TCREUR_Public/040706.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

             Tuesday, July 6, 2004, Vol. 5, No. 132

                            Headlines

F I N L A N D

BENEFON OYJ: Converts Part of 2004A Bond Loan into Shares
BENEFON OYJ: Former Board Members Fined for Late Profit Warning


F R A N C E

LA CORNUBIA: Bankruptcy Filing No Material Effect on U.S. Parent
SCOR GROUP: Bares Latest Management Changes
VIVENDI UNIVERSAL: Loses US$620 Mln Tax Bill Suit Filed by IAC


G E R M A N Y

HECKLER & KOCH: Gets 'B' Corporate Credit Rating
JENOPTIK AG: Rating Lowered to 'B+'; Assigned Stable Outlook
KARSTADT QUELLE: Restructures After Posting EUR110 Mln Q1 Loss
MG TECHNOLOGIES: GEA Minority Shareholders Accept Merger Offer


H U N G A R Y

DAM STEEL: Fourth Sale Offer Attracts Three Bidders
HUNGARIAN TELEVISION: Gets Much-needed Government Dole out


I T A L Y

PARMALAT BRAZIL: 2003 Losses Up 23% to US$75.3 Million
PARMALAT FINANZIARIA: Bondi Seeks Injunction of U.S. Creditors
PARMALAT MEXICO: Selling License, Brand to Lala


L U X E M B O U R G

STOLT OFFSHORE: Wins US$26 Million Statoil Contracts


N E T H E R L A N D S

BUHRMANN N.V.: Successfully Restructures Debt Portfolio


N O R W A Y

AKER KVAERNER: Wins NOK2 Bln Gas Terminal Contract from Ormen
DNO ASA: First Calgary Withdraws from Block 43, Yemen


R U S S I A

ELECTRO-MOUNTING: Declared Insolvent
FGUP OMO: Bankruptcy Proceedings Begin
FRUNZE: Deadline for Proofs of Claim August 10
KEMEROVSKY PLANT: Sets Public Auction July 27
KRASNOZERSKOYE PRODUCTION: Proofs of Claim Deadline August 10

LENSKY: Irkutsk Court Appoints Insolvency Manager
NEZHNEUDINSK-AGRO: Declared Insolvent
NIZHNEUDINSK-AGRO: Irkutsk Court Appoints Insolvency Manager
OAO GAZPROM: To Launch Three-part RUR15 Billion Bond Issue
OAO GAZPROM: Launches Debut Bond Tranche in Euro

OAO GAZPROM: Places US$1.75 Bln 144A Ten-year Bonds
OBL-STROY: Public Auction of Assets July 22
POLIFLOK: To Auction Buildings July 20
YUKOS OIL: Bank Deposits Seized as Court Upholds Tax Claim
YUKOS OIL: Defaults on US$1 Billion Loan
ZHELEZO-BETON: Sets Public Auction July 12


S W E D E N

LM ERICSSON: Court OKs Reduction in Difference of Voting Rights


U K R A I N E

AGROHIM: Under Bankruptcy Supervision Procedure
BORISLAVSKA PORCELAIN: Bankruptcy Supervision Starts
KOLOS-97: Court Names Insolvency Manager
KURAHOV MECHANICAL: Bankruptcy Supervision Begins
LANI UKRAJINI: Donetsk Court Confirms Insolvency

MRIYA: Proofs of Claim Deadline Expires Next Week
NOVOGRIGORIVSKE: Court Appoints Liquidator
SUVOROVA: Insolvent Status Affirmed
ZELENIJ YAR: Proofs of Claim Deadline July 15


U N I T E D   K I N G D O M

ABBEY NATIONAL: Stands to Face Another Money-laundering Case
AERO MOTORS: Names Haines Watts Liquidator
AIR EXPRESS: Hires Liquidators from CBA
AMHURST SERVICES: Winding up Resolutions Passed
BIRD TECHNOLOGY: Shareholders Pass Winding up Resolutions

BROOMCO LIMITED: Members Final Meeting Set July 30
CANARY WHARF: Songbird Offer Acceptance Rate Reach 66.26%
CAVESHAM LIMITED: Names B & C Associates Liquidator
COMPUTER PARADISE: Hires Receiver from Richard Long & Co
CROMA TOOLS: Names Smith & Williamson Liquidator

DUNDAS BROTHERS: In Search for Buyers After Shutdown
EQUITABLE LIFE: Brixton Completes Equiton Restructuring
EXACON SYSTEMS: Hires Liquidator from HJS Recovery
FABRICTREND LIMITED: Extraordinary Winding up Resolution Passed
FORT BOVISAND: Set to Reopen After Resolution of Ownership

GOLDER LIMITED: Calls in Liquidator
GRG WORKSHOPS: Former Director Prevented from Holding Office
HARBOROUGH MANUFACTURING: Special Winding up Resolution Passed
HINCKLEY EXPRESS: Appoints Menzies Corporate Liquidator
HOLDOM HARDWICK: Sets Members Final Meeting July 27

HOLLINGER INC.: Demands Decision on Sale of U.K. Assets
INTERNATIONAL POWER: Unsecured Rating Lowered to B1
JARVIS PLC: Network Rail to Pay GBP30 Mln for Repair Works
JEEVES LIMITED: Appoints Baker Tilly Liquidator
J SAINSBURY: Shareholders Urge Chairman to Shake up Board

KALLIAN LIMITED: Special Winding up Resolution Passed
KING MILITARY: Shareholders Pass Winding up Resolution
LOTUS LIMITED: Hires KPMG Administrator
MARKS & SPENCER: Philip Green Wants to Meet Pension Trustees
METROTECT INDUSTRIES: Final General Meeting Set August 12

PQS CHEMICAL: Names Liquidators from Tenon Recovery
RAPPORT PROMOTIONS: Calls in Liquidator
SHIMIZU EUROPE: Hires PricewaterhouseCoopers Liquidator
SILVETREK LIMITED: In Administrative Receivership
VANKEL INTERNATIONAL: Appoints Liquidators from Menzies
WESTEC LIMITED: Sets General Meeting July 30

* Large Companies with Insolvent Balance Sheets


                            *********


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


BENEFON OYJ: Converts Part of 2004A Bond Loan into Shares
---------------------------------------------------------
Part of the Convertible Bond Loan 2004A, issued by Benefon Oyj
on February 26, 2004 and offered for subscription to a total of
14 investors of the company, has been converted into 423,920
investment shares of the company.  The increase of the share
capital by EUR4,239.20 from EUR1,166,640.20 to EUR1,170,879.40,
corresponding to the shares, has been registered in the trade
register on June 30, 2004.

The converted investment shares shall be applied to public
trading on the I-list of Helsinki Exchanges together with the
old investment shares from approximately July 7, 2004 onwards.
According to the terms and conditions of the Convertible Bond
Loan 2004A, the new shares entitle holders full dividend from
the beginning of the financial period that follows the share
conversion.  In other words, the new shares converted now
entitle the holders full dividend from the financial period that
started on January 1, 2004 and onwards.  Other shareholder
rights accrued when the increase of the share capital was
registered in the trade register.

The loan period with Convertible Bond Loan 2004A began on
February 26, 2004 and will end on December 31, 2008.  The annual
fixed interest is 4%.  Convertible Bond Loan 2004A is on equity
terms.  According to the conversion rate, each full EUR0.01 of
the Loan can be converted into one new investment share of the
company.  The conversion rate of the Convertible Bond Loan 2004A
corresponds to the share subscription price of EUR0.01 per share
for each share having the book parity value of EUR0.01 so that
each full EUR0.01 of the Loan can be converted into one
investment share.  The conversion period for Convertible Bond
Loan 2004A is from June 1, 2004 until December 31, 2008.
Details of the terms and conditions of the Convertible Bond Loan
2004A were published in the market bulletin of the Company on
January 26, 2004.

In case the remaining Convertible Bond Loan 2004A, amounting to
EUR1,130,440.74, would all be converted into shares, 112,620,154
new investment shares would be issued and the share capital of
the company would increase by EUR1,126,201.54.  The new shares
correspond to 0.36% of the entire share capital of the company
and of the votes produced by all shares.

Benefon OYJ
Juha Kiikeri, Chief Executive Officer

CONTACT:  BENEFON OYJ
          P.O. Box 84
          Meriniitynkatu 11
          FIN-24101 Salo, Finland

          Phone: +358-2-77 400
          Fax:   +358-2-733 2633
          Web site: http://www.benefon.com


BENEFON OYJ: Former Board Members Fined for Late Profit Warning
---------------------------------------------------------------
The district court of Helsinki, which heard the lawsuit that
questioned the 2002 results, has fined the members of the board
and the managing director for that reporting period.  No fine
was levied on the company itself, according to a Benefon
statement.

"The members of the then Board and the managing director,
together with the company, will familiarize with the grounds of
the court resolution and then decide about expressing their
discontent about the resolution which was opposite to their
expectations," the statement partly reads.

                            *   *   *

The board chairman in 2000 was Raimo Voipio, who is now the
chairman of Vaisala Oyj.

Benefon OYJ
Juha Kiikeri, Chief Executive Officer

CONTACT:  BENEFON OYG (Head Office)
          P.O. Box 84
          Meriniitynkatu 11
          FIN-24101 Salo, Finland

          Phone: +358-2-77 400
          Fax:   +358-2-733 2633
          Web site: http://www.benefon.com


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


LA CORNUBIA: Bankruptcy Filing No Material Effect on U.S. Parent
----------------------------------------------------------------
                         UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549

                           ----------

                            FORM 8-K

                           ----------

                         CURRENT REPORT
             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) June 30, 2004

                PHIBRO ANIMAL HEALTH CORPORATION
     (Exact name of registrant as specified in its charter)

  New York                   333-64641               13-1840497
  --------                  ------------            ------------
(State or other jurisdiction         (Commission  (IRS Employer
of incorporation) File Number)        Identification Number)

                        One Parker Plaza
                   Fort Lee, New Jersey 07024
       ---------------------------------------------------
       (Address of Principal Executive Offices) (Zip Code)

  (201) 944-6020 (Registrant's telephone number, including area
                              code)
       ----------------------------------------------------

Item 5.  Other Events and Regulation FD Disclosure.

On June 30, 2004, one of the Company's French subsidiaries, La
Cornubia S.A., filed for bankruptcy under the insolvency laws of
France.  The Company believes that, as a result of the
bankruptcy filing by La Cornubia, it is possible that LC
Holdings S.A., La Cornubia's parent and another of the Company's
French subsidiaries, may also file for bankruptcy in France.

The Company's domestic Loan and Security Agreement, dated as of
October 21, 2003, as amended by the Company, various of its
domestic Subsidiaries and Wells Fargo Foothill, Inc., as Agent;
and the lenders thereunder (the Senior Credit Facility),
contains certain provisions with respect to the Company's
subsidiaries, including Events of Default (as defined) with
respect to the commencement by subsidiaries of reorganization,
bankruptcy, insolvency or similar proceedings.  The Company has
obtained a waiver under the Senior Credit Facility so that
neither La Cornubia's bankruptcy filing, nor the possible
bankruptcy filing by LC Holdings (together with La Cornubia, the
French Subsidiaries), would constitute an Event of Default under
the Senior Credit Facility.

The Indenture, dated as of October 21, 2003, among the Company,
Phillip Brothers Netherlands III B.V., an indirect wholly owned
subsidiary of the Company (the Dutch Issuer and, together with
the Company, the Issuers), the Guarantors named therein and HSBC
Bank USA, as trustee and as collateral agent, relating to the
issuance of 105,000 units (the Units) consisting of US$85.0
million of 13% Senior Secured Notes due 2007 of the Company and
US$20.0 million 13% Senior Secured Notes due 2007 of the Dutch
Issuer, contains certain provisions providing for Events of
Default based on breaches of covenants with respect to, defaults
in respect of Indebtedness (as defined) of, and judgments,
orders or decrees against, Restricted Subsidiaries (as defined).

The Issuers have obtained the requisite consent of a majority of
the holders of the Units to amend the Indenture to exclude each
of the French Subsidiaries as a Restricted Subsidiary from
various provisions defining such Events of Default under the
2003 Indenture, and otherwise waiving any Event of Default
thereunder due to bankruptcy filings by the French Subsidiaries.

The Indenture, dated as of June 11, 1998, as supplemented (the
1998 Indenture), among the Company, the Guarantors named therein
and JP Morgan Chase Bank, as trustee, relating to the Company's
9-7/8% Senior Subordinated Notes due 2008 (the Notes), contains
certain provisions providing for Events of Default based on
breaches of covenants with respect to, defaults in respect of
Indebtedness (as defined) of, and judgments, orders or decrees
against, Restricted Subsidiaries (as defined), as well as Events
of Default due to various events involving the bankruptcy of
Restricted Subsidiaries.  The Company has obtained the requisite
consent of a majority of the holders of the Notes to amend the
1998 Indenture to exclude each of the French Subsidiaries as a
Restricted Subsidiary from various provisions defining such
Events of Default under the 1998 Indenture, and otherwise
waiving any Event of Default thereunder due to bankruptcy
filings by the French Subsidiaries.

