TCREUR_Public/040701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, July 1, 2004, Vol. 5, No. 129

                            Headlines

C Z E C H   R E P U B L I C

TSAKIS: Bankrupt Tour Agency Tells Clients, 'We'll Get You Home'
VITKOVICE: Charges CZK141 Million Loss to Retained Profits


F I N L A N D

METSO CORPORATION: Bares Operating Profit Target for 2005
METSO CORPORATION: E.U. OKs Joint Venture with Nokia, Hansaprint


F R A N C E

ALCATEL: Chinese Unit Secures US$500 Mln to Finance Expansion
ARIUS: 2003 Losses Trigger Review of Operations
EURO DISNEY: Debt Covenant Waivers Extended Until Month's End


G E R M A N Y

CONTINENTAL AG: Mothballing Tire Factory in Kentucky
MANNHEIMER AG: Sale to UNIQA Passes E.U. Scrutiny
MG TECHNOLOGIES: Lurgi Completes Restructuring
PFLEIDERER AG: Closing Rhead Plant by Year's End


H U N G A R Y

DAM STEEL: Ukrainian Suitor Withdraws Takeover Offer


I R E L A N D

ELAN CORPORATION: Meets US$450 Mln Guaranteed Notes Repayment


L U X E M B O U R G

STOLT OFFSHORE: Sets Results Conference Call July 13
STOLT-NIELSEN: Secures New US$150 Million Credit Facility
TK ALUMINUM: Holds Conference Call on First-quarter Results


N E T H E R L A N D S

UPC DISTRIBUTION: Senior Secured Bank Loan Rated 'B'


N O R W A Y

DNO ASA: Signs Oil, Gas Exploration Deal with Kurdistan Govt
PAN FISH: Positions Management for Business Revival
PAN FISH: Refinancing Secures Rebuilding


P O L A N D

UNITEDGLOBALCOM INC.: Refinances European Credit Facility


R U S S I A

AIRPORT ZEYA: Amur Court Commences Bankruptcy Proceedings
EKATERINBURGSKY ALCOHOLIC: Insolvent Status Confirmed
FACTORY STROY-DETAL: Kostrama Appoints Insolvency Manager
KINESHEMSKY FLOUR: Deadline for Proofs of Claim August 10
MINERAL: Public Auction of Assets July 14

RAYCHIKHINSKY DAIRY: Falls into Bankruptcy
RYBINSKY KHLADO-COMBINE: Creditors Agree to End Bankruptcy
SURGUTNEFTEGAZ: Harvard University Files Class Suit in New York
TRUST ZHILSTROY: Sets Public Auction July 15
VOLOGODSKAYA SHOE: Declared Insolvent


S W E D E N

ADECCO S.A.: Foriel-Destezet, Jacobs Share Chairmanship
SKANDIA INSURANCE: SkandiaBanken President to Resign
STENA AB: Outlook Negative After Debt-funded Offer for Drott


S W I T Z E R L A N D

SWISS INTERNATIONAL: Customers to Shoulder Travel Agency Charges


U K R A I N E

BUDCEMENT: Survival Hinges on Finding New Investor
DERAZHNYA' SUGAR: Public Auction of Assets Set July 12
NOVOAZOVSKE AUTO: Declared Insolvent
SVITANOK: Insolvent Status Affirmed
TAISS: Court Begins Bankruptcy Supervision

UKRROSTRANS: Donetsk Court Starts Bankruptcy Proceedings
VETZOOPROMPOSTACH: Under Bankruptcy Supervision Procedure
ZAPORIZHTRANSFERTKAPITAL: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

AORTECH INTERNATIONAL: Narrows Pre-tax Loss to GBP1.5 Mln
ASPLEY DISTRIBUTION: Extraordinary Winding up Resolution Passed
BDL CONTRACTS: National Westminster Appoints KPMG Receiver
BNP COMMERCIAL: Final Meeting Set July 23
CLINK STREET: Members General Meeting Set August 5

CRESTINA LIMITED: Special Winding up Resolution Passed
DAYTONA PROPERTY: Sets Final General Meeting July 28
DONNELLSONS-MINERVA: Final General Meeting Set July 26
DURABLAST SURFACE: Calls in Liquidator
EQUITABLE LIFE: Pension Group to Face Society in Court

EVENTS-MEDIA: Winding up Resolutions Passed
FIRST LEISUREWEAR: Final General Meeting Set July 30
FRESHBAKE FOODS: Business for Sale
GREAT WESTERN: Sets Meeting August 5
INNOPAC LIMITED: Hires Receivers from Poppleton & Appleby

INVARO: Investigation into Collapse Launched
JAMES COOPER: Final Meeting Set July 27
KEYTECH PRODUCT: Appoints Baker Tilly Administrator
LAXTON CRAWFORD: Winding up Resolution Passed
LOWMARSH LIMITED: Members General Meeting Set June 28

MARCONI CORPORATION: Wins GBP360 Million BT Network Contract
MEPC LIMITED: Sells Hermes Factory Outlets
MEPC LIMITED: Ratings Unchanged Following Asset Disposals
MOONCREST FUNDING: Names Liquidator from Tenon Recovery
PARKWYND LTD.: First Liquidation Meeting Set July 2

PARTNERS PUBLISHING: In Administrative Receivership
QUIKTRAK TELECOMMUNICATIONS: General Meeting Set August 4
RED BACK: Sets Final General Meeting July 27
REDSHIELD MANUFACTURING: Hires Numerica Administrator
RELATE SOUTH: Withdrawal of Govt Grants Forces Liquidation

RMC GROUP: Tinkers with Management Structure
SECRETAN PUBLIC: Sets Final Meeting July 22
SOUTER MARINE: Appoints Receivers from CBA
THOMAS COOK: Proposes New Ways to Reduce Personnel Cost
T ROUKE: Creditors Meeting Set July 2
VELVETEEN BEAN: Sets Creditors Meeting July 9
WH SMITH: Publishing Arm Sale May Encourage Permira Comeback


                            *********


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


TSAKIS: Bankrupt Tour Agency Tells Clients, 'We'll Get You Home'
----------------------------------------------------------------
Travel agency Tsakis declared bankruptcy Tuesday while several
of its clients were still on vacation abroad, Czech Happenings
reports.

The company, however, has an insurance cover for exigencies like
this.  Insurer Ceska podnikatelska pojistovna has already taken
steps to guarantee the return of 63 Tsakis clients from abroad,
Ceska spokeswoman Tereza Fricova said.  The insurer would make
sure the clients spend the rest of their holidays in Greece and
do not have to return early, she told Czech Happenings.

Tsakis is the second travel agency to declare bankruptcy this
year after Moravia.  In 2003, five travel agencies went
bankrupt, four in 2002 and three in 2001.  Mag Consulting
director Jaromir Beranek says some 250 travel agencies closed
shops in the last two years.

CONTACT:  TSAKIS
          Home Page: http://www.tsakis.cz
          Phone: 582338200
          E-mail: ck@tsakis.cz


VITKOVICE: Charges CZK141 Million Loss to Retained Profits
----------------------------------------------------------
Vitkovice shareholders have decided to offset last year's
CZK140.6 million- loss with retained profits worth CZK248.3
million, Czech Happenings reports.

Vitkovice is a unit of a Czech engineering group of the same
name.  The Vitkovice holding posted in 2003 a consolidated loss
of CZK836.4 million, the bulk coming from its largest arm
Vitkovice Strojirenstvi, whose losses reached CZK724 million.

The annual general meeting on Tuesday also approved plans to
sell excess assets.  The next general meeting would discuss a
reduction and a subsequent share capital increase from the
current CZK132 million, deputy chairman Petr Novotny told
shareholders.  The company will present its strategy for the
next three years in that meeting.

Mr. Novotny said, "We expect the changes to take place this
summer.  Share capital should grow by CZK150 million to CZK500
million.  We have not specified the cut yet."  The capital
increase should help the company in international tenders.

Vitkovice sales dropped from CZK4.875 billion in 2002 to
CZK1.855 billion in 2003.  CFO and board member Marian Rasik
said Vitkovice expects to register this year an operating profit
of CZK190 million from CZK4.8 billion in sales.  Lahvarna
Ostrava owns 68.31% of Vitkovice.

CONTACT:  VITKOVICE STROJIRENSTVI, a.s.
          Ruska 2887/101
          706 02 Ostrava-Vitkovice
          Czech Republic
          Phone: +420 595 951 111

          General Director
          Ing. Milan Benek
          Phone: +420 595 956 040
          Fax: +420 595 956 013
          E-mail: milan.benek@vitkovice.cz

          Legal Department
          JUDr. Jarmila Dolezalova
          Head of Department
          Phone:+ 420 595 956 775
          E-mail: jarmila.dolezalova@vitkovice.cz


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


METSO CORPORATION: Bares Operating Profit Target for 2005
---------------------------------------------------------
Metso Corporation presented Metso's management agenda for 2004-
2005 in its Capital Markets Day Tuesday.  In 2005, Metso aims a
6% operating profit and a 12% return on capital employed (ROCE).
The business area specific operating profit targets for 2005
are: Metso Paper 5%, Metso Minerals 7%, Metso Automation 8% and
Metso Ventures 6%.

When calculating the above operating profit and ROCE targets,
Metso's transfer to IFRS reporting from the beginning of 2005
and the resulting abolishment of goodwill amortization has been
taken into account.

"Our operational and financial targets for 2005, when realized,
will improve Metso's profitability clearly.  This profitability
level is not, however, enough for a global market leader.
Targets for the time after 2005 will be set later.  Now we
concentrate on building a sustainable basis for a significant
profit improvement in the long run," says Jorma Eloranta,
President and CEO of Metso Corporation.

Metso's efficiency improvement program, started in June 2003,
has been concluded in Metso Automation.  The majority of the
actions of Metso Minerals' and Metso Ventures' efficiency
improvement programs are also either under implementation or
already implemented.  Main part of Metso Paper's efficiency
improvement measures have been implemented although in
outsourcing the business area will not fully reach the set
targets.  The savings resulting from Metso's efficiency
improvement program are estimated to be slightly over EUR100
million.

Business Area Management Agenda

Metso's all business areas will be managed focusing on the
confirmed business area specific management agendas.

"The profitability of Metso Minerals and Metso Automation is
already developing in the right way.  In these business areas we
will continue with our determined efforts in the same direction.
Actions aiming at the improvement of Metso Paper's profitability
and the strengthening of competitiveness will continue.  The
divestiture of Dynapac, which is expected to take place on a
fast timetable, will significantly strengthen Metso's balance
sheet.  In addition, we have renewed Metso's loan portfolio in
the beginning of the year and lengthened the maturity structure
of our loans," says Jorma Eloranta.

In addition to the efficiency improvement program initiated in
June 2003, the target for Metso Paper is to further reduce
annual fixed costs by a total of EUR50 million.  The measures to
improve the business area's profitability are scheduled mainly
for 2004-2005.  Metso Paper plans to improve especially the
efficiency of its administration and production by combining
functions and focusing on the production and assembly of core
components as well as simultaneously strengthening its presence
in new, growing markets.

The efficiency improvement measures are expected to lead to
nonrecurring expenses in 2004-2005 with a targeted payback of
less than a year on average.  Arrangements will affect mainly
Metso Paper's operations in the Nordic countries and in North
America.  According to the preliminary estimates, these
arrangements will affect approximately 1,100 to 1,300 persons.
One half of the effects on personnel are estimated to consist of
reductions and one half of outsourcing and actions comparable to
outsourcing.  More detailed plans of the measures within Metso
Paper will be ready by the January-September Interim Review on
October 28, 2004.

Metso Paper's goal is global market and technology leadership in
pulp and paper industry processes.  In addition to the
improvement in competitiveness this will especially require the
strengthening of Metso Paper's customer intimacy and the
development of the tissue and board machine offering.

Metso Minerals will concentrate on implementation of the ongoing
efficiency improvement measures.  Metso Minerals will be
developed around a core of minerals processing, crushing and
screening business, which has already improved its
profitability, and the expanded wear and spare parts business.
Metal recycling equipment business and drilling business will be
developed based on their business environment premises.

Metso Automation will concentrate on ensuring further positive
development and growth and the business area has moved to the
phase of continuous improvement.  Metso Ventures will continue
as one of Metso's development tools.

Metso's Outlook for 2004

Metso's short-term outlook has been estimated in January-March
Interim Review.  According to the Interim Review, Metso
Corporation's operating profit before non-recurring items for
2004 is expected to be on the previous year's level.  Income
before taxes is expected to be significantly better than in the
previous year.  Metso's short-term outlook remains unchanged.

Presentation Material for the Capital Markets Day

The material to be presented on the Capital Markets Day is
available at http://www.metso.com.

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 mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

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

          Helena Aatinen
          Senior Vice President for Corporate Communications
          Phone: +358 204 84 3004

          Eeva Makela
          Vice President, Investor Relations
          Phone: +358 204 84 3253


METSO CORPORATION: E.U. OKs Joint Venture with Nokia, Hansaprint
----------------------------------------------------------------
Metso Corporation is outsourcing its development project related
to intelligent packaging and printing to a new joint venture
established with Hansaprint, a Finnish printing house, and Nokia
Corporation.  The new company, Avantone Oy, will develop and
commercialize technologies and solutions for packaging and
printing and marketing communications.  The company has been
approved by the E.U. Commission.  Metso and Nokia own an equal
share of the company, and together they own the majority of
Avantone's shares.  Avantone Oy will be headed by Ilkka Kesola
from Metso.

Avantone's target is to develop solutions for consumer packaging
and printed media, providing more information and visual appeal
to printed products and combining digital content and additional
services to packaging.  The new company will start its
operations after the necessary set up procedures and other
approvals have been completed.

