/raid1/www/Hosts/bankrupt/TCREUR_Public/030414.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Monday, April 14, 2003, Vol. 4, No. 73


                              Headlines

C Z E C H   R E P U B L I C

UNION BANKA: Italian Banker Coerced into Signing Documents


F I N L A N D

FINNAIR OYJ: Passenger Traffic for March Lower than Last Year's


F R A N C E

ARIANESPACE: Still in Need of Capital Injection from Investors
FRANCE TELECOM: France Criticized for Alleged Favoritism
NATEXIS BANQUES: Moody's Downgrades Financial Strength to C
VIVENDI UNIVERSAL: Clarifies Share Dealing of Jean-Marie Messier


G E R M A N Y

GRUNDIG AG: Continues to Find Investor After BEKO Rejection
MOBILCOM AG: Would No Longer Tap EUR23.7 Million Credit Line
THYSSENKRUPP AG: Good 2002 Order Level, S&P Cut Overdone


H U N G A R Y

POSTABANK: New Document Gives Long-Running Case New Twist


L U X E M B O U R G

ARCELOR SA: S&P Affirms `BBB' Long-term Corporate Rating
MILLICOM INTERNATIONAL: Restates Loss for 2002 to US$397 Million


N E T H E R L A N D S

KONINKLIJKE AHOLD: Confirms Date of Shareholders' Meeting
KONINKLIJKE AHOLD: Merger Likely in Few Years' Time Say Sources
ROYAL KPN: Credit Rating Upgraded to Baa2, Outlook Positive


P O L A N D

BRE BANK: Announces Plan to Issue Two Series of Preferred Bonds
ELEKTRIM SA: Discloses Profile of New Supervisory Board
KOMPANIA WEGLOWA: Collapse of Coal-Mining Program Imminent


S P A I N

VIA DIGITAL: Shareholders Approve Plan for Capital Increase


S W E D E N

SAS GROUP: Board Implements New Restructuring Measures


S W I T Z E R L A N D

SWISS LIFE: Unloads Profitline's Fund Business to AIG
VON ROLL: Recapitalizes by Converting Bonds and Bank Credits
VON ROLL: Parent Signs Contract to Hand Over Unit to New Owner


U N I T E D   K I N G D O M

ABBEY NATIONAL: Ratings Down in Conjunction With Units'
ABBEY NATIONAL: Completes Sale of First National to GE Unit
AQUILA INC.: Will Hold Q4 Earnings Conference Call on Tuesday
BRITISH AIRWAYS: Agrees to Tentative Codeshare Agreement
BRITISH AIRWAYS: Issues Facts and Figures About Concorde

BRITISH ENERGY: Ecotricity and Greenpeace Challenge Out Approval
CORUS GROUP: Moody's Downgrades Bond Ratings to B3 from Ba2
IMPERIAL CHEMICAL: Charles Piven Announces Class Action Lawsuit
IMPERIAL CHEMICAL: Cauley Geller Lodges Class Action Lawsuit
MYTRAVEL GROUP: Announces Non-Executive Appointments to Board

PIZZAEXPRESS PLC: Venice Bidder Share Offer Period Extended
SILENTNIGHT HOLDINGS: Warns of Continued Challenge in Trading
UNITED STANDARD: Notice of Meeting of Scheme Creditors 50

     -  -  -  -  -  -  -  -

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


UNION BANKA: Italian Banker Coerced into Signing Documents
----------------------------------------------------------
A representative of Italian Invesmart, Union Banka's owner, was
abducted and forced to sign a number of documents recently,
according to Prague Business Journal.

Italian banker Giuseppe Roselli, who holds the right to sign more
than 75% of documents pertaining to bankrupt Union Banka was
abducted Monday last week and released more than 24 hours later.

Invesmart spokesperson Michal Donath said the kidnappers are
believed likely to attempt an unlawful takeover of Invesmart-
owned Union Group, which is the majority owner of Union Banka.

Mr. Roselli sits as chair of the Board of Directors of Union
Group.

UB's license was earlier revoked on grounds that its proposed
rescue plan to guarantee a renewal of the bank's payment
capacities is unrealistic.