The Company does not believe that La Cornubia's bankruptcy
filing, nor the possible bankruptcy filing by LC Holdings, will
have a material adverse effect on its financial condition or
results of operations.

                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

PHIBRO ANIMAL HEALTH CORPORATION

Date: July 2, 2004
By: /s/ Jack C. Bendheim

Jack C. Bendheim
Chairman of the Board
Date: July 2, 2004
By: /s/ Gerald K. Carlson

Gerald K. Carlson
Chief Executive Officer
Date: July 2, 2004
By: /s/ Richard G. Johnson

Richard G. Johnson
Chief Financial Officer


SCOR GROUP: Bares Latest Management Changes
-------------------------------------------
Jean-Luc Besson, Actuary, holds a doctorate in mathematics and
has been since January 2003 Chief Reserving Actuary of the SCOR
Group.  He has been nominated Chief Risk Officer (in charge of
the global Central Technical Department) and has the
responsibility for the Group's reserving, pricing, models and
retrocession.

After an academic career begun in 1969, during which he was a
senior lecturer in mathematics at the Universite Claude Bernard
(Lyon 1), he joined the FFSA (Federation Francaise des Societes
d'Assurance) in 1985 subsequently becoming Manager. In 1991, he
was promoted from Deputy Secretary-General to Assistant Director
of the FFSA and then Deputy Director in 1995.  In 1997 he became
Head of Research and Statistics at the FFSA.  In July 2001, he
became Senior Vice President, Research, Statistics and
Information Systems at the FFSA.

Yvan Besnard, 50, has been named Director for Non-Life Treaties,
Europe

Yvan Besnard has been named Director for Non-Life Treaties for
Europe.  He has been since 2003 Chief Internal Auditor for the
Group.  He joins the Executive Committee of the SCOR Group.

Graduated from the ESSEC Business School, CHEA (Centre des
Hautes Etudes de l'Assurance) and holder of the DECS (Diplome
d'Etudes Comptables Superieures, an advanced accounting degree),
he joined the AGF Group in 1978 as Financial Controller of AGF
Re, then became Manager of the Technical and Marketing
Department of the Health Insurance Division.  He joined SCOR
Group in 1991 as Head of Management Analysis.  In 1993, he
became Financial Controller of SCOR Reassurance.  In 1995 he
joined SCOR U.K., where he was appointed Managing Director in
1997.  In July 2000, he was appointed Head of Development for
the SCOR Group.

He will be assisted by Sylvie Van Viet, 43, Deputy Director, who
has been up until now Director of Retrocession for the SCOR
Group and by Umberto Gavazzi, 45, Deputy Director, who retains
his post as Chief Executive Officer of SCOR Italy as well.

Yvan Besnard replaces Francois Constantin who is retiring.

Sylvain Boueil, 51, has been nominated Chief Internal Auditor
for the Group

Sylvain Boueil has been nominated Chief Internal Auditor for the
Group.  He has been since 2000 Director of Eastern European
Markets.

An engineer with degrees from the Ecole Centrale de Lyon and
from the Institut des Actuaires Francais, Sylvain Boueil started
his career at GAN insurance company in 1977.  He joined the SCOR
Group in 1983 as head of Liability business in Facultatives.  He
was nominated Chief Underwriting Officer of SCOR US in 1989 and
returned to Paris as Technical Director of Non-Life Treaties in
1994.

Fabrice de Dianous, 41, has been nominated Director for Eastern
European Markets

Fabrice de Dianous has been nominated Director for Eastern
European Markets.

Holder of a DESS (post-graduate professional degree) in Tax Law
and an MBA from the Conservatoire National des Arts et Metiers,
Fabrice de Dianous joined the SCOR Group in 1988 in charge of
underwriting for the German Market, then from 1996 for the
Central European Markets.

Patrick Barrault, 50, has been nominated Director for the French
Market

Patrick Barrault has been nominated Director for the French
Market.  He retains his responsibilities as Director of the
Credit & Surety Department as well.

A graduate of the Institut Commercial Superieur, Patrick
Barrault started his career as underwriter in direct Credit &
Surety insurance at GIPAC.  In 1986 he joined DOW Chemical
Company as Managing Director of the Credit Department.  In 1991,
he joined Sorema where he was appointed Managing Director of the
Credit & Surety Department before being promoted to Managing
Director of Treaties in March 2000.  He joined the SCOR Group in
September 2001 as Director of the Group Credit & Surety
Department

Patrick Barrault replaces Francois Mallot who is leaving the
Group.

Membership of the Executive Committee of the SCOR Group

The members of the Executive Committee of the SCOR Group are:

(a) Denis Kessler
    Chairman and Chief Executive Officer

(b) Patrick Thourot
    Chief Operating Officer

(c) Marcel Kahn
    Chief Financial Officer

(d) Jean-Luc Besson
    Chief Risk Officer

(e) Romain Durand
    Chief Executive Officer and Director of SCOR VIE

(f) Victor Peignet
    Managing Director, Business Solutions Division

(g) Henry Klecan
    President & CEO of SCOR U.S. and SCOR Canada

(h) Yvan Besnard
    Director for Non-Life Treaties, Europe

CONTACT:  SCOR GROUP
          Jim Root
          Director - Investor Relations
          Phone: +33 (0) 1 46 98 73 63

          Delphine Deleval
          Deputy Director - Press Relations
          Phone: +33 (0) 1 46 98 72 32

          Stephane Le May
          Analyst Relations
          Phone: +33 (0) 1 46 98 70 61


VIVENDI UNIVERSAL: Loses US$620 Mln Tax Bill Suit Filed by IAC
--------------------------------------------------------------
A Delaware chancery court ordered media giant Vivendi Universal
to pay a disputed US$620 million (GBP345 million) tax bill
relating to the merger of Vivendi Universal Entertainment with
InteractiveCorp (IAC).

The ruling came a year after the filing of the case between
Vivendi and the U.S. company, which Vivendi acquired in 2001.
AIC claims it is owed money to cover tax liabilities on US$2.5
billion of preferred stock in Vivendi Universal Entertainment
(VUE) that was acquired as part of the payment.  VUE has already
been sold to General Electric's NBC television arm.

Vice-chancellor Stephen Lamb said, contrary to Vivendi's
allegations, the tax provisions do not run counter to other
provisions within the partnership agreement between Vivendi and
IAC or that the liability was the result of a mistake.  He gave
the two sides 10 days to consult and submit a conforming order
to the court.  Vivendi plans to appeal the decision.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


HECKLER & KOCH: Gets 'B' Corporate Credit Rating
------------------------------------------------
Standard & Poor's Ratings Services on Friday assigned its 'B'
long-term corporate credit rating to Germany-based small-arms
defense contractor Heckler & Koch GmbH.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B' senior
unsecured debt rating to the group's proposed EUR115 million
(US$140 million) notes due 2011.  We have factored into the
senior unsecured debt rating the possibility that Heckler & Koch
might, under the terms of the bond indenture, raise a further
EUR20 million of secured senior debt.  At March 31, 2004, the
group had pro forma total debt of EUR115 million and, under
German GAAP reporting, EUR34.5 million of pension liabilities.

"The ratings on Heckler & Koch primarily reflect the group's
small size, level of customer concentration, highly competitive
market place, and very aggressive financial profile," said
Standard & Poor's credit analyst Leigh Bailey.  "Heckler & Koch
benefits, however, from the strength of its product portfolio,
leading niche market positions, and high level of technological
expertise, which allow the group to achieve good profitability
levels."

Heckler & Koch is a leading defense contractor in the small-arms
sector of the European NATO defense market supplying products
such as rifles, side arms, fully automatic weapons, and grenade
launchers.  The group's business risk is well below average
given Heckler & Koch's modest size (annual revenues were
EUR145.1 million in 2003) relative to a concentrated customer
base and reliance on several key contracts for a large
proportion of the group's profitability.  In 2003, contracts to
supply the German Army with G-36 rifles and refurbish the SA-80
rifle for the U.K. Ministry of Defense accounted for 37% of
sales and a higher level of profitability in 2003.  Although
Heckler & Koch's expansion strategy into North America heightens
financial risk, it could enhance its business profile if the
group's development contract for the X8 rifle with the U.S.
military leads to mass production.

"Standard & Poor's expects Heckler & Koch's revenue and
profitability to be supported over the next few years by the
group's existing backlog of EUR146 million, which covers about
12 months of sales, and new military contract wins," added Mr.
Bailey. "In addition, the group is not expected to make any
material payments relating to product liability and negligent
distribution claims against its formerly owned civilian firearms
business."

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

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


JENOPTIK AG: Rating Lowered to 'B+'; Assigned Stable Outlook
------------------------------------------------------------
Fitch Ratings downgraded Jenoptik AG's Senior Unsecured rating
to 'B+' from 'BB-' and the rating on its senior notes to 'B+'
from 'BB-'.  Both ratings have been removed from Rating Watch
Negative.  A Stable Outlook has been assigned.  At the same
time, the agency has affirmed the Short-term rating at 'B'.  The
Rating Watch was assigned in April this year following the
release of Jenoptik's preliminary results.

The downgrade reflects the strong rise in leverage following the
FYE03 results.  Jenoptik had total debt of EUR264 million and
net debt of EUR131 million as of FYE03 and reported an EBITDA of
EUR45.1 million (Fitch-adjusted: EUR19 million) versus a
projection of EUR85 million.  Fitch notes that Jenoptik's
reported figures are substantially influenced by "other
operating items", which are not considered recurring operating
income and are reclassified by Fitch.  The result was heavily
affected by a poor performance of Jenoptik's main division,
Clean Systems, which only broke even (EUR1.2 million) due to a
significant EUR11.4 million-loss in the Facility Engineering
segment.  The magnitude of the shortfall shows the management's
failed attempt to diversify away from its dependence on the
semiconductor industry, as contracts taken on from other sectors
were loss making.  The company has underestimated the execution
risk and margin impact of project delays.

The cash position of the group (EUR132.7m as of FYE03 and EUR152
million as of Q1/FY03), together with some EUR186 million credit
facilities, provides some comfort on Jenoptik's liquidity
situation.  However, in a scenario of adverse change Fitch
believes that the credit protection of this liquidity is much
lower.  A large part of the cash position stems from customer
advances, which is accompanied by advance payment guarantees.
In addition, some EUR35 million are in a blocked account to
secure a credit to DEWB.  The majority of the credit facilities
is only granted until further notice, and can be withdrawn with
short notice.

The Stable Outlook reflects Jenoptik's healthy order backlog
(EUR3.1 billion as of March 04) and the narrowing of the
operating loss (EUR1.8 million) during the first quarter of FY04
compared to EUR8.3 million loss in Q1/FY03.  The ratings also
consider that the recently announced convertible bond issue of
EUR62.1 million will give further relaxation to the maturity
profile and provide potential for a strengthening of the equity
base in the group.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth
          Frankfurt
          Phone: +49 69 7680 76170

          Raymond Hill
          London
          Phone: +44 207 417 4314

          Monica Klingberg Insoll
          Phone: +44 207 417 4281

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


KARSTADT QUELLE: Restructures After Posting EUR110 Mln Q1 Loss
--------------------------------------------------------------
Retail giant Karstadt Quelle is set to present in autumn a
detailed restructuring plan that might include job cuts and shut
downs, Frankfurter Allgemeine Zeitung reports.

New managing board chairman Christoph Achenbach based the plan
on a comprehensive assessment of the situation.  Spokesman Jorg
Howe said the company would disclose no details prior to the
presentation of the plan by the chairman himself.  However, he
confirmed management was negotiating with employee
representatives regarding cost-cutting measures.

"The restructuring concept will include all business divisions:
department stores, specialized retailers, mail order, services
and tourism," Mr. Howe added.

Mr. Howe did not deny the possibility of job cuts across the
U.K.  The job cuts might include Quelle and Neckermann catalog
sales, Thomas Cook and Karstadt.  FAZ, quoting Karstadt
employees, said the company aims to close around 30 stores and
remove 4,000 staff.  However, Mr. Howe said no concrete
decisions had been made on store closings or staff reductions.
Around 180 Karstadt chains are not posting profits.  Karstadt
Quelle posted a net loss of over EUR110 million in the first
quarter of 2004.  Domestic retail sales fell by 2% in 2002 and
0.9% in 2003.  The company attributed this to the slump in
Germany's domestic consumption.  In May, the company projected a
double-digit operating loss for 2004.

