TCREUR_Public/040716.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 16, 2004, Vol. 5, No. 140

                            Headlines

C Z E C H   R E P U B L I C

AGROBANKA PRAHA: Brussels to Investigate State Aid
CESKOSLOVENSKA OBCHODNI: Pre-E.U. Accession Govt Aid Not Illegal


F R A N C E

MCCORMICK FRANCE: Reorganization to Affect 120 Workers


G E R M A N Y

MOBILCOM AG: E.U. OKs State Aid, But Orders Halt to Online Sales


H U N G A R Y

NAGYATAD CANNING: State Privatization Agency Sets Auction August


I R E L A N D

BAN ARD: Liquidator to Scrutinize Sale to Mangans
BULA RESOURCES: Liquidator Launches Probe into US$1 Mln Loss
ELAN CORPORATION: Awarded Patents on Alzheimer's Treatment


I T A L Y

ALITALIA: E.U. Requires Privatization as Condition for State Aid
PARMALAT FINANZIARIA: Bares Recovery Ratios Under Rescue Plan
PARMALAT FINANZIARIA: Italian, French Aid for Suppliers Okayed


L U X E M B O U R G

STOLT-NIELSEN: Returns to Black in Second Quarter


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: Extends US$525 Million Credit Facility


N O R W A Y

NORTHERN OFFSHORE: Creditors Apply for Liquidation in Bermuda


R U S S I A

20TH CENTRAL: Under Bankruptcy Supervision
AGRO-FIRM-VOSTOK: Insolvent Status Confirmed
AGRO-PROM-GAZ: Court Sets September 2 Hearing
APPARAT-AGRO-PROM: Undergoes Bankruptcy Supervision Procedure
BELOKLYUCHEVSKOYE: Court Commences Bankruptcy Proceedings

KLIN-POLIMER: Under Bankruptcy Supervision
KSD-STROI-DETAL: Court Sets October 5 Hearing
METROMEDIA INTERNATIONAL: Hires KPMG Limited New Auditor
NORTH: Proofs of Claim Deadline Expires Tomorrow
ROZINSKY FACTORY: Undergoes Bankruptcy Supervision Procedure

RUSSIAN BANKS: Government Secures Individual Deposits
TRANS-ENERGO-MONTAZH: Irkutsk Court Appoints Insolvency Manager
VIMPELCOM COMMUNICATIONS: Contracts Ericsson for GSM Expansion
YUKOS OIL: New Chairman's Ouster Sought
YUKOS OIL: Offers to Pay Part of EUR3.4 Billion Tax Arrears


U K R A I N E

AKTAN: Bankruptcy Proceedings Begin
KARABUTIVSKE: Sumi Court Names Insolvency Manager
KOLOMIYA' WOOD: Proofs of Claim Deadline July 26
KOSHARIVSKE: Court Appoints Liquidator
RESENG: Under Bankruptcy Supervision
VELIKONOVOSILKIVKA' MILK: Declared Insolvent
V.I.N. LTD.: Undergoes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

AFFINITY WIRELESS: Names Kroll Limited Liquidator
ALL SEASONS: Appoints Liquidator from Begbies Traynor
APEX METAL: Calls in Liquidator
ASSOCIATED FIRE: Sets Members Final Meeting August 27
ATHERTON LIMITED: Sets Final Meeting August 13

B.J. WEST: Winding up Resolutions Passed
BUTINOX TIMBER: Calls in Liquidator
CELBANK LIMITED: Names Administrator from Jeffreys Henry Jacobs
CENARGO INTERNATIONAL: 'Caa' Debt Ratings Withdrawn
CENTREIMAGE LIMITED: Sets Meeting July 29

CHEMICAL COATING: Winding up Resolutions Passed
CINCINNATI MACHINE: Appoints PricewaterhouseCoopers Liquidator
CLIPS CONSTRUCTION: Hires Receivers from Mazars
CRANBORNE FOODS: Appoints Mazars Administrator
CRESTAHEAD LIMITED: Close Invoice Finance Appoints Receivers

CYBERES PLC: Administrators Continue Selling Properties
DAWSON HOLDINGS: Appoints Two New Board Members
DOUBLE VISION: Bank of Scotland Appoints PwC Receiver
EASYJET PLC: Adds More Flights to Central Europe
EGG PLC: Exit from France Won't Affect Pillar Deals, Says Fitch

EGG PLC: Chairman Mendoza's Dual Role Questioned
EQUALITY NORTH: Hires Liquidator from Royce Peeling Green
GLENSHEE SKI: Management Buyout Team Named Preferred Bidder
GREENLAND BLADE: Special Winding up Resolution Passed
JGF HOLDINGS: General Meeting Set August 12

LATERAL SYSTEMS: General Meeting Set August 9
LINK UP: Members General Meeting Set August 6
MARKS & SPENCER: Chairman Admits Difficulties in Second Quarter
MAYFLOWER CORPORATION: New Watchdog to Probe Auditors
PALACE THEATRE: Sets Final Meeting August 26

PROPAFLOR LIMITED: Names Vantis Redhead Administrator
RAMCO: Seeks to Defer Loan Payment After GBP104.1 Mln Loss
RIDGEWAY CONTRACTORS: Names Gilderthorps Liquidator
SCREEN SCENE: Shareholder Proposes Wind-up
TRIPLE S: Meat Marketer Goes Belly up
UNIQUE ENTERTAINMENT: Members General Meeting Set August 5
W FEIN: Sets Creditors Meeting July 22


                            *********


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


AGROBANKA PRAHA: Brussels to Investigate State Aid
--------------------------------------------------
The European Union Commission opened a formal probe into a
series of state guarantees and a put option in favor of
Agrobanka Praha, A.S. and its owner GE Capital.  Both of these
measures are still 'applicable after accession'.  On the other
hand, the Commission will not examine a series of other support
measures granted in the past by the Czech authorities in favor
of the restructuring of Agrobanka, as these are not 'applicable
after accession'.

After a preliminary assessment, the Commission decided to open
formal investigation proceedings with respect to certain so-
called Warranties and Indemnities according to which additional
claims to the state could be made after accession.  The probe
also includes a 'Put Option' in favor of GE Capital.  At this
stage, the Commission considers that the potential liability of
the state is not sufficiently defined, should GE Capital decide
to exercise its put option.  In conclusion, with respect to both
measures, the ultimate financial exposure of the Czech State is
not sufficiently defined at the date of accession.  The measures
are therefore deemed still 'applicable after' accession.

The Commission considers that these Warranties and Indemnities
and the Put Option represent state aid and has assessed whether
these measures could be approved under the Rescue and
Restructuring Guidelines.  At this stage, the Commission has
doubts whether the measures are in line with these E.U.
guidelines and invites the Czech Republic and third parties to
submit comments.

In general, the Commission considers a measure to be applicable
after accession if the measure is liable to produce additional
and unforeseeable benefits to individual companies or when the
state's precise exposure cannot be calculated precisely at the
time of accession.

On the other hand, the Commission's preliminary assessment
revealed that the Depositors' Guarantee, the Liquidity
Assistance, the Unsuccessful attempt to increase Agrobanka's
capital, the Purchase Price and the Increase in GE Capital
Bank's capital are measures that are not applicable after
accession.  In addition, the Commission has also found that
certain Warranties and Indemnities granted within the framework
of the purchase of the bank by GE Capital have already expired
before the accession of the Czech Republic to the European Union
and are therefore not applicable after accession either.  These
measures cannot be examined by the Commission.

Background

The Czech Republic notified a series of measures in favor of
Agrobanka Praha, A.S. and GE Capital Bank, A.S. under the so-
called interim mechanism procedure provided for in Annex IV.3 of
the Act of Accession.  The notified measures were adopted by the
Czech authorities during 1996 to 1998 to assist the
restructuring of Agrobanka Praha, A.S. and facilitate its sale
to GE Capital Bank.

                            *   *   *

Agrobanka, which once had over 330 branches across the Czech
Republic, ran into liquidity problems in 1996.


CESKOSLOVENSKA OBCHODNI: Pre-E.U. Accession Govt Aid Not Illegal
----------------------------------------------------------------
The European Commission has ruled that the government guarantees
extended to Ceskoslovenska obchodni banka, a.s. (CSOB) prior to
the entry of the country to the union was not illegal.

This key decision means the bank will not have to return several
dozen billions of crowns in government guarantees in 2000 when
it took over failed IPB bank, CTK says.  The government bought
bad debts, securities and real estate formerly owned by IPB
worth CZK170 billion.

Czech Republic joined the union in May this year.  Government
actions prior to this date may not be questioned, according to
the commission.  "The measures are considered to not be
'applicable after accession' and thus cannot be questioned by
the Commission," an E.U. statement reads.

                            *   *   *

Ceskoslovenska obchodni banka, a.s. prides itself as the
strongest, most reliable, and most efficient bank not only in
the Czech Republic, but in the whole Central and Eastern Europe
region.

CSOB's majority shareholder is KBC BANK NV, which holds a 89.82%
share.  The bank is a member of the KBC Bank and Insurance
Group, which was created in 1998 through the merger of ABB
Insurance Group, the Almanij-Kredietbank Group and CERA Bank
Group.

CONTACT:  Ceskoslovenska obchodni banka, a.s.
          Na Prikope 14
          115 20 Praha 1
          Phone: +420 261 351 111
                 +420 224 111 111
          Fax: +420 224 225 049
          Telex: 122201
          Web site: http://www.csob.cz/


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


MCCORMICK FRANCE: Reorganization to Affect 120 Workers
------------------------------------------------------
Tractor manufacturer McCormick France has announced plans to get
rid of up to 120 jobs at its Saint-Dizier site, Les Echos
Reports.

McCormick France, part of the U.S.-based McCormick group,
recently received EUR7 million in fresh capital; but without
substantial reorganization, it does not expect to break even.
Sales volumes for 2004 and 2005 are not expected to offset its
losses.  Last year, the company generated a loss of EUR9.8
million.  Union sources say McCormick France employs 760.


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


MOBILCOM AG: E.U. OKs State Aid, But Orders Halt to Online Sales
----------------------------------------------------------------
The European Union Commission approved aid granted to MobilCom
AG to help with its restructuring in 2002.  But the aid approval
comes with tight strings attached.  To offset the distortions of
competition caused by the aid, MobilCom and its affiliates must
halt their online direct sales of MobilCom mobile telephony
contracts for seven months.

The Commission held that competition was unfairly distorted
primarily because MobilCom used the aid not only to restructure
the company physically but also to reorient its marketing
strategy and to focus on more profitable customer segments in
its core business area as a mobile telephony/service provider.
The aid thus had a particularly damaging effect on competitors
as they too are having to target their business strategies at
more profitable customer groups because the German mobile
telephony market has reached saturation level.

On top of that, in the years leading up to the crisis, MobilCom
had been focusing on the UMTS sector, using aggressive pricing
to pursue an expansion strategy aimed solely at boosting its
market share.  In the end this strategy failed, forcing MobilCom
to withdraw from the UMTS sector.  However, the aid granted
meant that MobilCom did not have to bear alone the negative
consequences of the risky strategy it had pursued, while at the
same time being able to benefit from the positive effects, such
as the fact that, in slimming down its customer portfolio, it
could count on a larger customer base.  This meant that the aid
gave MobilCom a substantial advantage over its competitors.

The Commission takes the view that imposing a ban on direct
online sales of MobilCom mobile telephony contracts for seven
months should offset the competitive distortions created.  For
the company, direct online marketing represents an increasingly
important channel for selling mobile telephony contracts.
Halting such marketing for a while will offer competitors a
chance that customers will go to their Web sites and sign up for
contracts.

The investigation has shown that the measures imposed will not
place an excessive burden on the company.  Action to implement
the measures must begin within two months of the decision.

In its decision the Commission held that the state guarantee
granted to the German mobile telephony undertaking MobilCom for
a EUR112 million-loan amounted to restructuring aid.  It
concluded that the award of the aid led to an unfair distortion
of competition on the mobile telephony market.  Consequently, it
was able to approve the aid only subject to certain conditions.

CONTACT:  MOBILCOM AG
          Hollerstrabe 126
          D-24782 Budelsdorf, Germany
          Phone: +49 43 31 69 11 73
          Fax:   +49 43 31 69 28 88
          Web site: http://www.mobilcom.de


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


NAGYATAD CANNING: State Privatization Agency Sets Auction August
----------------------------------------------------------------
Loss-making Nagyatad Canning Factory Kft will be sold next
month, Budapest Business Journal says, citing the State
Privatization and Holding (APV) Rt.

