TCREUR_Public/040709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, July 9, 2004, Vol. 5, No. 135

                            Headlines

D E N M A R K

ALTO: Regulator Approves DKK855 Mln Sale to Nilfisk-Advance


F R A N C E

ALCATEL: Forms Joint Venture with Draka
ALSTOM SA: First-quarter Orders Up 41%; Sales Slightly Down
ALSTOM SA: European Commission Allows Latest State Aid
CMA CGM: Logistics Unit Takes over 80% of Qualitair & Sea


G E R M A N Y

GILDEMEISTER AG: Earns (P)Ba3 Rating as Market Outlook Improves


I R E L A N D

ELAN CORPORATION: Divests Rights to Cervical Dystonia Drug
ELAN CORPORATION: Hosting Alzheimer's Disease Conference


I T A L Y

PARMATOUR: Administrator Receives 30 Offers


L U X E M B O U R G

STOLT-NIELSEN: To Discuss Second-quarter Results July 14


N E T H E R L A N D S

GETRONICS N.V.: New EUR175 Million Bank Facility Rated 'B+'


N O R W A Y

NORTHERN OFFSHORE: Defaults on Bond Interest Payment
NORTHERN OFFSHORE: Energy Searcher Mishap to Cost US$1 Million


P O L A N D

UNITEDGLOBALCOM INC.: Leads in France After Noos Acquisition


R U S S I A

BREAD BAKING: Krasnodar Court Appoints Insolvency Manager
COMMUNICATION EQUIPMENT: Court Sets October 6 Hearing
DINSKAYA: Sets Deadline for Proofs of Claim
FOOD CONCENTRATES: Declared Insolvent
KAUMIT: Insolvent Status Confirmed

MONOLITH: Deadline for Proofs of Claim Saturday
NARIMANOVSKOYE JOINT: Proofs of Claim Deadline August 10
PERM-DOR-STROY: Perm Court Commences Bankruptcy Proceedings
PROTON-TONNEL-STROY: Moscow Court Appoints Insolvency Manager
RUSSIAN BANKS: Spate of Bankruptcies Unnerve Depositors

RUSSIAN BANKS: Moody's Warns Downgrade for Four Banks
SHPAKOVSK-RAY-GAZ: Undergoes Bankruptcy Supervision Procedure
TUAPSINSKAYA SHOE: Insolvent Status Confirmed
VECHERNY NOVOCHERKASSK: Under Bankruptcy Supervision
YUKOS OIL: Mulls Next Move After Missing Tax Bill Deadline


S W I T Z E R L A N D

ABB LTD.: Fulfills Condition for Sale of Upstream Business


U K R A I N E

AYAX LTD: Insolvent Status Confirmed
LISIVSKE: Proofs of Claim Deadline July 19
PROMIN: Declared Insolvent
PROMPOSTACH: Bankruptcy Proceedings Start
TRANSPORTNIK: Undergoes Bankruptcy Supervision Procedure

UKRAGROVNESHTORGCENTR: Court Appoints Liquidator
ZAKARPATSKE FUEL: Proofs of Claim Deadline Expires Next Week
ZORYANA: Ordered to Undergo Bankruptcy Supervision


U N I T E D   K I N G D O M

3I GROUP: Expects Last Year's Strong Performance to Continue
AYREFIELD CONSTRUCTION: Hires Receivers from Milner Boardman
BALTIMORE TECHNOLOGIES: Installs New Management Team
B & C ASSOCIATES: Special Winding up Resolution Passed
BRANCHPANEL LIMITED: Sets Final Meeting August 4

BUCK YEATS: Members General Meeting Set August 11
BYTE COMPUTER: Final Meeting Set August 17
CARIER BULK: Machine Manufacturing Business for Sale
CHEAPSIDE LIMITED: Sets Members General Meeting August 10
CITY CONSTRUCTION: In Administrative Receivership

DNCS PLC: Final Meeting Set August 17
EASYJET PLC: Passenger Uptake for June Increases 28%
EUROTUNNEL PLC: To Cut Cost, Refinance Debt to Recover
EYRES AUTO: Members Final Meeting Set August 3
GRIPP LIMITED: Special Winding up Resolutions Passed

HOLLINGER INC.: Calls Lord Black's Petition a Delaying Tactic
INVARO: Liquidator Considers Relaunch
JIGSAW CAPITAL: Calls in Liquidator
JOINERYWORKS LIMITED: Appoints Receivers from Kingston Smith
LEXINGTON AVENUE: Nightclub Company Takes over Business

LOWETH LIMITED: Sets Creditors Meeting July 15
MARCONI CORPORATION: Sells Outside Plant & Power for US$406 Mln
MARKS & SPENCER: Revival Comes Back with 400p Offer
MARTINE FREIGHT: In Administrative Receivership
MONTROSE VITAL: Sets August 9 Final Meeting

NAMCO OPERATIONS: Members Final Meeting Set July 23
PRIME ARTS: Contemporary Art Publishing Business for Sale
PROPERTY ACQUISITION: Receives Unsolicited Bid from Hichens
PSL QUORUM: Appoints Grant Thornton Administrator
REFLEX WINDOWS: Hires Baker Tilly Administrator

TASKCASTLE LIMITED: Appoints Kingston Smith Administrator
T. BIBBY: Creditors Meeting Set July 16
THOMAS RECOVERY: Hires DTE Leonard Curtis Administrator
UNITED BISCUITS: Ratings Lowered; Slide in EBITDA Margin Cited
U.P.P. LIMITED: Appoints Liquidator from Redhead French

VAN LINERS: Brings in Receivers from Begbies Traynor
VITALSTAKE LIMITED: Appoints Baker Tilly Liquidator
WEST 175: Distributing Cash, Shares Following CVA Closure
WYKEHAM FARRANCE: Barclays Bank Appoints Receiver

* E.U. Commission Sets New Approach to Save Distressed Companies


                            *********


=============
D E N M A R K
=============


ALTO: Regulator Approves DKK855 Mln Sale to Nilfisk-Advance
-----------------------------------------------------------
In a press release dated May 3, 2004, Nilfisk-Advance told the
Copenhagen Stock Exchange that its acquisition of ALTO was
subject to approval by the competition authorities in a number
of countries.

In a letter to the bourse dated July 6, 2004, NKT Holding
President and CEO Tom Knutzen wrote:

"We can now inform you that the matter has been fully dealt with
by the authorities and that the transaction has been approved in
all the necessary countries.  The acquisition is therefore
valid, and the effective takeover date is thus April 30, 2004.
Purchase price on a debt free basis (Enterprise Value) has been
finally established as DKK855 million.

"NKT's second quarter 2004 report will be published on August
25.  No further particulars concerning the ALTO transaction will
be published until then, but questions relating to the
information contained in this release may be addressed to Thomas
Hofman-Bang, CFO, Phone: +45 4348 2000."

Yours faithfully,
/s/ Tom Knutzen
President and CEO
NKT Holding A/S


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


ALCATEL: Forms Joint Venture with Draka
---------------------------------------
Alcatel and Draka closed on July 1, 2004 the transaction
combining their respective global fiber optic and communication
cabling businesses.  The business contributed to the joint
venture by Alcatel will be accounted for as discontinued
operations for the period January 1 to June 30, 2004.  The 49.9%
owned by Alcatel of the new joint venture will thereafter be
consolidated as an equity affiliate.

For comparison purposes the table below gives quarterly pro
forma net sales and income (loss) from operations for the first
quarter of 2004 and for each quarter of 2003 consistent with the
current structure.  The capital gain related to the creation of
Draka Comteq will be recorded in the third quarter of 2004.

The business contributed to the joint venture reported into the
Fixed Communications Group.
            |-----------+------------------+------------------|
            |           |     Net sales    |    Income from   |
            |           |     proforma*    |    operations    |
            |           |   EUR millions   |     proforma*    |
            |           |                  |  EUR millions    |
            |-----------+------------------+------------------|
            |  1Q04 [1] |       2,710      |        86        |
            |-----------+------------------+------------------|
            |  FY 2003  |      12,362      |        363       |
            |-----------+------------------+------------------|
            | 4Q03 [1]  |      3,731       |        336       |
            |-----------+------------------+------------------|
            | 3Q03 [1]  |      2,871       |        144       |
            |-----------+------------------+------------------|
            | 2Q03 [2]  |      2,967       |        12        |
            |-----------+------------------+------------------|
            |  1Q03 [2] |       2,793      |       (129)      |
            |-----------+------------------+------------------|

* Sales and income from operations excludes for comparison
purposes global optical fiber, SAFT and Optronics:
[1] excludes global optical fiber business and SAFT
[2] excludes global optical fiber business, SAFT and
    Optronics

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees.  Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world.  With sales of
EUR12.5 billion in 2003, Alcatel operates in more than 130
countries.

CONTACT:  ALCATEL
          Press room: http://www.alcatel.com/vpr/


ALSTOM SA: First-quarter Orders Up 41%; Sales Slightly Down
-----------------------------------------------------------
Alstom S.A. disclosed recently its first-quarter figures for
sales and orders received.  These are the highlights:

(a) Confirmed rebound of orders during the first quarter of
    fiscal year 2005, +41% as compared to the same period of
    last year, on a comparable basis;

(b) Sales down 6% as compared to first quarter of fiscal year
    2004 on a comparable basis, due to low orders in the first
    part of last year.

Total Group                   FY 2004              FY 2005
Comparable figures
(in EUR million)        Q1     Q2     Q3     Q4     Q1    Q1/Q1
Orders Received       2 796  2 678  3 998  4 439   3 941    41%
Sales                 3 541  3 697  3 263  3 798   3 312   (6%)

Commenting on Alstom's orders and sales, Patrick Kron, Chairman
and Chief Executive Officer, said: "The orders of the first
quarter of fiscal year 2005 confirm the positive trend we
reported in the second semester of last fiscal year.  We see
this commercial performance encouraging.  This provides us good
confidence to achieve our turnaround."

Orders and sales, as reported, were negatively impacted during
the first quarter of fiscal year 2005 by currency translation
effects (impact of approximately 5% on orders and 1% on sales),
particularly the Euro versus the U.S. dollar, and by the
disposals of our Industrial Turbines and Transmission &
Distribution activities.  The comparable figures (see Appendix 2
http://bankrupt.com/misc/Alstom_Q12005.pdf)adjust the reported
figures for these effects.  The reported figures by Sector are
presented in Appendix 1 and a geographic breakdown of reported
orders and sales is given in Appendix 3.  We comment below on
the comparable figures.

