TCREUR_Public/040630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 30, 2004, Vol. 5, No. 128

                            Headlines

C Z E C H   R E P U B L I C

ALIATEL A.S.: Reports of Possible Bankruptcy Next Year Baseless


F I N L A N D

METSO CORPORATION: Names Vice-president for Investor Relations


F R A N C E

RHODIA SA: Fortifies Position in Latin America's Polyamide Chain
RHODIA SA: Sells European Specialty Phosphates Biz to Thermphos


G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: Appoints Mark Woessner Chairman


H U N G A R Y

NABI RT: Former Exec Bares Mismanagement, Predicts Bankruptcy


I R E L A N D

ELAN CORPORATION: FDA Gives Priority Status to Antegren Review
ELAN CORPORATION: Amends Application for Prialt's Approval


I T A L Y

ALITALIA SPA: Ends 2003 with EUR517 Million Net Loss
PARMALAT U.S.A.: Debtors Opt to Reject Tuscan Supply Agreement
PARMALAT U.S.A.: Court Sets July 9, 2004 Claims Bar Date
PARMALAT U.S.A.: Debtors Tap Harry Davis As Auctioneer


L U X E M B O U R G

BCP CAYLUX: US$225 Million Subordinated Notes Rated 'B-'


N E T H E R L A N D S

KPNQWEST N.V.: Files Mismanagement Case Against Shareholder
ROYAL SHELL: Board Maintains Innocence in Reserves Overstatement
VENDEX KBB: Declares VDXK Public Offer Unconditional


P O L A N D

UNITEDGLOBALCOM INC.: Appoints Managing Director for Netherlands


R U S S I A

ISPRAVNAYA: Court Starts Bankruptcy Supervision
KRASNY PUTILOVETS: Declared Insolvent
MEDNOVSKY FOOD: Court Sets September 15 Hearing
MONOLIT: Saratov Court Appoints Insolvency Manager
ONEGO-LIZING: Bankruptcy Proceedings Begin

RED OCTOBER: Public Auction Set July 12
SARATOVSKY: Deadline for Proofs of Claim August 10
SEVER: Under Bankruptcy Supervision Procedure
UNIVERSITY BUSINESS: Undergoes Bankruptcy Supervision
YUKOS OIL: Khodorkovsky Trial Adjourned to July 12

YUKOS OIL: Court Opens Way for Seizure of Assets
YUKOS OIL: Amicable Deal with Govt Unlikely, Says Paper
ZNAMENSKY BRICKWORKS: Sets Public Auction July 15


S W E D E N

LM ERICSSON: Signs Global Microwave Transmission Deal


S W I T Z E R L A N D

ASCOM: Sells Ascom HPF in France to Oristano


U K R A I N E

AUTOSERVICE: Under Bankruptcy Supervision Anew
BUDMO: Court Commences Bankruptcy Supervision Procedure
FENIKS-95: Insolvent Status Confirmed
GALPROMTEHNO: Deadline for Proofs of Claim July 8
INTEK-INVEST: Bankruptcy Proceedings Start

KOMISHUVAHA' ROAD: Court Affirms Insolvency
LVIVSILMASH: Public Auction of Assets July 8
PLASTIC-PRILUKI: Declared Insolvent
SNIGURIVKA' BUTTER: Sets Public Auction of Assets July 9
UROZHAJ: Kyiv Court Begins Bankruptcy Supervision Procedure
VERHNYODNIPROVSK' RADIO: Under Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ACCT SOLUTIONS: Sets Creditors Meeting July 1
BROMGATE LIMITED: Hires Begbies Traynor Liquidator
BUSINESS LINK: Sets Final Meeting July 30
CENTRELINE MACHINE: Names Poppleton & Appleby Administrator
CHARTER PLC: Prospects Rosy After Restructuring

CITYNET LTD.: Creditors Meeting Set July 1
CLARE BUILDING: Calls in Liquidator
COMMANDER DEVELOPMENTS: Winding up Resolutions Passed
C.P.J. RESTAURANTS: Extraordinary Winding up Resolution Passed
DEINHARD & CO: Sets General Meeting July 30

DYNAMICO LIMITED: Hires Liquidator from Valentine & Co
EDL CABLE: General Meeting Set July 21
E & I SERVICES: First Liquidation Meeting Set June 30
EVENT ORGANISATION: Names Liquidator from Valentine & Co
EXXITS GROUP: Members General Meeting Set August 2

FPI SALES: Hires Administrative Receivers
FRASER BRUCE: First Liquidation Meeting Set July 2
GOLF FACTORY: Creditors Meeting Set June 30
HOLLINGER INC.: Sale Plans for U.K. Assets Challenged
HYDRODYNAMIC DEVELOPMENTS: Final Meeting Set July 23

LA DEFENSE: Hires Tenon Recovery Liquidator
LIMCO EIGHTY: Board Calls Creditors Meeting July 2
MAC MULTIMEDIA: Sets Final Meeting July 20
MARKS & SPENCER: City Watchdog Suspects Insider Trading
MAYFLOWER VEHICLE: Stadco Buys Holbrook Operation

MOBILEXPO LIMITED: Bibby Factors Appoints Kroll Limited Receiver
MOTIVES LIMITED: Creditors Meeting Set July 9
NETWORK RAIL: Train Performance Improves
OPTIMAAL FINANCE: Special Winding up Resolutions Passed
PRIDE CAR: Hires Knights & Company Administrator

ROBERT BARNES: Calls in Liquidator from Stoy Hayward
SPL CLUBS: To Experience Further Squeeze Next Year
SUBNET COMMUNICATIONS: Sets July 21 Final Meeting
TOM JUKES: Appoints Mazars Administrator
TRUMPS LIMITED: Appoints David Rubin & Partners Administrator
VFI NORTH: Sets Final Meeting July 30
WATERFORD WEDGWOOD: Chris McGillivary to Retire


                            *********


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


ALIATEL A.S.: Reports of Possible Bankruptcy Next Year Baseless
---------------------------------------------------------------
Alternative telecommunication operator Aliatel denied Monday
reports that it will succumb to bankruptcy in April 2005 due to
cash flow problems.

In a press statement sent to Czech Happenings, the company
lambasted weekly newspaper Euro, adding its report was a "gross
distortion of the real situation and its economic performance."

Aliatel director Bernhard Fanger said, "Any speculations about
bankruptcy are utterly ungrounded (sic) and we resolutely reject
them."  He also protested against the report of alleged lack of
cash: "We have our cash flows fully under control. Our cash
reserves constantly move above CZK200 million."

Euro had reported that the company's debt to shareholders has
reached CZK2 billion and speculated that the company was barely
able to meet even the interest on these loans.  Aliatel booked
losses of CZK76 million and sales of CZK701 million in the first
quarter.

Mr. Fanger said Aliatel is now moving from the stage of
investment in infrastructure to a stage of controlled
restructuring and planned stabilization.  He earlier announced a
general meeting on July 1, where the results of the
restructuring plan will be discussed.  The company, citing
administrative reasons, recently said this meeting may be
postponed by two to three weeks.


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


METSO CORPORATION: Names Vice-president for Investor Relations
--------------------------------------------------------------
Eeva Makela was appointed Vice President, Investor Relations, at
Metso Corporation.  She will be responsible for the management
and development of Metso's Investor Relations activities as well
as the strengthening of the investor perspective within the
Corporation's activities.  Ms. Makela was previously Manager,
Investor Relations, at Metso.  She will continue to report to
Executive Vice President, CFO Olli Vaartimo.

Harri Nikunen to head Information Technology and Business
Infrastructure

Harri Nikunen was appointed Senior Vice President of Metso's
Information Technology and Business Infrastructure effective
July 1, 2004.  His area of responsibility will encompass the
unification and development of IT and telecommunications
infrastructure supporting the business functions as well as the
business processes associated with the support functions.

Metso's information technology service center and the financial
administration service centers will report to Harri Nikunen.  He
is also Chairman of the Metso IT Management Team, made up of the
heads of the business area IT units.  Antti Kaunonen who has
been heading Metso's IT function, in addition to his duties in
Metso Automation, will now focus on his expanded duties within
the business area.

Mr. Nikunen was previously Senior Vice President, Finance, Metso
Minerals, Crushing and Screening business line.  In his new
position, he will report to Olli Vaartimo.

Metso Corporation 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 minerals processing (Metso
Minerals) and automation and control technology (Metso
Automation). In 2003, Metso's net sales amounted to EUR 4.3
billion.  Metso employs more than 26,000 people in more than 50
countries.  Metso's shares are listed on the Helsinki and New
York stock exchanges.

CONTACT:  METSO CORPORATION
          Jorma Eloranta, President & CEO
          Phone: +358 204 84 3000

          Olli Vaartimo, Executive Vice President & CFO
          Phone: +358 204 84 3010


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


RHODIA SA: Fortifies Position in Latin America's Polyamide Chain
----------------------------------------------------------------
Rhodia CEO Jean-Pierre Clamadieu officially opened a new plant
at the Group's production facility in Paulinia (Sao Paulo),
Brazil on June 21.  The capital investment of US$10 million will
increase the plant's production capacity by more than 25% to
165,000 metric tons of phenol and 101,000 metric tons of acetone
per year.

This operation will reinforce Rhodia's position in the upstream
polyamide chain in Latin America and confirms its status as a
leading player in organic intermediates.  The Group also will be
able to respond to the strong growth in phenol/acetone markets
particularly those tied to exports such as wood derivatives.

"This investment reflects Rhodia's intention to strengthen its
position in markets, such as polyamide, and in regions where the
Group has a strong presence," Mr. Clamadieu said.

Phenol is a bulk intermediate used to manufacture products with
a wide variety of applications including polyamide (for textile
yarn and staple fibers, engineering plastics, tires), bisphenol
A (for epoxy and polycarbonate resins), pain-killers, flavors
and fragrances (for food and personal care), industrial
detergents or lube oil additives.  Acetone, co-produced in the
phenol process, is used to produce methacrylates (for acrylic
glass), rubber compounds, industrial adhesives for shoes and
oxygenated solvents.

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

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

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Sells European Specialty Phosphates Biz to Thermphos
---------------------------------------------------------------
Following the exclusive agreement signed with Thermphos
International on April 22, Rhodia announced the signing of a
definitive agreement for the sale of its European specialty
phosphates business.

This business employs 270 people and generated net sales of
EUR75 million in 2003.  It produces and sells specialty
phosphates for use in a wide variety of applications, including
food, pharmaceuticals, cleaning agents, water and metal
treatment, horticulture and textiles.  The agreement is expected
to be finalized before the end of this month.  The transaction
is part of the approximately EUR880 million that Rhodia will
achieve from divestitures in 2004.

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

Thermphos International, produces and sells Elemental
Phosphorus, Phosphorus derivatives, Specialty Phosphates and
Phosphoric Acid.  With its headquarters in Vlissingen, The
Netherlands, Thermphos also has production sites in Germany,
France, Argentina and China.  Worldwide, Thermphos employs over
900 people and generated sales of EUR280 million in 2003.

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

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


HEIDELBERGER DRUCKMASCHINEN: Appoints Mark Woessner Chairman
------------------------------------------------------------
At Tuesday's Supervisory Board meeting of Heidelberger
Druckmaschinen AG (FWB: HDD), the participants discussed and
decided upon changes in the Supervisory Board and the Management
Board.

Following his official vocation by the local district court and
after Heidelberg's Shareholders' Meeting on July 21, 2004, Dr.
Mark Woessner is to succeed Dr. Klaus Sturany as Chairman of the
Supervisory Board of Heidelberger Druckmaschinen AG.  Mr.
Woessner, Chairman of Citigroup Global Markets Deutschland AG &
Co KGaA, had been Chairman of the Management Board for
Bertelsmann AG from 1982 through 1998, afterwards until 2000
Chairman of Bertelsmann's Supervisory Board.  Additionally, he
is member of various Supervisory Boards, among them
DaimlerChysler AG.

Following RWE's sale of its share in Heidelberg, the current
Chairman, Dr. Klaus Sturany, will resign from his mandate as
Chairman of the Supervisory Board after the Shareholders'
Meeting on July 21st, 2004.  Mr. Sturany, Chief Financial
Officer of RWE, will remain member of Heidelberg's Supervisory
Board.

Jan Zilius, member of the Management Board of RWE, will resign
from Heidelberg's Supervisory Board, effective after the
Shareholders' Meeting on July 21, 2004.

Heidelberg's Supervisory Board has appointed Dr. Juergen Rautert
to regular member of Heidelberg's Management Board, responsible
for engineering and manufacturing, as of July 1st, 2004.