CONTACT:  UNION BANKA
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          Home Page: http://www.union.cz
          E-mail: union@union.cz



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


FINNAIR OYJ: Passenger Traffic for March Lower than Last Year's
---------------------------------------------------------------
Lower Demand Weakened Load Factors

In March 2003 Finnair carried a total of 645,000 passengers,
which is 1.6% less than year before. 531,900 of the passengers
were carried in scheduled traffic (-4.2%) and 113,000 in leisure
traffic (+12.9%). The total passenger traffic (RPK's) increased
by 3.9%, while the capacity (ASK) was up by 10.0%, resulting in a
passenger load factor (including leisure flights) of 70.9%, 4.2
points lower than last year. The March figures were impacted by
the timing of Easter holidays versus last year. Demand in March
was down due to the adverse business conditions caused by Iraq
war and SARS-epidemic as well as global economic slowdown in
general.

Departure punctuality of scheduled flights was 93.8% (based on a
fifteen minute standard), 6.9 percentage points better than in
March 2002. Including leisure flights departure punctuality was
92.7% (+6.8 p.u).

As from January 2003 the traffic performance report will also
include the figures of Finnair's associated company Aero Airlines
AS, to which Finnair handed over most of it's Helsinki-Tallinn
operations in June 1st 2002. In March Aero carried 11,500
passengers with a PLF of 57.8%.

Scheduled traffic

-- RPKs in scheduled traffic (international + domestic) decreased
by 4.4%. Respectively the change in capacity was +6.5%. Passenger
load factor was 61.2%, 7.0 percentage points lower than last
year.

-- In scheduled international traffic, premium traffic decreased
by 4.4%, while the total number of passengers was down by 3.1%.
Capacity in ASKs was +8.0%, while RPKs decreased by 4.3%.

-- In European scheduled traffic, increase in ASKs was +6.8%, and
as RPKs decreased by 1.8%, there was a 4.9 p.u. drop in passenger
load factor to 55.7% from previous year.

-- In North Atlantic scheduled traffic, capacity was increased by
17.7%. Change in RPKs was -0.8%, and passenger load factor for
March was 71.4%, 13.3 p.u. down from previous year. Premium
traffic decreased by 25.0%.

-- In Far East scheduled traffic, capacity increase was 7.2%. The
passenger traffic was down by 8.8%. Passenger load factor was
71.3%, 12.5 percentage units down. The number of premium
passengers decreased by 24.3%.

-- Domestic scheduled traffic decreased by 5.0% on a capacity
increase of 1.0%. Passenger load factor decreased by 3.6 p.u. to
57.4%.

Leisure traffic

-- ASKs for leisure traffic increased in March by 17.4%, and RPKs
increased accordingly by 17.5%, resulting in a passenger load
factor of 89.8%, 0.1 points lower than previous year.

Cargo

-- Cargo traffic increased by 2.2% in terms of cargo tonnes
carried. Cargo traffic in scheduled traffic increased 5.7%, out
of which the biggest volume growth took place in North-Atlantic
traffic, 20.3%. The growth in the scheduled Far Eastern traffic
was 14.0%. Load factor in chartered cargo capacity was 74.6%.
Accumulated cargo traffic for the first quarter grew 4.0 in year-
on-year comparison.

To see tables: http://bankrupt.com/misc/Finnair.pdf

CONTACT:  FINNAIR OYJ
          Mr. Christer Haglund, VP Corporate Communications
          Phone: +358 9 818 4007
          Mr. Taneli Hassinen, Financial Communications Officer
          Phone: +358 9 818 4976
          Tuomas Kanninen, Manager Analyses
          Phone: +358 9 818 5472



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


ARIANESPACE: Still in Need of Capital Injection from Investors
--------------------------------------------------------------
Arianespace still needs capital injection despite the recent
boost of its recovery prospect from the successful launching of
its Ariane 5 rocket into space, the Financial Times says.

The launching was postponed last week after two clients requested
additional verifications of the rocket designed to carry two
commercial satellites.

The project is the firm's first successful launch following the
explosion of the new 10-tonne version of Ariane 5 on its maiden
flight on December 11.

The failure prompted the company to say it expects losses of
about EUR45 million for last year.  Arianespace earlier hoped to
narrow down losses of EUR193 million in 2001 to about EUR27
million in 2002.

Despite the promising development, Arianespace still needs more
than EUR700 million ($748.4 million) of fresh funding to revive
the program, and stay afloat amidst fierce competition from US
rivals Boeing and Lockheed Martin, according to the report.

The satellite-launching consortium will have to convince the
ministerial meeting of the European Space Agency on May 27 to
approve a EUR550 million injection of fresh funds for the 10-
tonne rocket program.  It will also have to lobby for an
additional EUR20 million annual top-up funds for operational
costs.

Unlike its US rivals, Arianespace has to shoulder a bigger
proportion of operational costs because it has no access to large
government contracts and low-cost Russian launchers.