Production at the factory was ceased recently to prevent further
losses.  Around 130 employees were ordered to go on compulsory
holiday.  According to Istvan Szoke of APV-owned Agricultural
Management and Asset Management Kft, which runs Nagyatad, the
canning plant most recently booked losses of HUF2.5 billion.


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


BAN ARD: Liquidator to Scrutinize Sale to Mangans
-------------------------------------------------
A High Court-appointed provisional liquidator for cash and carry
firm Ban Ard is set to investigate the purchase of the company
by leading rival Mangans Wholesale, Europe Intelligence Wire
reports.

Mangans reopened the store last month after it closed down due
to financial difficulties.  While the financial details of the
deal were undisclosed, sources close to the transaction says it
was bought for a "very reasonable price."

The investigation also wants to find out the extent of the
company's debt.  C&C Group claims it is owed approximately EUR1
million.  In total, Ban Ard is thought to have debts of EUR5
million.  C&C Group, together with other creditors, including
Cadburys and John Player, sought for the liquidation of the firm
last week.  A court hearing on the petition is scheduled July
19.

Ban Ard was set up by the O'Sullivan family in 1987.  It
operates from a 34,000-sq. ft. warehouse in Kinsale Road in
Cork.  Accounts lodged at the Companies Office show it has
retained profits of more than EUR750,000 for the year ending
January 31, 2002.

The company's troubles started after the launching of its Fine
Food fair franchise designed to compete with Mangans' local Mace
and Spar in 2003.  Losses coupled with pending financing
commitments for its expansion are thought to have pulled the
company down.  It also reportedly suffered losses in its
flagship outlet Ardfallen Shopping Center, where it had invested
between EUR1 million to EUR2 million.


BULA RESOURCES: Liquidator Launches Probe into US$1 Mln Loss
------------------------------------------------------------
The liquidator of Bula Resources, Jim Stafford, said he will
investigate a deal that made the company almost US$1
million last year, Europe Intelligence Wire reports.

Mr. Stafford will look into a transaction that Bula entered with
Bahrain's Al Thamer Establishment in June 2001.  In what he
calls an "unusual transaction," the firm paid US$1.5 million to
Al Thamer.  This was not reported to the Securities and Exchange
Commission until February 2002.

Bula said in its filing then that the amount was a "refundable
deposit."  It turned out otherwise upon confrontation with
General Kamal of Al Thamer.  Last year, the two companies
entered a settlement in which Bula was paid US$375,000 as full
and final payment.  The remaining US$937,500 was considered
unrecoverable.

The Office of the Director of Corporate Enforcement is also
investigating the matter.  Mr. Stafford said he is cooperating
with the agency.


ELAN CORPORATION: Awarded Patents on Alzheimer's Treatment
----------------------------------------------------------
Elan Corporation, plc and Wyeth Pharmaceuticals, a division of
Wyeth, announce that the United States Patent and Trademark
Office recently issued Neuralab Limited, a wholly owned
subsidiary of Elan, three patents for the companies' joint
research on immunotherapeutic approaches to the treatment of
Alzheimer's disease.

U.S. Patent Number 6,750,324, entitled 'Humanized and chimeric
N-terminal amyloid beta-antibodies,' claims pharmaceutical
compositions comprising an antibody that specifically binds to a
region within the beta amyloid molecule.

U.S. Patent Numbers 6,743,427 and 6,761,888, entitled
'Prevention and treatment of amyloidogenic disease' and 'Passive
immunization treatment of Alzheimer's disease' respectively,
claim methods of prophylactically or therapeutically treating
Alzheimer's disease, including the administration of a
pharmaceutical composition comprising an antibody that
specifically binds to a region within the beta amyloid molecule.

"These patents represent novel approaches in pursuing beta
amyloid immunotherapy, with the goal of developing a treatment
for Alzheimer's disease," said Lars Ekman, M.D., Executive Vice
President and President, Research and Development, Elan.

"Elan and Wyeth maintain a strong commitment to leading edge
immunotherapy research.  These new patents are important
additions to the Alliance's already strong patent portfolio,'
said Robert R. Ruffolo, Jr., Ph.D., President, Wyeth Research
and Senior Vice President, Wyeth.

Elan and Wyeth, solely or jointly, are the owners or exclusive
licensees of more than fifty U.S. patents and/or patent
applications along with corresponding foreign patents supporting
their Alzheimer's immunotherapy approach.

In 2000, Elan and Wyeth formed a collaboration to discover,
develop and commercialize immunotherapeutic approaches to treat
and prevent Alzheimer's disease.  The companies are currently
pursuing beta amyloid immunotherapy for mild to moderate
Alzheimer's disease in a Phase I safety study of a humanized
monoclonal antibody, AAB-001.  Elan and Wyeth are also
developing ACC-001, a novel beta amyloid-related active
immunization approach that is in the late preclinical discovery
phase.

About Elan

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

About Wyeth

Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE), has
leading products in the areas of women's health care,
cardiovascular disease, central nervous system, inflammation,
transplantation, hemophilia, oncology, vaccines and nutritional
products.  Wyeth is one of the world's largest research-driven
pharmaceutical and health care products companies.  It is a
leader in the discovery, development, manufacturing, and
marketing of pharmaceuticals, vaccines, biotechnology products
and nonprescription medicines that improve the quality of life
for people worldwide. The Company's major divisions include
Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Fort Dodge
Animal Health.

                            *   *   *

Elan reported a 29% decline in first-quarter revenues in the
first half after selling off products to pay down debt last
year.  Losses were down from US$136.8 million to US$66.2
million.  An accounting scandal two years ago shaved 90% of the
company's market capitalization.  Since Mr. Martin took over the
reigns, the company's value has rise more than threefold in the
last 12 months.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353 1 709 4000
          Fax:   +353 1 662 4949
          Web site: http://www.elan.com


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


ALITALIA: E.U. Requires Privatization as Condition for State Aid
----------------------------------------------------------------
The European Union Commission approved the government-backed
bridging loan to Alitalia but on the condition that the state
sells some of its stake in the airline.

Italy has promised to support a EUR400 million (US$492.6
million) loan needed by Alitalia while it draws a restructuring
plan.  The loan itself is dependent on the company presenting a
rescue strategy.

Commissioners, Alitalia management, and Italy's transport and
Europe ministers previously met to discuss the loan.  The major
requirement set by the regulator was for the government to
reduce its stake from 62% at present to no more than 49%.
According to the Financial Times, the negotiating party gave
assurances they would privatize the company as recommended.

Alitalia's restructuring plan, which potentially includes job
cuts, promises to be the center of a long debate among
politicians and the labor union.  Northern League, a junior
government party, is opposed to it.  Alitalia has major
operations in Milan and Lombardy, where the party obtains its
electoral support.  The region stands to suffer the effects of
the restructuring should it gain parliamentary approval.


PARMALAT FINANZIARIA: Bares Recovery Ratios Under Rescue Plan
-------------------------------------------------------------
Parmalat communicates the recovery ratios relating to the
Proposal of Composition with Creditors contained in the
Restructuring Plan filed with the Ministry of Production
Activities (MPA) on 21 June 2004.  These ratios form the basis
for the conversion of the unsecured debt of the 16 companies in
Extraordinary Administration and included in the Composition
with Creditors, into shares of the Assuming Entity (Assumptor)
to which all the assets and liabilities of these 16 companies
will be transferred.

It should be noted that the Restructuring Plan and the Proposal
of Composition with Creditors have not yet been approved by the
MPA and that therefore the content published still cannot be
considered as final.

For more details regarding the ratios and the criteria adopted
in their calculation, Parmalat will post on its Web site, for
the benefit of all creditors, some sections of the Restructuring
Plan filed with the MPA (in a non-final version since this has
not yet been approved by the Minister).

Creditors eligible for the Proposal of Composition with
Creditors will also be assigned warrants of the Assumptor

Recovery ratios

Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that, in relation to the Parmalat Group
Restructuring Program filed with the MPA by Extraordinary
Commissioner Dr. Enrico Bondi on 21 June 2004, according to the
calculations carried out and on the basis of information
available at the point of filing of the Program, these table
sets out the recovery ratios relating to the unsecured debt
towards third parties of the 16 companies in Extraordinary
Administration and included in the Proposal of Composition with
Creditors contained within the Program (i.e.: Parmalat
Finanziaria S.p.A., Parmalat S.p.A., Eurolat S.p.A.,
Lactis S.p.A., Geslat S.r.l., Parmengineering S.r.l., Contal
S.r.l., Dairies Holding International B.V., Parmalat Capital
Netherlands B.V., Parmalat Finance Corporation B.V., Parmalat
Netherlands B.V., Olex S.A., Parmalat Soparfi S.A., Newco
S.r.l., Panna Elena CPC S.r.l., Centro Latte Centallo S.r.l.).

"Recovery ratio" means the ratio between all of the assets and
all of the liabilities of each company included in the Proposal
of Composition with Creditors.  From these recovery ratios will
be derived the number of shares of the Assumptor to be assigned
to Unsecured Creditors of each company included in the
Composition with Creditors.

The Proposal of Composition with Creditors foresees:

(a) full settlement in cash by the Assumptor of all of the v
    claims from preferential creditors;

(b) full settlement in cash by the Assumptor of all creditor
    claims accepted on a pre-deduction basis;

(c) partial settlement of the claims of Unsecured Creditors
    through allocation of Assumptor shares in different
    proportion, depending on the condition of their debtor
    company.  The creditors will also receive free of charge one
    warrant (valid to subscribe one share) for each allotted
    share, up to a maximum of 500 allotted shares (the
    "Warrants").  Each Warrant can be exercised to subscribe one
    share at a price equal to its par value.  The Warrants will
    be exercisable at any time within the tenth day of the month
    following the month when an exercise application is filed
    between 2005 and 2015.

For details regarding the ratios and the criteria adopted for
their calculation, Parmalat posted at (http://www.parmalat.net),
for the benefit of all creditors, some sections of the Program
filed with the Minister of Production Activities.  It should be
noted that the Plan is not yet final and as such has not been
approved by the MPA.

It should also be noted that the recovery ratios indicated in
the table below are based on a provisional reconstruction of the
sum of liabilities of each Company included in the Composition
with Creditors, since the proceedings allowed under Article 4
bis, Section 5 and 6, of the Law could alter the amount of each
Company's sum of liabilities, which, in turn, could affect the
assets of other Companies included in the Composition with
Creditors (direct or indirect creditors of the former).  Because
of this situation and of other circumstances that could alter
the sum-of-assets to sum-of-liabilities ratios computed below,
as soon as the lists of accepted claims, claims accepted with
reservation and excluded claims are published, final recovery
ratios and the resulting allocations of Assumptor shares to the
Unsecured Creditors of Companies included in the Composition
with Creditors will be published.

Company                    Recovery ratio for third parties debt
-------                    -------------------------------------
Parmalat Finanziaria S.p.A.                  11.3%
Parmalat S.p.A.                               7.3%
Centro Latte Centallo S.r.l.                100.0%
Contal S.r.l.                                17.2%
Eurolat S.p.A.                              100.0%
Parmengineering S.r.l.                       76.1%
Geslat S.r.l.                                19.9%
Lactis S.p.A.                               100.0%
Newco S.r.l.                                100.0%
Panna Elena CPC S.r.l.                      100.0%
Olex S.A.                                   100.0%
Parmalat Soparfi S.A.(1)                     26.9%
Dairies Holding International B.V.          100.0%
Parmalat Capital Netherlands B.V. (2)         0.0%
Parmalat Finance Corporation B.V.(1)          4.6%
Parmalat Netherlands B.V.(3)                  2.3%

(1) Issuers of bonds with Parmalat S.p.A. guarantee; due to the
    guarantee, creditors will receive Recovery Ratios from both
    issuer and guarantor (save for Parmalat Soparfi bond due
    2032 which is assisted by a subordinated guarantee from
    Parmalat S.p.A.).