The company started its restructuring Friday with the dismissal
of three division managers.  The company also announced a joint
venture with food giant Kewe and the termination of the food
contract with Edeka at the end of the year.  A new company,
Karstadt Feinkost, will begin operating on January 1, 2005.


MG TECHNOLOGIES: GEA Minority Shareholders Accept Merger Offer
--------------------------------------------------------------
The minority shareholders of Bochum-based GEA AG are to transfer
their shares to the majority shareholder, mg technologies AG, in
exchange for a cash payment of EUR48.15 per common share and
EUR43.33 per preferred share.  A proposal for the transfer of
shares pursuant to sections SS 327a et seq. of the German Joint
Stock Corporation Act has been added to the agenda of GEA AG's
Annual Shareholders' Meeting on August 13, 2004 at the request
of mg technologies AG.  The Executive Board and Supervisory
Board of GEA AG have submitted motions to this effect.

Mg technologies AG's holding of common and preferred shares
accounts for more than 98 percent of the company's capital
stock, which is divided into 20,750,000 common shares and
20,750,000 preferred shares.  The Executive Board of mg
technologies AG set the level of the cash payment with the
consent of the Supervisory Board on the basis of a report
prepared by the auditing firm FGS Flick Gocke Schaumburg GmbH
Wirtschaftsprufungsgesellschaft, Bonn.  The appropriateness of
the envisaged cash payment has been reviewed and confirmed by
the court-appointed auditing firm PwC Deutsche Revision
Aktiengesellschaft Wirtschaftsprufungsgesellschaft, Munich.

The squeeze-out and the planned subsequent merger of GEA AG with
mg technologies AG will be a further step towards streamlining
the hitherto multi-layered holding company structure of the
Group and will reduce costs substantially.  As soon as the
proposal for the transfer of shares has been entered in the
commercial register and thereby becomes effective, mg
technologies AG will inform the departing minority shareholders
and their custodian banks of the procedural arrangements for the
disbursement of the cash payment by way of an official
announcement in the Federal Gazette (Bundesanzeiger) and in an
authorized journal for the publication of mandatory stock
exchange announcements.  The custodian banks will carry out the
disbursement of the cash payment.  Commerzbank AG has undertaken
to act as guarantor in respect of mg technologies AG's
obligation to disburse the specified cash payment to the
minority shareholders without delay as soon as the resolution on
the transfer of shares has been entered in the commercial
register.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0) 69 71199 241
          Fax:   +49 (0) 69 71199 112
          Web site: http://www.mg-technologies.com


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


DAM STEEL: Fourth Sale Offer Attracts Three Bidders
---------------------------------------------------
The recent sale offer of DAM Steel assets has attracted three
companies that have submitted a total of four bids, MTI reports.
The offers came from three Hungarian companies, two of which are
new.  The bids would be assessed between July 9 and July 12.

Liquidator Matraholding through its CEO Janos Kovacs said this
was the fourth attempt to sell DAM Steel's assets.  The bidders
this time were allowed to bid separately for the items.  He did
not name the bidders, but it is thought they are in some ways
related to the steel business.

DAM Steel, whose assets are valued at HUF5.325 million, went
into liquidation in March 2003 after a major creditor CIB Bank
refused to resume a credit line worth HUF2 billion.  Previous
sale offers did not materialize after bidders submitted bids
less than the advertised value of DAM Steel's assets.  The
current offers are reportedly higher than the previous ones.


HUNGARIAN TELEVISION: Gets Much-needed Government Dole out
----------------------------------------------------------
The Hungarian Parliament has given the go-ahead to a HUF4.8
billion grant to Hungarian Television (MTV) Rt, Budapest
Business Journal reports.

MTV Vice President Gyorgy Pinke said the entire amount will be
used to pay the state television's HUF6.8 billion debt. In
April, MTV Public Foundation warned Hungarian Television was
teetering on the brink of insolvency.  The Journal also
previously said the company could go bust as early as May and
the only way to avoid this was by gaining access to a government
grant for broadcasters.  MTV's share in this grant is HUF1.3
billion, enough to buy the station a month or two.


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


PARMALAT BRAZIL: 2003 Losses Up 23% to US$75.3 Million
------------------------------------------------------
Parmalat Brazil posted a net loss of BRL235.7 million (US$75.3
million) for 2003, up from 2002 net loss of BRL192 million.  Its
net revenues were BRL1.7 billion, almost even with the previous
year.  Gross revenues were BRL2 billion (US$650 million).

Brazil's biggest milk supplier has been severely affected by the
troubles of its Italian parent Parmalat Finanziaria.  It nearly
closed in January when the main office stopped sending money.
Its operating unit continues to function while the Italian group
undergoes bankruptcy.  Plants will be reopened and production
and sales will be resumed in September, hopefully enabling the
local subsidiary to generate neutral to positive cash flows.


PARMALAT FINANZIARIA: Bondi Seeks Injunction of U.S. Creditors
--------------------------------------------------------------
Marcia L. Goldstein, Esq., of Weil, Gotshal & Manges, LLP in New
York, appeared before Judge Drain in the United States
Bankruptcy Court for the Southern District of New York to obtain
a Temporary Restraining Order and Preliminary Injunction,
enjoining and restraining U.S. creditors from seizing the U.S.
assets of Parmalat Finanziaria S.p.A. and 22 foreign
subsidiaries and affiliates.

Ms. Goldstein appeared on behalf of Dr. Enrico Bondi in his
capacity as the extraordinary commissioner of Parmalat.

The Parmalat affiliates are:

  (1) Parmalat S.p.A.,
  (2) Parmalat Netherlands B.V.,
  (3) Parmalat Finance Corporation B.V.,
  (4) Parmalat Capital Netherlands B.V.,
  (5) Dairies Holding International B.V.,
  (6) Parma Food Corporation B.V.,
  (7) Parmalat Soparfi S.A.,
  (8) Olex S.A.,
  (9) Eurolat S.p.A.,
(10) Lactis S.p.A.,
(11) Coloniale S.p.A.,
(12) Parmatour S.p.A.,
(13) Hit S.p.A.,
(14) Hit International S.p.A.,
(15) Nuova Holding, S.p.A.,
(16) Contal S.r.l.,
(17) Geslat S.r.l.,
(18) Newco S.r.l.,
(19) Eliair S.r.l.,
(20) Centro Latte Centallo S.r.l.,
(21) Panna Elena S.r.l., and
(22) Parmengineering S.r.l.

                Parmalat Needs a "Breathing Spell"

Ms. Goldstein relates that Parmalat's restructuring in Italy
will be effectuated through a plan of reorganization prepared
pursuant to Italian Insolvency Law.  On June 21, 2004, Parmalat
presented the Italian Plan to Dr. Antonio Marzano, the Italian
Minister of Productive Activities, for approval.  The
composition with creditors proposed pursuant to the Italian Plan
does not address the reorganization of all of the foreign
affiliates.  Certain of the foreign affiliates will be included
in a different plan providing for the sale of certain assets or
liquidation.

Dr. Bondi believes that numerous holders of private and public
debt instruments issued by Parmalat are domiciled in New York
and other parts of the United States.  Most of the private debt
instruments are governed by New York law with the exception of
the private debt instruments issued by Finanziaria, which are
governed by Italian law.  Most of Parmalat's public debt
instruments are governed by English law.

Most of the note purchase agreements governing the issuance of
the Public and Private Debt provide:

(a) For the automatic acceleration, in case of the private
    placements; or

(b) Acceleration upon written request, in case of issuance of
    the public debt, of the Public and Private Debt in the event
    that the entity that issued the debt, or in certain
    circumstances the guarantor of the debt, begins insolvency
    proceedings.

Ms. Goldstein tells Judge Drain that Dr. Bondi's ultimate goal
is to restructure Parmalat's financial obligations in the most
expedient and economical manner possible, and on the best
available terms for Parmalat's creditors, while balancing the
interests of all Parmalat stakeholders.  To effectuate this
goal, Mr. Bondi requires injunctive relief against actions that
would interfere with his ability to restructure Parmalat's
financial obligations abroad and determine how the interests of
all creditors can best be served.

An injunction, Ms. Goldstein asserts, will best assure an
economical and expeditious administration of all claims against
Parmalat's estates, consistent with the statutory mandate of
Section 304(c) of the Bankruptcy Code:

    (i) Just treatment of all holders of claims against or
        interests in the estate;

   (ii) Protection of claim holders in the United States
        against prejudice and inconvenience in the processing
        of claims in the Italian proceedings;

  (iii) Prevention of preferential or fraudulent dispositions of
        property of the estate;

   (iv) Distribution of proceeds of the estate substantially in
        accordance with the order prescribed by the Bankruptcy
        Code; and

    (v) Comity.

In the absence of an injunction, Ms. Goldstein contends that
U.S. creditors' claims may proceed to judgment without regard to
Parmalat's financial restructuring, leading to the unequal
treatment of certain creditors and dismemberment of the estates.
Such an outcome would be contrary to the provisions of the
Italian Insolvency Law, which has provisions that allow Parmalat
to "claw-back" or set aside transactions that unfairly favor a
creditor at the expense of other creditors, as well as the
fundamental purpose of the United States Bankruptcy Code.

Ms. Goldstein assures the Court that the injunction will neither
prejudice nor unduly inconvenience U.S. creditors.  The Italian
Insolvency Law shares with the U.S. many fundamental insolvency
law principles, and all of Parmalat's creditors will be treated
justly in the Italian proceedings.

               ABN Amro Complaint Should be Stayed

Dr. Bondi also asks the Court to stay the complaint filed ABN
Amro Bank N.V. before the Supreme Court of the State of New
York, County of New York.

On March 22, 2004, ABN Amro sued Parmalat S.p.A. to recover the
principal and interest allegedly due under a promissory note
executed by Wishaw Trading S.A. and guaranteed by Parmalat
S.p.A.  No agreement has been reached between Parmalat and ABN
Amro with respect to the stay of the Complaint.

ABN Amro also named Wishaw as a co-defendant.  Parmalat S.p.A.
holds a 16.67% ownership interest in Wishaw.

                   Parma Court's Jurisdiction

Dr. Bondi asks Judge Drain to grant the Civil and Criminal Court
of Parma exclusive jurisdiction to:

(a) Hear and determine any suit, action, claim or proceeding,
    other than the enforcement action filed by the U.S.
    Securities and Exchange Commission; and

(b) Settle all disputes, which may arise out of the construction
    or interpretation of the Italian Plan, or out of any action
    taken or omitted to be taken by any person or entity in
    connection with the administration of the Italian Plan.

The Injunction will not affect the SEC Complaint.

Dr. Bondi further ask the Court to give full force and effect to
all provisions of the Italian Plan, once finalized and approved.

Evan D. Flaschen, Esq., of Bingham McCutchen, LLP, represents an
ad hoc committee of Parmalat creditors.


PARMALAT MEXICO: Selling License, Brand to Lala
-----------------------------------------------
Mexico's biggest milk company, Lala, is due to seal the
acquisition of Parmalat Mexico's license to manufacture and
market products under the Parmalat brand name, and the rights to
the brand, El Economista reports.

The purchase price is thought to come up to US$150 million, but
Lala might just pay US$70 million.  The transaction excludes the
Parmalat plant in Jalisco, which Lala said is not particularly
well situated.

Parmalat Mexico's market value has fallen in the last two
months, with its share of the ultra-pasteurized milk market
dropping from 7% to 5%.


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


STOLT OFFSHORE: Wins US$26 Million Statoil Contracts
----------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
received Letters of Intent valued at approximately US$26 million
for two contracts from Statoil ASA on its Norne Satellites
Project in the Norwegian Sector of the North Sea.

The Letters of Intent cover the installation of umbilicals
between the Norne FPSO and the new satellite locations Staer and
Svale, the installation of manifolds, the fabrication and
installation of risers, water injection flowlines and flexible
components as well as subsea tie-ins.  All of the flexible
components will be manufactured by our joint venture company NKT
Flexibles.  Work on both contracts starts immediately with
offshore installation in 2005.

Oeyvind Mikaelsen, Vice President Northern Europe and Eastern
Canada region, said, "We have been particularly successful in
growing our backlog of North Sea construction projects this
year.  This latest award from Statoil is a very welcome addition
to that list."