In the same motion, the Supervisory Board complied with Dr.
Klaus Spiegel's request to discharge him from the Management
Board as of June 30, 2004.  This was decided in mutual agreement
and on good terms.  Dr. Spiegel will leave the company, but will
remain connected to Heidelberg as advisor regarding future
market requirements.  The Supervisory Board thanked Dr. Spiegel
for his long-standing dedication.

Heidelberg's Chairman of the Supervisory Board, Dr. Klaus
Sturany, on the changes in the Management Board: "As
Heidelberg's new alignment has been completed in almost all
aspects, the Supervisory Board decisions now have set the scene
for the new Management Board.  We wish the team under Bernhard
Schreier's leadership a good hand at accomplishing the operative
tasks ahead."

As of July 1, 2004, Heidelberg's new Management Board will
consist of:

Bernhard Schreier (50) - Chief Executive Officer
Dr. Herbert Meyer (57) - Chief Financial Officer
Dr. Juergen Rautert (45) - Engineering and Manufacturing

CV and photos of M. Woessner and J. Rautert are available at
http://www.journalist.heidelberg.com.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Thomas Fichtl
          Phone: +49 6221 92 47 47
          Fax:   +49 6221 92 50 69
          E-mail: thomas.fichtl@heidelberg.com
          Web site: http://www.heidelberg.com


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


NABI RT: Former Exec Bares Mismanagement, Predicts Bankruptcy
-------------------------------------------------------------
A former Nabi Rt executive has come out to accuse CEO Andras
Racz and former Chairman Peter Rona of mismanagement that nearly
burned the house down, Budapest Business Journal reports.

Thornton Sanders, former CEO of Nabi Inc., wrote a memo that
enumerates the fundamental strategic and management errors Nabi
Rt has committed.  Mr. Sanders said the errors led the company
into a "cul-de-sac where bankruptcy now looks increasingly
likely."  Nabi's recent debt restructuring merely postponed
"economic realities," he pointed out.

Mr. Sanders said a flawed production strategy at Nabi's factory
in Kaposvar, southwest Hungary has put the company's future in
doubt.  He also described Nabi's citation of unfavorable
forint/dollar exchange rates as misleading, and considers
revamping of the U.S. assembly line a bad move.  These decisions
only decreased productivity and increase costs, said Mr.
Sanders.  He blamed the management, particularly former non-
executive chairman Peter Rona, Nabi Rt's long-serving CEO Andras
Racz, and Peter Rona's son Patrick for the crisis.

Cliff Henke, external relations director for Nabi Inc., refuted
Mr. Sanders' claims.  He considers the statements a retaliation
of an "ex-manager."  Mr. Sander was dismissed from the firm in
the mid-1990s.

Mr. Henke said: "It is true that it departed from its excellent
performance last year, but it was in the context of a U.S. and
U.K. market that saw a temporary downturn.  Already Nabi's
performance this year has improved."


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


ELAN CORPORATION: FDA Gives Priority Status to Antegren Review
--------------------------------------------------------------
Biogen Idec and Elan Corporation, plc announced that the
Biologics License Application for ANTEGREN(R)(natalizumab) has
been designated for Priority Review and Accelerated Approval by
the U.S. Food and Drug Administration (FDA) for the treatment of
multiple sclerosis.  The next step in the process is action by
the FDA on formal acceptance of the application, which occurs
within 60 days of submission.

The FDA grants Priority Review status to products that are
considered to be potentially significant therapeutic
advancements over existing therapies that address an unmet
medical need.  Based on the FDA's designation of Priority Review
for natalizumab in multiple sclerosis, the companies anticipate
action by the Agency approximately six months from the
submission date, rather than 10 months for a standard review.
On May 25, 2004, the companies announced they had previously
submitted the BLA for the approval of natalizumab for multiple
sclerosis.

"We are pleased that the FDA has designated natalizumab for
Priority Review," said Burt Adelman, MD, executive vice
president, Development, Biogen Idec.  "We look forward to
continuing to work with the FDA throughout the review process to
provide this potential new therapeutic to patients with multiple
sclerosis."

"The Priority Review designation underscores the significant
unmet medical need in the area of multiple sclerosis," said Lars
Ekman, MD, executive vice president and president, Research &
Development, Elan.  "We believe natalizumab will offer a new
approach to treating multiple sclerosis and will bring hope to
patients living with this disease."

The Biologics License Application for natalizumab is being
evaluated by the FDA under Accelerated Approval guidelines.
This review will be based on one-year data from two ongoing
Phase III trials.  The companies are committed to completing
these two-year trials. In order to protect the integrity of the
trials, the companies are not disclosing the one-year data at
this time.

Multiple sclerosis is a chronic disease of the central nervous
system that affects approximately 400,000 people in North
America and approximately one million people worldwide.  It is a
disease that affects more women than men, with onset typically
between 20 and 40 years of age.  Symptoms of multiple sclerosis
may include vision problems, loss of balance, numbness,
difficulty walking and paralysis.

About the multiple sclerosis Clinical Trials for ANTEGREN

The AFFIRM (natalizumab safety and efficacy in relapsing-
remitting multiple sclerosis) trial is a two-year, randomized,
multi-center, placebo-controlled, double-blind study of
approximately 900 patients, evaluating the ability of
natalizumab to slow the progression of disability in multiple
sclerosis and reduce the rate of clinical relapses.  The
SENTINEL (safety and efficacy of natalizumab in combination with
AVONEX(R) (Interferon beta-1a)) trial is a two-year, randomized,
multi-center, placebo-controlled, double-blind study of
approximately 1,200 patients with relapsing-remitting multiple
sclerosis, evaluating the effect of the combination of
natalizumab and AVONEX compared to treatment with AVONEX alone
in slowing the progression of disability and reducing the rate
of clinical relapses.  Both study protocols provided for a one-
year analysis of the data.  The primary endpoints for both Phase
III two-year trials in multiple sclerosis are based on the
Expanded Disability Status Scale (EDSS) and relapse rate.  The
pre-specified primary endpoint of the one-year analysis was
relapse rate.

About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 antagonist in the new selective adhesion molecule (SAM)
inhibitor class.  The drug is designed to inhibit the migration
of immune cells into tissues where they may cause or maintain
inflammation.  To date, approximately 2,800 patients have
received natalizumab in clinical trials, and the safety profile
continues to support further development.  In placebo-controlled
trials to date, in both Crohn's disease and multiple sclerosis,
the most commonly reported adverse events in either group were
headache, fatigue and nasopharyngitis.

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in multiple sclerosis, Crohn's
disease, and rheumatoid arthritis.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, visit: http://www.biogenidec.com.

About Elan

Elan Corporation, plc (NYSE: ELN) is a neuroscience-based
biotechnology company that is focused on discovering,
developing, manufacturing and marketing advanced therapies in
neurology, autoimmune diseases, and severe pain.  Elan shares
trade on the New York, London and Dublin Stock Exchanges. For
additional information about the company, visit:
http://www.elan.com.

CONTACT:  ELAN CORPORATION PLC
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526
          Anita Kawatra
          Phone: 212-407-5755 or 800-252-3526


ELAN CORPORATION: Amends Application for Prialt's Approval
----------------------------------------------------------
Elan Corporation, plc submitted an amendment to its New Drug
Application (NDA) to the U.S. Food and Drug Administration (FDA)
for approval of Prialt(TM) (ziconotide) for the treatment of
severe chronic pain.  The company anticipates a review time of
approximately six months.

This amendment to the original NDA incorporates results from the
most recent Phase III trial, which demonstrated a statistically
significant result with Prialt, at lower doses and following a
slower titration schedule than had been studied in prior double-
blind trials.  Elan will not disclose detailed findings from
this Phase III study until the FDA has reviewed them.  The
company plans to present these data at a major scientific
meeting.

"We are encouraged about the new findings, which complement the
data from the previously disclosed trials," said Lars Ekman, MD,
executive vice president, and president Research and
Development, Elan.  "The total clinical database on Prialt
represents one of the most comprehensive bodies of research on
intrathecal pain management to date, and is evidence of Elan's
sustained commitment to patients with severe chronic pain who
desperately need additional treatment options."

About Prialt Clinical Trials

The FDA had previously issued an approvable letter for Prialt,
in which the agency requested additional information.  A third
trial was conducted in response to the FDA's request for an
additional clinical study.  This trial evaluated the efficacy
and safety of lower doses of Prialt and a slower titration
schedule than was used in two previous Phase III studies.  The
study met its primary endpoint of a significant improvement on
the Visual Analog Scale of Pain Intensity in the Prialt group as
compared to the placebo group.

Prior double-blind studies have also indicated benefit in
patients with severe chronic pain related to cancer, AIDS, or
non-malignant causes.

The most commonly reported adverse events among patients
receiving Prialt in the latest trial were dizziness, nausea,
asthenia, somnolence, diarrhea, and confusion.

About Prialt

Prialt is the first drug in a new class of non-opioid analgesics
called N-type calcium channel blockers (NCCBs), administered
intrathecally (directly into the fluid surrounding the spinal
cord through a surgically implanted catheter), for the treatment
of severe chronic pain.  Prialt, a synthetic equivalent of a
naturally occurring conopeptide found in a marine snail known as
Conus magus, selectively blocks calcium channels on the nerves
that ordinarily transmit pain signals to the brain.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain.  Elan (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges. For
additional information about the company, visit:
http://www.elan.com.

CONTACT:  ELAN CORPORATION PLC
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526
          Anita Kawatra
          Phone: 212-407-5755 or 800-252-3526


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


ALITALIA SPA: Ends 2003 with EUR517 Million Net Loss
----------------------------------------------------
Shareholders of Alitalia, including the Italian state, on Monday
approved the airlines' 2003 accounts, which showed a net loss of
EUR517 million, Dow Jones reports.

The assembly also nominated a new five-member board comprising
Chairman Giancarlo Cimoli, Augusto Zodda, Roberto Ulissi,
Serafino Gatti and Jean-Cyril Spinetta, the chairman of Air
France.

Alitalia has not turned in a profit since 1998.  Its auditor
Deloitte & Touche previously refused to certify the company's
accounts.  Observers are predicting insolvency for the airline
unless it gets access to the EUR400 million state-guaranteed
loan that the European Union still needs to approve.

A European Union official told Reuters it has not yet received
notification from Rome regarding the bailout package.  Under
E.U. rules, Rome cannot give further state aid to Alitalia,
although it can give an emergency loan for a maximum of 12
months, provided a restructuring plan is submitted.

Meanwhile, British Airways has written its second letter this
year to the European Commission protesting the state's aid to
Alitalia.

CONTACT:  ALITALIA SPA
          Linee Aeree Italiane S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39-06-6562-2151
          Fax: +39-06-6562-4733
          Primary U.S. Office
          Home Page: http://www.alitalia.it


PARMALAT U.S.A.: Debtors Opt to Reject Tuscan Supply Agreement
--------------------------------------------------------------
The Parmalat U.S. Debtors and Tuscan/Lehigh Dairies, Inc. are
parties to a May 30, 2003 supply agreement wherein the Debtors
process, package and load fluid milk products under the Tuscan
label or private labels for delivery to Tuscan customers in the
New York area for a specified processing fee, among other fees.
The processing was to occur at Farmland Dairies, LLC's Sunnydale
plant in Brooklyn, New York.  The Debtors also purchase and load
other products as requested by Tuscan for delivery in the New
York area.

On June 30, 2004 or at Tuscan's option, July 1, 2004, the volume
of fluid milk products to be processed, packaged and loaded by
the Debtors under the Agreement is to increase significantly
from about 170,000 gallons per week to about 600,000 gallons per
week.

The parties have been operating under the Agreement since 2003.
Relying on the Agreement, Tuscan entered into a contract with a
third party for a term through at least 2016.  The pricing and
other commercial terms in the Customer Contract were negotiated
under Agreement with the U.S. Debtors.  The Debtors' inability
or unwillingness to perform under the Agreement will drastically
reduce the economic benefits to Tuscan from the Customer
Contract and disrupt other contractual relationships.

               U.S. Debtors' Prepetition Defaults

Neil P. Forrest, Esq. of Swidler Berlin Shereff Friedman, LLP in
New York relates the Agreement may be terminated under these
circumstances:

(a) Either party has the right to terminate if there is a
     material breach of the Agreement, which has not been
     cured after 30 days' written notice to the breaching
     party;

(b) Tuscan has the right to terminate immediately upon
     written notice if it has previously notified the Debtors
     of two material breaches during a period of three
     consecutive months, irrespective of whether or not one or
     both of the breaches were subsequently cured.