Orders Received: EUR3.9 billion

Markets remain contrasted: the market in power generation new
equipment shows a positive trend in boilers, hydro and
environmental control while remaining low in gas and steam.  By
contrast, the power service market continues to grow steadily.
The transport market remains sound.

Orders received for the first quarter of fiscal year 2005 showed
a marked improvement versus the same period of last year, with
high performance in Power Environment, Power Service and
Transport.

The orders registered in the first quarter 2005 were much higher
than in the first part of last year, and significantly above the
average level registered last year.  The total backlog, at
around EUR25.9 billion, was equivalent to 22 months of sales.

Sales: EUR3.3 billion Sales for the first quarter of fiscal year
2005 were down 6% compared with the same period of the previous
year.  This reflected a decline in Power Turbo-Systems, Power
Environment and Marine sales as a result of low order intake in
the beginning of last fiscal year, partly offset by higher sales
in Transport and Power Service.

Sector Reviews

Power Turbo-Systems

Order intake at EUR306 million for the first quarter of fiscal
year 2005 was weak, after a very strong previous quarter.  The
main order received in the first quarter of fiscal year 2005 was
for a turnkey combined cycle power plant including two gas
turbines GT13E2 to Gautami Power Ltd in India.

The level of sales at EUR470 million reflected the declining
order volumes of the first half of fiscal year 2004.  Power
Turbo-Systems has not yet benefited from the improvement of the
second half of last year's orders.

Power Environment

The level of order intake in the first quarter of fiscal year
2005 amounting to EUR935 million, was well above the
corresponding period of last year, in line with the improvement
of the second semester of fiscal year 2004.  This reflected the
continuing sound market in environmental control and in hydro.
By geography, high growth was registered in China and North
America.

Main orders received included environmental control systems for
EDF in France and Bechtel in the U.S., a turnkey coal plant for
Rothensee in Germany and two hydro contracts in China.  Sales at
EUR465 million were down the same period of last year,
reflecting the low level of orders in the first half of fiscal
year 2004.

Power Service

Order intake in the first quarter of fiscal year 2005, at EUR930
million, was 25% above the same period last year and was
outgrowing last year trend, confirming the continued development
of this activity.  A significant increase was recorded in the
Middle East.  Sales at EUR754 million, increased by 11% compared
to the same period of last year, in line with continuous order
growth.

Transport

Orders at EUR1,559 million in the first quarter of fiscal year
2005 remained at a particularly high level, confirming our good
position in an active market, especially in Europe.  The main
orders received included the booking of locomotives for SNCF in
France and a maintenance contract in Australia.  Transport also
finalized a major maintenance contract for Bucharest metro and
confirmed its success on the tramway market with the
registration of two contracts for Nice in France and Tenerife
Island in Spain.

In the first quarter of fiscal year 2005, sales were at EUR1,264
million, up 18% as compared to the same period of last fiscal
year.

Marine

No order was received in the first quarter of fiscal year 2005.
Negotiations are ongoing with MSC for the signature of two 1,300
cabins cruise-ships and with Gas de France for an additional LNG
carrier.  The sales figure at EUR166 million reflected the
phasing of revenue recognition during the period, including the
delivery of a cruise-ship to MSC.

Power Conversion

In the first quarter of fiscal year 2005, orders received stood
at EUR140 million, with main orders located in Germany and in
the U.S.  Sales amounted to EUR130 million, 11% higher than the
corresponding period last year.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Alstom_Q12005.pdf.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber 75795
          Paris Cedex 16
          Phone: 33 (0) 1 47 55 25 87
          Fax    33 (0) 1 47 55 24 38 1

          Press Inquiries:
          Gilles Tourvieille
          S. Gagneraud
          Phone: +33 1 47 55 23 15
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          Emmanuelle Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com

          Communications:
          L. Tingstrom
          Phone: + 44 789 906 6995)
          E-mail: tingstrom@mcomgroup.com
          Web site: http://www.alstom.com


ALSTOM SA: European Commission Allows Latest State Aid
------------------------------------------------------
Alstom takes note of the decision by the European Commission to
confirm the agreement in principle reached on 26 May 2004
between the French State and the E.U. Commission which approved,
under certain conditions, the French State's participation in
the Alstom financing package.  The French State therefore
becomes a shareholder (approximately 18.5%) in the Company
through the conversion into equity of a 20-year loan granted
last summer (TSDDRA).

This confirmation is, after the agreement of our banks on new
financial covenants announced on 23 June 2004, the second
important step in the implementation of the financing plan.  The
third one is the shareholders meeting to be held on 9 July.

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33)
          E-mail: Investor.relations@chq.alstom.com


CMA CGM: Logistics Unit Takes over 80% of Qualitair & Sea
---------------------------------------------------------
CMA CGM Logistics, the CMA CGM Group supply chain management
subsidiary, acquired an 80% interest in Qualitair & Sea
International.

Based in Roissy, with offices in Orly, Le Havre, Lyon and
Marignane, Qualitair & Sea International provides services in
airfreight logistics, logistical and customs engineering and
maritime forwarding.  Certified ISO 9002 ten years ago and
recognized for its professional dedication and demanding
standards, Qualitair & Sea International helped create the Hi-
Tech Forwarder Network, which comprises agents with similar
skills in a large number of countries.

With the acquisition, CMA CGM Group is pursuing its strategy of
strengthening its portfolio of integrated, global logistics
services, thereby enhancing its ability to respond to customer
needs.

                            *   *   *

In May, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on France-based container shipping
company CMA CGM S.A. to 'BB+' from 'BB'.  At the same time,
Standard & Poor's affirmed its 'BB-' senior unsecured debt
rating on CMA CGM's EUR100 million notes due 2013, and removed
them from CreditWatch, where they had been placed on October 22,
2003. The Outlook is stable.

"The upgrade reflects the continued improvement in CMA CGM's
financial profile, especially in cash flow-related coverage
measures, as well as the group's stable operating performance,
which is expected to continue in the medium term," said Standard
& Poor's credit analyst Andreas Kindahl.

"It also reflects CMA CGM's good market positions in key growing
trades, which should allow for continued profitable growth."

The 'BB-' senior unsecured debt rating is two notches below the
group's corporate credit rating.  This is because the ratio of
priority liabilities to total assets is expected to remain above
30%, which is Standard & Poor's threshold for a two-notch
differential for non-investment grade companies.  The group's
total debt (on balance sheet) amounted to about EUR1 billion as
of December 31, 2003.

CONTACT:  CMA CGM
          Communication
          Phone: (+33 0) 4 88 91 90 35
          Fax:   (+33 0) 4 88 91 90 39
          E-mail: ho.communicationcorporate@cma-cgm.com


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


GILDEMEISTER AG: Earns (P)Ba3 Rating as Market Outlook Improves
---------------------------------------------------------------
Moody's assigned a (P)Ba3 senior implied rating and a (P)B3
unsecured issuer rating to metal cutting machine tools
manufacturer Gildemeister AG.  It also assigned a (P)B2 rating
to its proposed EUR175 million issue of senior subordinated
notes due 2011.

Outlook for all ratings is stable on expectations that demand
for machine tools will continue to improve in the year, and the
company will remain in positive cash flow position.  The past
years are characterized by a weak demand for machine tools due
to weak economic climate in the region particularly in Europe.
This year looks promising after an observed increased activity
in U.S. and Asia, although, in Germany, the firm's key market,
sales are expected to remain relatively flat.

The rating is supported by the company's leading market
position, broad customer base, expected improvement in the
machine tools market, and satisfactory near-term liquidity.  The
rating agency said pro-forma for the transaction, the company
will have unrestricted cash balances of c.EUR38.9 million as
well as access to c.EUR78 million under its senior secured
credit facilities.

But the ratings are constrained by volatility of sales and
earning, high product development costs, intense competition
especially from producers based in low-wage countries, high
financial leverage and medium term refinancing risk, and the
company's exposure to FX fluctuations.

Moody's expects Gildemeister will continue to face severe
pricing pressure especially if the euro maintains its strength
against the U.S. dollar.  This is crucial since Gildemeister's
production facilities are concentrated in Europe.

Moody's notes the high leverage of the company: pro-forma
Adjusted Total Debt/EBITDAR is c.5x.  It warns of potential cash
flow problems when it resumes dividend in light of discretionary
capex.  It also said that the relatively short tenor of the
firm's senior secured credit facilities (three years) exposes
the company to medium term refinancing risk.

The company plans to amend its existing senior secured credit
facilities and issue EUR175 million of senior subordinated
notes.  After this, the company's senior secured credit
facilities will consist of a EUR40 million revolving credit
facility, a EUR60 million letter of credit, guarantee and
overdraft facility and a EUR80 million term loan (to be reduced
to EUR40 million).  The facilities will all expire on 30 June
2007.


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


ELAN CORPORATION: Divests Rights to Cervical Dystonia Drug
----------------------------------------------------------
Elan Corporation, plc completed the sale of its worldwide rights
to Myobloc(TM)/ Neurobloc(TM) (Myobloc) (Botulinum Toxin Type B)
injectable solution to Solstice Neurosciences, Inc. (Solstice),
a newly formed company focused on the development,
manufacturing, sales and marketing of specialty
biopharmaceutical products.  Included in the sale are the
related intellectual property, the product inventory, and the
manufacturing facility.

The associated manufacturing employees will be offered the
opportunity to continue their work with Myobloc as employees of
Solstice.  The financial terms of the transaction were not
disclosed.

Myobloc was developed by Elan and is currently approved in the
U.S., Canada and Europe for the treatment of cervical dystonia
to reduce the severity of abnormal head position and neck pain.

About Elan

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

CONTACT:  ELAN CORPORATION, PLC
          Investors:
          Emer Reynolds
          Phone: +353-1-709-4000
           Or    800-252-3526

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


ELAN CORPORATION: Hosting Alzheimer's Disease Conference
--------------------------------------------------------
Elan Corporation, plc will host a discussion of the data from
its Alzheimer's Immunotherapy Program to be presented at the 9th
International Conference on Alzheimer's Disease and Related
Disorders at the Pennsylvania Convention Center in Philadelphia
during the oral presentation session on Wednesday, July 21, 2004
at 3:00 p.m. Eastern Time.  Following the session, Elan and its
collaborator in the immunotherapeutics program, Wyeth
Pharmaceuticals, will host a discussion of the data at 5:15 p.m.
Eastern Time, 10:15 p.m. British Summer Time with the media and
the investment community.

This event will be Web cast live and can be accessed at
http://www.elan.com. Following the live Web cast, an archived
version of the call will be available at the same URL.

