TCREUR_Public/040702.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, July 2, 2004, Vol. 5, No. 130

                            Headlines

C Y P R U S

LIBRA HOLIDAYS: Narrows First-half Loss to CYP11.19 Million


F R A N C E

SCOR GROUP: EUR180 Mln New Convertible Bond Rated 'BB'
VIVENDI UNIVERSAL: Spends EUR2.3 Bln to Redeem High-yield Notes


G E R M A N Y

CONTINENTAL AG: E.U. Commission Probes Phoenix Takeover
JENOPTIK AG: 'B+' Ratings Affirmed; Outlook Negative
JENOPTIK AG: Convertible Bond Sale Raises EUR62.1 Million
WESTLB AG: Names Rolf Gerlach Chairman of Supervisory Board
WESTLB AG: New Management Board to Implement New Business Model


I T A L Y

PARMALAT AUSTRALIA: Reports 2003 Operating Performance
PARMALAT FINANZIARIA: Files Rescue Plan with Industry Ministry
PARMALAT FINANZIARIA: Jade Land Offers US$3 Mln for NJ Property
PARMALAT U.S.A.: Debtors Modify Employee Severance Plan


L U X E M B O U R G

BCP CAYLUX: Senior Implied Rating Downgraded to B1


N O R W A Y

NORTHERN OFFSHORE: Considers Liquidation as Debt Talks Stall


R U S S I A

AMURSKY BREAD: Declared Insolvent
ERA: Under Bankruptcy Supervision Procedure
IRBIT-ENERGO: Sverdlovsk Court Appoints Insolvency Manager
KASIMOVSKY MACHINE: Court Sets October 26 Hearing
METROMEDIA INTERNATIONAL: Appoints Two New Board Members

MOBILE TELESYSTEMS: 1st-quarter Net Income Up 159% Year-on-year
MOBILE TELESYSTEMS: To Pay RUB3.2 Dividend for 2003
MOSKOVSKOYE: Court Commences Bankruptcy Procedure
PIG BREEDING: Insolvency Confirmed
SHEBEKINSKY FACTORY: Belgorod Court Appoints Insolvency Manager

UGOLNY RAZREZ: Under Bankruptcy External Management
USMAN-SEL-KHOZ-KHIMIYA: Court Sets September 23 Hearing
WATER CANAL: Under Bankruptcy Supervision Procedure
YUKOS OIL: Proposes Partial Payment of US$3.4 Billion Tax Bill


S P A I N

SOL MELIA: Fitch Affirms Rating; Cites Industry Recovery


S W E D E N

ADECCO SA: Regulators Continue Probe on Accounting Problems


S W I T Z E R L A N D

SWISS INTERNATIONAL: To Offer New Jet Service Next Year


U K R A I N E

AGRI-INDUSTRIAL HOUSE: Declared Insolvent
AGROSPETSMONTAZH: Court Affirms Insolvency
DE-YURE: Bankruptcy Supervision Started
LISIVSKE: Insolvent Status Confirmed
PIVDENGIDROMASH: Court Prescribes Bankruptcy Supervision

PONINKIVSKIJ PAPERBOARD: Under Bankruptcy Supervision Procedure
PROMGIDRAVLIKA: Zaporizhya Court Begins Bankruptcy Supervision
REZERV: Bankruptcy Supervision Procedure Starts
VIKTORIYA: Proofs of Claim Deadline Set July 11
VOLNOVASKA: Deadline for Proofs of Claim July 11
ZMIJIVSKA VEGETABLE: Temporary Insolvency Manager Appointed


U N I T E D   K I N G D O M

ABBEY NATIONAL: Completes Sale of Asset Finance, Leasing Biz
BCCI: Bank Officials Accused of Lying to Conceal Theft
BED OF ROSES: Creditors Meeting Fixed July 6
CABLE & WIRELESS: Hires Grant Thornton Liquidator
CENSUS INVESTMENTS: Winding up Operations

COMPASS TRADERS: Creditors Meeting Set July 5
COMPUCARE GROUP: Creditors to Meet July 6
CONYX LIMITED: Special Winding up Resolution Passed
DATANET INSTALLATION: Winding up Resolutions Passed
DATELINE INTERNATIONAL: Hires Grant Thornton Administrator

DEINHARD KOBLENZ: Sets General Meeting July 30
DOLPHIN TECHNOLOGY: To Decide on Liquidation July 5
EG FIRTH: Winding up Resolutions Passed
ELMORE PLANT: General Meeting of Members July 30
GB RECRUITMENT: To Consider Appointment of Liquidator July 6

GOVETT EUROPEAN: Posts Winding up Circular
HHG PLC: Mulls GBP600 Million Bond Offering
INTER-ALLIANCE GROUP: Makes Significant Progress in 2003
INVENSYS PLC: Closes Sale of Hansen Transmissions
INVESTEC EUROPEAN: Applying for Voluntary Liquidation

ITNET: Loses GBP83 Million Data-Center Hosting Contract
MANOR FARM: Administrators in Search for Buyers
MATRIX HOUSING: Special Winding up Resolution Passed
MAYS PROPERTIES: Hires Liquidator from Critchleys
MEPC LIMITED: Ratings Affirmed at 'BB' on Factory Outlets Sale

MK LINER: Calls in Liquidator
PROGRESSIVE PRECISION: Names Smith & Williamson Administrator
RHODIA SPECIALTY: Sets Final Meeting July 30
SATMAN DEVELOPMENTS: Hires David Rubin & Partners Liquidator
SELLEX LTD: Sets Creditors Meeting July 5

SL ST ANDREW: Names PricewaterhouseCoopers Liquidator
SMITH SCAFFOLDING: Sets Creditors Meeting July 6
SPRINGFIELD LIMITED: Sets July 30 General Meeting
SSM SOFTWARE: Appoints Receivers from Smith & Williamson
SUNLAKE INVESTMENTS: General Meeting Set July 26

TOGA SPORTS: Names Ensors Administrator
TONBRIDGE ESTATES: Creditors to Decide on Liquidation July 5
WATERTIGHT INSTALLATIONS: Potential Finance Appoints Receiver
WILLOW WAY: In Administrative Receivership
YATES GROUP: Discloses Bidder After Talks Fail
YORKSHIRE GROUP: Expects to Announce Assets Sale August


                            *********


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C Y P R U S
===========


LIBRA HOLIDAYS: Narrows First-half Loss to CYP11.19 Million
-----------------------------------------------------------
Libra Holidays Group reported a lower first half loss after the
sale of its U.K. air subsidiary Excel Airways last year.  The
company sold 40.52% of Excel Airways to Air Atlanta for GBP29.9
million (CYP26 million).  The deal left it with only 35% of
Excel, and a turnover down to CYP39.24 million from CYP40.95
million in the same period a year ago.

Libra Holidays has an operational loss of CYP11.19 million for
the period ending April 30, 2004, compared to CYP18.55 million a
year ago in the same period.  This is after it booked a CYP5.88
million in profits from the sale of the subsidiary.  Pretax loss
amounted to CYP18.78 million in the first half of 2004 compared
to pretax losses of CYP22.49 million a year ago.

Concurrent with the disclosure of the results, Libra CEO Andreas
Drakos told the Financial Mirror the firm is planning to
downsize travel packages from 450,000 last year to 300,000 this
year to lift profitability.  The move will affect its major
markets -- Cyprus, Greece, mainly Spain.  The cutbacks are
necessary to survive stiff competition with no-frills airlines
serving routes to Spain.  It's the trend among major U.K. tour
operator, Mr. Drakos said.

Libra Holidays is also cutting cost to improve profitability.
It reduced overhead cost by CYP800,000 in the first half.  It
expects to benefit more from the restructuring in second half
and in 2005.  The company's debt is down 55% due to payment of
CYP16 million in Excel obligations.  Long-term debt is down 6%
due to reduction of share in Excel.


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


SCOR GROUP: EUR180 Mln New Convertible Bond Rated 'BB'
------------------------------------------------------
Fitch Ratings assigned a 'BB' rating to the EUR180 million
4.125% senior unsecured "OCEANE" bond issued by SCOR.  The
proceeds of the issue are expected to refinance existing debt
obligations, specifically the existing 1.00% OCEANE bonds
maturing on January 1, 2005.  The issue has the facility to
raise an additional EUR20 million.

The rating of the issue reflects its status as a senior
obligation and is rated at the long-term rating of SCOR.  SCOR's
Insurer Financial Strength rating is 'BB+'.  This rating was
assigned by Fitch in response to investor demand.

CONTACT:  FITCH RATINGS
          Greg Carter, London
          Phone: +44 207 417 63 27

          Marc-Philippe Juilliard, Paris
          Phone: +33 1 44 29 91 37

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


VIVENDI UNIVERSAL: Spends EUR2.3 Bln to Redeem High-yield Notes
---------------------------------------------------------------
Vivendi Universal S.A. (Paris Bourse: EX FP; NYSE: V)
successfully completes its tender offer to purchase high-yield
notes in an aggregate cash consideration of approximately EUR2.3
billion.

Initially planned for EUR1 billion, the amount of this
transaction was hence more than doubled in view of the favorable
response by noteholders.  The 9.50% high-yield notes denominated
in euros and the 9.25% high-yield notes denominated in dollars,
issued by Vivendi Universal on April 8, 2003, were tendered at
approximately 90% and 99% respectively.  The 6.25% high-yield
notes denominated in euros and dollars, issued by Vivendi
Universal on July 10, 2003, were tendered at approximately 43%
and 90%, respectively.

Vivendi Universal is pleased with the success of this offer,
which is a further step in the group's financial restructuring
and which should provide significant savings in financing
expense.

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

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

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

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

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

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

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


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


CONTINENTAL AG: E.U. Commission Probes Phoenix Takeover
-------------------------------------------------------
The European Commission decided to open an in-depth inquiry into
the proposed acquisition of Phoenix AG, a German producer of
rubber products, by rival company Continental AG.  During the
investigation the Commission will examine whether the
elimination of Phoenix as an independent competitor could create
or strengthen a dominant position of Continental in the field of
air spring suspension and conveyor belt products.  The opening
of a detailed merger review does not prejudge the final outcome.

Continental is a leading producer of tires, brakes and a wide
range of technical rubber products (e.g. suspension systems,
anti-vibration systems, hoses and conveyor belts).  Phoenix,
like Continental, is a German-based company also specialized in
the production of technical rubber products.   The transaction
would combine two of the leading producers of technical rubber
products in Europe.  It was notified to the Commission on 12 May
2004.

In its initial review, the Commission has identified potential
competition problems in a number of markets, in particular in
the field of air springs and heavy conveyor belts.  Air springs
are suspension elements made of a rubber bellow and metal parts.
The Commission's investigation showed that Continental and
Phoenix would become the leading European supplier of air
springs for out-of-factory commercial vehicles as well as the
aftermarket, for railway vehicles and for passenger cars.
Therefore, a creation of a dominant position in these markets --
which the Commission believes to be European-wide in scope at
this stage -- cannot be excluded.

Both parties have also a strong position in the European markets
for some types of heavy conveyor belts, in particular heavy
steel cord conveyor belts and filter belts.  Heavy steel cord
conveyor belts are used for the transport of heavy bulk goods
such as coal, gravel or sand over long distances.  Filter belts
are heavy conveyor belts with holes that allow dehumidifying raw
materials during the transport.  For both products, the combined
entity would be the biggest producer in Europe.

The Commission has found evidence that there are significant
barriers to enter the European markets for steel cord conveyor
belts and filter belts.  The in-depth investigation will
therefore assess whether the transaction could damage
competition in these markets.  Continental has offered remedies
to solve the potential competition problems in the first phase
of the investigation. However, those remedies could not solve
all potential competition problems, not least because some of
them were only identified at a late stage of the first phase
investigation.  The opening of a second phase merger
investigation is without prejudice to the final decision, which
has to be taken within a maximum of four months.

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


JENOPTIK AG: 'B+' Ratings Affirmed; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Germany-based engineering group
Jenoptik AG, owing to expected improvements in its financial
performance.  In addition, the 'B+' rating on Jenoptik's EUR150
million senior guaranteed bond was affirmed.  The ratings were
removed from CreditWatch, where they were placed on April 21,
2004.  The outlook is negative.

"The affirmation is based on our expectation that Jenoptik's
profitability and cash flow generation will improve in 2004 and
beyond, after weak operating performance disclosure in 2003,
which was not in line with the 'B+' rating," said Standard &
Poor's credit analyst Eve Greb.  In addition, Jenoptik might
benefit from some recovery of the electronics industry.

Nevertheless, lower cash inflows due to delayed projects,
restructuring outlays, and acquisitions have eroded the
financial measures carried out by the group in 2003.  As of
December 31, 2003, funds from operations (FFO) to lease-adjusted
total debt were estimated to be about 8% (7%, if pension
adjusted), which is not in line with the rating.  In addition,
there remain uncertainties about the future performance of the
currently loss-making HVAC (heating, ventilation air-
conditioning) business of its Clean Systems division.

"The negative outlook reflects our uncertainty that Jenoptik
will achieve a pension and lease-adjusted FFO-to-total-debt
ratio of between 10%-15%, and total debt to EBITDA of about 4x
by the end of 2004," said Ms. Greb.

"The ratings could be lowered if the company does not meet these
target ratios."

Furthermore, the outlook reflects our uncertainty surrounding
Jenoptik's business and financial profiles owing to strategic
changes the company is considering with regard to the Clean
Systems division.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          eve_greb@standardandpoors.com
          lars_bjorklund@standardandpoors.com
          peter_tuving@standardandpoors.com
          CorporateFinanceEurpe@standardandpoors.com


JENOPTIK AG: Convertible Bond Sale Raises EUR62.1 Million
---------------------------------------------------------
Jenoptik AG (ISIN DE0006229107) issued a convertible bond with a
volume of EUR62.1 million.  The convertible bond was
successfully placed with institutional investors with HVB
Corporates & Markets as lead manager, with the shareholders'
subscription right being excluded from the issue.  Trading on
the Luxembourg Stock Exchange is to be commenced shortly.

The convertible bond has a term of 5 years and comes with a
conversion premium of 45% and with a coupon of 2.5%.  On the
basis of the reference price of the share of EUR8.77 a
conversion price of EUR12.7165 was fixed.  The issue price is
100 percent, the redemption price approximately 101.98%.

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

With the issue of the convertible bond, the capital measures
have been completed. In autumn 2003, Jenoptik issued a bond and
carried out a capital increase.  From these transactions the
company received about EUR200 million.

List of terms of the convertible bond:
Bond volume: EUR62.1 million
Issue price: 100%
Redemption price: about 101.98%
Reference price: EUR8.77
Conversion price: EUR12.7165
Coupon: 2.5%
Conversion premium: 45%
Yield to maturity: 2.875%
Term: 5 years, probably up to July 23, 2009
ISIN: XS 0195641930

                            *   *   *

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

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

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Sabine Barnekow
          Phone: +49 3641 65-2290 and 2156
          Fax:   +49 3641 65-2157
          E-mail: ir@jenoptik.com

          Public Relations
          Markus Wild
          Phone: +49 3641 65-2255
          Fax:   +49 3641 65-2484
          E-mail: pr@jenoptik.com


WESTLB AG: Names Rolf Gerlach Chairman of Supervisory Board
-----------------------------------------------------------
The Annual General Meeting and the Supervisory Board of WestLB
took and endorsed a number of decisions of material importance
for the Bank's successful development in the future.  While the
decisions with respect to the capital increase as well as the
signing of the ownership agreements and the agreements on
WestLB's future cooperation with the savings banks took center
stage, the Annual General Meeting and the Supervisory Board also
took a number of important decisions on Board appointments.

The Annual General Meeting endorsed the EUR1.5 billion capital
increase proposed by the Supervisory Board.  The additional
capital will be contributed in equal parts by the two savings
banks associations, Rheinischer Sparkassen- und Giroverband
(RSGV) and Westfalisch-Lippischer Sparkassen- und Giroverband
(WLSGV).  Effective July 1, the two associations will exercise
their direct investment option; this means that they will no
longer be owners of NRW.BANK but become direct shareholders in
WestLB AG instead.  Following the capital increase, RSGV and
WLSGV will each hold approximately 30.6% of the shares, giving
the two associations a combined majority stake in WestLB AG.
The state of North Rhine-Westphalia will remain a major
shareholder in WestLB AG through NRW.BANK.

