.  It has a purpose-built 35,000 sq. ft.
leasehold factory located in Skelton, Teeside.  The company has
an annual turnover of GBP2.5 million and has an experienced
workforce of 80 staff.  Impak Foam and Rubber is ISO 9000 Part
2, SQAM certified and is Six Sigma measured.

CONTACT:  PKF
          Parringdon Palace
          20 Parringdon Road
          London EC1M 3AP
          Contact:
          Stephen Holgate
          E-mail: steve.holgate@uk.pkf.com
          Philip Armstrong
          E-mail: philip.armstrong@uk.pkf.com
          Phone: 020 7065 0000
          Fax: 020 7065 0525
          Home Page: http://www.pkf.co.uk


KIMBERLEY FURNITURE: Furniture Business for Sale
-------------------------------------------------
The joint administrators Tyrone Courtman and Shaun Adams offer
for sale the business and assets of Kimberley Furniture Limited,
makers of bespoke English oak kitchen and furniture.

Kimberley Furniture employs experienced, highly skilled and
motivated workforce.  The company operates a showroom and
manufacturing facilities in its leasehold premises located at
Hucknall, Nottinghamshire.  The firm has an unencumbered plant,
machinery and motor vehicles.

Kimberley Furniture has over 25 years of recognition in the high
quality furniture market.  The company is a member of the Guild
of Master Craftsman.

CONTACT:  COOPER-PARRY
          14 Park Row
          Nottingham NG1 6GR
          Contact:
          David Nelson
          Phone: 0115 958 0212
          Fax: 0115 938 8042
          E-mail: davidn@cooperparry.com


KINGSBURY CARRIERS: Creditors Meeting Set Tomorrow
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Kingsbury Carriers Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Kingsbury Carriers
Ltd Company will be held at Langley House Park Road East
Finchley London N2 8EX, on June 29, 2004, at 12:00 pm for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Langley House
Park Road East Finchley London N2 8EX not later that 12:00 noon
on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Langley House Park Road East Finchley London N2 8EX before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Langley & Partners, Langley House Park Road
East Finchley London N2 8EX on two business days next before the
meeting.

By Order of the Board.

D A Krupp, Director
June 6, 2004


L A B Windows: Board to Update Creditors Tuesday
------------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

                IN THE MATTER OF L A B Windows Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the L A B Windows Ltd
company will be held at 4 Dancastle Court 14 Arcadia Avenue
London N3 2HS, on June 29, 2004, at 10:00 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on two business days next before the
meeting.

By Order of the Board.

A C Bedford, Director
June 2, 2004


LAW FURNISHINGS: Appoints P & A Partnership Administrator
---------------------------------------------------------
The Law Furnishings Limited Company has appointed Allan Cooper
and Derek Leslie Woolley of P & A Partnership as joint
administrative receivers.  The appointment was made June 14,
2004.

Trading under the name Royal Pine, this company manufactures
pine furniture.  Its registered office address is located at 93
Queen Street, Sheffield S1 1WF.

CONTACT:  THE P & A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Receivers:
          Allan Cooper
          Derek Leslie Woolley
          (IP Nos 5546, 6047)


LOCATEAMOBILE: Board Sets Creditors Meeting June 29
---------------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

                IN THE MATTER OF Locateamobile Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Locateamobile Ltd
company will be held at Premier Lodge Festival Leisure Park
Pipps Hill Road South Basildon SS14 3WB, on June 29, 2004 at
11:00 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Lansdowne
Building 2 Lansdowne Road Croydon CR9 2ER not later that 12:00
noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Lansdowne Building 2 Lansdowne Road Croydon CR9 2ER before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection
free of charge at Lansdowne Building 2 Lansdowne Road Croydon
CR9 2ER on two business days next before the meeting.

By Order of the Board.

K F McGovern, Director
May 19, 2004


MAJOR AIR: Names Receivers from Begbies Traynor
-----------------------------------------------
Metal Manufacturer, Major Air Systems Limited (Trade
Classification: 06 7487 (SIC 92) has appointed W John Kelly and
James P N Martin of Begbies Traynor as joint administrative
receivers.  The appointment was made June 16, 2004.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Newater House,
          11 Newhall Street,
          Birmingham B3 3NY
          Receivers:
          W John Kelly
          James P N Martin
          (IP Nos 4857, 8316)


MALABRIGHT FINISHING: To Appoint Liquidator June 29
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

       IN THE MATTER OF Malabright Finishing Services Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Malabright
Finishing Services Ltd company will be held at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG, on June 29, 2004,
at 11:30 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later that
12:00 noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

Jamie Taylor of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

V Fahey, Director
June 2, 2004


MIDWEST TECHNOLOGIES: Hires Numerica Administrator
--------------------------------------------------
Computer Technical Publication, Midwest Technologies Limited has
appointed Simon Edward Jex Girling and Mark Peter Roach of
Numerica LLP as joint administrative receivers.  The appointment
was made June 15, 2004.