About Elan

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

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

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


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


PARMATOUR: Administrator Receives 30 Offers
-------------------------------------------
Parmatour, the travel group of insolvent Parmalat, has received
30 offers from various buyers, Il Sole 24 Ore says.

Different groups have expressed different interest for
Parmatour's businesses.  There were bids to buy the whole group
and bids for individual businesses.  Some of the interested
buyers do not operate in Italy.

Parmalat's administrator, Enrico Bondi, received the letters of
interest.  Final offers are accepted until autumn.  The offers
will be presented to Italian industry minister Antonio Marzano
in the next few months.  Parmatour's businesses include travel
agencies, tour operators, holiday villages in Italy and abroad.
The group also operates a travel Web site.


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


STOLT-NIELSEN: To Discuss Second-quarter Results July 14
--------------------------------------------------------
Stolt-Nielsen S.A. will hold a conference call to discuss the
second quarter 2004 results on Wednesday, July 14, 2004 at 10:00
a.m. EDT (3:00 p.m. BST).

Participating in the call will be:

(a) Mr. Niels G. Stolt-Nielsen
    Chief Executive Officer, Stolt-Nielsen S.A.

(b) Mr. Jan Chr. Engelhardtsen
    Chief Financial Officer, Stolt-Nielsen S.A.

(c) Mr. John Wakely
    Executive Vice President, Stolt-Nielsen S.A.

(d) Mr. Otto H. Fritzner
    Chief Executive Officer, Stolt-Nielsen Transportation Group

(e) Mr. Hans Feringa
    Managing Director of Tanker Chartering, Stolt-Nielsen
    Transportation Group

(f) Mr. James Stove Lorentzen
    Chief Executive Officer, Stolt Sea Farm

Anyone wishing to participate in the call should dial +1 888-
202-2422 (in U.S.) or +1 913-981-5592 (outside U.S.) at that
time.  Phone lines will open 10 minutes before the call.

If you cannot participate in this call there is a Postview
facility (a taped recording of the conference call) available
directly after the conference call until 5:00 p.m. EDT on
Thursday, July 15, 2004.  For access dial +1 888-203-1112 (in
U.S.) or +1 719-457-0820 (outside U.S.) and quote the call
reservation number: 528116.

Alternatively, a Live Web cast conference call is available at
http://www.stolt-nielsen.comcommencing on Wednesday, July 14,
2004 at 10:00 a.m. EDT (3:00 p.m. BST).  A playback of the
conference call commences on Wednesday, July 14, 2004 after
12:00 noon EDT (5:00 p.m. BST).

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          8 Sound Shore Drive
          Greenwich, CT 06836
          U.S.A.
          Phone: +1 203 625 3604
          Fax:   +1 203 625 3525
          E-mail: rlemanski@stolt.com


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


GETRONICS N.V.: New EUR175 Million Bank Facility Rated 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
secured debt rating and a recovery rating of '4' to the new
EUR175 million (US$216 million) credit facilities of The
Netherlands-based IT services and products provider Getronics
N.V. (B+/Positive/--).

The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007.  The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.

"The recovery rating of '4' indicates our expectation of
marginal recovery, in the 25%-50% range, of principal in the
event of default, and primarily reflects the nature of the
security package, which is limited to a pledge of the shares in
Getronics Nederland B.V.," said Standard & Poor's credit analyst
Anne-Charlotte Pedersen.  "Although there is limited provision
of upstream guarantees by certain operating subsidiaries,
substantial priority liabilities at operating levels mean that
we consider the share pledge to have limited value."

Due to the contract-based nature of the business and negligible
tangible assets, we believe that the value of the security
package, for loan recovery assessment under a hypothetical
default scenario, is best analyzed using an enterprise
valuation.  Following completion of its operational and balance
sheet restructuring in April 2004, Getronics has limited on-
balance-sheet debt and improved liquidity.  Standard & Poor's,
however, considers that a reasonable hypothetical default
scenario should primarily incorporate the possibility of future
liquidity pressures, as the size of the revolving credit
facility remains limited compared with the group's revenue base.
Although the EBITDA base is not expected to deteriorate below
2003 levels, two or three years of negative free cash flow
generation could gradually erode the group's current cash
balance and leave it vulnerable to swings in working capital
requirement in excess of the EUR100 million revolving facility,
potentially causing a hypothetical default toward the end of
2006.

At that point, although the enterprise value is significantly
higher than the EUR100 million debt outstanding (with the EUR75
million acquisition facility assumed to be undrawn), Standard &
Poor's believes recovery prospects for the senior secured debt
are marginal - -once downwards adjustments are made to take into
account significant priority liabilities at material operating
subsidiaries.

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
          patrice_cochelin@standardandpoors.com
          gregoire_buet@standardandpoors.com
          anne-charlotte_pedersen@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


NORTHERN OFFSHORE: Defaults on Bond Interest Payment
----------------------------------------------------
Northern Offshore Ltd. was unable to pay interest on the
Norwegian Bond loan ISIN 001009351.1 due July 6 due to its
overall financial position.  As stated in the Company's press
release dated June 30, the Board of Directors of Northern
Offshore does not believe it is appropriate to pay funds to any
stakeholder without agreement on a comprehensive financial
restructuring of the group.

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

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


NORTHERN OFFSHORE: Energy Searcher Mishap to Cost US$1 Million
--------------------------------------------------------------
Northern Offshore Ltd.'s Energy Searcher collided into a
passenger vessel late Sunday morning while sailing from
Singapore where it finished its contract with Rims and was
sailing to Indonesia to commence a three-month contract with
Medco Langsa Indonesia.  The collision resulted in severe damage
including a hole in one of its tanks.  The Company estimates
that repairing the ship will need at least two weeks and will
cost approximately US$1 million including lost revenue.  The
Company still anticipates to commence a drilling contract with
Medco Langsa Indonesia once Energy Searcher is fully
operational.

Bermuda, July 5, 2004

The Board of Directors of Northern Offshore Ltd.

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

          Jon-Aksel Torgersen
          Phone:  47 22 93 60 00


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


UNITEDGLOBALCOM INC.: Leads in France After Noos Acquisition
------------------------------------------------------------
UnitedGlobalCom, Inc. and the French SUEZ group completed their
transaction regarding the sale of Noos, the largest cable
television operator in France, from SUEZ to UGC's French holding
company.

SUEZ is to become a 19.9% shareholder in UGC's French holding
company -- renamed UPC Broadband France, which also includes
UGC's existing French cable television operations.

The transaction valued Noos at approximately EUR615 million, or
7.25 times 2004 estimated EBITDA.  The final purchase price is
subject to a 90-day audit of Noos' financial information.
Consideration to Suez consisted of approximately EUR530 million
of cash funded in equal proportions out of cash on hand and
UGC's European bank facility, as well as the 19.9% equity
interest in the combined French operation.

As a result of the transaction, UPC Broadband France now serves
approximately 2.3 million RGUs (revenue generating units).  The
combined French businesses generated revenue of approximately
EUR400 million based on the 2003 results of Noos and UPC France.

The Noos and UPC France operations will continue to operate
under their current management teams until the companies execute
a plan of integration intended to achieve the financial,
operational and strategic benefits offered by the new structure.

Mike Fries, President and Chief Executive Officer of UGC said:
"We are pleased to have completed this important transaction on
schedule.  We can now quickly devote our energy and resources
towards the integration of our French operations and the
creation of a platform for further growth and innovation in
Paris and our remaining French systems.  France is now our
second largest market in Europe and we expect it to rapidly
develop as one of our showcase operations.  I have full
confidence in the combined management team to achieve this
goal."

About UnitedGlobalCom

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

                            *   *   *

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

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


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


BREAD BAKING: Krasnodar Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodar region declared LLC Bread
Baking Plant Chelbass insolvent and introduced bankruptcy
proceedings.  The case is docketed as A32-9540/2004-37/73-B.
Mr. A. Semenyak has been appointed insolvency manager.

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

(a) Insolvency Manager
    353720, Russia, Krasnodar region,
    Kanevsky region, Staroderevyankovskaya St.
    Kubanskaya Str. 114;

(b) Bread Baking Plant Chelbass
    353740, Russia, Krasnodar
    region, Leningradskaya St.,
    Bratskaya Str. 2A.

CONTACT:  BREAD BAKING PLANT CHELBASS
          353740, Russia, Krasnodar Region,
          Leningradskaya St., Bratskaya Str. 2A

          Mr. A. Semenyak
          Insolvency Manager
          353720, Russia,
          Krasnodar Region, Kanevsky Region,
          Staroderevyankovskaya St.,
          Kubanskaya Str. 114


COMMUNICATION EQUIPMENT: Court Sets October 6 Hearing
---------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on LLC Factory of Communication Equipment.
The case is docketed as A50-10115/2004-B.  Mr. A. Sergeev has
been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 618250, Russia,
Perm region, Gubakha, Suvorova Str. 3a.  A hearing will take
place on October 6, 2004.

CONTACT:  FACTORY OF COMMUNICATION EQUIPMENT
          618250, Russia,
          Perm Region, Gubakha,
          Suvorova Str. 3a

          Mr. A. Sergeev
          Temporary Insolvency Manager
          618250, Russia,
          Perm region, Gubakha,
          Suvorova Str. 3a


DINSKAYA: Sets Deadline for Proofs of Claim
-------------------------------------------
The Arbitration Court of Krasnodar region declared CJSC poultry
farm Dinskaya insolvent and introduced bankruptcy proceedings.
The case is docketed as A32-15209/2003-44/136-B.  Mr. O. Gurov
has been appointed insolvency manager.

Creditors have until August 10, 2004 to submit their proofs of
claim to the insolvency manager at 353182, Russia, Dinskoy
region, Ukrainsky, Sovetov Str. 2.  A hearing will take place on
September 27, 2004, 2:30 p.m.

CONTACT:  DINSKAYA
          353182, Russia,
          Dinskoy Region, Ukrainsky,
          Sovetov Str. 2

          Mr. O. Gurov
          Insolvency Manager
          353182, Russia,
          Dinskoy region, Ukrainsky,
          Sovetov Str. 2


FOOD CONCENTRATES: Declared Insolvent
-------------------------------------
The Arbitration Court of Republic of Adygeya declared LLC FOOD
Concentrates insolvent and introduced bankruptcy proceedings.
The case is docketed as A01-B-1362-2003-8.  Ms. L. Ryabova has
been appointed insolvency manager.  Creditors have until August
10, 2004 to submit their proofs of claim to Russia, Republic of
Adygeya, Maykop region, Krasnooktyabrsky pr. Tsvetochnaya Str.
8, Apartment 2.