In December 2003, Tuscan notified the U.S. Debtors that they
committed a material breach of the Agreement in failing to
notify Tuscan of their inability to continue to supply Tropicana
branded products.  In January 2004, because of the Debtors'
inability to satisfy their obligations, Tuscan, from January 26
through 30, 2004, packaged and sold to the Debtors 56,000
gallons of Tuscan Label HVD in gallon containers to fill the
Debtors' third party orders as required under the Agreement.

              U.S. Debtors' Postpetition Admissions

Although the parties continued to operate under the Agreement
before the Petition Date, the U.S. Debtors stated unequivocally
that they would not be able to meet the heightened volume
requirements and have no intention of performing on the existing
commercial terms.

In a number of conversations during the Postpetition Period, Tim
Barber, one of the U.S. Debtors' employees responsible for the
Agreement, Anthony Mayzun, the Debtors' Vice-President for
Finance, and James Mesterharm of Alix Partners, the Debtor's
financial advisors, stated to both Samuel L. Wolman, Tuscan's
general manager, and Pat Panko, Tuscan's Chief Financial Officer
with responsibility for the Agreement, that the Debtors are
unable and unwilling to perform and assume under the Agreement.

As a result, Tuscan sought a single alternative supplier with
the processing and loading capabilities to meet the Customer
Contract requirements.  However, the supplier's capacity to meet
Tuscan's needs will not be available indefinitely.  Thus, before
June 30, 2004, Tuscan needs to know that it will have an ongoing
source of milk supply to prevent substantial economic harm and
disruption of its customer supply commitments.

In this regard, Tuscan asks the Court to compel the U.S. Debtors
to immediately assume or reject the Agreement.  Alternatively,
Tuscan asks the Court to lift the automatic stay so it may
terminate the Agreement.

Mr. Forrest tells the Court that Tuscan is willing to continue
operating under the Agreement under the condition that the U.S.
Debtors:

(a) Make a commitment to assume the Agreement;

(b) Meet its heightened obligations on the June 30, 2004 or
    July 1, 2004 Full Services Commencement Date; and

(c) Perform under the terms of the Agreement.

                 U.S. Debtors Agree to Reject Pact

Marcia L. Goldstein, Esq., at Weil, Gotshal & Manges, LLP, in
New York, tells the Court that the U.S. Debtors tried to
negotiate certain amendments to the Agreement with Tuscan.  The
Debtors proposed certain modifications to alleviate the unduly
burdensome pricing and commercial terms of the Agreement.

However, Tuscan disagreed to the changes proposed by the U.S.
Debtors and even refused to relinquish the facilities provided
by the Debtors in their Brooklyn location.  Hence, the Debtors
believe that the assumption of the Agreement, which requires a
large utilization of the Debtors' capacity at their Brooklyn
location, limits their flexibility in operating their
facilities.

Ms. Goldstein advises the Court that the U.S. Debtors consent to
the immediate rejection of the Agreement.  The Debtors believe
that the economic terms of the Agreement are detrimental to
their restructuring efforts.  In addition, the Agreement
includes certain provisions that are vague and, depending on
interpretation, could result in extraordinary losses for the
Debtors in the long term, as well as, costly and time-consuming
litigation.  The capacity that would be utilized by the
Agreement can be profitably deployed if it is rejected.

Accordingly, the Debtors ask the Court to:

(a) Approve their request to reject the Agreement;

(b) Compel Tuscan to relinquish the Debtors' facilities and
    remove from the Debtors' premises all of its property no
    later than June 30, 2004; and

(c) Allow Tuscan to file a proof of claim for rejection
    damages, subject to all of the Debtors' rights, claims and
    defenses, including rights of set-off with respect to any
    of the claims.

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


PARMALAT U.S.A.: Court Sets July 9, 2004 Claims Bar Date
--------------------------------------------------------
On May 20, 2004, the U. S. Bankruptcy Court for the District of
New York entered an order establishing a bar date -- a deadline
-- for all creditors to file proofs of claim against Parmalat
USA Corporation and its debtor-affiliates.

July 9, 2004 at 5:00 p.m. is the deadline for most creditors to
file their claims.  Governmental unites have until August 23,
2004 at 5:00 p.m. to file their proof of claims.

Seven types of claims are exempted from the Bar Date
requirement:

     (a) claims already filed with the Court;
     (b) claims listed on the debtor's schedules;
     (c) any administration expense;
     (d) claims already been paid by the debtors;
     (e) claim already allowed by the Court;
     (f) claims solely against any of the debtors' non-debtor-
         affiliates; and
     (g) claims subject to specific deadlines previously set
         by the Court.

Proofs of claim must be delivered:

     If by first class mail:        If by hand or overnight
                                    mail:
     U.S. Bankruptcy Court          U.S. Bankruptcy Court
     Parmalat USA Corp., et al      Parmalat USA Corp., et al
     Claims Docketing Center        Claims Docketing Center
     P.O. Box 5079                  One Bowling Green
     Bowling Green Station          Room 334
     New York, NY 10274-5079        New York, NY 10004-1408

Copies of the Schedules may be examined at the office of the
Clerk of Court or at http://www.nysb.uscourts.gov/

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


PARMALAT U.S.A.: Debtors Tap Harry Davis As Auctioneer
------------------------------------------------------
The Parmalat U.S. Debtors seek the Court's permission to employ
Harry Davis & Company as exclusive agent and auctioneer in
connection with the sale of certain personal property owned by
the Debtors.

                       The Surplus Assets

The U.S. Debtors own certain miscellaneous equipment that is no
longer used in their business.  The Debtors and their
professionals believe that the Surplus Assets are not required
for a reorganization of the Debtors' business.  In April 2004,
the Debtors sought and obtained the Court's consent to sell any
Surplus Assets pursuant to certain procedures, in any manner
they choose.

After reviewing their options, the Debtors and their
professionals determined that for many of the Surplus Assets, an
auction would likely yield the greatest value.  Accordingly, the
Debtors solicited and received proposals from several
auctioneers.  The Debtors determined that Harry Davis suits
their need.

                    Services to be Rendered

Harry Davis is the leading auctioneer of dairy and food
processing equipment in the United States, capturing 70% to 80%
of the market share.  With 49 years of experience in conducting
industrial equipment auctions throughout the United States,
Harry Davis conducted more sales of this type of equipment than
any other auctioneer in the United States.  Harry Davis has
extensive industry contacts in the dairy and food processing
industry that enables it to identify potential buyers for the
types of equipment the U.S. Debtors intend to sell.  Moreover,
Harry Davis, the most recognized appraiser and consultant to the
dairy and related beverage industries, is a license auctioneer
in numerous states and has been appointed auctioneer by various
United States Bankruptcy Courts, including the United States
Bankruptcy Court for the Northern District of Illinois.

Harry Davis will act as the exclusive agent and auctioneer on
the Debtors' behalf in conducting an auction sale campaign of
Surplus Assets at the Debtors' facilities in:

(a) Spring City, Pennsylvania,

(b) Long Valley, New Jersey, and

(c) West Caldwell, New Jersey.

Harry Davis' sale of the Surplus Assets will be in accordance
with the Sale Procedures and governed by an Auction Campaign
Proposal agreement dated June 8, 2004, between Parmalat USA
Corporation and Harry Davis.  The U.S. Debtors anticipate that
the auction of Surplus Assets will take place at their
facilities about six to eight weeks after the Court approves the
firm's employment.  Harry Davis will supply all necessary
auctioneers, office personnel and sales supervisors.

Before the Sale, Harry Davis will conduct a national and
international marketing and advertising campaign to attract as
many prospective purchasers to the auction as possible.  The
Marketing Campaign will utilize direct mail, the Internet, trade
journals, regional newspapers, and an international fax network
to distribute advance notice of the auction.  In addition, Harry
Davis will produce a full color direct mail brochure to be sent
to over 10,000 potential auction sale attendees.  The brochure
will contain detailed description and color photographs of the
equipment to be sold.  The contents of the direct mail brochure
as well as the final auction catalog will be available at Harry
Davis' well-known Internet Web site, http://www.harrydavis.com/
Print and direct mail advertising will be used to direct readers
to the Web site for updated information and for the auction
catalog and to expedite purchasing decisions.

Harry Davis has extensive selling experience in the food
processing industry and has developed a customer list of
thousands of active buyers across the United States, Mexico,
Canada, Latin America, Europe, and the Pacific Rim.  Harry
Davis' contact list includes buyers who have attended its sales
in the past as well as additional selected potential buyers in
the food processing, dairy, and related industries.  Harry Davis
has been successful in tapping into the rapidly growing export
market for processing equipment, and it will target these
important buyers for the auction of Surplus Assets.  Harry Davis
will also make special efforts to contact appropriate potential
buyers outside the dairy industry.

                          Compensation

Harry Davis' compensation is set according to the terms of the
Auction Campaign Proposal.  As compensation for rendering agent
and auction services to the Debtors, Harry Davis will receive a
buyer's premium with respect to all the sales.  The Buyer's
Premium will be 10% of the auction bid prices that will be added
to the auction bid prices and collected by Harry Davis directly
from each auction purchaser in addition to the sale price for
the asset.

In addition, the U.S. Debtors will reimburse Harry Davis from
the auction proceeds for:

(a) Advertising and sale promotion expense, which are budgeted
     at $20,000; and

(b) Direct sales costs including labor, travel, lodging, and
    meals for auction personnel as required for preparation and
    execution of the auction sales, which have been budgeted at
    $18,000.

Harry Davis will credit the Debtors 1% of the auction bid prices
or 10% of the Buyer's Premium to be applied against the auction
sales expenses.  A detailed accounting of all auction expenses
will be provided to the Debtors as part of the auction
accounting.

Throughout the auction sale, qualified Harry Davis data-entry
personnel will maintain accurate records of the bidding process.
All records of the auction sale will at all items be available
to the U.S. Debtors.  An accounting of all items will be
provided to the Debtors following the auctions.  All amounts
will be collected by Harry Davis.  Within further delay after
the sale completion, Harry Davis will provide the Debtors with a
final audit, an itemized accounting, and remittance.

Marcia J. Goldstein, Esq., at Weil, Gotshal & Manges, LLP, in
New York, assures the Court that Harry Davis will be providing
the U.S. Debtors a unique service, which they are the most
qualified to provide.

The U.S. Debtors maintain that the Buyer's Premium to be paid to
Harry Davis is fair and reasonable in the light of the fact
that, as opposed to seeking the assistance of third parties to
perform other necessary services, the Buyer's Premium includes,
among other things, the costs for individuals employed by Harry
Davis to assist in preparing, exhibiting the equipment and
supervising the sales.  The Debtors believe that Harry Davis is
well qualified to execute the duties of agent and auctioneer.

                        Disinterestedness

Martin L. Davis, a partner at Harry Davis, asserts that the firm
does not hold or represent any interest adverse to the U.S.
Debtors' estates, their creditors, or any other parties-in-
interest.  Harry Davis is a "disinterested person" as the term
defined under Section 101(14) of the Bankruptcy Code.

Mr. Davis discloses that two years ago, Harry Davis conducted
two auction sales in the ordinary course of business for
Farmland Dairies, LLC, in Columbus and Macon, both in Georgia.
From time to time, Harry Davis sold equipment to the U.S.
Debtors at various auction sales.  Harry Davis also conducted
auction sales, provided appraisals and consulting services for,
and sold equipment to various of the Debtors' 20 largest
unsecured creditors, the Debtors' secured creditors, and others.
However, Mr. Davis assures the Court that Harry Davis has no
financial interest in any of those entities.

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


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


BCP CAYLUX: US$225 Million Subordinated Notes Rated 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
BCP Caylux Holdings Luxembourg S.C.A.'s US$225 million senior
subordinated notes due 2014.  The rating was placed on
CreditWatch with negative implications.  The existing ratings on
BCP (B+/Watch Neg/--) remain on CreditWatch with negative
implications.

"Proceeds from this debt issuance will be used to refinance
preferred stock at its holding company level," said Standard &
Poor's credit analyst Wesley E. Chinn. "Credit quality measures
previously considered the preferred stock as debt-like," added
Mr. Chinn.

Upon receiving the necessary shareholder approvals and the
domination agreement becoming effective, the ratings would be
affirmed and removed from CreditWatch.  BCP owns 84% of the
ordinary shares of Frankfurt, Germany-based specialty chemical
company Celanese AG (B+/Watch Neg/--).  BCP is a recently formed
holding company and is limited in its ability to exercise
managerial control over Celanese, including the payment of
dividends and other distributions by Celanese to BCP, until the
domination agreement has become effective.  (For more
information, please see full analysis dated June 16, 2004.)