CONTACT:  ARIANESPACE
          Boulevard de l'Europe
          BP 177 91006 Evry-Courcouronnes CEDEX
          France
          Phone: +(33) 1 60 87 60 00
          Fax: +(33) 1 60 87 63 04
          Home Page: http://www.arianespace.com/
          Contact:
          Jean-Marie Luton, Chairman
          Jean-Yves Le Gall, Chief Executive Officer


FRANCE TELECOM: France Criticized for Alleged Favoritism
--------------------------------------------------------
The Paris government is again under fire from European regulators
for allegedly favoring state-owned company France Telecom over
its cable rivals in the telephone and Internet markets.

The European Commission is expected to try to convince Paris to
change its competition rules in those sectors by threatening to
file a case of breach of the European law in the Court of
Justice.

The Brussels authorities previously opened a series of inquiries
into whether a US$9.6 billion government credit line to the
French company constitutes state aid.

The Commission on Tuesday ordered the company to repay millions
of euros it received from privately-owned rivals to provide
telephone services to poorer areas of the country.

The Commission is believed to have found that cable operators
have to deal with more rules and red tape than France Telecom,
according to the Financial Times.

This violates the EU law, which provides that national
governments impose impartial regulations on telephone and
internet providers.

The Commission declined to comment on Tuesday, according to the
report.

CONTACT:  FRANCE TELECOM
          6, Place d'Alleray
          75505 Paris Cedex 15, France
          Phone: +33-1-44-44-22-22
          Fax: +33-1-44-44-95-95
          Homepage: http://www.francetelecom.fr
          Contacts: Thierry Breton, Chairman
                   Michel Combes, Executive Committee, Finance


NATEXIS BANQUES: Moody's Downgrades Financial Strength to C
-----------------------------------------------------------
Moody's downgraded Natexis Banques Populaires' financial strength
rating to C from B-, where it was placed under review in 2002.
The rating has a stable outlook.

The review was initiated after NBP recorded a loss of EUR118
million within its structured equity derivatives desk.

It centered on assessing the vulnerability of the bank's capital
markets and investment business lines, on NBP's management of
market risk, and on its generally more fragile financial
fundamentals.

Moody's says NBP has insufficient risk management for both market
and operational risk.  It added that the bank may also go through
a long process to reduce risks and positions in certain products,
for the capital markets division to be fully restructured and
stabilized, and for revised risk management policies and control
tools to be fully implemented.

It challenged NBP to show it is able to successfully produce
expected synergies in connection with its acquisition of Natexis
Bleichroeder and Coface.  It also has to demonstrate it can
further control operating costs.

The rating agency, meanwhile, acknowledged that NBP's revenue
generation is more reliant today on activities involving product
cross-selling within the Banque Populaire Group network.

Based in Paris, Natexis Banques Populaires' total assets rose by
21% in 2002 to Euro 133.4 billion.  Net profits dropped by 63% to
Euro 108 million in 2002. The Banque Populaire Group's total
assets rose by 14% to Euro 221 billion.  The Group net profits
dropped by 32% to 532 million.


VIVENDI UNIVERSAL: Clarifies Share Dealing of Jean-Marie Messier
----------------------------------------------------------------
Vivendi Universal learned only on April 8, 2003, that Jean-Marie
Messier sold 152,000 shares on December 21, 2001 and 106,669
shares on December 27, 2001, making a total of 258,669 Vivendi
Universal shares.

Vivendi Universal immediately transmitted this information to the
COB and the SEC.

                         *****

Mr. Messier is known to have denied several times having sold any
shares--a statement taken by Vivendi and reported at its
disclosures.

He insisted on borrowing EUR5.3 million from Societe Generale to
exercise stock options in December 2001 to show his confidence in
the group.

The revelation is expected to fuel the case of "outright fraud,
misrepresentation and concealment," filed against Mr. Messier by
class action lawyers.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291
          Laurence Daniel
          Phone: +33 (1).71.71.1233
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961



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


GRUNDIG AG: Continues to Find Investor After BEKO Rejection
-----------------------------------------------------------
Statement of the Supervisory Board:

The supervisory board of Grundig AG met to discuss the situation
brought about by the BEKO rejection. It is still necessary for us
to find a financially strong investor. The supervisory board is
working towards this aim.

The supervisory board sees the general conditions for this as
unchanged. There are many promising leads to other interested
parties.

Due to the necessary action to be taken and taking the current
resources situation and legal requirements into consideration and
to accommodate the strategically altered general conditions in
terms of personnel, the supervisory board came to the following
conclusions.