CONTACT:  FOOD CONCENTRATES
          Russia, Republic of Adygeya,
          Maykop Region, Krasnaya Ulka

          Ms. L. Ryabova
          Insolvency Manager
          Russia, Republic of Adygeya,
          Maykop Region, Krasnooktyabrsky Pr.
          Tsvetochnaya Str. 8, Apartment 2


KAUMIT: Insolvent Status Confirmed
----------------------------------
The Arbitration Court of Komi-Permyatsky autonomous region
declared OJSC Kaumit insolvent and introduced bankruptcy
proceedings.  The case is docketed as A30-276/04.  Mr. V.
Plashkin has been appointed insolvency manager.

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

(a) The Arbitration Court of Komi-Permyatsky Autonomous region:
    619000, Russia, Kudymkar, Likhacheva Str. 46;

(b) OJSC KAUMIT: 619000, Russia, Kudymkar, Sverdlova Str. 128;

(c) Insolvency Manager: 619000, Russia, Komi-Permyatsky
    Autonomous Region, Kudymkar, Sovetskaya Str. 34.


MONOLITH: Deadline for Proofs of Claim Saturday
-----------------------------------------------
The Arbitration Court of Krasnodar region declared CJSC Monolith
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A32-10443/2004-46/75-B.  Mr. D. Khomutov has been
appointed insolvency manager.  Creditors have until Saturday to
submit their proofs of claim to the insolvency manager at
350001, Russia, Krasnodar, Post User Box 3477 until Saturday.

CONTACT:  MONOLITH
          353210, Russia,
          Krasnodar Region, Dinskoy Region,
          Novotitarovskaya St. Belevtsy

          Mr. D. Khomutov
          Insolvency Manager
          350001, Russia,
          Krasnodar, Post User Box 3477


NARIMANOVSKOYE JOINT: Proofs of Claim Deadline August 10
--------------------------------------------------------
The Arbitration Court of Astrakhan region declared OJSC
Narimanovskoye Joint Stock Building Enterprise (TIN 3008002830)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A06-3016-b-18k/2003.  Mr. A. Ovcharenko has been
appointed insolvency manager.  Creditors have until August 10,
2004 to submit their proofs of claim to the insolvency manager
at 414024, Russia, Astrakhan, Bakinskaya Str. 79.

CONTACT:  NARIMANOVSKOYE JOINT STOCK BUILDING ENTERPRISE
          416135, Russia,
          Astrakhan region, Narimanov,
          Shkolnaya Str. 2

          Mr. A. Ovcharenko
          Insolvency Manager
          414024, Russia,
          Astrakhan, Bakinskaya Str. 79


PERM-DOR-STROY: Perm Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Perm region declared CJSC management of
mechanization Perm-Dor-Stroy (TIN 5404007560) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A50-
7143/2004-B.  Mr. V. Mozhaev has been appointed insolvency
manager.  Creditors have until Saturday to submit their proofs
of claim to 614064, Russia, Perm, Usolskaya Str. 15, 3rd floor.

CONTACT:  PERM-DOR-STROY
          Russia, Perm,
          Sibirskaya Str. 94-335

          Mr. V. Mozhaev
          Insolvency Manager
          614064, Russia,
          Perm, Usolskaya Str. 15,
          3rd floor


PROTON-TONNEL-STROY: Moscow Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on OJSC Proton-Tonnel-Stroy (TIN
5037004057).  The case is docketed as A-41-K-2-7530/04.  Mr. A.
Bukhanov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 121359,
Russia, Moscow, Akad. Pavlova Str. 13, Apartment 73.  A hearing
will take place on September 2, 2004, 2.00 p.m., Hall 440.

CONTACT:  PROTON-TONNEL-STROY
          142280, Russia,
          Moscow Region, Protvino,
          Parkovy Pr. 8

          Mr. A. Bukhanov
          Temporary Insolvency Manager
          121359, Russia, Moscow,
          Akad. Pavlova Str. 13,
          Apartment 73


RUSSIAN BANKS: Spate of Bankruptcies Unnerve Depositors
-------------------------------------------------------
Public nervousness over a repeat of the August 1998 financial
crisis may eventually cause a real calamity in the country's
banking industry, the Financial Times says.

According to the paper, "Russia's macro-economic position and
financial sector are both far healthier than six years ago, but
increasing nervousness in the past few weeks risks turning
sentiment into reality."

There have been rumors regarding a Central Bank "black list"
after Sodbusinessbank shut down in May for breaching money-
laundering rules.  The speculations prompted an escalating
tension for depositors to withdraw cash.  The Central Bank
denied the rumors, but Commercial Savings Bank, Dialog-Optim and
Paveletsky have already gone belly up.  The latest bank to fall
is Guta Bank.  The Central Bank has pledged so far to offer some
direct support, including a plan by the state-controlled
Vneshtorgbank to take over Guta Bank.

Dmitry Dmitriev, banking analyst at the Moscow brokerage UFG,
said: "I would not expect a repeat of 1998 but there could be a
substantial number of bankruptcies."

Russia is trying to restructure its banking system, but the
current instability threatens to further slow down the process.
In addition, the crisis in the private banking sector may push
depositors to state-controlled Sberbank, spoiling its
diversification effort.


RUSSIAN BANKS: Moody's Warns Downgrade for Four Banks
-----------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the 'D' financial strength ratings of Alfa Bank, MDM
Financial Group, Moscow Municipal Bank/Bank of Moscow, and
Russian Standard Bank.

Moody's said future rating actions will depend on "the capacity
and willingness of Russia's central authorities and of other
banking-market participants to provide prompt liquidity support
to the solvent banks in need of such aid."

The rating agency also placed under review the long-term foreign
currency ratings of these banks:

Alfa Bank -- Ba2

Aljba Alliance Commercial Bank -- B1

Credit Bank of Moscow -- B1

International Industrial Bank -- B1

JSB Rosbank -- B1

KMB-Bank -- Ba3

MDM Financial Group -- Ba2

Moscow Municipal Bank/Bank of Moscow -- Ba2

Nikoil IBG Bank -- B1

Nomos Bank -- B1

Petrocommerce Bank -- B1

Promsvyazbank -- B1

Rosevrobank -- B1

Russian Bank for Development -- Ba3

Russian Standard Bank -- Ba3

Trust Investment Bank -- B1

TransCreditBank -- Ba3

Zenit Bank -- B1

The foreign currency deposit ratings of these banks were
maintained with a stable outlook:

Gazprombank -- Ba2

Sberbank -- Ba1

Vneshekonombank -- Ba1

Vneshtorgbank -- Ba1


SHPAKOVSK-RAY-GAZ: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on OJSC Shpakovsk-Ray-Gaz (TIN
2623002433).  The case is docketed as A63-112/02-C5.  Mr. V.
Kovalchuk has been appointed temporary insolvency manager.

Creditors have until July 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 355000, Russia,
Stavropol, Lenina Str. 392, room 523.  A hearing will take place
on August 12, 2004.

CONTACT:  SHPAKOVSK-RAY-GAZ
          Russia, Mikhaylovsk,
          Traktovaya Str. 14

          Mr. V. Kovalchuk
          Temporary Insolvency Manager
          355000, Russia,
          Stavropol, Lenina Str. 392,
          Room 523


TUAPSINSKAYA SHOE: Insolvent Status Confirmed
---------------------------------------------
The Arbitration Court of Krasnodar region declared Tuapsinskaya
Shoe Factory (TIN 2322008760) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A32-19110/2003-
43/174-B.  Ms. L. Ilyina has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 354039, Russia, Sochi, Zvezdnaya Str. 11-72.

CONTACT:  TUAPSINSKAYA SHOE FACTORY
          Russia, Krasnodar Region,
          Sochinskaya Str. 2

          Ms. L. Ilyina
          Insolvency Manager
          354039, Russia,
          Sochi, Zvezdnaya Str. 11- 72
          Phone: (8622) 53-35-00


VECHERNY NOVOCHERKASSK: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Editor's Office Vecherny
Novocherkassk.  The case is docketed as A53-4057/2004-S2-21.
Mr. N. Tyutyunik has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to 344037,
Russia, Rostov-na-Donu, Buynakskaya Str. 2/56.  A hearing will
take place on August 31, 2004, 3:15 p.m. at the Arbitration
Court of Rostov region.

CONTACT:  Mr. N. Tyutyunik
          Temporary Insolvency Manager
          344037, Russia,
          Rostov-na-Donu, Buynakskaya Str. 2/56


YUKOS OIL: Mulls Next Move After Missing Tax Bill Deadline
----------------------------------------------------------
A Yukos official admitted Wednesday the oil giant will miss the
deadline for its US$3.4 billion (GBP1.8 billion) tax bill,
paving the way for the government to seize assets.

"We are not in a position to pay and we have not paid," the
official told Reuters.  As a last-minute attempt, the firm's
founder, Mikhail Khodorkovsky, recently offered his controlling
44% stake in order to save the company; but the government
ignored it.  The company said the bailiff now has a legal basis
to take control of its assets.

According to The Globe and Mail, hours before the midnight
deadline for the payment, court bailiffs sealed off public
records office in south Moscow to hunt for details of Yukos'
assets.

Meanwhile, the Yukos official said the company has no idea what
will happen next, although operations were still running as
usual.  He said Yukos is still supplying about 2% of the world's
oil.

Russian President Vladimir Putin, who is considered the man
behind the assault against the company, had earlier said he does
not want to see the company go bankrupt.  On Wednesday, he
refused to comment on Yukos' impending demise at a news
conference with Bulgaria's president.  The charges filed against
Mr. Khodorkovsky and Yukos are seen as Mr. Putin's way of
punishing him for his political affiliations.  His trial on
fraud and tax evasion resumes Monday.


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


ABB LTD.: Fulfills Condition for Sale of Upstream Business
----------------------------------------------------------
ABB Ltd., the leading power and automation technology group,
concluded a compliance review of its upstream Oil, Gas and
Petrochemicals division, fulfilling a major closing condition
for the sale of the upstream business to a consortium of private
equity investors made up of Candover Partners Ltd., 3i and
JPMorgan Partners.

ABB and two of its subsidiaries -- ABB Vetco Gray Inc. and ABB
Vetco Gray (U.K.) Ltd. -- resolved proceedings with the
Securities and Exchange Commission (SEC) and the U.S. Department
of Justice (DoJ) that arose from ABB's voluntary disclosure of
certain improper payments by former employees of the two
subsidiaries.

ABB has undertaken an extensive compliance review of its
upstream business jointly with the consortium, and in full
cooperation with the DoJ and the SEC.  As part of the agreement
with the U.S. authorities, both ABB and the upstream business
will adopt enhanced compliance procedures intended to detect and
prevent future violation of laws related to improper payments.