The Supervisory Board elected Dr. Rolf Gerlach as its new
Chairman.  He will succeed Dr. Bernd Luthje who has retired from
the Supervisory Board in the light of the changed ownership
structure and the ending of the parent-subsidiary relationship
between NRW.BANK and WestLB.  Jean-Pascal Beaufret, Dr. Karl-
Ludwig Kley and Dr. Siegfried Luther also retired.  The new
ownership structure is reflected in the new composition of the
Supervisory Board.  The Annual General Meeting elected Hans
Pixa, Dr. Dietrich Rumker, Gustav Adolf Schroder and Hans-Georg
Vogt as new members.

The Supervisory Board appointed two new members to WestLB's
Managing Board.  Robert M. Stein (43) will head the newly
created Private Banking Business Group in Dusseldorf, effective
July 1, 2004.  Dr. Hans-Jurgen Niehaus (46) will take over as
the new Chief Financial Officer (CFO) in charge of the Finance &
Controlling Business Group no later than January 1, 2005.

These new appointments mean that WestLB's eight-member Managing
Board is now complete again.

Core Capital Ratio Rises to 7.3%

The capital increase will be subject to 185% offering premium,
raising the WestLB Group's share capital by EUR810.74 million.
As a consequence the Group's core capital ratio rises to 7.3%.
The consortium agreement signed by the owners and approved by
the Supervisory Board stipulates that the Bank must be provided
with an appropriate capitalization and that the combined
ownership and voting majority of RSGV and WLSGV will stay intact
irrespective of the E.U. Commission's imminent decision on the
pending WfA subsidy proceedings.

The Supervisory Board also approved the signing of a framework
agreement on closer cooperation between the North Rhine-
Westphalian savings banks and WestLB.  According to this
agreement, the business model agreed with the owners already in
May of this year will be complemented by bilateral agreements
defining the concrete cooperation with the individual savings
banks.

Dr. Thomas R. Fischer, Chairman of the WestLB Managing Board,
referred to these decisions as milestones for the Bank.  "The
formal endorsement of the capital increase, the sustainable
business model and the bilateral agreements with the savings
banks mean that important prerequisites are in place for the
Bank's successful operation in the domestic and international
markets going forward.  Supported by the Supervisory Board, the
now complete Managing Board will work together with all
employees to push ahead the implementation of the new business
model with a view to securing the institution's success for the
benefit of our shareholders and employees."

A diagram of the new management structure is available free of
charge at http://bankrupt.com/misc/WestLB_CapitalStructure.pdf.


WESTLB AG: New Management Board to Implement New Business Model
---------------------------------------------------------------
WestLB AG's Managing Board is now complete, comprising a total
of eight members following the recent appointment of two new
members.  These appointments are in line with the new
organizational structure mirroring the new WestLB business model
approved in May of this year.

Dr. Hans-Jurgen Niehaus (46) will be the Board member in charge
of Finance & Controlling.  Dr. Niehaus joins WestLB from
HypoVereinsbank AG where he most recently served as Board Member
in charge of Group Finance & Tax as well as head of the
Accounting & Reporting Group.

Robert M. Stein (43) will be in charge of the Private Banking
unit.  Having most recently served as Chief Executive Officer at
Adelphi Capital Partners.  He previously held executive
positions at Merrill Lynch and as managing director of the
Private Banking and Asset Management (PCAM) of Deutsche Bank AG
in the Asia/Pacific region.

Dr. Thomas Fischer, Chairman of the Managing Board of WestLB AG,
commented: "The appointment of Dr. Hans-Jurgen Niehaus and
Robert Stein means that we have secured another two top-level
executives who will reinforce our Bank's Managing Board.  Their
expertise and experience will be instrumental in pushing ahead
the implementation of our new business model."

Organizational Structure Reflects Stronger Client Focus

WestLB's new business model is aligned even more effectively
with the needs of its clients and customers, centering on close
cooperation with the savings banks in North Rhine-Westphalia and
Brandenburg as well as being geared to expanding business with
mid-sized companies.  While WestLB's international operations
will focus on Europe going forward, it will retain its presence
in the world's leading financial centers.

WestLB has adopted a new organizational structure whose clarity
and transparency will help implement both the new business model
and the stronger client focus.  The responsibilities of the
individual Board members have been redefined in this context.

The savings banks, medium-sized companies, major companies and
public clients are now served by the Sparkassen and Corporate
Banking unit headed by Dr. Norbert Emmerich.

Multinational companies and financial institutions are the key
client groups served by the Investment Banking unit led by Dr.
Manfred Puffer.  The clear mission assigned to this unit in the
context of the restructuring has strengthened its position as an
important pillar of the new business model.

The Asset Management unit headed by Rainer Schmitz and the newly
created Private Banking unit serving wealthy individuals are two
additional units offering substantial growth potential.

Reflecting their profound importance for the entire Group, the
Risk Management unit led by Dr. Matthijs van den Adel as well as
the Finance & Controlling unit have been freed of all non-core
tasks tying down important capacities, as a result of which they
can fully focus on their core tasks going forward.

The Operations unit headed by Michael Geiger will play a pivotal
role for the efficiency of the Group's internal structures and
processes and for its cost management efforts.

Group Development as well the Group's entire external
communication activities have been pooled in the unit overseen
by the Chairman of the Managing Board, Dr. Thomas Fischer,
meaning that their strategic importance for the Group as a whole
has been strengthened.


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


PARMALAT AUSTRALIA: Reports 2003 Operating Performance
------------------------------------------------------
Parmalat Pacific Holdings Pty Ltd., the holding company of
Parmalat Australia, lodged its statutory audited accounts for
the year ended December 31, 2003 with the Australian Securities
Investment Commission.

While the holding company's overall result was impacted by one-
off extraordinary items caused by the insolvency of its parent
entity and 100% shareholder Parmalat Finanziaria S.p.A., the
trading performance of its primary operating company Parmalat
Australia improved significantly for the year.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) generated from the trading operations of the Parmalat
Australia Group rose 13% to AU$46.69 million [Australian
domestic operations AU$55.1 million, Asian operations (AU$8.4
million)].  Earnings before interest and taxes (EBIT) increased
by AU$5.8 million to AU$14.1 million after the significant
goodwill amortization of AU$13.6 million.

Net profit before tax and extraordinary items improved to
AU$9.2 million, up by AU$39.5 million over the previous year
benefiting from a AU$31.7 million foreign exchange turnaround.
The Parmalat Australia Group generated positive cash flows from
operating activities (after interest and tax) of $23 million.

Parmalat Australia Managing Director David Lord said the trading
result was driven by a strong performance across all of Parmalat
Australia's divisions including Pasteurized Milk, Flavored Milk
and Fresh Division (yogurts and desserts).

"The operating performance of Parmalat Australia in 2003
supports our stance, and that of administrator Enrico Bondi,
that this company is a strong and viable business, with positive
cash flow, quality brands and established, solid markets," he
said.

"In 2003 Australian domestic operations performed well with
volume gains in key market segments.  This combined with
operating efficiency gains contributed to a very encouraging
result.  However the domestic result was impacted by an AU$8.4
million loss incurred by Parmalat's Asian operations in 2003,"
he added.

Mr. Lord said despite the strong trading result, Parmalat
Pacific Holdings, Parmalat Australia and its subsidiaries
incurred significant provisioning losses as a consequence of the
ultimate parent entity Parmalat Finanziaria S.p.A. being placed
under Extraordinary Administration in 2003.

"In light of the difficulties faced by our parent company, we
carefully examined any amounts that were owing to us by Parmalat
group companies, and as appropriate we have made provision for
the diminution in value of investments or loans receivable," he
said.  "Specifically, we have fully provided for a AU$145
million bond  issued by Parmalat Finance Corporation BV, which
is currently under Extraordinary Administration, and also
AU$43.9 million in amounts owing by non Australian members of
the Parmalat group."

Mr. Lord said that of the AU$43.9 million, AU$32.5 million had
been loaned to the global Parmalat group and the remaining
AU$11.5 million had been incurred during the establishment of
Parmalat's Asian operations (Thailand, Indonesia, Vietnam and a
regional headquarters).

"We have now sold Parmalat Thailand and are in the process of
winding down operations in Indonesia and Vietnam.  This will
have a significant positive impact on the operating results of
Parmalat Australia in 2004 and subsequent years as the demand
for funding of these businesses ceases," he said.

"By providing for these extraordinary one-off losses in the 2003
accounts we are able to start afresh in 2004 and beyond as a
core member of the restructured new Parmalat group."

Mr. Lord said Parmalat Australia's existing loan facilities with
Australian bankers would need to be renegotiated in early 2005,
and after the full restructuring plan of the Parmalat group is
approved.

"We are confident of securing the ongoing support of our banks,
especially given the stability that will be provided by the
pending global restructuring plan and the important role of the
Australian operations within the 'new Parmalat'," he said.

Mr. Lord said Parmalat Australia was already well placed to
drive the strategy for the restructured group as summarized in
the administrator's March 2004 outline restructure plan -- to
position Parmalat as a leading global player in the added-value
foods sector, with its core business in beverages (milk and
fruit juice) and milk related products that have a strong
nutritional and healthy lifestyle focus.

"Parmalat Australia's operations, market standing and brands are
already closely aligned to this desired positioning and our
divisions have made aggressive headways in 2003 to further our
strength in those areas," he said.  "We have achieved strong
sales growth in the flavored milk segment through expanded
distribution of market-leading brands such as IceBreak, Breaka
and Rush."

"Our Fresh division recorded a solid result, led by the success
of our national Vaalia yogurt brand, which achieved double digit
volume growth for the year," he said, adding key brands such as
REV, Skinny Milk, Trim and PhysiCAL in Parmalat Australia's
Pasteurized Milk Division all added valuable contribution to the
company's bottom line.

He said the company would continue to pursue further initiatives
to build on its strong demonstrated performance in 2003.

"We remain positive about the outlook for Parmalat Australia in
2004 and beyond.  This trading result verifies the company's
viability as a strong and profitable business with the capacity
to meet financial forecasts and commitments," Mr. Black said.


PARMALAT FINANZIARIA: Files Rescue Plan with Industry Ministry
--------------------------------------------------------------
Extraordinary Commissioner      |  Il Commissario Straordinario
Dr. Enrico Bondi has filed      |  Dr. Enrico Bondi ha
with Dr. Antonio Marzano,       |  consegnato
the Minister for Production     |  stamane al Ministro per le
Activities, the Plan for the    |  Attivita Produttive
restructuring of the companies  |  Dr. Antonio Marzano il
of the Parmalat Group covered   |  Programma di Ristrutturazione
by the proposed agreement with  |  delle Societa del Gruppo
Creditors.                      |  Parmalat oggetto della
                                |  Proposta di Concordato.

                 Overview and Summary of Plan

The Proposal of Composition with Creditors presented to the
Minister of Production Activities provides for the establishment
of a foundation to facilitate the implementation of the
Composition with Creditors.  The Foundation will create
Assuntore S.p.A. to manage the corporate assets and the equity
investments of 16 companies under Extraordinary Administration
that will be transferred to it.

Assuntore S.p.A. will assume obligations arising from the
Composition with Creditors and execute the Proposal of
Composition with Creditors.  As claims are allowed, Parmalat
creditors will receive their shares in Assuntore S.p.A. from the
Foundation.

Pursuant to the Proposal, preferential creditors will receive
full payment of their claims in cash.  Unsecured creditors will
receive their pro rate share of Assuntore S.p.A. stock.  The
Proposal approved by the Minister and assumed by the
Assuntore S.p.A. will be filed with the Court of Parma.
Creditors will then vote to accept or reject the Proposal.  If
rejected, creditors may force Parmalat to liquidate.

Brian Groom at the Financial Times reports that Dr. Marzano
declined to give the ratios to be used to swap debt for equity.
Several news reports indicate that creditors could recover 20%
to 30% of their claims.

Parmalat's industrial plan presented to creditors on June 4,
2004 forecasts that the company's full potential will be reached
in 2007, with an expected total turnover of approximately
EUR4,100,000,000 and an EBITDA of approximately EUR490,000,000 -
- EBITDA margin of approximately 12.1%.  Parmalat will retain
core operations in Italy, Canada, Australia, Africa, Spain,
Venezuela, Portugal, Colombia, Russia, Nicaragua, Romania and
Cuba.  Parmalat targets EUR3,977,000,000 in net sales and
EUR437,000,000 in EBITDA in 2006.

A.T. Kearney reviewed the Industrial Plan.  Parmalat
Commissioner, Dr. Enrico Bondi, expects the Industry Ministry to
approve the reorganization plan this month.


PARMALAT FINANZIARIA: Jade Land Offers US$3 Mln for NJ Property
---------------------------------------------------------------
Jade Land Company, LLC purchased, before the Bankruptcy Petition
Date, Farmland Dairies, LLC's real property in Long Valley, New
Jersey for US$3,650,000.  Pursuant to the contract of sale, Jade
Land deposited US$125,000 with Aronsohn Weiner & Salerno, the
escrow agent.  Jade Land is required, and continues, to pay
Farmland US$5,000 per month pursuant to the Contract.  Jade Land
also expended US$160,000 to date in reliance on Farmland's good
faith in closing the Contract, and expects to expend an
additional US$166,000 before mid-July 2004 in furtherance of the
Contract.

The Contract provides considerable benefit to Farmland's estate,
including a limitation on Farmland's environmental exposure with
respect to the Property.  The Contract limits Farmland's
liability for environmental remediation at US$125,000.

Farmland has advised Jade Land that it intends to "remarket" the
Property, leaving Jade Land in the precarious position of
expending significant amount, time and effort without the
certainty of obtaining the benefits of the Contract and
ultimately acquiring the Property.  Jade Land advised Farmland
of its intention to close on or before August 20, 2004.

By this motion, Jade Land asks the Court to compel Farmland to
promptly assume or reject the Contract. In the event Farmland
rejects the Contract, Jade Land asks Judge Drain to grant it an
allowed secured claim without the need for filing a claim.
Section 365(j) of the Bankruptcy Code grants Jade Land an
allowed secured claim on Farmland's interest in the Property to
the extent of the purchase price paid.

Jade Land also wants the Escrow Agent to immediately return all
deposits paid.  To the extent that Farmland's interest in the
Property is insufficient to wholly reimburse Jade Land for its
payments to the Escrow Agent, Jade Land asks Judge Drain to
grant it an administrative claim to the extent of any shortfall.
Its costs incurred in reliance on the Contract should also be
granted administrative priority.  Jade Land further insists that
these amounts must be increased to reflect, as applicable, sales
and use taxes, as well as other fees and expenses, including
without limitation, attorney's fees, that Jade Land incurred.

Joseph M. Vann, Esq., at Cohen Tauber Spievack & Wagner, LLP, in
New York, tells the Court that the statutory lien under Section
365(j) may not otherwise alter the applicable priorities among
Farmland's secured creditors, including any mortgages with
interests in the Property and any interests in the Property
arising from the DIP financing extended to the U.S. Debtors.  In
light of those potentially significant liens with superior
priority, Jade Land may face the unpleasant prospect of
continued payments to the estate and continued expenditures in
furtherance of its obligations under the Contract, with merely
an unsecured claim in the event its Contract is rejected after
Farmland's "remarketing."

Mr. Vann asserts that the financial burden imposed on Jade Land,
who is complying with the Contract in good faith in exchange for
potentially nothing more than an unsecured claim, justifies its
request to require Farmland to decide on the Contract
immediately.

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


PARMALAT U.S.A.: Debtors Modify Employee Severance Plan
-------------------------------------------------------
Pursuant to Sections 363(b) and 105(a) of the Bankruptcy Code,
the Parmalat U.S. Debtors seek the Court's permission to adopt
their prepetition severance program along with certain
modifications.

Marcia L. Goldstein, Esq., of Weil, Gotshal & Manges, LLP in New
York, explains that the U.S. Debtors' Key Employment Retention
Plan approved by the Court in April 2004 covered seven vice
presidents, but did not cover any other employees.

According to Ms. Goldstein, the U.S. Debtors want to provide
severance program to their other non-union employees to ensure
the maintenance of a continuing, dedicated, and effective
workforce during the critical stages of their Chapter 11 cases
and the plan process.  The approval of the Amended Severance
Program will help ease concerns of the Debtors' employees
regarding job security in light of the uncertainty prevalent in
Chapter 11 cases, the Debtors' recent determination to
reorganize as a going concern, and a planned reduction in
workforce.