(2) Issuer of bonds with Parmalat Finanziaria S.p.A. guarantee;
    due to the guarantee, creditors will receive Recovery Ratios
    from both issuer and guarantor

(3) Issuer of (i) bonds with Parmalat Finanziaria S.p.A. and
    Parmalat S.p.A. guarantees; due to the guarantees, creditors
    will receive Recovery Ratios from issuer and guarantors, and
    (ii) private placements assisted by Parmalat S.p.A.
    guarantee; due to the guarantee, creditors will receive
    Recovery Ratios from issuer and guarantor

For the sake of clarity, see examples:

(a) Example 1: Bondholder of EUR1,000 issued by Parmalat Finance
    Corporation B.V.  Bondholder will receive Recovery Ratio of
    Parmalat Finance Corporation B.V. and of the guarantor
    Parmalat S.p.A.: 4.6% + 7.3% = 11.9%.  For EUR1.000 of
    bonds, the creditor will receive 119 shares and 119 Warrants
    of Assumptor

(b) Example 2: Bondholder of EUR1,000 issued by Parmalat Capital
    Netherlands B.V.  Bondholder will receive Recovery Ratio of
    Parmalat Capital Netherlands B.V. and of the guarantor
    Parmalat Finanziaria S.p.A.: 0% + 11.3% = 11.3%.  For
    EUR1,000 of bonds, the creditor will receive 113 shares and
    113 Warrants of Assumptor

Method for the Determination of the Recovery Ratios

For the description of the method applied for the calculation of
the recovery ratios readers are referred to Chapter VI,
Paragraph 6.4.4.1 of the Program (that will be available on the
Company's Web site in a non-final version).

Given that by "recovery ratio" it is meant the ratio between the
sum of assets and the sum of liabilities of each company in the
Proposal of Composition with Creditors, these elements have been
taken into account:

The total assets of each company subject to the Composition with
Creditors are, where applicable, principally composed of:

     (i) operating business (only for some companies);

    (ii) equity interests;

   (iii) cash and cash equivalents, if any;

    (iv) receivables (i.e. receivables from third parties and
         intercompany receivables);

The main components of the sum of liabilities of each company
included in the Composition with Creditors are:

    (i) Financial liabilities to third parties (i.e., bank
        loans, publicly traded bonds, privately placed bonds,
        derivatives, promissory notes, etc.);

   (ii) Financial liabilities toward third parties for senior
        guarantees provided to lenders on behalf of Parmalat
        Group companies.  Because of their very nature,
        subordinated guarantees were not taken into account.
        All other guarantees were taken into account, regardless
        of whether they had been issued (a) by companies under
        Extraordinary Administration to creditors of companies
        now in a state of insolvency, or (b) by companies under
        Extraordinary Administration to creditors of companies
        not in a state of insolvency;

  (iii) Trade accounts payable to unsecured third party
        creditors;

   (iv) Inter-company financial and trade payables.

A breakdown of the indebtedness of Companies included in the
Composition with Creditors is provided in Chapter III, Paragraph
3.9. (non-final version available on the company's Web site).

Allocation of the Assumptor's Shares to the Unsecured Creditors
of Each of the Companies included in the Composition with
Creditors

The Assumptor's shares will be allocated as indicated in the
table below to each of the Companies included in the Composition
with Creditors based on the recovery ratios (which are
provisional) determined in the manner described above.  More
specifically, each Company's Unsecured Creditors (excluding
inter-company credits of Companies under Extraordinary
Administration that are included in the Composition with
Creditors, that will not receive Assumptor's shares) will
receive a percentage of the Assumptor's shares determined by
weighting the total of their claims (i.e., the sum of
liabilities of the company in question) on the basis of the
applicable recovery ratio and determining their weight within
the context of the Assumptor's final stockholder base.

It should be noted therefore that because of the considerations
made earlier with regard to the recovery ratios, the allocation
of the Assumptor's shares to the Unsecured Creditors of each of
the Companies included in the Composition with creditors could
change

Company                        Debt weighted      % of the
                                according to     Assumptor's
                                   Ratios          shares

Parmalat Finanziaria S.p.A.         155.3           8.3%
Parmalat S.p.A.                     901.0          47.9%
Centro Latte Centallo S.r.l.          2.3           0.1%
Contal S.r.l.                        24.0           1.3%
Eurolat S.p.A.                      304.5          16.2%
Parmengineering S.r.l.                6.3           0.3%
Geslat S.r.l.                        23.4           1.2%
Lactis S.p.A.                        24.1           1.3%
Newco S.r.l.                          1.4           0.1%
Panna Elena CPC S.r.l.                7.3           0.4%
Olex S.A.                             0.3           0.0%
Parmalat Soparfi S.A.               154.4           8.2%
Dairies Holding International B.V.   22.5           1.2%
Parmalat Capital Netherlands B.V.     0.0           0.0%
Parmalat Finance Corporation B.V.   239.1          12.7%
Parmalat Netherlands B.V.            13.7           0.7%

  TOTAL                            1,879.6         100.0%

(1) Not including debts towards Companies under Extraordinary
Administration that are included in the Composition with
Creditors, which do not receive Assumptor shares

For all details regarding the ratios and the criteria adopted
for their calculation, Parmalat has, for the benefit of all
creditors, decided to make available at http://www.parmalat.net
some sections of the Program presented to the MPA (in a non-
final version, since this has not yet been approved by the MPA).

Collecchio (Parma), 14 July 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39 02 806 8801
          Fax:   +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Italian, French Aid for Suppliers Okayed
--------------------------------------------------------------
The European Union Commission approved two Italian aid packages
for companies that delivered milk to companies in the Parmalat
group and were then not paid when the group was hit by crisis
and subsequently placed in receivership.  One aid measure is
aimed exclusively at firms facing financial difficulties because
they were not paid for milk deliveries.  The Commission took the
view that the other measure, for which any viable supplier not
paid by Parmalat is eligible, is not an aid measure.  The French
aid measure is aimed at certain farmers who supplied Parmalat in
France.

The first Italian measure (funded by the Region of Lombardy)
provides aid of EUR1million for companies that supplied milk to
the Parmalat group during the second half of 2003 and who were
not paid for a period of between three and six months.  The
failure to receive payment for milk deliveries resulted in
serious losses of revenue and a crisis situation for some
companies in Lombardy, whose revenue ranges from marginal to
average.  Rescue aid is therefore justified.  The aid,
administered by the Consorzi Fidi, is granted in the form of a
guarantee, limited to six months, on bank loans and will provide
guarantees for a maximum of EUR24million in loans.  The Italian
authorities must send the Commission the restructuring plans
drawn up by the companies concerned within six months or demand
repayment of the aid.

The second measure, granted by the Italian government, provides
for the suspension of the payment of social security
contributions by suppliers of Parmalat who were not paid during
the six months before the group went into receivership.  In view
of the small amount of aid involved for each beneficiary
(EUR995) and the way it is granted, the Commission takes the
view that it is de minimis and is not covered by E.U. rules on
state aid.

In addition, a subsidiary guarantee is planned from the
Interbank Guarantee Fund (a private body).  The cost of this
guarantee is paid by farmers needing an agricultural loan and by
the banks.  The fee charged by the Fund covers the risk of
default and administration costs.  These guarantees are provided
only to viable companies.  No aid is granted for the bank loans
nor for the guarantees.  Consequently the Commission takes the
view that this measure does not constitute state aid.

The French measure provides aid to cover a part of the interest
on bank loans taken out by dairy farms facing financial
difficulties because of non-recoverable debts.  The measures
provides for a total of EUR200 000 for 120 producers, with
average aid of around EUR1 600 per beneficiary.  In view of the
amount of aid and the way it is granted, the Commission takes
the view that it is de minimis and is not covered by E.U. rules
on state aid.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39 02 806 8801
          Fax:   +39 02 869 3863
          Web site: http://www.parmalat.net


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


STOLT-NIELSEN: Returns to Black in Second Quarter
-------------------------------------------------
Stolt-Nielsen S.A. (SNSA) on Wednesday reported results for the
second quarter ended May 31, 2004.  Net income for the latest
quarter was US$3.9 million, or US$0.06 per share, on operating
revenue of US$448.4 million, compared to a net loss of US$50.4
million, or US$0.92 per share, on operating revenue of US$760.7
million for the second quarter of 2003.  The basic weighted
average number of shares outstanding for the quarter was 62.8
million compared with 54.9 million for the same period in 2003.
SNSA's reported results reflect the deconsolidation of Stolt
Offshore S.A. (SOSA) in February 2004.

The net income for the six-month period ended May 31, 2004
wasUS$14.9 million, or US$0.25 per share, on operating revenue
of US$1,116.4 million, compared to a net loss of US$63.4
million, or US$1.15 per share, on operating revenue of
US$1,541.0 million for the same period in 2003.  For the six-
month periods of 2004 and 2003, the basic weighted average
number of shares outstanding was 60.5 million and 54.9 million,
respectively.

Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA said:
"SNSA's results for the quarter reflected significant
improvement in all of our businesses.  Stolt-Nielsen
Transportation Group (SNTG) posted its best quarter in almost
three years.  Stolt Sea Farm (SSF) has been able to reduce its
losses significantly.  The turnaround in SOSA continues to
progress.

"A series of transactions in the first quarter of 2004 resulted
in SNSA's deconsolidation of SOSA in February.  Consequently,
SNSA accounted for its investment in SOSA in accordance with the
equity method of accounting, as reflected in the consolidated
balance sheet of SNSA as of May 31, 2004 and the consolidated
statement of operations for the three months ended May 31, 2004.

"In addition to the actual as reported historical information,
SNSA has provided financial statements on a pro-forma basis
reflecting the deconsolidation of SOSA in comparable prior
periods, based on historical ownership percentages, as an
attachment to this earnings release.

"The results for the second quarter of 2004 included costs
related to SNSA's financial restructuring of US$10.5 million,
which includes fees to financial and legal advisors as well as
waiver fees paid to lenders, as well as SNTG legal expenses of
US$6.0 million, compared to nil and US$4.8 million in the second
quarter of 2003.

"The results for the first six months of 2004 included costs
related to SNSA's financial restructuring of US$19.9 million and
SNTG legal expenses of US$9.2 million, compared to nil and
US$5.5 million in the first six months of 2003.

"SNTG reported income from operations of US$40.7 million in the
second quarter of 2004 compared with US$32.5 million in the
second quarter of 2003 and US$29.2 million reported in the first
quarter of this year.

"SNTG's parcel tanker division reported income from operations
of US$30.0 million in the second quarter of 2004, up
substantially from US$22.5 million in the second quarter of 2003
and US$19.3 million in the first quarter of 2004.  The Stolt
Tankers Sailed-in Time Charter Index for the Joint Service in
the second quarter of 2004 increased by 17% from the first
quarter of 2004, which represents the largest single quarterly
improvement in the Index since 1990.  Parcel tanker operations
are benefiting from strong volumes and higher rates in most
major trade lanes.  SNTG won several new contracts of
affreightment during the quarter and contract renewals were up
on average close to 10%. Bunker fuel prices remain at
historically high levels.

"SNTG's tank container division reported income from operations
of US$4.5 million in the second quarter of 2004, compared with
US$7.0 million in the second quarter of last year and US$3.9
million in the first quarter of this year.  The difference
between the second quarter of last year and this year is
primarily due to higher repositioning costs this year for empty
tank containers.  Utilization remains high at close to 80%.
While the number of shipments is up 7.4% on a year-to-date basis
compared with last year, competition keeps margins tight.

"SNTG's terminal division's income from operations rose to
US$6.1 million during the second quarter of 2004 compared to
US$3.7 million in the second quarter of 2003 and US$5.8 million
in the first quarter of 2004 with the increases coming from
expansions at Santos, Houston, and Braithwaite terminals.
Utilization also continues to be strong at all locations.

"Regarding governmental antitrust investigations and related
civil suits, in addition to what the Company has disclosed in
its filing of its Annual Report on Form 20 F on June 16, 2004 as
amended by Form 20 F/A filed on July 1, 2004, the Chapter 7
trustee of the liquidated estate of O.N.E.  Shipping has brought
an action against the Company and others in U.S. federal court
for alleged antitrust violations that resulted in O.N.E.
Shipping's liquidation.  Additionally, the Company has received
a subpoena from the U.S. Department of Justice seeking documents
with respect to its tank container business.

"In June, we announced the appointment of Otto Fritzner as CEO
of SNTG replacing interim CEO Jim Hurlock.  Along with Roelof
Hendriks, Jim Hurlock was elected to the SNSA Board of Directors
last week.

"SSF reported income from operations of US$5.9 million in the
second quarter of 2004, compared with a loss from operations of
US$8.1 million in the second quarter of 2003 and income from
operations of US$2.9 million in the first quarter of 2004.
Included in the results for the second quarter is a gain of
US$3.9 million for an insurance recovery.

"Compared with the second quarter of 2003, overall salmon sales
volumes from our own production were slightly higher in the
second quarter of 2004.  Results benefited from higher salmon
prices in Europe, partially offset by lower spot market salmon
prices in North America.  Despite lower spot market prices,
margins in the Americas region improved as our business
benefited from lower processing and logistics costs and our
marketing organization was able to obtain on average higher
prices from our end customers. Our turbot operations posted
another solid quarter.