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 mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

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

          Helena Aatinen
          Senior Vice President for Corporate Communications
          Phone: +358 204 84 3004


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


ALCATEL: Chinese Unit Secures US$500 Mln to Finance Expansion
-------------------------------------------------------------
Alcatel announced on Tuesday that its Chinese flagship company,
Alcatel Shanghai Bell, has secured a US$500 million buyer's
credit loan through the China Export Import Bank (China
Eximbank).

Under the terms of the agreement, the China Eximbank has awarded
the loan to facilitate Alcatel Shanghai Bell's export of telecom
solutions, voice and data network components, and overseas
investment.  Alcatel Shanghai Bell's recent successes in markets
such as Laos, Ghana or Zimbabwe played a decisive role in
qualifying the company for such a significant loan because the
bank viewed these developments as positive indicators of future
performance.

"Expanding our presence overseas is a priority," said Yuan Xin,
Alcatel Shanghai Bell's Chairman.  "As a Chinese company with
access to Alcatel's global resources, Alcatel Shanghai Bell is
already well positioned to develop export markets and now thanks
to the China Eximbank's financial support, I believe we will be
that much more competitive," he noted.

"As a bank closely aligned with national policy, our mission is
to help Chinese companies strengthen their position in world
markets," explained Yang Zilin, President of the China Eximbank.
Alcatel Shanghai Bell is a leading telecom solutions supplier in
China and as such is a prime candidate for our support," he
said.

About China Export-Import Bank

China Export-Import Bank is a state policy and bank directly
under the leadership of the State Council and solely owned by
the central government.  The main mandate of the Bank is to
implement state policies in industry, finance, foreign trade and
economy to promote the export of Chinese mechanical and
electronic products, complete sets of equipment, high- and new-
tech products.

About Alcatel Shanghai Bell

Alcatel Shanghai Bell is the first foreign-invested company
limited by shares in the telecommunications sector in China,
with Alcatel holding 50%+1 shares and Chinese shareholders
holding the remainder.  The multi-billion dollar telecom
technology leader delivers end-to-end telecommunications
solutions and high-quality services, covering the fixed, mobile
networking, broadband access, intelligent optical networking,
multimedia solutions and network applications.  It also has a
key international R&D center with full access to Alcatel's
global technology pool, developing original technology for use
in China and export to Alcatel's customers worldwide.  With
6,500 employees, an advanced manufacturing center, and the most
extensive sales and support network in China, it is the only
company capable of meeting the global needs of Chinese
customers.  For more information, visit Alcatel Shanghai Bell at
http://www.alcatel-sbell.com.cn

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees.  Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world.  With sales of
EURO 12.5 billion in 2003, Alcatel operates in more than 130
countries.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33-1-40-76-10-10
          Fax: +33-1-40-76-14-05
          Web site: http://www.alcatel.com


ARIUS: 2003 Losses Trigger Review of Operations
-----------------------------------------------
Arius, the struggling IT financial subsidiary of French banking
group BNP Paribas, is restructuring after suffering a
substantial loss in 2003, Les Echos says.

Newly appointed Chairman Marc Milinkovitch leads the
reorganization, which includes reviewing all the company's
contracts and managing the depreciation of leased equipment.  It
also involves focusing on Arius' core business -- financial
leasing -- rather than branching out into other areas, such as
consulting; and forging closer links with the BNP Paribas Lease
Group, a subsidiary of BNP Paribas.  BNP Paribas Lease Group has
bases in Italy, Spain, the U.K. and Hungary.


EURO DISNEY: Debt Covenant Waivers Extended Until Month's End
-------------------------------------------------------------
Euro Disney S.C.A. announced on Tuesday that the requisite
number of lenders has approved an extension of the current debt
covenant waivers to July 31, 2004, to allow all of the lenders
sufficient time to review and approve the Memorandum of
Agreement (MOA) that was signed by the Company, The Walt Disney
Company and Caisse des Depots et Consignations and approved by
the Steering Committee of the Company's other lenders on June 8,
2004.

Under the plan contemplated by the MOA, the Company would obtain
liquidity for sustaining its business as well as capital for
investing in new park attractions as part of its long-term
growth strategy.

Subject to final approval by all of the lenders, the terms of
the MOA would provide for:

(a) The deferral and subsequent conversion into subordinated
    long-term borrowings of both EUR110 million principal
    outstanding on the existing line of credit from TWDC and
    EUR58 million of deferred interest payable to the CDC;

(b) The deferral of approximately EUR300 million of principal
    payments on senior debt for 3.5 years;

(c) Elimination of the Company's current security deposit
    requirement in favor of its senior lenders and the
    disbursement of the current deposit balance of EUR100
    million as a debt prepayment to such lenders;

(d) The annual deferral of EUR25 million of management fees and
    royalties payable to TWDC for fiscal years 2005 through
    2009;

(e) And annual conditional deferrals, based upon the Company's
    operating results, of up to EUR25 million of management fees
    and royalties payable to TWDC for fiscal years 2007 through
    2014, and up to EUR22.5 million of CDC loan interest
    payments for fiscal years 2005 through 2014.

The deferrals and conditional deferrals of amounts owed to TWDC
and the CDC cannot be paid earlier than 2017.

In addition, the Company would obtain a new ten-year EUR150
million line of credit from TWDC for seasonal liquidity
requirements, reducing to EUR100 million after five years.  The
MOA additionally provides for converting EUR290 million of
payments pursuant to leases from TWDC into a minority equity
position in a subsidiary that would hold substantially all of
the Company's assets and liabilities.

The MOA also provides for a EUR250 million equity rights
offering, to which TWDC has committed to subscribe for EUR100
million with the remainder underwritten by a group of financial
institutions.  The MOA would also require TWDC to beneficially
own at least 39% of the issued and outstanding shares of the
Company until December 31, 2016.

The MOA is subject to certain conditions, including: approvals
by all of the lenders by July 31, 2004; regulatory
authorizations; approvals of the reorganization and the rights
offering by the Company's shareholders (which TWDC has agreed to
vote affirmatively); completion of final documentation; and the
successful implementation of the rights offering by no later
than March 31, 2005.

In the event that such conditions are not met, and absent a
subsequent waiver or other agreement, TWDC and the Company's
lenders would be able to demand payments for amounts owed, which
the Company would not be able to satisfy.

Andre Lacroix, Chairman and Chief Executive Officer, said: "We
are pleased that we can report progress towards the successful
resolution of the Company's financial situation, and now aim for
completion of the next step - the approval by all of the lenders
of the Memorandum of Agreement by July 31, 2004.  This next step
is required in order to enable us to execute our strategy of
adding exciting new rides and attractions to fuel long-term
growth."

                            *   *   *

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 1,576 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication Investor Relations
          Philippe Marie Sandra Picard-Rame
          Phone: +331 64 74 59 50
          Phone: +331 64 74 56 28
          Fax: +331 64 74 59 69
          Fax: +331 64 74 56 36
          E-mail: philippe.marie@disney.com or
                  sandra.picard@disney.com


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


CONTINENTAL AG: Mothballing Tire Factory in Kentucky
----------------------------------------------------
Continental Tire North America, Inc. -- an 80.6% subsidiary of
Continental AG in Hanover, Germany -- will indefinitely suspend
tire production at its Mayfield, Kentucky plant beginning
December 31, 2004.  Mixing and some warehousing operations will
continue in Mayfield.

The action will affect approximately 715 hourly and 112 salary
positions.

CONTACT:  CONTINENTAL AKTIENGESELLSCHAFT
          Vahrenwalder Strabe 9
          D-30165 Hannover
          Phone: +49 (0) 511 938 01
          Fax:   +49 (0) 511 938 81770
          Web site: http://www.conti-online.com


MANNHEIMER AG: Sale to UNIQA Passes E.U. Scrutiny
-------------------------------------------------
The European Commission cleared, under the Merger Regulation,
the acquisition of the German insurance group Mannheimer by the
Austrian insurance group UNIQA.  The Commission found that this
transaction would not lead to any competition problems, because
there is only limited overlaps between the parties on the
national markets concerned.

UNIQA is an insurance group active in numerous types of non-life
insurance, life insurance and reinsurance.  It is mainly active
in Austria, but has subsidiaries in other Member States.
Mannheimer is an insurance group mainly active in non life
insurance in Germany.

The operation does not give raise to competition concerns since
UNIQA and Mannheimer are mostly active in different EU
countries.  UNIQA is an important player on the Austrian market
with a particular strong position in health insurance, but there
are no overlaps with Mannheimer since the latter has ceased
being present in this sector.  UNIQA has a very limited presence
in Germany.  The Commission has therefore decided not to oppose
this transaction.

Background

Mannheimer encountered serious solvability problems in the last
year due mainly to its life insurance business.  To prevent the
problems from spreading out to the whole group, the life
insurance section was transferred to a rescue company called
Protector in 2003.  Mannheimer also sold the majority
shareholding in its health insurance company to Continentale in
2003, a transaction approved by the German competition
authority.

As the remainder of the Mannheimer group still needed
recapitalization, its shareholders decided in February 2004,
first to cut the existing share capital of Mannheimer and;
second, to increase the capital again by issuing new shares.  It
was also decided that only UNIQA would be allowed to subscribe
the new shares.  UNIQA will thereby transfer fresh capital to
Mannheimer and acquire more than 75% of the shares of the
company.


MG TECHNOLOGIES: Lurgi Completes Restructuring
----------------------------------------------
The Frankfurt-based mg subsidiary Lurgi AG has completed the
process of optimizing its corporate structures.  The Lurgi
subsidiaries Lurgi Oel Gas Chemie GmbH and Lurgi Life Science
GmbH have been merged with Lurgi AG as part of the restructuring
of mg's industrial plant engineering activities.  As a result,
Lurgi AG is no longer a holding company, but a company operating
in the market.

"We have significantly reduced costs at Lurgi by creating a lean
and efficient corporate structure.  This represents an important
step forward in the process of transforming Lurgi into a
competitive company with strong prospects for the future,"
stressed Klaus Moll, the mg executive director responsible for
industrial plant engineering at a press conference to mark the
establishment of the company Chemieanlagenbau Chemnitz GmbH
(CAC) in Chemnitz.

Significant parts of the business of the former Lurgi Life
Science GmbH in Chemnitz have been hived off from Lurgi and
transferred to the new CAC company as part of management buy-
out.  As it has streamlined the company structure, Lurgi has
also rearranged its product portfolio.

The mg subsidiary now focuses on profitable proprietary
technologies and exclusive licenses in its core businesses.
These include fast-growing areas ranging from gas to
petrochemical products, synthetic fuels, petrochemistry and
sustainable raw materials such as biodiesel and bioethanol.
Lurgi is the clear global market leader in the field of
methanol.  More than 60% of global methanol production is now
based on Lurgi technology.

mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003 the company
employed around 29,000 people, and is one of the world's market
and technology leaders in 90 percent of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49 (0) 69 71199-241
          Fax:   +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


PFLEIDERER AG: Closing Rhead Plant by Year's End
------------------------------------------------
SDAX-listed Pfleiderer AG (ISIN DE0006764749) decided to close
down production of raw particle-board and direct coating at its
Rheda plant by the end of 2004.  It will concentrate wood-based
panels production capacities in Germany at Gutersloh, Arnsberg,
Neumarkt and Leutkirch.  This plan has the backing of the
Supervisory Board of Pfleiderer AG.

For the last three years and more, the German market has
suffered from production over-capacity and high pressure on
prices.  Closing down the Rheda plant will help ease back
capacity by around six percent.  According to Hans H. Overdiek,
Spokesman for Pfleiderer's Board of Management, "We are
adjusting our structures and procedures to fit the market
situation and to strengthen our market leadership in Germany."

The charges attached to closing down the plant will be
compensated by the elimination of disadvantages at the plant in
Gutersloh.  Some 215 employees will be affected by the Rheda
plant closure.  For those affected, a plan that takes into
account their social needs has been set up.

The Business Segment Engineered Wood is one of Europe's leading
manufacturers of carrier materials, as well as high-value added
products such as melamin faced chipboards (MFC) and high-
pressure laminates (HPL).  As market leader in Germany and
Poland, Pfleiderer Engineered Wood is one of the most profitable
suppliers in the industry.  This Business Segment comprises
seven plants in Germany and Poland, with sales in fiscal 2003 of
over EUR715 million.

CONTACT: PFLEIDERER AG
         Neumarkt
         Corporate Communication
         Alexandra Klemme
         Phone: +49 (0) 91 81 / 28 - 80 44
         Fax:   +49 (0) 91 81 / 28 - 606
         E-mail: alexandra.klemme@pfleiderer.com


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


DAM STEEL: Ukrainian Suitor Withdraws Takeover Offer
----------------------------------------------------
Ukrainian Industrial Union of Donbas (IUD) has abandoned plans
to purchase DAM Steel Rt, Interfax reports.  Oleksandr
Pilipenko, director of corporate rights and investment at IUD
Corporation, refused to reveal the reasons for the abrupt end to
the talks.

DAM Steel Rt. was declared bankrupt when major creditor CIB Bank
declined to extend a credit line worth HUF2 billion.  This
latest setback brings to four the number of failed attempts to
sell DAM Steel's assets since its liquidation in March 2003.


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


ELAN CORPORATION: Meets US$450 Mln Guaranteed Notes Repayment
-------------------------------------------------------------
Elan Corporation, plc announced on Tuesday the repayment by Elan
Pharmaceutical Investments II, Ltd. (EPIL II) of the US$450.0
million guaranteed notes, which were issued on June 28, 2000 and
matured on June 28, 2004 together with accrued interest for the
period from December 31, 2003 to June 28, 2004 of US$21.5
million.  Of the aggregate payment of US$471.5 million, US$79.7
million was funded from the cash resources in EPIL II and
through the sale of EPIL II's entire investment portfolio.  The
balance of US$391.8 million was funded by Elan under its
guarantee and will result in a charge in the second quarter of
2004 of US$33.4 million, consisting of interest of US$10.8
million and investment losses of US$22.6 million.