                            *   *   *

Stolt Offshore is a leading offshore contractor to the oil and
gas industry, specializing in technologically sophisticated
deepwater engineering, flowline and pipeline lay, construction,
inspection and maintenance services.  The Company operates in
Europe, the Middle East, West Africa, Asia Pacific, and the
Americas

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

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


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


BUHRMANN N.V.: Successfully Restructures Debt Portfolio
-------------------------------------------------------
Buhrmann N. V., one of the world's largest business-to-business
suppliers of office products, computer supplies and business
services, successfully issued 10-year Senior Subordinated Notes
due in 2014 of US$150 million principal amount (the New Notes).
It also has increased borrowings under its existing long term
Senior Credit Facility by US$125 million, while improving its
credit margin.  The proceeds hereof and cash on hand have
provided Buhrmann with the necessary funds to consummate the
tender offer for the outstanding 121/4% Senior Subordinated
Notes (the 2009 Notes) which was commenced on 3 June 2004.  As
Buhrmann has used cash from operations for paying down debt as
part of this refinancing, the company has effectively further
reduced its gross debt position.

Floris Waller, Chief Financial Officer and member of the
Executive Board of Buhrmann, commented: "We are pleased with the
successful placement of new senior subordinated notes and the
extension and favorable adjustments to our existing credit
facility.  Another important fact is that our healthy cash
position allowed us to use cash to pay down debt.  This enabled
us to effect our tender offer for the 2009 Notes and to further
lower our financing costs going forward.  Furthermore, the
extension of the maturity of our debt profile entails a further
optimization of our capital structure going forward."

Successful Offering of New Notes

Through its subsidiary Buhrmann U.S. Inc., Buhrmann has
successfully placed New Notes with a coupon of 8 1/4%.  The
aggregate principal amount of the New Notes, which are due in
2014, totals US$150 million.  The New Notes have been issued a
at a price of 99.164% of the par value to institutional
investors in the United States and in Europe through a private
placement pursuant to Rule 144A and Regulation S of the U.S.
Securities Act.

Extended Credit Facility with lower interest rate
In addition, Buhrmann has increased and re-priced its Senior
Credit Facility.  The existing term loans B have been replaced
by term loans C, while an additional US$125 million was raised
under this facility.  The interest coupon throughout the pricing
matrix for the term loans C (now totaling US$503 million and
EUR50 million) has been set 25 basis points lower than was
previously the case for term loans B.

Successful Tender of 2009 Notes

Buhrmann has announced that it, through its subsidiary Buhrmann
U.S. Inc., has effected the tender offer for its 2009 Notes.
The tender offer expired at 12:00 midnight, New York time on
Wednesday 30 June 2004.  Bondholders representing approximately
87% of these 2009 Notes (US$304 million) have tendered their
Notes in the offer and have given their consent to the offer.
Approximately US$46 million of the 2009 Notes have not been
tendered.  Buhrmann may call these 2009 Notes as from 1 November
2004 or purchase, redeem or defease the 2009 Notes after 1 July
2004.

All Deals Settled on 1 July 2004

The premium paid for the early redemption of the tendered 2009
Notes (87%) amounts to US$29 million (exceptional cash interest
charge).  Previously capitalized financing fees related to the
2009 Notes are to be written off, which will lead to an
exceptional (non-cash) interest charge of EUR5 million in 2004.
In addition, project expenses are incurred of which expenses
related to the newly financing will be capitalized.  The
settlement of these elements in this refinancing took place on 1
July 2004.

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          Netherlands
          Phone: +31 20 651 11 11
          Fax:   +31 20 651 10 05


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


AKER KVAERNER: Wins NOK2 Bln Gas Terminal Contract from Ormen
-------------------------------------------------------------
Hydro awarded Aker Kvaerner the first large Ormen Lange gas
terminal contract.  The contract value is approximately NOK2
billion.  In 2006 top manning will be around 800 persons.

The EPC contract covers engineering, procurement and
construction activities for the gas reception and export area in
Nyhamna on the North West coast of Norway.  It also includes the
slug catcher, the flare tower and emergency shut down valves for
the Ormen Lange gas terminal.

Aker Stord has signed the contract on behalf of several Aker
Kvaerner companies, including Aker Kvaerner Engineering and
Technology, Aker Verdal and Aker Kvaerner Elektro.  The
engineering and procurement activities start immediately in
Oslo, while the construction activities in the yards at Stord
and in Verdal will start in May/June 2005.

Design and construction of onshore plants for the oil and gas
industry is an important growth area for Aker Kvaerner.  The
group has won several similar contracts in the past few years.
At present Aker Kvaerner is involved in two projects for
Statoil: Upgrading and extension of the Karsto gas terminal near
Stavanger in Southern Norway and installation/hook up on
Statoil's first plant for liquid natural gas (LNG) at Melkoya
near Hammerfest in Northern Norway.

As in several other projects Aker Kvaerner will cooperate with
sub-contractors in Poland for delivery of steel sections and
piping.  Polish sub-contractors will start their fabrication for
Ormen Lange in May 2005.

When the untreated well stream from Ormen Lange arrives at
Nyhamna, it will be routed to a reception facility for liquid
slugs, known as a slug catcher.  Liquid slugs in the pipeline
from the gas field could otherwise damage the process plant.
Aker Verdal is going to construct this slug catcher and install
it at the Ormen Lange plant in Aukra.

Aker Stord will assemble the largest and most complicated pipe
racks in its large, moveable assembly hall, and transport them
to Aukra on a barge in January 2006 where the pipe racks will be
installed.  Mechanical installation work on Aukra starts in
October 2005.  The gas reception and export area of the Ormen
Lange's Gas terminal shall be mechanical complete in February
2007.

Ormen Lange is the largest gas field under development on the
Norwegian continental shelf. It is located 100 km. off the
northwest coast of Norway at a water depth of 850 to 1,100
meters.

                            *   *   *

AKER KVAERNER ASA, through its subsidiaries and affiliates is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.  The Aker Kvaerner group consists of
a number of separate legal entities.  Aker Kvaerner is used as
the common brand/trademark for most of these entities.  The
parent company in the group is Aker Kvaerner ASA.

Aker Stord is Aker Kvaerner's assembly yard for modules and
topsides for fixed and floating oil and gas production
platforms.  Aker Stord is within Aker Kvaerner responsible for
multi discipline and mechanical construction contracts for
onshore oil and gas plants in Norway.  Within decommissioning of
offshore structures Aker Stord has a special responsibility for
methods and execution of topsides demolition.

Aker Kvaerner Engineering and Technology has about 800 employees
and their main office is located at Lysaker near Oslo.  The
company has extensive experience and competence within
development of technology and concepts, in addition to execution
of larger projects.  AK E &T has been involved in the
development of most oil- and gas fields on the Norwegian
Continental Shelf.  The company has also played an active role
in several terminal and onshore projects in Norway.  AK E&T is
presently involved in several international projects based on
their competence and products, such as LNG terminals.

Aker Verdal has developed a special competence in engineering
and building large steel constructions and steel substructures
(jackets) for the offshore oil industry.  With 30 jacket
deliveries since 1975, Aker Verdal has established a leading
position in this area.  The steel jacket weight ranges from
1,000 up to more than 20,000 tons.  Its height spans 70 to 215
meters.  Since Aker Verdal was established in 1970, it has also
delivered a wide range of floating and fixed installations to
the oil industry in the North Sea.  A total of 10 semi-
submersible platforms of Aker H3 and H3.2 design were built in
the period 1973 to 1982.  It delivered a wide range of modules
and decks, sub-sea templates, bridges, flare towers and a
loading buoy.  Nearly 730 employees represent a multitude of
variety in age, know-how, gender and culture.  This composition
secures quality in decision-making, contributes to innovation
and yields higher productivity.

Aker Kvaerner Elektro is a complete EPC supplier of electrical,
instrument and telecommunications (EIT) to customers in the oil
and gas processing industry onshore and offshore.  The company
possesses wide experience and expertise in its field.  It has a
staff of 1,700 dedicated professionals committed to delivering
optimum solutions.  Aker Kvaerner Elektro is geographically co-
located with our customers, and our goal is to create trust and
long-term relations through being reliable, competitive, deliver
quality and meet our customers' expectations.

CONTACT:  AKER KVAERNER
          Media:
          Geir Arne Drangeid
          SVP Group Communications
          Phone: +47 913 10 458

          Stian Vemmestad
          President, Aker Stord
          Phone: +47 53 41 87 04

          Investor relations:
          Lasse Torkildsen
          Vice President
          Phone: +47 911 37 194


DNO ASA: First Calgary Withdraws from Block 43, Yemen
-----------------------------------------------------
DNO ASA increased its interest in Block 43, Yemen by 6.67% to
56.67%, following the previous co-venturer First Calgary
Petroleum's withdrawal from the license.

First Calgary's 10% interest in Block 43 has now been
distributed proportionally to DNO ASA by 6.67% & and Oil Search
Ltd. by 3.33% following the failure of First Calgary to meet its
obligation under the PSA (default).  The resulting partners and
their associated interests in the license are:

DNO ASA:                 56.67 % (Operator)
Oil Search Ltd:          28.33 %
TYC:                     15.00  % (carried)

Block 43 contains the recent Nabrajah discovery with initial
estimated reserves of 10-12 million barrels, of which DNO's pre-
tax share is 5.7-6.8 million barrels.

Following the positive results from Nabrajah-1 discovery well
reported earlier this year, two appraisal wells will now be
drilled commencing within the next few weeks.  The forward plan
is to work towards a field development plan for submission to
the Yemen authorities towards the end of 2004.  If the field
development starts early 2005 first oil production from Nabrajah
could commence in 3rd quarter 2005.

DNO ASA
July 2, 2004

                            *   *   *

In November, Standard & Poor's Ratings Services placed its 'B'
corporate credit rating on DNO ASA on CreditWatch with
developing implications.  At the same time, Standard & Poor's
withdrew its senior unsecured rating on DNO's proposed US$175
million bond due to its cancellation.  The action follows DNO's
decision to sell two of its main operating subsidiaries, DNO
Britain Ltd. and Island Petroleum Developments Ltd., as well as
some of its operating assets in Norway.

"The placement on CreditWatch with developing implications
reflects current uncertainties over the company's medium-term
business strategy, growth prospects, and financial policy," said
Standard & Poor's credit analyst Eric Tanguy.  "It also reflects
our expectation that DNO may redefine its financial policy
toward lower debt leverage than is factored into the current
rating.  Failure to conclude the planned disposal before mid-
year 2004 may result in refinancing difficulties and would
likely result in the rating being lowered."

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

          Haakon Sandborg
          Chief Financial Officer
          Phone: 23 23 84 80


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


ELECTRO-MOUNTING: Declared Insolvent
------------------------------------
The Arbitration Court of Republic of Altay declared municipal
unitary Electro-Mounting Enterprise (TIN 0411087304) insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A02-784/03.  Mr. V. Epikchin has been appointed insolvency
manager.  Creditors have until August 10, 2004 to submit their
proofs of claim to the temporary insolvency manager at 649000,
Russia, Republic of Altay, Gorno-Altaysk, Glavpochtamt, Post
User Box 413.

CONTACT:  ELECTRO-MOUNTING ENTERPRISE
          649000, Russia, Republic of Altay,
          Gorno-Altaysk, Stroiteley Str. 4/3

          Mr. V. Epikchin
          Insolvency Manager
          649000, Russia,
          Republic of Altay, Gorno-Altaysk,
          Glavpochtamt, Post User Box 413


FGUP OMO: Bankruptcy Proceedings Begin
--------------------------------------
The Arbitration Court of Omsk region declared commercial-
industrial enterprise FGUP Omo In Name of Baranov (TIN
5506031316) insolvent and introduced bankruptcy proceedings.
The case is docketed as AK/E-30/04.  Mr. V. Mamrov has been
appointed insolvency manager.

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

(a) FGUP OMO IN NAME OF BARANOV
    644021, Russia, Omsk region,
    Khmelnitskogo Str. 283

(b) The Arbitration Court of Omsk region
    644024, Russia, Omsk,
    Uchebnaya Str. 51;

(c) The Insolvency Manager
    644024, Russia, Omsk, K. Marksa Pr.
    4, Office 137.

A hearing will take place at the Arbitration Court of
Novosibirskon on September 15, 2004, 10.00 a.m.

CONTACT:  FGUP OMO IN NAME OF BARANOV
          644021, Russia,
          Omsk Region, Khmelnitskogo Str. 283

          Mr. V. Mamrov
          Insolvency manager
          644024, Russia, Omsk,
          K. Marksa Pr. 4, Office 137

          The Arbitration Court of Omsk region
          644024, Russia, Omsk,
          Uchebnaya Str. 51


FRUNZE: Deadline for Proofs of Claim August 10
----------------------------------------------
The Arbitration Court of Irkutsk region declared CJSC In Name Of
Frunze (TIN 3830007000) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-16902/03-29.
Mr. A. Vasilyev has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 664031, Russia, Irkutsk-31, Post User Box 57.