                 U.S. Debtors' Employment Policy

All employees who are not covered by a written employment
contract or collective bargaining agreement are employed by the
U.S. debtors at-will.  Accordingly, the debtors may unilaterally
terminate employment at any time, for any reason, with or
without cause or notice.  In addition, the employees may
terminate their employment with the debtors at any time for any
reasons.  Therefore, it is not uncommon for the debtors to
experience employee turnover for a myriad of reasons including
resignations, retirement, and involuntary terminations.

                  Prepetition Severance Program

To effectively manage employee separations, the U.S. debtors
established a severance program to:

(a) Minimize the disruption of workflow;

(b) Protect their assets; and

(c) Provide support for any employee who is displaced due to
    business circumstances.

Ms. Goldstein relates that, generally, an employee is eligible
for severance benefits under the Prepetition Severance Program
if the employee's employment is permanently terminated by the
U.S. debtors as a result of a reduction in the debtors'
workforce or an elimination of the employee's present job
position.  To be entitled to receive severance under the
Prepetition Severance Program, the employee must be classified
as a regular, full-time, non-union employee.  Moreover, the
employee must be in good standing with the debtors and
termination cannot be for cause, retirement, or resignation
before the offering of separation benefits.  If the employee
meets the minimum requirements, executes and returns a
separation agreement providing for a release of the debtors, he
or she is entitled, under the Prepetition Severance Program, to
these benefits based on years of service with the Debtors:

     Years of Service          Benefits
     ----------------          --------
     Less than six months      No severance

     Between six months and    Two weeks severance
     less than one year

     One year and over         One week regular base salary for
                               each completed and continuous
                               year of service up to a maximum
                               of 12 weeks regular base salary,
                               subject to a four-week minimum
                               regular base salary for any
                               eligible Separating Employee.

Based on this formula, the maximum estimated severance expense
related to the Prepetition Severance Program as of July 1, 2004
is US$3,529,628.

                    Amended Severance Program

The Amended Severance Program will continue to provide severance
benefits to selected eligible employees if their employment is
permanently terminated as a result of a reduction in the U.S.
Debtors' workforce or an elimination of the employees' present
job position.  To be eligible for severance under the Amended
Severance Program, the Employee must be classified as regular,
full-time, and non-union.  Moreover, the Employee must be in
good standing with the Debtors and the termination cannot be for
cause, retirement, or resignation before the offering of
separation benefits.

Pursuant to the terms of the Amended Severance Program, if an
Employee meets the eligibility requirements, he or she is
entitled to severance payments at the sole discretion of the
Debtors based on years of service with the Debtors:

     Years of Service          Benefits
     ----------------          --------
     Less than one year        No severance

     Between one year and
     less than three years     Two weeks severance

     Three years and over      One week regular base salary for
                               each completed and continuous
                               year of service up to a maximum
                               of eight weeks regular base
                               salary.

Based on this formula, the maximum estimated severance related
to the Amended Severance Program as of July 1, 2004 would be
US$2,641,888.

In formulating the Amended Severance Program, the U.S. Debtors
were fully cognizant of the costs involved.  In addition, the
Debtors have made every effort to ensure that the goals of the
Program can be attained in an economic and reasonable fashion.
The Debtors are confident that the Amended Severance Program
will achieve its intended result.

The U.S. Debtors assure the Court that the Amended Severance
Program is the most cost-effective manner in which to protect
against attrition and improve Employee morale.  The Program
reduces maximum costs by at least 25% and provides the Debtors
with the ability to effectively manage Employee separations by
deciding, in their sole discretion, when and to whom to provide
benefits.

Inasmuch as the Amended Severance Program is required to retain
Employees, who, in turn, are necessary for the reorganization of
the Debtors' estates, the U.S. Debtors note that the payment
rights of Employees under the Program are actual, necessary
costs and expenses of preserving the Debtors' estates, and,
therefore, should be accorded administrative priority under
Section 503(b)(1)(a).

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


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


BCP CAYLUX: Senior Implied Rating Downgraded to B1
--------------------------------------------------
Moody's Investors Service downgraded the ratings of BCP Caylux
Holdings Luxembourg S.C.A. after the company announced an
intention to increase its debt.  The chemicals company said it
will offer US$225 million worth of notes to raise cash to repay
EUR165 million of PIK notes at parent Blackstone Crystal
Holdings Capital Partners (Cayman) IV Ltd.

The rating agency said it knew BCP is capable of increasing
debt, but it had anticipated the company to "exercise restraint
and focus on improving credit metrics."  It noted BCP's
increased leveraged  -- pro forma to EBITDA, adjusted for the
debt offering and certain expenses, is 5.4 times for the LTM
ended March 31, 2004.

The ratings downgraded are:

BCP Caylux Holdings Luxemburg S.C.A.

(a) Senior Implied to B1 from Ba3

(b) Guaranteed senior secured revolver, EUR313 million (US$380
    million) due 2009 to Ba3 from Ba2

(c) Guaranteed senior secured credit-linked revolving facility,
    US$187 million (US$228 million) due 2009 to Ba3 from Ba2

(d) Guaranteed senior secured term loan B, EUR500 million
    (US$608 million) due 2011 to Ba3 from Ba2

(e) Guaranteed senior secured term loan C, EUR350 million
    (US$424 million) due 2011 to B2 from B1

(f) Senior unsecured issuer rating to B2 from B1

(g) Guaranteed senior subordinated notes, EUR1,220 million
    (US$1,465 million) of U.S. dollar and Euro denominated notes
    due 2014 to B3 from B2

CNA Holdings Inc

(a) Senior unsecured to B1 from Ba3

Ratings withdrawn:

(a) CNA Holdings Inc -- MTN program

The ratings are assigned a stable outlook in expectation that
its restructuring of majority-owned Celanese AG will encounter
no major problems.  They may be downgraded depending on the
firm's ability to achieve yearly free cash flow of at least $100
million (excluding extraordinary items and restructuring costs),
and to come up with results that would come up to expectations.


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


NORTHERN OFFSHORE: Considers Liquidation as Debt Talks Stall
------------------------------------------------------------
Northern Offshore Ltd. is preparing for liquidation in light of
an impasse between the Company and its creditors.  The Company
indicated that although an unofficial committee of unsecured
creditors had formed to consider the Company's restructuring
proposal, the committee had sent a letter and term sheet to the
Company stating that it would not engage in negotiations with
the Company without the Company's immediate payment of US$7.2
million of interest due on May 15, 2004 in connection with the
10.0% senior notes due 2005 and further on July 6, 2004 pay
interest which is due on that date on the outstanding NOK bonds.

However, at this stage and in light of the Company's current
financial position, the Board of Directors does not believe it
is appropriate to pay funds to any stakeholder without agreement
on a comprehensive restructuring.

"The preference of the Board of Directors is to engage with the
bondholders in a consensual restructuring," said Tor Olav Troim,
the Company's chief executive officer.  "To that end, the
Company has taken the necessary steps to prepare for
restructuring negotiations, including agreeing to pay for
creditor advisors, preparing a detailed due diligence package
for the committee, and providing the committee with a detailed
term sheet.  Despite these initiatives, the committee does not
want to engage in further discussions without the interest
payment being made."

Joseph Swanson, a director at Houlihan Lokey Howard & Zukin,
which was retained by the Company to assist in implementing the
restructuring, added further, "In these circumstances, where a
company is endeavoring to restructure its financial obligations
as the only alternative to an insolvent liquidation, it is
standard practice for the company to preserve its cash and other
assets for the benefit of the general body of creditors until
there is certainty as to the company's future.  Ultimately, such
cash and other assets would be distributed either in accordance
with the definitive restructuring or, if no agreement can be
reached and the restructuring consequently fails, in the
company's liquidation."

As previously announced on June 15, 2004, the Company did not
pay the interest due on its 10% senior notes, which constituted
an event of default under the indenture governing the senior
notes.  On June 1, 2004, the Company proposed a transaction
whereby the Company's senior notes together with its Norwegian
krone-denominated floating rate notes due 2004 would be
exchanged for newly issued shares of common stock representing
85% of the Company's fully diluted share capital, with the
remaining 15% to be retained by current shareholders.  If
approved, the transaction would be consummated under Bermuda law
through a scheme of arrangement and an increase in share capital
approved by Northern Offshore's shareholders.  The Company
considers that the implementation of a restructuring represents
the only means by which the Company can avoid insolvent
liquidation.

The Company believes it is in the best interests of all
stakeholders to implement a restructuring as quickly as
possible.  It is the Company's opinion that the implementation
is critical to the continued operation of the Company.  Unless
the committee engages the Company in negotiations, the Board of
Directors of Northern Offshore considers that it will have no
alternative but to take steps in relation to the appointment of
a Bermuda-based liquidator responsible for the liquidation of
the Company's assets for the benefit of its creditors.

Bermuda, June 30, 2004

The Board of Directors of Northern Offshore Ltd.

CONTACT:  NORTHERN OFFSHORE LTD.
          Tor Olav Troim
          Phone: 44 77 34 97 65 75

          Jon-Aksel Torgersen
          Phone: 47 22 93 60 00

          HOULIHAN LOKEY HOWARD & ZUKIN
          Joseph Swanson
          Director
          Phone: 44 20 7747 2727

          Peter Marshall
          Director
          Phone: 44 20 7747 2724

          Joseph Cleverdon
          Associate
          Phone: 44 20 7747 2735


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


AMURSKY BREAD: Declared Insolvent
---------------------------------
The Arbitration Court of Khabarovsk region declared OJSC Amursky
Bread Baking Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A73-11408/2003-39.  Mr. A.
Staroverov has been appointed insolvency manager.

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

(a) Temporary Insolvency Manager: 681005, Russia, Komsomolsk-na-
    Amure, Zavodskaya Str. 1

(b) OJSC AMURSKY BREAD BAKING FACTORY: 682540, Russia,
    Khabarovsk Region, Amursk, 47.

CONTACT:  AMURSKY BREAD BAKING FACTORY
          682540, Russia,
          Khabarovsk Region, Amursk, 47

          Mr. A. Staroverov
          Insolvency Manager
          681005, Russia,
          Komsomolsk-na-Amure, Zavodskaya Str. 1


ERA: Under Bankruptcy Supervision Procedure
-------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
supervision procedure on OJSC Penzenskoye scientific industrial
enterprise Era.  The case is docketed as A49-2871/04-60b/20.
Mr. V. Kapinos has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to OJSC Penzenskoye scientific industrial enterprise Era
440000, Russia, Penza Region, Sverdlova Str. 2.  A hearing will
take place on October 21, 2004, 10:00 a.m.

CONTACT:  ERA
          440000, Russia,
          Penza Region, Sverdlova Str. 2

          Mr. V. Kapinos
          Temporary Insolvency Manager
          107078, Russia, Moscow,
          Novaya Basmannaya Str. 12, Building 2a


IRBIT-ENERGO: Sverdlovsk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Sverdlovsk region declared LLC Irbit-
Energo insolvent and introduced bankruptcy proceedings.  The
case is docketed as A60-29078/03-S3.  Mr. V. Stepanchenko has
been appointed insolvency manager.  Creditors have until August
10, 2004 to submit their proofs of claim to the temporary
insolvency manager at 620135, Russia, Ekaterinburg, Post User
Box 267.

CONTACT:  IRBIT-ENERGO
          623800, Russia, Sverdlovsk region,
          Irbit, Sovetskaya Str. 100

          Mr. V. Stepanchenko
          Insolvency Manager
          620135, Russia,
          Ekaterinburg, Post User Box 267


KASIMOVSKY MACHINE: Court Sets October 26 Hearing
-------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
supervision procedure on OJSC Kasimovsky Machine Plant No. 8.
The case is docketed as A54-1657/S1.  Mr. E. Malykhin has been
appointed temporary insolvency manager.  A hearing will take
place on October 26, 2004.

CONTACT:  KASIMOVSKY MACHINE PLANT No. 8
          391300, Russia, Ryazan Region,
          Kasimov, Naberezhnaya, 2

          Mr. E. Malykhin
          Temporary Insolvency Manager
          390044, Russia, Ryazan,
          Krupskoy, 19/1, GOS 44,
          Post User Box 311


METROMEDIA INTERNATIONAL: Appoints Two New Board Members
--------------------------------------------------------
Metromedia International Group, Inc., the owner of interests in
various communications and media businesses in Russia and the
Republic of Georgia, increased the size of its Board of
Directors by two from seven to nine members and elected Messrs.
David Gale and Wayne F. Henderson to the two newly created
Director positions.  This action was taken at a meeting of the
Company's Board of Directors on June 23, 2004 pursuant to an
agreement reached earlier with certain holders of the Company's
7.25% Cumulative Convertible Preferred Stock.

The election of Messrs. Gale and Henderson to the Board, both of
whom were recommended by the Participating Preferred Stock
Holders, affirmatively addresses a right of holders of the
Preferred Stock to place two members on the Board in the event
the Company fails to pay a Preferred Stock dividend for six
consecutive quarters.

The Participating Preferred Stock Holders have represented to
the Company that they hold discretionary authority (including
the power to vote) with regard to 2,403,205 shares or
approximately 58% of the outstanding 4,140,000 shares Preferred
Stock.  Under the terms of the Agreement, the Participating
Preferred Stock Holders irrevocably waived the right to request
a special meeting of holders of Preferred Stock (i.e. holders of
Voting Rights Class as defined in the Company's Charter) to
elect directors or take any action to request such a meeting;
such waiver to remain effective until immediately after the next
annual meeting of MIG's stockholders is held.

In consideration of this waiver, Messrs. Gale and Henderson were
elected as Class III Directors, and therefore their terms will
expire at MIG's next annual meeting of stockholders.  At the
next annual meeting, the holders of Preferred Stock will have
the right to vote separately as a class for the election of two
directors.  It is expected that Mssrs. Gale and Henderson will
be nominated for election by the holders of Preferred Stock to
fill these two directorships.

David Gale, 45, is President of Delta Dividend Group, Inc., an
investment firm and member of the Pacific Exchange that invests
primarily for its own account in preferred stocks and corporate
bonds.  Previously, he was a Managing Director at Lehman
Brothers where he was responsible for the company's preferred
stock sales and trading area that generated over US$40 million
per annum.  Prior to Lehman Brothers, he was a Principal at
Morgan Stanley where he established the firm's preferred stock
trading desk within the fixed income division and managed the
preferred stock sale and trading area.

Over the past 10 years, Mr. Gale has served as a Director on the
Boards of several publicly traded companies, including Preferred
Income Funds, three closed mutual funds with combined assets of
just under US$700 million; Stone Container Corporation, a paper
company operating in the production and marketing of commodity
pulp, paper and packaging products with operations in the U.S.,
Canada, Europe, China, Japan, Taiwan, Argentina, Chile, and
Venezuela; and FreeRealTime.com, a Web-centric financial media
company providing investors with comprehensive, real-time
financial information.  Mr. Gale received his M.B.A. from
Harvard University and has attended the Director's College at
Stanford Law School.

Wayne F. Henderson, 62, is currently president of Capital
Dynamics, International, a consulting firm providing ICT
(information communications technology) strategic planning and
enterprise solutions for corporate and government clients.  His
clients have included: Lockheed Martin; Motorola; Telecom
Italia; Sumitomo; The President and Cabinet of Ministers of
Urkmenistan; The President of Bolivia; and the U.S. Trade and
Development Agency.  Mr. Henderson is a former executive that
served with Illinois Bell and AT&T prior to founding Capital
Dynamics in 1990.

Mr. Henderson received his B.S. in Industrial Engineering and
Industrial Management-Finance from Purdue University and has
completed Executive Programs at the Aspen Institute and Stanford
University.  Mr. Henderson is also a decorated Marine veteran of
Vietnam.

In making these announcements, Mark Hauf, Chairman and Chief
Executive Officer, commented: "David Gale and Wayne Henderson
are welcome additions to the Board and will provide further
independent voice and objective perspective as the Board
navigates through the complex task of restructuring the
Company's balance sheet.  I am confident that the business and
financial experience these gentlemen bring will positively
contribute to our continuing ability to meet the highest
corporate governance standards."