"SOSA reported a net loss of US$12.4 million compared to a net
loss of US$91.2 million in the second quarter of 2003.  SNSA
recorded its proportionate share of such loss, amounting to
US$5.6 million in the second quarter, in accordance with the
equity method of accounting.

"SOSA's overall profitability during the quarter was affected
by: downgrades on the Sanha and Bonga projects which accounted
for losses of US$39.4 million in the quarter; sales, general and
administrative costs which reflected restructuring and
refinancing costs associated with the turnaround; and gains on
the sale of assets and businesses of US$26.3 million,
principally in relation to Serimer Dasa.

"During the second quarter, SOSA received signed letters of
intent with a value of US$267 million.  At quarter end the
backlog stood at US$1,748 million of which US$579 million is for
execution in 2004.

"In mid June, we announced that we had resolved a dispute with
our senior note holders regarding defaults asserted by the
senior note holders.  Later in the month, we announced that we
will enter into a new five-year US$150 million credit facility
to be fully underwritten by DnB NOR Bank ASA.

"The facility will be secured by a pledge of SNTG's Stolthaven
Houston and Stolthaven New Orleans terminal-storage assets.  The
facility will be used to prepay an existing US$64 million credit
facility on Stolthaven Houston, which is scheduled to mature in
January 2005, and for general corporate purposes.  The
transaction is expected to close by the end of July 2004.

"With our financial difficulties now behind us and conditions
improving in nearly all of our markets, it is good to be able to
focus our energies on successfully running the businesses.  The
outlook remains strong for SNTG.  For SSF, while whole salmon
prices have shown some signs of weakness in recent weeks, we
remain cautiously optimistic for the remainder of the year.
SOSA is targeting a break-even result for the year," Mr. Stolt-
Nielsen concluded.

About Stolt-Nielsen S.A.

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

CONTACT:  STOLT-NIELSEN S.A.
          Aldwych House, 71-91 Aldwych
          London
          WC2B 4HN, United Kingdom
          Phone: +44 207 611 8960
          Fax:   +44 20 7611 8965
          Web site: http://www.stoltnielsen.com

          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

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


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


PETROPLUS INTERNATIONAL: Extends US$525 Million Credit Facility
---------------------------------------------------------------
Petroplus International N.V. extended its existing Secured
Revolving Trade Finance Credit Facility for a period of 12
months.  The total Facility amount of US$525 million and level
of committed lines there under of US$450 million have remained
unchanged.

The Facility continues to be in the name of, and will be used
by, two of Petroplus' main operating companies in Switzerland
and the United Kingdom.  The Facility is used to finance
transactions in oil and oil related products including amongst
others the related inventories.

                            *   *   *

Petroplus International N.V. (rated B+/Negative/-- by Standard &
Poor's) was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including the Antwerp
desulphurisation capacity.  Petroplus has a sales volume in
excess of 20 million tons a year of oil products and a storage
capacity of almost 5 million m3 throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
International N.V. has been listed on the Official Market of
Euronext Amsterdam since 14 July 1998.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          Max Euwelaan 21
          NL-3062 Rotterdam, The Netherlands
          Phone: +31 10 242 5900
          Fax:   +31 10 212 2708
          Web site: http://www.petroplus.nl

          Marcel van Poecke
          Willem Willemstein
          Executive Board

          Martijn Schuttevaer
          Investor Relations Manager
          Phone: +31 10 242 5900
          Web site: http://www.petroplusinternational.com


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


NORTHERN OFFSHORE: Creditors Apply for Liquidation in Bermuda
-------------------------------------------------------------
Creditors of offshore drilling contractor Northern Offshore Ltd.
have elected to liquidate the troubled company, Nordic Business
Report says.

Represented by Norwegian trustee services company Norsk
Tillitsmann ASA, bondholders applied for liquidation proceedings
in Bermuda, citing the company's failure to pay interest on its
Norwegian bond loans.  Prior to this, the group tried to
negotiate, but failed to reach an agreement with management.

In a statement issued Wednesday, the "Informal Committee of
bondholders of Northern Offshore Ltd." said that the breakdown
in the refinancing negotiations had been due to "the Company's
demand for an excessive share of the equity of the restructured
company for existing shareholders."

"Although the existing equity has no value, the Informal
Committee [was] prepared to agree to existing shareholders
retaining 5% of the equity of the restructured Company. This
offer was rejected by management," the committee said.

"The Informal Committee expects the liquidation proceedings
commenced in Bermuda to lead to a restructuring of the bonds to
result in a debt-free Northern Offshore business wholly owned by
its creditors," the committee added.

The committee does not expect Northern Offshore's operations to
be interrupted during the liquidation process, and that
suppliers, customers and employees would similarly remain
unaffected by it.

Northern Offshore admitted Wednesday that the Supreme Court of
Bermuda had appointed provisional liquidators for the company.

                            *   *   *

Northern Offshore Ltd. is a public limited company registered in
Bermuda.  The Company was founded in May 2000 and is engaged in
providing drilling and production services to the offshore oil
and gas industry.  The Company's shares are traded on the Oslo
Stock Exchange under ticker symbol NOF.  Northern Offshore Ltd.
is an extension of the offshore drilling and production business
of Northern Offshore ASA, a public limited company registered in
Norway.

CONTACT:  NORTHERN OFFSHORE LTD.
          PO Box HM 1593
          Par-la-Ville Place, 4th Floor
          14 Par-la-Ville Road
          Hamilton HMGX
          Bermuda
          Phone: +1 441 295 6178
          Fax: +1 441 295 3494
          Web site: http://www.northern.no/


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


20TH CENTRAL: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on OJSC 20th Central Project Institute
(TIN 7717146510).  The case is docketed as A40-5469/04-95-7B.
Mr. A. Eremin has been appointed temporary insolvency manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to 117049, Russia, Moscow, Shabolovka Str. Vladeniye 26,
Building 4.  A hearing will take place on September 2, 2004.

CONTACT:  20TH CENTRAL PROJECT INSTITUTE
          129085, Russia,
          Moscow, Mira Pr. 101V

          Mr. A. Eremin
          Temporary Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka Str. Vladeniye 26 Building 4
          Phone: 785-69-65


AGRO-FIRM-VOSTOK: Insolvent Status Confirmed
--------------------------------------------
The Arbitration Court of Orel region declared agricultural firm
OJSC Agro-Firm-Vostok insolvent and introduced bankruptcy
proceedings.  The case is docketed as A48-3547/03-16B.  Mr. L.
Lazarenko has been appointed insolvency manager.  Creditors have
until August 17, 2004 to submit their proofs of claim to the
insolvency manager at 302028, Russia, Orel, Gorkogo Str. 45,
Office 59-B.

CONTACT:  AGRO-FIRM-VOSTOK
          Russia, Orel Region,
          Novoderevenkovsky Region, Khomutovo,
          Naberezhnaya Str. 1

          Mr. L. Lazarenko
          Insolvency Manager
          302028, Russia,
          Orel, Gorkogo Str. 45,
          Office 59B


AGRO-PROM-GAZ: Court Sets September 2 Hearing
---------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on LLC SPMK Agro-Prom-Gaz.  The case is
docketed as A72-3658/04-17/13-B.  Mr. A. Kreyzo has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 432063,
Russia, Ulyanovsk, Post User Box 1669.  A hearing will take
place on September 2, 2004, 10:00 a.m.

CONTACT:  AGRO-PROM-GAZ
          Russia, Ulyanovsk,
          Gaya Pr. 59

          Mr. A. Kreyzo
          Temporary Insolvency Manager
          432063, Russia,
          Ulyanovsk, Post User Box 1669
          Phone/Fax: (8422) 44-29-63


APPARAT-AGRO-PROM: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on LLC Apparat-Agro-Prom-Dor-Stroy.  The
case is docketed as A33-3458/04-s4.  Mr. B. Stepanov has been
appointed temporary insolvency manager.

Creditors have until July 17, 2004 to submit their proofs of
claim to 660020, Russia, Krasnoyarsk, Diksona Str. 1.  A hearing
will take place at the Arbitration Court of Krasnoyarsk region
today at 9:00 a.m.

CONTACT:  APPARAT- AGRO-PROM-DOR-STROY
          660133, Russia,
          Krasnoyarsk, S. Lazo Str. 6

          Mr. B. Stepanov
          Temporary Insolvency Manager
          660020, Russia,
          Krasnoyarsk, Diksona Str. 1

          The Arbitration Court of Krasnoyarsk Region
          660021, Russia,
          Krasnoyarsk, Lenina Str. 143,
          Room 14


BELOKLYUCHEVSKOYE: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Beloklyuchevskoye.  The case is
docketed as A72-2324/04-20/13-B.  Mr. I. Sobitnyuk has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 423063,
Russia, Ulyanovsk, Post User Box 427.  A hearing will take place
on September 2, 2004, 11:00 a.m. at Russia, Ulyanovsk,
Zheleznodorozhnaya Str. 14.

CONTACT:  BELOKLYUCHEVSKOYE
          Russia, Ulyanovsk Region,
          Beliy Klyuch, Klyuchevaya Str. 1

          Mr. I. Sobitnyuk
          Temporary Insolvency Manager
          423063, Russia,
          Ulyanovsk, Post User Box 427
          Phone/Fax: (8-8422) 44-29-63

          The Arbitration Court of Ulyanovsk Region
          Russia, Ulyanovsk,
          Zheleznodorozhnaya Str. 14


KLIN-POLIMER: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on LLC Klin-Polimer.  The case is docketed
as A41-K2-9020/04.  Mr. V. Ragozin has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 107996,
Russia, Moscow, Gilyarovskogo Str. 31, Office 226.  A hearing
will take place on September 28, 2004, 10:15 a.m.

CONTACT:  KLIN-POLIMER
          141600, Russia,
          Moscow Region, Klin,
          Leningradskoye Shosse, 88th km.

          Mr. V. Ragozin
          Temporary Insolvency Manager
          107996, Russia,
          Moscow, Gilyarovskogo Str. 31,
          Office 226


KSD-STROI-DETAL: Court Sets October 5 Hearing
---------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
supervision procedure on LLC KSD-Stroi-Detal.  The case is
docketed as A09-3745/04-2.  Mr. A. Terekhov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 241035, Russia, Bryansk,
Ulyanova Str. 14, Office 14.  A hearing will take place on
October 5, 2004, 11:00 a.m.

CONTACT:  TRANS-ENERGO-MONTAZH
          241035, Russia,
          Bryansk, Vokzalnaya Str. 128

          Mr. A. Terekhov
          Temporary Insolvency Manager
          241035, Russia,
          Bryansk, Ulyanova Str. 14,
          Office 14

          The Arbitration Court of Bryansk Region
          241000, Russia,
          Bryansk, Trudovoy Per. 6,
          Room 303


METROMEDIA INTERNATIONAL: Hires KPMG Limited New Auditor
--------------------------------------------------------
                         UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                    WASHINGTON, D.C. 20549
                           FORM 8-K
                        CURRENT REPORT

            Pursuant to Section 13 or 15(d) of the
               Securities Exchange Act of 1934
  Date of Report (Date of earliest event reported): JULY 9, 2004

               METROMEDIA INTERNATIONAL GROUP, INC.
       (Exact name of registrant as specified in its charter)

     Delaware              1-5706           58-0971455
(State or other  (Commission File Number) (IRS Employer
jurisdiction                            Identification No.)
of incorporation)

      8000 Tower Point Drive, Charlotte, NC       28227
      (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:(704)321-7380

(Former name or former address, if changed since last report)

ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

KPMG LLP was previously the principal independent registered
public accounting firm for Metromedia International Group, Inc.
On July 9, 2004, KPMG LLP notified the company that it has
resigned as the principal independent registered public
accounting firm for the company.  In addition, on July 9, 2004,
the company engaged KPMG Limited, based in Moscow, Russia, as
its principal independent registered public accounting firm.
The decision to appoint KPMG Limited was approved by the Audit
Committee of the Company's Board of Directors.

The company was advised by KPMG LLP that it was more appropriate
for KPMG Limited to be the company's principal independent
public accounting firm since it audits substantially all of the
company's operating business ventures as a result of the
company's restructuring initiatives.

Furthermore, present company plans are to continue to maintain
the company's recently opened corporate headquarters office in
Charlotte, North Carolina, where the company's Chief Financial
Officer, General Counsel, Chief Accounting Officer, Assistant
General Counsel and Corporate Controller maintain their current
offices.