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings referenced
herein can be found on Standard & Poor's public Web site at
http://www.standardandpoors.com;under Credit Ratings in the
left navigation bar, select Find Ratings, then Credit Ratings
Search.


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


KPNQWEST N.V.: Files Mismanagement Case Against Shareholder
-----------------------------------------------------------
Trustees of KPNQwest N.V. filed a complaint in the United States
District Court for the District of New Jersey (USA) against
Qwest Communications International, Inc., John A. McMaster, J.P.
Nacchio and R.S. Woodruff and other unnamed defendants.

Qwest is a major shareholder of KPNQwest N.V., Mr. McMaster
acted as Managing Director and both Mr. Nacchio and Mr. Woodruff
have been members of the Board of Supervisory Directors of
KPNQwest.

Trustees seek relief under the U.S. RICO Act and for
mismanagement and breach of duty, and for damages suffered by
KPNQwest and its creditors.


ROYAL SHELL: Board Maintains Innocence in Reserves Overstatement
----------------------------------------------------------------
Royal Shell's board on Monday survived two annual general
meetings with shareholders in Netherlands and Britain.  Shell's
operating companies are jointly owned by Royal Dutch Petroleum
Co. of The Hague, and London-based Shell Transport & Trading
Co., in a 60-40 split.

In The Hague, shareholders voted closely in favor of absolving
the executives from legal responsibility when the oil company
overstated the company's reserves by over 20% last year.

In London, Ron Oxburgh, independent chairman of Shell's British
parent, insisted the non-executive directors did not know the
reserves problem until early in January.  Yet, for the first
time, Aad Jacobs, the non-executive chairman of Shell's audit
committee and its Dutch parent company, told shareholders he
learned from the company's former head of exploration and
production, Walter van de Vijver, there was a problem in the
company's reserves, at a lunch meeting in November.  The energy
reserve is the gauge of an oil company's business health.

The SEC has questioned 30 employees regarding massive
overstatement of energy reserves.  Authorities are set to probe
further into the scandal.  While the directors were discharged
from blame by shareholders, it does not make them immune from a
number of suits filed by shareholders in the U.S.

The company is currently reviewing its governance structure with
a view to possibly unifying its two boards.  A proposal is
expected to come November, although shareholders are demanding
it should be released earlier.  At the meeting, shareholders
rejected the proposed pay package for executives this year.


VENDEX KBB: Declares VDXK Public Offer Unconditional
----------------------------------------------------
With reference to the public announcements of 26 April, 19 May,
11 June, 15 June and 22 June 2004 and the Offer Memorandum of 21
May 2004, VDXK and Vendex KBB announce that VDXK waives the
Offer Condition, as set out in the Offer Memorandum, that at
least 95% of the Ordinary Shares and at least 95% of the
Preference Shares is tendered and declares the Offer for all
issued and outstanding Ordinary Shares and Preference Shares
unconditional.

78,640,190 Ordinary Shares have been tendered under the Offer
(including additional Shares tendered since the public
announcement of 22 June), representing 88.1% of the outstanding
and issued ordinary share capital of Vendex KBB and 21,000
Preference Shares have been tendered under the Offer,
representing 100% of the outstanding and issued preference share
capital of Vendex KBB.  The Shares tendered under the Offer
represent 91.9% of the total issued and outstanding share
capital of Vendex KBB.  These percentages do not take into
account Shares held by Vendex KBB and its subsidiaries.

Investment funds affiliated with and/or managed by Kohlberg
Kravis Roberts & Co. L.P. have taken up the minority
participation in VDXK of the investment funds affiliated with
and/or managed by Change Capital LLP, who will no longer be
investors.  The participation of AlpInvest Partners in VDXK is
unchanged.

Settlement

With reference to the Offer Memorandum, no later than 5 July
2004, VDXK will pay an amount of EUR15.40 in cash for each
validly tendered (or defectively tendered provided that such
defect has been waived by VDXK) and delivered Ordinary Share and
EUR40.00 plus accrued and unpaid dividend in the period between
1 February 2004 and 5 July 2004, amounting to EUR1.36 per
Preference Share in cash, for each validly tendered (or
defectively tendered provided that such defect has been waived
by VDXK) and delivered Preference Share.  Admitted Institutions
to Euronext Amsterdam must deliver tendered Shares to ABN AMRO
Bank N.V. as Settlement Agent by 2 July 2004 at the latest.

Post-acceptance

VDXK grants holders of Ordinary Shares who have not yet tendered
their Ordinary Shares under the Offer, the opportunity to tender
their Ordinary Shares in a post-acceptance period.  The post-
acceptance period commences at 9:00 a.m., Amsterdam time, on 29
June 2004 and expires at 3:00 p.m., Amsterdam time (9:00 a.m.
New York time), on 19 July 2004.  Holders of Ordinary Shares can
tender their shares in the same manner and subject to the same
conditions as described in the Offer Memorandum.  Shares
tendered in the post-acceptance period may not be withdrawn.
VDXK expects to make an announcement regarding the number of
Ordinary Shares held by VDXK per the last day of the post-
acceptance period no later than 26 July 2004.  Payment of the
Offer Price per Ordinary Share for Shares that have been validly
tendered (or defectively tendered provided that such defect has
been waived by VDXK) and delivered during the post-acceptance
period will take place no later than 2 August 2004.

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

This press release is a public announcement as meant in Article
9t paragraph 4 of the Securities Markets Supervision Decree 1995
(Besluit toezicht effectenverkeer 1995).

Unless defined herein, defined terms used in this announcement
shall have the meanings given to them in the Offer Memorandum.
This press release appears in Dutch as well.  In the event of
any inconsistency, the English version will prevail.

                            *   *   *

This is a joint press release of VDXK Acquisition B.V. and
Koninklijke Vendex KBB N.V. in relation to the recommended cash
offer for the shares in Vendex KBB.  Not for release,
publication or distribution, in whole or in part, in or into the
Canada, Australia or Japan.


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


UNITEDGLOBALCOM INC.: Appoints Managing Director for Netherlands
----------------------------------------------------------------
UnitedGlobalCom, Inc. (Nasdaq: UCOMA), announces that Diederik
Karsten has been appointed as Managing Director of UPC
Netherlands, the Dutch broadband operation of UnitedGlobalCom
(UGC) as of July 1, 2004.  Gene Musselman, who combined this
function with his work as President and Chief Operating Officer
(COO) of UPC Broadband, UGC's broadband division throughout
Europe, will again fully concentrate on his pan-European
responsibilities.

Diederik Karsten (47) held various marketing and management
positions at Procter & Gamble and PepsiCo in Europe and the
United States, and was for several years Chief Executive Officer
of KPN Mobile N.V.  He currently holds several non-executive
Board positions, among others with easyjet Plc, the low cost
carrier.

Gene Musselman is extremely pleased with Diederik Karsten's
decision to join UPC Netherlands: "Diederik is a manager with
extensive knowledge and experience in the Dutch consumer market.
In addition, he played a major role in the growth of the Dutch
telecommunications industry, where he is credited with building
KPN mobile into a major division within the KPN Group.  His
skills and experience will enable UPC Netherlands to solidify
and expand its position as a leading provider of voice, video
and Internet services in The Netherlands."

Diederik Karsten says: "This is a great opportunity.  UPC is one
of the most innovative broadband companies in Europe, with a
strong and clear vision on the development of cable
communications in the Netherlands.  I am looking forward to
working with UPC's dedicated and enthusiastic Dutch workforce
into a new phase of growth.

About UnitedGlobalCom

UGC is the leading international broadband communications
provider of video, voice, and Internet services with operations
in 14 countries.  Based on UGC's operating statistics at March
31, 2004, the Company's networks reached approximately 12.8
million homes and had over 9.2 million RGUs, including
approximately 7.5 million video subscribers, 742,000 telephone
subscribers and 984,300 Internet access subscribers.


                            *   *   *

UnitedGlobalCom, Inc. in May announces operating and financial
results for the first quarter ended March 31, 2004.  The
highlights compared to the same period last year includes;
Revenue increase of 26% to US$547 million; operating Cash Flow
[2] increase of 67% to US$204 million;  operating Cash Flow
margin of 37% compared to 28%; and net loss of US$(150) million
compared to net income of US$17 million.

CONTACT:  UNITEDGLOBALCOM INC
          Richard S.L. Abbott
          Bert Holtkamp
          Investor Relations - Denver Corporate Communications
          Phone: (303) 220-6682
          Fax: + 31 (0) 20 778 9447
          E-mail: ir@unitedglobal.com
                  communications@ugceurope.com
          Web site: http://www.unitedglobal.com


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


ISPRAVNAYA: Court Starts Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Karachaevo-Cherkesskaya republic has
commenced bankruptcy supervision procedure on agricultural
production company (Plemzavod) Ispravnaya.  The case is docketed
as A25-608/04-9.  Mr. A. Shmidt has been appointed temporary
insolvency manager.  Creditors are asked to submit their proofs
of claim to 357000, Russia, Karachaevo-Cherkesskaya republic,
Stavropol Region, Kochubeyevsky Region, Kochubeyevskoye,
Torgovaya Str. 22.

CONTACT:   ISPRAVNAYA
           369174, Russia, Karachaevo-Cherkesskaya Republic,
           Zelenchuksky Region, Ispravnaya Station,
           Kooperativnaya Str. 26

           Mr. A. Shmidt
           Temporary Insolvency Manager
           357000, Russia, Karachaevo-Cherkesskaya republic,
           Stavropol Region, Kochubeyevsky Region,
           Kochubeyevskoye, Torgovaya Str. 22

           Arbitration Court of
           Karachaevo-Cherkesskaya Republic
           357100, Russia,
           Karachaevo-Cherkesskaya Republic,
           Cherkessk, Novaya Str. 4


KRASNY PUTILOVETS: Declared Insolvent
-------------------------------------
The Arbitration Court of Belgorod region declared CJSC Krasny
Putilovets insolvent and introduced bankruptcy proceedings.  The
case is docketed as A08-13721/03-11.  Mr. K. Zlobin has been
appointed insolvency manager.  Creditors are asked to submit
their proofs of claim to 309974, Russia, Belgorod region,
Valuysky region, Shelaevo.

CONTACT:  KRASNY PUTILOVETS
          309974, Russia, Belgorod Region,
          Valuysky Region, Shelaevo

          Mr. K. Zlobin
          Insolvency Manager
          111250, Russia, Moscow,
          Krasnoznamennskaya, 9


MEDNOVSKY FOOD: Court Sets September 15 Hearing
-----------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
supervision procedure on LLC Mednovsky Food Combine.  The case
is docketed as A66-3026-04.  Mr. A. Chaykin has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to Russia, Tver, Erofeev Str. 5, Office 9.
A hearing will take place on September 15, 2004.

CONTACT:  Mr. A. Chaykin
          Temporary Insolvency Manager
          Russia, Tver,
          Erofeev Str. 5, Office 9


MONOLIT: Saratov Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on CJSC Monolit.  The case is docketed as
A57-97B/04-12.  Ms. L. Aladysheva has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 410031,
Russia, Saratov, Kuznechnaya Str. 11/21, Apartment 112.  A
hearing will take place on August 31, 2004, 10:00 a.m. (Moscow
time) at the Arbitration Court of Saratov region.

CONTACT:  MONOLIT
          413540, Russia, Saratov region,
          Krasnopartizansky region, Gorny

          Ms. L. Aladysheva
          Temporary Insolvency Manager
          410031, Russia, Saratov,
          Kuznechnaya Str. 11/21, Apartment 112

          Arbitration Court of Komi Republic
          410031, Russia, Saratov,
          Pervomayskaya Str. 74


ONEGO-LIZING: Bankruptcy Proceedings Begin
------------------------------------------
The Arbitration Court of Kareliya republic declared OJSC Onego-
Lizing (TIN 1001006857) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A26-2263/04-18.  Mr. Y.
Yanyuk has been appointed insolvency manager.  Creditors are
asked to submit their proofs of claim to 185035, Russia,
Petrozavodsk, Post User Box 5.