CONTACT:  IN NAME OF FRUNZE
          666210, Russia,
          Irkutsk region, Kachugsky Region,
          Kharbatovo

          Mr. A. Vasilyev
          Insolvency Manager
          664031, Russia,
          Irkutsk-31, Post User Box 57


KEMEROVSKY PLANT: Sets Public Auction July 27
---------------------------------------------
The OJSC Kemerovsky Plant of Goods (TIN 42005001387) set its
properties for public auction on July 27, 2004, 12:00 p.m.
(local time).  It will be held at Russia, Kemerovo, Tereshkovoj
Str, 49.

The assets for sale are:

(a) Real Estate Property.  Starting price: RUB4,572,100.

(b) Equipment. Starting price: RUB340,500.

(c) Constructions.  Starting price: RUB315,740.

(d) Debtor's Liability.  Starting price: RUB65,000.

Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 5:00 p.m. until July 21, 2004.  The list of
documentary requirements is available at Russia, Kemerovo,
Tereshkovoj Str. 49.

To participate, bidders must deposit an amount equivalent to 25%
of the starting price to the settlement account
40870281033020000226 in Kemerovo branch OJSC AKB Avtobank-
Nikoil, correspondent account 30101810800000000724, TIN
4205001387, OKPO 04625027, OKONKH 14782, BIC 043207724, KPP
420501001 on or before July 21, 2004.

CONTACT:  KEMEROVSKY PLANT OF GOODS
          650070, Russia,
          Kemerovo Region,
          Tereshkovoj Str. 49


KRASNOZERSKOYE PRODUCTION: Proofs of Claim Deadline August 10
-------------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on OJSC Krasnozerskoye Production Sewing
Enterprise.  The case is docketed as A45-24087/02-SB/5583.  Mr.
S. Izyurov has been appointed temporary insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 632900, Russia, Novosibirsk region, Krasnozerskoye,
Oktyabrskaya Str. 6.

CONTACT:  KRASNOZERSKOYE PRODUCTION SEWING ENTERPRISE
          632900, Russia,
          Novosibirsk region, Krasnozerskloye,
          Oktyabrskaya Str. 6

          Mr. S. Izyurov
          Temporary Insolvency Manager
          632900, Russia,
          Novosibirsk region, Krasnozerskloye,
          Oktyabrskaya Str. 6


LENSKY: Irkutsk Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Irkutsk region declared agricultural
industrial complex Lensky (TIN 3830001447) insolvent and
introduced bankruptcy proceedings.  Mr. A. Vasilyev has been
appointed insolvency manager.  Creditors have until August 10,
2004 to submit their proofs of claim to 664031, Russia, Irkutsk-
31, Post User Box 57.

CONTACT:  LENSKY
          666210, Russia,
          Irkutsk Region, Kachugsky region,
          Krasnoyar, Traktovaya Str. 37

          Mr. A. Vasilyev
          Insolvency Manager
          664031, Russia,
          Irkutsk-31, Post User Box 57


NEZHNEUDINSK-AGRO: Declared Insolvent
-------------------------------------
The Arbitration Court of Irkutsk region declared OJSC meat
combine Nezhneudinsky (TIN 3813400018) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A19-7066/04-37.
Mr. I. Dubin has been appointed insolvency manager.  Creditors
have until August 10, 2004 to submit their proofs of claim to
665106, Russia, Irkutsk region, Nizhneudinsk,
Krasnopartizanskaya Str. 72-50.

CONTACT:  NEZHNEUDINSKY-AGRO-PROM-KHIMIYA
          Russia, Irkutsk region,
          Nizhneudinsky Region, Rubakhino

          Mr. I. Dubin
          Insolvency Manager
          665106, Russia, Irkutsk Region,
          Nizhneudinsk, Krasnopartizanskaya Str. 72-50
          Phone/Fax: (39-517) 4-06-88


NIZHNEUDINSK-AGRO: Irkutsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Irkutsk region declared CJSC
Nizhneudinsk-Agro-Enrgo insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-7067/04-37.  Mr.
I. Dubin has been appointed insolvency manager.   Creditors have
until August 10, 2004 to submit their proofs of claim to 665106,
Russia, Irkutsk region, Nizhneudinsk, Krasnopartizanskaya Str.
72-50.

CONTACT:  NIZHNEUDINSK-AGRO-ENRGO
          Russia, Irkutsk Region,
          Nizhneudinsk, Vostochny Pereezd

          Mr. I. Dubin
          Insolvency Manager
          665106, Russia,
          Irkutsk Region, Nizhneudinsk,
          Krasnopartizanskaya Str. 72-50
          Phone/Fax: (39-517) 4-06-88


OAO GAZPROM: To Launch Three-part RUR15 Billion Bond Issue
----------------------------------------------------------
Gazprom's Board of Directors resolved to place three A ruble
bond issues, worth RUR5 billion each and with a maturity of 3, 4
and 5 years, respectively.

The bonds are planned to be floated in 2004/2005, subject to the
market situation and the corporate cash needs.

Gazprom intends to arrange for simultaneous registration of the
3 above-mentioned bond issues and, thus, will obtain an
opportunity to swiftly respond to potential changes on the
market and to decide on the floatation date of the issue with
the best parameters under given market conditions.

The funds attracted will be used for financing of general
corporate needs.

Reference:

Gazprom placed its 1st Al RUR3 billion bond issue in July 1999
and repaid it in April 2003.  The 2nd A2 RUR5 billion bond loan
was placed in November 2002.

On 3 February 2004, Gazprom successfully placed the A3 RUR10
billion bonds with a 3-year maturity.  The bonds were floated at
100.69% of the face value, which is 8% of effective annual
yield.  The transaction became the largest loan ever taken in
the history of the Russian capital market.

                            *   *   *

Fitch Ratings previously affirmed OAO Gazprom's Senior Unsecured
foreign currency and local currency ratings at 'BB'.  The
Outlook is Stable.  At the same time the agency affirmed Gaz
Capital S.A.'s US$5 billion loan participation note program,
which relies on a Senior Unsecured liability of Gazprom for
repayment.

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN OR TO
U.S.

CONTACT:  OAO GAZPROM
          16 Nametkina st., Moscow
          Russian Federation


OAO GAZPROM: Launches Debut Bond Tranche in Euro
------------------------------------------------
On September 16, 2003 OAO Gazprom launched and priced a EUR1
billion bond due 2010 as the first tranche under a US$5 billion
program for the issuance of Loan Participation Notes.

The transaction was priced at par with a coupon of 7.8%.
Deutsche Bank and UBS Investment Bank acted as joint arrangers
of the Program and lead managers of the issue.

Deal Highlights

(a) The issue was targeted at Euro investors and achieved a very
    broad geographical distribution.  This is the largest ever
    Euro denominated corporate bond by an emerging markets
    issuer.

(b) Largest Euro denominated Eurobond from Russian and largest
    corporate Euro denominated transaction.

(c) First Euro deal by Gazprom.

(d) The longest maturity in euro for Russian issuer.

(e) First Russian corporate EMTN Program.

                            *   *   *

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN OR TO
U.S.

CONTACT:  OAO GAZPROM
          16 Nametkina st., Moscow
          Russian Federation


OAO GAZPROM: Places US$1.75 Bln 144A Ten-year Bonds
---------------------------------------------------
OAO Gazprom successfully priced a new US$1.750 bln 144A 10-year
transaction.  The bonds carrying a coupon 9.625% paid semi-
annually were issued at par, to yield 9.625.  Dresdner Kleinwort
Wesserstein and Morgan Stanley acted as joint bookrunners, and
joint lead managers for the offering.  The deal is the largest
non-sovereign transaction ever done in emerging markets.

For this deal Gazprom received awards from International
Financial Review for the best 2003 bond issue in Emerging Market
Bond and EEMEA Bond nominations.

                            *   *   *

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN OR TO
U.S.

CONTACT:  OAO GAZPROM
          16 Nametkina st., Moscow
          Russian Federation


OBL-STROY: Public Auction of Assets July 22
-------------------------------------------
The bidding organizer of regional building company OJSC Obl-
Stroy set the public auction of the firm's properties on July
22, 2004, 9:00 a.m. (local time).  It will be held at Russia,
Kemerovo, Tereshkovoj Str 49.

The assets for sale are:

(a) Lot 1: 13 buildings with shops, constructions and warehouses
    located at Russia, Kuybyshev, Partizanskaya Str. 111.
    Starting price: RUB3,520,000 (inclusive of VAT).

(b) Lot 2: Two warehouses and a railroad located at Russia,
    Kuybyshev, Partizanskaya Str. 111.  Starting price:
    RUB512,000 (inclusive of VAT).

(c) Lot 3: One warehouse, two garages and one railroad located
    at Russia, Kuybyshev, Obyezdnaya Str. 8.  Starting price:
    RUB776,000 (inclusive of VAT).

(d) Lot 4: Two garages located at Russia, Kuybyshev, Obyezdnaya
    Str. 8.  Starting price: RUB277,000 (inclusive of VAT).

(e) Lot 5: One warehouse, one garage and one administrative
    building located at Russia, NSO, Karasyuk, Shorsa Str. 109.
    Starting price: RUB216,500 (inclusive of VAT).

(f) Lot 6: An industrial building located at Russia, NSO,
    Barabinsk, Gutova Per. 18.  Starting price: RUB587,000
    (inclusive of VAT).

(g) Lot 7: An access road located at Russia NSO, Barabinsk,
    Gutova Per. 18.  Starting price: RUB96,000 (inclusive of
    VAT).

(h) Lot 8: An administrative building located at Russia, NSO,
    Tatarsk, Zakrievskogo Str.1.  Starting price: RUB85,000
    (inclusive of VAT).

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 2:00 p.m. until July 9, 2004.  The list of
documents for participants is available at Russia, Novosibirsk,
2nd Statsionarnaya Str.

To participate, bidders must deposit an amount equivalent to 15%
of the starting price to the settlement account
40702810800000003488 in OJSC Bank Alemar of Novosibirsk,
correspondent account 30101810500000000874, BIC 045004874 on or
before 12:00 noon, July 9, 2004.

CONTACT:  AUCTION-CONSULTING CENTRE
          Bidding Organizer
          Russia, Novosibirsk,
          2nd Statsionnaya Str. 30
          Phone: (3882) 412-577


POLIFLOK: To Auction Buildings July 20
--------------------------------------
The bidding organizer and insolvency manager of state production
enterprise Poliflok set the public auction of the firm's
properties on July 20, 2004, 11:00 a.m. (local time).  It will
be held at Russia, Kemerovo, N. Ostrovskogo, Str. 32, Office No.
341.  Up for sale are construction buildings, equipment,
debtor's liability and other products.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 1:00 p.m.  The list of documentary
requirements for participants is available at Russia, Kemerovo
region, Leninsk-Kuznetsky, Severnaya Promzona.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810300120001390 in Kuzbass branch of OJSC Sibakadembank of
Kemerovo, correspondent account 30101810400000000783, TIN
4212003882, BIC 043207784, on or before July 12, 2004.

CONTACT:  POLIFLOK
          Russia, Kemerovo Region,
          Leninsk-Kuznetsky,
          Severnaya Promzona 4/1


YUKOS OIL: Bank Deposits Seized as Court Upholds Tax Claim
----------------------------------------------------------
The Court Bailiffs Service for the Central Administrative
District of Moscow on Thursday presented an Execution Act and
began execution proceedings on YUKOS Oil Company's RUR99.4
billion tax arrears, surcharges and penalties for the year 2000,
pursuant to the ruling of the Court of Arbitration of Moscow on
May 26 and June 29, 2004.  Notices were also sent to Yukos'
banks to arrest the company's bank accounts.

In accordance with law, the objective of execution proceedings
is not only full recompense of the creditor's claims but also
preservation of the stable business operations of the company
whose assets and funds are claimed for collection.

The actions of the Court Bailiffs Service to arrest the bank
accounts create an indisputable threat of halting current
operations of YUKOS Oil Company that are of strategic importance
for Russia's fuel and energy industry, a threat to the company's
ability to pay current taxes and meet its obligations to
creditors.

In accordance with the Federal Law of the Russian Federation,
"On enforcement proceedings" securities owned by the debtor can
be taken in recompense.  YUKOS Oil Company currently owns an
undisputed stake in OAO Sibneft that are highly liquid equities,
the value of which exceeds the total of taxes, surcharges and
penalties levied on YUKOS Oil Company by the ruling of the Court
of Arbitration.

The Company's stake in OAO Sibneft was offered for collection by
Court Bailiffs Service.  YUKOS Oil Company believes that the
refusal to take Sibneft shares and arrest of its bank accounts
will have a negative effect on the operations of the Company,
and its ability to continue as a going concern.