KPMG Limited will also continue as the principal independent
registered public accounting firm for both PeterStar, the
company's principal consolidated business venture and Magticom
Limited, the company's principal unconsolidated business
venture, and as such, will continue to issue audit reports for
these business ventures standalone consolidated financial
statements.

The audit reports of KPMG LLP on the company's consolidated
financial statements as of and for the years ended December 31,
2003 and 2002 did not contain any adverse opinion or a
disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles except for
these paragraphs: The accompanying consolidated financial
statements have been prepared assuming that the company will
continue as a going concern.

As discussed in Note 1 to the consolidated financial statements,
the company has suffered recurring operating losses and net
operating cash deficiencies, and does not presently have
sufficient funds on hand to meet its current debt obligations.
These factors raise substantial doubt about the company's
ability to continue as a going concern.  Management's plans in
regard to these matters are also described in Note 1. The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

As discussed in Note 4 to the consolidated financial statements,
the company changed its policy regarding the accounting for
certain business ventures previously reported on a three-month
lag basis as of January 1, 2003.

As discussed in Note 4 to the consolidated financial statements,
the company adopted Statement of Financial Accounting Standards
No. 142, "Goodwill and Other Intangibles" as of January 1, 2002.

In connection with the audits of the two years ended December
31, 2003 and 2002, and subsequent interim periods preceding the
date of the resignation of KPMG LLP, there were no disagreements
with KPMG LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the
satisfaction of KPMG LLP, would have caused it to make reference
to the subject matter of the disagreements in connection with
its report on the company's consolidated financial statements.

KPMG LLP advised the Audit Committee and management that in
connection with KPMG LLP's audits for the years ended December
31, 2003 and 2002, it noted matters involving internal controls
that it considered material weaknesses.  KPMG LLP has advised
the company that under the standards of the Public Company
Accounting Oversight Board (United States), a material weakness
is a significant deficiency, or combination of significant
deficiencies, that results in more than a remote likelihood that
a material misstatement of the annual or interim financial
statements will not be prevented or detected.  The company
disclosed these material weaknesses in internal control and
actions taken to address such material weaknesses in its Form
10-Q for the quarter ended March 31, 2004 as:

In the fourth quarter of 2003, it was determined that the
Company's consolidated statements of operations for fiscal 2002,
and the first two quarters of fiscal 2003, would need to be
restated as a result of an error discovered in the computation
of its unpaid dividends on its 7-1/4% cumulative convertible
Preferred Stock.  The error was a result of the failure by
Company personnel to correctly apply compounding to the unpaid
dividends.

The company has determined that deficiencies in its internal
review processes resulted in this error not being detected on a
timely basis.  As a result of the company's relocation to
Charlotte, NC, management of the company reassessed its finance
organizational structure and has recruited the necessary
personnel to improve its internal control and review processes.

In addition, during the fourth quarter of 2003 and early 2004,
it was determined that the company's consolidated statements of
operations for fiscal 2002, and the first two quarters of fiscal
2003, would need to be restated as a result of errors regarding
the reporting of certain tax refunds.  Most of these refunds
were received because the company became eligible to carry back
certain losses and recover taxes previously paid to various
taxing authorities five or more years ago.  One of these refunds
resulted from a change in tax laws.

The company has determined that not having full-time in-house
tax personnel resulted in these refunds not being recorded on a
timely basis.  In an effort to prevent these errors from
occurring again, the company hired a tax director to oversee the
preparation of tax filings and deferred tax computations.  In
addition, the company has implemented a more stringent review
process over the filing of tax returns and preparation of its
deferred tax computations on a prospective basis.

The company has failed to file its most recent Form 10-K and
Form 10-Qs with the S.E.C. on a timely basis.  Such delays in
filings have been due to extenuating circumstances surrounding
the company's liquidity issues and relocation of its corporate
headquarters.  The company believes that the recruitment of the
individuals as noted above, should result in more timely
filings in accordance with S.E.C. rules.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          8000 Tower Point Dr.
          Charlotte, NC 28227
          Phone: 704 321 7380
          Fax:   704 845 1835
          Web site: http://www.metromedia-group.com


NORTH: Proofs of Claim Deadline Expires Tomorrow
------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
supervision procedure on OJSC North.  The case is docketed as
A70-2521/3-04.  Ms. L. Korotaeva has been appointed temporary
insolvency manager.

Creditors have until July 17, 2004 to submit their proofs of
claim to 627754, Russia, Tyumen, Ishim, K. Marksa Str. 61-7.  A
hearing will take place on July 22, 2004, 9:00.a.m.

CONTACT:  NORTH
          Russia, Tyumen Region,
          Berdyuzhsky Region, Melikhino

          Ms. L. Korotaeva
          Temporary Insolvency Manager
          627754, Russia,
          Tyumen, Ishim,
          K. Marksa Str. 61-7


ROZINSKY FACTORY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on LLC Rozinsky Factory of Sewing
Equipment.  The case is docketed as A76-4365/04-55-4.  Mr. I.
Sestritsyn has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 454047,
Russia, Chelyabinsk, B. Khmelnitskogo, 28-56.  A hearing will
take place on July 31, 2004, 10:00 a.m.

CONTACT:  ROZINSKY FACTORY OF SEWING EQUIPMENT
          Russia, Chelyabinsk Region, Korkino

          Mr. I. Sestritsyn
          Temporary Insolvency Manager
          454047, Russia,
          Chelyabinsk,
          B. Khmelnitskogo, 28-56


RUSSIAN BANKS: Government Secures Individual Deposits
-----------------------------------------------------
Russia has approved a bill that would secure all deposits amidst
the tension that threatens to topple down its banking system.

At a plenary meeting on Saturday, the Duma (the lower house of
the Russian parliament), approved with overwhelming support a
bill that would allow all its banks into the state insurance
system of individual deposits.  Before, only reliable bank are
admitted to the scheme.

The resolution was developed by Central Bank, and submitted by
deputies Vladislav Reznik and Viktor Pleskachevsky.  It follows
an onslaught of withdrawals after Sodbiznessbank closed down in
May.

Legislators also amended other acts that would make the
country's deposits state insurance bill open to all.  Under it,
the state will pay RUB100,000 (US$3,400) on each deposits in
case a bank goes bust, save what was paid by the bankruptcy
commission.


TRANS-ENERGO-MONTAZH: Irkutsk Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on CJSC Trans-Energo-Montazh.  The case is
docketed as A19-505/04-29.  Mr. V. Aleksandrov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to Russia,
Irkutsk region, Post User Box 888.  A hearing will take place on
July 22, 2004.

CONTACT:  TRANS-ENERGO-MONTAZH
          Russia, Irkutsk Region,
          Bratsk, Angarskaya Str. 6

          Mr. V. Aleksandrov
          Temporary Insolvency Manager
          Russia, Irkutsk Region,
          Post User Box 888


VIMPELCOM COMMUNICATIONS: Contracts Ericsson for GSM Expansion
--------------------------------------------------------------
VimpelCom Communications has selected Ericsson to supply
infrastructure equipment and telecom services for its GSM
expansion.  According to the agreement, Ericsson will deliver
infrastructure equipment, valued at more than US$210 million, by
the end of 2004.

The agreement includes GSM expansions in five out of six
licensed regions in Russia covered by VimpelCom's network.  The
agreement includes switching and radio equipment, as well as
telecom services, including equipment installation and
integration, mobile network planning and optimization and
maintenance support.  With the expansion, VimpelCom's customers
will be able to use the latest technologies within GPRS and
EDGE, when EDGE is being certified in the Russian market.

"This agreement with Ericsson is yet another confirmation of
Ericsson's ability to deliver top class equipment on time which
is a crucial criteria when selecting supplier in view of current
dynamic growth of so called Bee Line GSM network," said Sergey
Avdeev, CTO and vice president, network development, VimpelCom.

"Traditionally, we entrust Ericsson to perform full-scale
operations under the contract: from equipment delivery to
network roll-out and optimization, being confident that we get
the best result.  Our partnership with Ericsson will allow us to
increase the quality of service toward our existing subscribers,
as well as create new networks in Russian cities."

"Dynamic growth of GSM subscriber base is a consequence of high
quality services rendered to its subscribers," said Zoran
Lukovic, vice president of Ericsson Eastern Europe and Central
Asia.  "We at Ericsson will do everything we can to facilitate
prompt fulfillment of VimpelCom subscriber's needs by utilizing
our most advanced equipment and experience accumulated by our
specialists in 140 countries worldwide."

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world. Read more at
http://www.ericsson.com/press

About VimpelCom

VimpelCom is Russia's leading cellular operator providing its
services under Bee Line GSM trademark.  Cellular service
licenses of VimpelCom group cover the territory where
approximately 94% of Russia's population resides (136 million
inhabitants), including Moscow, Moscow region and St.
Petersburg.  VimpelCom is the first Russian company included in
NYSE listing.  Company's shares are quoted at NYSE under VIP
symbol.

                            *   *   *

In April, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Vimpel-Communications (JSC) to
'BB-' from 'B+', reflecting the company's successful expansion
of operations and improved financial performance and credit
metrics.  The outlook is positive.

At the same time, Standard & Poor's assigned its 'BB-' senior
unsecured debt rating to Vimpelcom's proposed loan participation
notes of about US$300 million to be issued by -- but without
recourse to -- UBS (Luxemburg) S.A., for the sole purpose of
funding an intended loan of a similar amount to VimpelCom.  The
proceeds from the issue are to be used by VimpelCom for funding
capital expenditures and debt refinancing in 2004.

CONTACT:  VIMPELCOM COMMUNICATIONS
          Valery Goldin
          (Moscow)
          Phone: 7(095) 974-5888
          E-mail: vgoldin@VimpelCom.com

          EDELMAN FINANCIAL WORLDWIDE
          Christopher Mittendorf
          Phone: (212) 704-8134
          E-mail: christopher.mittendorf@edelman.com


YUKOS OIL: New Chairman's Ouster Sought
---------------------------------------
Jailed Yukos founder, Mikhail Khodorkovsky, has called on
shareholders to remove the company's new chairman on his failure
to bring a solution to the firm's troubles, reports say.

Mr. Khodorkovsky said in a statement channeled to Viktor
Gerashchenko, the former Russian Central Bank governor must
resign because he has not brought the company any closer to
negotiations with the government.  Mr. Gerashchenko was
appointed chairman only last month.  Observers had hoped he
would negotiate a peace deal that would pave the way for Yukos
and the government agreeing on a rescue plan.  But until now,
there is not yet a concrete sign any meeting will take place.
Russia still refuses to meet with Yukos board.

Mr. Gerashchenko replaced Simon Kukes, a former Yukos executive
who then headed the rival TNK group, as chairman in the oil
company.  Mr. Kukes was removed within months of his
appointment.


YUKOS OIL: Offers to Pay Part of EUR3.4 Billion Tax Arrears
-----------------------------------------------------------
Yukos Oil Company will this week pay a portion of the cash
amount under the ruling of the Court of Arbitration of Moscow
that has entered into force.  That ruling requires Yukos to pay
RUB99.4 billion (approximately US$3.4 billion) in taxes,
surcharges and penalties for the 2000 tax year.  While Yukos has
further appeal processes available to it and has filed papers to
initiate the cassation process, Russian law states that when the
first appeal is lost, the tax claim is enforceable.

The company has stated in the past that it does not have
adequate cash to pay the full judgment, but will pay what it can
now.

It is planned that the total payments in July, provided the
issue of VAT repayments on export sales is resolved, will be
approximately US$1.25 billion to US$1.30 billion.  The company
would be willing to make additional payments over a reasonable
period of time by increasing debt or disposing of some assets,
assuming that its assets are released from arrest.  Currently,
uncertainty over back tax claims -- an issue YUKOS has attempted
to resolve with a global settlement offer to the Russian
Government -- and the fact that some banking accounts are frozen
restricts the Company's ability to access financing.