Elan's cash balances at June 28, 2004, after making the payment
under the guarantee, exceeded US$670 million and Elan's debt
position has been reduced to approximately US$1.5 billion,
approximately US$1.1 billion of which is not due until 2008.

About Elan

Elan is focused on the discovery, development, manufacturing,
sale and marketing of novel therapeutic products in neurology,
severe pain and autoimmune diseases.  Elan (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000
           or    800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5755
           or    800-252-3526


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


STOLT OFFSHORE: Sets Results Conference Call July 13
----------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
will release its second quarter and half-year 2004 results on
Tuesday 13 July 2004.  A conference call will be held to discuss
the earnings and review business operations on Tuesday 13 July
2004 at 3:00 p.m. U.K. time (10:00 a.m. EDT*).

Participating in the conference call will be:

(a) Tom Ehret - Chief Executive Officer
(b) Stuart Jackson - Chief Financial Officer

From 12:00 noon U.K. Time these information will be available at
http://www.stoltoffshore.com:

(a) A copy of the first quarter 2004 results press release, and
(b) A copy of a presentation to be reviewed on the earnings
    call.

Conference Call Information
Lines will open 10 minutes prior to conference call

Date: Tuesday 13 July 2004
Time: 3:00 p.m. U.K. Time (10:00 a.m. *EDT)

Freephone Dial In Numbers:
U.K.: 0800 953 0938
USA: 1 866 389 9773
Norway: 800 16533
France: 0805 110 466
Italy: 800 783 256
Netherlands: 0800 023 4993
International Dial In: +44 1452 569 113
Reservation No: 1568989

Replay Facility

This facility is available from 5:00 p.m. U.K. Time (12:00 noon
EDT*) Tuesday 13 July 2004, until 5:00 p.m. U.K. Time (12:00
noon EDT*) Tuesday 20 July 2004

Freephone Dial In Numbers:
Dialing from the U.K.: 0800 953 1533
Dialing from the U.S.: 1866 276 1167
International Dial In: +44 1452 55 00 00
Passcode: 1568989#

*EDT = Eastern Daylight Saving Time

Alternatively, a live Web cast and a playback facility will be
available at http://www.stoltoffshore.com

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Fiona Harris
          Phone: (U.K.) +44 1224 718436
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (UK)
          Tim Payne (US)
          Phone: (U.K.) +44 207 404 5959
          Phone: (U.S.) +1 212 333 3810
          E-mails: phandley@brunswickgroup.com
                   tpayne@brunswickgroup.com

          REGISTERED OFFICES
          26, rue Louvigny, Luxembourg

          PRINCIPAL EXECUTIVE OFFICES
          Stolt Offshore M.S. Ltd.
          Dolphin House, Windmill Road,
          Sunbury-on-Thames, Middlesex
          TW16 7HT England
          Phone: (+44) (0)1932-773-700
          Web site: http://www.stoltoffshore.com


STOLT-NIELSEN: Secures New US$150 Million Credit Facility
---------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
will enter into a new five-year US$150 million credit facility
to be fully underwritten by DnB NOR Bank ASA.  The facility will
be secured by a pledge of the Company's Stolthaven Houston and
Stolthaven New Orleans terminal-storage assets.

The facility will be used to prepay an existing US$64 million
credit facility on Stolthaven Houston, which is scheduled to
mature in January 2005, and for general corporate purposes.  The
transaction is expected to close by the end of July 2004.

"SNSA continues to strengthen its liquidity position," said
Niels G. Stolt-Nielsen, chief executive officer of SNSA.  "The
completion of this latest transaction is expected to provide us
with sufficient liquidity for the foreseeable future."

About Stolt-Nielsen S.A.

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

CONTACTS:  STOLT-NIELSEN S.A.
           Reid Gearhart
           Phone: (U.S.A) 1 212.922.0900
           E-mail: rgearhart@dgi-nyc.com

           Valerie Lyon
           Phone: (U.K.) 44 20 7611 8904
           E-mail: vlyon@stolt.com


TK ALUMINUM: Holds Conference Call on First-quarter Results
-----------------------------------------------------------
On Tuesday, TK Aluminum Ltd., the indirect parent of Teksid
Aluminum Luxembourg S.a.r.l., S.C.A., held its quarterly bond
holders and analysts conference call to discuss its performance
for the first quarter of 2004.  A replay of the Conference Call
may be heard until Friday, July 2 at 6:00 p.m. Central European
Time by calling +39-071-218-8460.

          First Quarter Financial Performance

During the conference call Teksid Aluminum management reviewed
that the Company had generated EUR12.2 million of Adjusted
EBITDA for the first quarter of 2004 compared to EUR19.2 million
for the same period in 2003.  Jake Hirsch, CEO of Teksid
Aluminum, stated that, "our EBITDA deterioration in the first
quarter relates to a very specific commercial dispute with a
North American customer on a single program".  Management
discussed that Teksid Aluminum's Adjusted EBITDA in the first
quarter of 2004 was adversely impacted by this dispute in an
amount of approximately EUR7.0 million versus the same period
for the prior year.  Mr. Hirsch further commented that "this
significant, but isolated, issue has been resolved on a going
forward basis" and "we are pleased that we have maintained a
positive, productive relationship with this important customer".
In addition to a one-time favorable effect in the second quarter
of approximately EUR3.0 million due to the settlement, the
Company expects the settlement to also result in an improvement
of its on-going financial performance, as detailed by management
during the call.

In addition, management discussed that due to the contractual
lag in the pass through of aluminum costs to certain customers
the sharp increase of aluminum prices in North America generated
an additional adverse effect on Adjusted EBITDA of approximately
EUR2.0 million in the first quarter of 2004 compared to 2003.
Management stated that assuming current aluminum prices remain
stable they believe this effect to be temporary and that the
adverse effect will subside in the second half of the year.

Max Chiara, Treasurer of Teksid Aluminum provided a review of
the Company's financial position and liquidity at March 31,
2004.  Net Debt was EUR255.1 million, an EUR8.8 million decrease
versus the same period of 2003.  Management pointed out that the
decrease in net debt included the absorption of approximately
EUR20 million of bond issuance costs in 2003 as well as the
effect of lower EBITDA in the first quarter due to the issues
described above.  Over the same period accounts payable
increased by EUR6 million.

At March 31, 2004 the Company had cash totaling EUR62.7 million
and had drawn approximately EUR55 million under its EUR90
million Senior Revolving and Capital Expenditure Credit
Facilities.  The Company was in compliance with the covenants of
its senior credit agreement as of March 31, 2004 and, based upon
the information available to management to date, also expected
to be in compliance as of June 30, 2004.

Additional details regarding first quarter performance may be
heard through the replay of the conference call.  TK Aluminum
Ltd.'s Unaudited Condensed Consolidated Financial Statements of
the first quarter results for 2004 are available at
http://www.teksidaluminum.com

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Teksid.htm.

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

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


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


UPC DISTRIBUTION: Senior Secured Bank Loan Rated 'B'
----------------------------------------------------
Standard & Poor's Ratings Services on Tuesday assigned its 'B'
bank loan rating and a recovery rating of '3' to UPC
Distribution Holding B.V.'s EUR3.45 billion in aggregate senior
secured bank loan facilities.  The '3' recovery rating indicates
Standard Poor's expectation for a meaningful recovery of
principal (50%-80%) in the event of a default.  This bank loan
replaces the prior EUR3.5 billion in aggregate bank loan
facilities at the company.  This bank loan, together with cash
from parent United GlobalCom Inc. (UGC) derived from an equity
rights offering and convertible note issue earlier this year,
will be used to purchase the majority share of French cable
operator Noos for a maximum of EUR660 million, repay about
US$100 million in outstanding public debt at UPC Polska LLC, and
repay approximately EUR1.1 billion of bank debt under the
previous bank facility term loan tranche B.

At the same time, Standard & Poor's affirmed the existing
ratings, including the 'B' corporate credit rating, on UGC and
its European cable subsidiary, UGC Europe Inc.  The outlook is
stable.  The rating on the senior unsecured debt at UPC Polska
LLC will be withdrawn upon completion of the refinancing.

"The rating reflects Denver, Colo.-based cable television
operator UGC's significant business risk in its 11 European
cable markets, which comprise the vast majority of its revenues
and EBITDA," said Standard & Poor's credit analyst Catherine
Cosentino.  UGC Europe Inc. emerged from bankruptcy in September
2003.  The company relied heavily on debt to fund the ambitious
upgrade of its network to support aggressive growth in its
video, Internet, and telephony subscribers.  However, such
growth failed to materialize.


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


DNO ASA: Signs Oil, Gas Exploration Deal with Kurdistan Govt
------------------------------------------------------------
DNO has entered into an agreement with Kurdistan Regional
Government to explore for and develop oil and gas in Northern
Iraq.  DNO will be the Operator and sole contractor for the area
covered by the agreement.

The Middle-East region is one of DNO's current main focus areas.
Since 1998 the company has been operating in The Republic of
Yemen and is currently the Operator for two licenses -- of which
one producing field (Tasour) and a recent oil discovery
(Nabrajah).  In addition DNO is participating as a co-venturer
in another producing field (Sharyoof), and was recently awarded
its 4th concession as Operator in Block 72.

DNO's extensive experience and successful track record from
Yemen makes the company well positioned to expand its operations
in the Middle-East, and the company is therefore pursuing new
opportunities in the region.

The agreement with the Kurdistan Regional Government represents
the first successful step in this process, and will strengthen
the company's position in the Middle-East region.  DNO is very
pleased with this new and encouraging opportunity and is looking
forward to develop a long-term cooperation with Kurdistan
Regional Government to exploit hydrocarbon resources in Northern
Iraq.

Kurdistan Regional Government has controlled its natural
resources since 1991.  Future legal and constitutional
developments in Iraq could, however, affect operations under
this agreement.

DNO ASA
29 June 2004

                            *   *   *

On June 18, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services withdrew its corporate credit rating on Norway-
based oil production and exploration company DNO ASA.  The
rating on DNO was B/Watch Dev/-- at the time of the withdrawal.
The rating was withdrawn at DNO's request, since Standard &
Poor's does not have a rating on DNO's outstanding debt.

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

CONTACT:  DNO ASA
          Helge Eide
          Group Managing Director
          Phone: 23 23 84 80/ 55 22 47 00

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


PAN FISH: Positions Management for Business Revival
---------------------------------------------------
The Pan Fish Group announced that final touches have been made
to the final refinancing of the Group and that work has started
on rebuilding the company to its former position of one of the
world's leading salmon producers.

Pan Fish has set the clear and unambiguous target of becoming a
global supplier of quality salmon with the lowest production
costs.  This requires all members of group management to possess
more than enough skill, experience and capacity to be able to
follow up the company's this specific fundamental goal.

"Operating with the lowest production costs will become a
lifestyle for us at Pan Fish," says CEO, Atle Eide, and goes on
to say: "Added to our policy of making no compromises in terms
of quality, food safety and delivery precision, this simple but
difficult target will all the same have Pan Fish emerge as an
attractive investment and be seen as a safe and exciting place
to work."

As the company is now approaching a new phase, set apart by
other challenges than those encountered previously, it has been
decided that the Group's top management will consist of the
following personnel:

Atle Eide (47), Chief Executive Officer

Mr. Eide took up the position as Chief Executive Officer of the
Pan Fish Group on 12 May 2003.  His qualification involved a
four-year course studying economics, logistics and marketing at
ADH/BI [Agder University College/The Norwegian School of
Management] and has a total of 15 years' experience from the
fish farming industry.  Mr. Eide worked from 1997 as Chief
Executive Officer of the listed Kverneland Group, the largest
specialist producers and distributors of agricultural and
viticultural equipment in the world.  Prior to this, Mr. Eide
was in charge of building up what was to become the largest fish
farming company in the world, Hydro Seafood AS, and where he was
also a Director of the Board until the company was sold off,
scooping a billion Norwegian kroner in profit.  Mr. Eide also
worked as Managing Director for several years at the animal feed
manufacturers, Skretting AS, at the same time as he acted as the
Global Marketing Director for the holding company, BP Nutreco
Aqua.  Mr. Eide held a number of managerial positions prior to
this, including the position of Vice President of the Eikmaskin
Group.

Trine Saether Romuld, Chief Finance Officer (CFO)

Ms. Saether Romuld (35) qualified as a chartered auditor from
NHH [The Norwegian School of Economics and Business
Administration] in 1993. Ms. Saether Romuld is responsible for
the entire area of finance and economy, as well as being the
company's primary contact with the finance and investor market.
She will also be in charge of IT development as well as
completing the sale of any residual companies.  Ms. Saether
Romuld worked at Arthur Andersen & Co / Ernst & Young AS for
nine years where her work involved auditing and providing
consultancy services to large and medium-sized companies.  Ms.
Saether Romuld was also employed for four years at a major
international corporation where she acted as Finance Manager for
the Norwegian side of activities, and gained extensive
operational experience in finance and management.  Ms. Saether
Romuld has been responsible at Pan Fish for restructuring the
entire finance and accounts divisions, introducing consolidated
standards for accounting, budgeting
and reporting as well as managing the process of setting up a
central finance function.  Ms. Saether Romuld has been a central
player in the evolving transformation processes since taking up
her position at Pan Fish in autumn 2003.

Therese Log Bergjord, Chief Commercial Officer

Therese Log Bergjord (38) studied a four-year course at HiS/BI
[Stavanger College/The Norwegian School of Management] in
economics, qualifying in 1989.  Ms. Log Bergjord will be taking
over primary responsibility for the development and
implementation of the company's long-term sales and marketing
strategy, as well as being responsible for following up specific
operational units within the Group.  Ms. Log Bergjord has been
employed as Chief Commercial Officer at Pan Fish since September
2003.  Prior to this, Ms. Log Bergjord was employed for 14 years
at ConocoPhillips where she held a variety of managerial
positions, including some related to sweeping transformation
processes, marketing and the sale of gas and haulage services.
She also has experience within tax and financial issues.  Ms.
Log Bergjord has been responsible for finance at Pan Fish
including here the difficult task of liquidity control.  Ms. Log
Bergjord has played a key role in negotiating with the company's
banks, as well as her involvement in the evolving transformation
processes within the Group since taking up her position at Pan
Fish.