CONTACT:  Mr. Y. Yanyuk
          Insolvency Manager
          185035, Russia,
          Petrozavodsk, Post User Box 5


RED OCTOBER: Public Auction Set July 12
---------------------------------------
The insolvency manager of OJSC Red October set the public
auction of the firm's properties on July 12, 2004, 12:00 noon.
It will be held at Russia, Tver, Radisheva Avenue, 14/7a.  Up
for sale is a piece of property with buildings, station and
garage located at Russia, Tver region, Kalyazinsky region,
Kalabrievo.  Starting price: RUB3,300,000 inclusive of VAT

Preliminary examination and reception of bids are done daily
until July 7, 2004.  To participate, bidders must deposit
RUB50,000 at the settlement account 40702810800140000563 in the
Branch of OJSC Bank Menatep SPB of Tver, TIN 6905048754, KPP
690501001, correspondent account 30101810600000000782, BIC
042809782.

CONTACT:  RED OCTOBER
     Russia, Tver region,
          Kalyazinsky region, Kalabrievo

          LLC GORATSIO
          Bidding Organizer
          Phone: 0822-48-10-81


SARATOVSKY: Deadline for Proofs of Claim August 10
--------------------------------------------------
The Arbitration Court of Saratov region declared OJSC
meatpacking plant Saratovsky insolvent and introduced bankruptcy
proceedings.  The case is docketed as A-57-57B/03-23.  Mr. Y.
Petrov has been appointed insolvency manager.   Creditors have
until August 10, 2004 to submit their proofs of claim to:

(a) Arbitration Court of Saratov region:
    410600, Russia, Pervomayskaya Str. 74

(b) Insolvency Manager:
    410005, Russia, Saratov,
    Aktarskaya Str. 53-3.

CONTACT:  SARATOVSKY
          Russia, Saratov,
          Chernyshevskogo Str. 52

          Mr. Y. Petrov
          Insolvency Manager
          410005, Russia, Saratov,
          Aktarskaya Str. 53-3


SEVER: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
supervision procedure on LLC wood processing company Sever (TIN
7017064809: 636019).  The case is docketed as A67-5054/04.  Mr.
A. Mifkhatov has been appointed temporary insolvency manager.
Creditors have until July 10, 2004 to submit their proofs of
claim to 634021, Russia, Tomsk-21, Post User Box 1795 and
634050, Tomsk, Kirova Pr. 10, Asto.

CONTACT:  SEVER
          413540, Russia, Tambov Region,
          Krasnopartizansky Region, Gorny.

          Mr. A. Mifkhatov
          Temporary Insolvency Manager
          634021, Russia, Tomsk-21,
          Post User Box 1795 and 634050,
          Tomsk, Kirova Pr. 10, Asto


UNIVERSITY BUSINESS: Undergoes Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Komi Republic commenced bankruptcy
supervision procedure on LLC University Business Center.  The
case is docketed as A29-1962/04-3B.  Ms. I. Zemlyansksya has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 167023,
Russia, Komi Republic, Syktryvkar, Post User Box 2006.  A
hearing will take place on September 7, 2004, 9:15 a.m. at the
Arbitration Court of Komi republic.

CONTACT:  UNIVERSITY BUSINESS CENTER
          Russia, Komi Republic,
          Sykryvkar, Oktyabrsky Pr. 55

          Ms. I. Zemlyansksya
          Temporary Insolvency Manager
          167023, Russia, Komi Republic,
          Syktryvkar, Post User Box 2006

          Arbitration Court of Komi Republic
          Russia, Syktryvkar,
          Ordzhonikidze Str. 49A, Room 407


YUKOS OIL: Khodorkovsky Trial Adjourned to July 12
--------------------------------------------------
The hearing on the trial of former Yukos chief executive,
Mikhail Khodorkovsky, was adjourned for the second time.  The
court moved the date to July 12 after the defendant asked for
more time to study the case.

The trial was rescheduled earlier for June 23 because a member
of the defense team, Genrikh Padva, was still recovering from an
operation, and won't be able to attend any trial until June 21.

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

CONTACT:  YUKOS OIL CORPORATION
          31a, Dubininskaya str.
          Moscow 115054, Russia
          Phone: + 7 095 232 31 61
          Fax: + 7 095 232 31 60
          E-mail: info@yukos.ru


YUKOS OIL: Court Opens Way for Seizure of Assets
------------------------------------------------
The Moscow Arbitration Court on Wednesday lifted its ban on the
Russian Tax Ministry's decision to extract more than RUB99
billion from oil company Yukos.

Tax authorities in April raised a claim for back taxes and fine
against the company.  Yukos appealed, and the arbitration curt
suspended the decision in May.  The Ministry sought to reject
the injunction and got its response on Wednesday.

The court said, "the May 19 court ruling was made with
violations of the Russian Arbitral Procedure Code and was
ungrounded".

"This means the tax service can act to enforce the claim" and
seize assets if the court rejects Yukos' appeal against the
claim itself, said Sergei Pepelyayev, the lead defense lawyer in
the case.  Mr. Pepelyayev does not see a quick ruling since the
court must first hear a tax service appeal over a previous
ruling that reduced the US$3.4 billion bill by US$14,000 over a
technicality.

CONTACT:  YUKOS OIL CORPORATION
          31a, Dubininskaya str.
          Moscow 115054, Russia
          Phone: + 7 095 232 31 61
          Fax: + 7 095 232 31 60
          E-mail: info@yukos.ru


YUKOS OIL: Amicable Deal with Govt Unlikely, Says Paper
-------------------------------------------------------
Those who believe Yukos Oil and the government of Vladimir Putin
will be able to strike a win-win solution are being naive.
According to Moscow Times, contrary to market expectations, the
chances that both sides will come to an agreement over how best
to avoid a Yukos bankruptcy are slim.

The paper offers two reasons: "First, there is nobody to conduct
negotiations, nor is it clear how the price can be agreed upon.
Second, while bankrupting Yukos is neither in the interests of
Russia nor the market, it offers rich pickings for the
president's entourage and for officials in certain state
companies, who are already lining up for their share of the
spoils."

According to the Times, using equity to pay the disputed US$3.4
billion in tax arrears raises more questions than answers.  For
example, how shall the shares be valued?

"One side will argue for the share price to be calculated as of
June 16, while the other will argue for it to be fixed at what
it was six months earlier.  And that will be it: no deal," the
Times said.

Earlier, President Putin through finance minister Alexei Kudrin
said: "The government is not interested in the bankruptcy of
major companies, including Yukos."  The market took this
statement as a sign that the government and Yukos will reach an
amicable settlement, especially after Mr. Kudrin assured the tax
ministry will send Yukos a schedule for paying off its claims.

In reality, however, Mr. Putin has one goal in mind: transfer
control of Yukos to a bunch of bureaucrats for the sum of US$3
billion and wield the power that comes with controlling the
world's second-largest oil producer, the Times said.

Accordingly, this takeover becomes even more probable when one
considers this: "If Yukos' debts are restructured, then all the
nouveau elite will get is 15 percent to 20 percent of the
company's shares for US$3 billion.  Who is going to pay US$3
billion for a 20 percent stake when there's a genuine
possibility of getting the whole lot for peanuts?"

A year ago, the merger of Yukos and Sibneft created Russia's
largest oil company with a capitalization of approximately US$50
billion.  A share swap with Chevron -- the world's No.2 oil
company -- would have made it and its owners Misters Mikhail
Khodorkovsky and Roman Abramovich major players on the world oil
market.

The president and his men obviously did not like this idea.  Mr.
Putin could not be appeased with merely seeing Yukos and Sibneft
become major oil players under Russian hands.  He wanted to
wield the power himself because, according to the Times, "the
influence of a President Putin who can negotiate over the supply
of oil to the United States' strategic reserves, through
shareholders under his control, is much greater than that of a
President Putin who, following the G8 summit, is in a hurry to
justify himself over Yukos."

Today, Mr. Khodorkovsky is facing charges of tax evasion, money
laundering and embezzlement, while Mr. Putin and his cohorts are
preparing to take over Yukos.

This leaves only one conclusion, according to the Times: "[In
Russia, there's] a place for all those who think in terms of
geopolitics and billions of dollars in revenues, but no place
for those whose strategic vision stretches no further than petty
swindling, pilfering a few million and bolstering their personal
power."

CONTACT:  YUKOS OIL CORPORATION
          31a, Dubininskaya str.
          Moscow 115054, Russia
          Phone: + 7 095 232 31 61
          Fax: + 7 095 232 31 60
          E-mail: info@yukos.ru


ZNAMENSKY BRICKWORKS: Sets Public Auction July 15
-------------------------------------------------
The bidding organizer and insolvency manager of CJSC Znamensky
Brickworks set the public auction of the firm's properties on
July 15, 2004, 9:00 a.m. (local time).  It will be held at
Russia, Tambov region, Znamenka, Kirpichnozavodskaya, The Office
Building.  The assets for sale are office buildings with
equipment.  Starting price: RUB797,200.

Preliminary examination and reception of bids are done daily
until 5:00 p.m. July 11, 2004.  Documents for participants are
available at Russia, Tambov, Astrakhanskaya Str. 1/1, Office 19.
To participate, bidders must deposit an amount equivalent to 10%
of the starting price at the settlement account
40702810061270000586,Tin 6804007984, KPP 680401001 in the branch
of SB RF 6692 Kotovskoye, of Kotovsk, BIC046850649.

CONTACT:  ZNAMENSKY BRICKWORKS
          Russia, Tambov Region,
          Znamenka, Kirpichnozavodskaya

     Mr. V. Filatov
          Insolvency Manager
     Russia, Tambov,
          Astrakhanskaya Str. 1/1, Office 19
          Phone: 8 (0752) 75-96, 203-794


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


LM ERICSSON: Signs Global Microwave Transmission Deal
-----------------------------------------------------
Ericsson has been chosen as a supplier of microwave transmission
for the Norwegian operator Telenor.  The frame agreement covers
all Telenor group affiliates worldwide.

Telenor is the largest provider of telecommunications services
in Norway, and has substantial international mobile operations.
Under the agreement, Ericsson will provide Telenor's affiliates,
primarily in Europe and Asia, with MINI-LINK point-to-point
microwave transmission, including high capacity radios and smart
traffic nodes.

The new MINI-LINK Traffic Node enables these operators to meet
the new traffic demands of high-bandwidth, voice and data-
oriented 2.5G and 3G mobile services at lower cost and with
increased network control.

Ericsson offers a complete portfolio of transmission systems for
mobile networks, high flexibility microwave access, giving
unique end-to-end solutions for mobile transmission
requirements.

"This agreement demonstrates Ericsson's commitment to Telenor, a
strong long-term business partner for Ericsson, and strengthens
our position as a global supplier to their fast growing
international operations," says Sivert Bergman, Vice President &
General Manager at BU Transmission & Transport Networks at
Ericsson.

Ericsson is shaping the future of Mobile and Broadband Internet
communication through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

                            *   *   *

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

CONTACT:  LM ERICSSON
          Peter Olofsson
          Director Media Relations
          Ericsson Group Function Communications
          Phone: +46 8 719 1880, +46 8 719 6992
          E-mail: press.relations@ericsson.com


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


ASCOM: Sells Ascom HPF in France to Oristano
--------------------------------------------
In the context of focusing on its core competences, Ascom sold
one of its two French Manufacturing companies -- Ascom HPF based
in Bonneville, France -- to the Oristano Group, including the
transfer of 260 employees.  The transaction is scheduled for
completion by 30 June 2004.  Both parties have agreed to
maintain silence about the sales price.

In the context of focusing on its core competencies, Ascom goes
on divesting its Manufacturing facilities in France and
announces the successful sale of Ascom HPF SA (share sales
transaction) to the Oristano Holdings Ltd by 30 June 2004.  The
transfer of all employees inclusive. The deal is fully supported
by the local trade unions and employee representatives in
France.

Ascom HPF, manufacturer of telephone terminals and supplier of
electronic components for telecommunications, achieved in 2003
revenues in the amount of 45 million Swiss francs.

The Oristano Holdings Ltd. is a group owned by French
entrepreneurs with the target to develop its activities in
telecommunications and digital TV converging voice, data and
video technologies.  With the take-over of Ascom HPF, Oristano
obtains a platform to develop its manufacturing activities and
after sales services.  This industrial project is ensuring Ascom
HPF to enter into new markets.  The company will operate under
the name of HPF Digital in the future.

"With the successful sale of Ascom HPF to the Oristano Group,
Ascom has achieved another divestment milestone and also found a
buyer with Oristano which brings a promising new industrial
perspective to the HPF company," says Ascom CEO Rudolf Hadorn.

Ascom's remaining Manufacturing presence in France is now
reduced to one company (Ascodi Industries S.A.) with 216
employees.