ABB announced a preliminary sales agreement with the Candover
group in late October 2003, subject to regulatory approvals, as
well as the satisfactory completion and disposition of the
compliance matters.  The compliance closing condition has now
been fulfilled, ABB said.

The sale concerns ABB's U.S.-based Vetco Gray unit and its ABB
Offshore Systems business headquartered in Norway.  The upstream
businesses, active in more than 30 countries, in 2003 had total
revenues of US$1.7 billion.  Not included in the sale is ABB
Lummus Global, which is mainly a downstream business.

ABB Vetco Gray Inc. in the USA and ABB Vetco Gray Ltd. in the
U.K. have pleaded guilty to violation of the Foreign Corrupt
Practices Act (FCPA) and paid an aggregate fine totaling US$
10.5 million.  In addition, ABB Ltd. agreed with the U.S. SEC to
resolve civil charges relating to the FCPA, including the
payment of US$5.9 million in allegedly unlawful profits.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 113,000 people.

CONTACT:  ABB LTD.
          Media Relations
          Thomas Schmidt
          Wolfram Eberhardt
          Phone: +41 43 317 6568
          Fax: +41 43 317 7958

          Investor Relations
          Switzerland:
          Phone:  +41 43 317 3804

          Sweden:
          Phone: +46 21 325 719

          U.S.A:
          Phone: +1 203 750 7743


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


AYAX LTD: Insolvent Status Confirmed
------------------------------------
The Economic Court of Dnipropetrovsk region declared OJSC
Production-Commercial Firm Ayax Ltd (code EDRPOU 13452896)
insolvent and introduced bankruptcy proceedings on June 1, 2004.
The case is docketed as B 24/8/04.  Arbitral manager Mr.
Vernigora Volodimir (License Number AA 249818) has been
appointed liquidator/insolvency manager.

CONTACT:  PRODUCTION-COMMERCIAL FIRM AYAX LTD:
          Ukraine, Dnipropetrovsk region,
          Krivij Rig, Kropivnitskij str. 42

          Mr. Vernigora Volodimir
          Liquidator/Insolvency Manager
          Phone: (0564) 72-19-65, 71-21-17

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


LISIVSKE: Proofs of Claim Deadline July 19
------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Lisivske (code EDRPOU 05384896) on
June 1, 2004.  The case is docketed as 8/144.  Arbitral manager
Mr. Ribachenko M. (License Number AA approved on January 16,
2004) has been appointed temporary insolvency manager.

Creditors have until July 19, 2004 to submit their proofs of
claim to:

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

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

Lisivske holds account number 26004323817067 at
Privatbank, Poltava regional branch, MFO 331401.


PROMIN: Declared Insolvent
--------------------------
The Economic Court of Herson region declared LLC Promin (code
EDRPOU 00449697) insolvent and introduced bankruptcy proceedings
on June 3, 2004.  The case is docketed as 5/64-B.  Mr. Kravchuk
Volodimir has been appointed liquidator/insolvency manager.

Creditors have until July 19, 2004 to submit their proofs of
claim to:

(a)  PROMIN
     75035, Ukraine, Herson region,
     Bilozerskij district,
     Sadove, Z. Kosmodamyanska str. 3a

(b)  Mr. Kravchuk Volodimir
     Liquidator/Insolvency Manager
     Ukraine, Herson region,
     Bilozerskij district, Sadove,
     Yuvilejna str. 21
     Phone: 8 (247) 46-2-23


PROMPOSTACH: Bankruptcy Proceedings Start
-----------------------------------------
The Economic Court of Lugansk region declared Production-
Commercial Firm Prompostach (code EDRPOU 24200241) insolvent and
introduced bankruptcy proceedings on June 3, 2004.  Arbitral
manager Mr. Litvinenko Viktor (License Number AA 669676 approved
on September 1, 2003) has been appointed liquidator/insolvency
manager.

Creditors may submit their proofs of claim to:

(a)  PRODUCTION-COMMERCIAL FIRM PROMPOSTACH
     92700, Ukraine, Lugansk region,
     Starobilsk, Luganska str. 25

(b)  Mr. Litvinenko Viktor
     Liquidator/Insolvency Manager
     92700, Ukraine, Lugansk region,
     Starobilsk, Voini Internacionalisti quarter, 16

(c)  ECONOMIC COURT OF LUGANSK REGION
     91000, Ukraine, Lugansk region,
     Geroi VVV square., 3a


TRANSPORTNIK: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise
Transportnik (code EDRPOU 21957920) and ordered a moratorium on
satisfaction of creditors' claims on February 27, 2004.  The
case is docketed as 42/45 B.  Arbitral manager Mr. Galunets D.
(License Number AA 419467) has been appointed temporary
insolvency manager.  Auto Transport Enterprise Transportnik
holds account number 26003225102923 at JSCB Ukrsocbank, Donetsk
regional branch.

CONTACT:  AUTO TRANSPORT ENTERPRISE TRANSPORTNIK
          83022, Ukraine, Donetsk region,
          Gladkovskij str. 9

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


UKRAGROVNESHTORGCENTR: Court Appoints Liquidator
------------------------------------------------
The Economic Court of Kirovograd region declared International
Agricultural Corporation CJSC Ukragrovneshtorgcentr (code EDRPOU
24712188) insolvent and introduced bankruptcy proceedings on May
25, 2004.  The case is docketed as 14/127.  Arbitral manager Mr.
Salatov S. (License Number AA approved on October 19, 2001) has
been appointed liquidator/insolvency manager.

CONTACT:  UKRAGROVNESHTORGCENTR
          25013, Ukraine, Kirovograd region,
          Glinka str. 3

          Mr. Salatov S.
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          K. Marks str. 4, body 1
          Phone: (0522) 32-05-01


ZAKARPATSKE FUEL: Proofs of Claim Deadline Expires Next Week
------------------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on CJSC Zakarpatske Regional Fuel (code
EDRPOU 01881764) on May 5, 2004.  Prior to this, authorities
ordered a moratorium on satisfaction of creditors' claims on
March 24, 2004.  The case is docketed as 10/101.  Arbitral
manager Mr. Bahtin Vitalij (License Number AA 419493 approved on
December 10, 2002) has been appointed temporary insolvency
manager.

Creditors have until July 19, 2004 to submit their proofs of
claim to:

(a) ZAKARPATSKE REGIONAL FUEL
    88000, Ukraine, Zakarpatska region,
    Uzhgorod, Petefi str. 14

(b) Mr. Bahtin Vitalij
    Temporary Insolvency Manager
    Ukraine, Zakarpatska region,
    Uzhgorod, Svobodi Avenue, 50/77

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Zakarpatska region,
    Uzhgorod, Kotsubinski str. 2a

Zakarpatske Regional Fuel holds account number 260003012001 at
JSC National Credit, MFO 312624.


ZORYANA: Ordered to Undergo Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Zoryana (code EDRPOU
23841825) on March 26, 2004.  The case is docketed as 2/92-B.
Arbitral manager Mr. Bilik Volodimir (License Number AA 487801
approved on April 18, 2003) has been appointed temporary
insolvency manager.

Creditors have until July 19, 2004 to submit their proofs of
claim to:

(a)  AGRICULTURAL ZORYANA
     Ukraine, Hmelnitskij region,
     Starokostantinivskij district,
     Cherne

(b)  Mr. Bilik Volodimir
     Temporary Insolvency Manager
     Ukraine, Hmelnitskij region,
     Starostyantiniv, Popov str. 15/63

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

Agricultural Zoryana holds account number 26005301264, MFO
375166.


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


3I GROUP: Expects Last Year's Strong Performance to Continue
------------------------------------------------------------
At the Annual General Meeting of 3i Group plc, Baroness Hogg,
Chairman of 3i, commented:

"3i achieved a strong overall performance in the year to 31
March 2004.

"I would like to thank Brian Larcombe for his great contribution
to 3i -- not just last year but over 30 years, five of them as
Finance Director and seven of them as Chief Executive.

"I am also delighted to welcome Philip Yea to 3i who starts as
Chief Executive.  Philip brings a wealth of relevant experience
to lead the business going forward."

Brian Larcombe, retiring Chief Executive, commented:
"Realizations have continued to be strong since the year end
although new investment has started slowly.  We have a good
pipeline of new investment opportunities and I would expect
investment levels to strengthen through the year.  3i is in
great shape and well positioned to grow value for our
shareholders."

3i also announced that it will be disposing of its quoted fund
management activities as these are no longer a core part of 3i's
strategy.  In the year to 31 March 2004 3i's quoted fund
management business, including its pension fund, generated
GBP3.5 million of fee income for 3i.  Discussions are taking
place with the boards of the Trusts and substantial asset
management groups as to the future ownership.  3i's unquoted
fund management activity remains a core part of the group.

Philip Yea commented: "I am very much looking forward to
building on 3i's success.  It's a great business in an exciting
sector."

                            *   *   *

In May, TCR-Europe reported rumors circulating regarding a
possible takeover or sale of part of private equity group 3i
after a slowdown in third-party investment and growing concern
over future management in the company.  The company's share
price has fallen to 602p from more than 1700p during the dotcom
boom in 2000, rebounding nearly 50% only last year.

CONTACT:  3I GROUP
          Patrick Dunne
          Group Communications Director
          Phone: 020 7975 3283

          Philip Gawith
          The Maitland Consultancy
          Phone: 020 7379 5151


AYREFIELD CONSTRUCTION: Hires Receivers from Milner Boardman
------------------------------------------------------------
The Ayrefield Construction Limited Company has appointed Colin
Burke and Gary J Corbett as joint administrative receivers.  The
appointment was made June 29, 2004.

The company is engaged in general construction and civil
engineering.  Its registered office address is located at 118
Chapel Lane, Coppull, Chorley PR7 4PN.

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


BALTIMORE TECHNOLOGIES: Installs New Management Team
----------------------------------------------------
Following the announcement that Mr. David Buchler, Mr. Duncan
Soukup, Mr. Tim Lovell, Mr. George Wardale, and Mr. Robin
Williams have been appointed as directors of the Company, the
Company announces that:

(a) Mr. David Buchler has been appointed Non-executive Chairman;

(b) Mr. Duncan Soukup has been appointed Interim Chief-
    Executive;

(c) Mr. Tim Lovell has been appointed Interim Finance Director;

(d) Mr. George Wardale has been appointed Non-executive
    Director;

(e) Mr. Robin Williams has been appointment Non-executive
    Director.

CONTACT:  GAVIN ANDERSON & COMPANY
          Ken Cronin
          Janine Brewis
          Phone: 020 7554 1400
          E-mail: baltimore@gavinanderson.co.uk
          Web site: http://www.acquisitorholdings.com


B & C ASSOCIATES: Special Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the B & B Associated
(Liverpool) Limited Company (formerly Fairfield Motor Services
(Liverpool) Limited) on June 30, 2004 held at the offices of
Mace & Jones, Drury House, 19 Water Street, Liverpool L2 0ZP,
the Special Resolution to wind up the company was passed.
Robert M Rutherford of Parkin S Booth & Co has been appointed
Liquidator for the purpose of such winding-up.


BRANCHPANEL LIMITED: Sets Final Meeting August 4
------------------------------------------------
Members of Branchpanel Limited Company will have a Final Meeting
on August 4, 2004 at 2:00 p.m.  It will be held at 101-102 St
James Road, Northampton NN5 5LF.

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


BUCK YEATS: Members General Meeting Set August 11
-------------------------------------------------
The General Meeting of the Members of Buck Yeats North Limited
Company will be on August 11, 2004 at 2:30 p.m.  It will be held
at Suite 508, Daisyfield Business Centre, Appleby Street,
Blackburn BB1 3BL.

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.


BYTE COMPUTER: Final Meeting Set August 17
------------------------------------------
Members of Byte Computer Superstores Limited Company will have a
Final Meeting on August 17, 2004 at 10:00 a.m.  It will be held
at the offices of Smith & Williamson Limited, Prospect House, 2
Athenaeum Road, London N20 9YU.

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 Smith & Williamson
Limited, Prospect House, 2 Athenaeum Road, London N20 9YU not
later than 12:00 noon, August 16, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU
          Liquidator:
          S R Cork


CARIER BULK: Machine Manufacturing Business for Sale
----------------------------------------------------
The joint administrators Chris Williams and Andrew McTear offer
for sale the business and assets of Carier Bulk Materials
Handling Ltd.

Carier manufactures bespoke materials handling equipment and
bulk storage systems.  It also produces an extensive range of
standard machines suitable for agricultural and general food
processing industry.

The features of the company are:

(a)  worldwide blue chip customer base,

(b)  50 years trading history with over 1500 machines per year,

(c)  current turnover of GBP10 million per annum,

(d)  significant spare parts market,

(e)  design rights to machines, and

(f)  booked order worth GBP4.5 million

CONTACT:  MCTEAR WILLIAMS & WOOD
          19 Silent St.
          Ipswich, Suffolk
          IP1 1TF
          Contact:
          Chris Williams
          Phone: 01473 218 191
          Fax: 01473 218 081
          E-mail: chriswilliams@mw-w.com


CHEAPSIDE LIMITED: Sets Members General Meeting August 10
---------------------------------------------------------
The General Meeting of the Members of Cheapside (No 1) Limited
Company will be held on August 10, 2004 at 10:15 a.m.  It will
be held at 16 The Havens, Ransomes Europark, Ipswich, Suffolk
IP3 9SJ.

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.


CITY CONSTRUCTION: In Administrative Receivership
-------------------------------------------------
The City Construction Company Limited has appointed Keith Barry
Stout as administrator.  The appointment was made June 25, 2004.

The company is engaged in general construction.  Its registered
office address is located at 52 Ongar Road, Brentwood, Essex
CM15 9AX.

CONTACT:  Keith Barry Stout
          (IP No 5327)
          8-10 Eastern Road,
          Romford, Essex RM1 3PJ


DNCS PLC: Final Meeting Set August 17
-------------------------------------
Members of DNCS PLC will have a Final Meeting on August 17, 2004
at 10:30 a.m.  It will be held at the offices of Smith &
Williamson Limited, Prospect House, 2 Athenaeum Road, London N20
9YU.

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 Smith & Williamson
Limited, Prospect House, 2 Athenaeum Road, London N20 9YU not
later than 12:00 noon, August 16, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU
          Liquidator:
          S R Cork


EASYJET PLC: Passenger Uptake for June Increases 28%
----------------------------------------------------
easyJet passenger statistics for June 2004 (information is
published on the fifth working day of every month):


Month ending              June 2004       June 2003       Change
Passengers[1]             2,241,252       1,751,860       28%
Load Factor[2]            86%             86%

Rolling 12 months ending  June 2004       June 2003       Change
Passengers[1]             22,877,710      18,939,545      21%
Load Factor[2]            84%             84%
Revenue (unaudited)[3]    GBP1,030m       GBP855m           21%

Ray Webster, Chief Executive of easyJet said: "These figures are
in line with our statement in June.  We continue to capitalize
on our market and financial strengths -- last month we began new
services to Cologne, announced that we would base a further
three new aircraft at Berlin (bringing the total to nine) and
added five new routes from London Gatwick."

------
Motes:

[1] Represents the number of earned seats flown.  Earned seats
    include seats that are flown whether or not the passenger
    turns up because easyJet is a no-refund airline, and once a
    flight has departed a no-show customer is generally not
    entitled to change flights or seek a refund.  Earned seats
    also include seats provided for promotional purposes and to
    staff for business travel.

[2] Represents the number of passengers as a proportion of the
    number of seats available for passengers. No weighting of
    the load factor is carried out to recognize the effect of
    varying flight (or 'stage') lengths.

[3] Represents statutory revenue (unaudited).

CONTACT:  EASYJET AIRLINE COMPANY LIMITED
          easyLand, Luton Airport
          Luton
          LU2 9LS, United Kingdom
          Phone: +44-1582-700-000
          Fax:   +44-1582-443-355
          Web site: http://www.easyjet.com


EUROTUNNEL PLC: To Cut Cost, Refinance Debt to Recover
------------------------------------------------------
On Wednesday after 90 days at the helm of Eurotunnel, the Board
of Directors and the new management team informed shareholders
of the analysis they have made of the company and outlined the
conditions for its recovery:

(1) Increase turnover

In order to halt the decline in turnover from its Shuttle
Services, Eurotunnel is reorganizing its pricing policy, whether
for the strategic freight sector, cars or coaches.  Eurotunnel
is also ready to put forward a new framework governing its
relations with other train operators.  Finally, the Europorte 2
rail freight project has been reconsidered and re-launched on a
more solid basis.

(2) Reduce costs and increase operating margins

The new Eurotunnel management puts the potential for cost
savings at EUR40 million per year, at least.  In order to
achieve these savings, two plans have already been launched and
will bear fruit within a year at the outside.  The company
reorganization that has already been announced should contribute
to these savings.

(3) Reach a sustainable level of debt

Eurotunnel is actively working on a refinancing plan; the new
management team has surrounded itself with the best possible
legal and financial advisers and has established initial
contacts with its creditors.

Jean-Louis Raymond, Group Chief Executive, states: "Eurotunnel's
recovery is becoming possible; we have identified the conditions
that need to be met, but time is short.  A long-term plan will
be finalized at the end of October.  It will set out
Eurotunnel's new financial and operational strategy, the broad
outlines of which will be made known at that time."

Eurotunnel's interim results will be published on 26 July 2004.
A copy of this letter to shareholder is available free of charge
at: http://bankrupt.com/misc/Eurotunnel_Letter.htm.

                            *   *   *

Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and
Calais/Coquelles, France.  It is market leader for cross-Channel
travel.  Eurotunnel also earns toll revenue from other train
operators (Eurostar for rail passengers, and EWS and SNCF for
rail freight) which use the Tunnel.  Eurotunnel is quoted in
London, Paris and Brussels.

CONTACT:  EUROTUNNEL PLC
          Media Inquiries:
          Kevin Charles
          Phone: + 44 (0) 1303 288728

          Investor Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


EYRES AUTO: Members Final Meeting Set August 3
----------------------------------------------
The Final Meeting of the Members of Eyres Auto Repairs Limited
company will be held on August 3, 2004 at 11:00 a.m.  It will be
held at the offices of Richardson Nutt, 7 Stadium Business
Court, Millennium Way, Pride Park, Derby DE24 8HP.

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.


GRIPP LIMITED: Special Winding up Resolutions Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Gripp
Limited Company on June 23, 2004 held at Elm Works, 7 Glendale
Gardens, Leigh-on-Sea, Essex SS9 2AP, the Special Resolutions to
wind up the company were passed.


HOLLINGER INC.: Calls Lord Black's Petition a Delaying Tactic
-------------------------------------------------------------
Hollinger International Inc. is seeking to foil plans of Lord
Conrad Black to have a say on the sale of the company's U.K.
assets.

According to Bloomberg News, the Chicago-based company has asked
the Delaware court to dismiss the case filed by Lord Black
demanding a vote on the matter.  It considers Lord Black's
motion as nothing but a delaying tactic.

Hollinger International, in which Lord Black controls 68% of the
votes through his company Hollinger Inc., agreed to sell its
Daily Telegraph newspaper to billionaire brothers David and
Frederick Barclay for US$1.33 billion.  The sale is scheduled to
close at the end of this month.  Lord Black wants to seek rights
to cast ballots on the sale saying it is important shareholders
decide the matter.  A hearing for the motion is scheduled July
23.


INVARO: Liquidator Considers Relaunch
-------------------------------------
The management of personal injury specialist Invaro is set to
relaunch the company into the market with a clean slate.  With
the relaunch, the company is expected to retain its core
business, though some parts will be scrapped.  It is not clear
when the relaunch will occur and under what name.

Currently, liquidator Smith and Williamson is setting up a
rescue company to manage existing Invaro claims.  Henry
Shinners, who works for the liquidator, said, "It is never a
smooth ride with liquidation proceedings."


JIGSAW CAPITAL: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the Jigsaw
Capital Partners Limited Company (formerly Jigsaw Capital
Advisers Limited) on June 30, 2004 held at 7 Cork Street, London
W1S 3LH, the Special and Ordinary Resolutions to wind up the
company were passed.   Martin Dominic Pickard has been appointed
Liquidator for the purpose of such winding-up.


JOINERYWORKS LIMITED: Appoints Receivers from Kingston Smith
------------------------------------------------------------
The Joineryworks Limited Company has appointed Ian Robert and
Nicholas John Miller as joint administrative receivers.  The
appointment was made June 28, 2004.  Formerly named Taskcastle
Joinery Limited the company is engaged in construction.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House,
          60 Goswell Road,
          London EC1M 7AD
          Receivers:
          Ian Robert
          Nicholas John Miller
          (IP Nos 008706, 007899)


LEXINGTON AVENUE: Nightclub Company Takes over Business
-------------------------------------------------------
Popular nightclub Lexington Avenue is now under new management
after a buyout occurred between owner First Leisure and the
Nightclub Company.

First Leisure's former chief executive John Smith and six other
executives led the management buyout.  However, the buyout is
not expected to affect the club's 20 employees.  Lexington
Avenue adds to the number of clubs the Nightclub Company owns.

The Nightclub Company operates clubs in London Birmingham and
Glasgow.


LOWETH LIMITED: Sets Creditors Meeting July 15
----------------------------------------------
Creditors of Loweth Limited Company will have a Meeting on July
15, 2004 at 2:30 p.m.  It will be held at The Chartered
Insurance Institute, Great Hall, 20 Aldermanbury, London EC2V
7HY.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, 32 Cornhill, London EC3V 3LJ not
later than 12:00 noon, July 14, 2004.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Joint Administrators:
          Nicholas Roy Hood
          Paul Michael Davis


MARCONI CORPORATION: Sells Outside Plant & Power for US$406 Mln
---------------------------------------------------------------
Marconi Corporation plc signed a definitive agreement for the
sale of its Outside Plant & Power (OPP) business to Emerson for
a total consideration of approximately US$406 million
(approximately GBP221 million).  US$375 million of the purchase
price will be paid in cash with the balance relating to net
pension and retirement benefit liabilities assumed by Emerson.
The transaction is subject to regulatory review and other
customary closing conditions.  Completion is expected before the
end of September 2004.

Upon completion, and pursuant to the terms of Marconi's 8%
Guaranteed Senior Secured Notes due 2008 (Senior Notes), the
total gross cash proceeds will be transferred to Marconi's
Mandatory Redemption Escrow Account and will be used to fund a
further mandatory redemption of the Group's Senior Notes.
Following this redemption the Group's Senior Notes outstanding
will be reduced to approximately US$104 million.  The Board
confirmed its strategy to continue to pay down the remaining
Senior Notes.

Emerson and its affiliates will assume all obligations under
pension and retirement benefit plans with respect to current and
former OPP employees.  The net liability associated with these
plans was approximately US$31 million pre-tax as reported in
Marconi's Group balance sheet as of 31 March 2004.  The OPP
business recorded sales of approximately GBP209 million and an
operating profit, before goodwill amortization and exceptional
items, of approximately GBP14million, in the year ended 31 March

2004.  Net assets at 31 March 2004 were GBP48 million before
pension liability and goodwill.  Of the GBP436 million of
goodwill on Marconi's balance sheet at 31 March 2004, GBP46
million related to the OPP business.

Marconi will record a profit on disposal of this business and
will disclose further information on this following completion.
Commenting on the transaction, Mike Parton, Chief Executive of
Marconi Corporation plc, said:  "The Outside Plant & Power
business is the last of the businesses we identified as not
being core to Marconi's ongoing business.  We are delighted with
this transaction the cash proceeds from which will enable us to
continue to reduce group debt and the associated interest
payments.  The management of OPP have delivered excellent
performance improvements over the last year and the purchase
price reflects both that and the loyal customer base that the
business has built.

About Marconi Corporation plc

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

About the Mandatory Redemption Escrow Account (MREA)

When the balance of the MREA reaches US$30 million, this
triggers a mandatory partial redemption of Marconi's Loan Notes
at 110% of par value.  About Emerson St Louis-based Emerson
(http://www.gotoemerson.com/)is a global leader in bringing
technology and engineering together to provide innovative
solutions to customers in electronics and telecommunications:
process control; industrial automation; heating; ventilating and
air conditioning; and appliance and tools.  Emerson sales in
fiscal 2003 were $14 billion.

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

          Investor Inquiries:
          Heather Green
          Phone: + 44 207 306 1735
          E-mail: heather.green@marconi.com

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


MARKS & SPENCER: Revival Comes Back with 400p Offer
---------------------------------------------------
Revival announces that, subject to the satisfaction of the
conditions set out below, it is prepared to announce an offer
for the ordinary share capital of M&S of 400 pence per share in
cash by August 6, 2004.  Revival[1] is also prepared to offer a
cash and share alternative comprising 335 pence per share in
cash plus a 30% equity interest in the Revival group in the form
of a listed security.

Brandes Investment Partners, LLC has irrevocably[2] undertaken
that, if Revival were to announce a firm intention to make such
an offer, which is recommended by the board of M&S, by not later
than August 6, 2004, it would accept such an offer in respect of
266,300,000 M&S ordinary shares, representing approximately
11.7% of the entire issued ordinary share capital of M&S.

Any offer for M&S by Revival would be made after the
satisfaction of these conditions:

    (i) The offer being recommended by the board of M&S;

   (ii) Revival carrying out satisfactory due diligence; and

  (iii) Finalization of documentation.

The conditions attaching to any formal offer by Revival would be
of the type usually attaching to a recommended offer for a U.K.
public company.  Revival reserves the right to waive any or all
of the conditions set out in this announcement.

This announcement is not intended to constitute and is not an
offer, and Revival does not currently have a firm intention to
make such an offer.  Revival reserves the right to announce an
offer at a lower price that is recommended by the board of M&S.

There can be no certainty that any offer will ultimately be
made.

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

[1] Revival reserves the right to make a higher offer in the
event of a competitive situation arising.

[2] The undertaking would cease to be binding if a firm
intention to make a recommended offer is not made by August 6,
2004; or if a competing offer were to be announced in accordance
with Rule 2.5 of the City Code which is not subject to a pre-
condition (other than receipt of a necessary regulatory consent)
and which, in the reasonable opinion of Brandes' advisers,
values an ordinary share of M&S at 430 pence or more.  Brandes
reserves the right to transfer or dispose of M&S ordinary shares
which are allocated or attributable to it or its affiliates'
underlying clients, where the client has terminated the
professional relationship or otherwise changed the investment
mandate so that holding the relevant M&S ordinary shares is no
longer consistent with such mandate.  Any such shares shall be
excluded from this undertaking to accept such offer.

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


MARTINE FREIGHT: In Administrative Receivership
-----------------------------------------------
Bibby Factors Northwest Limited called in Colin Burke and Gary J
Corbett receivers for Martine Freight Services Limited Company
(Reg No 03187352, Trade Classification: 6024).  The application
was filed June 24, 2004.  The company is engaged in freight
transport by road.

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


MONTROSE VITAL: Sets August 9 Final Meeting
-------------------------------------------
Members of Montrose Viral Safety Limited Company will have a
Final Meeting on August 9, 2004 at 11:00 a.m.  It will be held
at the offices of PricewaterhouseCoopers LLP, Cornwall Court, 19
Cornwall Street, Birmingham B3 2DT.

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

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Joint Liquidator:
          T Walsh


NAMCO OPERATIONS: Members Final Meeting Set July 23
---------------------------------------------------
Members of Namco Operations Israel (Holdings) Limited Company
will have a Final Meeting on July 23, 2004 at 10:30 a.m.  It
will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB not later than 12:00 noon, July 22,
2004.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Liquidator:
          J S Spratt


PRIME ARTS: Contemporary Art Publishing Business for Sale
---------------------------------------------------------
Simon Girling and Mark Roach, Joint Administrative Receivers,
offer for the business and assets of Prime Arts Limited as a
going concern.

Prime Arts Limited is a contemporary art publishing company with
turnover of around GBP1 million from its worldwide market.  The
company has a modern designed freehold located with an area of
12,500 square meters.  The site is located at Bath.

CONTACT:  NUMERICA LLP
          Crown House
          37/41 Prince St.
          Bristol BS1 4PS
          Contact:
          Simon Girling
          Phone: 0114 934 2830, 07879 693713
          Fax: 0117 921 5427
          E-mail: simon.girling@numerica.co.uk


PROPERTY ACQUISITION: Receives Unsolicited Bid from Hichens
-----------------------------------------------------------
The Board of Property Acquisition and Management Limited noted
the announcement made by Hichens, Harrison & Co. plc on behalf
of Armworth House Limited, which contains cash offers of 90.5p
for each PAM ordinary share and 115p for each PAM convertible
redeemable preference share.

The offers, which are unsolicited and unwelcome, undervalue the
company and your Board will make a further announcement in due
course.  In the meantime you are strongly advised to take no
action in relation to your holdings in PAM and, specifically, to
ignore any documents or announcements which may be made or
issued by, or on behalf of Armworth.

CONTACT:  PROPERTY ACQUISITION
          Andrew Duquemin
          Phone: 01481 731 942

          Peter Ward
          Insinger de Beaufort
          Phone: 020 7377 6161


PSL QUORUM: Appoints Grant Thornton Administrator
-------------------------------------------------
Travel Agency PSL Quorum Management Limited has appointed Daniel
Smith and Martin Ellis as joint administrative receivers.  The
appointment was made June 29, 2004.

CONTACT:  GRANT THORNTON
          Melton Street,
          Euston Square,
          London NW1 2EP
          Receivers:
          Daniel Smith
          Martin Ellis
          (IP Nos 8373, 8687)


REFLEX WINDOWS: Hires Baker Tilly Administrator
-----------------------------------------------
Richard Paul Rendle and Guy Edward Brooke Mander of Baker Tilly
have been appointed joint administrative receivers for Reflex
Windows Limited Company.  The appointment was made June 28,
2004.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row,
          Birmingham B2 5AF
          Receivers:
          Richard Paul Rendle
          Guy Edward Brooke Mander
          (IP Nos 8845, 5766)


TASKCASTLE LIMITED: Appoints Kingston Smith Administrator
---------------------------------------------------------
Construction Company Taskcastle Limited has appointed Ian Robert
and Nicholas John Miller as joint administrative receivers.  The
appointment was made June 28, 2004.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House,
          60 Goswell Road,
          London EC1M 7AD
          Receivers:
          Ian Robert
          Nicholas John Miller
          (IP Nos 008706, 007899)


T. BIBBY: Creditors Meeting Set July 16
---------------------------------------
The Creditors Meeting of T. Bibby and Company Limited will be on
July 16, 2004 at 10:00 a.m.  It will be held at Sargent &
Company, 36 Clare Road, Halifax HX1 2HX.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Sargent & Company, 36 Clare Road, Halifax HX1 2HX
not later than 12:00 noon, July 15, 2004.

CONTACT:  SARGENT & COMPANY
          36 Clare Road,
          Halifax HX1 2HX
          Joint Administrator:
          Peter Sargent


THOMAS RECOVERY: Hires DTE Leonard Curtis Administrator
-------------------------------------------------------
J M Titley and A Poxon have been appointed joint administrative
receivers for Thomas Recovery Limited Company.  The application
was made June 18, 2004.  The company repair and recovers motor
vehicles.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount, Hollins Lane,
          Bury, Greater Manchester BL9 8AT
          Receivers:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)


UNITED BISCUITS: Ratings Lowered; Slide in EBITDA Margin Cited
--------------------------------------------------------------
Fitch Ratings on Wednesday downgraded United Biscuits Group's
ratings, and removed them from Rating Watch Negative (RWN).  The
Outlook for all ratings is now Stable.