Cato Lyngoy (43), Director of Technology/Biosecurity

Mr. Lyngoy is a qualified veterinary surgeon from the Norwegian
School of Veterinary Science in Oslo.  Mr. Lyngoy will be
entering the new management executive holding primary
responsibility for Pan Fish adopting a sustainable and low-risk
strategy on fish farming.  Mr. Lyngoy will also be responsible
for general quality and food safety, research projects as well
as a driving force in the work on achieving the lowest
production costs possible. Mr. Lyngoy worked as Quality Manager
at Pan Fish ASA until he left to work at Pan Fish North America
and be responsible for setting up a completely new and
sustainable operating regime for Pan Fish units in the USA and
Canada.  This work included vaccination trials against the IHN
virus, as well as sorting out problems surrounding Kudoa
parasites.  Pan Fish has managed to obtain a permit to initiate
full-scale trials in search of a new IHN vaccine and the
problems linked to Kudoa are currently under extremely good
control.  Prior to working at Pan Fish, Mr. Lyngoy was the Head
of Fish Health Services in Suldal followed by the rest of
Ryfylke county, Rogaland.  He was attached over a two-year
period to a national project in Norway to gain control over the
problems associated with salmon lice.  From 1997 and up until
the time when Mr. Lyngoy took up his position at Pan Fish ASA,
he worked as Head of Veterinary Services at Intervet Norbio.
Mr. Lyngoy holds extensive qualifications within his
professional field and is regarded as one of the world's leading
veterinary experts on aquaculture.

In addition to the Executive Directors, the Extended Management
Team consists of:

Odd Geir Oddsen, Managing Director of Pan Fish Scotland

Mr. Oddsen (38) lives in Helensburgh, Scotland, and holds a
Master of Science degree in molecular biology from the
University in Bergen as well as in economics from NHHK.  Mr.
Oddsen has experience from the fish feed industry in which he
previously held a number of positions as Factory Manager at
Skretting and Head of Technology & Development at Nutreco. Mr.
Oddsen was the Managing Director of Kverneland Naerbo prior to
taking up his position at Pan Fish.

Keith Bullough, Managing Director of Pan Fish North America

Mr. Bullough (42) lives in Vancouver, Canada, and is a qualified
Associate Accounting Technologist and Certified Management
Accountant.  He has worked in the industry for the past 11 years
and at Pan Fish Canada for six years.  Mr. Bullough was Finance
Director at Pan Fish Canada over the past five years and has
held the position of Managing Director since July 2003.

Oyvind Torlen, Managing Director of Pan Fish Norway

Oyvind Torlen (33) lives in Alesund, Norway, and is a qualified
economist from BI [The Norwegian School of Management],
specializing in finance.  Mr. Torlen has work experience from
the firm of auditors, Arthur Andersen (1995-1998), KPMG
Consulting (1998-1999) and Sydvestor Corporate (1999-2003).  Mr.
Torlen has worked at Pan Fish since February 2003, first as Vice
Finance Director at Pan Fish ASA, and then as Managing Director
of Pan Fish Norway since August 2003.

Ragnar Joensen, Managing Director of Pan Fish Faeroe Islands

Ragnar Joensen (34) lives in Torshavn in the Faeroe Islands and
holds a BSc in chemistry and biology from Aarhus University in
Denmark as well as a Masters degree in Engineering in Fisheries
and Aquaculture from Aalborg University in Denmark.  Mr. Joensen
has worked within aquaculture for eight years followed by four
years at Pan Fish/Vestlax as head of the freshwater unit there.

Andrew Colvin, Managing Director of VAP France

Andrew Colvin (59) lives in France and holds a BA Hons. Got a
Degree from Manchester University in the U.K.  Mr. Colvin has
experience from a range of different food and seafood companies,
and has worked in the salmon industry (VAP) since 1984.  His
work experience also includes positions such as Marketing
Manager at Cadbury Schweppes, Sales and Marketing Director at
Cadbury France, General Manager at "Food from Britain" in
France, Managing Director of BSC Foods (Mr. Colvin's own
business), Managing Director at Pinney's of Scotland and
Managing Director of Farne Salmon.  Mr. Colvin has been the
Managing Director of VAP France since January 2002.

This list of executives in the Pan Fish Group management team
after the Group's restructuring process demonstrates their wide-
ranging background experience within the fish farming industry
as well as relevant experience from other industries.

CONTACT:  PAN FISH
          Atle Eide
          CEO
          Mobile: +47 911 52 977


PAN FISH: Refinancing Secures Rebuilding
----------------------------------------
The Board of Directors at Pan Fish unanimously approved the
agreement regarding refinancing of Pan Fish entered into with
the company's bank syndicate and principal shareholders.  The
agreement secures Pan Fish financial and operational flexibility
to gradually rebuild production so that the company can reach
its ambition to become lowest cost producer and reassume the
position as the world's leading fish farming company.

This is an important milestone for Pan Fish.  Through a
comprehensive turnaround process and a close and constructive
dialogue with our principal shareholders, the company has
succeeded to negotiate a plan for a refinancing that will enable
Pan Fish to again assume the position as a global leading fish
farming company.  The core of the refinancing is the ambition to
become the lowest cost producer of superior quality salmon,
comments CEO Atle Eide and adds that the latter months results
proves that the company is moving in the right direction.

The refinancing will significantly improve Pan Fish liquidity
and solidity.  Among the main features of the agreement is a
write-down of the company's share capital from NOK0.04 to
NOK0.02 per share, and a subsequent increase of face value from
NOK0.02 to NOK2.00 through a reverse-split of the company's
shares in the ration of 100:1.

In addition the bank syndicate, whom also comprise the principal
shareholders of Pan Fish, will convert a total of NOK500 million
from bank debt to share capital and a new subordinated loan.
Pan Fish will in addition carry out a public share issue limited
to NOK250 million with priority to the remainder of shareholders
at a share price of NOKNOK2.00.  The company's two principal
shareholders, Nordea and DnB NOR, will guarantee NOK100 million
in the share issue.  Furthermore a new convertible liquidity
loan of up to NOK150 million will be given at a conversion ratio
of NOK2.00.  The loan will be reduced at a ratio 1:1 by the
subscribed amount in the public share issue exceeding NOK100
million.

For further details see previously announced stock exchange
notification.

As a part of the turnaround Pan Fish has been through the last
twelve months a solid commercial basis has been established for
the future development of the Group.  The refinancing in
combination with a strengthened salmon market provides a secure
foundation for growth.  Our ambition is to bring our
consolidated production back to a level between 80 000 and 90
000 tons round weight during the forthcoming years.  This growth
can be accomplished without significant investments in new
infrastructure, says Atle Eide.

The refinancing plan is subject to approval by the company's
shareholders' meeting, and Pan Fish is planning to call an
extraordinary shareholder's meeting 19 August.  Notification
will be distributed no later than two weeks before the
extraordinary shareholder's meeting.

CONTACT:  PAN FISH
          Atle Eide
          CEO
          Mobile: +47 911 52 977


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


UNITEDGLOBALCOM INC.: Refinances European Credit Facility
---------------------------------------------------------
UnitedGlobalCom, Inc. (Nasdaq: UCOMA) successfully completed
refinancing over EUR1.0 billion of its EUR3.5 billion European
bank credit facility, substantially improving the interest rate,
general covenant and funding flexibility of the facility.  In
addition, the refinancing will provide the debt funding required
for the previously announced acquisition of Noos in France.

To facilitate the refinancing, UGC has injected EUR450 million
of its cash on hand into its European broadband subsidiary
(UPC), the borrower under the facility.

Highlights of the refinancing include:

(a) New Tranche E of EUR1.022 billion, with an interest margin
    of 300 basis points over Euribor (stepping down to 275 bps),
    replaces Tranche D which carried a margin of 550 basis
    points

(b) Contribution of UPC Polska broadband business to the
    borrower and refinancing UPC Polska's 9% Senior Notes in the
    principal amount of approximately $102 million

(d) Reduced interest expense of approximately EUR50 million on
    an annual basis, increasing positive free cash flow

(e) Long-term senior debt funding for the acquisition of Noos at
    up to 4 times debt to EBITDA within the existing bank
    facility group

(f) Full access to an incremental EUR475 million of committed
    debt financing under the revolving facility (assuming
    covenant compliance) to fund future acquisitions and
    operations as needed

(g) Average cost of bank debt pro forma for this refinancing
    reduced from 6.6% to 5.5%

(h) Additional financial covenant and leverage flexibility,
    including the ability to raise additional tranches under the
    facility to finance acquisitions or scheduled amortizations

(i) Completion of an interest rate hedging program which caps
    the Euribor rate for virtually all bank debt at 3% in 2004
    and 2005 and at 4% in 2006

Mike Fries, President and CEO of UGC, commented, "We are very
pleased with the continued support of our key lenders which has
facilitated an attractive and opportunistic refinancing for the
company despite tough conditions currently prevailing in the
cable bank market.  The terms reflect the improved credit
profile of our business, provide significant liquidity for
future acquisitions and operations, and maintain a simple
funding structure for our European cable operations.  And the
reduced interest expense of approximately EUR50 million per year
will further boost our positive free cash flow."

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.  Please
visit http://www.unitedglobal.comfor further information.

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

          Claire Appleby
          Director, Investor Relations
          Phone: +44 (0) 207 838 2001
          E-mail: ir@ugceurope.com


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


AIRPORT ZEYA: Amur Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Amur region declared Zeyskoye municipal
unitary enterprise Airport Zeya (TIN 2805003760) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A04-
5168/2003-15/200 B.  Mr. N. Kolyadinsky has been appointed
insolvency manager.

Creditors are asked to submit their proofs of claim on or before
August 10, 2004.  A hearing will take place on October 18, 2004,
9:00 a.m. at the Arbitration Court of Amur region.

CONTACT:  AIRPORT ZEYA
          Russia, Zeya,
          Amur Region, Airport


EKATERINBURGSKY ALCOHOLIC: Insolvent Status Confirmed
-----------------------------------------------------
The Arbitration Court of Sverdlovsk region declared OJSC
Ekaterinburgsky Alcoholic Drinks Factory insolvent and
introduced bankruptcy proceedings.  The case is docketed as A60-
8861/2004-S1.  Mr. V. Permikin has been appointed insolvency
manager.  Creditors have until August 10, 2004 to submit their
proofs of claim.

CONTACT:  EKATERINBURGSKY ALCOHOLIC DRINKS FACTORY
          620033, Russia,
          Ekaterinburg, Norilskaya Str. 77

          Mr. V. Permikin
          Insolvency Manager
          620075, Russia,
          Ekaterinburg, Gorkogo Str. 31


FACTORY STROY-DETAL: Kostrama Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kostroma region declared OJSC Factory
Stroy-Detal insolvent and introduced bankruptcy proceedings.
The case is docketed as A31-6287/18.  Mr. A. Eflov has been
appointed insolvency manager.

Creditors have until August 10, 2004 to submit their proofs of
claim to Russia, Kostroma, Zarechnaya Str. 15.  A hearing will
take place at 9:20 a.m., July 8, 2004.

CONTACT:  FACTORY STROY-DETAL
          Russia, Kostroma,
          Zarechnaya Str. 15


KINESHEMSKY FLOUR: Deadline for Proofs of Claim August 10
---------------------------------------------------------
The Arbitration Court of Ivanovo region declared OJSC
Kineshemsky Flour Grinding Factory insolvent and introduced
bankruptcy proceedings.  The case is docketed as A1151/1-B.  Mr.
A. Runtsov has been appointed insolvency manager.   Creditors
have until August 10, 2004 to submit their proofs of claim to
155800, Russia, Kineshma of Ivanovo region, Sotsialisticheskaya
Str. 25, Apartment 8.

CONTACT:  KINESHEMSKY FLOUR GRINDING FACTORY
          Russia, Vologda

          Mr. A. Runtsov
          Insolvency Manager
          160035, Russia, Vologda,
          Predtechenskaya Str. 31, Office 207

          The Arbitration Court of Ivanovo Region
          153022, Russia, Ivanovo,
          B. Khmelnitskogo Str. 59-B


MINERAL: Public Auction of Assets July 14
-----------------------------------------
The bidding organizer and insolvency manager of OJSC Mineral set
the public auction of the firm's assets on July 14, 2004, 5:00
p.m.  It will be held at 174400, Russia, Novgorod region,
Borovichi, Kommunarnaya Str. 27, Office of LLC Inventsen.  The
assets for sale are 13 buildings with industrial shops, 137
equipment units and 65 denominations of raw materials located at
Russia, Novgorod region, Lyubytino, Sovetov Str. 121.  Starting
price: RUB3,304,000.

Preliminary examination and reception of bids are done daily
from 2:00 p.m. to 5:00 p.m.  Documents for participants are
available at Russia, Novgorod region, Borovichi, Kommunarnaya
Str. 27, Office of LLC Inventsen.

CONTACT:  MINERAL
          Russia, Novgorod Region,
          Lyubytino, Sovetov Str. 121

          Bidding Organizer/Insolvency Manager
          Russia, Novgorod Region,
          Borovichi, Kommunarnaya Str. 27,
          Office of LLC Inventsen


RAYCHIKHINSKY DAIRY: Falls into Bankruptcy
------------------------------------------
The Arbitration Court of Amur region declared OJSC Raychikhinsky
Dairy Factory insolvent and introduced bankruptcy proceedings.
The case is docketed as A04-310/04-10/18 B.  Mr. N. Surov has
been appointed insolvency manager.  Creditors are asked to
submit their proofs of claim to 675000, Russia, Amur region,
Blagoveshensk, Svyatitelya Innokentiya Str. 13, Room 314.