About Ascom

Ascom is an international solution supplier with a comprehensive
technology know-how.  In the areas Transport Revenue (revenue
collection, toll collection and parking systems), Security
Solutions (applications for security, communications, automation
and control systems for infrastructure operators, public
security institutions and the army), Network Integration
(network solutions in the data/voice convergence market) and
Wireless Solutions (high quality on-site communications
solutions) with many years of experience in the execution of
complex projects for demanding customers the company has
established itself in important key markets.  Ascom's offering
covers analysis and consulting, system design and system
integration, project management, engineering and implementation,
and goes right through to maintenance and support.  The company
has subsidiaries in 23 countries and has a staff of about 5,000
employees worldwide.  The Ascom registered shares (ASCN) are
quoted on the SWX Swiss Exchange in Zurich.

CONTACT:  ASCOM
          Corporate Media Office
          CH-3000 Bern 14
          Belpstrasse 37
          Daniel Lack
          General Secretary and Press Officer
          Web site: http://www.ascom.com
          E-mail: media@ascom.com
          Phone: +41 31 999 20 22
          Fax    +41 31 999 45 27

          Ascom Corporate Finance and Investor Relations
          Belpstrasse 37
          CH-3000 Bern 14
          Rudolf Hadorn
          CEO
          Phone: +41 31 999 43 44
          Fax: +41 31 999 21 17
          E-mail: investor@ascom.com
          Web site: http://www.ascom.com


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


AUTOSERVICE: Under Bankruptcy Supervision Anew
----------------------------------------------
The Economic Court of Lviv region renewed bankruptcy supervision
procedure on OJSC Autoservice (code EDRPOU 13834818).  The case
is docketed as 5/345-9/24.  Arbitral manager Mr. Krivich R. has
been appointed temporary insolvency manager.

Autoservice holds account numbers 26001390114001 and
260483990114008 at bank Ukraine in Lviv region, MFO 325644, and
account number 26006301310 at Oshadbank, Lviv region,
Pustomitivska branch 6381, MFO 385231.

CONTACT:  AUTOSERVICE
          81100, Ukraine, Lviv region,
          Pustomiti, Kosmichna Str. 2

          Mr. Krivich R.
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Pulyuj Str. 21/42

     ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


BUDMO: Court Commences Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on LLC West-Ukrainian Company Budmo (code
EDRPOU 30345250).  The case is docketed as 11/B-433.  Mr.
Popovich Valentin (License Number AA 719873 approved on March 2,
2004) has been appointed temporary insolvency manager.

Creditors have until July 8, 2004 to submit their proofs of
claim to:

(a)  WEST-UKRAINIAN COMPANY BUDMO
     46000, Ukraine, Ternopil region,
     Medova Str. 2

(b)  Temporary Insolvency Manager
     04080, Ukraine, Kyiv region,
     Turovska Str. 18/20, office 56

(c)  ECONOMIC COURT OF TERNOPIL REGION
     46000, Ukraine, Ternopil region,
     Ostrozski Str. 14a

West-Ukrainian Company Budmo holds account number 26008011128 at
JSC Credit Bank, Ternopil branch, MFO 338244.

CONTACT:  WEST-UKRAINIAN COMPANY BUDMO
          46000, Ukraine, Ternopil region,
          Medova Str., 2

          Mr. Popovich Valentin
          Temporary Insolvency Manager
          04080, Ukraine, Kyiv region,
          Turovska Str., 18/20, office 56

     ECONOMIC COURT OF TERNOPIL REGION
     46000, Ukraine, Ternopil, Ostrozski Str., 14a


FENIKS-95: Insolvent Status Confirmed
-------------------------------------
The Economic Court of Zaporizhya region declared LLC Feniks-95
Ltd. (code EDRPOU 22146784) insolvent and introduced bankruptcy
proceedings on May 13, 2004.  Mr. Zinchenko Yurij (License
Number 047661) has been appointed liquidator/insolvency manager.

CONTACT:  FENIKS-95 LTD.
          69095, Ukraine, Zaporizhya region,
          Zhukovskij Str. 82

          Mr. Zinchenko Yurij
          Liquidator/Insolvency Manager
          70200, Ukraine, Zaporizhya region,
          Gulyajpole, Spartakivska Str. 8

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Tulenin Str. 21


GALPROMTEHNO: Deadline for Proofs of Claim July 8
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Galpromtehno (code EDRPOU
32181590).  The case is docketed as 6/106-4/43.  Arbitral
manager Mr. Gredil R. has been appointed temporary insolvency
manager.

Creditors have until July 8, 2004 to submit their proofs of
claim to:

(a)  GALPROMTEHNO
     Ukraine, Lviv region,
     Botkin Str., 73/8

(b)  Temporary Insolvency Manager
     Ukraine, Lviv region, O.
     Kulchitska Str., 13/71

(c)  ECONOMIC COURT OF LVIV REGION
     79010, Ukraine, Lviv region,
     Lichakivska Str., 81

Galpromtehno holds account number 26008006428001 at
JSC Index Bank, Lviv regional branch, MFO 325279.

CONTACT:  GALPROMTEHNO
          Ukraine, Lviv region,
          Botkin Str. 73/8

          Mr. Gredil R.
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          O. Kulchitska Str. 13/71

     ECONOMIC COURT OF LVIV REGION
     79010, Ukraine, Lviv region,
          Lichakivska Str. 81


INTEK-INVEST: Bankruptcy Proceedings Start
------------------------------------------
The Economic Court of Zaporizhya region declared LLC Intek-
Invest (code EDRPOU 31376913) insolvent and introduced
bankruptcy proceedings on May 13, 2004.  Mr. Zinchenko Yurij
(License Number 047661) has been appointed liquidator/insolvency
manager.

CONTACT:  INTEK-INVEST
          69035, Ukraine, Zaporizhya region,
          Stalevariv Str. 13/60

          Mr. Zinchenko Yurij
          Liquidator/Insolvency Manager
          70200, Ukraine, Zaporizhya region,
          Gulyajpole, Spartakivska Str. 8

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Tulenin Str. 21


KOMISHUVAHA' ROAD: Court Affirms Insolvency
-------------------------------------------
The Economic Court of Zaporizhya region declared LLC
Komishuvaha' Road Building Organization (code EDRPOU 13613891)
insolvent and introduced bankruptcy proceedings on February 23,
2004.  Mr. Zinchenko Yurij (License Number 047661) has been
appointed liquidator/insolvency manager.

CONTACT:  KOMISHUVAHA' ROAD BUILDING ORGANIZATION
          70530, Ukraine, Zaporizhya region,
          Orihiv district, Komishuvaha,
          B. Hmelnitskij Str. 33

          Mr. Zinchenko Yurij
          Liquidator/Insolvency Manager
          70200, Ukraine, Zaporizhya region,
          Gulyajpole, Spartakivska Str. 8

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Tulenin Str., 21


LVIVSILMASH: Public Auction of Assets July 8
--------------------------------------------
Authorities at Lviv region and sanction manager Mihajlyuk R.
have set for public auction the properties of OJSC Plant
Lvivsilmash on July 8, 2004 at 10:00 a.m. at Ukraine, Lviv
region, Turgenyev Str. 73.

The assets for sale are:

(a)  Block of auxiliary departments (lit. R-1) and production
     premises (lit. R-3) with an area of 16,513.7 square meters.
     Starting price: UAH2,351,200

(b)  Cable route.  Starting price: UAH216596.00

(c)  Bridge crane 20 t. (inventory number 0402045009).  Starting
     price: UAH75,454

(d)  Bridge crane 10 t. (inventory number 0402045007).  Starting
     price: UAH111,000.00

(e)  Bridge crane 10 t. (inventory number 0402045010).  Starting
     price: UAH111,000

(f)  Bridge crane 10 t. (inventory number 0402045008).  Starting
     price: UAH64,750

Total price of the properties is UAH2,730,000.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17.00 until July 5, 2004.  The amount must be
deposited to account number 260028218 at Lviv regional branch of
JSPPB Aval, MFO 325570, EDRPOU 26254583 of Branch of the Agency
of bankruptcy questions of Lviv region.

Participants must submit competitive propositions to Ukraine,
Lviv, Turgenjev str. 73 from 9:00 a.m. until 6:00 p.m.

CONTACT:  PLANT LVIVSILMASH
     Ukraine, Lviv region,
          Shevchenko Str. 327

     BRANCH OF THE SSCG AGENCY OF BANKRUPTCY QUESTIONS OF
          DONETSK REGION
     Ukraine, Lviv region,
          Turgenyev Str. 73
     Phone: (0322) 393-265


PLASTIC-PRILUKI: Declared Insolvent
-----------------------------------
The Economic Court of Chernigiv region declared OJSC Plastic-
Priluki (code EDRPOU 00203619) insolvent and introduced
bankruptcy proceedings on June 1, 2004.  The case is docketed as
9/127b/3B.  Mr. Golub Vitalij (License Number AA 719763 approved
on January 20, 2004) has been appointed liquidator/insolvency
manager.  Plastic-Priluki holds account number 26000398078001 at
CB Privatbank of Priluki, Chernigiv branch, MFO 353586.

CONTACT:  PLASTIC-PRILUKI
          17500, Ukraine, Chernigiv region,
          Priluki, Kozacha Str., 56

          Mr. Golub Vitalij
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Vishgorod district, Glibivka

     ECONOMIC COURT OF CHERNIGIV REGION
     14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


SNIGURIVKA' BUTTER: Sets Public Auction of Assets July 9
--------------------------------------------------------
Authorities at Mikolaiv region have set for public auction the
properties of CJSC SNIGURIVKA' BUTTER PLANT on July 9, 2004,
11:00 a.m. at Ukraine, Mikolaiv region, Sadova Str. 1-a, 4th
floor.

The properties for sale are:

(a)  Butter department building with an area of 553 square
     meters, including an assembled refrigerating camera.
     Starting price: UAH49,170

(b)  Margarine line.  Starting price: UAH53,800

(c)  Yogurt line.  Starting price: UAH30,720

The properties are located at Ukraine, Mikolaiv region,
Snigurivka, Lenin Str. 135.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17.00 until July 2, 2004.  The amount must be
deposited to account number 260086681 at JSPPB Aval, Mikolaiv
regional branch, MFO 326182, EDRPOU 24779442.

Participating individuals for the auction must submit
competitive propositions to 54017, Ukraine, Mikolaiv, Moskovska
Str. 54-a from 9:00 a.m. until 6:00 p.m.  Deadline is July 6,
2004.  For more information, call 8 (0512) 47-34-63, 47-34-64.

CONTACT:  SNIGURIVKA' BUTTER PLANT
     Ukraine, Mikolaiv region,
          Snigurivka, Lenin Str. 135

     Auction committee
     54017, Ukraine, Mikolaiv region,
          Moskovska Str. 54-a
     Phone: 8 (0512) 47-34-63, 47-34-64


UROZHAJ: Kyiv Court Begins Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Urozhaj (code EDRPOU 03754981) and
ordered a moratorium on the satisfaction of creditors' claims on
March 24, 2004.  The case is docketed as 60/11B-04.  Mr. Gusar
I. (License Number 719858 approved on March 4, 2004) has been
appointed temporary insolvency manager.

Creditors have until July 8, 2004 to submit their proofs of
claim to:

(a)  UROZHAJ
     09025, Ukraine, Kyiv region,
     Skvirskij district, Dulitske,
     Lenin Str.

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

Urozhaj holds account number 260044561 at JSPPB Aval,
Bilocerkivska branch, MFO 321121.

CONTACT:  UROZHAJ
          09025, Ukraine, Kyiv region,
          Skvirskij district, Dulitske,
          Lenin Str.

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


VERHNYODNIPROVSK' RADIO: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Verhnyodniprovsk' Plant of
Powerful Radio Building (code EDRPOU 14313961) on May 20, 2004.
The case is docketed as B26/35-04.  Arbitral manager Mr. Zhukov
Viktor (License Number AA 047962) has been appointed temporary
insolvency manager.

Creditors have until July 8, 2004 to submit their proofs of
claim to:

(a)  VERHNYODNIPROVSK' PLANT OF POWERFUL RADIO BUILDING
     Ukraine, Dnipropetrovsk region,
     Verhnyodniprovsk, Titov Str. 37

(b)  Temporary Insolvency Manager
     Phone: (0562) 39-23-45

(c)  ECONOMIC COURT OF DNIPROPETROVSK REGION
     49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a

Verhnyodniprovsk' Plant of Powerful Radio Building holds account
number 26005287046007 at CB Privatbank, Dniprodzerzhinsk branch,
MFO 305965.