YUKOS will continue to use all possible measures to arrive at a
settlement that is acceptable to the Government.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7 95 232 3161
          Fax:   +7 95 232 3160
          Web site: http://www.yukos.com

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

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

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


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


AKTAN: Bankruptcy Proceedings Begin
-----------------------------------
The Economic Court of Kirovograd region declared OJSC Aktan
insolvent and introduced bankruptcy proceedings on May 18, 2004.
The case is docketed as 14/1.  Mr. Shepotinnik Valentin (License
Number AA 250374 approved on March 20, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  AKTAN
          Ukraine, Kirovograd region,
          Gajvoron

          Mr. Shepotinnik Valentin
          25006, Ukraine, Kirovograd region,
          Dzerzhinskij Str. 66-A
     Phone: (0522) 24-65-04

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


KARABUTIVSKE: Sumi Court Names Insolvency Manager
-------------------------------------------------
The Economic Court of Sumi region declared Agricultural LLC
Karabutivske (code EDRPOU 23820496) insolvent and introduced
bankruptcy proceedings on June 7, 2004.  The case is docketed as
6/2.  Arbitral manager Mrs. Talagayeva Ludmila (License Number
AA 783019 of March 12, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL KARABUTIVSKE
          Ukraine, Sumi region,
          Konotop district, Karabutove,
          B. Hmelnitskij Str. 25

          Mrs. Talagayeva Ludmila
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Konotop, a/b 4

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Ribalko Str. 2


KOLOMIYA' WOOD: Proofs of Claim Deadline July 26
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Kolomiya' Wood Combine
(code EDRPOU 00274298) on May 24, 2004.  The case is docketed as
B-2/110.  Arbitral manager Mr. Hlibejchuk Mihajlo (License
Number AA 047795 approved on October 17, 2001) has been
appointed temporary insolvency manager.  Kolomiya' Wood Combine
holds account number 26000450 at JSPPB Aval, Kolomiya branch,
MFO 336495.

Creditors have until July 26, 2004 to submit their proofs of
claim to:

(a)  KOLOMIYA' WOOD COMBINE
     78200, Ukraine, Ivano-Frankivsk region,
     Kolomiya, Ivasyuk Str. 26

(b)  Mr. Hlibejchuk Mihajlo
     Temporary Insolvency Manager
     Ukraine, Ivano-Frankivsk region,
     Tismenetskij district,
     Dragomirchani, Miru Str. 10
     Phone: 8-050-338-84-97


KOSHARIVSKE: Court Appoints Liquidator
--------------------------------------
The Economic Court of Sumi region declared Agricultural LLC
Kosharivske (code EDRPOU 30902705) insolvent and introduced
bankruptcy proceedings on May 14, 2004.  The case is docketed as
6/93.  Arbitral manager Mrs. Talagayeva Ludmila (License Number
AA 783019 approved on March 12, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL KOSHARIVSKE
          Ukraine, Sumi region,
          Konotop district, Koshari,
          Chervonoarmijska Str. 2

          Mrs. Talagayeva Ludmila
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Konotop, a/b 4

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Ribalko Str. 2


RESENG: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Reseng (code EDRPOU 216611022) on
June 3, 2004.  The case is docketed as 43/170.  Arbitral manager
Mr. Snizhok Oleksandr (License Number AA 315460 approved on July
24, 2002) has been appointed temporary insolvency manager.
Reseng holds account number 26007010151 at Farmer Land Bank,
Kyiv branch, MFO 322432.

Creditors have until July 26, 2004 to submit their proofs of
claim to:

(a)  RESENG
     03064, Ukraine, Kyiv region,
     Gerojiv Sevastopolya Str. 33

(b)  ECONOMIC COURT OF KYIV REGION
     01030, Ukraine, Kyiv region,
     B. Hmelnitskij Boulevard, 44-B

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


VELIKONOVOSILKIVKA' MILK: Declared Insolvent
--------------------------------------------
The Economic Court of Donetsk region declared OJSCCT
Velikonovosilkivka' Milk Plant (code EDRPOU 00445207) insolvent
and introduced bankruptcy proceedings on June 3, 2004.  The case
is docketed as 5/248 B.  Mr. Polishuk Oleksandr (License Number
AA 140445) has been appointed liquidator/insolvency manager.

Velikonovosilkivka' Milk Plant holds account number 26049300249,
MFO 594482.

CONTACT:  VELIKONOVOSILKIVKA' MILK PLANT
          85500, Ukraine, Donetsk region,
          Velika Novosilka, Gorkij Str. 49

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


V.I.N. LTD.: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on Joint Ukrainian-Israeli V.I.N. Ltd.
(code EDRPOU 19110103) on June 17, 2004.  The case is docketed
as 6/89.  Arbitral manager Mr. Rudenko O. (License Number AA
419494 approved on December 10, 2002) has been appointed
temporary insolvency manager.  Joint Ukrainian-Israeli V.I.N
Ltd. holds account number 26009514 at JSPPB Aval, MFO 312345.

Creditors have until July 26, 2004 to submit their proofs of
claim to:

(a)  JOINT UKRAINIAN-ISRAELL V.I.N LTD.
     88015, Ukraine, Uzhgorod region,
     Kapushanska Str. 170

(b)  Mr. Rudenko O.
     Temporary Insolvency Manager
     Ukraine, Uzhgorod region,
     Divocha Str. 45/17
     Phone: 8 (03122) 3-59-37

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


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


AFFINITY WIRELESS: Names Kroll Limited Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Affinity Wireless
Limited Company on June 30, 2004 held at 10 Fleet Place, London
EC4M 7RB, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Andrew John Pepper and Gary Peter
Squires of Kroll, 10 Fleet Place, London EC4M 7RB have been
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          Liquidators:
          Andrew John Pepper
          Gary Peter Squires


ALL SEASONS: Appoints Liquidator from Begbies Traynor
-----------------------------------------------------
At an Extraordinary Meeting of the Members of the All Seasons
Festive Lighting Limited Company on June 25, 2004 held at
Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1
5DU, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Peter A Blair and Richard A B Saville of
Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1
5DU have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Liquidators:
          Peter A Blair
          Richard A B Saville


APEX METAL: Calls in Liquidator
-------------------------------
At an Extraordinary General Meeting of the Members of the Apex
Metal Finishers Limited Company on July 2, 2004 held at Gable
House, 239 Regents Park Road, London N3 3LF, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.  M
S E Solomons has been appointed Liquidator for the purpose of
such winding-up.


ASSOCIATED FIRE: Sets Members Final Meeting August 27
-----------------------------------------------------
The Members of Associated Fire Protection Limited Company will
have a Final Meeting on August 27, 2004 at 10:00 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.  Proxies must be lodged with PricewaterhouseCoopers
LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT not
later than 12:0 noon, August 26, 2004.

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


ATHERTON LIMITED: Sets Final Meeting August 13
----------------------------------------------
Members of Atherton (East Anglia) Limited Company will have a
Final Meeting on August 13, 2004 at 10:15 a.m.  It will be held
at the offices of Vantis Redhead French, 67 Butts Green Road,
Hornchurch, Essex RM11 2JS.

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 Vantis Redhead French, 67
Butts Green Road, Hornchurch, Essex RM11 2JS not later than
August 12, 2004.

CONTACT:  VANTIS REDHEAD FRENCH
          67 Butts Green Road,
          Hornchurch, Essex RM11 2JS
          Liquidator:
          J S French


B.J. WEST: Winding up Resolutions Passed
----------------------------------------
At an Extraordinary General Meeting of the Members of the B.J.
West (Motorcycles) Limited Company on June 30, 2004 held at
Alliance House, Westpoint Enterprise Park, Clarence Avenue,
Trafford Park, Manchester M17 1QS, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Matthew Colin Bowker of Unity Corporate Recovery & Insolvency,
Clive House, Clive Street, Bolton BL1 1ET has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  UNITY CORPORATE RECOVERY & INSOLVENCY
          Clive House, Clive Street,
          Bolton BL1 1ET
          Liquidator:
          Matthew Colin Bowker


BUTINOX TIMBER: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Butinox Timber
Finishes Limited Company on July 5, 2004 held at 142 Minories,
London EC3N 1LB, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Lynn Gibson of
5 Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD has
been appointed Liquidator of the Company.

CONTACT:  Lynn Gibson, Liquidator
          5 Park Court, Pyrford Road,
          West Byfleet, Surrey KT14 6SD


CELBANK LIMITED: Names Administrator from Jeffreys Henry Jacobs
---------------------------------------------------------------
C M Iacovides has been appointed administrator for Celbank
Limited Company.  The appointment was made July 1, 2004.  The
company transports telephone lines.

CONTACT:  JEFFREYS HENRY JACOBS
          Fergusson House,
          2nd Floor, 124-128 City Road,
          London EC1V 2NJ
          Administrator:
          C M Iacovides
          (IP No 005428)


CENARGO INTERNATIONAL: 'Caa' Debt Ratings Withdrawn
---------------------------------------------------
Moody's withdrew the Caa1 senior implied, the Caa3 issuer
ratings and all outstanding debt ratings of Surrey-based Cenargo
International Plc.  The rating action affects approximately
US$260.5 million debts.

The privately owned transportation group filed for bankruptcy
proceeding 18 months ago following a failure to service its junk
bond.  The company had debts of US$175 million when creditors
decided to take control.

Cenargo specializes in European passenger and freight ferry
services and freight logistics.


CENTREIMAGE LIMITED: Sets Meeting July 29
-----------------------------------------
The unsecured Creditors of Centreimage Limited Company will have
a Meeting on July 29, 2004 at 10:30 a.m.  It will be held at the
offices of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, July 28,
2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Administrative Receiver:
          A Andronikou


CHEMICAL COATING: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Chemical & Coating Services Limited Company on July 6, 2005 held
at Kay Johnson Gee, Griffin Court, 201 Chapel Street, Manchester
M3 5EQ, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Jonathan Elman Avery-Gee has been
appointed Liquidator for the purpose of such winding-up.


CINCINNATI MACHINE: Appoints PricewaterhouseCoopers Liquidator
--------------------------------------------------------------
At a General Meeting of the Members of Cincinnati Machine U.K.
Limited Company the Ordinary Resolution to wind up the company
was passed.  Richard Victor Yerburgh Setchim and Jonathan
Michael Sisson of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed as Joint Liquidators of the
Company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Liquidators:
          Richard Victor Yerburgh Setchim
          Jonathan Michael Sisson


CLIPS CONSTRUCTION: Hires Receivers from Mazars
-----------------------------------------------
The Clips Construction Limited Company has appointed Timothy
Colin Hamilton Balls and Alistair Steven Wood as joint
administrative receivers.  The appointment was made June 8,
2004.  The construction company's registered office address is
located at Regency House, 3 Grosvenor Square, Southampton,
Hampshire SO15 2BE.

CONTACT:  MAZARS
          Clifton Down House,
          Beaufort Buildings, Clifton Down,
          Clifton, Bristol BS8 4AN
          Receiver:
          Timothy Colin Hamilton Ball
          (IP No 8018)

          MAZARS
          Lancaster House,
          67 Newhall Street,
          Birmingham B3
          Receiver:
          Alistair Steven Wood
          (IP No 7929)


CRANBORNE FOODS: Appoints Mazars Administrator
----------------------------------------------
Roderick John Weston and Christopher Rodney Ashurst have been
appointed joint administrative receivers for Cranborne Foods
Limited Company.  The appointment was made July 6, 2004.

The company processes fresh meat and vegetables.  Its registered
office address is located at North Lane House, 9B North Lane
Headingly, Leeds Ls6 3HG.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Receivers:
          Roderick John Weston
          Christopher Rodney Ashurst
          (IP Nos 008730, 001057)


CRESTAHEAD LIMITED: Close Invoice Finance Appoints Receivers
------------------------------------------------------------
Close Invoice Finance Ltd called in John Arthur Kirkpatrick and
Peter Bridger receivers for Crestahead Limited Company (Reg No
3554740).  The application was filed July 7, 2004.

CONTACT:  BRIDGERS
          47 London Street,
          Reading RG1 4PS
          Receivers:
          John Arthur Kirkpatrick
          Peter Bridger
          (Office Holder Nos 002230, 009876)


CYBERES PLC: Administrators Continue Selling Properties
-------------------------------------------------------
Joint administrators Steve Ellis and Ian Stokoe of
PricewaterhouseCoopers on Wednesday sold the intellectual
property of Cyberes Systems Limited.  They have earlier
concluded the sale of the business and assets of Corporate
Travel International Limited on 25 June 2004.

Whilst collection of debts due to the companies and hence
completion of the administrations is likely to take some time,
the joint administrators now consider it likely that there will
be a substantial shortfall for creditors of Cyberes plc and both
subsidiaries and hence there is no realistic prospect of any
funds becoming available to shareholders of Cyberes plc from the
administrations.  The administrators will examine in due course
whether there is any prospect of obtaining value from the
listing of Cyberes plc.

14 July 2004

CONTACT:  CYBERES PLC
          Mitre House, North Park Rd.
          Harrogate
          North Yorkshire HG1 5RX, United Kingdom
          Phone: +44 01423 857 400
          Fax:   +44 01423 857 405
          Web site: http://www.cyberes.co.uk


DAWSON HOLDINGS: Appoints Two New Board Members
-----------------------------------------------
The Board appointed two independent non-executive directors,
Brenda Dean and Nigel Freer, to Dawson Holdings with effect from
1 August 2004.

