'Considering:

1. In its submission dated 14 June 2004 the Claimant informed the Arbitral Tribunal that further steps in the bankruptcy proceedings instigated against the Claimant are to be expected and that in particular a court hearing is expected to take place by 23 June 2004. Since then no further information was provided by the Claimant.

2. In its submission dated 9 July 2004 the Respondent stated that on 5 July 2004 Claimant has been declared bankrupt by the competent court and that Claimant's definite liquidation procedure has been opened. Furthermore, Respondent stated that the nominated liquidator would have to act for Claimant, would have to decide whether or not to terminate the current arbitration procedure and that such decision would probably not be confirmed by the court before the end of August. The Respondent requested that the Parties be released from any pending deadlines and hearing dates.

3. Upon inquiry by the Chairman both Parties and the Co-Arbitrators agreed that the hearing dates 1-3 September 2004 may be released.

4. The Arbitral Tribunal forms the view that the Respondent's request for a release of deadlines is justified to the extent that the Claimant's current legal status as well as its impact on the legal relationship in dispute between the Parties, if any, cannot be ascertained based on the information available so far. The Claimant is therefore first to be requested to inform the Arbitral Tribunal on its current status and to provide the Arbitral Tribunal and the Respondent with all related relevant documentation.

Orders:

1. Claimant is ordered to inform the Arbitral Tribunal by 26 July 2004 about the status of the bankruptcy proceedings initiated against it and to produce by the same date any and all duly translated documents (court orders, orders of the bankruptcy administrator or liquidator, orders by any other competent authority dealing with creditors' rights or bankruptcy proceedings) relating to the bankruptcy proceedings directed against it and to submit its legal analysis under Romanian law as to the impact, if any, on Claimant's standing to sue and to be sued, capacity to act in this arbitration as well as on the contractual relationship between the Parties.

2. In the event a bankruptcy administrator or liquidator has been appointed over the Claimant, the Claimant is to file by 26 July 2004 a Power of Attorney by such bankruptcy administrator/liquidator authorizing [Claimant's counsel] to continue to act on behalf of the Claimant in these proceedings.

3. The Parties are hereby released from complying with the deadlines set in items 3 and 4 of Order No. 5. If necessary the deadlines will be re-set by the Arbitral Tribunal at a later stage of the proceedings.

4. The hearing dates of 1-3 September 2004 are hereby released. The Parties are requested to keep the hearing dates of 8-10 September 2004 provisionally reserved for the time being until further notice by the Arbitral Tribunal.'