Dr. Eberhard Braun, a lawyer and chartered accountant, has joined
the board of directors as its spokesman. Dr. Braun has many years
experience of similar company situations. This will be called on
in the forthcoming structural reorganization. At the same time,
the previous chairman of the board of directors, Dr. Hans-Peter
Kohlhammer is leaving the board. He will continue to advise the
board in this difficult time, especially during discussions with
investors.

The supervisory board thanked Dr. Kohlhammer for his commitment
and for the major role he played in the necessary restructuring
projects. The supervisory board welcomed his willingness to use
his experience of Grundig in an advisory role. The other members
of the board of directors, Dr. Gnter Moissl and Dr. Werner
Saalfrank, will continue in their positions in the company.

The board of directors will continue to pursue the aim of
retaining the technological core of the company and its important
subsidiaries to create a market and competition strategy which
does not exclude the possibility of administrative action.


MOBILCOM AG: Would No Longer Tap EUR23.7 Million Credit Line
------------------------------------------------------------
Mobilcom will not be making use of EUR23.7 million of the credit
line totaling EUR162 million granted by the Kreditanstalt fur
Wiederaufbau (KfW) and three other banks.

Due the success of the reorganization measures, which has already
been achieved, it has become clear that the costs of the
rearrangement will be lower than originally estimated. The
publicly guaranteed loans have thus been reduced to a maximum of
EUR138.3 million. The Federal government and the State of
Schleswig-Holstein will be released correspondingly from their
guarantee obligations.

                     *****

The European Union in January cleared the EUR50 million
government loan granted in September to MobilCom through a German
state agency, the Kreditanstalt fur Wiederaufbau.  The funding
intended to sustain the company until it could be restructured,
was clearly for financing operating costs of MobilCom's
subsidiary, says EU officials.


THYSSENKRUPP AG: Good 2002 Order Level, S&P Cut Overdone
--------------------------------------------------------
The German steel, capital goods and services group, whose rating
was previously downgraded by rating agency Standard & Poor's, is
not affected by the current situation in Germany and the rest of
the world.

ThyssenKrupp AG chairman Ekkehard Schulz said in an interview
that 2003 is "definitely not" a lost year, despite the war in
Iraq, the lack of reforms in Germany and the weak world economy.

On the contrary, he said they are even "quite satisfied with the
level of new orders" and that they "didn't expect any help from
the economy".

He explained that developments in the steel market in the first
three months of 2003 were "much better" than a year ago, and the
market "has even accepted price increases".

"All in all there will not be any growth compared to the previous
year. Earnings improvements will have to be achieved on the costs
side and from the sale of holdings," he said.

It can be recalled that Schultz revealed in February he is
expecting a substantial improvement in its full year to end-
September 2003 pretax profit, with earnings growth coming from
lowered costs and from sales of its holdings.

However, the German industrial conglomerate said he has "worries"
about the company's performance in the US in view of weak auto
sales and a weaker construction industry hitting its elevators
business.

Meanwhile, Schulz described Standard & Poor's concerns about the
group's pension liabilities as "overdone," since the company is
capable of paying pensioners and their relatives EUR400 million
per year.

On the issue of acquisition and sales, he declined to comment
about talks to acquire a stake in shipyard HDW. He nevertheless
stated that Thyssen's plant engineering businesses and its tools
business in the US, Giddings & Lewis, are to be sold.



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


POSTABANK: New Document Gives Long-Running Case New Twist
---------------------------------------------------------
The long-running case of Postabank took on a new twist with the
emergence of a new document that claims the former Fidesz-led
government over-consolidated the bank in 1998.

The information came out in the middle of an investigation
against one-time Postabank CEO Gabor Princz who is being sued for
alleged misappropriation of funds in 1997.

Fidesz MP Ervin Demeter, former Minister responsible for the
secret services argued: "This document has nothing to do with the
criminal case against Princz," indicating that at such, it should
not have been shown to Mr. Princz.  He alleged that the
revelation is just to divert attention from the Princz's case.

Deputy Chief Prosecutor Ervin Belovits told the Parliament the
National Police Headquarters (ORFK) had requested the document
from the Governmental Supervisory Office (Kehi)--who prepared it
in 2000--to present it to Princz and his lawyer, without showing
it to the prosecutor.  He provided no explanation for the action.

ORFK refuted the allegations that the information is aimed at
distracting attention.

The document, however, was not entered as an official report as
the then Kehi-president, Tamas Sepsey, did not consider it
professionally well founded.

State-owned Postabank lost HUF70 billion (US$305 million), or a
sixth of its fund, during a run on the bank in February 1997.
Mr. Princz was ousted the following year after confidence in the
bank collapsed on rumors of poor business deals.