Mr. Hauf further commented: "The negotiated agreement reached
with a majority of our Preferred Stock holders that resulted in
these new Board appointments is clearly in the best interest of
the Company and all of its stockholders.  It avoided the time
and expense that would be required to arrange a special meeting
of Preferred Stock holders, while still assuring that designees
of a majority of these stockholders hold seats on the Board.
The Board is currently evaluating the timing of the Company's
next annual meeting of stockholders and will provide guidance
concerning the meeting date within the next four to five weeks."

              About Metromedia International Group

Through its wholly owned subsidiaries, the Company (currently
traded as: OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred
Stock), owns communications and media businesses in Russia,
Europe and the Republic of Georgia.  These include mobile and
fixed line telephony businesses, wireless and wired cable
television networks and radio broadcast stations.  The Company
has focused its principal attentions on continued development of
its core telephony businesses in Russia and the Republic of
Georgia, while undertaking a program of gradual divestiture of
its non-core media businesses.  The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, the
leading mobile telephony operator in the Republic of Georgia.
The Company's remaining non-core media businesses consist of 18
radio businesses operating in Finland, Hungary, Bulgaria,
Estonia, and the Czech Republic and one cable television network
in Lithuania.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704/321-7383
          E-mail: investorrelations@mmgroup.com
          Web site: http://www.metromedia-group.com

          METROMEDIA INTERNATIONAL GROUP, INC.
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          CEO: Mark Hauf
          Employees: 1,984
          Ticker: mtrm.pk (PinkSheets)
          Revenues: 104,646,000 (2002)
          Net Income: (126,382) (2002)


MOBILE TELESYSTEMS: 1st-quarter Net Income Up 159% Year-on-year
---------------------------------------------------------------
Mobile TeleSystems OJSC (MTS - NYSE: MBT), the largest mobile
phone operator in Russia and Ukraine, on Wednesday announced its
financial and operating results for the first quarter ended
March 31, 2004 [1].

Revenues for the first quarter of 2004 were US$808.7 million, a
year-on-year increase of 81.3%[2], and a 4.8% increase on the
previous quarter.

First quarter net income was US$207.8 million, a 159.1% increase
on the same quarter in 2003, and a 36.1% increase compared to
the previous quarter.

First quarter OIBDA[3] was US$440.7 million, a 96.0% increase on
the same quarter in 2003, and a 10.0% increase on the previous
quarter.  OIBDA margin in the first quarter was 54.5% compared
to 51.9% in the fourth quarter of 2003 and 50.4% in the first
quarter of 2003.

Financial Highlights (Unaudited)

US$ million    Q1 2004   Q4 2003      Change Q-on-Q
                                  Q1 2003   Change   Y-on-Y

Revenues        808.7      771.7    4.8%     446.1    81.3%
Operating
income          306.8      272.8   12.5%     149.6   105.1%
Operating
margin           37.9%      35.3%    -        33.5%     -
Net income      207.8      152.7   36.1%      80.2   159.1%
OIBDA           440.7      400.6   10.0%     224.8    96.0%
OIBDA margin     54.5%      51.9%    -        50.4%     -

As of March 31, 2004, MTS' consolidated subscriber base was
approximately 19.19 million.  During the first quarter of 2004,
the Company's subscriber base increased by approximately 2.47
million, all of which were added through the organic growth of
the Company's business.  In addition, MTS' unconsolidated
subsidiaries[4] in Russia serviced 163,837 subscribers and
Mobile TeleSystems LLC, a mobile operator in Belarus in which
MTS has a 49.0% stake, serviced approximately 592,600
subscribers.

Since the beginning of 2004, MTS has added 5.21 million new
subscribers and, as of June 15, 2004, MTS' consolidated
subscriber base was comprised of approximately 21.93 million
customers, of which 17.43 million were in Russia and 4.50
million were in Ukraine.  In addition, MTS' unconsolidated
subsidiaries in Russia serviced 212,250 customers and Mobile
TeleSystems LLC serviced 714,930 customers in Belarus.

The increase in MTS' revenues in the first quarter of 2004
compared to the fourth quarter of 2003 was driven by a continued
growth in subscribers in all the markets in which the Company
operates.  Benefits derived from additional economies of scale
resulted in a growth in the Company's OIBDA margin to 54.5%,
compared to 51.9% in the previous quarter and 50.4% in the first
quarter of 2003.  The increase in the Company's net income
margin to 25.7% in the first quarter of 2004 compared to 19.8%
in the previous quarter can be attributed to growth in revenues
and decrease in related expenses incurred by the Company during
the period (e.g. sales and marketing expenses, taxes other than
income tax, interest expenses).

MTS' capital expenditures on property, plant and equipment
during the first quarter of 2004 totaled US$213.4 million (of
which US$31.6 million was spent in Ukraine).  In addition, MTS
spent US$18.8 million on purchases of intangible assets during
the first quarter of 2004 (of which US$6.5 million was spent in
Ukraine).

MTS' total debt[5] at the end of the first quarter of 2004 was
US$1.62 billion compared to US$1.66 billion at the end of 2003.
The Company's net debt[6] was US$1.26 billion at the end of the
first quarter compared to US$1.32 billion at the end of 2003.

Commenting on the results, Vassily Sidorov, President and CEO of
MTS, said: "The first quarter of 2004 was successful for the
Company.  We achieved significant expansion in our customer base
in all the markets we operate in.  MTS' growth in net income and
improved profitability were largely driven by increased
economies of scale.  Our management team will continue its
efforts to improve the operational efficiency and strengthen the
market position of the Company."

Operational Highlights

                  Q1 2004  Q4 2003  Q3 2003  Q2 2003  Q1 2003
Total subscribers,
end of period (mln)19.19     16.72    13.89    11.34    9.42
Russia (mln)       15.34     13.37    11.34     9.32    7.60
Ukraine (mln)       3.85      3.35     2.55     2.02    1.82
Unconsolidated
subsidiaries
in Russia[7]     163,837    123,115  114,372     -       -
MTS Belarus[8]   592,579    464,783  308,916  170,200  83,200

Russia
ARPU (US$)[9]       14.7       16.3     18.8     18.7    18.5
MOU (minutes)        147        140      159      162     148
Churn rate (%)      10.0       12.5     12.3     11.0    11.6
SAC per gross
additional subscriber
(US$)                 23         24       23       27      30

Ukraine
ARPU (US$)          14.0       15.4     17.8     17.2    15.9
MOU (minutes)        111        114      110       97      87
Churn rate (%)       6.0        6.5      4.6      5.5     8.9
SAC per gross
additional
subscriber (US$)      25         26       34       37      51

MTS' Operations in Russia

As of March 31, 2004, MTS' consolidated subscriber base in
Russia was approximately 15.34 million, of which 8.68 million
were enrolled in the Company's pre-paid Jeans tariff plans.
According to AC&M-Consulting, an independent market research
company, MTS retained its leading market share of 37% of the
mobile communication market in Russia in the first quarter of
2004.

Revenues and net income from MTS' operations in Russia during
the first quarter of 2004 were US$654.2 million[10] and US$165.0
million respectively, compared to US$630.5 million[11] and
US$129.7 million in the fourth quarter of 2003.

The Company's average monthly revenue per user (ARPU) in Russia
decreased in the first quarter of 2004 to US$14.7 compared to
US$16.3 in the fourth quarter of 2003.  This decrease is largely
due to the increase of pre-paid Jeans subscribers in the
customer mix.  The average monthly minutes of usage per
subscriber (MOU) in the first quarter of 2004 were 147 minutes
compared to 140 minutes in the fourth quarter of 2003.  This
increase in usage can be mainly attributed to the increase in
the number of calls within the network, as well as to the
increase of regional pre-paid Jeans customers in the customer
mix (regional Jeans customers generally talk more than Jeans
customers in Moscow, as the regional per-minute tariffs are
lower).

Churn rate was 10.0% in the first quarter of 2004, down from
12.5% in the previous quarter, mainly because of MTS' increased
focus on subscriber loyalty and new relationships with the
Company's dealers, whereby commissions are aligned with revenues
from the customers.

The Company's subscriber acquisition cost (SAC) per gross
additional subscriber in Russia in the first quarter of 2004
decreased to US$23 compared to US$24 in the previous quarter.
This decrease was primarily due to the lower costs of attracting
mass-market subscribers and increased economies of scale.

MTS' Operations in Ukraine

As of March 31, 2004, MTS provided its services to 3.85 million
subscribers in Ukraine, of which 81.2% were enrolled in the
Company's pre-paid tariff plans.  MTS is the leader in Ukraine
with a market share of 53% as of March 31, 2004, according to
AC&M-Consulting.

MTS' operations in Ukraine contributed US$154.8 million to the
Company's revenues and US$42.8 million to its net income during
the first quarter of 2004 compared to US$142.5 million and $23.0
million respectively in the fourth quarter of 2003.  MTS' ARPU
in Ukraine in the first quarter of 2004 declined to US$14.0
compared to US$15.4 in the fourth quarter of 2003.  This decline
is a result of a change in customer mix towards more pre-paid
subscribers and a reduction in tariffs in 2003. Usage was down
to 111 minutes from 114 minutes in the fourth quarter of 2003,
mainly as a result of this change in the customer mix.

MTS' SAC per gross additional subscriber in Ukraine in the first
quarter of 2004 was at US$25, a decrease from $26 reported in
the fourth quarter of 2003.  Similar to the trends experienced
by MTS in Russia, the SAC decrease in Ukraine was largely
attributable to the lower costs of attracting mass-market
subscribers and increased economies of scale.

MTS' churn rate was at 6.0% in Ukraine in the first quarter of
2004, a decline from 6.5% in the fourth quarter of 2003.

----------
Footnotes:

* As of June 15, 2004.

[1] Based on unaudited consolidated financial statements
    prepared in accordance with accounting principles generally
    accepted in the United States of America ("US GAAP").

[2] MTS began consolidating its Ukrainian subsidiary, Ukrainian
    Mobile Communications (UMC), into its financial statements
    from the date of acquisition, effective March 1, 2003.

[3] See Attachment A for definitions of OIBDA and OIBDA margin
    and reconciliations to operating income and operating
    margin, respectively.

[4] MTS owns 50% stakes in Primtelefon, a local mobile operator
    in the Far Eastern and Siberian parts of Russia, and in
    Volgograd Mobile and Astrakhan Mobile, local mobile
    operators in the Volga part of Russia. MTS does not
    consolidate these companies.

[5] Total debt is comprised of the current portion of long-term
    debt, current capital lease obligations, long-term debt, and
    long-term capital lease obligations.

[6] Net debt is the difference between the total debt and cash
    and cash equivalents and short-term investments. See
    Attachment B for reconciliation of net debt to our
    consolidated balance sheet.

[7] MTS owns 50% stakes in Primtelefon, a local mobile operator
    in Far Eastern and Siberian parts of Russia, and in
    Volgograd Mobile and Astrakhan Mobile, local mobile
    operators in Volga part of Russia. MTS does not consolidate
    these companies.

[8] MTS owns a 49% stake in Belarus operator Mobile TeleSystems
    LLC, which is not consolidated.

[9] See Attachment C for definitions of ARPU, MOU, Churn and
    SAC.

[10] Excluding intercompany eliminations of $0.3 million.

[11] Excluding intercompany eliminations of $1.3 million.

Mobile TeleSystems OJSC is the largest mobile phone operator in
Russia and Ukraine.  Together with its subsidiaries, the Company
services over 21.9 million subscribers.  The regions of Russia,
as well as Belarus and Ukraine, in which MTS and its
subsidiaries are licensed to provide GSM services, have a total
population of approximately 200.6 million.  Since June 2000,
MTS' shares have been listed on the New York Stock Exchange with
the ticker symbol MBT.  Additional information about MTS can be
found at http://www.mtsgsm.com.

                            *   *   *

In March, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Mobile TeleSystems (OJSC) to
'BB-' from 'B+', due to sustained leading market positions and
solid growth of cash flow from operations.  The outlook is
stable.  In addition, Standard & Poor's also raised its senior
unsecured debt rating on related entity Mobile Telesystems
Finance S.A. to 'BB-' from 'B+'.

"The upgrade reflects the proven ability of Mobile TeleSystems
to maintain leading market positions in the growing Russian and
Ukrainian mobile telecoms markets and deliver strong cash flow
generation from operations in Russia and Ukraine despite growing
exposure to low-end subscribers," said Standard & Poor's credit
analyst Pavel Kochanov.

A copy of management presentation is available free of charge at
http://bankrupt.com/misc/MTS_Q1ManagementPresentation.pdf.

Copies of these financial results are available free of charge
at http://bankrupt.com/misc/MTS_Q12004.pdf.

CONTACT:  MOBILE TELESYSTEMS
          Moscow
          Investor and Public Relations
          Andrey Braginski
          Phone: +7 095 911-65-53
          E-mail: ir@mts.ru


MOBILE TELESYSTEMS: To Pay RUB3.2 Dividend for 2003
---------------------------------------------------
Mobile TeleSystems' Annual General Meeting of shareholders
adopted these resolutions:

(a) To pay an annual dividend for 2003 of 3.2 Rubles[1] per
ordinary share of MTS (approximately $2.2 per ADR[2]).  This
equates to a total dividend payout of 6.38 billion Rubles
(approximately $219.95 million[3]).  Dividends should be paid
out before the end of 2004.

(b) To elect these persons to the MTS Board of Directors:

     (i) Vladimir Lagutin, General Director, JSC Sistema
         Telecom;

    (ii) Michael Guenther, General Manager, T-Mobile Worldwide
         Holding GmbH;

   (iii) Alexey Buyanov, First Vice President, AFK Sistema;

    (iv) Fridbert Gerlach, Executive Vice President, T-Mobile
         International AG & Co. KG;

     (v) Alexander Goncharuk, General Director, Joint-Stock
         Company KNC[4];

    (vi) Paul Kusubov, Head of T-Mobile Worldwide Holding GmbH
         Representative Office, Russia;

   (vii) Vassily Sidorov, President and CEO of MTS.

The number of Board of Directors remains unchanged from last
year.

(c) To approve CJSC Deloitte and Touche CIS as MTS' auditor
    (Deloitte and Touche CIS has been appointed MTS' auditor for
    the third year in a row).

(d) To approve amendments to MTS' Charter as introduced in line
    with the changes in Russian legislation.

The Board of Directors' first meeting took place on the same
day, Friday.  It re-appointed Vladimir Lagutin as Chairman and
Michael Guenther as Deputy Chairman of the Board of Directors.

----------
Footnotes:

[1] Payment is RUB3.20217480 per ordinary share.

[2] At the rate of the Central Bank of the RF on June 24, 2004
    of RUB29.02/US$.

[3] The amount is 48.0% of the Company's net income in 2003 in
    accordance with the RAS and 42.5% of net income under U.S.
    GAAP.

[4] Joint-Stock Company KNC is a subsidiary of AFK Sistema.

                            *   *   *

Mobile TeleSystems OJSC is the largest mobile phone operator in
Russia and Ukraine.  Together with its subsidiaries, the Company
services over 21.9 million subscribers.  The regions of Russia,
as well as Belarus and Ukraine, in which MTS and its
subsidiaries are licensed to provide GSM services, have a total
population of approximately 200.6 million.  Since June 2000,
MTS' shares have been listed on the New York Stock Exchange with
the ticker symbol MBT.  Additional information about MTS can be
found at http:/www.mtsgsm.com

CONTACT:  MOBILE TELESYSTEMS
          Moscow
          Investor and Public Relations
          Andrey Braginski
          Phone: +7 095 911-65-53
          E-mail: ir@mts.ru


MOSKOVSKOYE: Court Commences Bankruptcy Procedure
-------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on OJSC Moskovskoye.  The case is docketed
as A14-4180/04/33/20b.  Mr. Y. Bezrukov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 394055, Russia, Voronezh region,
Post Office 55, Post User Box 7.  A hearing will take place on
September 9, 2004, 10:40 a.m. at the Arbitration Court of
Voronezh region.

CONTACT:  MOSKOVSKOYE
          Russia, Voronezh Region,
          Shebekino, Rzhevskoye Shosse, 11

          Mr. Y. Bezrukov
          Temporary Insolvency Manager
          394055, Russia, Voronezh Region,
          Post Office 55, Post User Box 7

          The Arbitration Court of Voronezh region
          Russia, Voronezh,
          Srednemoskovskaya Str. 77, Room 111


PIG BREEDING: Insolvency Confirmed
----------------------------------
The Arbitration Court of Moscow region declared CJSC Pig
Breeding Complex Taldom insolvent and introduced bankruptcy
proceedings.  The case is docketed as A41-K2-770/04.  Mr. M.
Vdovin has been appointed insolvency manager.   Creditors are
asked to submit their proofs of claim to Russia, Moscow,
Sovkhoznaya Str. 16, Building 1, Apartment 28.

CONTACT:  PIG BREEDING COMPLEX TALDOM
          Russia, Moscow region,
          Taldom, Shishunova Str. 10

          Mr. M. Vdovin
          Insolvency Manager
          Russia, Moscow,
          Sovkhoznaya Str. 16,
          Building 1, Apartment 28


SHEBEKINSKY FACTORY: Belgorod Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on CJSC Shebekinsky Factory Auto-Special-
Equipment.  The case is docketed as A08-4745/04-11.  Mr. A.
Ovchinnikov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at Russia, Belgorod region,
Shebekino, Rzhevskoye Shosse, 16A.  A hearing will take place on
August 18, 2004, 3:00 p.m. at the Arbitration Court of Belgorod
region.

CONTACT:  SHEBEKINSKY FACTORY AUTO-SPECIAL-EQUIPMENT
          Russia, Belgorod Region,
          Shebekino, Rzhevskoye Shosse, 11

          Mr. A. Ovchinnikov
          Temporary Insolvency Manager
          Russia, Belgorod Region,
          Shebekino, Rzhevskoye Shosse, 16A
          Phone: 8 (07-248) 3-06-40

          The Arbitration Court of Belgorod region
          Russia, Belgorod,
          Narodnaya Str. 135


UGOLNY RAZREZ: Under Bankruptcy External Management
---------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
external management procedure on municipal state enterprise
Ugolny Razrez Ogorzha.  The case is docketed as A04637/04-10/42.
Ms. G. Chmutina has been appointed external insolvency manager.
Creditors are asked to submit their proofs of claim to the
external insolvency manager at 675000, Russia, Amur Region,
Blagoveshensk, Ostrovskogo Str. 39, Apartment 2.

CONTACT:  UGOLNY RAZREZ OGORZHA
          676567, Russia, Amur Region,
          Selemzhinsky Region, Ogorzha,
          Sadykova Str. 23

          Ms. G. Chmutina
          External Insolvency Manager
          675000, Russia,
          Amur Region, Blagoveshensk,
          Ostrovskogo Str. 39, Apartment 2


USMAN-SEL-KHOZ-KHIMIYA: Court Sets September 23 Hearing
-------------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
supervision procedure on OJSC Usman-Sel-Khoz-Khimiya.  The case
is docketed as A36-52-B/1-04.  Mr. S. Polyakov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 399370, Russia, Lipetsk region,
Usman, Tereshkovoy Str. 25, Apartment 40a.  A hearing will take
place on September 23, 2004, 9:30 a.m. at the Arbitration Court
of Lipetsk region.

CONTACT:  USMAN-SEL-KHOZ-KHIMIYA
     399372, Russia, Lipetsk Region,
          Usmansky Region, Prigorodka

          Mr. S. Polyakov
          Temporary Insolvency Manager
          399370, Russia, Lipetsk Region,
          Usman, Tereshkovoy Str. 25, Apartment 40a

          The Arbitration Court of Lipetsk region
          Russia, Lipetsk,
          Skorokhodova Str. 2, Room 521


WATER CANAL: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on LLC Water Canal.  The case is docketed
as A76-6631/04-34-10.  Mr. S. Zaikin has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 456871, Russia, Chelyabinsk
region, Kyshtym, Demina Str. 6-22 or to LLC Water Canal at
Russia, Zlatoust, Severnaya Str. 29a.  A hearing will take place
on October 15, 2004.

CONTACT:  WATER CANAL
          Russia, Zlatoust,
          Severnaya Str. 29a

          Mr. S. Zaikin
          Temporary Insolvency Manager
          167023, Russia, Komi Republic,
          Syktyvkar, Post User Box 2006


YUKOS OIL: Proposes Partial Payment of US$3.4 Billion Tax Bill
--------------------------------------------------------------
Russian oil giant Yukos has offered to settle part of the tax
debt being claimed by authorities in the hope of reaching an
amicable settlement with the government, Interfax-news reports.

It is proposing to pay US$1.17 billion or one-third of the
US$3.4 billion tax bill before July 1, 2006, and shoulder the
legal costs of the claim.  It is, however, refusing to cover for
the remaining amount, which consists of fines, VAT charges and
penalties.  The government has not made an official response to
the offer.

The Tax Ministry last month succeeded in taking off a court-
imposed injunction on its mandate, opening the way for the
seizure of Yukos assets.

Yukos has warned the tax debt could force it into bankruptcy.
It said it only has US$1 billion in cash, and there is no way it
could touch other assets because of a freeze order brought over
them.  Authorities have asked the court to block any movements
of the firm's assets in relation to investigations of fraud and
tax evasion being conducted against it.


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


SOL MELIA: Fitch Affirms Rating; Cites Industry Recovery
--------------------------------------------------------
Fitch Ratings affirmed Sol Melia S.A.'s Senior Unsecured and
Short-term ratings at 'BBB-' and 'F3' respectively.  The rating
Outlook remains Negative.

Sol Melia's current financial structure is stretched for its
rating category.  However, the current recovery in the hotel
industry is expected to help Sol Melia reduce its indebtedness
to a level more in line with an investment-grade rating. In
order to maintain its 'BBB-' rating, Fitch would expect that Sol
Melia's lease-adjusted net debt/EBITDAR ratio be less than 5.0x
for FY04 from 5.7x for FY03.  For FY05, when the hotel cycle is
expected to recover more fully, leverage of c.4.0x would be
anticipated to maintain the rating.  Sol Melia's high asset base
is a significant support to its ratings.  Fitch would however be
concerned if the company had to follow the secured route for
refinancing purposes, which Fitch understands is not its current
intention, to such an extent that the coverage of the unsecured
debt by unencumbered assets (excluding the full amount of
pledged assets in operating subsidiaries) should fall below
2.0x.  Most of the bank debt (EUR600 million out of EUR620
million) is secured or benefits from structural seniority.

To achieve the target ratios, Sol Melia will partly be dependent
on the speed of the recovery of the travel market, which is
beyond its control, and will have to use cash flows to reduce
debt.  Sol Melia's business model, especially its resort hotels,
has proved fairly resilient to the slump in travel over the last
three years.  Sol Melia has outperformed its domestic peers in
Q104 with sales and EBITDAR up 9.3% and 23.8% respectively.  The
trend towards late bookings continues and the recovery of the
Spanish city hotels risks being slowed down by high supply
growth expected in the next couple of years.  Capex is expected
to be lower in coming years as a large proportion of rooms have
recently been refurbished and the group has announced that it
will slow down its expansion program.  The EUR150 million
exchangeable bond issued in October, maturing in 2008, and
EUR130m raised through bilateral secured funding allow the
refinancing of the EUR220 million unsubordinated convertible
bond due September 2004 and the making of further investments.
Management is currently contemplating several possibilities for
the refinancing of the upcoming EUR340 million bonds maturing in
February 2006.

Sol Melia of Spain is the world's tenth largest hotel company
and ranks number one in its core markets of Spain, Latin America
and the Caribbean, with a portfolio of 330 hotels and 80,110
rooms at YE03.  It is also the leading resort hotel chain
globally.  Some 45% of the hotel portfolio is owned/leased and
55% is under management/franchise contracts, but Sol Melia
derives 78% of its EBITDA from fully owned properties.  Spain
represented around 64% of 2003 EBITDA, with the remainder from
Latin America & Caribbean (26%), Rest of Europe (9%) and Other
(2%).  Sol Melia is controlled by the founding Escarrer family.

CONTACT:  FITCH RATINGS
          Frederic Gits, London
          Phone: +44 (0) 207 417 4230

          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

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


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


ADECCO SA: Regulators Continue Probe on Accounting Problems
-----------------------------------------------------------
Recruitment group Adecco S.A. said at a U.S. Securities and
Exchange Commission document filed Monday it is currently facing
several investigations relating to its delayed 2003 results.

The SEC is investigating the events leading to the announcement
of internal control weaknesses in its North American business in
January.  The regulator has issued a grand jury subpoena "a
variety" of its records, the filing said.

The Swiss Stock Exchange is also probing the firm for possible
violations of rules on "ad hoc publicity," while the Swiss
Federal Banking Commission is looking into trading in Adecco
securities before the revelation.  Adecco itself is conducting
an internal investigation into accounting weaknesses in the U.S.
and elsewhere.  The company and its current and former officers
and directors are facing eight class-action lawsuits in the U.S.

Meanwhile, it was also revealed Monday that Ernst & Young has
not left the company.  It still certified the firm's financial
report for year ended December 28, 2003.


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


SWISS INTERNATIONAL: To Offer New Jet Service Next Year
-------------------------------------------------------
Swiss International Air Lines will introduce a Boeing Business
Jet service on its Zurich-New York (Newark) route in January
2005.  The aircraft, which will be operated by international
business aviation specialist PrivatAir, offers seating for 56
passengers.  SWISS will continue to operate its current Zurich-
New York (JFK) service using Airbus A330 equipment.

SWISS will be offering its new all-Business Class service
between Zurich and New York (Newark) six times a week.  The
flights will be operated by a Boeing Business Jet (BBJ) aircraft
with seating for 56 passengers.  The new service is scheduled to
be launched on January 15, 2005.  SWISS' current Airbus A330
operations between Zurich and New York (Newark) will be
simultaneously withdrawn.  But SWISS will continue to offer its
present New York (JFK) services from both Zurich and Geneva.

The new product will be carefully tailored to business
travelers' requirements.  Passengers will enjoy shorter boarding
times, a calmer ambience on board and special in-flight service.
Cabin comfort will also be assured by the provision of lie-flat
seats at a generous 153 cm pitch.  And no fewer than four flight
attendants will be assigned to each departure.  The new product
is expected to meet a clear market need among the business
travel community.

PrivatAir and Swiss have signed a ACMI (Aircraft, Crew,
Maintenance, Insurance) agreement which will ensure their close
cooperation on this route.  The flights will carry LX flight
numbers, but the BBJ used will remain in PrivatAir livery.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax:   +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


AGRI-INDUSTRIAL HOUSE: Declared Insolvent
-----------------------------------------
The Economic Court of Sumi region declared CJSC District Agri-
Industrial House Lebedinskij (code EDRPOU 00734469) insolvent
and introduced bankruptcy proceedings on May 19, 2004.  The case
is docketed as 7/54.  Arbitral manager Mr. Zakorko Vadim
(License Number AA 719836 approved on February 19, 2004) has
been appointed liquidator/insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  DISTRICT AGRI-INDUSTRIAL HOUSE LEBEDINSKIJ
     42200, Ukraine, Sumi region,
     Lebedin, K. Marks Str. 11

(b)  Liquidator/Insolvency Manager
     40030, Ukraine, Sumi region,
     Proletarska Str. 69, 2nd floor

(c)  ECONOMIC COURT OF SUMI REGION
     40477, Ukraine, Sumi region,
     Ribalko Str. 2

CONTACT:  DISTRICT AGRI-INDUSTRIAL HOUSE LEBEDINSKIJ
          42200, Ukraine, Sumi region,
          Lebedin, K. Marks Str. 11

          Mr. Zakorko Vadim
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

     ECONOMIC COURT OF SUMI REGION
     40477, Ukraine, Sumi region,
          Ribalko Str. 2


AGROSPETSMONTAZH: Court Affirms Insolvency
------------------------------------------
The Economic Court of Ivano-Frankivsk region declared LLC
Agrospetsmontazh (code EDRPOU 20535967) insolvent and introduced
bankruptcy proceedings on April 2, 2004.  The case is docketed
as B-6/72.  Mr. Lutchin Yaroslav has been appointed
Liquidator/Insolvency Manager.

CONTACT:  AGROSPETSMONTAZH
          77600, Ukraine, Ivano-Frankivsk region,
          Rozhnyativ, Pershotravneva Str. 20

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


DE-YURE: Bankruptcy Supervision Started
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Juridical Firm De-Yure (code EDRPOU
31166566).  The case is docketed as 25/74.  Arbitral manager Mr.
Chulakov Petro has been appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  JURIDICAL FIRM DE-YURE
     Juridical Address:
     69006, Ukraine, Zaporizhya region,
     Pivnichne shose, 5/28

     Actual Address:
     Ukraine, Zaporizhya region,
     Chervonoarmijska Str. 46/20

(b)  ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region, Shaumyana Str. 4

Juridical Firm De-Yure holds account number 26006041980001 at
JSCB Industrialbank, Zaporizhya branch, MFO 313849.

CONTACT:  JURIDICAL FIRM DE-YURE
          Juridical Address:
          69006, Ukraine, Zaporizhya region,
          Pivnichne shose, 5/28

          Actual Address:
          Ukraine, Zaporizhya region,
          Chervonoarmijska Str. 46/20

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


LISIVSKE: Insolvent Status Confirmed
------------------------------------
The Economic Court of Poltava region declared OJSC Lisivske
(code EDRPOU 05384896) insolvent and introduced bankruptcy
proceedings on June 1, 2004.  The case is docketed as 8/144.
Arbitral manager Mr. Ribachenko M. (License Number AA 719762
approved on January 16, 2004) has been appointed
liquidator/insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  LISIVSKE
     Ukraine, Poltava region,
     Gadyatskij district, Lisivka

(b)  ECONOMIC COURT OF POLTAVA REGION
     36000, Ukraine, Poltava region, Zigina Str. 1

Lisivske holds account number 260043238817067 at Privatbank,
Poltava regional branch, MFO 331401.

CONTACT:  LISIVSKE
          Ukraine, Poltava region,
          Gadyatskij district, Lisivka

     ECONOMIC COURT OF POLTAVA REGION
     36000, Ukraine, Poltava region,
          Zigina Str. 1


PIVDENGIDROMASH: Court Prescribes Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Commercial House Pivdengidromash
(code EDRPOU 30463596) on May 27, 2004.  The case is docketed as
25/79.  Mrs. Kretova O. (License Number AA 487803 approved on
April 24, 2003) has been appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  COMMERCIAL HOUSE PIVDENGIDROMASH
     71101, Ukraine, Zaporizhya region,
     Berdyansk, Melitopolske shose Str. 77

(b)  Temporary Insolvency Manager
     69006, Ukraine, Zaporizhya region,
     a/b 123
     Phone: 13-32-14, 8 (067) 614-47-49,

(c)  ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
     Shaumyana Str. 4

Commercial House Pivdengidromash holds account number
00000260053936 at JSPPB Aval, Zaporizhya regional branch, MFO
313827.

CONTACT:  COMMERCIAL HOUSE PIVDENGIDROMASH
          71101, Ukraine, Zaporizhya region,
          Berdyansk, Melitopolske shose Str. 77

          Mrs. Kretova O.
          Temporary Insolvency Manager
          69006, Ukraine, Zaporizhya region,
          a/b 123
          Phone: 13-32-14, 8 (067) 614-47-49,

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


PONINKIVSKIJ PAPERBOARD: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Poninkivskij Paperboard-Paper
Combine (code EDRPOU 00278866) on October 23, 2004.  The case is
docketed as 4/243-B.  Arbitral manager Mr. Pukas Oleksandr
(License Number AA 250497 approved on June 18, 2002) has been
appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  PONINKIVSKIJ PAPERBOARD-PAPER COMBINE
     30511, Ukraine, Hmelnitskij region,
     Polonskij district,
     Poninka, Peremogi Str. 34

(b)  Temporary Insolvency Manager
     Ukraine, Vinnitsya region,
     Primakov Str. 5-a

(c)  ECONOMIC COURT OF HMELNITSKIJ REGION
     29000, Ukraine, Hmelnitskij region,
     Nezalezhnosti square, 1

Poninkivskij Paperboard-Paper Combine account number
2600730130000 at JSCB National credit, Polonska branch, MFO
315643.

CONTACT:  PONINKIVSKIJ PAPERBOARD-PAPER COMBINE
          30511, Ukraine, Hmelnitskij region,
          Polonskij district,
          Poninka, Peremogi Str. 34

          Mr. Pukas Oleksandr
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Primakov Str. 5-a

     ECONOMIC COURT OF HMELNITSKIJ REGION
     29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti square, 1


PROMGIDRAVLIKA: Zaporizhya Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Promgidravlika (code EDRPOU
32169311) on May 26, 2004.  The case is docketed as 26/82.
Mrs. Kretova O. (License Number AA 487803 approved on April 24,
2003) has been appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  PROMGIDRAVLIKA
     69093, Ukraine, Zaporizhya region,
     Zachinyajev Str. 158-A

(b)  Temporary Insolvency Manager
     69006, Ukraine, Zaporizhya region,
     a/b 123
     Phone: 13-32-14, 8 (067) 614-47-49,

(c)  ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
     Shaumyana Str. 4

Promgidravlika holds account number 26002318223850 at JSCB
Ukrsocbank, Zaporizhya branch, MFO 313010

CONTACT:  PROMGIDRAVLIKA
          69093, Ukraine, Zaporizhya region,
          Zachinyajev Str. 158-A

          Mrs. Kretova O.
          Temporary Insolvency Manager
          69006, Ukraine, Zaporizhya region,
          a/b 123
          Phone: 13-32-14, 8 (067) 614-47-49,

     ECONOMIC COURT OF ZAPORIZHYA REGION
     69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


REZERV: Bankruptcy Supervision Procedure Starts
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Rezerv (code EDRPOU 13815809).
The case is docketed as 6/138-8/85.  Arbitral manager Mr.
Kolyada Volodimir (License Number AA 000489) has been appointed
temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  REZERV
     Ukraine, Lviv region,
     Zelena Str. 153

(b)  Temporary Insolvency Manager
     Ukraine, Lviv region,
     Chervonoji Kalini avenue, 51/51

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

Rezerv holds account number 260050240 at JSCB Lviv region, Lviv
branch, MFO 325268.

CONTACT:  REZERV
          Ukraine, Lviv region,
          Zelena Str. 153

          Mr. Kolyada Volodimir
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Chervonoji Kalini Avenue, 51/51

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


VIKTORIYA: Proofs of Claim Deadline Set July 11
-----------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Viktoriya (code EDRPOU 30799000).
The case is docketed as 10/31.  Arbitral manager Mrs. Suhorukova
Nataliya (License Number AA 485219 approved May 7, 2003) has
been appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  VIKTORIYA
     27532, Ukraine, Kirovograd region,
     Svitlovodsk district, Glinsk

(b)  Temporary Insolvency Manager
     Ukraine, Kirovograd region,
     Timiryazev Str. 62/2-7

(c)  THE ECONOMIC COURT OF KIROVOGRAD REGION
     5022, Ukraine, Kirovograd region,
     Lunacharski str. 29

Viktoriya holds account number 26007301360895 at JSCB National
credit, Svitlovodsk branch, MFO 383136.

CONTACT:  VIKTORIYA
          27532, Ukraine, Kirovograd region,
          Svitlovodsk district, Glinsk

          Mrs. Suhorukova Nataliya
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Timiryazev Str. 62/2-7

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


VOLNOVASKA: Deadline for Proofs of Claim July 11
------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural firm Volnovaska (code
EDRPOU 30355206) and ordered a moratorium on satisfaction of
creditors' claims on April 19, 2004.  The case is docketed as
42/63B.  Arbitral manager Mr. Mironenko V. (License Number
520157) has been appointed temporary insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to:

(a)  AGRICULTURAL FIRM VOLNOVASKA
     85733, Ukraine, Donetsk region,
     Volnovaskij district,
     Novotroitske, Lenin Str. 271

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

Agricultural Firm Volnovaska holds account number 26000959676478
at First Ukrainian International Bank, Donetsk branch, MFO
335537.

CONTACT:  AGRICULTURAL FIRM VOLNOVASKA
          85733, Ukraine, Donetsk region,
          Volnovaskij district,
          Novotroitske, Lenin Str. 271

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


ZMIJIVSKA VEGETABLE: Temporary Insolvency Manager Appointed
-----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agricultural CJSC Zmijivska Vegetable
Factory (code EDRPOU 26149490) on April 30, 2004.  The case is
docketed as B-39/60-04.  Mr. Sorokin M. (License Number AA
047711 approved on October 2, 2001) has been appointed temporary
insolvency manager.

Creditors have until July 11, 2004 to submit their proofs of
claim to Ukraine, Harkiv region, Dobrolubov Str. 18/184.
Zmijivska Vegetable Factory holds account number 26008000587001
at JSC Index bank, Komsomolske branch, MFO 350619.

CONTACT:  ZMIJIVSKA VEGETABLE FACTORY
          Ukraine, Harkiv region,
          Komsomolske, Balaklijske shose

          Mr. Sorokin M.
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Dobrolubov Str. 18/184

     ECONOMIC COURT OF HARKIV REGION
     61022, Ukraine, Harkiv region,
          Svobodi square, 5, Derzhprom,
          8th entrance


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


ABBEY NATIONAL: Completes Sale of Asset Finance, Leasing Biz
------------------------------------------------------------
Further to its announcement of 17 June, Abbey announces that,
with all completion arrangements having been satisfied, the sale
of the asset finance and leasing businesses to ING Lease (U.K.)
Ltd. was duly completed on Wednesday 30 June 2004.

CONTACT:  ABBEY NATIONAL
          Media Relations:
          Kirsty Sugrue
          Phone: 020 7756 4211

          Investor Relations:
          Israel Santos
          Phone: 020 7756 4181


BCCI: Bank Officials Accused of Lying to Conceal Theft
------------------------------------------------------
BCCI deputy head of banking supervision John Bartlett allegedly
lied to Sir Edward George to cover up the US$2 billion theft at
the company, Gordon Pollock told the High court Wednesday.

Mr. Pollock is acting in behalf of BCCI liquidator Deloitte &
Touche.  The liquidator seeks to prove that 22 officials of the
Bank of England are guilty of misfeasance in public office and
demands GBP850 million in damages.

Mr. Pollock told the court that in May 1991, Mr. Bartlett told
Sir Edward the US$2 billion was a private subsidy from the Abu
Dhabi royal family to BCCI.  However, as claimed by Mr. Pollock,
Mr. Bartlett knew the money was stolen by BCCI president Swaleh
Naqvi from the account of Sheikh Khalifa, son of Sheikh Zayed,
the ruler of Abu Dhabi.  Sir Edward was the deputy governor at
the time.

Both Mr. Naqvi and forerunner Ajha Hasan Abedi, held power of
attorney over the personal investment portfolio of Sheikh
Khalifa.

"To be misled into thinking that there had been this private
subsidy is quite extraordinary," Mr. Pollock said.

IN 1990, BCCI's auditor PricewaterhouseCoopers submitted to the
Bank of England two reports which revealed a huge hole in BCCI's
finances and provided details of fraudulent and deceitful
transactions.

Two months after Sir Edward's inquiries on the level of
financial support Abu Dhabi had extended to BCCI, the finance
house collapsed with debts exceeding GBP10 billion.

In the hearing, the High Court was told senior officials of the
Bank of England knew BCCI "misappropriated" or "dipped into" the
account to massage and manufacture interest payments made by the
Middle Eastern bank's debtors, including Abbas Gokal's Gulf
shipping group.

Mr. Pollock said, "One might imagine that Mr. Bartlett. . . was
simply so concerned that if the deputy governor learned that
Abedi and his elves had simply stolen the odd $2billion from the
sheikh, the demand for revocation would be immediate.  I do not
know."

The Bank of England is expected to call Sir Edward on the
witness stand in the trial by the Bank of England at some stage
next year.

Meanwhile, Mr. Bartlett strongly denied the allegation.  In his
witness statement, he says Chris Cowan, a partner at PWC,
supplied him with the information about the US$2 billion
transaction over the telephone and referred to it as a private
subsidy.

"I used the words because they were exactly the ones Mr. Cowan
used," he said.

Around 80,000 depositors were affected by BCCI's collapsed.
BCCI was the fastest growing bank in Britain and had become one
of the biggest to operate outside the big four clearers.

Deloitte & Touche has successfully recovered 75p in the pound
for creditors.  The liquidator hopes to be able to pay BCCI
depositors 15p in the pound if the court rules favorably on its
GBP850-million claim.


BED OF ROSES: Creditors Meeting Fixed July 6
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF Bed of Roses Nationwide Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Bed of Roses
Nationwide Ltd company will be held at 4 Dancastle Court 14
Arcadia Avenue London N3 2HS, on July 6, 2004, at 02:15 p.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

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

By Order of the Board.

I Mitchell , Director
June 7, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


CABLE & WIRELESS: Hires Grant Thornton Liquidator
-------------------------------------------------
Name of Companies:
Cable & Wireless Australia & Pacific
Cable & Wireless U.K. Finance No. 4
Cable & Wireless U.S. Holdings Limited
Cable And Wireless (Meadowbank) Limited
C & W Cable Limited
Flexible Resource Limited

The Special Resolution to wind up these companies was passed.
Andrew Conquest of Grant Thornton, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP, and Samantha Keen, of
Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW have
been appointed Joint Liquidators of these Companies.

CONTACT:  GRANT THORNTON
          Grant Thornton House
          Melton Street,
          Euston Square,
          London NW1 2EP
          Liquidator:
          Andrew Conquest

          GRANT THORNTON
          31 Carlton Crescent,
          Southampton SO15 2EW
          Liquidator:
          Samantha Keen


CENSUS INVESTMENTS: Winding up Operations
-----------------------------------------
A Shares Fund

B Shares Fund

C Shares Fund

(the 'Sub-funds')

Re: Winding up of the Company and Removal of the Shares of the
Sub-funds from the Official List

The Directors of the Company wish to announce that pursuant to a
resolution passed at an Extraordinary General Meeting of the
Company held on 30 June 2004, the Shareholders voted to wind up
the operations of the Company in accordance with Article 136(a)
of the Articles of Association of the Company.

The Directors have requested the Irish Stock Exchange to delist
the Shares of the Sub-funds of the Company from the Official
List.

The Irish Stock Exchange has agreed to remove the Shares of the
Sub-funds of the Company from the Official List with effect from
5 July 2004.

CONTACT:  ABBEY NATIONAL TREASURY SERVICES PLC
          Michael Perry
          Phone: +44 207 756 7000

          ERNST & YOUNG
          Listing Sponsor
          Michelle O'Neill
          Phone: +353 1 475 0555


COMPASS TRADERS: Creditors Meeting Set July 5
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

               IN THE MATTER OF Compass Traders Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Compass Traders Ltd
company will be held at Fergusson House 124-128 City Road London
EC1V 2NJ, on July 5, 2004, at 03:30 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

C Iacovides of JHJ Fergusson House 124-128 City Road London EC1V
2NJ is a person qualified to act as an Insolvency Practitioner
in relation to the Company who will, during the period before
the day of the Meeting furnish creditors free of charge with
such information concerning the Company's affairs as they may
reasonably require.

By Order of the Board.
P Nicolaou, Director

CONTACT:  JEFFREYS HENRY JACOBS
          2nd Floor
          Fergusson House
          124-128 City Road
          London
          EC1V 2NJ
          Contact:
          C Iacovides
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          E-mail: enquiries@jhj.co.uk


COMPUCARE GROUP: Creditors to Meet July 6
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Compucare Group Plc

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Compucare Group Plc
company will be held at 4 Dancastle Court 14 Arcadia Avenue
London N3 2HS, on July 7, 2004, at 11:45 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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

By Order of the Board.

D E Peet, Director
June 2, 2004


CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


CONYX LIMITED: Special Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Conyx
Limited Company on June 16, 2004 held at 4 St Giles Court,
Southampton Street, Reading RG1 2QL, the Special Resolution to
wind up the company was passed.  P R Boyle of Harrisons, 4 St
Giles Court, Southampton Street, Reading RG1 2QL has been
appointed Liquidator for the purpose of winding-up the Company.

CONTACT:  HARRISONS
          4 St Giles Court
          Southampton Street
          Reading RG1 2QL
          Liquidator:
          P R Boyle


DATANET INSTALLATION: Winding up Resolutions Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Datanet Installation Services Limited Company on June 17, 2004
held at 67 Butts Green Road, Hornchurch, Essex RM11 2JX, the
Special and Ordinary Resolutions to wind up the company were
passed.  Jeremy Stuart French of Redhead French, 43-45 Butts
Green Road, Hornchurch, Essex RM11 2JX has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  REDHEAD FRENCH
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Liquidator:
          Jeremy Stuart French


DATELINE INTERNATIONAL: Hires Grant Thornton Administrator
----------------------------------------------------------
The Dateline International (Guernsey) Limited Company has
appointed Leslie Ross and Sean Kenneth Croston of Grant Thornton
as joint administrative receivers.  The appointment was made
June 22, 2004.  The company serves provisions to dating
agencies.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square,
          Manchester M60 8GT
          Receivers:
          Leslie Ross
          Sean Kenneth Croston


DEINHARD KOBLENZ: Sets General Meeting July 30
----------------------------------------------
Members of Deinhard Koblenz Limited Company will have a General
Meeting on July 30, 2004 at 3:45 p.m.  It will be held at 66
Shoe Lane, London EC4A 3WA.

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


DOLPHIN TECHNOLOGY: To Decide on Liquidation July 5
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Dolphin Technology Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Dolphin Technology
Ltd company will be held at Southampton Park Hotel Cumberland
Place Southampton, on July 5, 2004, at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

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 hjs, 12-14 Carlton Place Southampton SO15 2EA
on two business days next before the meeting.

By Order of the Board.

L Lindblad, Director
June 8, 2004

CONTACT:  HUNT JOHNSTON STOKES
          12 - 14 Carlton Place
          Southampton
          Hampshire
          SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: info@hjsgroup.co.uk
          Web site: http://www.hjsaccountants.co.uk


EG FIRTH: Winding up Resolutions Passed
---------------------------------------
Name of Companies:
EG Firth Limited
Record Electro Tools Limited
Record Fabrex Tools Limited
Record Gordon Tools Limited
Record Pressings & Forgings Limited
William Marples & Sons Limited
William Ridgway & Sons Limited

At an Extraordinary General Meeting of these Companies on June
17, 2004 held at the offices of Chadbourne & Parke, Regis House,
45 King William Street, London EC4R 9AN, the Special and
Ordinary Resolutions to wind up the company were passed.  Martin
Andrew Shaw and Mark Blayney have been appointed Joint
Liquidators for these companies.


ELMORE PLANT: General Meeting of Members July 30
------------------------------------------------
The General Meeting of the Members of Elmore Plant Services
(1984) Limited Company will be on July 30, 2004 at 11:00 a.m.
It will be held at Slater Maidment, 7 St James's Square, London
SW1Y 4JU.

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.


GB RECRUITMENT: To Consider Appointment of Liquidator July 6
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF GB Recruitment Services Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the GB Recruitment
Services Ltd company will be held at 4 Dancastle Court 14
Arcadia Avenue London N3 2HS, on July 6, 2004, at 12:00 p.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

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

By Order of the Board.

B R Turner, Director
June 8, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


GOVETT EUROPEAN: Posts Winding up Circular
------------------------------------------
Introduction

On 15 April 2004, the Boards of Govett European Enhanced
Investment Trust PLC and Govett European Securities PLC (the
Subsidiary and together the Group) announced recommended
Proposals for the members' voluntary liquidation of the Company
and the Subsidiary.

A circular has been posted to shareholders which sets out the
background to and the details of the Proposals and convenes
shareholder meetings for 28 July 2004.

Background to and reasons for the Proposals

The Company and the Subsidiary were established in June 1999
with the investment objective of achieving a high level of
income as well as capital growth from a portfolio principally
comprising European equities and equity-related securities.  The
Company's investment strategy has been to select a portfolio
comprising listed or publicly traded European (ex U.K.) equity
and equity related securities, listed or publicly traded
investment grade fixed interest securities denominated in
European currencies and some geared ordinary shares and income
shares of other investment funds.

Although launched in a rising market, the Group has experienced
poor equity markets for much of its life which, combined with
the structured gearing of the Group and the geared ordinary
shares in other split capital investment trusts, has contributed
to an overall decline in the assets of the Company.  In the face
of such market conditions, the Company took the decision in June

2002 to reduce the Company's bank borrowings from EUR24.4
million to EUR5 million.  The bank borrowings have since been
fully repaid.