CONTACT:  RAYCHIKHINSKY DAIRY FACTORY
          Russia, Amur Region,
          Raychikhinsk, Otvalnaya Str. 2A

          Mr. N. Surov
          Insolvency Manager
          675000, Russia,
          Amur Region, Blagoveshensk,
          Svyatitelya Innokentiya Str. 13, Room 314


RYBINSKY KHLADO-COMBINE: Creditors Agree to End Bankruptcy
----------------------------------------------------------
The Arbitrary Court of Yaroslavl region confirms the peaceful
agreement between OJSC Rybinsky Khlado-Combine MMT and its
creditors as well as the termination of its bankruptcy
proceedings docketed as A82-B/52-2002.


SURGUTNEFTEGAZ: Harvard University Files Class Suit in New York
---------------------------------------------------------------
Harvard University commenced an international class action
arbitration against publicly held Russian oil and gas company
JSC Surgutneftegaz (Surgut) for intentionally denying holders of
its preferred shares as much as 80% of the cash distributions to
which they are entitled.

Harvard will file a demand with the American Arbitration
Association in New York on behalf of holders of American
Depositary Receipts (ADRs) representing Surgut preferred shares.
The demand specifically alleges that, for at least each of the
last six years, Surgut has intentionally declared dividends far
below the amount mandated by the company charter, as well as the
prospectus used in offering its securities, by using an
artificially low "net profit" figure that bears no relationship
to the company's actual net profits that it recognizes and
reports for tax and accounting purposes.

As a significant holder of ADRs, Harvard alone has been deprived
of millions of dollars of cash dividends to which it is
entitled.  Damages to all Surgut preferred shareholders may
total hundreds of millions of dollars.

Surgut management controls a substantial amount of the company's
common shares.  Retention by Surgut of virtually all the
company's earnings benefits management at the expense of the
company's preferred shareholders despite clear contractual
obligations to this group of security holders.  Surprisingly, as
Harvard's demand illustrates, Surgut management has expressly
admitted its failure to distribute dividends to preferred
shareholders, justifying this illegitimate action with the
argument that payment of dividends to foreign preferred
shareholders would be an inefficient use of capital.

Harvard's demand cites a February 2001 letter from the General
Director of Surgut, V.L. Bogdanov, to Mikhail Kasyanov, then
Prime Minister of the Russian Federation.  In the letter, Mr.
Bogdanov argues that the calculation of net profits as required
by the charter "results in a considerable part of cash flow in
the form of dividends leaving abroad to shareholders who are
mostly registered in off-shore zones."  This admission by Mr.
Bogdanov supports Harvard's claim that Surgut intentionally
undertook the improper calculation of preferred dividends in
order to avoid payments to holders of the security.

Harvard has requested that Surgut pay the full amount of
dividends owed to it and other class members for prior years.  A
panel in New York will arbitrate Harvard's claims.  The panel's
ruling will be enforceable in courts in the Russian Federation
through an international treaty, the Convention on the
Recognition and Enforcement of Foreign Arbitral Awards.

Jeff Larson, Senior Vice President and International Equity
Portfolio Manager for Harvard Management Company, said, "We are
disappointed that our previous attempts to correct the obvious
failure of Surgut to meet its obligations were unsuccessful,
making this arbitration necessary.  There are many preferred
shareholders, who, like Harvard, simply want to receive the
payments they are entitled to under Surgut's charter and
prospectus."

Larson added, "In general, business relationships work only when
companies fulfill their fundamental obligations to all
shareholders -- including living up to the terms of their
corporate charters, complying with basic accounting standards
and providing appropriate levels of transparency."

Robert Skinner, a partner of Ropes & Gray LLP who represents
Harvard in the arbitration, said, "Surgut's obligation to pay
dividends to the preferred shareholder class members is clearly
spelled out in Surgut's own documents, as is the required amount
of those dividends.  All previous attempts to communicate with
Surgut management in order to address its misrepresentations,
omissions and unfulfilled obligations have been met with
inaction.  Arbitration thus has become necessary to enforce
these rights."

Harvard's investment in Surgut was made through its Harvard
Management Company affiliate, the principal investment advisor
to the Harvard University Endowment Fund.

CONTACT:  SURGUTNEFTEGAZ
          Kimberly Kriger
          Phone: 212-521-4862
          E-mail: Kimberly-Kriger@kekst.com

          Todd Fogarty
          E-mail: Todd-Fogarty@kekst.com
          Kekst and Company
          Phone: 212-521-4854


TRUST ZHILSTROY: Sets Public Auction July 15
--------------------------------------------
The bidding organizer and insolvency manager of OJSC Trust
Zhilstroy set the public auction of the firm's properties on
July 15, 2004, 11:00 a.m.  It will be held at Russia, Penza,
Suvorova Str. 111.  Up for sale is a building with sports and
health center located at Russia, Penza, Perspektivnaya Str. 1B.
Starting price: RUB2,300,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 5:00 p.m.  List of documentary requirements
for participants are available at 440604, Russia, Penza,
Suvorova Str. 111.

To participate, bidders must deposit an amount equivalent to 15%
of the starting price to the settlement account
40702810848000112501 in Penzinskoye OSB #8624 of Penza,
correspondent account 30101810000000000635, TIN 5834007210, BIC
045655635, KPP 583401001 not later than 5:00 p.m., July 6, 2004.

CONTACT:  TRUST ZHILSTROY
          Russia, Penza,
          Suvorova Str. 111

          Bidding Organizer/Insolvency Manager
          440604, Russia,
          Penza, Suvorova Str. 111
          Phone/Fax: (8412) 63-60-95, 63-57-48


VOLOGODSKAYA SHOE: Declared Insolvent
-------------------------------------
The Arbitration Court of Vologda region declared OJSC
Vologodskaya Shoe Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A13-3508/04-22.  Ms. A.
Kornyakova has been appointed insolvency manager.  Creditors
have until July 10, 2004 to submit their proofs of claim to
160035, Russia, Vologda, Predtechenskaya Str. 31, office 207.

CONTACT:  VOLOGODSKAYA SHOE FACTORY
          Russia, Vologda

          Ms. A. Kornyakova
          Insolvency Manager
          160035, Russia, Vologda,
          Predtechenskaya Str. 31, Office 207


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


ADECCO S.A.: Foriel-Destezet, Jacobs Share Chairmanship
-------------------------------------------------------
Adecco S.A. held its Annual General Meeting in Lausanne Tuesday,
at which 180 shareholders attended, representing 52.85% of the
total 187,158,400 issued shares.

At the meeting, shareholders:

(a) Approved the company's report and accounts for 2003

(b) Approved a dividend of CHF0.70 per registered share.  The
    dividend for the shares is planned to be paid on July 12,
    2004, and the dividend for the ADRs is planned to be paid on
    August 13, 2004

(c) Discharged all members of the Board

(d) Elected the following individuals to serve on the Board:
    Jakob Baer, Jurgen Dormann, Philippe Foriel-Destezet, Klaus
    J. Jacobs, Philippe Marcel, Francis Mer, Thomas O'Neill,
    David Prince and Peter Ueberroth

(e) Re-appointed Ernst & Young as the company's auditors for a
    further 12-month period

(f) Abolished the 5% voting limit, in line with the principle
    "one share, one vote."

Following the AGM, the newly elected Board held its inaugural
meeting, at which Mr. Philippe Foriel-Destezet and Mr. Klaus J.
Jacobs were elected Co-Chairmen of the Board.  The Board also
created a number of committees, the name and composition of
which are Audit Committee: Jakob Baer (Chairman), Thomas O'Neill
and David Prince; Nomination and Remuneration Committee: Peter
Ueberroth (Chairman), Jurgen Dormann, Francis Mer and Philippe
Marcel; Corporate Governance Committee: Francis Mer (Chairman),
Jakob Baer and David Prince.

Publication of Adecco's Q2 2004 results

Adecco's Q2 2004 figures will be released on September 7, 2004
before market opening.

About Adecco

Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions.  The Adecco Group network connects 650,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 70 territories around
the world.  Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.

The Adecco Group, after the sale of jobpilot (e-HR Services) in
2004, comprises three Divisions, Adecco Staffing, Ajilon
Professional and LHH Career Services.  In Adecco Staffing, the
Adecco staffing network focuses on flexible staffing solutions
for global industries in transition, including automotive,
banking, electronics, logistics and telecommunications; Ajilon
Professional offers an unrivalled range of specialized
consulting and project management businesses and LHH Career
Services encompasses our portfolio of outplacement and coaching.

Adecco S.A. is registered in Switzerland (ISIN: CH0012138605)
and listed on the Swiss Stock Exchange with trading on Virt-x
(SWX/VIRT-X:ADEN), the New York Stock Exchange (NYSE:ADO) and
Euronext Paris - Premier Marche (EURONEXT: ADE).

Additional information is available at the Company's Web site at
http://www.adecco.com.

CONTACT: ADECCO S.A.
         Corporate Investor Relations
         Phone: + 41 1 878 8888
         E-mail: investor.relations@adecco.com


SKANDIA INSURANCE: SkandiaBanken President to Resign
----------------------------------------------------
Goran Lenkel will be leaving SkandiaBanken this autumn.  He has
been President of the bank since its start in 1994.

"It was slightly more than ten years ago that I was put in
charge of starting a bank for Skandia.  They have been
intensive, exciting and challenging years spent together with
many exceptional and committed employees.  The bank is now
developing very well in all countries," says Lenkel, "and I have
now decided to leave for personal reasons."

Hans-Erik Andersson, President and CEO of Skandia, comments:

"Goran Lenkel has made a very valuable contribution to Skandia
and has performed his presidency of the bank with great skill
and integrity.  With a clear customer focus and efficient
organization he has made steady improvements -- an
accomplishment which over the years has been awarded with many
fine distinctions, such as Online Bank of the Year and Bank of
the Year.  I also know that Goran is a highly appreciated
leader.  Recruitment will now begin for his successor."

SkandiaBanken is distinguished by an advantageous customer
offering with simple and easily accessible online services.  The
bank also does business in Norway and Denmark, where -- like in
Sweden -- it has received many awards for its customer offering.

CONTACT:  SKANDIA INSURANCE
          Goran Lenkel
          President, SkandiaBanken
          Phone: +46-8-463 6000

          Gunilla Svensson
          Press Manager, Skandia
          Phone: +46-8-788 42 97

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

          Office:
          Sveavagen 44


STENA AB: Outlook Negative After Debt-funded Offer for Drott
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sweden-based conglomerate Stena AB to negative from stable.  At
the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit and 'BB-' senior unsecured debt ratings on
Stena.

The outlook revision reflects Stena's unconditional, debt-funded
tender offer for Swedish real-estate company Bostads AB Drott
(Drott).

"If accepted, the acquisition would lead to increased debt
levels and a weaker capital structure than anticipated for the
current ratings on Stena," said Standard & Poor's credit analyst
Andreas Kindahl.  "This would leave little room for a shortfall
in the group's near-term earnings expectations."

The tender offer, at Swedish krona SKR150 per share, for the
remaining shares in Drott (Stena currently holds 29.3%) amounts
to about SKR2.3 billion (US$312 million), and will be paid by
drawing on the group's credit lines.  The total cost of the
transaction -- including assumed debt of SKR6.4 billion -- will
be about SKR8.7 billion.

"Although the transaction will materially weaken Stena's
financial profile in the near term, it should gradually recover
in the medium term as a result of material property divestments
and continual healthy cash flows in the group's other
businesses," added Mr. Kindahl.  "Divesting a large number of
properties in a short period, however, carries execution and
timing risks, which could delay the restoration of Stena's
balance sheet."

Stena's total debt at March 31, 2004, was SKR16.2 billion.


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


SWISS INTERNATIONAL: Customers to Shoulder Travel Agency Charges
----------------------------------------------------------------
SWISS will introduce a new distribution model as of January 1,
2005.  The new model will provide greater cost transparency, as
it will show the services of the airline separately from those
of the travel agent.  The commission SWISS currently pays to
travel agencies will be eliminated.  In future, travel agencies
will charge their customers directly for their services.  The
Swiss Federation of Travel Agencies was consulted in the
development of the new distribution model.  SWISS has informed
the travel agencies in writing of this change.

As far back as the summer of 2003 SWISS first announced its
intention to introduce a new distribution model as of January 1,
2005, in keeping with changes taking place throughout the air
transport industry.  The combination of over-capacity and the
emergence of low-cost carriers have altered the competitive
environment and compelled airlines to reduce costs, especially
on the distribution front.  At the same time, fares on many
routes have fallen sharply, while the percentage commissions
travel agencies receive from airlines make a constantly
declining contribution to agency profitability.

When selling a ticket for a flight, a travel agency provides a
service for the customer and the airline.  As of January 1,
2005, the services that the travel agency performs on behalf of
the airline will be charged to the customer, in the form of a
fee for ticket issuing or information provided.  These charges
will replace the commission currently paid by the airline.  As
of January 1, 2005, SWISS will also charge a service fee on
tickets sold directly (via Web site, call center or ticket
office).  The amount will be CHF50 per ticket for flights within
Europe and CHF80 per ticket for long-haul flights.  A service
charge of CHF25 will apply to tickets booked through the
swiss.com Web site.  In order to compete with low-cost carriers,
however, SWISS will continue to sell Web Specials and European
fares in the two lowest booking classes without applying a
service charge.

The principle of charging customers fees for travel agency
services has been in effect on the Swiss market for a number of
years.

Legal framework

The collaboration between SWISS and travel agent continues to
function on the basis of the IATA Resolution 824.  The travel
agency therefore continues to be the agent for SWISS.
Because SWISS lowered fares by as much as 30% in 2003, no
further reduction is planned despite the elimination of the
commission to travel agencies.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O.  Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax:   +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


BUDCEMENT: Survival Hinges on Finding New Investor
--------------------------------------------------
Financial readjustment manager Oleksandr Mazhur says Budcement
could be saved if a new investor ploughs in additional capital
to help the company restart production.