CONTACT:  NUMERICA LLP
          Crown House,
          37-41 Prince Street,
          Bristol BS1 4PS
          Receivers:
          Simon Edward Jex Girling
          Mark Peter Roach
          (IP Nos 009283, 009231)


MONARCH PLASTERING: Creditors to Vote on Liquidation Tuesday
------------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

       IN THE MATTER OF Monarch Plastering & Dry Lining Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
Monarch Plastering & Dry Lining Ltd Company will be held at
Thistle City Barbican 120 Central Street, London EC1V 8DS on
June 29, 2004 at 12:00 p.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
p.m. the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.  Claims, proxies or requests should be
sent to the Administrative Receivers' at Baehr Lubbock Fine at
the address above.

L J Baehr, Administrative Receiver
May 18, 2004


NETWORK RAIL: Asks High Court to Enjoin Impending Rail Strike
-------------------------------------------------------------
At around 11 a.m. on Wednesday, Network Rail applied to the High
Court for an injunction against the RMT to prevent strike action
proceeding this week.  Network Rail has decided that it must act
in the interests of passengers to prevent damaging strike action
and ensure trains keep running.

John Armitt, Chief Executive, said: "We will do whatever we can
to prevent passengers and freight customers from suffering the
consequences of this unnecessary and potentially damaging strike
action.  We have a duty to keep trains running, building on
recent performance improvements, and are now in a position where
we have to challenge the ballot in the high court.

"We believe we have a very good case, as the information
provided to us by the RMT has clearly been inaccurate and
deficient.  This has always been a possibility but with little
time remaining to reach a negotiated settlement we believe the
time has come for decisive action to protect the traveling
public."

The application to the High Court looks to have all five Network
Rail RMT ballots overturned -- the main ballot of 4,700
signaling and operations employees and four separate maintenance
areas accounting for a further 3,100.

The injunction will be sought under the Trade Unions and Labor
Relations Consolidation Act 1992 citing these:

(a) Almost 1,000 RMT members the union were balloting were
    listed at locations that either no longer existed (one
    closed 1/4 century ago) or were 'unknown'

(b) 70 staff were on the RMTs ballot list who could not possibly
    work for Network Rail, such as platform cleaning staff

(c) It is questionable whether the unions were able to
    distinguish ballot papers between the five separate voting
    units (signaler + 4 different maintenance areas)

(d) The RMT did not advise the Company in a reasonable timescale
    of the results of the ballot, with an interval of four days
    between the signaling ballot closing and the result being
    advised.  A normal timescale is one working day

                            *   *   *

(a) Examples of locations no longer in use include -- Hessle
    East signal box in Yorkshire is listed as having 1 RMT
    member working there -- it has been shut for 25 years.
    Brighton box closed in 1983 and is listed as having 12 RMT
    members working there.  Newcastle, closed 14 years ago, 6
    members.  Leeds 2 years ago,10 members and Garston signal
    box on Merseyside is listed as having 1 member but was burnt
    down by vandals 2 years ago.

(c) There are also people listed as working in places that can
    hardly be classed as work locations (i.e. not London Bridge
    signal box) e.g.
    28 members  - Cornwall
    10 - London
     5 - Devon
    862 members - unknown (amongst these are at least 9 listed
    as having unknown job titles, making them unknown unknowns!)

(d) There is also at least one case when an employee has been
    listed as being issued with ballot papers for 2 separate
    ballots.

(e) 70 of the listed staff are not ours -- seemingly 60 are
    cleaning staffs working for contractors and 10 are TOC
    staff.

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

          JARVIS
          Press Office
          Phone: 020 7462 4639


PETERS LIMITED: Names Ernst & Young Liquidator
----------------------------------------------
At a Meeting of the Peters (Holdings) Limited Company, the
Special Resolutions to wind up the company was passed.  Ian Best
of Ernst & Young LLP One Bridewell Street, Bristol BS1 2AA has
been appointed Liquidator for the company.

CONTACT:  ERNST & YOUNG
          One Bridewell Street,
          Bristol BS1 2AA
          Liquidator:
          Ian Best


REACT MUSIC: Appoints Receivers from The Atrium
-----------------------------------------------
The React Music Ltd Company has appointed Martin Dominic Pickard
of The Atrium as joint administrative receivers.  The
appointment was made June 16, 2004.  The company is engaged in
other service activities.

CONTACT:  THE ATRIUM
          Park Street West, Luton
          Bedfordshire LU1 3BE
          Receivers:
          Martin Dominic Pickard
          (IP No 6833)


REVIVAL HOLDCO: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Revival Holdco
Limited Company on June 11, 2004 held at 2 Park Lane, Leeds, the
Special and Extraordinary Resolutions to wind up the company
were passed.  Shirley Angela Jackson of BN Jackson Norton, 40
Princess Street, Manchester M1 6DE has been appointed Liquidator
of the Company for the purpose of such winding-up.