As at 24 June 2004 (the latest practicable date prior to the
circular), the Net Asset Value of the ZDP Shares was GBP1.318
per ZDP Share (calculated on a mid-market value basis), as
compared to an accrued capital entitlement of GBP1.476 per ZDP
Share and a closing mid-market price of GBP1.243 per ZDP Share,
with the Net Asset Value of the Ordinary Shares being 2.4p per
Ordinary Share.  The Directors consider that the consolidated
net assets of the Group, based on mid-market prices, will be
insufficient to cover the full capital entitlement of the ZDP
Shares as at 30 July 2004 of GBP1.488 per ZDP Share.  The
Group's assets would need to grow by 12.6 percent in order for
the ZDP Shares to be repaid at their final capital entitlement.
Greater growth than that would be required in order for any
value to be attributable to the Ordinary Shares at that time.
Given current market conditions, the Board considers it is
unlikely that such levels of growth will be achievable by 30
July 2004, being the planned winding up date.

The Ordinary Shareholders have enjoyed a regular source of
income which, in the Company's first two accounting periods,
delivered a yield in accordance with the expectations set out in
the Prospectus.  Ordinary shareholders have received aggregate
dividend payments in the five years of the Company's life of
approximately 24p per Ordinary Share.  In addition, a Final
Interim Dividend will be paid prior to liquidation, as set out
below.  In the current financial period, Ordinary Shareholders
received a first interim dividend of 0.5p per Ordinary share,
paid on 31 October 2003.  However, the Company has been unable
lawfully to make dividend payments since this first interim
dividend due to the recognition in the year ended 31 May 2003 of
a permanent diminution in value of approximately GBP9.58 million
in assets which resulted in restrictions imposed by sections 263
to 265 of the Companies Act 1985 applying.  The realization of
investments has, however, led to the restrictions being
relieved.  It is therefore expected that the Company should be
able to pay a Final Interim Dividend of approximately 2.5p per
Ordinary Share on 28 July 2004, provided that the position does
not deteriorate such that legal provisions would not permit such
a payment.

The Board, together with its advisers, has considered whether
other courses of action could offer Shareholders an attractive
alternative to liquidation, including rolling-over investments
into a successor vehicle.  However, in the absence of an
acceptable proposal to deliver long-term value to Shareholders,
your Board has decided to proceed with the Proposals for the
winding up of the Group.

Following the announcement made on 15 April 2004, the Company
has begun an orderly asset realization program.  It is intended
that, in the absence of unforeseen circumstances and subject to
prevailing market conditions, the remaining investment portfolio
(with the possible exception of illiquid holdings) will have
been realized by the Effective Date.  As at the date of the
circular, the Company has 53 percent of its portfolio invested
in cash and cash equivalents.

At the time of its launch, the Company entered into a Forward
Exchange Transaction under which it will exchange Euros for
Sterling in an amount sufficient to meet the aggregate repayment
amount of ZDP Shares (denominated in Sterling) in a winding-up
of the Subsidiary.  The purpose of the Forward Exchange
Transaction was to hedge the Group's liability to repay the ZDP
Shares.  The proceeds of the realizations are being held in
Sterling and the Board has kept the Forward Exchange Transaction
under close review to ensure that the Forward Exchange
Transaction is reduced in proportions pro rata to the assets
realized and converted into Sterling (with the intention that,
as the is realized, the Forward Exchange Transaction will,
accordingly, be reduced to nil by the Effective Date).

The Articles of Association of both the Company and the
Subsidiary anticipate the winding-up of the Company and the
Subsidiary on or about 30 July 2004 and, accordingly, the
Directors consider it appropriate to convene the Meetings of
both the Company and the Subsidiary on 28 July 2004.

The Proposals

Under the Proposals, it is proposed that both the Company and
the Subsidiary will be wound-up voluntarily on the Effective
Date and that the Directors' powers will pass to Simon Peter
Bower and Michael John Hore of RSM Robson Rhodes LLP who will be
appointed Liquidators of both the Company and the Subsidiary.
The Liquidators will set aside sufficient assets in the
Liquidation Funds of the Company and the Subsidiary to meet
their respective liabilities, including the costs of the
Proposals (as described below).  The Liquidators will also
provide in the Liquidation Funds for a Retention which they
consider sufficient to meet any contingent and unknown
liabilities of the Company and the Subsidiary.  The Retention is
currently expected not to exceed GBP100,000, in aggregate, for
the Company and the Subsidiary.

Entitlements under the Proposals

ZDP Shareholders

ZDP Shareholders are entitled to the surplus assets of the
Subsidiary, after payment of all debts and satisfaction of all
liabilities of the Subsidiary up to a full capital entitlement
of GBP1.488 per ZDP Share.  On the basis of the NAV of the ZDP
Shares as at the close of business on 24 June 2004, the net
assets of the Subsidiary available for distribution on a
liquidation (assuming that monies payable by the Parent to the
Subsidiary under the Loan Instrument and the Subscription
Agreement are fully paid) would be approximately GBP42.7 million
(equivalent to approximately GBP1.311 per ZDP Share).  This
assumes the successful realization of materially all the
investments of the Company in split capital investment trusts at
bid prices, the Retention not being utilized and the deduction
of the estimated costs of the Proposals.

The Liquidators expect to make an initial liquidation
distribution in the week commencing 9 August 2004 to ZDP
Shareholders on the Register at the close of business on 27 July
2004.  It is currently expected that the initial liquidation
distribution will comprise cash resulting from the realization
of the assets of the Group and available to the Liquidators
(after deducting the Liquidation Fund) at the time of making the
distribution.  Any balance remaining in the Liquidation Fund of
the Subsidiary after payment of liabilities would potentially be
available for future distributions to ZDP Shareholders.

ZDP Shareholders should note that the amount finally distributed
in the liquidation of the Subsidiary may be different from the
current carrying value of the underlying investments due to a
variety of factors including movement in the value of the
underlying assets, the values at which assets can be realized
and ongoing costs associated with the running of the Subsidiary
and the realization process itself. ZDP Shareholders should also
note that no assurance can be given that the Group will be able
to dispose of its entire portfolio prior to Liquidators making
the initial liquidation distribution.

Ordinary Shareholders

The Ordinary Shares are entitled to the revenue profits of the
Company and to its net assets on a winding-up after liabilities
to creditors and the entitlements of the ZDP Shares have been
met.  The Board of the Company does not believe that there is a
realistic prospect of any current net asset value becoming
attributable to the Ordinary Shares in a winding-up of the
Company.

Final Interim Dividend

The undistributed revenue profits earned by the Company in
respect of the period to 28 July 2004 will be paid as Final
Interim Dividend on 28 July 2004 to Ordinary Shareholders on the
Register as at 23 July 2004.  It is expected that the Final
Interim Dividend will be approximately 2.5p per Ordinary share.
If, by virtue of the requirements of sections 263 and 264 of the
Act, the Company is unable to pay out its revenue profits as a
final interim dividend, such amounts will instead be paid to the
Ordinary Shareholders as a liquidation distribution in the
liquidation of the Company.  Any revenue profits earned by the
Company from 29 July 2004 will be distributed to Ordinary
shareholders by the Liquidators as a liquidation distribution.

Consequences of Ordinary Shareholders not approving the winding-
up of the Company

Ordinary Shareholders

If Ordinary Shareholders vote against the Resolutions at the
Company EGM, the Company will remain in existence but the Board
firmly believes that, following the payment of the Final Interim
Dividend referred to above, on any subsequent winding-up of the
Company there will be no assets attributable to the Ordinary
Shares as the intra group loan arrangements mean that it is most
likely that all of the assets of the Group will be required to
repay the ZDP Shareholders.

ZDP Shareholders

If ZDP Shareholders vote against the Resolutions proposed at the
Separate Class Meeting, the Subsidiary will remain in existence
but the Board believes that a resolution put to ZDP Shareholders
now for the voluntary winding-up of the Subsidiary should have
the support of the major ZDP Shareholders.

Costs of the Proposals

Management agreement

As announced by Gartmore on 17 November 2003, the responsibility
for the investment management of the Company was novated from
Govett Investment Management Limited, to Gartmore with no
material changes to the terms of the investment management
agreement.  Under the terms of the agreement for investment
management services between the Company and the Manager, the
investment management agreement will terminate upon the passing
of the winding-up resolutions of the Company and the Subsidiary,
with no rights to termination compensation arising therefrom.

General

If the Proposals are approved by Shareholders, the Group's total
costs and expenses in connection with the Proposals are
currently estimated to amount to approximately GBP220,000
(inclusive of irrecoverable VAT) and will be met by the
Subsidiary out of its Liquidation Fund.

Dealings and Settlement

It is expected that the Registers of Shareholders will close at
the close of business on 27 July 2004. Transfers lodged with the
Registrar before this time, accompanied by documents of title,
will be registered in the normal way.  Transfers received after
that time will be returned to the person lodging them and the
original holder will receive any proceeds from distributions
made by the Liquidators.  The last date for dealings on the
London Stock Exchange on a normal rolling three-day settlement
basis will be 22 July 2004.  The Shares are expected to be
disabled in CREST at the close of business on 27 July 2004.

Application has been made to the U.K. Listing Authority for
suspension of the listing of the Shares on the Official List and
to the London Stock Exchange for suspension of dealings in the
Shares, from 7.30 a.m. on 28 July 2004, and for the cancellation
of the listing of the shares on the Official List and trading of
the shares on the London Stock Exchange, such cancellation to
take effect by no later than 28 July 2005, subject to the
passing of the Resolutions at the Meetings.

Timetable

The expected timetable of events is as:

Anticipated Final Interim Dividend announced   July 15, 2004

Latest time and date for
receipt of Voting                              July 21, 2004,
                                                 10:00 a.m.
Direction Forms from Savings
Schemes Participants

Record Date for the Final Interim Dividend     July 23, 2004

Latest time and date for receipt of
Forms of Proxy for use at                      July 26, 2004,
the Separate General  Meeting of                 11:00 a.m.
the ZDP Shareholders

Latest time and date for receipt
of Forms of Proxy on                           July 26, 2004,
for use at the Subsidiary EGM                    11:05 a.m.

Latest time and date for
receipt of Forms of Proxy
for use at the Company EGM                     July 26, 2004
                                                 11:10 a.m.
Closing of Register
close of business on                           July 27, 2004

Suspension of Shares from
trading on the London                          July 28, 2004
                                                 7:30 a.m.

Stock Exchange Final
Interim Dividend paid to Ordinary              July 28, 2004

Shareholders Separate General Meeting
of the ZDP Shareholders                        July 28, 2004,
                                                 11:00 a.m.

Subsidiary EGM                                 July 28, 2004,
                                                 11:05 a.m.

Company EGM                                    July 28, 2004,
                                                 11:10 a.m.

Effective Date                                 July 28, 2004,
                                                 11:10 a.m.


Initial liquidation distribution by the Liquidators to
Shareholders: week commencing 9 August

Initial liquidation distribution by the Liquidators to Savings
Schemes participants: week commencing 16 August

Cancellation of the listing of the Shares on the Official List:
by no later than 28 July 2005

A copy of the circular will shortly be available for inspection
at the U.K. Listing Authority's Document Viewing Facility, which
is situated at the U.K. Listing Authority, 25 The North
Colonnade, Canary Wharf, London E15 5HS.

CONTACT:  GOVETT EUROPEAN ENHANCED INVESTMENT TRUST PLC
          Ian Williams
          Lansons
          Phone: 07939 543 587

          CAZENOVE & CO. LTD
          Julian Cazalet
          Phone: 0207 588 2828


HHG PLC: Mulls GBP600 Million Bond Offering
-------------------------------------------
Rumors are rife that fund management business HHG Plc may issue
bonds worth up to GBP600 million later in the year.  The
potential offering is reportedly backed by London Life, NPI and
Pearl life insurance, according to independent.co.uk.

Bridgewall Securities said HHG may launch a securitization deal
for its life businesses, with several tranches of bonds being
issued maybe before 2004 ends.  Later, HHG may decide to return
cash to shareholders, according to Bridgewall.

The firm, which was spun out of Australia's AMP, may also
outsource administration of its life funds -- a move that could
potentially boost profitability.

The speculations came as other companies such as Abbey and Royal
& SunAlliance also try to find ways to release value from closed
life businesses.


INTER-ALLIANCE GROUP: Makes Significant Progress in 2003
--------------------------------------------------------
Statement of Keith Carby, Chairman and Chief Executive Inter-
Alliance Group PLC: "Inter-Alliance Group made significant
progress in 2003.  Gross revenue increased 22.5% during the year
and, since the start of the restructuring program in January
2002, we have seen encouraging growth in the number of Advisers
as well as improvements in productivity.  This is an exceptional
achievement especially given the scale of restructuring when
retention, never mind recruitment, is more challenging.  As I
was delighted to announce earlier this month, Inter-Alliance is
in merger talks with Millfield Group Plc.  I believe that a
successful conclusion to these discussions can only augment our
position in a consolidating marketplace and I look forward to
updating shareholders on progress shortly."

Financial Highlights

Year ended 31 December 2003:

(a) Gross revenue up 22.5% at GBP63.6 million (2002: GBP51.9
    million)

(b) Gross profit GBP16.0 million (2002: GBP10.2 million)

(c) Operating loss before exceptional items GBP20.0 million
    (2002: loss GBP11.0 million).

(d) Loss per share of 7.8 pence (2002: loss 21.3 pence)

Growth in the number and productivity of Advisers

At the start of the restructuring program in January 2002, the
Group's U.K. operations had 1,088 Advisers.  At the end of 2003,
the Group had 1,208 Advisers, an 11% increase over January 2002.

The annualized increase in new business productivity since
completing most of the restructuring (in Q4 2003 and Q1 2004)
was 25.9% higher than the equivalent figure for 2002 (GBP55,000
over GBP43,700).

Significant cost saving actions taken

Since January 2003, staff numbers have halved, down 297 to 298
at the present time.  The number of operating premises has gone
down from 59 to 39 at the end of 2003 to 26 today.

These actions have led to a substantially reduced annualized
cash overhead run rate of approximately GBP24 million at the
year-end.  Further cost reductions amounting to approximately
GBP2 million scheduled for implementation around the year-end
have been deferred, given merger discussions.

Current trading

The directors were pleased with trading performance in the first
quarter and to date.

By the end of March, the number of U.K. Advisers had increased
to 1,214, the volumes of both submitted and issued business were
significantly up by 23% on the comparable period last year and
the gross margin rates are marginally ahead of last year, in
line with management's expectations.  The directors believe
these results are to some extent a consequence of an improving
market but are also derived from the actions taken in the second
half of 2003 to restructure the Group.

Merger discussions and going concern

Merger discussions between Inter-Alliance and Millfield Group
Plc are proceeding.  Written commitments to make available the
necessary funds for the merger have been obtained and the
directors are now awaiting the FSA's decision, which needs to be
taken through a series of processes to enable the merger to be
concluded and the funds released.  Obviously, Inter-Alliance has
not been able to provide its auditors with sufficient evidence
surrounding the likely outcome of these processes.  Accordingly,
in the circumstances, the auditors have no option but to qualify
this aspect of Inter-Alliance's accounts in advance of the FSA's
decision.

Hard copies of the annual report and financial statements year
ended 31 December 2003 may be obtained from Inter-Alliance's
office at Tuition House, 27 - 37 St. George's Road, Wimbledon,
London SW19 4DS.  The annual report and financial statements can
also be viewed at http://www.inter-alliance.co.uk. The
financial statements are in the process of being sent to
shareholders.

Financial statements are available free of charge at
http://bankrupt.com/misc/Interalliance_2003.htm

CONTACT:  INTER-ALLIANCE GROUP PLC
          Financial Dynamics
          Keith Carby
          Chairman & Chief Executive

          Geoffrey Pelham-Lane
          Phone: 01285 886 700
              Or 020 7269 7194

          Louise Dolan
          Phone: 020 7269 7192


INVENSYS PLC: Closes Sale of Hansen Transmissions
-------------------------------------------------
Invensys plc has completed the sale of its Hansen Transmissions
business to Allianz Capital Partners GmbH, a private equity
company within the Allianz Group, for the previously agreed cash
consideration of EUR132 million.  The funds will be used by
Invensys to pay down its debt and other legacy liabilities.

About Invensys plc

Invensys is a global automation, controls and process solutions
Group.  Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.  The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.

Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries.  APV specializes in process equipment
engineered into systems and asset services for food, beverage,
personal care, pharmaceutical and chemical clients.  Eurotherm
is a leading supplier of control and measurement instrumentation
solutions and services to industrial and process customers.
Rail Systems is a multinational leader in the design,
manufacture, supply, installation, commissioning and maintenance
of safety-related rail signaling and control systems.  Climate
Controls is a major provider of the components, systems and
services used across the world to make commercial and
residential environments safer, more comfortable and more
efficient.  Appliance Controls has the broadest system and
component offering for the appliance industry worldwide.

The Invensys Group is headquartered in the U.K. and listed on
the London Stock Exchange.  With over 35,000 employees operating
in 60 countries, Invensys helps customers to improve their
performance and profitability, building value for end users and
shareholders alike.

About Hansen Transmissions

Hansen Transmissions is a manufacturer of gearboxes and drive-
trains, focusing particularly on gearboxes for wind turbines and
on industrial gearboxes for a wider range of applications such
as material handling, water treatment and pulp and paper
processes. Hansen has a global support network with industrial
sales, assembly and service centers in the U.K., U.S., South
Africa and Australia, as well as dedicated sales forces in
Europe which focus on customers for its industrial gearboxes.

About Allianz Capital Partners

Allianz Capital Partners GmbH (ACP) was founded in 1998.  The
company is responsible for direct investments in the area of
private equity within the Allianz Group.  As an independent
financial investor, ACP focuses in particular on the provision
of individual solutions for financial issues relating to
unlisted companies, company shareholders, and management teams
for purposes of financing growth, acquisition finance and
ownership restructuring.  ACP provides customized financing
instruments from mezzanine to shareholders' equity.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies
          Phone: +44 (0) 20 7821 3755
          Fax:   +44 (0) 20 7821 3709

          BRUNSWICK
          Nick Claydon
          Ben Brewerton
          Phone: +44 (0) 20 7404 5959
          Fax:   +44 (0) 20 7831 2823


INVESTEC EUROPEAN: Applying for Voluntary Liquidation
-----------------------------------------------------
Following the Offer by Red Apple Investments, LLC the Board has
been discussing the future of Investec European Growth & Income
Trust Limited with Red Apple and related parties and the largest
holder of Zero Dividend Preference (ZDP) Shares representing
38.4% of the issued share capital.  Following such discussions
the Board has concluded that it would be in the best interests
of both classes of shareholders if the Company were placed in
members' voluntary liquidation.

It is proposed that the terms of the liquidation of the Company
will provide that:

(1) Ordinary Shareholders will receive an amount equivalent to
    the undistributed net revenue (including retained reserves)
    of the Company, initially expected to be in the region of
    7.51p per Ordinary Share based on the estimated unaudited
    net asset value as at 28 June 2004 and allowing for the
    expected costs of the liquidation; and

(2) All other assets will be paid to the ZDP Shareholders.  This
    is initially expected to be in the region of 64.02p per ZDP
    Share based on the estimated unaudited net asset value as at
    28 June 2004 and allowing for the expected costs of the
    liquidation.

It is expected that a circular will be posted to all
shareholders shortly providing further details of the proposals
and convening the necessary meetings to implement the Proposals.

In preparation for proposed liquidation the Directors have
authorized the Investment Manager to implement a program for the
disposal of the remaining portfolio of investments.

CONTACT:  INVESTEC EUROPEAN GROWTH & INCOME TRUST LIMITED
          Paul Richards
          Phone: 020 7523 8350


ITNET: Loses GBP83 Million Data-Center Hosting Contract
-------------------------------------------------------
Computer services business Itnet lost a major government
contract after encountering problems on the project these past
several months.

A Cabinet Office spokesman said: "None of the services under the
remit of ITnet's data-centre hosting contract have either been
delivered or accepted and the project is several months behind
schedule and was forecast to be considerably over budget if
continued."  The government and Itnet signed the contracts 11
months ago.

The loss of the GBP83 million deal will affect its operating
profit, but would not so much lower overall results for 2004.
The company said it already spent some GBP25 million on the
project.  Having received only GBP5 million as pre-payment, it
plans to take steps, including legal action, to recover the rest
of the amount.

The contract loss is the second Itnet suffered in a span of four
years.  In 2000, it lost a GBP70 million contract from Hackney
Council after it was reported that its systems had caused a
backlog of benefit claims.

The recent blow sent the company's shares more than 36% down.
At 177.5p, the share was at a year-low, valuing the company at
approximately GBP130 million.


MANOR FARM: Administrators in Search for Buyers
-----------------------------------------------
Joint administrators from Grant Thornton have been appointed to
Ickburgh-based Manor Farm Ducklings after a refinancing
operation failed to overcome long-running cash flow problems at
the company.

Manor Farm Ducklings, a leading supplier of duck products for
the U.K. and export markets, has increased its annual turnover
to GBP17 million during 50 years of trading.  The company
supplies nearly 25% of the U.K. duck market and has been working
on a new range of own label duck products for supermarket
customers.

The administrators are now hoping to find a buyer to take over
operations of the business, and to save 150 jobs currently under
threat at the firm.


MATRIX HOUSING: Special Winding up Resolution Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Matrix
Housing Company on June 18, 2004 held at Taylor Rowlands, 8 High
Street, Yarm, Stockton on Tees TS15 9AE, the Special Resolution
to wind up the company was passed.  John Harvey Madden of Taylor
Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE has
been appointed Liquidator for the purpose of such winding-up.


MAYS PROPERTIES: Hires Liquidator from Critchleys
-------------------------------------------------
At an Extraordinary General Meeting of the Mays Properties
Limited Company on June 23, 2004 held at Mays World of Carpets,
Fairacres, Marcham Road, Abingdon OX14 1BS, the Resolutions to
wind up the company were passed.  Susan Roscoe of Critchleys,
Greyfriars Court, Paradise Square, Oxford has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  CRITCHLEYS
          Greyfriars Court
          Paradise Square, Oxford
          Liquidator:
          Susan Roscoe


MEPC LIMITED: Ratings Affirmed at 'BB' on Factory Outlets Sale
--------------------------------------------------------------
Fitch Ratings affirmed MEPC Limited's Senior Unsecured rating at
'BB' and its Short term-rating at 'B, following the sale of four
out of five of MEPC's Factory Outlet Centers for GBP205.8
million.  The company has stated that disposal proceeds will be
used to repay near-term bank debt.  The rating Outlook remains
Negative.

MEPC's refinancing risk for 2004 to 2006 was particularly acute
given committed bank debt expiries (facilities of GBP345
million, GBP230 million drawn at September 2003) and the near-
dated bonds (2004: GBP46 million; 2006: GBP153 million).
Proceeds from the sales not used immediately to repay bank lines
will be held in third-party money market funds in the name of
MEPC, mitigating concerns that they could be upstreamed to shell
holding company Leconport Estates Ltd (now wholly-owned by
Hermes), through the recently established GBP200 million inter-
company facility.

Refinancing risk is further mitigated by the GBP350 million-
facility (maturity September 2007, committed, unsecured) signed
with the BT Pension Scheme (Hermes's owner and largest client),
which could be used for pre-2007 debt maturities.  Fitch also
notes that the disposals announced were realized at above
September 2003's book value.  The Factory Outlet disposals
should leave interest cover materially unchanged (0.7x at FY03,
excluding Leconport loan interest receivable).

However, MEPC's credit rating could be negatively affected after
2006 as remaining bondholders face the risk of weaker
protection.  Currently, bondholders benefit from both a maximum
gearing covenant and a negative pledge clause.  However, such
group covenants no longer apply when existing bank facilities
mature, likewise for the 8.75% 2006 bond's negative pledge, and
the 12% 2006 bond's inner limit provisions.  The 2032 bond only
has a gearing covenant.  Indeed, the 2006 bond's negative pledge
is weak, as its wording allows domestic currency secured debt.
There is also a restriction on disposals clause.  Holders of
MEPC bonds maturing after 2006 are thus still exposed to any
detrimental or protective provisions in coexisting funding
facilities and their implications for the group after the above-
mentioned bond protection falls away.

MEPC's current ratings reflect the good overall quality of the
assets, stable income from the investment portfolio, diverse
tenant base, and minimal development exposure.  However, MEPC
suffers from insufficient debt serviceability relative to its
retained property portfolio, less diversified exposure to a poor
underlying business park market and an asset/liability mismatch
in terms of short-term leases and potential rent fluctuations
versus remaining long-dated, expensive fixed-coupon debt
obligations (average cost of debt at 8.9%).  The disposal of the
Factory Outlets will now leave MEPC bondholders exposed to one
property asset class exclusively, namely cyclical Business
Space.

MEPC had GBP1.07 billion of property assets at January 2004 and
an annualized net rent roll of GBP56 million.  The portfolio at
YE03 was split: Office/Business Park 81%, Factory Outlet Center
19%.

CONTACT:  FITCH RATINGS
          Jean-Pierre Husband, London
          Phone: +44 (0) 20 7417 6304

          John Hatton, London
          Phone: +44 (0) 20 7417 4283

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


MK LINER: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the MK Liner Agencies
Limited Company on June 11, 2004 held at 35 Ballards Lane,
London N3 1XW, the subjoined Special Resolution to wind up the
company was passed.  S T Bennett, a licensed Insolvency
Practitioner of Berg Kaprow Lewis LLP, 35 Ballards Lane, London
N3 1XW has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane
          London N3 1XW
          Liquidator:
          S T Bennett


PROGRESSIVE PRECISION: Names Smith & Williamson Administrator
-------------------------------------------------------------
W D Joseph and I J Allan of Smith & Williamson Limited have been
appointed joint administrative receivers for Progressive
Precision Sheetmetal Limited Company.  The appointment was June
23, 2004.  The company manufactures other fabricated metal
products.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Riding House Street,
          London W1A 3AS
          Receivers:
          W D Joseph
          I J Allan
          (IP Nos 9247, 7310)


RHODIA SPECIALTY: Sets Final Meeting July 30
--------------------------------------------
Members of Rhodia Specialty Phosphates Limited Company will have
a Final Meeting on July 30, 2004 at 11:30 a.m.  It will be held
at the offices of Baker Tilly, 1st Floor, 46 Clarendon Road,
Watford, Hertfordshire WD17 1JJ.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Baker Tilly, 1st Floor, 46
Clarendon Road, Watford, Hertfordshire WD17 1JJ not later than
12:00 noon, July 29, 2004.

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


SATMAN DEVELOPMENTS: Hires David Rubin & Partners Liquidator
------------------------------------------------------------
Name of Companies:
Satman Developments (No 1) Limited
Satman Developments (No 5) Limited
Satman Developments (No 39) Limited
Satman Developments (No 51) Limited
Satman Developments (No 55) Limited
Satman Developments (No 60) Limited

At an Extraordinary Meeting of the Members of these Companies
held at 1st Floor, 26-28 Bedford Row, London WC1R 4HE, the
Special and Extraordinary Resolutions to wind up the companies
were passed.  Paul Appleton of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE has been appointed
Liquidator for these Companies.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor
          26-28 Bedford Row,
          London WC1R 4HE
          Liquidator:
          Paul Appleton


SELLEX LTD: Sets Creditors Meeting July 5
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                IN THE MATTER OF Sellex Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Sellex Ltd company
will be held at 4 Dancastle Court 14 Arcadia Avenue London N3
2HS, on July 5, 2004, at 11:00 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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

By Order of the Board.

A Duddy, Director
June 7, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


SL ST ANDREW: Names PricewaterhouseCoopers Liquidator
-----------------------------------------------------
At the Extraordinary General Meeting of SL St Andrew Limited, on
June 22, 2004, the Special and Ordinary Resolutions to wind up
the company were passed.  Richard V Y Setchim and Jonathan M
Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT have been appointed Joint Liquidators of the Company
for the purpose of such winding-up.

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


SMITH SCAFFOLDING: Sets Creditors Meeting July 6
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Smith-Scaffolding Services Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Smith-Scaffolding
Services Ltd company will be held at Citibase Edinburgh 1 St
Colme Street Edinburgh EH3 6AA, on July 6, 2004, at 10:15 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

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 Doughty & Co, 42 Moray Place Edinburgh EH3
6BT on two business days next before the meeting.

By Order of the Board.

K Smith, Director
June 9, 2004

CONTACT:  DOUGHTY & CO
          42 Moray Place
          Edinburgh
          EH3 6BT
          Phone: 0131-220 1222


SPRINGFIELD LIMITED: Sets July 30 General Meeting
-------------------------------------------------
The General Meeting of Springfield (IHC) Limited will be held on
July 30, 2004 at 2:00 p.m.  It will be held at 66 Shoe Lane,
London EC4A 3WA.

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


SSM SOFTWARE: Appoints Receivers from Smith & Williamson
--------------------------------------------------------
General Commercial Company, SSM Software Developments Limited
has appointed Neale Andrew Jackson and Stephen John Tancock as
joint administrative receivers.  The appointment was made June
15, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          First Floor, Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Receivers:
          Neale Andrew Jackson
          Stephen John Tancock
          (IP Nos 8769, 9206)


SUNLAKE INVESTMENTS: General Meeting Set July 26
------------------------------------------------
Members of Sunlake Investments Limited Company will have a
General Meeting on July 26, 2004 at 11:00 a.m.  It will be held
at Victoria Place, Carlisle.

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.


TOGA SPORTS: Names Ensors Administrator
---------------------------------------
Sports Retailer Toga Sports Limited Company has appointed Steven
Law of Ensors as administrative receiver.  The appointment was
made June 23, 2004.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Receiver:
          Steven Law
          (IP No 008727)


TONBRIDGE ESTATES: Creditors to Decide on Liquidation July 5
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Tonbridge Estates (Sussex) Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Tonbridge Estates
(Sussex) Ltd. will be held at Sussex House 8-10 Homesdale Road
Bromley BR2 9LZ, on July 5, 2004, at 11:15 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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 Sussex House 8-10 Homesdale Road Bromley BR2
9LZ on two business days next before the meeting.

By Order of the Board.
A Fryatt, Director

June 7, 2004


WATERTIGHT INSTALLATIONS: Potential Finance Appoints Receiver
-------------------------------------------------------------
Potential Finance Limited called in Geoffrey Stuart Kinlan and
David Harry Gilbert as receivers for Watertight Installations
Limited Company (Reg No 4522575, Trade Classification: 27).  The
application was filed June 22, 2004.  The company is engaged in
heating and plumbing.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place,
          85 Great North Road, Hatfield,
          Hertfordshire AL9 5BS
          Receiver:
          Geoffrey Stuart Kinlan
          (Office Holder No 8268/01)

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1M 1DA
          Receiver:
          David Harry Gilbert
          (Office Holder No 2376)


WILLOW WAY: In Administrative Receivership
------------------------------------------
The Willow Way Limited Company has appointed Neale Andrew
Jackson and Stephen John Tancock as joint administrative
receivers.  The appointment was made June 11, 2004.  The company
develops software.

CONTACT:  SMITH & WILLIAMSON LIMITED
          First Floor, Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Receivers:
          Neale Andrew Jackson
          Stephen John Tancock
          (IP Nos 8769, 9206)


YATES GROUP: Discloses Bidder After Talks Fail
----------------------------------------------
On 24 June 2004, the Independent Directors of Yates announced
that, following the offer by GI Partners, they had received a
request for information on the Company from another party but
that they had not received any offer proposal from this party.
The Independent Directors of Yates can now announce that this
other party was Laurel Pub Company Limited who has confirmed
that they do not intend to make an offer for the Company.

The Independent Directors have not received an approach from any
other party and continue to recommend shareholders to accept the
offer from GI Partners, announced 9 June 2004, of 140 pence per
Yates share.

CONTACT:  YATES GROUP
          Tim Spratt
          Michelle Morton

          Financial Dynamics (Yates Group PLC)
          Phone: 020 7831 3113


YORKSHIRE GROUP: Expects to Announce Assets Sale August
-------------------------------------------------------
On 2 June 2004 the company stated that it was in discussion with
potential purchasers of its property assets and were also in
ongoing discussions with its lenders to strengthen the financial
position of the Group.

These discussions continue to be ongoing in relation to one or
more transactions which could have a more significant outcome
for the Group than the recently announced sale of a property
asset in Greece.

As a result the Board are not in a position, at present, to
state when the results for 2003 will be published.  It is
anticipated that the outcome of these discussions should be
completed by the end of August, by which time a further
announcement will be made.

CONTACT:  YORKSHIRE GROUP
          Andrew Dick
          Chief Executive
          Phone: 0113 244 3111


                            *********


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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