Afterwards, the state agreed to consolidate the bank by putting
in HUF152 billion (US$662 billion).  The total rescue package for
the bank amounted to HUF300 billion (US$1.3 billion) since the
administration of the former Socialist-led Government of Gyula
Horn.

The state is currently trying to find a buyer for the bank.



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


ARCELOR SA: S&P Affirms `BBB' Long-term Corporate Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BBB'
long-term corporate rating on Luxembourg-based steelmaker Arcelor
S.A. and related entities Arcelor SCA of Luxembourg and Usinor
S.A. of France, and removed the ratings on the group from
CreditWatch, where they had been placed on Feb. 7, 2003. The
outlook is negative.

In addition, the short-term corporate credit rating on the group
was lowered to 'A-3' from 'A-2'. The rating actions follow
Standard & Poor's review of the ratings on Arcelor in the context
of its review of all European rated issuers' post-retirement
liabilities.

"The group's pension-adjusted credit ratios were weak for a 'BBB'
rating in 2002, which was a difficult year for the steel
industry," said Standard & Poor's credit analyst Olivier Beroud.
"Arcelor's strong commitment to continue its debt reduction
policy and the group's proven ability to generate free operating
cash flows, however, were key factors in Standard & Poor's
decision not to lower the long-term corporate credit rating on
the group."

Arcelor needs to reduce debt sufficiently to ensure that, over
the cycle, it will achieve target ratios in order to retain a
'BBB' long-term rating.

Should market conditions deteriorate significantly and these
targets become unachievable, the long-term corporate credit
rating on Arcelor could be lowered.


MILLICOM INTERNATIONAL: Restates Loss for 2002 to US$397 Million
----------------------------------------------------------------
Millicom International Cellular S.A., the global
telecommunications investor, announces it has amended its
accounting policy in relation to the revaluation of certain
securities which are classified as "Investment in securities" in
the balance sheet.

Accordingly, as at December 31, 2002, the accumulated fair value
adjustments related to certain Investment in securities (which
had previously been recorded within the caption "Revaluation
Reserve" within Shareholders' Equity) have now been charged to
the Income Statement for the year ended December 31, 2002.

While this is a non-cash adjustment, the net loss for the year
ended December 31, 2002 (as previously disclosed in a press
release dated February 12, 2003) has been restated from
US$278,199,000 to US$397,337,000. This restatement has no effect
on total Shareholders' Equity.

In addition, following the successful completion of the sale of
Celcaribe, MIC's Colombian cellular operation, the Company has
released a non-cash impairment charge of $12,194,000 previously
recorded in the Income Statement for the year ended December 31,
2002. The effect of this release is to reduce the loss for the
year to $385,143,000 and total negative Shareholders' Equity to
$295,259,000.

To see financials:
http://bankrupt.com/misc/Millicom_International.htm

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license (excluding
Tele2) of approximately 382 million people. In addition, MIC
provides high-speed wireless data services in six countries. MIC
also has a 6.8% interest in Tele2 AB, the leading alternative
pan-European telecommunications company offering fixed and mobile
telephony, data network and Internet services to 16.8 million
customers in 22 countries. The Company's shares are traded on the
Luxembourg Bourse and the Nasdaq Stock Market under the symbol
MICC.

Lazard is acting for Millicom International Cellular S.A. in
connection with the exchange offer and consent solicitation and
no one else and will not be responsible to anyone other than
Millicom International Cellular S.A. for providing the
protections offered to clients of Lazard nor for providing advice
in relation to the exchange offer or consent solicitation.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.

          Home Page: http://www.millicom.com
          Marc Beuls, President and Chief Executive Officer
          Phone: +352 27 759 101


          LAZARD, NEW YORK
          Jim Millstein
          Phone: +1 212 632 6000

          LAZARD, LONDON
          Peter Warner
          Phone: +44 20 7588 2721
          Daniel Bordessa
          Cyrus Kapadia

          SHARED VALUE LTD, LONDON
          Andrew Best
          Phone: +44 20 7321 5022
          Investor Relations



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


KONINKLIJKE AHOLD: Confirms Date of Shareholders' Meeting
---------------------------------------------------------
The Supervisory Board of Ahold confirmed it will convene a
General Meeting of Shareholders on May 13, 2003.

As provided for under Section 37.2 of the Company's Articles of
Association, at the General Meeting the Company will request an
extension of the May 29, 2003 deadline for the completion of its
annual accounts for fiscal year 2002.