CONTACT:  BN JACKSON NORTON
          40 Princess Street,
          Manchester M1 6DE
          Liquidator:
          Shirley Angela Jackson


RICHARD ENGLISH: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Richard English Properties (Southern) Limited Company on June
10, 2004 held at Risborough House, 38-40 Sycamore Road,
Amersham, Buckinghamshire HP6 5DZ, the Special Resolution to
wind up the company was passed.


RIVERPOINT CREATIONS: Meeting of Creditors Set June 30
------------------------------------------------------
Creditors of Riverpoint Creations Limited will have a Meeting on
June 30, 2004 at 2:30 p.m.  It will be held at Birmingham City
Crown Plaza, Central Square, Holliday street, Birmingham B1 1HH.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
12:00 noon, June 29, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street
          Birmingham B3 1PB
          Joint Administrator:
          N Price


ROYAL & SUNALLIANCE: Sells Codan Life to SEB Trygg Liv
------------------------------------------------------
Royal & SunAlliance announced on Thursday the sale of the life
and pension operations of Codan, its 71.7% subsidiary, to SEB
Trygg Liv.  Royal & SunAlliance's share of the consideration
will be approximately GBP173 million (DKK1.936 million), payable
in cash to Codan, subject to an accounting adjustment on the
basis of the business's net assets as at 30 September 2004.

Royal & SunAlliance's share of the net assets of the Codan life
and pension operations, on a U.K. GAAP basis, as at 31 December
2003 was GBP164 million (DKK1.833 million).  After separation
and transaction costs, we would currently expect the disposal
proceeds to broadly reflect net asset value.  The net written
premiums for 2003 were GBP324 million and the profit
contribution for the same period was approximately GBP36
million.  The transaction is in line with the Group's strategy
of focusing on general insurance and releasing capital from its
life businesses and is another step in its transformation
program.  The transaction will release U.K. statutory capital
and risk-based capital of approximately GBP150 million.  The
proceeds from the sale will be used to support the Group's focus
on general insurance.

Andy Haste, Royal & SunAlliance's Group CEO said: "This is a
good deal for shareholders.  It is another step in the delivery
of our strategy of transforming the Group into a focused, high
performing general insurance company."  The transaction is
subject to normal regulatory and other conditions.

                            *   *   *

(1) The reported net written premium for the full year 2003 of
    GBP346 million included GBP22 million for our Lithuanian
    life operation which was disposed of separately during 2003.

(2) The first quarter 2004 profit contribution from Codan Life
    was GBP6 million.  The reported life profit for full year
    2003 of GBP38 million included a contribution of
    approximately GBP2 million from our Lithuanian life
    operation which was disposed of separately during 2003.

(3) The full net asset value of Codan Life on a U.K. GAAP basis
    at 31 December 2003 was GBP228 million (DKK2.557 million).

(4) 2003 premium and profit contribution numbers quoted above
    are as announced on 11 March 2004 and at the exchange rate
    then applying of GBP1 = DKK10.57.  All other numbers are at

    an exchange rate of GBP1 = DKK11.2.

(5) The companies to be sold are:
    Codan Pensionsforsikring A/S
    A/S Forsikringsselskabet Codan Pension
    A/S Forsikringsselskabet Codan Link A/S
    Forsikringsselskabet Hafnia Liv
    A/S Forsikringsselskabet Hafnia Liv III

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          30 Berkeley Square
          London W1J 6EW
          Phone: +44 (0) 20 7569 6134
          Fax:   +44 (0) 20 7569 6587

          Analysts Press
          Helen Pickford
          Phone: +44 (0) 20 7569 6212

          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 4027


RUSSELL HOTEL: Appoints Langley & Partners Administrator
--------------------------------------------------------
Name of Companies:
Russell Hotel Reservations Ltd
Russell Human Resources (Scotland) Ltd
Russell Human Resources Ltd
RHR Group PLC
Woodhouse Hughes Ltd

These recruitment agencies have appointed Alan Simon and Philip
Simons of Langley & Partners as joint administrative receivers.
The appointment was made June 14, 2004.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road, East Finchley
          London N2 8EX
          Receivers:
          Alan Simon
          Philip Simons
          (IP Nos 8635, 9289)


TARGETMARKET LIMITED: Sets Creditors Meeting July 2
---------------------------------------------------
There will be a Creditors Meeting of the Targetmarket Limited
Company on July 2, 2004 at 3:00 p.m.  It will be held at the
office of UHY Hacker Young, at St Alphage House, 2 Fore Street,
London EC2Y 5DH.