Brenda Dean (the Rt Hon Baroness Dean of Thornton-le-Fylde) is a
member of the House of Lords Appointments Commission and
Chairman of the Scrutiny Commission of the General Insurance
Standards Council.  Nigel Freer is the Chief Executive of
Merrydown PLC.

14 July 2004

CONTACT:  DAWSON HOLDINGS PLC
          AMP House, 9th Flr., Dingwall Road, Croydon,
          London
          CR0 9XA, United Kingdom
          Phone: +44 20 8774 3000
          Fax:   +44 20 8774 3010
          Web site: http://www.dawson.co.uk

          David Blundell
          Chief Executive

          Jonathan Gillen
          David Lowther
          Finance Director
          Phone: 020-7448-3244
              Or 020-8774-3000


DOUBLE VISION: Bank of Scotland Appoints PwC Receiver
-----------------------------------------------------
Name of Companies:
Double Vision Glass Limited
Vision Building Services Limited
Vision Home Improvements Company Limited
Vision Kitchens Limited
Vision Mortgage Services Limited

Reg Nos:
04457870
04458731
03515937
04450388
04410143

Bank of Scotland called in Stephen Mark Oldfield and Robert
William Birchall of PricewaterhouseCoopers as receivers for
these companies.  The application was filed July 6, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Receivers:
          Stephen Mark Oldfield
          Robert William Birchall
          Office Holder Nos 9010, 778


EASYJET PLC: Adds More Flights to Central Europe
------------------------------------------------
EasyJet plc will be adding six new routes to Hungary and Poland
by the end of October, according to Reuters.

The company planned to have flights bound for Krakow and Warsaw
in Poland in addition to the flights to Budapest and to
Ljubljana in Slovenia it recently established.

EasyJet is just one of the mushrooming budget airlines in
central Europe competing to serve the regions 75 million people.

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


EGG PLC: Exit from France Won't Affect Pillar Deals, Says Fitch
---------------------------------------------------------------
Fitch Ratings said on Wednesday Egg plc's withdrawal from the
French market will not affect the existing Pillar Funding
Series.

Egg announced the proposed closure of Egg France following the
poor financial results of the subsidiary since inception.  As
none of the company's credit card receivables originated in
France have been included in the Pillar securitization program,
there is no impact on the three outstanding series of notes
issued under Egg's receivables trust structure.

In January 2005, Egg's main shareholder Prudential plc announced
that it was in talks over the sale of its 79% stake in Egg.  If
the ownership of Egg changes, Fitch will review any potential
impact on the outstanding transactions.

Pillar Funding Series 2004-1 PLC closed in May 2004.  In June
2004, Fitch affirmed the ratings of the first two transactions,
Pillar Funding Series 2002-1 PLC and Pillar Funding Series 2003-
1 PLC.  The trust is composed of a pool of credit card
receivables accounts originated by Egg in the U.K., mainly in
London and the South East.  As of May 2004, the performance of
the trust had been satisfactory.  Charge-off levels of 3.07%
were much lower than Fitch's base case assumption of 4.25%,
while the gross portfolio yield at 14.13% exceeded the agency's
expectations of 12.2%.

The performance of the Pillar Funding Series as well as the last
edition of Fitch's Credit Card Movers and Shaker U.K., a set of
performance indices for the credit card transactions, are
available at http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Heather Dyke, London
          Phone: +44 (0) 20 7417 6299

          Mathieu Le Merre
          Phone: +44 (0) 20 7417 4248

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


EGG PLC: Chairman Mendoza's Dual Role Questioned
------------------------------------------------
The National Association of Pension Funds (NAPF) is urging Egg
plc shareholders to vote against the re-election of the firm's
chairman, the Financial Times reports.

Investors in the U.K.-based Internet bank are due to meet to for
an annual meeting on July 26 where they will consider among
others, the re-election of Egg chairman Roberto Mendoza.

The group, which represents 1,000 U.K. pension funds, says Mr.
Mendoza should not be voted back to the board as his being the
non-executive director at the same time of Prudential, Egg's
controlling shareholder, violates corporate governance rules.

They also attacked Mr. Mendoza's chairmanship of Egg's
remuneration committee.  They cited the Combined Code on
Corporate Governance that says only wholly independent non-
executive directors must occupy the position.

The NAPF said: "Due to the potential conflict of interest and
our view that there should be as much objective oversight over
decisions made over remuneration as possible, we recommend that
shareholders oppose this resolution."

Egg, meanwhile, said: "We believe Roberto Mendoza is
sufficiently independent from the day-to-day activities of the
business to assess objectively the remuneration of the group's
senior executives."

Egg recently announced the closure of its problematic French
operation.  The failure of the GBP280 million-investment wiped
out profits from the U.K. business and caused the bank to report
a GBP34.4 million loss last year.

Observers say the exit will make a sale of Egg, which Prudential
offered in January, easier.  Potential costs of closing the
operation are thought to make the business less appealing to
potential buyers.


EQUALITY NORTH: Hires Liquidator from Royce Peeling Green
---------------------------------------------------------
At an Extraordinary General Meeting of the Equality North West
Ltd Company on July 8, 2004 held at 1 Hunter Street, Chester CH1
2AR, the Special, Ordinary and Extraordinary Resolutions to wind
up the company were passed.  R M Withinshaw of Royce Peeling
Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3
7BG has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Centre, Trinity Way,
          Manchester M3 7BG
          Liquidator:
          R M Withinshaw


GLENSHEE SKI: Management Buyout Team Named Preferred Bidder
-----------------------------------------------------------
Joint Receivers, Blair Nimmo and Neil Armour of KPMG Corporate
Recovery, announced a preferred bidder for Glenshee Ski Resort,
part of the Glenshee Chairlift Company Limited which went into
receivership on Thursday 6 May.

The preferred bidder is a management team led by the resort's
Operations Manager, Graham McCabe.  Details of the deal are
currently confidential as they remain subject to the completion
of formal legal agreements.

Joint Receiver, Blair Nimmo, head of KPMG Corporate Recovery in
Scotland, said: "We are delighted to be able to make this
announcement, and are confident that the sale will complete by
the end of July, which will save many important permanent and
seasonal employment opportunities as well as a vital source of
economic prosperity in the area."

CONTACT:  KPMG
          Wilma Littlejohn
          Corporate Communications
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk
          Web site: http://www.kpmg.co.uk


GREENLAND BLADE: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Greenland Blade
Limited Company on July 17, 2004 held at Duncan Sheard Glass, 43
Castle Street, Liverpool L2 9TL, the subjoined Special
Resolution to wind up the company was passed.  Jean McKay Ellis
of Duncan Sheard Glass, 43 Castle Street, Liverpool L2 9TL has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  DUNCAN SHEARD GLASS
          43 Castle Street,
          Liverpool L2 9TL
          Liquidator:
          Jean McKay Ellis


JGF HOLDINGS: General Meeting Set August 12
-------------------------------------------
The Members JGF Holdings Limited Company will have a General
Meeting on August 12, 2004 at 10:30 a.m.  It will be held at
KPMG, ST James' Square, Manchester M2 6DS.

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 Corporate Recovery,
St James' Square, Manchester M2 6DS not later than 12:00 noon,
August 11, 2004.

CONTACT:  KPMG
          Corporate Recovery
          St James' Square,
          Manchester M2 6DS
          Liquidators:
          B Green
          J P Bateman


LATERAL SYSTEMS: General Meeting Set August 9
---------------------------------------------
Members of Lateral Systems Limited Company will have a General
Meeting on August 9, 2004 at 12:00 noon.  It will be held at the
offices of Wilder Coe, Southgate House, St George's Way,
Stevenage, Hertfordshire SG1 1HG.

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 Wilder Coe, Southgate
House, St George's Way, Stevenage, Hertfordshire SG1 1HG not
later than 12:00 noon, August 6, 2004.

CONTACT:  WILDER COE
          Southgate House,
          St George's Way, Stevenage,
          Hertfordshire SG1 1HG
          Joint Liquidator:
          N Cowan


LINK UP: Members General Meeting Set August 6
---------------------------------------------
The Members General Meeting of Link Up Consultancy Index Limited
Company will be on August 6, 2004 at 10:30 a.m.  It will be held
at Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB not later than 12:00 noon, August 5, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House,
          94-96 Newhall Street,
          Birmingham B3 1PB
          Liquidator:
          R G Butcher


MARKS & SPENCER: Chairman Admits Difficulties in Second Quarter
---------------------------------------------------------------
At the Annual General Meeting of Marks and Spencer Group plc,
the Chairman, Paul Myners, gave this statement: "Good morning
ladies and gentlemen.  On behalf of the Marks & Spencer Board
and its employees, I am pleased to welcome you to your Annual
General Meeting -- and delighted to see so many of our owners
here.  Given the recent events at your Company -- events you
have been following in the media -- this will not be a standard
Annual General Meeting.

"I want to focus on the changes that we have made in the past
few weeks.  I will also update you on the bid interest in your
Company.  Whilst I will be as forthcoming as I can, you will
appreciate that we are limited in what we can say on this issue,
given the tight rules that surround companies during a potential
takeover.

"After my introductory remarks, Stuart Rose, our new Chief
Executive, will talk to you about the exciting new plans for
your business which he announced on Monday -- including details
about the plan to return GBP2.3 billion to shareholders
via a tender offer.

"There will be plenty of time for you, as shareholders, to ask
questions.  This is your Company.  All the members of the Board
are ready to answer your questions.  I would now like to
introduce the Board to you.  I will invite each of my colleagues
to stand up as I introduce them.  First, Stuart Rose, Chief
Executive.  Then on his right, your left, Alison Reed, Chief
Financial Officer; Charles Wilson, Executive Director of
Property, IT and Supply Chain; Brian Baldock, senior Non-
Executive Director; Maurice Helfgott, Executive Director of
Menswear, Childrenswear and Home and Jack Keenan, Non-Executive
Director.  On my left is Graham Oakley, Group Secretary; Stella
Rimington, Non-Executive Director and the Chair of the
Remuneration Committee; Laurel Powers-Freeling, Executive
Director of Marks & Spencer Money; Kevin Lomax, Non-Executive
Director and the Chair of the Audit Committee and Mark McKeon,
Executive Director of Retail and International.

"We announced Monday that Anthony Habgood and Steven Holliday
will be joining the Board of the company as Non-Executive
Directors tomorrow [July 15, 2004].  Tony is Chairman of Bunzl,
a leading distribution and manufacturing company.  Steve is an
Executive Director of National Grid Transco, the power company.
Brian Baldock and Stella Rimington will step down after the AGM.

"The Board would like to express their most sincere appreciation
to Brian and Stella for their wise counsel during their time as
Non-Executive Directors.  The resolution relating to Brian's re-
election is withdrawn.  For completeness, you should also know
that the Board has asked me to chair the Nominations Committee
and Kevin Lomax will become Senior Independent Director.

"In the year under review, profits were up; our financial
position is strong and the Board has recommended a 9.5% increase
in dividends.  Turnover rose 1.7% on a comparable 52-week basis.
Operating profit before exceptional items was up by 6.5% and
adjusted earnings per share were 0.4% higher.

"Nonetheless, the business has not performed as well as it
should have.  Our sales growth faltered during the second half
and we lost market share in several core segments.  Our product
proposition in a number of important areas failed to meet the
high standards expected by our customers.

"But this is a great company with a fantastic brand, a loyal
customer base, good people, a strong balance sheet and much
untapped potential.  It is a business underpinned by a clear
commitment to robust ethical standards and to corporate and
social responsibility.  We are proud to remain one of the most
trusted of major corporations in this country and only last
week, Marks & Spencer was awarded Business in the Community's
Company of the Year for 2004.

"What we must now do is to address, without delay, our key
challenge -- to restore growth in sales and profits through
delivering consistently excellent product, style and value
across clothing, home and food.  To this end, your Board has
initiated significant reform.  We have changed the management
team, implemented measures to improve operating performance and
re-examined the Group's shape and how it is financed.  There is
a great deal happening at every level of the business.  We know
what needs to be done and we are doing it.

"In December last year, Luc Vandevelde alerted us to the change
in his personal circumstances as a result of the death of his
close friend Paul Louis Halley.  He told us that this would mean
that he would have to honor, earlier than expected, a commitment
to the Halley family.  This would require him to play a
significant role in representing their interests.  In May, Luc
indicated that he wished to leave the company's Board of
Directors to focus on these other interests.  He told us that he
would remain in position as Chairman for as long as necessary to
find and establish a successor.  So we started the search for a
new Chairman -- a search made all the more urgent by the
increasing signs that trading was below our expectations.