CONTACT:  YUKOS OIL COMPANY
          International Information Department:
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru

          YUKOS Oil
          Company Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations:
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Defaults on US$1 Billion Loan
----------------------------------------
A group of leading Western banks, which arranged a US$1 billion
pre-export facility for Yukos, declared the company in default,
spokesman Alexander Shadrin told Reuters.

"On July 2, we received the default notice from the banks which
helped us organize the US$1 billion (GBP550 million) loan," Mr.
Shadrin said.  He refused to name the creditors.

The announcement follows reports authorities conducted an eight-
hour raid on the company's Moscow headquarters on Saturday.  Tax
authorities gathered documents, computer discs, and safes.

On Friday the firm, which is being ordered to pay US$3.4 billion
in taxes, received another demand for a new tax bill worth
another US$3.4 billion.  The first payment, which was for taxes
in 2000, is due on Wednesday.  The company teeters towards
bankruptcy as it could not even sell off assets to pay the bill.
Yukos shares lost half their value since early April, and
analysts say the raid on Saturday will further lower it.

CONTACT:  YUKOS OIL COMPANY
          International Information Department:
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru

          YUKOS Oil
          Company Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations:
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


ZHELEZO-BETON: Sets Public Auction July 12
------------------------------------------
The bidding organizer of OJSC prokopyevsky ferro-concrete
products plant Zhelezo-Beton set the public auction of the
firm's properties on July 12, 2004, 11:00 a.m. (local time).  It
will be held at 650000, Russia, Kemerovo, N. Ostrovskogo, Str.
32, Office 341.  Up for sale are three buildings.  Starting
price RUB646,000.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 1:00 p.m.  The list of documentary
requirements for participants is available at Russia, Kemerovo
region, Kirova Str.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810700120000423 in branch of OJSC MDM-Bank of Kemerovo,
correspondent account 30101810600000000791, TIN 4205056410, BIC
043207791 on or before July 12, 2004.

CONTACT:  ZHELEZO-BETON
          Russia, Prokopyevsk

          PARTNERSHIP OF ARBITRARY MANAGERS OF KUZBASS
          Bidding Organizer
          Russia, Kemerovo Region,
          Kirova Str. 64-68
          Phone/Fax: 8-3842-47-39-01


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


LM ERICSSON: Court OKs Reduction in Difference of Voting Rights
---------------------------------------------------------------
The Swedish Supreme Administrative Court (Regeringsratten) ruled
on those tax issues that are conditions for the proposal, on a
reduction of the difference in voting rights, to be submitted
for resolution at an Extraordinary General Meeting in Ericsson
(NASDAQ: ERICY).  The ruling states that the reduction of the
difference in voting rights to 10:1 and the conversion from
shares of series A to shares of series B do not trigger tax
liability for the shareholders.

As a result of the ruling from the Supreme Administrative Court,
all conditions are now fulfilled for the proposal on reduction
of the difference in voting rights to be presented at an
Extraordinary General Meeting in Ericsson.  Such an
Extraordinary General Meeting is intended to take place in the
beginning of the autumn 2004.

The proposal on reduction of the difference in the voting rights
was made public on February 19, 2004, and has been prepared by a
Work Group consisting of shareholder representatives led by the
Chairman of Ericsson, Michael Treschow.  The proposal
principally states that the difference in voting rights between
shares of series A and B is changed from 1000:1 to 10:1 and that
the shareholders of series A will receive a conversion right for
each A-share, which during a specific period may be transferred
or exercised for conversion of one share of series B to a share
of series A.  Several major Swedish institutional investors in
Ericsson intend to offer to purchase the conversion rights for a
price of SEK1.10 per conversion right.

The ruling from the Supreme Administrative Court also provides
guidelines on the taxation of transactions in conversion rights
and other related tax issues.  A summary of certain Swedish tax
issues following the ruling from the Supreme Administrative
Court is included in the information document that will be
distributed to the shareholders before the Extraordinary General
Meeting in Ericsson.

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

CONTACT:  LM ERICSSON
          Media:
          Kathy Egan
          Phone: 212-685-4030
          E-mail: pressrelations@ericsson.com

          Investors:
          Glenn Sapadin
          Phone: 212-685-4030
          E-mail: investor.relations@ericsson.com


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


AGROHIM: Under Bankruptcy Supervision Procedure
-----------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Agrohim (code EDRPOU 05487047) on
May 13, 2004.  The case is docketed as 8/127.  Mr. Pivnenko L.
(License Number AA 250329 approved on February 14, 2002) has
been appointed temporary insolvency manager.

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

(a)  AGROHIM
     39200, Ukraine, Poltava region,
     Kobilyaki, Poltavska Str. 33

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

CONTACT:  AGROHIM
          39200, Ukraine, Poltava region,
          Kobilyaki, Poltavska Str. 33

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


BORISLAVSKA PORCELAIN: Bankruptcy Supervision Starts
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Borislavska Porcelain (code EDRPOU
31443680).  The case is docketed as 6/346-7/143.  Mr. Gradyuk O.
has been appointed temporary insolvency manager.  Borislavska
Porcelain holds account number 26000011633880 at CB Finances and
credit, Lviv regional branch, MFO 325923.

CONTACT:  BORISLAVSKA PORCELAIN
          Ukraine, Lviv region,
          Borislav, Sosura Str. 3

          Mr. Gradyuk O.
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Zolota Str. 5/26

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


KOLOS-97: Court Names Insolvency Manager
----------------------------------------
The Economic Court of Kyiv declared CJSC Kolos-97 (code EDRPOU
24733983) insolvent and introduced bankruptcy proceedings on May
21, 2004.  Earlier, the court had ordered a moratorium on
satisfaction of creditors' claims.  Arbitral manager Mr. Gritsaj
S. (License Number 719865 approved on February 23, 2004) has
been appointed liquidator/insolvency manager.

Kolos-97 holds account number 26005001000636 at OJSC Boig
Energiya, MFO 322603.

CONTACT:  KOLOS-97
          Ukraine, Kyiv region,
          Dimitrov Str. 3

          Mr. Gritsaj S.
          Liquidator/Insolvency Manager
          Phone: (044) 236-11-17

          ECONOMIC COURT OF KYIV
          01030, Ukraine, Kyiv region,
          B. Khmelnitskij Boulevard, 44-C


KURAHOV MECHANICAL: Bankruptcy Supervision Begins
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Kurahov Mechanical Plant (code
EDRPOU 00109274) and ordered a moratorium on satisfaction of
creditors' claim on March 29, 2004.  The case is docketed as
5/67 B.  Mr. Nabokov Maksim (License Number AA 047922) has been
appointed temporary insolvency manager.

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

(a)  KURAHOV MECHANICAL PLANT
     85612, Ukraine, Donetsk region,
     Marjinskij district, Kurahov,
     Promislova zona 69

(b)  Temporary Insolvency Manager
     83100, Ukraine, Donetsk region,
     Shevchenko Str. 20,
     hotel Turist, 5th floor;
     Phone: (062) 381-79-94
     Fax: (062) 381-79-94

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

Kurahov Mechanical Plant holds account number 26000303750078 at
Prominvestbank, Donetsk region, Marjinka branch, MFO 334635.

CONTACT:  KURAHOV MECHANICAL PLANT
          85612, Ukraine, Donetsk region,
          Marjinskij district, Kurahov,
          Promislova zona 69

          Mr. Nabokov Maksim
          Temporary Insolvency Manager
          83100, Ukraine, Donetsk region,
          Shevchenko Str. 20,
          hotel Turist, 5th floor
          Phone: (062) 381-79-94
          Fax: (062) 381-79-94

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


LANI UKRAJINI: Donetsk Court Confirms Insolvency
------------------------------------------------
The Economic Court of Donetsk region declared LLC Agricultural
Firm Lani Ukrajini insolvent and introduced bankruptcy
proceedings on February 9, 2004.  The case is docketed as 5/114
B.  Arbitral manager Mr. Gumbakov Sergij (License Number AA
047933) has been appointed liquidator/insolvency manager.

CONTACT:  AGRICULTURAL FIRM LANI UKRAJINI
          83045, Ukraine, Donetsk region,
          Kujbishev Str. 67

          Mr. Gumbakov Sergij
          Liquidator/Insolvency Manager
          Phone: (06239) 6-13-50

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


MRIYA: Proofs of Claim Deadline Expires Next Week
-------------------------------------------------
The Economic Court of Mikolaiv region declared Agricultural LLC
Mriya (code EDRPOU 03763968) insolvent and introduced bankruptcy
proceedings on May 27, 2004.  Authorities earlier ordered a
moratorium on satisfaction of creditors' claims on March 24,
2004.  The case is docketed as 14/123.  Mr. Cherepenko V.
(License Number AA 140411 approved on June 12, 2004) has been
appointed liquidator/insolvency manager.

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

(a)  MRIYA
     56630, Ukraine, Mikolaiv region,
     Novoodesskij district, Antonivka

(b)  Liquidator/Insolvency Manager
     Ukraine, Mikolaiv region,
     Moskovska Str. 54-a
     Phone: 8 (0512) 47-34-64

(c)  ECONOMIC COURT OF MIKOLAIV REGION
     54009, Ukraine, Mikolaiv region,
     Admiralska Str. 22

Mriya holds account number 26001301433355 at Prominvestbank,
Mikolaiv central branch, MFO 326438.

CONTACT:  MRIYA
          56630, Ukraine, Mikolaiv region,
          Novoodesskij district, Antonivka

          Mr. Cherepenko V.,
          Liquidator/Insolvency Manager
          Ukraine, Mikolaiv region,
          Moskovska Str. 54-a
          Phone: 8 (0512) 47-34-64

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


NOVOGRIGORIVSKE: Court Appoints Liquidator
------------------------------------------
The Economic Court of Dnipropetrovsk region declared CJSC
Facility Novogrigorivske (code EDRPOU 30795445) insolvent and
introduced bankruptcy proceedings on May 18, 2004.  The case is
docketed as B-15/125/03.  Mr. Bezpalov V. has been appointed
Liquidator/Insolvency Manager.

Novogrigorivske holds account number 26007000197001 at JSC
Industrial-export bank, Dnipropetrovsk branch, MFO 307015.

CONTACT:  NOVOGRIGORIVSKE
          51136, Ukraine, Dnipropetrovsk region,
          Yurivskij district,
          Novogrigorivka Str.
          Lenin Str. 72

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

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


SUVOROVA: Insolvent Status Affirmed
-----------------------------------
The Economic Court of Donetsk region declared Agricultural LLC
Suvorova (code EDRPOU 25343511) insolvent and introduced
bankruptcy proceedings on May 17, 2004.  Prior to this, it
ordered a moratorium on satisfaction of creditors' claims on
March 24, 2004.  The case is docketed as 5/261 B.  Mrs. Dryuk
Nadiya (License Number 047801) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL SUVOROVA
          Ukraine, Donetsk region,
          Kostyantinivskij district,
          Mikolaivka

          Mrs. Dryuk Nadiya
          Liquidator/Insolvency Manager
          Phone: 8 (06264) 1-63-67, 4-23-25

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


ZELENIJ YAR: Proofs of Claim Deadline July 15
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Zelenij Yar (code EDRPOU 00414760)
on April 30, 2004.  The case is docketed as B26/34/04.  Mr.
Grishin Mihajlo (License Number AA 047924) has been appointed
temporary insolvency manager.

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

(a)  ZELENIJ YAR
     52172, Ukraine, Dnipropetrovsk region,
     Pyatihatskij district,
     Ivashinivka, Tsentralna Str. 1

(b)  Temporary Insolvency Manager
     49600, Ukraine, Dnipropetrovsk region,
     Kujbishev Str. 1-a, room 18;
     Phone: 370-96-17

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

Zelenij Yar holds account number 26001155122001 at
CB Privatbank, Zhovti Vodi branch, MFO 305794.

CONTACT:  ZELENIJ YAR
          52172, Ukraine, Dnipropetrovsk region,
          Pyatihatskij district,
          Ivashinivka, Tsentralna Str. 1

          Mr. Grishin Mihajlo
          Temporary Insolvency Manager
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1-a, room 18
          Phone: 370-96-17

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


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


ABBEY NATIONAL: Stands to Face Another Money-laundering Case
------------------------------------------------------------
Abbey National may yet again be found breaching a Financial
Services Authority regulation following the arrest of its
independent financial adviser for alleged fraud.

Six months ago the bank was fined GBP2.3 million for money
laundering.  Recently its financial adviser was accused of
transferring more than GBP1.2 million in clients savings into
his own Abbey bank account.  In a span of more than a decade, he
allegedly convinced as many as 20 clients to sign checks payable
to Abbey.

Citing a financial regulation expert from one of the top four
accountancy firms, The Independent said the bank could be made
liable for failing to put in place a required system to detect
unusual transactions such as this.  The clients of the
independent financial adviser are now calling for compensation
from Abbey, and are threatening to sue if the bank fails to pay
up, the report said.