CONTACT:  VERHNYODNIPROVSK' PLANT OF POWERFUL RADIO BUILDING
          Ukraine, Dnipropetrovsk region,
          Verhnyodniprovsk, Titov Str. 37

          Mr. Zhukov Viktor
          Temporary Insolvency Manager
          Phone: (0562) 39-23-45

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


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


ACCT SOLUTIONS: Sets Creditors Meeting July 1
---------------------------------------------
             IN THE MATTER OF THE INSOLVENCY ACT 1986

                              and

               IN THE MATTER OF ACCT Solutions Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the ACCT Solutions Ltd
company will be held at 81 Station Road Marlow SL7 1SX, on July
1, 2004, at 03:00 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 81 Station Road
Marlow SL7 1SX 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
81 Station Road Marlow SL7 1SX 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 Chantrey Vellacott DFK, 81 Station Road
Marlow SL7 1SX on two business days next before the meeting.

By Order of the Board.

T Yates, Director
June 8, 2004


BROMGATE LIMITED: Hires Begbies Traynor Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Bromgate Limited Company (t/a Independent Packaging Services)
On June 17, 2004 held at Begbies Traynor, 4th Floor, Riverside
House, 31 Cathedral Road, Cardiff CF11 9HB, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
David Hill and John Wynn Davies of Begbies Traynor, 4th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB have been
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road,
          Cardiff CF11 9HF
          Liquidators:
          David Hill
          John Wynn Davies


BUSINESS LINK: Sets Final Meeting July 30
-----------------------------------------
Name of Companies:
Business Link Greater Peterborough
GP Teq
Movestance Limited
The Learning Link Limited
Turnglory Limited

Members of these companies will have a Final Meeting on July 30,
2004 at 10:00 a.m. and a 15-minute interval thereafter.  It will
be held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

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

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


CENTRELINE MACHINE: Names Poppleton & Appleby Administrator
-----------------------------------------------------------
The Centreline Machine Tool Co. Limited have appointed M D Hardy
and M T Coyne of Poppleton & Appleby as joint administrative
receivers.  The appointment was made June 16, 2004.

The company manufactures machine tools.  Its registered office
address is located at Trident Business Park, Holman Way,
Nuneaton CV11 4PN.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Receivers:
          M D Hardy
          M T Coyne
          (IP Nos 9160, 6575)


CHARTER PLC: Prospects Rosy After Restructuring
-----------------------------------------------
At Friday's Annual General Meeting of shareholders, Mr. David
Gawler, Chairman & Chief Executive made this statement:

Review of the results for the year ended 31 December 2003

At this Meeting the shareholders consider the Annual Report and
Accounts for the year ended 31 December 2003.  I am pleased to
report improved results for 2003, resulting from the benefits of
the restructuring initiatives implemented since 2001 and some
recovery in the second half of the year in key markets in which
the group operates.

The adjusted operating profit in respect of continuing
operations, before exceptional items and amortization of
goodwill, increased by 12% to GBP33.5 million in 2003 from
GBP29.8 million in 2002.  Adjusted earnings per share was 12.5
pence in 2003 compared with 8.6 pence in 2002, an increase of
45%.

The welding and cutting business (Esab) generated adjusted
operating profits of GBP35.3 million compared with GBP36.0
million for 2002.  In the first half of the year, Esab achieved
operating profits of only GBP15.8 million, compared with GBP20.0
million for the first half of 2002. In the second half of 2003,
Esab achieved a significant improvement with adjusted operating
profits of GBP19.5 million, compared with GBP16.0 million for
the second half of 2002.

The adjusted operating profits of the air and gas handling
business (Howden) for the year were GBP6.3 million, as against
only GBP1.5 million in 2002.

The sale of the group's non-core U.S. Defense businesses for
some GBP26 million was completed in December 2003.  It was
gratifying to achieve the sale at this level, as in 2000 these
businesses recorded an operating loss of GBP0.8 million.  By
2003, their performance had improved sufficiently to enable the
successful sale of these businesses.

The Accounts for 2003 include net exceptional charges of GBP18.0
million principally in connection with restructuring
initiatives, profits and losses on the disposal of properties
and non-core businesses and non-recurring financing costs.

Net debt reduced by GBP57.2 million in 2003 from GBP194.0
million at the end of 2002 to GBP136.8 million at 31 December
2003, through disposals of non-core assets, improved
profitability, tighter management of working capital and
constraints imposed on restructuring and capital expenditure.

Post year-end developments

As announced on 3 February 2004, the dispute that had arisen in
2003 with certain of the holders of the U.S. loan notes was
settled.  The Company and its legal advisers have consistently
maintained that no default occurred under the U.S. loan notes.
Notwithstanding this, the Directors considered that removing the
uncertainties created by this legal dispute was in shareholders'
best interests.

In the light of this settlement, together with the improved
trading results and reduced indebtedness, the Company decided it
was appropriate to raise equity by means of a Rights Issue to
strengthen the group's balance sheet.  The Rights Issue,
announced on 20 February 2004, was approved by shareholders at
the Extraordinary Meeting on 8 March 2004.  As a consequence of
the successful Rights Issue, the term of the syndicated
revolving credit facility has been extended for a period of six
months to 30 September 2005.

The Rights Issue net proceeds of GBP44.6 million were applied
initially to reduce borrowings.  Part of the Rights Issue
proceeds are being used to resume the group's planned
restructuring programs, undertake targeted capital expenditures
and, where appropriate, increase the Company's interests in
associates and partly owned subsidiaries.

Non-executive Directors

At this Annual General Meeting, all of the non-executive
Directors are standing for re-election and this presents me with
the opportunity to place on record my thanks for their support
and the unstinting commitment of their time and energy that they
have devoted to the Board's affairs throughout this challenging
period.

Prospects

The restructuring programs implemented since 2001 in Esab and
Howden have reduced the ongoing cost base and improved the
competitive position of these operating businesses.  We reported
at our preliminary results in March that we were beginning to
see the benefits of these programs as well as some recovery in
key markets in which the group operates.  These trends have
continued with both businesses experiencing generally stronger
trading conditions.  Howden's order book has strengthened since
the year-end and it is continuing to perform strongly in a
number of key markets, particularly in China.  The directors
believe, in the light of trading to date, that prospects for
both of the core businesses have improved and the Board views
the outcome of 2004 with confidence.

CONTACT:  CHARTER PLC
          Brunswick
          Andrew Fenwick
          Pamela Small
          Phone: +44 (0) 20 7404 5959
          Web site: http://www.charterplc.com


CITYNET LTD.: Creditors Meeting Set July 1
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                  IN THE MATTER OF Citynet Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Citynet Ltd company
will be held at 100 Wakefield Road Lepton Huddersfield HD8 0DL,
on July 1, 2004, at 01:15 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 100 Wakefield
Road Lepton Huddersfield HD8 0DL 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
100 Wakefield Road Lepton Huddersfield HD8 0DL 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 Marchands Associates LLP, 100 Wakefield Road
Lepton Huddersfield HD8 0DL on two business days next before the
meeting.

By Order of the Board.

P Challis, Director
June 3, 2004


CLARE BUILDING: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the Clare
Building Supplies Ltd Company on June 18, 2004 held at 48
Langham Street, London W1W 7AY, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Stephen Patrick
Jens Wadsted has been appointed Liquidator for the purpose of
such winding-up.


COMMANDER DEVELOPMENTS: Winding up Resolutions Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Commander
Developments Limited Company on June 17, 2004 held at The
Blackfriars Room, The St Bride Institute, Bride Lane, Fleet
Street, London EC4Y 8EQ, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Mark Peter
Jones of Mark Jones & Co, 9A Southside Common, London SW19 4TL
has been appointed Liquidator for the purpose of the voluntary
winding-up.

CONTACT:  MARK JONES & CO
          9A Southside Common
          London SW19 4TL
          Liquidator:
          Mark Peter Jones


C.P.J. RESTAURANTS: Extraordinary Winding up Resolution Passed
--------------------------------------------------------------
At an Extraordinary General Meeting of the C.P.J. Restaurants
Limited Company (t/a Eden) on June 22, 2004 held at Albert
Chambers, 221-223 Chingford Mount Road, London E4 8LP, the
subjoined Extraordinary Resolution to wind up the company was
passed.  Richard Andrew Segal of A. Segal & Co, Albert Chambers,
221-223 Chingford Mount Road, London E4 8LP has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  A. SEGAL & CO
          Albert Chambers
          221-223 Chingford Mount Road
          London E4 8LP
          Liquidator:
          Richard Andrew Segal


DEINHARD & CO: Sets General Meeting July 30
-------------------------------------------
The Deinhard & Co, Limited will have a Members General Meeting
on July 30, 2004 at 3:30 p.m.  It will be held at 66 Shoe Lane,
London EC4A 3WA.

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.

CONTACT:  J R D Smith, Joint Liquidator
          66 Shoe Lane,
          London EC4A 3WA


DYNAMICO LIMITED: Hires Liquidator from Valentine & Co
------------------------------------------------------
At an Extraordinary General Meeting of the Dynamico Limited
Company on June 21, 2004 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed Liquidator for the
purposes of such winding-up.

CONTACT:  VALETINE & CO
          4 Dancastle Court,
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


EDL CABLE: General Meeting Set July 21
--------------------------------------
Name of Companies:
EDL Cable Supports (Holdings) Limited
EDL Cable Supports Limited

Members of these Companies will have a General Meeting on July
21, 2004 at 10:30 a.m. and 11:30 a.m. respectively.  It will be
held at Pelican house, 10 Currer Street, Bradford BD1 5BA.

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


E & I SERVICES: First Liquidation Meeting Set June 30
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

      IN THE MATTER OF E & I Services Ltd (in Liquidation)

I, of William Duncan & Co 104 Quarry Street Hamilton ML3 7AX
hereby give notice that I was appointed Interim Liquidator of E
& I Services Ltd on May 21, 2004 by the Interlocutor of the
Sheriff at Sheriff at Airdrie.

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
104 Quarry Street Hamilton ML3 7AX on June 30, 2004 at 12:00
p.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.

Cameron K Russell, Interim Liquidator
104 Quarry Street Hamilton ML3 7AX
June 9, 2004


EVENT ORGANISATION: Names Liquidator from Valentine & Co
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Event
Organization (Europe) Limited Company on June 14, 2004 held at 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the Special
Resolution to wind up the company was passed.  Robert Valentine
of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London
N3 2HS has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  VALENTINE & CO
          4 Dancastle Court,
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


EXXITS GROUP: Members General Meeting Set August 2
--------------------------------------------------
Members of Exxits Group Holdings Limited Company will have a
General Meeting on August 2, 2004 at 10:00 a.m.  It will be held
at the offices of Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD.

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.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Liquidator:
          S R Thomas


FPI SALES: Hires Administrative Receivers
-----------------------------------------
Adrian David Allen and Graham Paul Bushby have been appointed
joint administrative receivers for FPI Sales Limited Company.
The appointment was made June 17, 2004.  The company sells
aromatic products.

CONTACT:  Adrian David Allen
          (IP No 8740)
          Garrick House
          76-80 High Street, Old Fletton,
          Peterborough PE2 8ST

          Graham Paul Bushby
          (IP No 8736)
          Exchange House,
          5th Floor, 446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA


FRASER BRUCE: First Liquidation Meeting Set July 2
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

IN THE MATTER OF Fraser Bruce Group Ltd - The (in Liquidation)

I, of Kroll Afton House 26 West Nile Street Glasgow G1 2PF
hereby give notice that I was appointed Interim Liquidator of
Fraser Bruce Group Ltd - The on June 3, 2004 by the Interlocutor
of the Sheriff at Sheriff at Stirling.

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
Afton House 26 West Nile Street Glasgow G1 2PF on July 2, 2004
at 11:00 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.

F J Gray, Interim Liquidator
Afton House 26
West Nile Street
Glasgow G1 2PF

June 9, 2004


GOLF FACTORY: Creditors Meeting Set June 30
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Golf Factory Ltd - The

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Golf Factory Ltd -
The company will be held at 4 Dancastle Court 14 Arcadia Avenue
London N3 2HS, on June 30, 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 Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on two business days next before the
meeting.

By Order of the Board.

S Rogers, Director
June 10, 2004


HOLLINGER INC.: Sale Plans for U.K. Assets Challenged
-----------------------------------------------------
Conrad Black may still block the sale of the Daily Telegraph
newspaper to the Barclays brothers David and Frederick, a judge
said.