The Company will request a six-month extension, although Ahold
intends to complete the audited consolidated financial statements
by June 30, 2003, as required under its credit facility announced
on February 24, 2003. Other items to be voted on include the
appointment of Dudley Eustace to the Ahold Corporate Executive
Board and the appointment of Jan Hommen to the Ahold Supervisory
Board.

Dudley Eustace has been acting as interim Chief Financial Officer
since March 11, 2003. Ahold announced on February 27, 2003 its
intention to appoint Jan Hommen, currently Finance Director of
Royal Philips.

The venue for the Ahold shareholders' meeting will be the Fortis
Circustheater in The Hague. The meeting will start at 3:00 p.m.
CET.

All further details will be announced through the appropriate
publications on or about April 15, 2003.

CONTACT:  KONINKLIJKE AHOLD
          Ahold Corporate Communications
          Phone: +31.75.659.5720
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02
          Home Page: http://www.ahold.com


KONINKLIJKE AHOLD: Merger Likely in Few Years' Time Say Sources
---------------------------------------------------------------
Dutch food retailer Ahold is likely to seek a merger after it
rids itself of its present woes, according to company sources.

"In the end there will be a merger with another large
international retailer," a former executive told Reuters.

But Ahold has to unload assets to cut debt, and regain investor
confidence along the process.

Ahold's shares fell over 65% since the discovery of the more than
US$500 million profits overstatement in its US Foodservice unit.
The controversy wiped some EUR4 billion off its market value and
forced the downgrade of its bonds to junk status.  The latter
made refinancing of some EUR12.3-billion (US$13.25 billion) debt
more expensive.

To sort out the mess, the company hired retired Dudley Eustace,
who previously worked as finance director of British Aerospace
Plc.  He is tasked with drawing up proposals for the longer term
funding, including asset sales, according to a source.

Ahold has indicated its exit from South America and it is assumed
likely to follow that up with its Asian hypermarket activities,
although it is unlikely to undertake a fire sale of the
businesses.

Referring to the merger, the source, however, said: "That will
take a lot of time for wooing and cooing but it is inevitable...
Because the main source for profits at a retailer is not just the
number of clients you can sell to, but the discounts you can
extract from your suppliers."


ROYAL KPN: Credit Rating Upgraded to Baa2, Outlook Positive
-----------------------------------------------------------
Moody's Investors Service Ltd, one of the leading independent
credit rating agencies, upgraded KPN's credit rating from Baa3
with a positive outlook to Baa2 with this rating being placed on
review for further upgrade. According to Moody's, the upgrade
reflects the progress that KPN has made in deleveraging in 2002,
and an expectation that KPN's free cash flow generation may
enable it to continue to reduce debt in the future.

On December 5, 2002 Standard and Poor's already raised KPN's
credit rating from BBB minus to BBB, reflecting the continued
success of KPN in deleveraging its balance sheet and improving
operational performance. The upgrade was followed by an
improvement of KPN's outlook from stable to positive on March 12,
2003, in reaction to the announcement of the 2002 results.

CFO Maarten Henderson:
"We view the upgrade by Moody's as a confirmation of the positive
prospects for KPN and the successful debt reduction strategy
executed in 2002. This debt reduction has led to a significantly
improved financial position of KPN, which will improve further as
we will reduce our net debt to below EUR 10.5 billion in 2003. "

About KPN
KPN is a telecommunications company offering a wide range of high
quality and innovative telecommunications services for both the
private and business markets. Its core business activities are
mobile communications, fixed networks, Internet services and
IP/Data services.



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


BRE BANK: Announces Plan to Issue Two Series of Preferred Bonds
---------------------------------------------------------------
The Management Board of BRE Bank SA informs that on April 9, 2003
adopted a resolution to issue two new series of preferred bonds,
including:

479,500 A-series bonds with nominal value and issue price set at
PLN 0,01 each bond. Bondholders will be taken priority to acquire
479,500 shares of BRE Bank SA in new issue arranged as part of
conditional increasing of share capital. Total nominal value of
A-series bonds amounts to PLN 4,795

Planned redemption date of the bonds is 3 July 2006.

500,000 B-series bonds with nominal value and issue price set at
PLN 0,01 each bond. Bondholders will be taken priority to acquire
500,000 shares of BRE Bank SA in new issue arranged as part of
conditional increasing of share capital. Total nominal value of
B-series bonds amounts to PLN 5,000.

Planned redemption date of the bonds is 1 July 2008.

BRE Bank is not going to introduce the bonds to Stock Exchange
Trading. Total bond value constitutes approximately 0,0006% of
BRE Bank's equity.