AERO MOTORS: Names Haines Watts Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Aero Motors (J.
Watson) Limited Company on June 14, 2004 held at the offices of
Haines Watts, Sterling House, St Cuthbert's Way, Darlington DL1
1GB, the subjoined Special and Ordinary Resolutions to wind up
the company were passed.  David Michael Clements of Haines
Watts, First Floor, Park House, Park Square West, Leeds LS1 2PS
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Liquidator:
          David Michael Clements


AIR EXPRESS: Hires Liquidators from CBA
---------------------------------------
At an Extraordinary General Meeting of the Air Express Inter-
Logistics Limited Company on June 28, 2004 held at St Giles
Hotel, Hounslow Road, Feltham, Middlesex TW14 9AD, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Geoff Robbins and Mark Grahame Tailby of CBA, Lichfield
Place, 435 Lichfield Road, Aston, Birmingham B6 7SS have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road,
          Aston, Birmingham B6 7SS
          Liquidators:
          Geoff Robbins
          Mark Grahame Tailby


AMHURST SERVICES: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Amhurst Services Limited Company on June 25, 2004 held at Avco
House, 6 Albert Road, Barnet EN4 9SH, the Special and Ordinary
Resolutions to wind up the company were passed.  John Kelmanson
has been appointed Liquidator for the purpose of such winding-
up.


BIRD TECHNOLOGY: Shareholders Pass Winding up Resolutions
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Bird
Technology Limited Company on June 18, 2004 held at Sheraton
House, Castle Park, Cambridge CB3 0AX, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Chris Williams of McTear Williams & Wood has been appointed
Liquidator for the purpose of such winding-up.


BROOMCO LIMITED: Members Final Meeting Set July 30
--------------------------------------------------
Members of Broomco (2460) Limited Company will have a Final
Meeting on July 30, 2004 at 11:00 a.m.  It will be held at
Numerica, South Central, 11 Peter Street, Manchester M2 5LG.

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 Numerica, South Central,
11 Peter Street, Manchester M2 5LG not later than 12:00 noon,
July 29, 2004.

CONTACT:  NUMERICA
          South Central,
          11 Peter Street,
          Manchester M2 5LG
          Joint Liquidator:
          D M Riley


CANARY WHARF: Songbird Offer Acceptance Rate Reach 66.26%
---------------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.  The Offer has subsequently been extended on four
further occasions, most recently until 1 July 2004.

As at 1:00 p.m. (London time) on 1 July 2004, Songbird had
received valid acceptances, and Songbird Estates plc (Songbird
Estates) had acquired, a total of 387,642,577 Canary Wharf
Shares, representing approximately 66.26% of the existing issued
share capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5% of
the issued share capital of Canary Wharf, which have been
acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family in respect
of 13,288,000 Canary Wharf Shares, representing approximately
2.3 percent of the issued share capital of Canary Wharf.  Also
included in the acceptances are those received from the former
members of the Independent Committee, George Iacobescu and Peter
Anderson, who stated in the Offer Document their intention to
accept the Offer in respect of their beneficial holdings of
3,955,001 Canary Wharf Shares, representing approximately 0.7%
of the issued share capital of Canary Wharf.

As at the close of business on 30 June 2004, the Morgan Stanley
Group was the beneficial owner of 944 Canary Wharf Shares.
Valid acceptances have not been received by Songbird in respect
of these Canary Wharf Shares.  As at the close of business on 30
June 2004, Goldman Sachs International was the beneficial owner
of 239 Canary Wharf Shares.  Valid acceptances have not been
received by Songbird in respect of these Canary Wharf Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.

                EXTENSION OF OFFER TO 8 JULY 2004

Songbird announces that the Offer will remain open for
acceptances until 1:00 p.m. (London time)/8:00 a.m. (New York
time) on 8 July 2004.  The Offer will then close unless further
extended.

As a result of the extension of the Offer, Canary Wharf
Shareholders who accept the Offer will continue to be entitled
to receive the basic consideration of 238 pence in cash and 0.57
of a Class B Share for each Canary Wharf Share.

Canary Wharf Shareholders will also continue to be able to elect
to vary the proportions of Class B Shares and cash consideration
they receive in respect of their Canary Wharf Shares.  The
extent to which these elections can be satisfied will depend on
there being sufficient countervailing elections for cash and
Class B Shares.

As permitted by the terms and conditions of the Offer, Songbird
will elect to treat elections received (or validated or
completed) during the period from 1:00 p.m. (London time/8:00
a.m. (New York time) on 1 July 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 8 July 2004 as forming a
separate pool of elections for the purposes of determining the
cash and Class B Shares available to meet such elections.  The
number of Class B Shares that will therefore be made available
to meet elections made after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 1 July 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 8 July 2004 for the purposes
of paragraph 6 of Part B of Appendix 1 to the Offer will be
determined based upon the number of valid acceptances received
(or validated or completed) during that period.

Settlement of the consideration due to Canary Wharf Shareholders
who accept the Offer after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 1 July 2004 will be made within 14 days of a
valid acceptance.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on 8 July 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, +44 20
8639 2157).

CONTACT:  CANARY WHARF
          Press Inquiries:
          MORGAN STANLEY
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG CORPORATE FINANCE
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


CAVESHAM LIMITED: Names B & C Associates Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cavesham Limited Company on June 21, 2004 held at the offices of
Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ, the Extraordinary Resolution to wind
up the company was passed.  Filippa Connor of B & C Associates,
Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA, an
Insolvency Practitioner licensed by the Insolvency Practitioners
Association, has been appointed as Liquidator of the Company for
the purpose of the voluntary winding-up.

CONTACT:  B & C ASSOCIATES
          Trafalgar House,
          Grenville Place, Mill Hill,
          London NW7 3SA
          Liquidator:
          Filippa Connor


COMPUTER PARADISE: Hires Receiver from Richard Long & Co
--------------------------------------------------------
The Computer Paradise Limited Company has appointed Richard
William James Long as joint administrative receiver.  The
appointment was made June 24, 2004.

The company sells computer games and other related equipment and
software.  Its registered office address is located at 69
Southampton Row, London WC1B 4ET.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street, Hertford,
          Receiver:
          Richard William James Long
          (IP No 6059)


CROMA TOOLS: Names Smith & Williamson Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Croma Tools Limited
Company on June 28, 2004 held at Prospect House, 2 Athenaeum
Road, London N20 9YU, the Extraordinary Resolution to wind up
the company was passed.  Stephen Robert Cork of Smith &
Williamson Limited, Prospect House, 2 Athenaeum Road, London N20
9YU has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU
          Liquidator:
          Stephen Robert Cook


DUNDAS BROTHERS: In Search for Buyers After Shutdown
----------------------------------------------------
Liquidators on Thursday closed down rendering plant Dundas
Brothers after significant trading losses due to the BSE and
foot-and-mouth outbreaks in recent years proved insurmountable.

Dundas, which renders animal and food waste, has been the
subject of numerous odor complaints for a number of years, with
more than 350 being lodged in June.  In December 2003, Dundas
received an order from Scottish Environmental Protection Agency
(SEPA) to upgrade its plant.  However, the company failed to get
extra funding to complete the upgrading works, causing it to
lose its license Thursday.  SEPA has arranged the removal of raw
and processed materials from the site.

Blair Nimmo, of KPMG Corporate Recovery, the appointed
provisional liquidator of the firm said: "The directors
approached a number of parties but were ultimately unsuccessful
and had no option but to accept an offer to sell the assets of
the business and place the company in liquidation," said Mr.
Nimmo.

Dundas also manufactures bone meal and tallow for the food and
soap industries.


EQUITABLE LIFE: Brixton Completes Equiton Restructuring
-------------------------------------------------------
Further to the announcement on 17 March regarding the agreement,
in principle, to restructure the Equiton fund, Brixton plc
announces that it has now completed this restructuring with its
two existing partners, Equitable Life and the Prudential.

The partners' revised shares in the fund are now:

Brixton                            30.0%
Prudential                         44.2%
Equitable Life                     25.8%

The fund now comprises 42 South East industrial properties (all
but 5 being multi-let estates) worth c. GBP280 million and, as
well as being able to gear up on any new purchases, it also has
equity of over GBP15 million ready for further acquisitions.

CONTACT:  EQUITABLE LIFE
          Tim Wheeler
          Chief Executive
          Phone: 020 7399 4526

          Steven Owen
          Deputy Chief Executive
          Phone: 020 7399 4532

          Duncan Lamb
          Communications
          Phone: 020 7399 4535

          Mike Andrews
          Equiton GP
          Phone: 020 7399 4518


EXACON SYSTEMS: Hires Liquidator from HJS Recovery
--------------------------------------------------
At an Extraordinary General Meeting of the Exacon Systems
Company on June 18, 2004 held at the offices of hjs Recovery,
12-14 Carlton Place, Southampton, Hampshire SO15 2AE, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Gordon Johnston of hjs Recovery, 12-14 Carlton
Place, Southampton, Hampshire SO15 2EA has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  HJS RECOVERY
          12-14 Carlton Place
          Southampton, Hampshire SO15 2EA
          Liquidator:
          Gordon Johnston


FABRICTREND LIMITED: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an Extraordinary General Meeting of the Fabrictrend Limited
Company on June 24, 2004 held at the offices of Ideal Corporate
Solutions Limited, Tarleton House, 112A-116 Chorley New Road,
Bolton BL1 4DH, the Extraordinary Resolution to wind up the
company was passed.  Andrew David Rosler of Ideal Corporate
Solutions Limited, Tarleton House, 112A-116 Chorley New Road,
Bolton BL1 4DH has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          Tarleton House
          112A-116 Chorley New Road,
          Bolton BL1 4DH
          Liquidator:
          Andrew David Rosler


FORT BOVISAND: Set to Reopen After Resolution of Ownership
----------------------------------------------------------
A court has ruled in favor of former BBC boss Greg Dyke, and
Plymouth property developer, John Steven, in their battle for
the ownership of Fort Bovisand with the Ministry of Defense.

The two were on the way to buying the fort when the Ministry of
Defense, which holds the freehold to Fort Bovisand, raise its
claim.  With the ruling, it is hoped that the new management
will soon reopen the diving center and create a top-class hotel.

The firm has been in receivership for three years.  The new
owners will soon start rehabilitation work on the site, with a
reopening expected as early as next summer.


GOLDER LIMITED: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Golder U.K. Limited
Company on June 23, 2004 held at Brentmead House, Britannia
Road, London N12 9RU, the subjoined Extraordinary Resolution to
wind up the company was passed.  Martin Henry Linton of
Brentmead House, Britannia Road, London N12 9RU has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  Martin Henry Linton, Liquidator
          Brentmead House
          Britannia Road,
          London N12 9RU


GRG WORKSHOPS: Former Director Prevented from Holding Office
------------------------------------------------------------
A former director of GRG Workshops and DI Commercial Hire has
been barred from being a director or taking part in the
management of a company for a period of three years.

The Insolvency Service sanctioned Christopher John Stone on his
failure to manage responsibly the tax affairs of the two
companies.  He also failed to return vehicles owed by DI
Commercial Hire to the liquidator and lorry maker DAF.

DI Commercial Hire Limited and GRG Workshops Limited are both
based at 88 Feeder Road in St Philip's.  Both firms were placed
into voluntary liquidation in April 2002.  DI Commercial Hire
has incurred debts worth around GBP707,600 while GRG Workshops
owes around GBP150,096.


HARBOROUGH MANUFACTURING: Special Winding up Resolution Passed
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Harborough Manufacturing Ltd Company on June 11, 2004 held at
Riverside, Market Harborough, Leicestershire LE16 7PX, the
Special Resolution to wind up the company was passed.


HINCKLEY EXPRESS: Appoints Menzies Corporate Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Hinckley Express
Carriers Limited Company on June 22, 2004 held at The Ramada
Jarvis, Granby Street, Leicester LE1 6ES, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Jason James Godefroy and Paul David Williams of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW have
been appointed Joint Liquidators of the Company for the purpose
of the winding-up.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Liquidators:
          Jason James Godefroy
          Paul David Williams


HOLDOM HARDWICK: Sets Members Final Meeting July 27
---------------------------------------------------
Members of Holdom Hardwick & Company Limited will have a Final
Meeting on July 27, 2004 at 11:00 a.m.  It will be held at
Sussex House, 8-10 Homesdale road, Bromley, Kent BR2 9LZ.

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.