According to him, the plant, whose equipment are all in working
condition, needs UAH200,000.  There are already interested
parties but "all the potential candidates want to see a plan for
financial readjustment."  He thinks it favorable if a rescuer is
found soon.  A rescue plan will be presented to the board of
creditors on September 15.

Budcement continues to consume cash while remaining idle.  Mr.
Mazhur said maintenance budget of UAH45,000 per month is not
sufficient to stave off closure.

"We will not have enough even to pay wages to workers, and there
are 140 of them at the plant," he said.  Plant production was
halted in July 2003 when Budcement's bills payable amounted to
UAH12 million.

Budcement plant has an annual capacity of around 130 tons of
top-grade Portland cement and has received revenues of UAH14.1
million in 2002.  Its board of creditors consists of six
organizations and the tax administration of Amvrosiyivka
district of Donetsk region.


DERAZHNYA' SUGAR: Public Auction of Assets Set July 12
------------------------------------------------------
Authorities at Hmelnitskij region have set for public auction
the properties of OJSC DERAZHNYA' SUGAR PLANT on July 12, 2004,
10:00 a.m. at Ukraine, Hmelnitskij, Teatralna Str. 10.

The properties for sale are:

(a)  Group of buildings and constructions located at
     Ukraine, Hmelnitskij region, Derazhnya, Zavodska Str. 5.
     Starting price:  UAH1,015,657 (plus UAH169,276.17 VAT)

(b)  Fixed assets located at Ukraine, Hmelnitskij region,
     Derazhnya, Zavodska Str. 5.  Starting price:
     UAH3,184,343 (plus UAH530,723.83 VAT)

Total starting price: UAH4,200,000.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH34 until July 2, 2004.  The amount must be deposited
until July 9, 2004 to account number 260057155 at JSPPB Aval,
Hmelnitskij regional branch, MFO 315966, EDRPOU 26334909, while
the registration fee must be deposited until July 9, 2004 to
account number 260087154 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966, code EDRPOU 26334909.

Participants must submit competitive propositions on or before
July 10, 2004 to Ukraine, Hmelnitskij, Teatralna Str. 10.  For
more information, call 8-(0382)-70-22-09.

CONTACT:  DERAZHNYA' SUGAR PLANT
          Ukraine, Hmelnitskij region,
          Derazhnya, Zavodska Str. 5

          BRANCH OF AGENCY OF BANKRUPTCY QUESTIONS IN
          HMELNITSKIJ REGION
          Ukraine, Hmelnitskij region,
          Teatralna Str. 10
          Phone: 8-(0382)-70-22-09


NOVOAZOVSKE AUTO: Declared Insolvent
------------------------------------
The Economic Court of Donetsk region declared OJSC Novoazovske
Auto-Transport Enterprise 11419 (code EDRPOU 03120615) insolvent
and introduced bankruptcy proceedings on May 17, 2004.  The case
is docketed as 5/258B.  Mr. Matvijchuk Denis (License Number
484238) has been appointed liquidator/insolvency manager.

Novoazovske Auto-Transport Enterprise 11419 holds account number
26009302511197 at Prominvestbank, Illichivsk main department,
Novoazovsk branch, MFO 334444.

CONTACT:  NOVOAZOVSKE AUTO-TRANSPORT ENTERPRISE 11419
          87600, Ukraine, Donetsk region,
          Novoazovsk, Ludnikov Str. 13

          Mr. Matvijchuk Denis
          Liquidator/Insolvency Manager
          87557, Ukraine, Donetsk region,
          Mariupol, Kyivska Str. 92-41

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


SVITANOK: Insolvent Status Affirmed
-----------------------------------
The Economic Court of Herson region declared Agricultural LLC
Svitanok (code EDRPOU 19236082) insolvent and introduced
bankruptcy proceedings on April 20, 2004.  The case is docketed
as 5/61-B.  Arbitral manager Mrs. Siromyatnikova U. (License
Number 719768 approved on January 23, 2004) has been appointed
liquidator/insolvency manager.

Svitanok holds account number 260053022 at JSPPB Aval, Herson
regional branch, MFO 352093.

CONTACT:  SVITANOK
          Ukraine, Herson region,
          Skadovsk district, Komsomolske

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


TAISS: Court Begins Bankruptcy Supervision
------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on LLC Taiss (code EDRPOU 23445986) and ordered a
moratorium on the satisfaction of creditors' claims on March 24,
2004.  The case is docketed as 2-5/6878-2004.  Arbitral manager
Mrs. Yeremenko Galina (License Number AA 719809 approved on
February 25, 2004) has been appointed temporary insolvency
manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  TAISS
     98303, Ukraine, AR Krym region,
     Kerch, Yeremenko Str. 38/87

(b)  Temporary Insolvency Manager
     Ukraine, AR Krym region,
     Nizhnovorskij district,
     Mitrofanovka, Rovenska Str. 13

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

Taiss holds account number 26005121130069/980 at
International Commercial Bank, Feodosia branch, MFO 23437294.

CONTACT:  TAISS
          98303, Ukraine, AR Krym region,
          Kerch, Yeremenko Str. 38/87

          Mrs. Yeremenko Galina
          Temporary Insolvency Manager
          Ukraine, AR Krym region,
          Nizhnovorskij district,
          Mitrofanovka, Rovenska Str. 13

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


UKRROSTRANS: Donetsk Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Donetsk region declared LLC Ukrrostrans
(code EDRPOU 24166294) insolvent and introduced bankruptcy
proceedings on June 1, 2004.  The authorities also ordered a
moratorium on the satisfaction of creditors' claims on March 24,
2004.  The case is docketed as 33/222 B.  Mr. Klimenkov Mihajlo
(License Number AA 668290 approved on October 7, 2004) has been
appointed liquidator/insolvency manager.

Ukrrostrans holds account number 260021802682 at JSC Ukrsocbank,
Donetsk region branch.

CONTACT:  UKRROSTRANS
          85400, Ukraine, Donetsk region,
          Seledove, Nagorna Str. 9

          Mr. Klimenkov Mihajlo
          Liquidator/Insolvency Manager
          83013, Ukraine, Donetsk region,
          Sofijska Str. 16/47

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157



VETZOOPROMPOSTACH: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Vetzooprompostach (code
EDRPOU 00689272) on March 15, 2004.  The case is docketed as B-
7/39.  Arbitral manager Mr. Slobodyan L. (License Number AA
047736 approved on September 25, 2001) has been appointed
temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  VETZOOPROMPOSTACH
     Ukraine, Ivano-Frankivsk region,
     Hriplinskij promvuzol Str. 23

(b)  Temporary Insolvency Manager
     Ukraine, Ivano-Frankivsk region,
     Vovchinetska Str. 189/57

(c)  ECONOMIC COURT OF IVANO-FRANKIVSK REGION
     76000, Ukraine, Ivano-Frankivsk region,
     Grunvaldska Str. 11

Vetzooprompostach holds account number 26006340035301 at
Ukrsocbank, Ivano-Frankivsk regional branch, MFO 336019.

CONTACT:  VETZOOPROMPOSTACH
          Ukraine, Ivano-Frankivsk region,
          Hriplinskij promvuzol Str. 23

          Mr. Slobodyan L.
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Vovchinetska Str. 189/57

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Grunvaldska Str. 11


ZAPORIZHTRANSFERTKAPITAL: Bankruptcy Supervision Begins
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Zaporizhtransfertkapital (code
EDRPOU 31250186).  The case is docketed as 19/66.  Mr. Zinchenko
Yurij (License Number 047661 approved on August 17, 2001) has
been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to:

(a)  ZAPORIZHTRANSFERTKAPITAL
     69098, Ukraine, Zaporizhya region,
     mska Str. 7/9

(b)  Temporary Insolvency Manager
     70200, Ukraine, Zaporizhya region,
     Gulyaj-Pole, Spartakivska Str. 8

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

Zaporizhtransfertkapital holds account number 26005300631 at LLC
CB Zahidinkombank, Herson branch, MFO 352327.

CONTACT:  ZAPORIZHTRANSFERTKAPITAL
          69098, Ukraine, Zaporizhya region,
          Omska Str. 7/9

          Mr. Zinchenko Yurij
          Temporary Insolvency Manager
          70200, Ukraine, Zaporizhya region,
          Gulyaj-Pole, Spartakivska Str. 8

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


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


AORTECH INTERNATIONAL: Narrows Pre-tax Loss to GBP1.5 Mln
---------------------------------------------------------
Preliminary Results for the year ended 31 March 2004

AorTech International plc, the biomaterials Intellectual
Property and Material Manufacturing Company is pleased to
announce its Preliminary Results for the year ended 31 March
2004.

Operational Highlights

(a) Four Agreements signed with major biomaterial companies

(b) Increase in milestone payments

(c) Key materials development with Elast-Eon XLTM - for
    application in Spinal Disc augmentation

(d) FDA submission being prepared for Breast Implant
    Applications

(e) Pilot scale production and testing of new Elast-EonTM heart
    value

(f) 1 for 10 share consolidation

Financial Highlights

(a) Turnover on Continuing Operations GBP360,185 (2003:
    GBP73,407)

(b) Group operating loss GBP2,197,509 (2003: GBP28,389,621)

(c) Loss Before Taxation GBP1,449,557 (2003: GBP39,358,178)

(d) Tax gain of GBP1,976,817 (2003: nil)

(e) Profit After Tax GBP527,260 (2003: Loss GBP39,358,178)

(f) EPS 13.84p (2003: Loss 1,032.95p)

Chairman's Statement

Results

For the year ended 31 March 2004, the Company had turnover of
GBP360,185, which consisted largely of up front payments from
four licenses and purchases of Elast EonTM.  Operating expenses
for the year were GBP2,527,045, which included development
expenditure of GBP559,032, amortization of intangible fixed
assets of GBP97,863, and costs of GBP466,740 which will not be
incurred in future periods following the restructuring of the
Group and the discontinuance of businesses in the previous year.
This led to a Loss on Ordinary Activities Before Tax of
GBP1,449,557.

During the year the Company received cash in respect of research
and development tax credits totaling GBP1,976,817 relating to
development expenditure incurred in prior years.  This is shown
in the Profit and Loss Account as a taxation credit and resulted
in a Profit After Tax for the year of GBP527,260.

The cash position at the end of the year was GBP5,968,200
compared to GBP6,851,343 at the end of the previous year.  Cash
outflow from operating activities before exceptional items
included expenditure of GBP636,518 which will not be incurred in
future periods following the restructuring of the Group and the
discontinuance of businesses in the previous year.

Biomaterials

As reported in the Interim Statement for the year, good progress
was made in the period through to October 2003, with four
technology/material supply agreements signed and detailed
discussions in progress with a number of other potential
licensees.

It was at this time, after a series of announcements regarding
biomaterials licensing activities, that the Company received an
approach from a third party expressing interest in acquiring the
Company.  In late January 2004, after a series of detailed
discussions, the Board unanimously recommended that the
negotiations be taken to the next stage.  However, before this
could be formalized, it became apparent that the Company could
not meet all of the pre-conditions of the approach and this led
to the third party withdrawing from the negotiations.

This process proved very time consuming for the small management
team and their time was inevitably deflected from the major
operating tasks at a critical period.

However in spite of this, considerable progress was made on
three fronts:

(a) Development of new materials for new market segments

(b) Completion of new technology/material supply agreements

(c) Development of relationships with existing Partners

Development of new materials for new market segments

(a) A new class of Elast-EonTM technology, which has been named
    Elast-Eon XL TM in reference to its cross linked
    composition, has been developed specifically for orthopaedic
    applications.  This material is currently being evaluated by
    a number of the leading suppliers of spinal disc implant
    products for use as the material of choice for an emerging
    class of flexible spinal disc implants.   Another version of
    this new class of Elast-EonTM has been developed with the
    intent of providing a material that may be injected directly
    into the interior of the disc to compensate for loss of
    native disc material.  New patents applications have been
    filed for this material

(b) The Company has developed a new class of Elast-EonTM with
    the intent of providing a safer, softer substitute for
    silicone gel in breast implant products.  In pursuit of its
    goals in this area, the Company has produced 'All Elast-
    EonTM' proto-type breast implants incorporating an Elast-
    EonTM shell as well as an Elast-EonTM filler.  Additionally,
    these devices were produced utilizing novel device
    manufacturing processes developed in-house.  The Company
    believes this 'All Elast-EonTM' device offers a number of
    improvements over existing silicone technology with respect
    to safety and strength and to a significant degree can
    demonstrate these improvements with respect to the guidance
    documents issued by the United States Food and Drug
    Administration in January of this year.  The Company has
    filed new intellectual property for this material in this
    application.

(c) Operationally, the Company has qualified a second tier of
    suppliers for its key raw materials and upgraded its quality
    systems to comply with current ISO requirements.
    Manufacturing processes have been fully validated as the
    Company prepares to make the transition into routine
    production and supply of its polymer biomaterials.

(d) The establishment of an alliance with Xceed Pty of Australia
    under which Xceed's novel biodegradable polyurethane
    technology will be scaled-up, stabilized and manufactured at
    AorTech's ISO certified Technology Center.

(e) Continued progress with the qualification of the Elast-EonTM
    2 for use in the insulation of pacing leads and the
    development of a softer second generation material for the
    same application.

(f) Seven technical papers on the use of Elast-EonTM were
    published and delivered at the 7th World Biomaterial
    Congress in May 2004 in Sydney, Australia.