Creditors who want to be represented at the Meeting may appoint
proxies.  Prosy forms must be submitted together with written
debt claims to UHY Hacker Young, at St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, July 1, 2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House
          2 Fore Street
          London EC2Y 5DH
          Joint Administrators:
          Andrew Andronikou
          Ladislav Hornan


THURNHAM LEISURE: Unsecured Creditors to Receive Nothing
--------------------------------------------------------
More than 600 creditors of Thurnham Leisure stand to be left
high and dry in the insolvency of the Lancaster timeshare group,
the firm's receivers said.

"There is nothing in the pot for unsecured creditors," receiver
Roger Harper said.  The company went bust in January, but the
extend of the company's debt was revealed only this month at a
formal creditors' meeting.  Thurman's debt is GBP5 million,
GBP1.2 million of which is owed to the Inland Revenue and HM
Customs and Excise.  Unsecured creditors include Lancaster City
Council which is owed about GBP60,000 in business rates.

Authorities are investigating the firm's business dealings on
allegations it continued trading while apparently insolvent.
Thurnham managing director Fred Fogg is being interrogated in
relation to the scandal.  More than 100 people lost their jobs
when receivers were called in to Thurnham Leisure, which manages
Thurnham Hall and other timeshare operations in the south of
England.

The group is composed of eleven inter-related companies, which
has its headquarters at luxury offices in Aalborg Square,
Lancaster.  They include Mainstream Promotions, its Morecambe-
based sales arm.  It has 8,000 customers.


TOWER GATE: Winding up Resolution Passed
----------------------------------------
At an Extraordinary General Meeting of the Members of the Tower
Gate Homes Limited Company on June 10, 2004 held at Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ,
the Special Resolution to wind up the company was passed.


TRINITY MIRROR: All Units Report Revenue Increase
-------------------------------------------------
Pre Close Trading Update 26 week period ending 27th June 2004:

Trinity Mirror plc [issued] Thursday a trading update ahead of
meetings with analysts.  The company will announce its interim
results July 29.

Advertising

Group advertising revenues for the 26-week period, on a like for
like basis excluding the regional titles in Ireland disposed in
January 2004, are expected to increase by 5.1% year on year.

The Regionals division is expected to achieve advertising
revenue growth of 6.0% year on year for the period.  Advertising
revenues for the Regional newspaper titles (excluding Digital
Media) are expected to increase by 5.5%.  All categories have
shown good growth with particularly strong performance from
recruitment.

The Nationals division is expected to achieve advertising
revenue growth of 2.7% year on year reflecting a 2.6% increase
in the U.K. National titles and a 3.0% increase for the Scottish
National titles.

The Sports division and the Magazines and Exhibitions division
are expected to achieve advertising revenue growth of 19.0% and
3.1% respectively.

Circulation

Group circulation revenues for the 26 week period, on a like for
like basis excluding the regional titles in Ireland disposed in
January 2004, are expected to increase by 6.2% year on year.
All divisions are expected to achieve growth in circulation
revenues with expected increases of 3.9% for Regional
newspapers, 6.6% for the National newspapers, 9.2% for Sports
newspapers and 7.8% for Magazines and exhibitions.  Whilst
circulation revenues have increased, circulation volumes during
May for the Daily Mirror have been disappointing.

The expected increases reflect the benefit of increased cover
prices partially offset by circulation declines.

The Board remains confident of the outcome for the year.

CONTACT:  TRINITY MIRROR PLC
          Vijay Vaghela, Group Finance Director
          Nick Fullagar, Director of Corporate Communications
          Phone: 020 7293 3000

          FINSBURY
          Rupert Younger
          James Leviton
          Phone: 020 7251 3801


TWENTYONESEE FIVE: Special Winding up Resolution Passed
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Twentyonesee Five Limited Company on June 10, 2004 held at
Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire
HP6 5DZ, the Special Resolution to wind up the company was
passed.


WATERJET PROFILES: Hires Portland Business Administrator
--------------------------------------------------------
The Waterjet Profiles Limited Company has appointed Peter Robin
Bacon and Carl Derek Faulds of Portland Business & Financial
Solutions Ltd. as joint administrative receivers.  The
appointment was made June 11, 2004.  The company manufactures
fabricated metal.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park
          Whiteley, Fareham
          Hampshire PO15 7AH
          Receivers:
          Peter Robin Bacon
          Carl Derek Faulds
         (IP Nos 009279, 008767)


WOODMILL ENGINEERING: Creditors Meeting Set June 30
---------------------------------------------------
The Woodmill Engineering Limited Company will have a Creditors
Meeting on June 30, 2004 at 11:30 a.m.  It will be held at
Birmingham City Crown Plaza, Central Square, Holliday Street,
Birmingham B1 1HH.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
12:00 noon, June 29, 2004.

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *