TCREUR_Public/040705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, July 5, 2004, Vol. 5, No. 131

                            Headlines

F I N L A N D

METSO CORPORATION: Closes EUR283 Mln Sale of Dynapac to Altor


G E R M A N Y

AGIV REAL: Seeking Amicable Settlement with ING BHF-Bank
BLUE PIER: Framfab Germany Takes over Biz; Saves 14 Jobs
BOUVIER: Douglas to Acquire Book Retailer
EM.TV AG: Pursues EUR130 Mln Claim Against Former Board Members
GROHE AG: Peter Korfer-Schun to Leave Board Next Month

MOLOGEN AG: Deal with Arabian Partners Delayed
WESTLB AG: Unloading U.S. Aircraft-leasing Business
WESTLB AG: 'D' Individual Rating Removed from Watch Negative


H U N G A R Y

NABI RT: Chief Executive Patrick Rona Leaves


I R E L A N D

COGNIZANT TECHNOLOGY: U.S. Firm to Shut down Limerick Facility


I T A L Y

ALITALIA SPA: Giancarlo Cimoli Named New Chief Executive
PARMALAT U.S.A.: Debtors Retains Keen Realty as Consultant


K Y R G Y Z S T A N

EKSPRESS: Sets Creditors Meeting July 20
KURULUSH BANK: Sets Public Auction of Assets July 8
MENTOR: Creditors Meeting Today
OIL-GAS COMPANY: Public Auction of Assets Tomorrow
SARY-KOO: To Auction 41 Lots of Farms, Implements July 11
SREDAZSTALKONSTRUKSIA: Public Auction Set July 9
VOST: Sets Public Auction July 16


N E T H E R L A N D S

ROYAL SHELL: Announces Portfolio Actions and Write downs


R U S S I A

AGRO-PROM-TRANS: Declared Bankrupt
BREAD PRODUCTS: Public Auction Set July 15
DAL-KVARTS-SAMOTSVETY: Deadline for Proofs of Claim August 10
DALNEVOSTOCHNAYA GORNOSTROITELNAYA: Declared Insolvent
GLAV-FISH: Tyumen Court Appoints Insolvency Manager

GORKY AUTOMOTIVE: Close to Restructuring EUR16 Million Debt
MICHURINSKY FACTORY: Bankruptcy Proceedings Begin
PLEMENNOY FACTORY: Deadline for Proofs of Claim August 10
SEL-MASH: Sets Public Auction July 14
YUGO-VOSTOK-ELEKTRO-MONTAZH: Declared Insolvent


S P A I N

IZAR: Union Assails Restructuring Plan; Threatens Strike


S W E D E N

LM ERICSSON: Amends Revolving US$1 Billion Credit Facility


U K R A I N E

DONETSK' KONTUR: Court Orders Moratorium on Creditors' Claims
ELEKTRON-GAZ: Public Auction of Assets Set July 12
KALUSKIJ BROVAR: Sets Public Auction of Assets July 14
MEZHIVSKIJ MELKOMBINAT: Under Bankruptcy Supervision Procedure
PSYOL: Bankruptcy Supervision Starts

SAKI' AUTO: Deadline for Proofs of Claim Set July 15
SLAVONIC SODA: Sets Public Auction July 12
VLADIVSKA MACHINE: Court Begins Bankruptcy Supervision
VYAZIVOK: Declared Insolvent


U N I T E D   K I N G D O M

A A PAPER: General Meeting Set August 10
ABBEY NATIONAL: Winding up Resolutions Passed
ALL FLOOR: Sets Final Meeting July 23
ANGLO FRENCH: Hires Hazlewoods Liquidator
ARTERA GROUP: Final Meeting Set July 22

BAE SYSTEMS: Dick Olver Succeeds Chairman Sir Richard Evans
BALMORAL STEELS: Sets July 23 Members Meeting
BANTAMS: Last-minute Fundraising Saves Football Club
B.H.W. LIMITED: Members General Meeting August 11
CHILDREN'S CONSUMER: Hires PricewaterhouseCoopers Liquidator

COCOM INTERNATIONAL: Names Stoy Hayward Administrator
COLT TELECOM: Warns of Lower-than-expected Results
COLT TELECOM: Ratings Unaffected by Profit Warning
CORPORATE TRAVEL: Hires PricewaterhouseCoopers Administrator
CYBERES SYSTEMS: Hires Joint Administrator from PwC

FII FOOTWEAR: Shoe Import Business for Sale
FIRST LEISURE: Clubs Sold Through Management Buyout
FORST BROACH: Sets Meeting July 7
GIBBON & SON: First Liquidation Meeting Set July 6
GLENCOE SKI: Under New Management

HEADSTROM LIMITED: Appoints Receivers from PwC
HHG PLC: Appoints Duncan Ferguson to Board
JARVIS PLC: To Dispose of Interest in Baltic Rail Services
J SAINSBURY: Chairman Leaves as Firm Lowers Profit Forecast
MARKS & SPENCER: To Restructure Supply Pacts to Save GBP100 Mln

MARTINE FREIGHT: In Administrative Receivership
NEXUS IT: Calls in Liquidator
NOTTINGHAM FOREST: Deadline to Pay Debt Set Today
PARK GROUP: Closes Sale of Non-core Design and Packing Business
SBF AGRICO: Management Saves Firm from Receivership

SKYEPHARMA PLC: To Offer New Convertible Bonds
SUPERTEAM LIMITED: Appoints Vantis Business Recovery Liquidator
SWIFTMODE LIMITED: Names Receivers from KPMG
TM EUROPE: Sets Creditors Meeting July 9
UMC INDUSTRIES: Hires Liquidator from Benedict Mackenzie
WATERJET PROFILES: Cutting Service Business for Sale
WILSON PUBLICATIONS: Unsecured Creditors Meeting Set July 14


                            *********


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


METSO CORPORATION: Closes EUR283 Mln Sale of Dynapac to Altor
-------------------------------------------------------------
Following the approval of the necessary competition authorities,
Metso Corporation has completed the divestment of its compaction
and paving equipment group, Dynapac, to the Nordic private
equity investor Altor.  The purchase price was paid and Dynapac
was transferred to the buyer on June 30, 2004.  The debt-free
divestment value is estimated to be EUR283 million.  Metso and
Altor reached an agreement of the sale in April 2004.

The divestment has a significant positive effect on Metso's
gearing, which will decrease approximately 27 percentage points.
Following the divestiture, the value of goodwill and other
intangible assets on Metso's balance sheet will decrease by
approximately EUR130 million.

The divestment of Dynapac is a part of Metso's strategy to focus
on serving pulp and paper industry, rock and minerals processing
and process automation customers.  Dynapac, which was a part of
Metso Minerals, does not have customer-based synergies with
other businesses within the business area.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 26,000 employees in 50
countries.  Metso Corporation is listed on the Helsinki and New
York Stock Exchanges.

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

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


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


AGIV REAL: Seeking Amicable Settlement with ING BHF-Bank
--------------------------------------------------------
AGIV Real Estate is seeking an out-of-court settlement on a
lawsuit filed by a major shareholder in an attempt to free up
cash that have been frozen as a result of the case.

The company is in the middle of a legal battle with ING BHF-
Bank, which holds a 13.2 stake in the company.  On June 22, ING
asked the court to freeze the firm's EUR17.4 million (US$21.2
million) fixed deposit in payment for a put option the company
had entered with the bank and another major shareholder, EnBw
Energie Baden-Wurttemberg.

Under the put option, which AGIV subscribed into prior to
merging with HBAG Real Estate, the parties agreed to sell their
shares at EUR4.17 apiece.  AGIV claims the merger rendered this
option void in March 2003.  While Energie let the matter rest,
ING filed a complaint, claiming EUR20 million from AGIV.  The
suit sent AGIV's share to dive 50% within three days.

"If AGIV has to pay up, there's little chance for the company to
be saved," real estate expert Werner Rohmert, a board member at
Research Medien, told F.A.Z. Weekly.

The company, in explaining the amicable settlement, said it
could not wait for the outcome of the lawsuit as it badly needs
cash now.  Besides, it cannot afford a long legal battle without
cash, it added.  Spokesman Jorg Bretschneider said the company
hopes to reach a settlement before the end of July.

AGIV currently faces a EUR40 million demand from Frankfurt real-
estate developer Wayss & Freytag, which claims the amount
represents rental guarantees AGIV had allegedly failed to
fulfill.  No less than Chairman Rainer Behne gave the clearest
sign of trouble when he said early this month that the company
urgently needs between EUR15 million and EUR20 million to
overcome a liquidity crisis.

The company, which has EUR2 billion in invested assets, had
consolidated net loss of more than EUR134 million in 2002.  It
narrowed net losses to EUR7.8 million for the first three
quarters of 2003, but the public is warned to exercise caution
in judging the outlook of the company as AGIV has not published
an annual report, and its auditor has yet to certify its
accounts.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrabe 50
          D-20354 Hamburg, Germany
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Home Page: http://www.agiv.de


BLUE PIER: Framfab Germany Takes over Biz; Saves 14 Jobs
--------------------------------------------------------
Receivers of Blue Pier last week signed an agreement for the
takeover of the Internet services company by Framfab Germany,
Europe Intelligence Wire reports.

Framfab's parent company, Swedish Internet consulting company
Framfab AB, confirmed the deal Thursday.  The transaction will
save the jobs of around 14 employees.

"In addition to providing continuity of employment for former
Blue Pier colleagues, the deal will enable a number of former
Blue Pier clients, including Postbank and Audi, to continue to
be served out of Hamburg by Framfab Germany," said Framfab AB.

CONTACT:  BLUE PIER GMBH
          Neumann Reichardt Str. 27-33
          22041 Hamburg, Germany
          E-mail: info@bluepier.de
          Phone: 040/657 33 0
          Fax: 040/657 33 888


BOUVIER: Douglas to Acquire Book Retailer
-----------------------------------------
German retail group Douglas Holding is planning to buy insolvent
German book retail chain Bouvier to expand its own book retail
activities.  It has asked Germany's anti-trust authority to
approve the transaction, Borsen Zeitung reports.

Bouvier also operates bookshops under the name Gonski.  It has
eight branches and showed turnover of EUR55 million in 2002.  It
applied for insolvency a year ago.  Douglas owns book retail
Thalia with 106 branches.


EM.TV AG: Pursues EUR130 Mln Claim Against Former Board Members
---------------------------------------------------------------
In compliance with their legal obligations and the commitment
made to the shareholders' meeting of its legal predecessor,
EM.TV & Merchandising AG, the supervisory and management boards
of EM-TV AG, assisted by external advisors, have been reviewing
potential misconduct of former board members of EM.TV &
Merchandising AG.

Based on the recommendation of a reputable law firm, both boards
have now decided to pursue damage claims in the total amount of
approximately EUR130 million out of and, if necessary, in court.
The claims are based on misconduct in connection with the
acquisition of a stake in the Formula 1 business in the year
2000 and are directed against the former management board
members of EM.TV & Merchandising AG Thomas and Florian Haffa,
Dr. Ulrich Goebel and Hans-Peter Vriens as well as against the
former supervisory board members of the company Dr. Nickolaus
Becker, Prof. Dr. Axel Kollar und Prof. Dr. Mathias Schwarz.
These board members are included in a D+O insurance providing
for a coverage of DM200 million (EUR102.26 million).  Up to a
maximum amount of EUR50 million, one-third of any damages
recovered from former board members must be transferred to
companies of the Deutsche Morgan Grenfell group as a result of a
settlement reached in March 2003 to end an action brought
earlier against EM.TV & Merchandising AG.  Further cases of
potential board member liability are still under review.

CONTACT:  EM.TV AG
          Press Relations:
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461
          Fax:   +49 (0) 89 - 99 500 466

          KOMMUNIKATION FUR UNTERNEHMEN GMBH
          Frank Elsner
          Phone: +49 (0) 5404 - 91 92 0
          Fax:   +49 (0) 5404-91 92 29

          Investor Relation:
          Olaf Seidel
          EM-TV AG
          Phone: +49 (0) 89 - 99500 436
          Fax:   +49 (0) 89 - 99500 466


GROHE AG: Peter Korfer-Schun to Leave Board Next Month
------------------------------------------------------
The Chief Executive Officer of GROHE, Peter Korfer-Schun,
announced he will be leaving the company on August 31.  The 59-
year-old, who has been a member of the board for 13 years,
wishes to hand over responsibility to the next manager
generation.

"The Grohe group is in excellent condition and I am handing over
a company ideally set up for the future.  Now is the right time
to call upon a young successor who can implement the strategy of
the new owners in the mid and long-term.  My personal plans are
not compatible with this task," says Mr. Korfer-Schun who will
turn 60 in spring of 2005.  On May 28, a syndicate headed by
Texas Pacific Group and Credit Suisse First Boston had taken
over the company shares from the BC Partners funds.

Peter Korfer-Schun shaped an extraordinary successful period in
Grohe company history.  The "Water Technology" business system
was created under his responsibility in the 90s.  It established
Grohe as a world brand.  Turnover in the year 1993 rose from 451
million annually to EUR885 million in 2003.  In the meantime
about 76% of the turnover is being made abroad.  All over the
world the Grohe brand is seen as a symbol of quality and design.

The new owners Texas Pacific Group and Credit Suisse First
Boston Private Equity regretted Peter Korfer-Schun's decision;
however, they expressed their understanding and respect for his
arguments and hope that he will be cooperating closely with the
supervisory board.

"Peter Korfer-Schun is an exceptional entrepreneur and
personality.  The company and its associates are greatly
indebted to him.  He has turned Grohe into a real Global
Player," says Stephen Peel, Partner of the Texas Pacific Group.

"We have great respect for Mr. Korfer-Schun and expect him to
provide us with his active advice and support in the supervisory
board in the future, too," adds Colin Taylor, managing director
of Credit Suisse First Boston Private Equity.


MOLOGEN AG: Deal with Arabian Partners Delayed
----------------------------------------------
MOLOGEN is still in the process of negotiating with its Arabian
business partners, concerning orders to establish three centers
for cell-and-gene therapy in Arabian countries.  MOLOGEN had
announced at their annual shareholder meeting that the
corresponding contracts were due to be signed by mid-June,
according to a preliminary contract.  The signature of these
contracts is now delayed.  Reasons for the delay are due to the
complex and innovative structure of the project.  The business
partners, who will be operating the centers asked for additional
time, in order to assure a more efficient financing and locally
supported implementation of the project.  If advance
registration of certain procedures with public authorities in
the respective countries is necessary, signature of contracts
may be delayed by up to three month and the contractual
timelines and regulatory requirements have to be adjusted
accordingly.

CEO Prof Wittig said: "The MOLOGEN management views this project
as a major milestone for the success of the company.  The
centers for cell- and gene therapy could establish the first
commercially and biomedically viable strategy to bring cell-
based therapeutic vaccines against cancer to the market and to
patients.  The strategy is optimally adapted to the needs of
small, technology driven countries with high income.  Resident
tumor physicians will be trained at the centers, to compose
their respective most innovative cell-based anti-cancer
treatments, and to apply it to their patients.  All parties
involved clearly have underestimated the complexity of this
innovative project in terms of business and legal requirements.
Given the utmost importance of this project, we have accepted
the request of our partners, to delay the timetable already
agreed on in the preliminary contract."

About MOLOGEN

MOLOGEN focuses on its proprietary DNA technologies to create
and develop treatments for high-unmet-need illnesses.  The main
focus is the unique and patented MIDGE and dSLIM technologies.
Based on these platforms, MOLOGEN is developing DNA-based
vaccines and therapeutics to prevent or cure a wide range of
diseases.

For its cell-based cancer therapies, MOLOGEN applies gene-
modified and immunomodulated tumor cells having their origin in
tumors from patients.  Tumor cells were subsequently cultivated
and established as cell lines.  MIDGE DNA constructs and the
also DNA-based molecules are then used to modify these cell
lines in culture (ex-vivo).  Thereby, therapeutic vaccines are
produced for the treatment of metastatic states of various
cancers.

Going public in 1998, MOLOGEN was one of the first German
biotechnology companies to be floated on the stock exchange.
The MOLOGEN shares are traded on the Geregelter Markt in
Frankfurt.

CONTACT:  MOLOGEN AG
          Matthias Reichel
          Phone: +49 - 30 - 84 17 88-0
          Fax:   +49 - 30 - 84 17 88-50
          E-mail: investor@mologen.com
          Web site: http://www.mologen.com


WESTLB AG: Unloading U.S. Aircraft-leasing Business
---------------------------------------------------
German bank WestLB AG will put its Seattle-based aircraft-
leasing business, Boullioun Aviation Services, for sale, the
Financial Times reports.

It is understood to have appointed Citigroup as adviser for a
full or partial sale of the business valued at between US$300
million and US$400 million.  An information memorandum on the
disposal will be sent next week.

WestLB acquired Boullioun from Deutsche Bank for US$1.2 billion
four years ago.  Boullioun was able to own and manage a fleet of
126 aircraft valued at US$2.8 billion as of last January under
the bank.  It currently shares Singapore Aircraft Leasing
Enterprise with Singapore Airlines.  The interest may be sold
separately.

WestLB is restructuring non-core assets after being forced to
make significant write downs in 2003.  BaFin, the German banking
regulator, ordered it to take a EUR416 million charge for
Boullioun because of a drop in aircraft values.  WestLB has
accrued losses totaling EUR4 billion (US$4.9 billion) in 2002
and 2003.  It is thought to be keen to close the sale by year's
end to avoid having Boullioun on its balance sheet.

Expected buyers for the U.S. business are debis AirFinance, a
larger rival; and RBS Aviation Capital, the leasing arm of Royal
Bank of Scotland, and Aviation Capital Group.


WESTLB AG: 'D' Individual Rating Removed from Watch Negative
------------------------------------------------------------
Fitch Ratings affirmed Germany's WestLB AG's Individual rating
at 'D' and removed it from Rating Watch Negative.  At the same
time, the ratings on WestLB AG's guaranteed obligations are
affirmed at Long-term 'AAA' and Short-term 'F1+'.  The Support
rating of '1' is also affirmed.  The Long-term, Short-term and
Support ratings are based on the strength of the support
mechanisms provided by its ultimate owners in the form of
Anstaltslast and Gewaehrtraegerhaftung (A and G).

The lifting of the Watch Negative follows an agreement by two of
the bank's owners to inject new capital amounting to EUR1.5
billion into the bank, boosting its Tier 1 capital/weighted
risks ratio to a more acceptable 7.3%.  WestLB AG's Individual
Rating had been placed on Rating Watch Negative in February
2004, following the bank's announcement that it had made a
significant net loss for the second consecutive year in 2003.
This was due to sizeable loan loss provisions and write-downs on
its substantial equity portfolio.  At the time, Fitch considered
that WestLB AG would need a significant capital injection to
remain a viable operation in the medium term.

On 29 June 2004 the two regional savings bank associations of
North-Rhine Westphalia each agreed to inject EUR750 million of
new capital into WestLB AG.  This will raise both their existing
stakes to 30.6%, which they will hold directly.  The balance of
shares will be held by NRW.BANK, which is majority-owned by the
State of North-Rhine Westphalia; the state is thus maintaining a
25.1% indirect stake in WestLB AG.

As a result of its financial difficulties over the past two
years, new management has been brought into WestLB AG and, after
a thorough cleaning-up process, the group's balance sheet
appears to be in much better shape.  Previous high-risk
concentrations are being wound down, and a successful cost
cutting and reduction in loan loss provisions should enable the
bank to return to modest profit in 2004.  The group's longer-
term future will depend on the success of management's new
strategic plan to develop WestLB AG's role as a strong central
institution for North-Rhine Westphalia's savings banks and as a
profitable European commercial bank.

CONTACT:  FITCH RATINGS
          Alison Le Bras
          London
          Phone: +44 207 417 4222

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

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


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


NABI RT: Chief Executive Patrick Rona Leaves
--------------------------------------------
Andras Racz, President and CEO, NABI Bus Industries Rt. (BSE:
NABI) and Chairman of NABI, Inc. announces the departure of
Patrick Rona as President, CEO and Board member of NABI, Inc.

The decision takes effect on the 1st of July 2004.  Patrick Rona
had been employed at NABI Inc. as CEO since 2002.  Andras Racz
also announces the appointment of J. Daniel Garrett to Interim
President and CEO of NABI, Inc., also effective immediately.
Mr. Garrett presently serves as the Executive Vice-President and
CFO for NABI, Inc. and the Group CFO for the NABI Group.

CONTACT:  NABI RT
          Andras Bodor
          Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


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


COGNIZANT TECHNOLOGY: U.S. Firm to Shut down Limerick Facility
--------------------------------------------------------------
Cognizant Technology Solutions will close down its two-year-old
operation in Limerick next year with the loss of 50 jobs,
according to the Bizworld.

The software development company said the Euro's value had risen
by 35% against the dollar causing a substantial increase in
purchasing raw materials in Limerick.  The company's operations
will be transferred to North America and India.  Cognizant
promised to provide severance packages and placement services to
employees.


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


ALITALIA SPA: Giancarlo Cimoli Named New Chief Executive
--------------------------------------------------------
At a meeting Thursday of the Alitalia Board of Directors,
Chairman Giancarlo Cimoli was formally appointed Chief Executive
Officer for the period 2004-2006.

As agreed at a previous meeting on May 6, 2004, full executive
powers of representation were conferred on the Chairman-CEO,
under the Board's responsibility according to the Company
Statute and the provisions of the Civil Code, article 2381.  The
Board also appointed Mr. Cimoli as Accountable Manager.

The Board was then updated on the Company's current financial
situation which, at the end of June 2004, showed cash on hand of
approximately 150 million euros, confirming the need to set up
the bridging loan by the end of September.  As already
announced, the decree for the loan guarantee was approved by the
Council of Ministers on June 22, 2004.


PARMALAT U.S.A.: Debtors Retains Keen Realty as Consultant
----------------------------------------------------------
The Parmalat U.S. Debtors want Keen Realty, LLC to provide real
property marketing consulting and valuation services.  The
Debtors ask the Court to approve Keen's retention by their
lawyers at McDermott Will & Emery, LLP.

Keen Realty offers a broad range of services, which include
valuing, marketing and disposing of excess real property and
leases as well as negotiating lease modification, rental
reductions, and lease terminations.  In its 20 years of
experience working with retailers to restructure their real
property and lease portfolios, Keen Realty performed services
for clients, which have involved over 180 million square feet of
retail space and, in the past four years alone, performed
services involving over US$700 million in transactions.  Keen
Realty also served as real property brokers and special real
property consultants in many complex bankruptcy cases and, in
particular, performed services for debtors in cases like The
Warnaco Group, Inc. Graham--Field Health Products, Inc.
Unidigital, Inc. and Spiegel, Inc.

The Debtors and McDermott believe that Keen Realty is well
qualified to act as marketing and valuation consultant in their
Chapter 11 cases.  The Debtors believe that Keen Realty will
help facilitate the negotiation of a plan of reorganization,
maximize the value of their Chapter 11 estate, and comply with
the terms of the Final DIP Order.

                 Real Estate Retention Agreement

Pursuant to the terms of a real estate retention agreement, Keen
Realty will undertake its real property valuation services in
conjunction with CB Richard Ellis.  The final value conclusion
will be consensually agreed on by Keen Realty and CB Richard.
All valuation reports will be signed by CB Richard Ellis.

Keen Realty will also undertake equipment appraisals for all
machinery and equipment in conjunction with SB Capital Group,
LLC and Rabin Worldwide.  The final machinery and equipment
value conclusion will be consensually agreed on by Keen Realty,
SB Capital, and Rabin Worldwide.

               Marketing Services and Related Fees

As marketing consultant, Keen Realty will:

(1) Review all pertinent documents and consult with the
    Debtors' counsel;

(2) Communicate with prospective users, tenants, brokers,
    investors, etc., including the location of additional
    parties who may have an interest in the purchase of the
    Property;

(3) Respond and provide information to negotiate with, solicit
    offers from prospective purchasers, and make
    recommendations to the Debtors as to the advisability of
    accepting particular offers;

(4) Meet periodically with the Debtors and their professional
    advisors in connection with the status of their
    reorganization efforts;

(5) Work with the attorneys responsible for the implementation
    of the proposed transaction, review documents, negotiate
    and assist in resolving problems that may arise; and

(6) Appear in Court to testify or consult with the Debtors in
    connection with the marketing or disposition of a
    Property.

When the U.S. Debtors sell, lease or otherwise transfer title to
the Property, whether individually, or as a part of (i) a
package, (ii) the disposition of their business, or (iii) a plan
of reorganization, Keen Realty will earn:

(a) 7% of the first US$1,000,000 of the Gross Proceeds from the
    transaction pertaining to the Property; and

(b) 4% of the Gross Proceeds from the transaction pertaining
    to the Property in excess of US$1,000,000.

With respect to all fees that are due and owing to Keen Realty,
the U.S. Debtors will pay the fees in full, off the top, from
the sale proceeds or otherwise, simultaneously with the closing,
sale, or other consummation of the proposed transaction.

If a buyer is properly represented by a third party broker, the
compensation will increase by 3% of the Gross Proceeds for the
broker's fees.

               Valuation Services and Related Fees

Keen Realty will be retained by McDermott.  A real estate
appraisal will be conducted on each of a fair market value basis
and a forced liquidation value basis.  The fair market value
will be appraised assuming a sale for an alternative use, as is,
without restoration, and after removal of all the fixtures.

The machinery and equipment appraisals will provide conclusions
of value under each of these standards:

(a) Orderly Liquidation Value (OLV)

    An estimated gross amount expressed in terms of currency
    in U.S. Dollars, which the subject personal property could
    typically realize at a privately negotiated sale, properly
    advertised and professionally managed, by a seller obligated
    to sell over a specified period of time, as of the effective
    date of the Appraisal Report.  The ability of the asset
    group to draw sufficient prospective buyers to ensure
    competitive offers are considered.  All of the assets are to
    be sold individually or through appropriate groupings, on an
    "as-is", "where-is" basis, with the purchaser responsible
    for the removal of the assets at their own risk and expense.
    Any deletions or additions to the assets appraised could
    change the psychological and monetary appeal necessary to
    attain the value expected.

(b) Fair Market Value - In Place (FMVP)

    FMVP is defined as the amount that may reasonably be
    expected from the sale of assets, in-place, between a
    willing buyer and a willing seller, with equity to both,
    neither of whom are under any compulsion to buy or sell, and
    both fully aware of all relevant facts.  This value assumes
    that the buyer will be using the equipment in its existing
    location for the same type of product with little or no
    modification to the facility.

                       Appraisal Schedules

Given that the U.S. Debtors provide the necessary information
and payment, Keen Realty will present verbal and written
appraisal reports to McDermott on these schedules:

    (i) For the real estate Appraisal of the Grand Rapids,
        Michigan facility, Keen Realty provided a verbal report
        on June 17, 2004 and a written report on June 24, 2004;

   (ii) For the real estate Appraisal of the Wallington, New
        Jersey, and Brooklyn, New York facilities, Keen Realty
        will provide a verbal report on June 24, 2004 and a
        written report on June 30, 2004; and

  (iii) For the Machinery and Equipment Appraisals, Keen Realty
        provided a verbal report on June 17, 2004 and a written
        report on June 23, 2004.

                           Compensation

The U.S. Debtors will compensate Keen Realty for its services to
McDermott:

(a) For the real estate Appraisal of the Grand Rapids,
    Michigan facility, the Debtors will pay US$12,000;

(b) For the real estate Appraisal of the Wallington, New
    Jersey and Brooklyn, New York facilities, the Debtors will
    pay US$20,000;

(c) For the Machinery and Equipment Appraisals, the Debtors
    will pay US$25,000;

(d) Keen Realty will make arrangements with CB Richard Ellis,
    SB Capital Group, and Rabin Worldwide with regard to the
    sharing fees on the appraisals.  However, the Debtors
    will not pay Keen Realty, CB Richard Ellis and SB Capital
    Group, more than US$57,000, plus expenses for the Appraisals
    and the Machinery and Equipment Appraisals, plus, if
    necessary, expert witness fees.

           Expert Witness and Related Consulting Fees

At no extra charge, Keen Realty will also provide to the Debtors
and McDermott assistance in:

(1) Seeking and obtaining Bankruptcy Court approval of the
    Retention Agreement including related testimony and Court
    time; and

(2) Responding to requests for information and in preparing
    for and testifying with respect to any hearing of one day
    or less seeking Court approval of a Property disposition
    transaction.

The U.S. Debtors will pay Keen Realty on an hourly basis for its
time, including travel time, in connection with providing any
real estate consulting services, pre-hearing service, litigation
support, and time spent as a witness in connection with any
contested matter.  The firm's hourly rates are:

       Position                                      Rate
       --------                                      ----
       President and Chairman                      US$500
       Executive Vice President                       425
       Vice President and Director                    350
       Associate and Analyst                          200
       Administrative Support and Researcher          125

                   Expenses and Disbursements

The U.S. Debtors will approve each expense item in excess of
US$500 prior to the expenditure relating to Keen Realty's
obligations.

                        Disinterestedness

Harold Bordwin, a principal at Keen Realty, assures the Court
that the firm:

(1) Is a "disinterested person" as that term is defined in
    Section 101(14) of the Bankruptcy Code; and

(2) Does not hold or represent any interest adverse to the
    Debtors or their estates.

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. 22; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


===================
K Y R G Y Z S T A N
===================


EKSPRESS: Sets Creditors Meeting July 20
----------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic commenced bankruptcy
supervision procedure on LLC Ekspress on June 16, 2004.  Mr.
Sainidin Sekishov (License No. 0230) has been appointed
temporary insolvency manager.

Creditors will have a general meeting on July 20, 2004 at 10:00
a.m.  It will be held at Bishkek, Moskovskaya Str. 41a, Apart.
8.  Creditors who want to be represented at the meeting may
appoint proxies, who must bear authorization to vote.

CONTACT:  Mr. Sainidin Sekishov
          Temporary Insolvency Manager
          Phone: (0-312) 28-51-35
              Or (0-502) 50-36-85


KURULUSH BANK: Sets Public Auction of Assets July 8
---------------------------------------------------
The bidding organizer and insolvency manager of joint-stock
commercial bank Kurulush Bank set the public auction of the
firm's properties on July 8, 2004, 10:00 a.m. (local time).  It
will be held at Kyrgyzstan, Bishkek, Manasa Str. 28.  Up for
sale are five lots of furniture and bank equipment.

The list of documentary requirements for participants is
available at Kyrgyzstan, Bishkek, Manasa Str. 28.  For more
details, call (0-312) 21-16-34, 21-97-43.


MENTOR: Creditors Meeting Today
-------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Mentor on April 15,
2004.  The case is docketed as 03-96/M-04c9.  Mr. Jamalbek
Ibraimov (License No. 0298) has been appointed temporary
insolvency manager.

Creditors will have a general meeting today at 1:00 p.m.  It
will be held at Bishkek, Erkindik Ave. 57, Room 101.  Those who
wish to attend the meeting must register and submit their proofs
of claim to the insolvency manager.  Proxies must have
authorization to vote.

CONTACT:  Mr. Jamalbek Ibraimov
          Temporary Insolvency Manager
          Phone: (0-312) 62-68-29


OIL-GAS COMPANY: Public Auction of Assets Tomorrow
--------------------------------------------------
The bidding organizer and insolvency manager of joint enterprise
Oil-Gas Company will auction the firm's properties tomorrow,
10:00 a.m. (local time).  It will be held at Kyrgyzstan,
Bishkek, Moskovskaya Str. 41a, Apartment 8.  Up for sale are
five lots of cars, equipment and cabinets.

Preliminary examination and reception of bids are done until
12:00 noon today.  The list of documentary requirements for
participants is available at Bishkek, Moskovskaya Str. 41a,
Apartment 8.  To participate, bidders must deposit an amount
equivalent to 10% of the starting price to the cashier of Oil-
Gas Company.  For more details, call (0-502) 50-36-85.


SARY-KOO: To Auction 41 Lots of Farms, Implements July 11
---------------------------------------------------------
The bidding organizer and insolvency manager of agricultural
farm Sary-Koo set the public auction of the firm's properties on
July 11, 2004, 11:00 a.m. (local time).  It will be held at
Kyrgyzstan, Chui region, Jaiyl District, Altyn.  Up for sale are
41 lots of farms and houses with cars and equipment.

Preliminary examination and reception of bids are done every
Tuesday and Wednesday from 10:00 a.m. to 5:00 p.m. until July
10, 2004.  The list of documentary requirements for participants
is available at Jaiyl district, Altyn.  To participate, bidders
must deposit an amount equivalent to 10% of the starting price
to the cashier of Sary-Koo farm.  For more details, call (0-502)
57-90-17, 39-33-78, (0-517) 73-66-64.


SREDAZSTALKONSTRUKSIA: Public Auction Set July 9
------------------------------------------------
The bidding organizer and insolvency manager of JSC
Sredazstalkonstruksia set the public auction of the firm's
properties on July 9, 2004, 11:00 a.m. (local time).  It will be
held at Kyrgyzstan, Bishkek, Vostochnaya Promzona.  Up for sale
is a car building.

Preliminary examination and reception of bids are done daily
until 11:00 a.m. on or before July 8, 2004.  The list of
documentary requirements for participants is available at
Bishkek, Vostochnaya Promzona, building of JSC
Sredazstalkonstruksia.  To participate, bidders must deposit an
amount equivalent to 10% of the starting price to the insolvency
manager.  For more details, call (0-312) 23-78-55, 23-73-52.


VOST: Sets Public Auction July 16
---------------------------------
The bidding organizer and insolvency manager of joint enterprise
LLC Vost set the public auction of the firm's properties on July
16, 2004, 11:00 a.m. (local time).  It will be held at
Kyrgyzstan, Sokuluk district, Voenno-Antonovka, Komsomolskaya
Str. 1a.  Up for sale is an inventory holding.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 2:00 p.m. (except on weekends).  The list of
documentary requirements for participants is available at
Sokuluk district, Voenno-Antonovka, Komsomolskaya Str. 1a.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the cashier of LLC Vost.  For more
details, call (0-517) 78-23-90.


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


ROYAL SHELL: Announces Portfolio Actions and Write downs
-------------------------------------------------------
Companies of the Royal Dutch/Shell Group of Companies on
Thursday announced portfolio actions in the United States and
Peru and a charge to earnings for certain exploration assets.

Shell's Exploration and Production business will take a charge
to earnings of about US$330 million after tax in the second
quarter on various exploration assets after drilling several
unsuccessful exploration wells and completing extensive
geological studies.  The assets were acquired with Enterprise
Oil plc in 2002.  Shell's proved reserves are unaffected by this
charge.

Shell Oil Products U.S. announced the sale of Midwest refined
product pipeline system and storage assets in the United States
for US$530 million.  This follows the sale last week of Texas
and Great Plains product pipeline and storage assets in the
United States for US$492 million.

In Peru, Shell Peru S.A. announced the proposed sale of the
Peruvian retail, commercial and marine businesses.  These sales
are expected to be completed later this year.  The proposed
Peruvian divestments follow the divestment of Oil Products
businesses in Portugal (excluding LPG and Lubricants marketing
businesses), and proposed divestment of Oil Products businesses
in Spain (excluding LPG, Lubricants, Aviation and Marine
businesses).

The combined financial effect of these announcements is expected
to be broadly neutral in terms of their combined contribution to
net income for the year, although only the exploration assets
charge will be taken in the second quarter.

To date in 2004, divestment proceeds from confirmed and
disclosed sales (excluding proposed sales) exceed US$3.5
billion, of which US$1.7 billion of divestment proceeds was
realized in the first quarter.  Included in the US$3.5 billion
are, among others, the Delaware City refinery (partly reflected
in the first quarter results but subject to conditions and
working capital settlement), the Angolan upstream assets, and
the Midwest, Texas and Great Plains product pipelines.

Shell's Exploration and Production business also announced this
week that Final Investment Decision has been taken on the
Pohokura field in New Zealand.

Upstream Issues

Shell's Exploration and Production business announced that after
several unsuccessful exploration wells and essential extensive
geological studies completed in Q2 it is to take a charge to
earnings of around US$330 million after tax relating to the book
value of certain exploration assets acquired in the takeover of
Enterprise Oil plc by Shell.

The charge follows drilling and detailed geological and seismic
studies including, among others, wells drilled in the U.K.
sector of the North Sea in late 2003, the Cong prospect offshore
Ireland in December 2003 and the Beluga wildcat well in the
Norwegian sector of the North Sea in May 2004.  Around US$35
million of the charge (after tax) relates to exploration costs
incurred by Shell post the acquisition; the remaining amount
relates to the allocation of the original purchase price to
exploration assets.

These assets were acquired in the takeover of Enterprise Oil plc
by Shell.  Shell has already delivered synergies from the
Enterprise acquisition of $355 million at the end of 2003
against an original expectation of US$300 million.  In just over
two years since the acquisition, the Enterprise assets have
contributed around US$3 billion to Shell's cash from operations.

In this period, Shell has benefited from production from
bringing on stream new Enterprise projects in Brazil and the
Gulf of Mexico, and has seen progress on important development
projects in the North Sea, Italy and Ireland.  In addition, the
Tahiti prospect in the Gulf of Mexico has been successfully
explored and appraised.

Divestment of Midwest refined product pipeline system and
storage assets

Shell Oil Products U.S. announced it has signed a Purchase and
Sale Agreement with Buckeye Partners, LP for the sale of
pipeline and storage assets located in Illinois, Indiana, Ohio,
Michigan and Wisconsin.

The ownership of these pipeline and terminal systems is no
longer of strategic interest to Shell Oil Products U.S., and
greater shareholder value can be generated by selling them to a
more natural owner such as Buckeye Partners, LP.

Major assets included in the sale consist of the East Line
Pipeline, North Line Pipeline, St. Louis ATF Pipeline, St. Louis
6-inch Pipeline and the 2Rivers Pipeline.  These pipeline
assets, along with associated distribution terminal assets, form
an integrated system that carries refined products from
primarily U.S. mid-continent refineries to points throughout the
Midwest region.  Major markets include Chicago, St. Louis,
Cleveland, Indianapolis and Cincinnati.

The transaction is expected to close in the third quarter of
2004 after completion of due diligence and appropriate
regulatory review.

Proposed Divestment of Some Oil Products Assets in Peru

In Peru, Shell Peru S.A. is offering for sale, as a continuing
business, its service station network and industrial and marine
fuels businesses, which have been in operation since 1994.

Shell will retain its lubricants business in Peru, where plans
include generating growth through the integration of the
acquired Pennzoil-Quaker State business.

The proposed transaction is consistent with Shell's strategy to
increase the profitability of the downstream assets through
greater focus in key countries.

Final Investment Decision on Pohokura Gas Field

Shell New Zealand has announced the green light for the
development of the Pohokura gas field, approving final
investment decision.  Shell New Zealand anticipates that the
first gas will flow from Pohokura in mid 2006.  Shell owns
48% of the shares in the Pohokura field.  OMV New Zealand and
Todd Pohokura Ltd each own 26%.  The Pohokura field is being
developed on behalf of the Joint Venture by Shell Todd Oil
Services.  The Pohokura field was discovered in early
2000, and Shell acquired the majority of its interest in the
field in the acquisition of Fletcher Energy in the same year.

CONTACT:  ROYAL SHELL
          Investor Relations:
          David Lawrence
          Phone: +44 20 7934 3855

          Gerard Paulides
          Phone: +44 20 7934 6287

          Bart van der Steenstraten
          Phone: +31 70 377 3996

          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations:
          Stuart Bruseth
          Phone: +44 20 7934 6238

          Andy Corrigan
          Phone: +44 20 7934 5963

          Simon Buerk
          Phone: +44 20 7934 3453

          Matt Samuel
          Phone: +44 20 7934 3277

          Herman Kievits
          Phone: +31 70 377 8750


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


AGRO-PROM-TRANS: Declared Bankrupt
----------------------------------
The Arbitration Court of Ch autonomous region declared Agro-
Prom-Trans insolvent and introduced bankruptcy proceedings.  The
case is docketed as A80-14/2003-B.  Mr. O. Syskov has been
appointed insolvency manager.   Creditors have until August 10,
2004 to submit their proofs of claim to 689000, Russia, Anadyr,
Post User Box 284.

CONTACT:  AGRO-PROM-TRANS
          689000, Russia,
          Pevek, Solnechnaya Str. 1A

          Mr. O. Syskov
          Insolvency Manager
          689000, Russia,
          Anadyr, Post User Box 284


BREAD PRODUCTS: Public Auction Set July 15
------------------------------------------
The insolvency manager of OJSC Combine of Bread Products' set
the public auction of the firm's properties on July 15, 2004,
12:00 noon.  It will be held at Russia, Lipetsk, Kommunalnaya
pl. 9, Assembly hall.  Up for sale is a real estate property.
Starting price: RUB12,000,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 1:00 p.m. on or before July 11, 2004.  The
list of documentary requirements for participants is available
at Russia, Lipetsk, Kommunalnaya Str., 9, office 5 06.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810900020000048 in OJSC Lipetsk Commercial Bank of Lipetsk,
TIN4802001528, KPP 480201001, correspondent account
30101810800000000704, BIC 044206704 not later than 1:00 p.m.,
July 12, 2004.

CONTACT:  COMBINE OF BREAD PRODUCTS
          399050, Russia, Lipetsk,
          Gryazi, Khlebozavodskaya Str. 7
          Phone: (07461) 2-29-35

          LIPETSKAYA REGIONAL PUBLIC ORGANIZATION
          THE ASSOCIATION OF ANTI CRISIS MANAGERS
          Russia, Lipetsk, Kommunalnaya Str. 9,
          Office 5 06
          Phone: 74-37-18


DAL-KVARTS-SAMOTSVETY: Deadline for Proofs of Claim August 10
-------------------------------------------------------------
The Arbitration Court of Khabarovsk region declared GFUGPP Dal-
Kvarts-Samotsvety insolvent and introduced bankruptcy
proceedings.  The case is docketed as A73-12778/2003-37.  Mr. O.
Syskov has been appointed insolvency manager.  Creditors have
until August 10, 2004 to submit their proofs of claim to 680000,
Russia, Khabarovsk, Zaparina, 67-4.

CONTACT:  DAL-KVARTS-SAMOTSVETY
          680000, Russia,
          Khabarovsk, Dzerzhinskogo Str. 28

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia,
          Khabarovsk, Zaparina, 67-4


DALNEVOSTOCHNAYA GORNOSTROITELNAYA: Declared Insolvent
------------------------------------------------------
The Arbitration Court of Primorsky region declared OJSC
Dalnevostochnaya Gornostroitelnaya Company insolvent and
introduced bankruptcy proceedings.  The case is docketed as A51-
16678/2003 21-304 b.  Mr. Y. Rozov has been appointed insolvency
manager.  Creditors have until August 10, 2004 to submit their
proofs of claim to 690950, Russia, Vladivostok, Irtyshskaya Str.
12.

CONTACT:  DALNEVOSTOCHNAYA GORNOSTROITELNAYA COMPANY
          690950, Russia,
          Vladivostok, Irtyshskaya Str. 12

          Mr. Y. Rozov
          Insolvency Manager
          115114, Russia, Moscow,
          Derbenevskaya Str. 11


GLAV-FISH: Tyumen Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Tyumen region declared CJSC Glav-Fish
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A70-2661/3-04.  Mr. A. Filippov has been appointed
insolvency manager.  Creditors have until July 10, 2004 to
submit their proofs of claim to the temporary insolvency manager
at Russia, Tyumen, Samartseva Str. 34a-58.

CONTACT:  GLAV-FISH
          Russia, Tyumen,
          Molodezhnaya Str. 80

          Mr. A. Filippov
          Insolvency Manager
          Russia, Tyumen,
          Samartseva Str. 34a-58


GORKY AUTOMOTIVE: Close to Restructuring EUR16 Million Debt
-----------------------------------------------------------
Gorky Automotive Works, part of Ruspromavto, a major grouping of
Russian auto companies, is in talks with the Nizhny Novgorod
region regarding a restructuring of its debt.  The obligations
under negotiations are the company's euro-loan debt of US$10.84
million and a separate US$5.5 million loan, which the plant
received from funds allocated to Nizhny Novgorod region by a
syndicate of foreign banks in 1998.

The regional Finance Ministry said the euro-loan includes US$5
million in principal debt, US$963,670 in interest and US$4.873
million in interest for past-due payments.

Ruspromavto General Director Alexander Yushkevich said talks are
almost complete.  Earlier, Vadim Sobolev, the regional finance
minister, said his agency is ready to write off some part of the
plant's debt on interest payments, and that they would like to
see GAZ's debt restructured before 2007.

The Eurobonds -- worth $100 million at 8.75% annually with
biannual coupon payments --  were issued in October 1997.  They
were used to extend sub-loans worth US$73.5 million for 21
investment projects.  Those who availed of the loans are the
Nizhny Novgorod administration, GAZ, Pavlovsky Avtobus, Oksaya
Shipyard and the Nizhny Novgorod Aircraft Manufacturing Plant
Sokol.  The Nizhny Novgorod region already defaulted on a coupon
payment of US$4.375 million.  In October 1999 it reached an
agreement with its creditors on restructuring the Eurobond in
December 1999.


MICHURINSKY FACTORY: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Tambov region declared CJSC Michurinsky
Factory of Pistol Wheels insolvent and introduced bankruptcy
proceedings.  The case is docketed as A64-1112/03-2.  Mr. R.
Akhmetov has been appointed insolvency manager.   Creditors have
until August 10, 2004 to submit their proofs of claim to 392015,
Russia, Tambov-15, Post User Box 3.

CONTACT:  MICHURINSKY FACTORY OF PISTOL WHEELS
          Russia, Tambov,
          Michurinsk, Novaya Promploshadka

          Mr. R. Akhmetov
          Insolvency Manager
          392015, Russia,
          Tambov-15, Post User Box 3


PLEMENNOY FACTORY: Deadline for Proofs of Claim August 10
---------------------------------------------------------
The Arbitration Court of Voronezh region declared federal state
unitary enterprise Plemennoy Factory Kirovsky (TIN 3616006044,
KPP 361601001) insolvent and introduced bankruptcy proceedings.
The case is docketed as A14-10203-03/40/7b.  Mr. Y. Pletyukhov
has been appointed insolvency manager.  Creditors have until
August 10, 2004 to submit their proofs of claim to Russia,
Voronezh, Novousmatovsky region, Novaya Usman, Lenina Str. 141.

CONTACT:  PLEMENNOY FACTORY KIROVSKY
          Russia, Voronezh,
          Novousmatovsky region, Novaya Usman,
          Lenina Str. 141

          Mr. Y. Pletyukhov
          Insolvency Manager
          394030, Russia, Voronezh,
          Plekhanovskaya Str. 22A


SEL-MASH: Sets Public Auction July 14
-------------------------------------
The insolvency manager of Sel-Mash Plant set the public auction
of the firm's properties on July 14, 2004, 10:00 a.m.  It will
be held at Russia, Kirov, K. Libknekhta Str. 69, Room 453.  Up
for sale are two apartments, 10 shops and buildings and a health
center located at Russia, Kirov region, Kumyeny region,
Shandary.

Preliminary examination and reception of bids are done daily
until 4:00 p.m. on or before July 9, 2004.  The list of
documentary requirements for participants is available at
Russia, Kirov, K. Libknekhta, 69, Room 453.  To participate,
bidders must deposit an amount equivalent to 10% of the starting
price.

CONTACT:  Kirov Regional Department of
          Russian Fund of Federal Property
          Russia, Kirov, K. Libknekhta, 69
          Room 453
          Phone/Fax: (833-2) 62-27-38


YUGO-VOSTOK-ELEKTRO-MONTAZH: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Voronezh region declared OJSC
voronezhskoye montazhnoye management Yugo-Vostok-Elektro-Montazh
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A14-10203-03/40/7b.  Mr. Y. Pletyukhov has been
appointed insolvency manager.  Creditors have until August 10,
2004 to submit their proofs of claim to 394071, Russia,
Voronezh, Barkhatny Bugor, 25.

CONTACT:  YUGO-VOSTOK-ELEKTRO-MONTAZH
          Russia, Voronezh,
          Solnechnaya Str. 8 A

          Mr. Y. Pletyukhov
          Insolvency Manager:
          394071, Russia,
          Voronezh, Barkhatny Bugor, 25


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


IZAR: Union Assails Restructuring Plan; Threatens Strike
--------------------------------------------------------
The meeting between the government and Spanish unions Tuesday
did not result in assurances that jobs will be protected under
the restructuring plan of state shipbuilder Izar, Europe
Intelligence Wire reports.

A spokesman for leading union UGT suggested a national protest
'could not be ruled out.'  There have already been protests at
some public shipyards.

The European Commission has asked Izar to submit a restructuring
plan for the company.  Enrique Martinez Robles, president of
state holding company Sepi, which owns Izar, told union leaders
on Tuesday that a draft rescue program would be finished by July
17, in time for the deadline set by Brussels.

The government might propose to seek a dual military and
civilian role for yards currently focused exclusively on
merchant work, unions say.  A military contract for Izar, whose
order book in this area is deemed strong, is hoped to save other
struggling yards too, if work was shared.  Authorities might
also propose to find private investors for Izar.  This goes
contrary to what a UGT spokesman said that Brussels would not
allow any further injection before an outstanding aid to Izar
had been paid back.

The Commission has ordered the company to repay some US$372.2
million that it said was illegal state aid.  Labor
representatives will meet the Commission to detail the
consequences of this ruling July 5.


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


LM ERICSSON: Amends Revolving US$1 Billion Credit Facility
----------------------------------------------------------
Telefonaktiebolaget LM Ericsson (NASDAQ: ERICY) has signed an
amendment that improves the terms and conditions of its US$1
billion revolving credit facility.  The amended facility,
maturing in September 2007 and structured as a forward start
agreement (FSA), will replace the existing facility of US$1
billion, which matures in September 2004.

As stated in the annual report 2003, the existing facility was
subject to certain financial covenants and availability tests,
which Ericsson would need to comply with prior to any draw down
and under certain circumstances, also required security to be
offered as a condition to draw down.

The amended facility does not have any requirement for security,
nor an Availability Test.  Further, the financial covenant
structure has been simplified and the pricing of the facility
has been adjusted to reflect current market conditions and the
company's improved performance since the existing facility was
signed in September 2003.

All of the core relationship banks that participated in the
existing facility, ABN AMRO, BNP Paribas, Citigroup Credit
Agricole Indosuez, Deutsche Bank, Goldman Sachs Credit Partners,
LP, HSBC, JPMorgan Morgan Stanley, Nordea, SEB Merchant Banking,
Svenska Handelsbanken and Swedbank, also supported the
amendment.  The amendment was coordinated by ABN AMRO,
Citigroup, Nordea and SEB Merchant Banking.

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

Read more at http://www.ericsson.com/press

                            *   *   *

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

CONTACT:  LM ERICSSON
          Media:
          Kathy Egan
          Vice President Corporate Communications
          Phone: +1 212 685 4030
          E-mail: pressrelations@ericsson.com

          Investors:
          Glenn Sapadin
          Manager Investor Relations
          Phone: +1 212 685 4030
          E-mail: investor.relations@ericsson.com


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


DONETSK' KONTUR: Court Orders Moratorium on Creditors' Claims
-------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Donetsk' Production-Commercial Firm
Kontur and ordered a moratorium on satisfaction of creditors'
claims made after May 5, 2004.  The case is docketed as 5/73B.
Mrs. Perekrestova O. (License Number 249771) has been appointed
temporary insolvency manager.

Donetsk' Production-Commercial Firm Kontur holds account number
31116057836300 at Governing State Treasure, Donetsk regional
branch, MFO 834016.

CONTACT:  DONETSK' PRODUCTION-COMERCIAL FIRM KONTUR
          83014, Ukraine, Donetsk region,
          Livoberezhna str. 20

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


ELEKTRON-GAZ: Public Auction of Assets Set July 12
--------------------------------------------------
Dnipropetrovsk regional authorities and the liquidator have set
for public auction the properties of OJSC ELEKTRON-GAZ on July
12, 2004, 11:00 a.m. at Ukraine, Dnipropetrovsk region,
Komsomolska str. 48, Room 2.  The properties are being sold as
one lot.

The lot includes:

(a)  storehouse of loose and building materials,

(b)  storehouse of cable products and ready product,

(c)  gate-keeper's office,

(d)  consumer buildings,

(e)  asphalt platform,

(f)  pluming,

(g)  near-rail base,

(h)  external TV network,

(i)  external sewerage of near-rail base,

(j)  railway and equipment.

Starting price: UAH187,484.61 inclusive of VAT.

The properties are located at Ukraine, Dnipropetrovsk region,
Zhovti Vodi, Gagarin str. 40.

Requirements:

(a)  Absence of creditor' indebtedness to Elektron-Gaz,

(b)  Registration of transaction paid by buyer,

(c)  Redraft of right to use land areas adjoined to the
     buildings and constructions,

(d)  Monthly compensation to Elektron-Gaz for service fees of
     land areas adjoined to the buildings and constructions.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 until July 7, 2004.  The amount must be deposited
to account number 26006351680200 at JSPPB Aval, Dnipropetrovsk
branch, MFO 305653, EDRPOU 26252710.

Participants must submit competitive propositions on or before
July 7, 2004 from 9:00 a.m. until 6 p.m. to Ukraine,
Dnipropetrovsk region, Komsomolska str., 48, room 3.

For more information, call (056) 744-19-31 or (05652) 2-40-01.

CONTACT:  ELEKTRON-GAZ
          Ukraine, Mikolaiv region,
          Snigurivka, Lenin str. 135


KALUSKIJ BROVAR: Sets Public Auction of Assets July 14
------------------------------------------------------
Ivano-Frankivsk regional authorities and the sanction manager
have set for public auction the properties of OJSC Kaluskij
Brovar on July 14, 2004, 10:30 a.m. at Ukraine, Ivano-Frankivsk,
Vasiliyanok str. 48.

The properties are being sold as one lot. The lot includes fixed
assets, transport assets, and other assets with a total area of
3,370 square meters.  Starting price: UAH2,150,000.  The
properties are located at Ukraine, Ivano-Frankivsk region,
Kalush, Grushevskij str. 89A.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17 until July 12, 2004.  The amount must be deposited
to account number 260064425 at JSPPB Aval, Ivano-Frankivsk
regional branch, MFO 336462, EDRPOU 26255708.

Requirements:

(a) Physical persons: document that certifies physical person
(copy of passport's 1st and 2nd pages), document of payment of
guarantee and registration installments and copy of
identification number.

(b) Juridical persons: notarized certificate of registration of
business activity and certificate of VAT registration.

Participants must submit competitive propositions on or before
July 12, 2004 to Ukraine, Ivano-Frankivsk, Belvederska str. 2a,
office 7.  For more information, call (0342) 50-24-94.

CONTACT:  KALUSKIJ BROVAR
     Ukraine, Ivano-Frankivsk region,
          Kalush, Grushevskij str., 89A

     Auction center
     Ukraine, Ivano-Frankivsk region,
          Vasiliyanok str., 48


MEZHIVSKIJ MELKOMBINAT: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Mezhivskij Melkombinat (code EDRPOU
30908293).  The case is docketed as B 40/25/04.  Mr. Shinkarenko
O. (License Number AA 668293) has been appointed temporary
insolvency manager.  Mezhivskij Melkombinat holds account number
26008008480000 at JSICB UkrSibBank, Dnipropetrovsk branch, MFO
306856.

CONTACT:  MEZHIVSKIJ MELKOMBINAT
          52900, Ukraine, Dnipropetrovsk region,
          Mezhivskij district, Bogdanivka,
          Centralna str. 1

          Mr. Shinkarenko O.
          Temporary Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Pavlograd, a/b 127/24
          Phone: (232) 20-08-88

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


PSYOL: Bankruptcy Supervision Starts
------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on Agricultural LLC Psyol (code EDRPOU
03772602) on April 2, 2004 and ordered a moratorium on
satisfaction of creditors' claims on March 24, 2004.  The case
is docketed as 10/87.  Mr. Ribachenko M. (License Number AA
630014 approved on November 13, 2003) has been appointed
temporary insolvency manager.

Creditors have until July 15, 2004 to submit their proofs of
claim to:

(a)  AGRICULTURAL PSYOL
     37642, Ukraine, Poltava region,
     Mirgorod district, Savintsi

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

Agricultural Psyol holds account number 26003323807067 at CB
Privatbank, Mirgorod branch, MFO 331401.

CONTACT:  AGRICULTURAL PSYOL
          37642, Ukraine, Poltava region,
          Mirgorod district, Savintsi

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


SAKI' AUTO: Deadline for Proofs of Claim Set July 15
----------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on OJSC Saki' Auto Transport Enterprise Number 14338
(code EDRPOU 03114738).  The case is docketed as 2-11/7698-2004.
Mr. Vudud G. (License Number AA 249853 approved on October 22,
2001) has been appointed temporary insolvency manager.

Creditors have until July 15, 2004 to submit their proofs of
claim to:

(a)  SAKI' AUTO TRANSPORT ENTERPRISE NUMBER 14338
     Ukraine, AR Krym region,
     Saki, Zavodska str. 97

(b)  Temporary Insolvency Manager
     95000, Ukraine, AR Krym region,
     Simferopol, a/b 2769

(c)  THE ECONOMIC COURT OF AR KRYM REGION
     98100, Ukraine, AR Krym region,
     Simferopol, Karl Marks str. 18

Saki' Auto Transport Enterprise Number 14338 holds account
number 26009307747001 at CB Privatbank, MFO 384566.

CONTACT:  SAKI' AUTO TRANSPORT ENTERPRISE NUMBER 14338
          Ukraine, AR Krym region,
          Saki, Zavodska str., 97

          Mr. Vudud G.
          Temporary Insolvency Manager
          95000, Ukraine, AR Krym region,
          Simferopol, a/b 2769

          THE ECONOMIC COURT OF AR KRYM:
          98100, Ukraine, AR Krym region,
          Simferopol, Karl Marks str., 18


SLAVONIC SODA: Sets Public Auction July 12
------------------------------------------
Donetsk regional authorities and the sanction manager have set
for public auction the properties of LLC Slavonic Industrial
Union Soda on July 12, 2004, 10:00 a.m. at Ukraine, Donetsk
region, Artema str. 27.

The properties for sale are:

(a)  Buildings: repair-mechanical department building, consumer
     premise, calciunirate soda building, central plant
     laboratory, transport department consumer building,
     transformer substation and social organizations building.
     and electro technical equipment.

(b)  electro-technical equipment of the transformer substation.

Starting price: UAH724,738.87 inclusive of VAT.  The guarantee
installment is UAH36,236.94.  The properties are located at
Ukraine, Donetsk region, Slovjyansk, Novosodivska platform 2.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold and pay a registration
fee of UAH17 until July 2, 2004.  The amount must be deposited
to account number 26006301660635 at Prominvestbank of Donetsk
region, Putilivska branch, MFO 334914, EDRPOU 31178587.

Participants must submit competitive propositions to the Branch
of Agency of bankruptcy questions in Donetsk region on or before
July 9, 2004 to Ukraine, Donetsk region, Komsomolskij Avenue 8.

CONTACT:  SLAVONIC INDUSTRIAL UNION SODA
     Ukraine, Donetsk region,
          Slovjyansk, Novosodivska platform 2

          BRANCH OF AGENCY OF BANKRUPTCY QUESTIONS
          IN DONETSK REGION
     Ukraine, Donetsk region,
          Komsomolskij Avenue, 8
     Phone: 304-77-83 304-37-21
     Web site: http://www.bankruptcy.internet.dn.ua


     REGIONAL TRADE EXCHANGE
     Ukraine, Donetsk region,
          Artema str., 27


VLADIVSKA MACHINE: Court Begins Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Vladivska Agricultural Machine-
Technological Station (code EDRPOU 25678817).  The case is
docketed as 21/81.  Arbitral manager Mrs. Aleksejeva Ludmila
(License Number AA 668254 approved on September 15, 2003) has
been appointed temporary insolvency manager.

Creditors have until July 15, 2004 to submit their proofs of
claim to:

(a) VLADIVSKA AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
    71221, Ukraine, Zaporizhya region,
    Chernigivskij district,
    Vladivka, Zhlobintsev str. 18

(b) Temporary Insolvency Manager
    70410, Ukraine, Zaporizhya region,
    Lukashevi, Shasliv str. 5

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

Vladivska Agricultural Machine-Technological Station holds
account number 26004832 at Aval, Berdyansk branch, MFO 313885.

CONTACT:  VLADIVSKA AGRICULTURAL MACHINE-TECHNOLOGICAL
          STATION
          71221, Ukraine, Zaporizhya region,
          Chernigivskij district,
          Vladivka, Zhlobintsev str. 18

          Mrs. Aleksejeva Ludmila
          Temporary Insolvency Manager
          70410, Ukraine, Zaporizhya region,
          Lukashevi, Shasliv str. 5

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


VYAZIVOK: Declared Insolvent
----------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Agricultural Firm Vyazivok (code EDRPOU 30355625) insolvent and
introduced bankruptcy proceedings on May 13, 2004.  The case is
docketed as B15/126/03.  Mr. Bezpalov V. has been appointed
liquidator/insolvency manager.

The company holds account number 26006401120000 at JSCB
Ukrsibbank, Pavlograd branch, MFO 306856.

CONTACT:  AGRICULTURAL FIRM VYAZIVOK
          51452, Ukraine, Dnipropetrovsk region,
          Pavlograd district,
          Vyazivok, Zhovtneva str. 68

          Mr. Bezpalov V.
          Liquidator/Insolvency Manager
          49081, Ukraine, Dnipropetrovsk region,
          Voroncov Avenue 75/232
          Phone: (0562) 23-41-67

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49027, Ukraine, Dnipropetrovsk region,
          Kujbishev str. 1a


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


A A PAPER: General Meeting Set August 10
----------------------------------------
There will be a General Meeting of the Members of A A Paper
Company Limited on August 10, 2004 at 2:45 p.m. and 3:00 p.m.
respectively.  It will be held at Parkin S. Booth & Co., 44 Old
Hall Street, Liverpool L3 9EB.

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.


ABBEY NATIONAL: Winding up Resolutions Passed
---------------------------------------------
Name of Companies:
Abbey National Computer Services Limited
Abbey National Corporate Services Limited
Abbey National Properties (1) Limited
Abbey National Share Participation Scheme Trustee Company
Limited
Charterfield Finance Limited
Get Motoring Plc
J.R.H. Limited
WF (Management) Limited

At an Extraordinary General Meeting of the Members of these
Companies on June 23, 2004 held at Abbey National House, 2
Triton Square, Regent's Place, London NW1 3AN, the Special,
Ordinary and Extraordinary Resolutions to wind up the companies
were passed.  Martin Freeman has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square,
          London WC1B 5EH
          Liquidator:
          Martin Freeman


ALL FLOOR: Sets Final Meeting July 23
-------------------------------------
Members of All Floor Sandway Limited will have a Final Meeting
on July 23, 2004 at 10:00 a.m. and 10:05 a.m. respectively.  It
will be held at the offices of Kevin Brown & Associates, 1st
Floor, 4 Shakespeare Road, Finchley, London N3 1XE.

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 Kevin Brown & Associates,
1st Floor, 4 Shakespeare Road, Finchley, London N3 1XE not later
than 12:00 noon, July 22, 2004.

CONTACT:  KEVIN BROWN & ASSOCIATES
          1st Floor, 4 Shakespeare Road,
          Finchley, London N3 1XE
          Liquidator:
          K T Brown


ANGLO FRENCH: Hires Hazlewoods Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Anglo French
Investments Limited Company on June 22, 2004 held at Windsor
House, Barnett Way, Barnwood, Gloucester GL4 3RT, the
Resolutions to wind up the company were passed.  Philip John
Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT has been appointed Liquidator of the Company.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Liquidator:
          Philip John Gorman


ARTERA GROUP: Final Meeting Set July 22
---------------------------------------
Members of Artera Group International Limited Company will have
a Final Meeting on July 22, 2004 at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at Rochester House, 29 Chorley
Old Road, Bolton BL1 3AD.

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.


BAE SYSTEMS: Dick Olver Succeeds Chairman Sir Richard Evans
-----------------------------------------------------------
As previously announced, Sir Richard Evans has retired from the
Board of BAE Systems plc and as Chairman of the Company.  Dick
Olver succeeds him as Chairman with effect on Thursday.

Sir Richard will continue to support the Company in an advisory
capacity.

Dick Olver said Thursday:

"Sir Richard Evans has made an immense contribution to this
Company and all at BAE Systems wish him well following his
retirement from the Board.  He is a highly respected individual
in the global aerospace and defense industry and I am pleased
that he has agreed to continue to assist us with our customer
relationships in a number of important overseas markets."

CONTACT:  BAE SYSTEMS
          New Filton House, Filton,
          Bristol BS99 7AR,
          United Kingdom
          Phone: +44 (0) 117 969 3831
          Web site: http://www.baesystems.com

          BAE SYSTEMS Advanced Technology Centre
          PO Box 5, Filton,
          Bristol BS34 7QW,
          United Kingdom
          Phone: +44 (0) 117 302 8000
          Fax:   +44 (0) 117 302 8007

          BAE SYSTEMS C4ISR
          Building 20X, PO Box 5, Filton,
          Bristol BS34 7QW,
          United Kingdom
          Phone: +44 (0) 117 918 8000
          Fax:   +44 (0) 117 918 8452


BALMORAL STEELS: Sets July 23 Members Meeting
---------------------------------------------
The Members of Balmoral Steels Limited Company will have a
Meeting on July 23, 2004 at 10:30 a.m. and 11:00 a.m.
respectively.  It will be held at Moore Stephens Corporate
Recovery Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB.

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.


BANTAMS: Last-minute Fundraising Saves Football Club
----------------------------------------------------
Several investors have expressed interest to put up some money
for indebted Bantams club, convincing Bradford City's
administrators to postpone the club's closure.

However, the administration is asking the club's players to
agree to a proposed wage deferral while trying to come up with a
rescue package with the buyers led by music entrepreneur Pete
Winkelman.

The Bantams has incurred GBP30 million worth of debt, which sent
it to receivership in 2003.  The club was given until 10 a.m. of
June 30 to realize GBP300,000 to stay in business.  The club
failed to secure the amount until investors expressed their
interest to invest.

The Bantams, a former Wimbledon football club, was transferred
to the Football League's Second Division because of its
administration status.  The Football League chairman Sir Brian
Mawhinney said, "I hope the League's policy of not permitting
clubs to begin consecutive seasons in administration helped to
focus the attention of all involved."


B.H.W. LIMITED: Members General Meeting August 11
-------------------------------------------------
The General Meeting of the Members of the B.H.W. Limited Company
will be on August 11, 2004 at 2:45 p.m. and 3:00 p.m.
respectively.  It will be held at the offices of Parkin S. Booth
& Co., 44 Old Hall Street, Liverpool L3 9EB.

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.


CHILDREN'S CONSUMER: Hires PricewaterhouseCoopers Liquidator
------------------------------------------------------------
Name of Companies:
Children's Consumer Products (U.K.) Limited
Vivid Imaginations Holdings (U.K.) Limited

At the Extraordinary General Meeting of these Companies on June
24, 2004, the Special and Ordinary Resolutions to wind up the
company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW have
been appointed Joint Liquidators of these Companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          One Kingsway,
          Cardiff CF10 3PW
          Liquidators:
          Tim Walsh
          Jonathan Sisson


COCOM INTERNATIONAL: Names Stoy Hayward Administrator
-----------------------------------------------------
IT Developer Cocom International Limited has appointed Martin H
Thompson and Shay Bannon of BDO Stoy Hayward as joint
administrative receivers.  The appointment was made June 23,
2004.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road, Reading
          Berkshire RG1 3EX
          Receivers:
          Martin H Thompson
          Shay Bannon
          (IP Nos 8678/01, 5694/01)


COLT TELECOM: Warns of Lower-than-expected Results
--------------------------------------------------
COLT Telecom Group plc, a leading pan-European provider of
business communications solutions and services reiterated that
market conditions continued to be challenging.  Nevertheless, at
constant exchange rates, second quarter revenues are expected to
be ahead of both the second quarter of 2003 and the first
quarter of 2004.

However, COLT also said that since the publication of its first
quarter results on 21 April, the company had experienced tougher
than expected trading conditions.  In addition, there has been
slower than anticipated uptake of its data products and the
performance of some higher margin voice products has been
disappointing.  During Q2, revenue growth has therefore come
mainly from the lower margin segments of the business.  As a
result, even though costs continue to be under tight control,
overall margins are now under pressure.  These trends are
expected to continue throughout 2004 and consequently COLT does
not now believe that it will meet market expectations for the
quarter ended 30 June and the year ending 31 December 2004.

COLT now expects that for the year ending 31 December 2004,
reported revenues will be above last year and that EBITDA will
be slightly below or in line with last year.  Operating free
cash flow will however show an improvement over 2003 reflecting
lower capital expenditure and improvements in working capital.

COLT President and CEO Steve Akin said:

"We are taking action to improve revenues and are continuing to
develop new products, particularly in the higher margin data
segments.  These initiatives are expected to have a positive
impact in the longer term.

"COLT remains financially strong with cash and liquid resources
of close to GBP800 million and we remain on track to be free
cash flow positive on a sustainable basis during 2005.

"Our strong customer base and industry leading customer service
combined with tight management of costs and strong financial
position will continue to allow us to weather what remains a
challenging operating environment."

Second Quarter Results

COLT's financial results for the quarter ended 30 June 2004 will
be published on 21 July.

CONTACT:  COLT TELECOM
          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314


COLT TELECOM: Ratings Unaffected by Profit Warning
--------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on U.K.-based telecommunications operator COLT Telecom Group PLC
(B-/Stable/--) were unaffected by the company's adverse trading
update.

COLT reiterated that market conditions continued to be
challenging and that its margins are now under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million ($298.4 million) with a
margin of 14%.

Standard & Poor's notes the persistent weak demand and strong
competition in COLT's key markets.  The main risk is that these
factors will continue to depress profitable increases in revenue
and challenge COLT's ability to achieve sustainable cash
generation and grow into its capital structure.

COLT's near-term risk, however, is mitigated by its sound
liquidity position.  At March 31, 2004, the company had cash of
GBP786 million and gross debt of GBP1.1 billion with the
earliest maturity of GBP109 million due in August 2005.  Some
EBITDA weakness can, therefore, presently be accommodated in the
ratings.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-Mail Addresses
          simon_redmond@standardandpoors.com
          leandro_detorreszabala@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


CORPORATE TRAVEL: Hires PricewaterhouseCoopers Administrator
------------------------------------------------------------
Stephen Ellis and Ian Stokoe of PricewaterhouseCoopers have been
appointed joint administrative receivers for Corporate Travel
International Limited Company.  The appointment was made June
23, 2004.  The company is a travel agency.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Receivers:
          Stephen Ellis
          Ian Stokoe
          (IP Nos 8843, 6587)


CYBERES SYSTEMS: Hires Joint Administrator from PwC
---------------------------------------------------
Name of Companies:
Cyberes Systems Limited
Cyberes Plc

These travel agents have appointed Stephen Andrew Ellis and Ian
Stokoe of PricewaterhouseCoopers as joint administrators.  The
appointment was made June 23, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Contact:
          Stephen Andrew Ellis
          Ian Stokoe
          (Office Holder Nos 8843, 6587)


FII FOOTWEAR: Shoe Import Business for Sale
-------------------------------------------
The joint administrators Richard Philpott and Myles Halley offer
for sale the business and assets of Fii Footwear Management
Limited.

Fii Footwear has leasehold premises located in Northampton,
including head office and warehousing on a 1.5-acre site.  The
company employs 40 personnel and generates turnover of around
GBP11 million per annum.

Fii Footwear has strong brand names that include Lotus and Frank
Wright.  The company also has an established blue chip customer
base.

CONTACT:  KPMG LLP
          1 Waterloo Way
          Leicester
          LE1 6LP
          Contact:
          Murray Stewart
          Phone: 0116 256 6000
          Fax: 0116 256 6033
          E-mail: murray.stewart@kpmg.co.uk


FIRST LEISURE: Clubs Sold Through Management Buyout
---------------------------------------------------
RSM Rhodes, administrative receivers of First & Leisure, sold 22
of the firm's nightclubs, including Destiny and Heroes in
Plymouth to a group of former managers for an undisclosed sum.

First Leisure was in receivership since last month, but its
venues continue to trade.  The seven new owners include John
Smith, former chief executive.  They plan to call the new their
business The Nightclub Company Ltd.  Also included in the
transaction is The Works in Broad Street.

First Leisure's estate includes some of the U.K.'s largest and
most successful clubs.  It employs 1,600 people.


FORST BROACH: Sets Meeting July 7
---------------------------------
The unsecured Creditors of Forst Broach Co Ltd will have a
Meeting on July 7, 2004 at 10:00 a.m.  It will be held at Kroll
Limited, Aspect Court, 4 Temple Row, Birmingham B2 5HG.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Aspect Court, 4 Temple Row, Birmingham B2 5HG not
later than 12:00 noon, July 6, 2004.

CONTACT:  KROLL LIMITED
          Aspect Court,
          4 Temple Row,
          Birmingham B2 5HG
          Joint Administrative Receiver:
          G S Johal


GIBBON & SON: First Liquidation Meeting Set July 6
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

  IN THE MATTER OF Gibbon & Son Engineering Ltd (in Liquidation)

I, of Ritson Smith 16 Carden Place Aberdeen AB10 1FX, hereby
give notice that I was appointed Interim Liquidator of Gibbon &
Son Engineering Ltd on May 25, 2004 by the Interlocutor of the
Sheriff at Court of Session.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at 16
Carden Place Aberdeen AB10 1FX on July 6, 2004 at 11:00 a.m. for
the purpose of choosing a liquidator, appointing a Liquidation
Committee and considering the other Resolutions specified in
Rule 4.12(3) of the aforementioned Rules.

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

Ewen R Alexander, Interim Liquidator
16 Carden Place Aberdeen AB10 1FX

CONTACT:  RITSON SMITH
          16 Carden Place
          Aberdeen
          AB10 1FX
          Phone: 01224 643311
          Fax: 01224 624359
          Web site: http://www.ritson-smith.co.uk


GLENCOE SKI: Under New Management
---------------------------------
Glasgow businessmen David Campbell and Neil Tait are the new
owners of Glencoe ski center, the resort that went into
receivership earlier this year.

Together with the White Corriers resort, the ski center posted
losses of GBP1 million over two years.  The resort was closed in
November after suffering from a downturn in business for several
years.  The 200-hectare lot was considered Scotland's first
commercial ski center when it opened in 1956, according to BBC
News.


HEADSTROM LIMITED: Appoints Receivers from PwC
----------------------------------------------
The Headstrom (U.K.) Limited Company has appointed Mark Bowen
and Alistair Grove of PricewaterhouseCoopers as joint
administrative receivers.  The appointment was made June 22,
2004.

The company manufactures games and toys.  Its registered office
address is located at 26 Lower Kings Road, Berkhamstead,
Hertfordshire HP4 2AB.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Road,
          Birmingham B3 2DT
          Receivers:
          Mark Bowen
          Alistair Grove
          (IP Nos 8711, 7913)


HHG PLC: Appoints Duncan Ferguson to Board
------------------------------------------
HHG PLC chairman Sir Malcolm Bates on Thursday appointed a new
non-executive director, Duncan Ferguson, to the HHG Board with
immediate effect.

Commenting on the appointment Sir Malcolm said, "I am delighted
that we have been able to attract such an experienced actuary as
Mr. Ferguson to serve on the HHG Board.  His background with
Bacon & Woodrow, and latterly with B&W Deloitte and previous
Presidency of the Institute of Actuaries will be of the utmost
value to the Group."

Currently chairman of both Alba Life and Royal & Sun Alliance
Life Holdings, Mr. Ferguson is also a non-executive director of
HBOS Financial Services (having previously been a director of
Halifax Group plc), Illium Insurance, and Windsor Life.

A Fellow of the Institute of Actuaries, he served on the Council
of the Institute from 1989 to 2000 and as President from 1996 to
1998.  He was also a member of Council of the International
Actuarial Association from 1996 to 2002.

Born and educated in Edinburgh, Mr. Ferguson is a graduate of
Trinity College, Cambridge after which he joined Bacon & Woodrow
as an actuarial student.  In 1975, he joined Eagle Star as
director of the International Division.  He rejoined Bacon &
Woodrow in 1988 as head of its insurance practice and was
appointed senior partner in 1994.  He retired in May 2003, two
years after Bacon & Woodrow merged its insurance practice with
Deloitte and Touche.

Mr. Ferguson has confirmed that the only details to be disclosed
in connection with LSE listing rule 6.F.2 (b) to (g) are that he
was Actuary and a director of Nation Life which went into
voluntary liquidation in 1974.

Following this appointment, the HHG Board comprises three
executive and six non-executive directors including the
Chairman.  As reported at the HHG AGM held on 10 June 2004, Sir
Malcolm Bates, Peter Costain and Sir William Wells all intend to
retire from the Board at or before the 2005 AGM.

Sir Malcolm Bates said, "Mr. Ferguson's appointment is part of
the ongoing process to renew the Board with Directors who are
able to maintain the appropriate depth and breadth of skill and
experience, and to ensure safe stewardship for shareholders."

Mr. Ferguson will stand for election at the HHG AGM in 2005.

CONTACT:  HHG PLC
          4 Broadgate
          London EC2M 2DA
          Registered in England
          No. 2072534
          ABN 30 106 988 836

          Investor Relations
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5310
          E-mail: investor.relations@hhg.com

          Media - UK
          Rob Bailhache
          Financial Dynamics
          Phone: +44 20 7269 7190

          Media - Australia
          Graham Canning, Cannings
          Catherine Frost, Cannings
          Phone: +61 2 9252 0622


JARVIS PLC: To Dispose of Interest in Baltic Rail Services
----------------------------------------------------------
Jarvis plc entered into a conditional sale agreement with regard
to its interest in Baltic Rail Services OU, the majority
shareholder in Estonian Railways (AS Eesti Raudtee).  The
transaction will be completed by the sale of Jarvis' interest in
its Dutch joint venture, Jarvis Estonia B.V., to EEIF Rail B.V.,
an affiliate of Jarvis' joint venture partners in Jarvis Estonia
B.V., for a cash consideration of GBP6.75 million.

The disposal of this overseas investment reflects the Group's
refocusing its activities following the withdrawal from rail
maintenance.  The proceeds of the sale will be used for working
capital in the Group.

The net asset value of Jarvis' investment in Jarvis Estonia B.V.
at 30 September 2003 was GBP5.8 million inclusive of equity
accounted profits and its contribution to group earnings in the
year to 31 March 2003 was GBP0.7 million after minority
interests.

It is expected that the conditions will be fulfilled and the
sale agreement completed on or before 9 August 2004.

CONTACT:  JARVIS PLC
          Paul Ravenscroft
          Phone: + 44 20 7462 4639

          Andrew Honnor
          Tulchan
          Phone: + 44 20 7353 4200


J SAINSBURY: Chairman Leaves as Firm Lowers Profit Forecast
-----------------------------------------------------------
Sir Peter Davis of J Sainsbury resigned as Chairman and Director
in the wake of a second profit warning from the company.  Mr.
Davis resigned after refusing to accept a cut in a GBP2.4
million bonus.  He is thought to be demanding GBP850,000
compensation for loss of office.

The food retailer said pre-tax profit for the year ended March
2005 will be below market expectations of GBP505 million.  The
company is cutting prices and improving stock availability to
recapture the market.  J Sainsbury used to be the market leader,
but it has since slid down to third spot.

Joint brokers, ABN Amro, also cut its pre-tax profits forecast
for the company by GBP120 million to GBP400 million.  The
original pre-tax profits prediction for the current included
Shaw's, its American business, which has been sold.  ABN now
believes this year's total dividend will be slashed to 10p a
share, compared with 15.69p last year.  Shares in the company
went down 16.25 to 268.5p after the profit warning.

Chief Executive Justin King is reviewing the strategic
alternatives for the business.  His works will be published on
October 19.  The company's annual meeting is set July 12.

Mr. Davis will be replaced by ex-BT and Lloyds TSB finance
director Philip Hampton, who will be paid GBP395,000 a year.  He
was then receiving GBP850,000 salary, and it was proposed this
will be cut by GBP500,000.

CONTACT:  J SAINSBURY
          Investor relations
          Phone: +44 (0) 20 7695 7162


MARKS & SPENCER: To Restructure Supply Pacts to Save GBP100 Mln
---------------------------------------------------------------
In the light of press speculation, Marks & Spencer confirms that
it is renegotiating arrangements with suppliers.

Following meetings held with key general merchandise and food
suppliers, management currently expects to achieve annual buying
improvements of at least GBP100 million during the year ending
March 2006 and thereafter.

A full update will be incorporated in the operational review
announcement, which will be made on 12 July.  This review will
also include details of further significant cost savings.

CONTACT:  MARKS & SPENCER
          Corporate Press Office
          Phone: 020 7268 1919

          Investor Relations
          Tony Quinlan
          Phone: 020 7268 4195

          TULCHAN
          Phone: 020 7353 4200
          Andrew Grant
          Katie Macdonald-Smith


MARTINE FREIGHT: In Administrative Receivership
-----------------------------------------------
Bibby Factors Northwest Limited called in Colin Burke and Gary J
Corbett of Milner Boardman & Partners as receivers for Martine
Freight Services Limited Company (Reg No 03187352, Trade
Classification: 6024).  The application was filed June 25, 2004.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire WA15 9TG
          Receivers:
          Colin Burke
          Gary J Corbett
          (Office Holder Nos 8803, 9018)


NEXUS IT: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Nexus IT (Southern)
Limited on June 21, 2004 held at 8-10 Eastern Road, Romford,
Essex RM1 3PJ, the Special and Ordinary Resolution to wind up
the company was passed.  Keith Barry Stout of KSA, 8-10 Eastern
Road, Romford, Essex RM1 3PJ has been appointed Liquidator for
the purpose of winding-up.

CONTACT:  KSA
          8-10 Eastern Road,
          Romford, Essex RM1 3PJ
          Liquidator:
          Keith Barry Stout


NOTTINGHAM FOREST: Deadline to Pay Debt Set Today
-------------------------------------------------
Nottingham City Council has set for today the deadline for
Nottingham Forest to pay the GBP4.5 million debts it owes to the
city.  The city council is likely to ask a writ from the High
court to compel the club to pay.

The club took a ten-year loan worth GBP4.3 million from
Prudential, with the term ending on June 10, 2004.  The loan was
used to build the Trent End and was guaranteed by Nottingham
city council.  However, the term ended with Forest paying
nothing.  This forced the city council to settle the debt plus
unpaid interest of GBP200,000.

Nottingham Forest once fielded the finest football team in
Europe.


PARK GROUP: Closes Sale of Non-core Design and Packing Business
---------------------------------------------------------------
Park Group, the financial services company based in Birkenhead,
has completed the disposal to a management buy-in team of the
business and selected assets of its non-core design and packing
business Link Brand Solutions Ltd for GBP352,000.  Certain
residual assets not transferred in the sale will either be sold
or retained by Park.  Park will receive an annual rent from the
retention of the freehold building at Chesterfield.

This confirmation of the disposal follows the announcement to
the Stock Exchange on 3 June 2004 that conditional agreement to
sell the business and assets to a management buy-in team had
been reached.

CONTACT:  PARK GROUP PLC
          Tavistock Communications Limited
          Keith Payne
          Phone: 020 7920 3150


SBF AGRICO: Management Saves Firm from Receivership
---------------------------------------------------
The Joint Receivers of the farming equipment distributor, George
Sellar & Son Ltd., sold Sellars-Agri business to the preferred
bidder, a management buy-out team led by Neil Wattie, the former
finance director.  The purchase of the business and assets was
completed on Friday 25 June for an undisclosed sum.

Joint Receiver, Blair Nimmo of KPMG Corporate Recovery
commented:

"We are very pleased to have concluded the sale to the
management team, which has exciting plans for developing the
business.  This is an excellent outcome for the Oldmeldrum-based
operation.  The sale has saved approximately 90 jobs. We would
also like to thank all parties connected with the business who
have assisted in keeping it trading over the course of the last
few weeks."

A closing date for offers for SBF Agrico's farm equipment
manufacturer, Fraser Manufacturing Ltd and both the Grays and
Sellars Engineering businesses passed on Tuesday 22 June.  The
Joint Receivers are presently considering the offers received.

SBF Agrico went into Receivership on Tuesday 25 May.

CONTACT:  KPMG CORPORATE RECOVERY
          Wilma Littlejohn
          Corporate Communications
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk


SKYEPHARMA PLC: To Offer New Convertible Bonds
----------------------------------------------
SkyePharma PLC intends to issue not less than GBP35 million 6%
Convertible Bonds due 2024.  The New Convertible Bonds are being
offered for SkyePharma's outstanding 6% convertible bonds due
2005 (the 2005 Bonds), in the ratio of one 2005 Bond for each
New Convertible Bond.  Holders of GBP35 million in aggregate
principal amount of 2005 Bonds have committed that they will
participate in the Offering, of which we have irrevocable
letters of undertaking in respect of approximately GBP28.8
million.  The 2005 Bonds submitted as part of the Offering will
be cancelled by SkyePharma.

The New Convertible Bonds are being issued by SkyePharma
(Jersey) Limited (the Issuer), unconditionally guaranteed on a
senior unsecured basis by SkyePharma and convertible into
redeemable preference shares of the Issuer which will be
automatically and immediately exchanged for ordinary shares of
SkyePharma.

The New Convertible Bonds will, with effect from 8 September
2004, be consolidated and form a single series with the GBP20
million convertible bonds privately placed by SkyePharma on 4
May 2004.  The New Convertible Bonds have a coupon of 6%, a
final maturity date of 4 May 2024 and are exchangeable for
SkyePharma shares at a price of 100p, subject to certain
contingencies.  Bondholders will have the right to put the New
Convertible Bonds on 4 May 2009, 4 May 2011, 4 May 2014, 4 May
2019 at their principal amount plus accrued interest.  The
Issuer may redeem the New Convertible Bonds at their principal
amount plus accrued interest at any time between 15 May 2009 and
3 May 2011 if the closing price of the ordinary shares has
exceeded 130% of the exchange price for the specified period or
at any time thereafter.

The offer period will commence upon issue of this statement and
is expected to end by the close of business on 7 July 2004.
However, the offer period may be closed at an earlier time.

Application will be made to list the New Convertible Bonds on
the London Stock Exchange.  The New Convertible Bonds will be
issued at or about the time they are admitted to listing,
expected to be 29 July 2004.

                            *   *   *

About SkyePharma

SkyePharma PLC uses its world-leading drug delivery technology
to develop easier-to-use and more effective formulations of
drugs.  The majority of challenges faced in the formulation and
delivery of drugs can be addressed by one of the Company's
proprietary technologies in the areas of oral, injectable,
inhaled and topical delivery, supported by advanced
solubilization capabilities.

CONTACT:  SKYEPHARMA PLC
          Donald Nicholson
          Finance Director

          Peter Laing
          Director of Corporate Communications
          Phone: +44 207 491 1777

          CREDIT SUISSE FIRST BOSTON
          Convertible Sales Desk
          Phone: +44 207 888 4878


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


SUPERTEAM LIMITED: Appoints Vantis Business Recovery Liquidator
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Superteam Limited Company on June 23, 2004 held at The White
Cottage, 19 West Street, Epsom KT18 7BS, the Special Resolution
to wind up the company was passed.  Robert Leonard Harry Knight
of Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS has been appointed the Liquidator of the
Company for the purpose of such winding-up.


SWIFTMODE LIMITED: Names Receivers from KPMG
--------------------------------------------
The Swiftmode Limited Company has appointed Paul Flint and Brian
Green of KPMG as joint administrative receivers.  The
appointment was made June 23, 2004.  The company manufactures
other forms of plastic products.

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


TM EUROPE: Sets Creditors Meeting July 9
----------------------------------------
Creditors of TM Europe Limited (formerly known as Leagas Delaney
Europe Limited) will have a Meeting on July 9, 2004 at Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, July 8, 2004.

CONTACT:  GRANT THORNTON
          Melton Street,
          Euston Square,
          London NW1 2EP
          Joint Administrator:
          M Ellis


UMC INDUSTRIES: Hires Liquidator from Benedict Mackenzie
--------------------------------------------------------
At an Extraordinary General Meeting of the UMC Industries
Limited Company on June 18, 2004 held at Pipsmore Park, Bumpers
Farm Industrial Estate, Chippenham, Wiltshire SN14 6NQ, the
subjoined Special, Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Malcolm Peter Fillmore and Ms
Ranjit Bajjon of Benedict Mackenzie LLP, 3-4 The Courtyard, East
Park, Crawley, West Sussex RH10 6AG have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  BENEDICT MACKENZIE LLP
          3-4 The Courtyard
          East Park, Crawley
          West Sussex RH10 6AG
          Liquidators:
          Malcolm Peter Fillmore
          Ms Ranjit Bajjon


WATERJET PROFILES: Cutting Service Business for Sale
----------------------------------------------------
Administrators at Portland offer for sale the business and
assets of Waterjet Profiles Limited, provider of principally
second tier and subcontract waterjet cutting services.

Waterjet Profiles generates an annual turnover of around GBP1
million from its blue chip customer base, principally in the
aerospace industry.  The company is also a holder of key
aerospace approvals.

Additional information on the company can be found at
http://www.waterjet-profiles.co.uk.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway
          Solent Business Park
          Whiteley, Fareham
          Hampshire
          PO15 7AH
          Fax: +44 01489 550 499
          E-mail: robin.bacon@portland-solutions.co


WILSON PUBLICATIONS: Unsecured Creditors Meeting Set July 14
------------------------------------------------------------
The unsecured Creditors of Wilson Publications Limited will have
a Meeting on July 14, 2004 at 10:30 a.m.  It will be held at
Devonshire House, 60 Goswell Road, London EC1M 7AD.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Devonshire House, 60 Goswell Road, London EC1M
7AD not later than 12:00 noon, July 13, 2004.


                            *********


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

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

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

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

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

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


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