The downgrade of United Biscuits' ratings by one notch reflects
the decline in the company's EBITDA margin and the increasing
pressure on its cash flow.  The latter will continue to be
affected by high cash restructuring charges of c.GBP30 million
per annum, together with additional pension contributions of
c.GBP15 million and the projected increase in marketing expenses
to GBP44 million (c.30% higher than 2003).  Fitch expects United
Biscuits to experience significant liquidity pressure from 2005
onwards, against an anticipated backdrop of increasing
amortization payments.

The ratings were placed on RWN on 4 February 2004 when United
Biscuits announced the issuance of additional senior
subordinated notes in the principal amount of GBP75 million, net
of proceeds.  Fitch at the time was not aware as to the use of
proceeds of the notes and their impact on leverage.  This,
coupled with the likely deterioration in 2003 financial
performance, was the main reason for placing the ratings on RWN.
Indeed United Biscuits' FYE03 results have highlighted the
erosion of the EBITDA margin as a result of pressure from both
competitors and retailers.  Moreover, the issuance of the notes
has increased total net leverage; at FYE03 total net leverage
pro-forma for issuance of the notes was 4.0x, compared with 3.5x
in March 2003, at the time of the recapitalization of the senior
secured facilities.

Fitch understands that the new notes issued by United Biscuits
Finance plc are denominated in both euro and sterling, with a
euro add-on amount of approximately EUR32.8 million and a
sterling add-on amount of GBP45 million.  The terms of the new
notes are materially the same as the outstanding GBP120 million
10.75% senior subordinated notes due 2011 and EUR160 million
10.625% senior subordinated notes due 2011, which are both
contractually and structurally subordinated to the senior
secured facilities and trade creditors at the group's operating
companies.  As a result of the downgrade the new notes are rated
at 'B+', at the same level as the existing notes.  The absence
of any downward notching from the senior unsecured rating
reflects Fitch's view as to the likely enterprise value within
the business in a distress scenario, which should ensure that
recovery for the noteholders is no worse than that of senior
unsecured creditors.

For the full year to December 2003, United Biscuits achieved
sales and EBITDA of GBP1.332 million and GBP166 million
respectively, compared to GBP1,308 million and GBP188 million in
2002.  FY03 EBITDA includes the impact of c.GBP15 million for
the early adoption of FRS 17 "Retirement Benefits", and the
comparative 2002 restated EBITDA is GBP174 million.  During the
year United Biscuits was able to increase its branded sales as a
percentage of total sales to 87% from 86% in 2002; however,
prioritized brands grew by 4.5% compared to 7.0% in 2002 The
results for the first quarter ended 31 March 2004 show
relatively flat revenues and a 1.9% decline in EBITDA year-on-
year.

These ratings of United Biscuits have been downgraded and
removed from RWN:

(a) United Biscuits Finance plc's GBP165 million 10.75% senior
    subordinated notes due 2011 and EUR192.8 million 10.625%
    senior subordinated notes due 2011: to 'B+' from 'BB-';

(b) Regentrealm Limited's GBP435 million senior secured
    facilities: to 'BB+' from 'BBB-', and its senior unsecured
    facilities to 'B+' from 'BB-'.

CONTACT:  FITCH RATINGS
          Junaid Jafar, London
          Phone: +44 (0) 20 7417 3499

          Giulio Lombardi
          Phone: +44 (0) 20 7417 6314

          Stefano Podesta
          Phone: +44 (0) 20 7417 4316

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


U.P.P. LIMITED: Appoints Liquidator from Redhead French
-------------------------------------------------------
At an Extraordinary General Meeting of the U.P.P. Limited
Company on June 24, 2004 held at 2 Serjeants' Inn, London EC4Y
1LT, the Special and Ordinary Resolutions to wind up the company
were passed.  Jeremy Stuart French of Redhead French, 43-45
Butts Green Road, Hornchurch, Essex RM11 2JX has been appointed
Liquidator for the purpose of such winding-up.

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


VAN LINERS: Brings in Receivers from Begbies Traynor
----------------------------------------------------
The Van Liners Limited Company has appointed P Stanley and G N
Lee of Begbies Traynor as joint administrative receivers.  The
appointment was made July 1, 2004.

The company modifies vehicles.  Its registered office address is
c/o Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Receivers:
          P Stanley
          G N Lee
          (IP Nos 008123, 009204)


VITALSTAKE LIMITED: Appoints Baker Tilly Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Vitalstake Limited Company (formerly J W Barrett & Sons Limited)
on June 29, 2004 held at Baker Tilly, City Plaza, Temple Row,
Birmingham B2 5AF, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Phillip
Hartland Allen and Guy Edward Brooke Mander of Baker Tilly, City
Plaza, Temple Row, Birmingham B2 5AF have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row,
          Birmingham B2 5AF
          Liquidators:
          Phillip Hartland Allen
          Guy Edward Brooke Mander


WEST 175: Distributing Cash, Shares Following CVA Closure
---------------------------------------------------------
West 175 Media Group Inc. announces that the company voluntary
arrangement of the Company has now been completed.

As a result of the completion of the CVA, 29,227,432 new common
stock of no par value fall to be issued to creditors (including
loan note holders) in satisfaction of their claims against the
Company pursuant to the CVA.   In addition, a total cash payment
of GBP20,201.30 is being made to those Creditors who elected to
receive cash instead of shares in the CVA.  A further 11,250,000
new West Shares are being issued to Mr. John Gunn, a director of
the Company, and a further 5,000,000 new West Shares are being
issued to NCL Investments Limited at 0.4 pence per share
pursuant to the conversion of the loans to the Company of
GBP65,000 referred to in the Company's announcement of 14
May 2004 which were required to be drawn down in connection with
the CVA.

A further 90,000,000 new West Shares have been placed at 0.5
pence per share pursuant to the Conditional Placing referred in
the 14 May announcement.  This has raised GBP450,000 for the
Company (before expenses).  The net cash position after expenses
associated with the CVA and the Conditional Placing will be
approximately GBP375,000.

A further 3,750,000 new West Shares and options over a total of
6,478,300 West Shares are being issued to Numis Securities
Limited and Ludgate Investments Limited as advisers to the
Company, inter alia, in relation to the Conditional Placing,
also as referred to in the 14 May announcement.

The Conditional Placing and the other share issues referred to
above are subject to the shares concerned being admitted to
dealings on AIM.

Application has been made for all the new West Shares referred
to above to be admitted to trading on AIM and it is expected
that dealings will commence on 8 July 2004.  The existing shares
in the Company will also be restored to trading on AIM on 8 July
2004.  Following the issue of all the new West Shares referred
to above, there will be a total of 161,957,456 West Shares in
issue.  The total number of warrants in issue will be 22,800,001
and the total number of options over West Shares will be
8,336,176.


WYKEHAM FARRANCE: Barclays Bank Appoints Receiver
-------------------------------------------------
Barclays Bank Plc called in Graham Paul Bushby and Guy Edward
Brooke Mander of Baker Tilly as receivers for Wykeham Farrance
International Limited (Reg No 00360538).  The application was
filed July 1, 2004.  The company is engaged in mechanical
engineering.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Receiver:
          Graham Paul Bushby
          (Office Holder No 8736)

          BAKER TILLY
          City Plaza, Temple Row,
          Birmingham B2 5AF
          Receiver:
          Guy Edward Brooke Mander
          (Office Holder No 8845)


* E.U. Commission Sets New Approach to Save Distressed Companies
----------------------------------------------------------------
The new guidelines clarify the approach the Commission intends
to take in individual cases where the State financially supports
a rescue and restructuring operation in favor of individual
enterprises.  These guidelines are an essential State aid policy
instrument because they make Commission decisions in individual
cases more predictable for companies and the public at large.

"The new guidelines reflect an increasing focus on large
enterprises that trade across the EU.  These enterprises usually
have larger market share and State support in their favor
affects competition and trade more significantly.  In line with
the increased focus on economically significant distortions of
the competitive marketplace, we have introduced stricter rules
on the efforts that these big beneficiaries have to make to
finance their own survival.  Big companies in the future should
carry around 50% of the restructuring cost," Commissioner Monti
commented.

The new guidelines are based on the core principle that in any
restructuring operation the aid beneficiary should be obliged to
finance a large part of its restructuring cost.  Large
undertakings that are active throughout the Community and
receive subsidies should make a significant contribution to
their own restructuring.  This can be achieved either by using
funds they obtained by selling assets that are not essential to
the firm's survival, or from external financing obtained at
market conditions.

The 1999 guidelines did not address the issue of how substantial
a company's own contribution to the restructuring effort should
be.  The new guidelines quantify a minimum percentage threshold
of the restructuring cost that the aid beneficiary has to carry
with its own means.  For large undertakings the threshold of
this own contribution should be around 50% of the overall
restructuring cost.  For medium-sized undertakings whose
activities do not distort competition within the Union in the
same way, the thresholds is fixed at 40% while PMEs only have to
carry around 25% of their restructuring cost.

The new guidelines also introduce a uniform standstill period
during which the aid recipient should not rely on follow-up aid.
The "one time last time principle" as it is currently drafted in
the 1999 rescue and restructuring guidelines states that aid for
long-term restructuring should only be granted once every ten
years.  The guidelines did not envisage that short-term rescue
loans would be awarded during the 10-year standstill period.
The new guidelines will therefore introduce a uniform period of
ten years that should elapse after the award of restructuring
aid before new aid in whatever form is envisaged.  This is also
a socially responsible policy: companies which do not survive
for ten years after their last restructuring effort may not
provide very stable employment.

Why these guidelines?

The enforcement of State aid rules is essentially a Commission
policy.  Because the European Courts allow the Commission
considerable discretion in enforcing State aid policy, the
Commission felt the need to set forth its administrative policy
in a general document.  Adopting general guidelines make our
rescue and restructuring decisions more predictable and
accessible to the public at large.  In addition, setting forth
future policy in a general document reflects good administrative
practice and fosters a discipline in the Commission's decision-
making.

When will the new procedures be in place?

The 1999 rescue and restructuring guidelines expire in October
2004.  The new guidelines will replace the existing text as of
10 October 2004 and will apply to all aid notified after 10
October 2004.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
s
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
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