Total value of the bonds and other bonds issued before and non-
canceled constitutes approximately 67,27% of BRE Bank's equity
(bonds value based on EUR/PLN conversion as was shown in fixing
NBP on 10 April 2003).

                     *****

In the first half of 2002, the bank registered net losses as a
result of declining revenues, significant write-downs of equity
stakes, increased provisions against irregular loans and losses
reported by subsidiaries.

Fitch rates the bank's Individual rating at 'D'.

The management in February proposed that no dividend for 2002.


ELEKTRIM SA: Discloses Profile of New Supervisory Board
-------------------------------------------------------
To complete current report no 26/03 of April 4, 2003, Elektrim SA
discloses CVs of the newly elected Supervisory Board members.

Zygmunt Solorz-Zak (aged 47) - Supervisory Board Vice Chairman

Mr. Solorz-Zak is a graduate of a technical college. In the years
1988-1999, he was owner of Przedsiebiorstwo Zagraniczne "Solpol"
in Wroclaw.

In 1993, he was one of the founders of Polska Telewizja
Satelitarna Polsat S.A. and since its creation has been Chairman
of the Supervisory Board of Telewizja Polsat S.A. Since 2000, he
has been Chairman of the Supervisory Board of Polsat Media S.A.,
and since 2002, Chairman of the Supervisory Board of Invest Bank
S.A.

The activities conducted by Mr Solorz-Zak are not in competition
with Elektrim S.A. His name is not entered in the Register of
Insolvent Debtors kept pursuant to the law on National Court
Register.

Krzysztof Pawelec (aged 55) - Supervisory Board Vice Chairman

Mr. Pawelec graduated from Wojskowa Akademia Techniczna (Military
Technical Academy), cybernetics department. He specializes in
organization and management.

In the years 1994 - 1997 he worked in the following structures of
the holding company of Elektrim S.A.: Elektrim S.A. as advisor to
the director of one of the trade departments,  Polska Telefonia
Cyfrowa Sp. z o.o. as Director of Human Resources Department,
Elektrim-Eurogaz S.A. - Managing Director.

Since 1998, Mr Pawelec has worked in Elektrim-Motor S.A., first
as Director of Organisation and Supervision Department and
currently as Management Board Vice President - Managing Director
of Cantoni Motor S.A.

Mr. Krzysztof Pawelec is not involved in any activity competitive
with the Issuer. His name is not entered in the Register of
Insolvent Debtors.

Ewa Bryx-Soltysik (aged 49)  - Supervisory Board Member

Ms Bryx-Soltysik graduated from the Central School of Planning
and Statistics, Economics of Production Department and has a PhD
in economic sciences.

In the years 1981-1997, she worked in: Instytut Gospodarki
Materialowej (Head of Division), Ministry of Industry and Trade
(Senior Specialist), Agencja Rozwoju Przemyslu S.A. (Director of
Liquidation Restructuring Department),  Polski Bank Rozwoju S.A.
(Director of Restructuring and Privatisation Department). Since
1997 she has been working in BRE Bank S.A., first as Director of
Assets Management Department, next as Director responsible for
financial investment. She specializes in managing big investment
projects and investment portfolio management for the bank.

Ms Bryx-Soltysik is not involved in any activity competitive
versus the Issuer. Her name is not entered in the Register of
Insolvent Debtors.

Wojciech Filochowski (aged 32) - Supervisory Board Member

In 1996, Mr Filochowski graduated from the Catholic Law
Department of the Lublin University.

Since May 2000 he has been Legal Adviser in law firm W.
Filochowski sp.k. - partner of the company. Since May 2002, a
member of the Supervisory Board of Towarzystwo Ubezpieczen na
Zycie POLISA - ZYCIE S.A.  The activities of the above mentioned
entities are not in competition with Elektrim S.A.. His name is
not entered in the Register of Insolvent Debtors.

Leszek Maciusowicz  (aged 35) - Supervisory Board Member

Mr Maciusowicz graduated from the University of Adam Mickiewicz
in Poznan and MBA studies at the Warsaw University. He also
completed post-graduate studies at INSEAD and the City University
of London. He has had professional training in The Chase
Manhattan Bank, N.A. in New York and the Lloyds Bank in London.

He started his professional career in Bank Handlowy w Warszawie
S.A. in 1993. In the eight years of his work he was responsible
for a number of projects relating to funding big industrial
investments, strategic capital investments and restructuring of
enterprises.