Completion of technology/supply agreements

(a) Spinal Discs -- detailed negotiations were held with an
    orthopedic company regarding an exclusive agreement to use
    the orthopedic version of Elast EonTM, i.e.  Elast Eon
    XLTM, for minimally invasive spinal surgery devices.
    However, for reasons not connected with the material, these
    negotiations were terminated shortly before the agreement
    was due to be signed.  This was obviously very disappointing
    but at least it demonstrated that Elast Eon XLTM is a
    leading edge material for this high growth market segment.
    Negotiations are now proceeding with alternative major
    spinal surgery companies.

(b) Breast Implants - as reported previously, discussions have
    been held with the two market leaders regarding an Elast-
    EonTM material license and supply agreement.  However the
    Company has decided to move further up the value chain by
    developing prototype implants and is seeking a partner in
    this device development effort.  If successful, this would
    be the Company's first move forward from its basic business
    model of technology/material supply agreements   and could
    provide a platform with significantly greater revenue
    generating potential for future growth.

(c) Successful co-development activities directed at qualifying
    Elast-EonTM for applications in neuro-vascular stenting with
    a major US based partner

(d) Successful co-development demonstrating the feasibility of
    an Elast-EonTM application in neuro-stimulation products
    with the global leader in the field.

The Company is also currently pursuing additional licensing
opportunities in:

(a) Cochlear implants

(b) Small replacement joint prostheses

(c) Long-term catheters

Development of relationships with existing Partners

Three of the first four licenses anticipate revenue generating
co-development work occurring as part of the license's
application activities.  At this point there are four of these
co-development projects underway and more are expected as the
relationships develop.

Additionally, two of these agreements contain provisions for
exclusivity options for the licensee.  In both cases, the
feasibility work required to support the option decisions is
progressing positively.

(a) On going support and co-development of Elast-EonTM for drug
    eluting and non-drug eluting stent technology.  Elast-EonTM
    stents have successfully concluded the feasibility phase of
    their development with 3 partners and are moving forward
    into the product development phase for a number of new stent
    products for both coronary and peripheral vascular
    applications.

(b) The Company has produced a series of next generation Elast-
    EonTM heart valves of its own design.  The valves have been
    tested by the Company and have demonstrated superior
    performance and durability. The intellectual property
    associated with this heart valve technology continues to
    move forward in its approval process.  This polymer valve
    technology has applications for both conventional surgical
    approaches as well as for a percutaneous or interventional
    cardiology technique approach to the implantation of the
    heart valve in patients incapable of withstanding full open-
    chest surgery on cardio-pulmonary bypass.

Company Outlook

The Board continues to believe that there are considerable
opportunities for the Company in the specialist biomaterials
market, particularly for implants where material specifications
are challenging and added value can be high.  The early interest
from a third party to acquire the Company appears, in the
Directors' opinion, to support this view.

As indicated in the last year's Statement, it is not intended
that the Company should remain solely a material supplier but
should enhance shareholder value by moving up the value chain
through the development of new applications utilizing new
materials, such application work being funded by commercial
partners.  At some point in the future the Company may move into
the manufacture of proprietary components and /or products.

The Board believes that, whilst not without risk, this early
stage company has an opportunity to generate shareholder value.

Board Changes

During the year, Bill Strachan and Jonathan Brooks, both Non-
Executive Directors, decided that it would be in the best
interests of the Company if the Board could be strengthened by
the addition of Non-Executive Directors with small company
experience and entrepreneurial backgrounds.  As a result they
resigned and have been replaced by:

Peter Jeremy Gibson, age 58, previously the CEO and Chairman of
the Corin Group PLC, a major U.K. manufacturer of orthopaedic
implants.  Peter founded Corin in 1985 and managed it through to
a public flotation in 2002 before retiring in 2003.  He has
significant experience of the challenges facing early stage
companies in the orthopedic implant market.

Jon Peter Pither, age 69, brings a wealth of Board and City
institutional experience.  His knowledge and experience of the
challenges facing quoted small cap companies with emerging
technologies will be particularly valuable at this stage in the
development of the Company.

I would like to thank both Bill and Jonathan for their
significant contributions during their time with the Company.

Capital Reduction

At the Annual General Meeting, a resolution will be proposed to
cancel the Share Premium Account of the Company and to apply
this cancellation to eliminate the accumulated deficit on the
Company's Profit and Loss Account which stood at GBP62,020,656
on 31 March 2004.  The Board believes that the resulting balance
sheet will be more suitable for an early stage business and will
give the Company the potential to make distributions in the
future if appropriate.

Summary

The Company has completed its first year as an early stage
biomaterials business.  In general, good progress has been made,
although there is little doubt that this progress was slowed by
the negotiations concerning the third party approach.

The Board remains encouraged by the very positive response from
most of the large global medical device companies and their
significant interest in the Company's material technology and
its development and manufacturing capabilities.

The strategic plan has been agreed the technology is in place
and the market appears to be receptive.  The challenge is to
create a solid business from this opportunity.

Finally, my sincere thanks to all employees, ably led by Frank
Maguire, for their very considerable efforts during the year.

Laurie Rostron
Chairman

Financial statements are available free of charge at
http://bankrupt.com/misc/Aortech_Q12004.htm

CONTACT:  AORTECH INTERNATIONAL PLC
          Frank Maguire
          Chief Executive

          Laurie Rostron
          Non-Executive Chairman
          Phone: 01698 746699 (thereafter)
          Web site: http://www.aortech.com

          BUCHANAN COMMUNICATIONS
          Ben Willey
          Lisa Baderoon
          Rebecca Skye Dietrich
          Phone: 020 7466 5000


ASPLEY DISTRIBUTION: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an Extraordinary General Meeting of the Aspley Distribution
Limited Company on June 17, 2004 held at New House, Suite 24,
67-68 Hatton Garden, London EC1N 8JY, the Extraordinary
Resolution to wind up the company was passed.  William Antony
Batty of Antony Batty & Co, New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  ANTONY BATTY & CO
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY
          Liquidator:
          William Antony Batty


BDL CONTRACTS: National Westminster Appoints KPMG Receiver
----------------------------------------------------------
National Westminster Bank Plc called in Paul Andrew Flint and
Brian Green of KPMG as receivers for BDL Contracts & Design Plc
(Reg No 01728149).  The application was filed June 16, 2004.
The company manufactures and installs shop fittings.

CONTACT:  KPMG CORPORATE RECOVERY
          St James' Square,
          Manchester M2 6DS
          Receivers:
          Paul Andrew Flint
          Brian Green
          (Office Holder Nos 9075, 8709)


BNP COMMERCIAL: Final Meeting Set July 23
-----------------------------------------
BNP Commercial Credit Limited
BNP Leasing (3) Limited
BNP Leasing (6) Limited
BNP Leasing (9) Limited

Members of these companies will have a Final Meeting on July 23,
2004 at 10:20 a.m., 10:25 a.m., 10:30 a.m. and 10:35 a.m.
respectively.  It will be held at KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB.

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.  Proxies must be lodged with KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB not later than 12:00 noon, July 21,
2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidators:
          S Treharne


CLINK STREET: Members General Meeting Set August 5
--------------------------------------------------
Members of Clink Street Studios will have a General Meeting on
August 5, 2004 at 10:00 a.m.  It will be held at the offices of
BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading,
Berkshire RG1 3EX.

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:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Liquidator:
          M H Thompson


CRESTINA LIMITED: Special Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Crestina Limited Company on June 21, 2004 held at Lord Coutanche
House, 66-68 Esplanade, St Helier, Jersey JE4 5PS, the Special
Resolution top wind up the company was passed.  Robert Stephen
Palmer has been appointed Liquidator for the purpose of such
winding-up.


DAYTONA PROPERTY: Sets Final General Meeting July 28
----------------------------------------------------
There will be an Annual and Final General Meeting of the Members
of Daytona Property Developments Limited on July 28, 2004 at
11:00 a.m.  It will be held at the offices of Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

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:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Liquidator:
          S B Ryman


DONNELLSONS-MINERVA: Final General Meeting Set July 26
------------------------------------------------------
Members of Donnellsons-Minerva Financial Services Limited will
have a Final General Meeting on July 26, 2004 at 10:30 a.m.  It
will be held at 86-88 South Ealing Road, Ealing, London W5 4QB.

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.


DURABLAST SURFACE: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Durablast Surface Treatments Ltd Company on June 15, 2004 held
at Bridgewater Suite, CLB, Century House, St Peter's Square,
Manchester M2 3DN, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Diane Elizabeth Hill has been
appointed Liquidator for the purpose of such winding-up.


EQUITABLE LIFE: Pension Group to Face Society in Court
------------------------------------------------------
A group of pensioners are planning to sue Equitable Life to
claim compensation for the cuts in their retirement income,
according to The Herald.

The Equitable Life Trapped Annuitants Association (Elta) already
has gained support from 650 policyholders, who suffered cuts in
their retirement incomes, for their motion to obtain a
settlement from the society.  It plans to issue a writ by July
15 at the latest.

Members of the group saw their pension cut up to 40% since 2002.
They were unable to transfer investment somewhere else due to
rules governing annuities.  They are expected to claim that "the
annuity being sold by Equitable during the 1990s was a flawed
product and was being sold at a time when the society was
effectively insolvent," according to the report.

Peter Scawen, Elta chairman, said: "Only people named in the
writ will be subscribed to the action. Anyone who wants to join
must phone our lawyers immediately."


EVENTS-MEDIA: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the
Events-Media Management Limited Company on June 16, 2004 held at
Devonshire House, 1 Devonshire Street, London W1W 5DR, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Mark Richard Phillips and Murzban Khurshed Mehta
have been appointed Joint Liquidators for the purpose of such
winding-up.


FIRST LEISUREWEAR: Final General Meeting Set July 30
----------------------------------------------------
The Final General Meeting of the Members of First For
Leisurewear Ltd Company will be held on July 30, 2004 at 11:30
a.m.  It will be held at Chris Haworth & Co, The Gables,
Goostrey Lane, Twemlow Green, near Holmes Chapel, Cheshire CW4
8BH.

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.


FRESHBAKE FOODS: Business for Sale
----------------------------------
The Joint Administrative Receivers, Michael Horrocks, Russel
Cash Ian Grenen and Iain Bennet offer for sale the business and
assets of frozen food manufacturer Freshbake Foods Limited and
Freshbake Trading Limited (both in administrative receivership).
The company has a blue-chip customer base and is comprised of 3
independent factories.

Assets for sale are:

(a)  Glasgow factory: has turnover of GBP24 million;
     consistently profitable; produces sausages and formed
     meats

(b)  Hartlepool factory: has a turnover of GBP15 million;
     factory produces cakes and desserts

(c)  Salford factory: has turnover of GBP23 million; produces
     pies, sausage rolls and other savory products.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square
          Manchester, M2 3 PW
          Contact:
          Rob Hebenton
          Phone: 0161 245 2225
          Fax: 0161 245 2828
          E-mail: robert.hebenton@uk.pwc.com


GREAT WESTERN: Sets Meeting August 5
------------------------------------
The Final General Meeting of the Members of Great Western London
Limited Company will be held on August 5, 2004 at 10:00 p.m.  It
will be held at the offices of BDO Stoy Hayward LLP, 20-30 Kings
Road, Reading, Berkshire RG1 3EX.

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:  BDO STOY HAYWARD LLP
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Liquidator:
          M H Thompson


INNOPAC LIMITED: Hires Receivers from Poppleton & Appleby
---------------------------------------------------------
The Innopac Limited Company has appointed Stephen Lord and
Stephen James Wainwright of Poppleton & Appleby as joint
administrative receivers.  The appointment was made June 17,
2004.  The company is engaged in chemical packaging.

CONTACT:  POPPLETON & APPLEBY
          32 High Street,
          Manchester M4 1QD
          Receivers:
          Stephen Lord
          Stephen James Wainwright
          (IP Nos 3443, 5306)


INVARO: Investigation into Collapse Launched
--------------------------------------------
A major investigation is being launched at Invaro, the Liverpool
claims firm which closed down after incurring debts of over
GBP85 million, according to Liverpool Daily Post.

An international investigation team is probing Invaro Chairman
Terry Lindon after unspecified "serious allegations" were made
at a heated meeting of 30 creditors.  He chaired the creditors'
meeting and denied the allegations.

The team believes that some Liverpool solicitors could be at
risk of collapse because of debts of up to GBP5 million linked
to Invaro's breakdown.

Around 65 people lost their jobs after Invaro shut its Princes
Dock head office and two others in Manchester and Wales earlier
this month.

Tony Murphy, a partner with London-based bank Smith &
Williamson, was appointed liquidator at the creditors' meeting
this week.  He said a new company called Strathmore Capital Ltd.
has been formed to take over some of the 50,000 claims Invaro
handled.  Strathmore Capital is run by John Hall, who he denied
any connections with Invaro.

About 10 former Invaro workers have been taken on to audit the
outstanding claims, said Mr. Murphy.  A creditors committee has
been formed to liquidate Invaro's assets.  However Mr. Murphy
warned, "The recovery to creditors is uncertain and will be
subject to investigation and asset tracing."

He revealed, "There are 100 creditors, excluding the investors.
Trade creditors are owed about GBP1.5 million.  Employee payment
claims are about GBP300,000."

"Mr. Lindon claims he made a loan to Invaro of GBP1.25 million
and GBP82.7 million is owed to funding investors and the main
investor," Mr. Murphy added.

Mr. Murphy must report to the Department for Trade and Industry
within six months.  He said he would investigate the allegations
made against Mr. Lindon at the meeting.

Meanwhile, a spokesman for Monaco-based CW Asset Management -
said Invaro's failure could hit Liverpool lawyers.  He stated,
"I believe between them they are owed up to GBP 5million --
quite a few could be at risk."

A spokesman for the Liverpool Law Society said it is not yet
known if Merseyside solicitor firms will be heavily hit by
Invaro's liquidation.

He added, "It is safe to say that members of the public who have
made claims through Invaro will not be financially affected."


JAMES COOPER: Final Meeting Set July 27
---------------------------------------
Members of James Cooper (Construction) Limited Company will have
a Final Meeting on July 27, 2004 at 11:00 a.m.  It will be held
at the offices of Chantrey Vellacott DFK, Chartered Accountants,
Russell Square House, 10-12 Russell Square, London WC1B 5LF.

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 Chantrey Vellacott DFK,
Chartered Accountants, Russell Square House, 10-12 Russell
Square, London WC1B 5LF not later than 12:00 noon, July 26,
2004.

CONTACT:  CHANTREY VELLACOTT DFK
          Chartered Accountants
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Liquidator:
          B R A Callaghan


KEYTECH PRODUCT: Appoints Baker Tilly Administrator
---------------------------------------------------
Stephen Mark Quinn and Lindsey Jane Cooper of Baker Tilly have
been appointed joint administrative receivers for Keytech
Product Services Ltd Company.  The appointment was made June 16,
2004.

The company's registered office address is c/o Baker Tilly,
Brazennose House, Lincoln Square, Manchester M2 5BL.  Keytech is
engaged in software consultancy and supply.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Receivers:
          Stephen Mark Quinn
          Lindsey Jane Cooper
          (IP Nos 005761, 008931)


LAXTON CRAWFORD: Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Laxton Crawford
Limited Company on June 8, 2004 held at Sovereign House,
Harrogate, the Special Resolution to wind up the company was
passed.  David Frederick Wilson and Julian Nigel Richard Pitts
both of Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ have been appointed Liquidators for the purpose
of winding-up the Company.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park, Coal Road,
          Leeds LS14 1PQ
          Liquidators:
          David Frederick Wilson
          Julian Nigel Richard Pitts


LOWMARSH LIMITED: Members General Meeting Set June 28
-----------------------------------------------------
The General Meeting of the Members of Lowmarsh Limited Company
will be on July 28, 2004 at 10:30 a.m.  It will be held at the
offices of Brown Butler & Co, Yorkshire Bank Chambers, Infirmary
Street, Leeds LS1 2JT.

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.


MARCONI CORPORATION: Wins GBP360 Million BT Network Contract
------------------------------------------------------------
Marconi Corporation plc (London: MONI and NASDAQ:MRCIY) has won
a renewal of its cable services frame contract with BT estimated
by the operator to be worth around GBP360 million over four
years.  The renewal takes effect from July 1, 2004 and covers
civil engineering, pole renewal and underground cabling works in
England.

The contract will be led by Marconi's field engineering staff
based in Basildon who will provide cable services covering BT's
East Midlands, Eastern, Outer London and Inner London regions.
Around 320 Marconi field engineers, as well as over 1000
subcontractors, will continue to provide services supporting new
and existing copper and fiber installations, ensuring the
integrity of BT's network.

Marconi has provided U.K. network operators with cable
connectivity and repair services for almost a century.  During
2003, Marconi Cable Services installed in excess of 3300 km of
fiber, copper cabling and ducting for BT; as well as 20,000
telephone poles.  Marconi's dedicated cable services engineers
and civil engineering work teams complete more than 1500 BT
customer orders per week.  'Customers look for a partner that
can deliver efficient, high quality and reliable services in a
safe manner,' said Mark Plato, managing director, Marconi Value
Added Services.  'Our professional field staff are well trained
and fully accredited with established procedures in these areas.
Our contract renewal demonstrates BT's faith in Marconi's people
and processes and our excellent track record in supporting this
key area of its network.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.  The
company is listed on the London Stock Exchange under the symbol
MONI and on NASDAQ under the ticker MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com

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

          Patrick Murphy
          Phone: 44 115 906 4151
          E-mail: patrick.murphy@marconi.com

          Investor Inquiries:
          Matthew Brooks
          Phone: + 44 24 7656 2249
          E-mail: matthew.brooks@marconi.com

          Industry Analyst Inquiries:
          Stephen Hobson
          Phone: +44 151 254 4561
          E-mail: stephen.hobson@marconi.com


MEPC LIMITED: Sells Hermes Factory Outlets
------------------------------------------
MEPC Limited divested four factory outlets to funds under the
management of Hermes at a total price of GBP205.8 million.  The
properties sold are Clark's Village, Street; Royal Quays, North
Shields; Atlantic Village, Bideford and Lakeside Village,
Doncaster.

CONTACT:  MEPC
          Mr. Gavin Lewis
          Head of Corporate Finance
          Phone: 020 7702 6110


MEPC LIMITED: Ratings Unchanged Following Asset Disposals
---------------------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that its
ratings and outlook on U.K.-based property investment company
MEPC Ltd. (B+/Negative/--) remain unchanged following the
group's announcement that it has sold four factory outlets to
the fund manager Hermes Pension Management for a total price of
GBP205.8 million ($372.5 million).

Although MEPC will use the proceeds to repay debt, the disposal
value represents a higher yield than that on the debt to be
repaid, resulting in a reduction in gross interest cover to a
mere 0.7x on a pro forma basis.

In addition, the group's liquidity remains below average because
MEPC depends on a GBP350 million-committed revolver from the
British Telecom Pension Scheme (the group's majority
shareholder) to pay interest and meet upcoming debt maturities.

Negative pledge clauses in MEPC's existing debt issues do not
prevent the raising of sterling-denominated secured debt.  If
further funding needs are financed by secured debt, however, the
ratings on MEPC's unsecured debt could be notched down by up to
two notches due to legal subordination.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts E-mail Addresses
          kenneth_mak@standardandpoors.com
          peter_tuving@standardandpoors.com
          CorporateFinanceEuropestandardandpoors.com


MOONCREST FUNDING: Names Liquidator from Tenon Recovery
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Mooncrest Funding 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 duly
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


PARKWYND LTD.: First Liquidation Meeting Set July 2
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Parkwynd Ltd (in Liquidation)

I, of William Duncan & Co 104 Quarry Street Hamilton ML3 7AX
hereby give notice that I was appointed Interim Liquidator of
Parkwynd Ltd. on May 25, 2004 by the Interlocutor of the Sheriff
at Court of Session.

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 July 2, 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 5, 2004


PARTNERS PUBLISHING: In Administrative Receivership
---------------------------------------------------
James Richard Tickell and Carl Derek Faulds have been appointed
as joint administrative receivers.  The appointment was made
June 16, 2004.  The company is a publisher of journals and
periodicals.

CONTACT:  James Richard Tickell
          Carl Derek Faulds
          (IP Nos 8125, 008767)
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire PO15 7AH


QUIKTRAK TELECOMMUNICATIONS: General Meeting Set August 4
---------------------------------------------------------
Members of Quiktrak Telecommunications Plc will have a General
Meeting on August 4, 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. M
Members who want to be represented at the Meeting may appoint
proxies.


RED BACK: Sets Final General Meeting July 27
--------------------------------------------
The Final General Meeting of the Members of Red Back Taverns
Limited Company will be on July 27, 2004 at 10:30 a.m.  It will
be held at 86-88 South Ealing Road, Ealing, London W5 4QB.

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.


REDSHIELD MANUFACTURING: Hires Numerica Administrator
-----------------------------------------------------
Redshield Manufacturing Ltd has appointed Peter James Hughes-
Holland and Frank Wessely of Numerica as joint administrative
receivers.  The appointed was made June 2, 2004.

The company is engaged in joinery installation.  Its registered
office address is located at Winterton House, Nixley Close,
Slough, Berkshire SL1 1ND.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Receivers:
          Peter James Hughes-Holland
          Frank Wessely
          (IP Nos 1700, 7788)


RELATE SOUTH: Withdrawal of Govt Grants Forces Liquidation
----------------------------------------------------------
Counselling service Relate South Wales has called in liquidators
after incurring debt of less than GBP10,000, Europe Intelligence
Wire reports.

A company employee said, "Our financial problems started three
years ago when Cardiff County Council withdrew their annual
grant of pounds 7,000 a year.  We have been struggling ever
since."  The decision of the government forced Relate South
Wales to move from Cardiff City Centre to Newport.

The debts for Relate South Wales are for unpaid bills to parent
charity Relate which overseas the company's regional and local
groups and the training of marriage guidance staff.  About five
full and part-time staff may lose their jobs.

The company has been offering counseling service to couples with
relationship problems for 56 years.  The service will be wound
up later this week.  However, plans are already being made for a
new organization to replace Relate.

In the meantime, couples with relationship problems have been
reassured that Relate counselors will still be available to
help.

A spokeswoman from Relate's headquarters in Rugby said, "We are
hoping that a new service will be put into place within two
weeks and clients can be reassured that their help will be
uninterrupted.  In the meantime those with any relationship
inquiries should ring our general number on 0845 456 1310."


RMC GROUP: Tinkers with Management Structure
--------------------------------------------
New RMC Group chief executive David Munro axed two directors
Monday as he warned of weak performances in the company's core
British and German businesses, Independent News says.

Mr. Munro said Mike Foster and Graham Clark would step down as
directors of the company.  Mr. Foster took charge of RMC's
operation in the U.K. while Mr. Clark oversaw the German
division.

The two will still serve as advisers until the end of the year.
Both have one-year contracts.  Last year Mr. Foster was paid
GBP428,000 while Mr. Clark received GBP362,000.  Payoff
negotiations are still ongoing.

Shares in RMC, the world's biggest ready-mixed concrete maker,
fell 2p to 588p after it issued a warning of "disappointing
performance" in the U.K. as a result of a decline in asphalt
demand.  While demand in Germany could fall by as much as 5%
this year, the market was recovering gradually, RMC said.


SECRETAN PUBLIC: Sets Final Meeting July 22
-------------------------------------------
The Final Meeting of Secretan Public Limited Company will be
held on July 22, 2004 at 11:30 a.m.  It will be held at Mazars,
24 Bevis Marks, London EC3A 7NR.

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 Mazars, 24 Bevis Marks,
London EC3A 7NR not later than 12:00 noon, July 21, 2004.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Joint Liquidator:
          D Thorniley


SOUTER MARINE: Appoints Receivers from CBA
------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA have been
appointed joint administrative receivers for Souter Marine
Limited.  The appointment was made June 17, 2004.

The company maintains and repairs boats.  Its registered office
address is located at 435 Lichfield Road, Aston, Birmingham B6
7SS.

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road, Aston,
          Birmingham B6 7SS
          Receivers:
          Neil Charles Money
          Neil Richard Gibson
          (IP Nos 8900, 9213)


THOMAS COOK: Proposes New Ways to Reduce Personnel Cost
-------------------------------------------------------
Thomas Cook AG plans additional cuts in personnel costs in order
to survive competition with other tour operator.  Condor, its
airline subsidiary, is increasingly losing customers to low-cost
rivals such as Ryanair Holdings plc.

Chief Financial Officer Heinz-Ludger Heuberg told Handelsblatt
Europe's second largest travel company has to cut costs by at
least a quarter.  In line with the plan, the firm wants to
temporarily increase the number of working hours to 40 a week,
cut salaries by 3%, and make five days of annual vacation leave
unpaid.  In addition, it may devise a scheme to regulate bonuses
depending on earnings.  It may even scrap the incentive if the
company posts no profit.  The company is meeting employees July
1.

Thomas Cook is jointly owned by national carrier Deutsche
Lufthansa AG and German department-store operator
KarstadtQuelle.  Like larger competitor TUI AG, Thomas Cook's
Condor has been increasing offerings in the no-frills segment as
vacationers seek lower fares.

CONTACT:  THOMAS COOK AG
          Press contact:
          Corporate Communications
          Phone: +49 (0) 61 71 65-1700
          Fax:   +49 (0) 61 71 65-1060
          E-mail: konzernkommunikation@thomascookag.com
          Web site: http://www.thomascook.info


T ROUKE: Creditors Meeting Set July 2
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

       IN THE MATTER OF T Rouke Environmental Services Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the above-named company
will be held at The Rhinewood Inn Glazebrook Lane Glazebrook WA3
5BB, on July 2, 2004, at 11:30 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 348-350 Lytham
Road Blackpool FY4 1DW 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
348-350 Lytham Road Blackpool FY4 1DW 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 Campbell Crossley & Davis, 348-350 Lytham
Road Blackpool FY4 1DW on two business days next before the
meeting.

By Order of the Board.

F S Parker, Director
June 7, 2004


VELVETEEN BEAN: Sets Creditors Meeting July 9
---------------------------------------------
Creditors of The Velveteen Bean Bear Company Limited will have
an initial Meeting on July 9, 2004 at 11:00 a.m.  It will be
held at The Conifers, Filton Road, Hambrook, Bristol BS16 1QG.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Houghton Stone, The Conifers, Filton Road,
Hambrook, Bristol BS16 1QG not later than 12:00 noon, July 8,
2004.

CONTACT:  THE CONIFERS
          Houghton Stone
          Filton Road, Hambrook,
          Bristol BS16 1QG
          Administrator:
          S H Thornton


WH SMITH: Publishing Arm Sale May Encourage Permira Comeback
------------------------------------------------------------
Private equity firm Permira is now expected to come back with a
fresh bid for newspaper and bookseller WH Smith after the latter
announced it is selling its publishing arm.

Last week, the retailer suspended takeover talks with Permira
pending clarification of the level of any possible offer for the
company.  The equity firm was offering GBP940 million or 371p a
share, but pension holders are demanding for a bigger sum to
cover the company's GBP250 million-pension shortfall.

When WH Smith announced it is dropping the talks with Permira,
it also said it is in discussions with several parties
interested in buying its Hodder Headline publishing arm, and
would return proceeds from any sale to shareholders.  Reports
say the unit's sale could fetch WH Smith up to GBP230 million.

According to the Independent, the company's pension fund
trustees were demanding that over half of the proceeds should be
injected into the fund.

"It would ... increase the chances of a successful bid from
Permira as the pension fund liabilities would be significantly
reduced," the paper said.


                            *********


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

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

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

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Information contained herein is obtained from sources believed
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