"On May 27, it emerged that a company called Revival
Acquisitions, backed by Philip Green and others, announced it
was contemplating making a bid for Marks & Spencer.  Faced with
the prospect of a bid clearly timed to take advantage of both
disappointing sales performance and the uncertainty over the
Chairmanship, the Board took two important decisions.

"We decided that Luc should step down immediately.  I was asked
by the Board to chair the Company.  This I agreed to do, on an
interim basis.  I am taking no additional remuneration for
assuming this role -- I see it as a duty to the company and you,
the owners.  One of my tasks will be to lead the process to find
an outstanding candidate as my permanent successor.  The second
important decision was about the Chief Executive.  We needed to
ensure that Marks & Spencer had the right executive leadership.
The Non-Executive Directors on the Board had already, prior to
the Revival approach, formed the view that the company's
progress towards restoring sales growth and driving improved
operating performance was too slow and had already spoken with
Stuart Rose.

"This opinion was crystallized by the approach from Revival
Acquisitions.  We moved quickly to secure Stuart as your new
Chief Executive to replace Roger Holmes.  The Board would like
to thank both Luc and Roger for their efforts and contribution.
In many ways the company they have left is in much better shape
than the one they joined.

"Let me say a few words about Stuart Rose.  We are delighted
that Stuart has joined us.  We believe he is the right person to
lead your company at this time.  He has a rare retailing talent
and an excellent track record.  He achieved great success at
Argos, Booker and Arcadia.

"Equally important, he knows, and is passionate, about Marks &
Spencer, having spent the first 17 years of his career with us,
joining as a trainee in 1972.  He thinks, talks and acts like a
shopkeeper.  He has already been able to bring with him some key
colleagues -- the start of building a new team.  In particular,
he joined your Group with Charles Wilson and Steve Sharp, who
have worked with Stuart for more than a decade.  Together they
represent a formidable team.

"Stuart's background meant he picked up the reins very quickly
when he arrived six weeks ago.  He has wasted no time.  Many
important actions have already been taken and a whole program of
significant change is under way.

"This has been a period of intense activity for Stuart and his
team.  During this time, as many of you will have read, Stuart
has been the subject of a sustained campaign to impugn his
reputation and undermine his authority as Chief Executive of
your Company.  We were therefore very pleased that last
Thursday, the Financial Services Authority announced that there
were no on-going enquiries in respect of Stuart, endorsing the
Board's view that he had done nothing wrong.  We very much
appreciate the F.S.A.'s speedy and professional response on this
matter.

"Now I would like to turn to the proposals we have received from
Revival and the Board's response to them.  I think it would be
worthwhile to explain the role and responsibilities of a Board
when faced with such proposals and explain the process we went
through before coming to a conclusion.

"It is important that you understand that the Company has not
received a bid from Revival.  It has considered three separate
proposals.  These proposals were made on the condition that we
give due diligence access and a recommendation.  The
Board, on each occasion, had to consider whether the Revival
proposal represented fair value for a change in control of your
Company.  The Board and our advisers gave each proposal very
serious consideration.

"Revival's most recent proposal is to make an offer of 400 pence
per share, an increase from the initial proposal of 290 to 310
pence per share, plus a 25% interest in Revival's equity.
Revival has announced that 400 pence per share in cash (or 335
pence per share plus a 30% interest in Revival's equity) is a
final proposal, which under the rules of the Takeover Code, can
only be increased if another bidder makes an offer for your
Company.

"Your Board and its financial advisers believe that this final
proposal of 400 pence per share in cash continues to undervalue
the Group and its prospects significantly and is confident it
will have demonstrated this to shareholders on July 12.
Accordingly, we would not be prepared to recommend an offer (if
made) at this level.  You, our shareholders, can now make an
informed assessment of the Board's view.  We believe it would be
wrong for the Board, believing that 400 pence per share
significantly undervalues the Company, to allow due diligence
access.  Bear in mind that Revival Acquisitions cannot increase
its proposal following due diligence -- it can try to reduce it.

"Some people have asked whether we are depriving shareholders of
choice.  If a bidder disagrees with a Board's view on value, the
usual way for a bidder to offer shareholders a choice is for the
bidder to make a formal offer to shareholders directly.  This
route was open to Revival and it has chosen not to take it.  We
have also been asked what it would take to grant Revival due
diligence access.  To do this we would need to be persuaded that
your Board's views about the future of Marks & Spencer and our
belief in its value are misplaced.

"The approach by Revival Acquisitions has also thrown up
questions about our pension scheme.  I know that some of you in
the room will be members of our scheme and will have been
following carefully the debate on funding.  As disclosed in the
Accounts, in the year to April 3, 2004 we issued a bond of
GBP400 million to reduce a shortfall in pension funding and
agreed additional contributions with the trustees of GBP33
million annually from 2007 to 2015 to close the deficit.  The
changes now being proposed by the Board, including the return of
GBP2.3 billion of funds to shareholders, are not expected to
alter these funding requirements since your Company is expected
to remain investment grade.  It remains unclear what the impact
on the funding would be if Revival were to acquire Marks &
Spencer.  That is a matter for Revival and the Trustees.  What I
can tell you is that this Board is committed to properly funding
your pension fund.

"Before I hand over to Stuart I would like thank our 70,000
employees for their commitment, enthusiasm and hard work during
the year.  Thank you.

We now reach the point you have been patiently waiting for as I
hand over to your new Chief Executive, Stuart Rose.

"One final point, Stuart has not yet received the share options
due to him because Marks & Spencer is in an offer period.  When
they are issued, it will be at the then current market price.
However, to underline Stuart's confidence in the future value of
Marks & Spencer, he has undertaken to donate to charity any
profit between the grant price of his options and 400 pence."

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House, Baker St.
          London
          W1U 8EP, United Kingdom
          Phone: + 44 20 7935 4422
          Fax:   + 44 20 7487 2679
          Web site: http://www.marksandspencer.com


MAYFLOWER CORPORATION: New Watchdog to Probe Auditors
-----------------------------------------------------
The Accountancy Investigation and Discipline Board (AIDB) plans
to investigate Arthur Andersen and PricewaterhouseCoopers, which
audited Mayflower Corp. PLC, the Financial Times says.

The board will also include former Finance Director David
Donnelly in its probe.  The bus-maker collapsed after the
discovery of irregularities in its books.  The probe will look
into Mayflower's accounts the past four years.

Set up in May, AIDB is the new independent regulator for the
accounting profession.  The Mayflower probe is its first
regulatory action.


PALACE THEATRE: Sets Final Meeting August 26
--------------------------------------------
Members of The Palace Theatre Trust (Southend on Sea) Limited
Company will have a Final Meeting on August 26, 2004 at 10:0
a.m.  It will be held at the offices of Begbies Traynor
(Incorporating Taylor Gotham & Fry), The Old Exchange, 234
Southchurch Road, Southend on Sea, Essex SS1 2EG.

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 Begbies Traynor
(Incorporating Taylor Gotham & Fry), The Old Exchange, 234
Southchurch Road, Southend on Sea, Essex SS1 2EG not later than
12:00 noon, August 25, 2004.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend on Sea, Essex SS1 2EG
          Liquidator:
          L Biscoe


PROPAFLOR LIMITED: Names Vantis Redhead Administrator
-----------------------------------------------------
The Propaflor Limited has appointed J S French and G Mummery as
joint administrative receivers.  The appointment was made July
7, 2004.  The company is engaged in floor and wall covering.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Receivers:
          J S French
          G Mummery
          (IP Nos 003862, 100898)


RAMCO: Seeks to Defer Loan Payment After GBP104.1 Mln Loss
----------------------------------------------------------
Exploration group Ramco says it is currently trying to negotiate
the rescheduling of its debts with lenders after encountering
problems with a major project.

The company had to take exceptional charge of GBP93 million last
year, largely due to troubles at its Seven Heads field off the
Cork coast.  As a result, the company registered a GBP104.1
million pre-tax loss for 2003.

Uncertainty over the level of gas reserves at the field in
January lowered shares in the company to less than 10% of their
pre-disclosure level.  The glitch prevented the company from
filing its report in April.  It was only able to submit the
accounts this week.

Executive chairman Mr. Steve Remp, said: "Our achievements in
2003 have been overshadowed by the unexpected problems at Sevens
Heads.  We are, however, taking positive action to stabilize our
operational and financial position so that we are able to derive
the maximum value from the field and exploit the potential
elsewhere in our portfolio."  Ramco is conducting a technical
review of the gas reservoir to draw out its future exploration
program.  Results are expected next month.

The gas field initially pumped in 60 million cubic feet of gas a
day.  But the supply dwindled to only 25 million.  To keep up
with its promise to supply German group Innogy with 60 million
cubic feet, it had to buy the balance in the U.K.

Ramco also had to reserve GBP600,000 for the cost of an appeal
in a case lodged in the U.S.  The troubles forced the company to
seek rescheduling of GBP68.6 million in debts incurred to
develop the Irish operation.  The company owns 86.5% of Seven
Heads.  It assures it is generating revenue to spend for
operating cost and loan interest.


RIDGEWAY CONTRACTORS: Names Gilderthorps Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Ridgeway Contractors (South West) Limited Company on July 7,
2004 held at Gilderthorps, 22 Paul Street, Shepton Mallet,
Somerset BA4 5LA, the Special Resolutions to wind up the company
were passed.  Robert Stanley Gilderthorpe, of Gilderthorps, 22
Paul Street, Shepton Mallet, Somerset BA4 5LA has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  GILDERTHORPS
          22 Paul Street,
          Shepton Mallet,
          Somerset BA4 5LA
          Liquidator:
          Robert Stanley Gilderthorpe


SCREEN SCENE: Shareholder Proposes Wind-up
------------------------------------------
Eamon Maloney, the former finance director of television
production company Screen Scene, will file a petition to the
High Court to liquidate the company.

The application will be his second this year as he attempts to
realize value for his 20% shareholding in the company.  His
motion follows the withdrawal of an injunction banning him from
advertising his proposal.  Screen Scene told The Sunday Business
Post it will defend the liquidation attempt.

Mr. Maloney previously offered to sell his stake to two other
directors, Alan Burns and Jim Duggan, who each owns 40% of the
company.  He was, however, offered only EUR750,000 of the EUR3
million price he is asking.

Screen Scene employs 60 people and had a turnover of EUR14
million for 2002.  It made a profit of EUR510,000 in 2002 and
had retained profits of EUR6.3 million at the end of that year.
It provides post-production services for a large number of
television programs.

Mr. Maloney left the company in August last year, four months
after he reduced his connection with the company.  He was suing
for unfair dismissal, but it is thought likely to withdraw the
case.


TRIPLE S: Meat Marketer Goes Belly up
-------------------------------------
Marketing cooperative Triple S has gone into liquidation after
cash flow problems hounded the firm, Europe Intelligence Wire
reports.

The owners of the company, which stopped trading last week, are
now looking for new owners.  Triple S traces its woes to the
collapse of a deal, some 18 months ago, with a local bakery
company, which was taking much of its forequarter beef.

Triple S Director Peter Crozier assured shareholders Tuesday
they would not be left out of pocket by the liquidation.

"It was a question of pulling stumps before our own guarantees
were called in," Mr. Crozier said.  "Perhaps a lesson from this
is that no cooperative is going to work in British agriculture
unless everybody involved is prepared to support it fully."

The company was established five ago by NFU's national livestock
chairman Richard Haddock.  Triple S markets West Country beef
and lamb from 150 West Country livestock farmers.  Farmers
hailed the firm as a model for cooperative marketing, and a way
of giving them a greater share of the food chain profits.
Triple S has more than 150 registered shareholders, but only
50 were actually marketing through it.


UNIQUE ENTERTAINMENT: Members General Meeting Set August 5
----------------------------------------------------------
The Unique Entertainment Production and Design Limited Company
will have a General Meeting on August 5, 2004 at 11:00 a.m.  It
will be held at Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB.

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 Crawfords, Stanton House,
41 Blackfriars Road, Salford, Manchester M3 7DB not later than
August 4, 2004.

CONTACT:  CRAWFORDS
          Stanton House,
          41 Blackfriars Road,
          Salford, Manchester M3 7DB
          Liquidator:
          D N Kaye


W FEIN: Sets Creditors Meeting July 22
--------------------------------------
Creditors of W Fein & Sons Limited Company will have a Meeting
on July 22, 204 at 10:00 a.m.  It will be held at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than July 21, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Administrators:
          S A Ellis
          N E Reed


                            *********


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

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

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

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