HOLLINGER INC.: Demands Decision on Sale of U.K. Assets
-------------------------------------------------------
Hollinger Inc. (TSX:HLG.C; HLG.PR.B) announced that Hollinger
Inc., and its wholly owned subsidiary 504468 N.B. Inc., filed a
complaint on Friday in Delaware Chancery Court seeking to have
the Court require that Hollinger International submit the sale
of its U.K. assets to ratification by its shareholders.  The
filing was made under seal to protect confidential information
provided to Hollinger Inc. by Hollinger International under
Court order.  A redacted version of the complaint will be filed
with the Court.  In connection with that filing, Hollinger Inc.
issued this statement:

"We do not believe that Hollinger International should be
allowed to disenfranchise shareholders and deny them their
fundamental legal rights.  The U.K. assets of the company
represent the substantial majority of its value and the sale of
those assets therefore requires shareholder approval.  Hollinger
Inc. has not made a final determination as to the desirability
of the proposed transaction, since we have not been provided
with all of the necessary information, including details
regarding the transaction, possible alternatives and future
plans for the company, to make such a decision.  We believe,
however, that all shareholders should be provided with
sufficient information to evaluate the proposed transaction, to
weigh it against alternative opportunities that may be available
to the company and to determine whether they believe the
proposed transaction represents the best way to maximize
shareholder value."

Hollinger's principal asset is its approximately 68.0% voting
and 18.2% equity interest in Hollinger International Inc.
Hollinger International is a global newspaper publisher with
English-language newspapers in the United States, Great Britain
and Israel.  Its assets include The Daily Telegraph, The Sunday
Telegraph and The Spectator and Apollo magazines in Great
Britain, the Chicago Sun-Times and a large number of community
newspapers in the Chicago area, The Jerusalem Post and The
International Jerusalem Post in Israel, a portfolio of new media
investments and a variety of other assets.

CONTACT:  HOLLINGER INC.
          Media contact:
          Jim Badenhausen
          Phone: (646) 805-2006
          E-mail: http://www.hollingerinc.com


INTERNATIONAL POWER: Unsecured Rating Lowered to B1
---------------------------------------------------
Moody's Investors Service downgraded International Power's
senior unsecured ratings to B1 from Ba3, and assigned the
company a senior implied rating of Ba2.

Moody's reviewed International Power's rating in February after
the company wrote down the value of its assets in the U.S.  The
U.S. remains its core region, with assets comprising about 40%
of the group's net installed capacity.  A large percentage of
cash flow growth was then expected from the interest.

International Power is continuing debt restructuring talks with
creditors regarding its U.S. subsidiary, ANP Funding 1.  Moody's
said "any outcome International Power will be unlikely to
receive material distributions from ANP for the foreseeable
future."  ANP Funding 1 debt is non-recourse, and does not cross
default to the parent.

The senior implied rating is placed two notch away from the
senior unsecured ratings to reflect subordination of the holding
company's creditors to those at the operating projects.

The ratings have a negative outlook owing to uncertainty in the
final outcome of the ANP restructuring negotiations, as well as
to uncertainty regarding how the company will pursue its growth
investment plans and meet shareholder expectations.


JARVIS PLC: Network Rail to Pay GBP30 Mln for Repair Works
----------------------------------------------------------
General Update

The board of Jarvis plc on Friday approved a number of
initiatives as part of its review of the group's business and
wishes to advise the market of the effects of these actions.

As part of continuing discussions with Network Rail about
payment in respect of rail renewals work undertaken over recent
years but for which certification was outstanding, agreement
about payment has been reached on a significant tranche of work.
The group will receive a payment of some GBP30 million shortly.

This sum takes into account a write off of about GBP10 million
following commercial negotiations with Network Rail.  It also
takes account of the settlement of a recent claim of
approximately GBP16 million by Network Rail against the group in
respect of work carried out between 1998 and 2001.  The
conclusion of these arrangements with Network Rail will result
in a combined charge and write off of about GBP26 million in the
year ended 31 March 2004.

Separately, the group is also in discussion with Network Rail
over a substantial claim by Jarvis for payments for other rail
renewal work undertaken over recent years.  An agreement is
expected to lead to a further cash payment to Jarvis but could
involve further write offs in the accounts for the year ended 31
March 2004.

The group has also been reviewing the appropriateness of
carrying forward a number of items across the whole of the
group's balance sheet.  In addition to the previously announced
exceptional costs of GBP40 million in respect of the group's
exit from rail maintenance, and the write offs and claims
mentioned above in respect of track renewal work, the group
expects to make further write offs and provisions which could
exceed GBP115 million.  The majority of this would be in the
accommodation services division and would consist of write offs,
provisions against assets and some provisions for costs.  The
company has also been reviewing the level of goodwill within its
roads business, and believes that a write off of approximately
GBP15 million is appropriate, and it intends to reflect this in
the accounts for the year ended 31 March 2004.

None of these write offs would affect the group's cash position.

As a result of exiting rail maintenance activities from 31 March
2004, and with lower construction volumes in accommodation
services, there has been a substantial outflow of cash as the
group pays down high creditor levels.  As a result the net debt
level is currently in the region of GBP230 million.  The
reduction in turnover has also left an overhead level, which is
too high for the current, level of activity.  The group has
already set in hand a significant program of cost reduction and
we expect to see the benefit of this in the second half of the
financial year.

The company has been keeping its lenders informed of these and
other matters.  These lenders have agreed to provide until 30
July 2004 a waiver of breaches of financial and other covenants
in their credit agreements, which may arise as a result of the
write offs announced and certain other matters, including the
expected write offs in accommodation services.  Jarvis is
continuing its strategic review and discussions with its lenders
regarding appropriate financing arrangements for the group in
future.  The company will update the market on the position when
it presents its preliminary results later in July for the year
ended 31 March 2004.

In the circumstances set out above, the board will not propose
or pay a final dividend in respect of the year ended 31 March
2004.

Good progress is being made with the full review of the group's
strategy, and this will be reported on with the preliminary
results.

Kevin Hyde, group chief executive, said: "This is an extremely
challenging time for the group and we are taking the necessary
decisions and implementing them.  We are collecting outstanding
payments and have more to do.  We are also taking very
significant overhead cost out of the business.  Considerable
progress has been made, and further action is planned to ensure
a leaner, sustainable core business for the future."

CONTACT:  JARVIS PLC
          Paul Ravenscroft
          Phone: 020 7 462 4639
          Mobile: 07958 903820
          E-mail: paul.ravenscroft@jarvis-uk.com

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          David Trenchard
          Phone: 020 7 353 4200


JEEVES LIMITED: Appoints Baker Tilly Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the Jeeves
U.K. Limited Company on June 23, 2004 held at 1 Georges Square,
Bristol BS1 6BP, the Extraordinary Resolution to wind up the
company was passed.  Andrew Martin Sheridan and Cedric Marsden
Clapp of Baker Tilly, 1 Georges Square, Bristol BS1 6BP have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Liquidators:
          Andrew Martin Sheridan
          Cedric Marsden Clapp


J SAINSBURY: Shareholders Urge Chairman to Shake up Board
---------------------------------------------------------
The new chairman of J Sainsbury is under pressure to reorganize
the company's board structure after the ouster of Sir Peter
Davis.

Shareholders were angered after learning Mr. Davis was found
entitled to a GBP2.4 million-bonus, and GBP2 million-plus golden
parachute despite the firm's disappointing performance.  They
have been earlier frustrated by the existing board's actuation
when it appointed Sir Ian Prosser chairman designate without
prior consultation.

According to Independent News, one leading investor said he
wanted Mr. Hampton to announce "a completely different board"
within nine months.

Justin King, the retailer's chief executive, is under close
monitoring.  He was hired by the company only in March, and is
due to reveal his full turnaround strategy around October.

The National Association of Pension Funds expressed concerns on
the "lack of effective shareholder relations" in the company.
The Association of British Insurers, meanwhile, has placed
Sainsbury's on "red top", its highest level of concern over
corporate governance issues, the report said.  Speculations run
that the company could become the latest retail takeover target.


KALLIAN LIMITED: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Kallian Limited Company on June 21, 2004 held at Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ,
the Special Resolution to wind up the company was passed.


KING MILITARY: Shareholders Pass Winding up Resolution
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the King
Military Engineering Limited Company on June 11, 2004 held at
Riverside, Market Harborough, Leicestershire LE16 7PX, the
Special Resolution to wind up the company was passed.


LOTUS LIMITED: Hires KPMG Administrator
---------------------------------------
Footwear Distributor Lotus Limited Company has appointed Richard
James Philpott and Myles Antony Halley of KPMG as joint
administrative receivers.  The appointment was made June 25,
2004.  The company distributes textiles and clothing.

CONTACT:  KPMG CORPORATE RECOVERY
          1 Waterloo Way,
          Leicester LE1 6LP
          Receivers:
          Richard James Philpott
          Myles Antony Halley
          (IP Nos 9226, 6658)


MARKS & SPENCER: Philip Green Wants to Meet Pension Trustees
------------------------------------------------------------
Revival Acquisition on Thursday requested a meeting with the
trustees of the M&S pension schemes through the advisers to M&S'
board.  They declined to assist and directed Revival to approach
the trustees directly.

On Friday, Philip Green wrote to the Chairman of the trustees,
David Norgrove, on behalf of Revival requesting a meeting.  Set
out below is the text of that letter.

"Dear Mr. Norgrove,

Possible offer for Marks & Spencer Group p.l.c.

My advisers have approached the advisers of the Board of Marks &
Spencer Group p.l.c. (M&S) in relation to information about the
company's pension schemes.  They have unfortunately been unable
to assist me, possibly because the Trustees of the schemes are
independent of the company.  M&S Board's advisers recommended
that we approach you direct.  I am therefore writing this letter
to you to request a meeting with you as soon as possible.

Incidentally, both BHS and Arcadia have pension funds with
independent trustees.  I am not a trustee of either scheme
although I am kept fully informed of the performance of the
schemes, a matter I obviously follow very closely in the
interests of the roughly 40,000 employees of the two groups.

I look forward to hearing from you.'

CONTACT:  FINSBURY
          Rupert Younger
          Phone: +44 (0) 20 7251 3801


METROTECT INDUSTRIES: Final General Meeting Set August 12
---------------------------------------------------------
The Final General Meeting of the Members of Metrotect Industries
Limited Company will be on August 12, 2004 at 10:15 a.m.  It
will be held Pearl Assurance House, 319 Ballards Lane, London
N12 8LY.

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 David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY not
later than 12:00 noon, August 11, 2004.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Joint Liquidator:
          D Rubin


PQS CHEMICAL: Names Liquidators from Tenon Recovery
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the PQS
Chemical Products Limited Company on June 23, 2004 held at 700
Milam Street, Houston, Texas 77002 USA, the Special Resolution
to wind up the company was passed.  S R Thomas and S J Parker of
Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD
have been appointed Joint Liquidators for the purpose of
winding-up the Company.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street,
          London W1U 6RD
          Liquidators:
          S R Thomas
          S J Parker


RAPPORT PROMOTIONS: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Rapport Promotions Limited Company on June 25, 2004 held at Avco
House, 6 Albert Road, Barnet EN4 9SH, the Special and Ordinary
Resolutions to wind up the company were passed.  John Kelmanson
has been appointed Liquidator for the purpose of such winding-
up.


SHIMIZU EUROPE: Hires PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Shimizu Europe
Limited Company on June 25, 2004, the Special and Ordinary
Resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed Joint Liquidators of
the Company for the purpose of such winding-up.

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


SILVETREK LIMITED: In Administrative Receivership
-------------------------------------------------
P R Boyle and J C Sallabank have been appointed joint
administrative receiver for Silvertrek Limited Company.  The
appointment was made June 25, 2004.

The company sells clothing.  Its registered office address is
located at 4 St Giles Court, Southampton Street, Reading,
Berkshire RG1 2QL.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL
          Receiver:
          P R Boyle
          (IP No 008897)

          35 Waters Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Receiver:
          J C Sallabank
          (IP No 008099)


VANKEL INTERNATIONAL: Appoints Liquidators from Menzies
-------------------------------------------------------
At a General Meeting of the Members of Vankel International
Limited the Special and Ordinary Resolutions were passed.  Jason
James Godefroy and Paul John Clark of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW have been
appointed Joint Liquidators of the Company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Liquidators:
          Jason James Godefroy
          Paul John Clark


WESTEC LIMITED: Sets General Meeting July 30
--------------------------------------------
The General Meeting of the Members of Westec Limited Company
will be on July 30, 2004 at 10:00 a.m.  It will be held at the
offices of Baker Tilly, 1 George Square, Bristol BS1 6BP.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Baker Tilly, 1 George
Square, Bristol BS1 6BP not later than 12:00 noon, July 29,
2004.

CONTACT:  BAKER TILLY
          1 George Square,
          Bristol BS1 6BP
          Joint Liquidator:
          C M Clapp


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     176       17


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         149       26
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.
Olsece SPA                                        180      (64)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Swisslog Holding-R                                354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (88)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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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