Bloomberg News quoted Delaware Chancery Court Judge Leo Strine
Jr. saying: "[A]n injunction barring Black from interfering with
Hollinger International's plan to seek bids for the newspaper
chain's assets doesn't prevent him from suing to argue that the
company could get more for the Telegraph."

Hollinger International, in which Lord Black holds a controlling
stake, recently agreed to divest its U.K. assets to the British
billionaires for US$1.33 billion.  Mr. Strine said Lord Black
may argue that shareholders rights are being violated by any
transaction.

Responding to the possibility that the sale could be scuttled, a
spokeswoman for Hollinger International told The Telegraph: "We
believe the sale does not require shareholder approval."  Lord
Black, however, believes there is a need for shareholder consent
since the Telegraph titles form the bulk of the firm's assets.

Lord Black himself attempted to sell his control of his Canadian
holding company, Hollinger Inc., to the Barclays, early in the
year, but was prevented legally by Hollinger.  He is currently
facing another suit for allegedly milking the company at the
expense of shareholders.


HYDRODYNAMIC DEVELOPMENTS: Final Meeting Set July 23
----------------------------------------------------
The Contributories of Hydrodynamic Developments Limited Company
will have a Final Meeting on July 23, 2004 at 10:30 a.m.  It
will be held at No 1 St Swithin Street, Worcester WR1 2PY.

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


LA DEFENSE: Hires Tenon Recovery Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Members of the LA
Defense Plc Company on June 18, 2004 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the Special
Resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, 39-40 Old Steine, Brighton, East Sussex BN1 1NH
has been appointed Liquidator for the purpose of such a winding-
up.

CONTACT:  TENON RECOVERY
          39-40 Old Steine,
          Brighton, East Sussex BN1 1NH
          Liquidator:
          Ian Cadlock


LIMCO EIGHTY: Board Calls Creditors Meeting July 2
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Limco Eighty Six Ltd

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
Limco Eighty Six Ltd Company will be held at Crown Plaza Hotel
Wellington Street, Leeds LS1 4DL on July 2, 2004 at 10:00 a.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
noon 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 Ernst & Young LLP at the address above.

C G J King, Joint Administrative Receiver

May 21, 2004


MAC MULTIMEDIA: Sets Final Meeting July 20
------------------------------------------
Members of Mac Multimedia Application Center U.K. Limited will
have a Final Meeting on July 20, 2004 at 10:30 a.m.  It will be
held at 4 St Giles Court, Southampton Street, Reading RG1 2QL.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with the Liquidator at 4 St
Giles Court, Southampton Street, Reading RG1 2QL not later than
July 19, 2004.

CONTACT:  D P G Walker, Liquidator
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL


MARKS & SPENCER: City Watchdog Suspects Insider Trading
-------------------------------------------------------
The Financial Services Authority is investigating Stuart Rose,
the new chief executive of Marks & Spencer, on possible insider
trading at the company, reports say.

The City's financial watchdog started its formal inquiry into
share movements at the clothing retailer Friday.  It wants to
know whether anyone took advantage of the knowledge that
billionaire entrepreneur Philip Green intends to bid for the
company by buying shares before Mr. Green's offer was made
public.

It was observed that on May 26, a day before Mr. Green said he
is preparing a takeover bid, a large number of shares in Marks &
Spencer was traded.  The value of the stocks then jumped 10 1/4
p to 290 1/2p.

Acquaintances of both Mr. Green and Mr. Rose were found to have
bought shares or options in the company days before Mr. Green
announced his bid on May 27.  These individuals include Kevin
Lomax, an M&S non-executive director; Reuben brothers, the
property billionaires; Tom Hunter, the Scottish entrepreneur;
and Michael Spencer, the chief executive of Icap, the broking
group.  Only Mr. Rose has been called for questioning.


MAYFLOWER VEHICLE: Stadco Buys Holbrook Operation
-------------------------------------------------
Shrewsbury-based Stadco will take over Mayflower Vehicle Systems
after signing a deal with administrators Deloitte & Touche.

Stadco, a subsidiary of Acertec Holding, revealed it bought the
Holbrook operation for an undisclosed sum.  This gives a glimmer
of hope for 620 employees whose jobs were under threat at the
Coventry factory.  Gerry O'Reilly of the Trade and General
Workers Union in Coventry, said he was "very happy" about the
news.

Mr. O'Reilly said Monday, "It will be business as usual for the
company and it will be terrific for employees to know they can
go on their summer holiday and know they have a job to come back
to."

Staff at the firm had been hoping a buyer would be found after
it went into administration in April.  About 30 personnel were
removed, prompting fears about the plant's future.  The April
crisis came after parent company Mayflower Corporation asked the
London Stock Exchange to suspend its shares.

Stadco managing director Andrew Morriss said he thought his firm
and Mayflower would "fare well together" and become an industry
leader in skills and service.  Mayflower Vehicle Systems will
now be renamed Stadco Coventry.

Stadco is acquiring the Mayflower operation in Holbrook Lane,
Coventry, and a state-of-the-art pressings operation on the Fort
Parkway industrial estate in Birmingham.


MOBILEXPO LIMITED: Bibby Factors Appoints Kroll Limited Receiver
----------------------------------------------------------------

Bibby Factors Bedford Limited called in A J Pepper and A P
Beveridge of Kroll Limited as receivers for telephone retailer,
Mobilexpo Limited Company (Reg No 0301677, Trade Classification:
21).  The application was filed June 14, 2004.

CONTACT:  KROLL LIMITED
          10 Fleet Place,
          London EC4M 7RB
          Receivers:
          A J Pepper
          A P Beveridge
          (Office Holder Nos 009050, 008991)


MOTIVES LIMITED: Creditors Meeting Set July 9
---------------------------------------------
Creditors of Motives Limited will have a Meeting on July 9, 2004
at 3:00 p.m.  It will be held at Jury's Clifton Ford Hotel, 47
Welbeck Street, London W1G 8DN.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, P O Box 2653, 66 Wigmore Street, London
W1A 3RT not later than 12:00 noon, July 8, 2004.

CONTACT:  NUMERICA
          P O Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Joint Administrator:
          Jonathan Mark Birch


NETWORK RAIL: Train Performance Improves
----------------------------------------
Following Friday's publication of the SRA's 'National Rail
Trends', which shows that 83.1% of trains ran on time in the
final quarter of 2003/4 (a 2.6% improvement), Network Rail is
pleased to announce that Network Rail delay minutes have
continued to fall in the first quarter of 2004.

(a) Network Rail delay minutes in April were 913,864, 10% better
    than the same month last year

(b) Delay minutes in May stood at 797,894, 9% lower than May
    last year -- and the lowest single month since September
    2000

(c) Over the two months, around 85.4% of trains ran on-time as
    defined by the public performance measure (PPM)

A Network Rail spokesman, commented; "Month after month, Network
Rail delay minutes continue to fall, with a near 10% reduction
over the first two months of this year and May seeing the lowest
level of delay minutes since September 2000.  Passengers and
freight customers rightly demand still more, but we now
demonstrate improvement which is unambiguous and indisputable."

Friday's SRA figures show that last year Network Rail recorded
the best annual performance for four years.  In the twelve
months to 31 March 2004, delays attributed to the company fell
by more than one million minutes to 13.7 million.

The rate of improvement accelerated during the course of the
year with the second half showing a 20% improvement over the
last six months of 2002/3.

CONTACT:  NETWORK RAIL
          Media Center
          Phone: 020 7557 8292 / 3


OPTIMAAL FINANCE: Special Winding up Resolutions Passed
-------------------------------------------------------
Name of Companies:
Optimaal Finance (Holdings) Limited
Optimaal Finance (U.K.) Plc

At an Extraordinary General Meeting of the Members of these
Companies on June 18, 2004 held at the offices of SPV Management
Limited, Level 11, Tower 42, International Financial Centre, 25
Old Broad Street, London EC2N 1HQ, the Special Resolutions to
wind up the companies were passed.  Ian Cadlock of Tenon
Recovery, 39-40 Old Steine, Brighton, East Sussex BN1 1NH has
been appointed Liquidator for the purpose of such a winding-up.

CONTACT:  TENON RECOVERY
          39-40 Old Steine
          Brighton, East Sussex BN1 1NH
          Liquidator:
          Ian Cadlock


PRIDE CAR: Hires Knights & Company Administrator
------------------------------------------------
The Pride Car Rentals Limited Company has appointed Barry Peter
Knights of Knights & Company as joint administrative receiver.
The appointment was made June 21, 2004.  The company rents
automobiles.

CONTACT:  KNIGHTS & COMPANY
          Milford House,
          43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP
          Receivers:
          Barry Peter Knights
          (IP No 04425)


ROBERT BARNES: Calls in Liquidator from Stoy Hayward
----------------------------------------------------
At an Extraordinary General Meeting of the Robert Barnes and
Company Limited on June 2, 2004 held at 5 Deansway, Worcester
WR1 2JG, the subjoined Special Resolution to wind up the company
was passed.  C K Rayment of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD has been appointed Liquidator for the
purpose of such winding-up.


SPL CLUBS: To Experience Further Squeeze Next Year
--------------------------------------------------
The Scottish Premier League's debt could reach GBP190 million
next year due to continuing losses, according to the
dailyrecord.com.

Leading finance guru, David Glen of PricewaterhouseCoopers said
half the clubs in the top league are technically insolvent.  He
estimates 12 outfits to lose more than GBP55 million next year.
According to him, currently only Celtic and Patrick Thistle are
financially sound.

The SPL Clubs earns around GBP150 million a year but GBP110
million of the earnings has been generated by Old Firm leaving
the league with only GBP40 million to spend.  The clubs compete
with the Old Firm but just can't afford to do so.


SUBNET COMMUNICATIONS: Sets July 21 Final Meeting
-------------------------------------------------
Members of Subnet Communications Limited will have a Final
Meeting on July 21, 2004 at 3:00 p.m.  It will be held at
Herschel House, Herschel Street, Slough, Berkshire SL1 1PG.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Oury Clark, Herschel
House, Herschel Street, Slough, Berkshire SL1 1PG not later than
12:00 noon, July 20, 2004.

CONTACT:  OURY CLARK
          Herschel House
          Herschel Street,
          Slough, Berkshire SL1 1PG
          Joint Liquidator:
          D A Smith


TOM JUKES: Appoints Mazars Administrator
----------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood have been
appointed joint administrative receivers for Tom Jukes Graphics
Limited Company.  The appointment was made June 17, 2004.  The
company is engaged in general construction and demolition.

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


TRUMPS LIMITED: Appoints David Rubin & Partners Administrator
-------------------------------------------------------------
The Trumps Limited Company has appointed Lane Bednash and David
Rubin as joint administrative receivers.  The appointment was
made June 17, 2004.  The company is engaged in printing
activities.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Receivers:
          Lane Bednash
          David Rubin
          (IP Nos 8882, 2591)


VFI NORTH: Sets Final Meeting July 30
-------------------------------------
Name of Companies:
VFI North Limited
VFI South Limited

Members of these companies will have a Final Meeting on July 30,
2004 at 10:00 a.m. and 11:00 a.m. respectively.  It will be held
at 100 Barbirolli Square, Manchester M2 3EY.

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

CONTACT:  W S Martin, Liquidator
          100 Barbirolli Square,
          Manchester M2 3EY


WATERFORD WEDGWOOD: Chris McGillivary to Retire
-----------------------------------------------
Waterford Wedgwood announces that Chris McGillivary, Chief
Executive and President of Waterford Wedgwood USA -- the
American arm of the Group -- and a Director of the Group, has
decided to retire early.

John Foley, Chief Executive, Waterford Crystal, will add
responsibility for Waterford Wedgwood USA to his current role.

Mr. McGillivary was CEO of Waterford Wedgwood USA for 14 years.
In that time, sales grew by 125%, Waterford Crystal's market
share in America doubled and profitability was greatly enhanced.

Perhaps the highlight of McGillivary's tenure was his idea of
the Waterford Times Square Ball for the millennium and the
highly successful product collection that he conceived with the
millennium theme, which sold worldwide from 1995 to 2000.

Redmond O'Donoghue, Group Chief Executive, said: "Chris
McGillivary played an important role in the dramatic growth of
the company during his tenure and greatly strengthened, extended
and confirmed the status of our brands in America.  We wish him
every possible success in his retirement."

CONTACT:  WATERFORD WEDGWOOD
          Powerscourt (U.K.)
          Phone: +44-207-236-5615

          Rory Godson
          Phone: +44-7909-926-020

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: +353-87-2556923
          Or     +353-1-676-4733


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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