In the years 1998-2000, Leszek Maciusowicz was member of the
Supervisory Board of Bank Rozwoju Cukrownictwa S.A. in Poznan. In
the years 1998 - 2001, he was a member of the Supervisory Board
of Hansabank in Estonia and, at the same time, was direct
supervisor of the interior audit division of the bank in Estonia,
Lithuania and Latvia. Since 2002 Mr Maciusowicz is President of
the Management Board of TCF Sp. z o.o., a company dealing in
financial investment and services.

Mr. Leszek Maciusowicz is not involved in any activity competing
with the Issuer. Her name is not entered in the Register of
Insolvent Debtors.

Piotr Nurowski (aged 57) - Supervisory Board Member

In 1967, Mr Nurowski graduated from the Law Faculty of the Warsaw
University.

In the years 1973-1980, he was President of the Polish Athletics
Association. In 1981, as employee of the Foreign Affairs
Ministry, he started a diplomatic career: in the years 1981-1984
he was first secretary of the embassy in Moscow, in 1984-1986,
in the Department of  Asia, Africa and Australia of the Foreign
Affairs Ministry, in the years 1986-1991, in Morocco as counselor
of the embassy in Rabat.

In the years 1991-1992 he was Director in PZ SOLPOL.
In the years 1992-1998 he was member of the Management Board of
Polska Telewizja Satelitarna Polsat S.A. (at present: Telewizja
Polsat S.A.)

Since 1998, he has been member of the Supervisory Board of
Telewizja Polsat S.A. and Vice President of Children and Youth
Sport Association. Mr Piotr Nurowski conducts economic activity
under the name of "LP Piotr Nurowski" dealing in advisory
services.

The activities conducted by Mr Nurowski are not in competition
with Elektrim S.A. His name is not entered in the Register of
Insolvent Debtors kept pursuant to the law on National Court
Register.


KOMPANIA WEGLOWA: Collapse of Coal-Mining Program Imminent
----------------------------------------------------------
The coal-mining program of Poland's Kompania Weglowa can go
nowhere but down, based on the company's current performance.

According to the Warsaw Business Journal, the mines that make up
KW sold 5.2 million tons of coal in January and only 4.3 million
in February.  The situation could deteriorate each month since
sales are usually lower in spring and summer.

Losses of PLN100 million recorded in February could further
increase to PLN147 million in March, bringing the total to figure
nearly PLN250 million.

KW had also forecast a 12-month loss of ZL571 million by the end
of 2003, which means the company has fulfilled its half-year loss
predictions within just two months.

If the present situation continues, the losses may amount to PLN1
billion by the end of the year, the report said.



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


VIA DIGITAL: Shareholders Approve Plan for Capital Increase
-----------------------------------------------------------
                     ANTONIO J. ALONSO UREBA

                  Director, General Secretary and

                Secretary of the Board of Directors

                          TELEFONICA, S.A


As provided in article 82 of Spanish Stock Market Law (Ley del
Mercado de Valores), and further to the reports submitted May 9th
and 14th, 2002 and January 29th, 2003, Telefonica S.A. hereby
reports the following

                        SIGNIFICANT EVENT

The shareholders of DTS, Distribuidora de Television Digital S.A.
(VIA DIGITAL), including Telefonica de Contenidos S.A.U. (a 100%-
owned subsidiary of Telefonica S.A.), on Thurday approved the
resolution to conduct a capital increase for the company for a
maximum amount of 1.052 billion euro.

The objective of this capital increase is to provide VIA DIGITAL
with the necessary funds to implement its plan to reduce debts to
shareholders and financial institutions.

The capital increase approved shall involve cash payments at face
value, with a preferential subscription period of one month plus
a subsequent subscription period open to other shareholders or
third parties of three business days, express provision for the
possibility of incomplete subscription.

Reiterating the information stated in previous reports
(Significant Event reported by this Company on January 29th,
2003), as a result of this capital increase VIA DIGITAL will have
debt of no more than 425 million euro on the date of its share
exchange with Sogecable S.A.

                                Madrid, April 10th, 2003



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


SAS GROUP: Board Implements New Restructuring Measures
------------------------------------------------------
The Board of Directors of the SAS Group has provided the SAS
Group management team a mandate to implement comprehensive
restructuring measures to ensure the Group's profitability, long-
term competitiveness and efficient flight operations for the
Group's airlines.

The SAS Group is already implementing two restructuring programs,
with a total earnings effect of SEK 12.5 billion prior to 2005.
It is estimated that the additional measures will result in
further cost savings of SEK 6-8 billion, providing the remaining
union negotiations are completed according to plan.

"These measures are necessary for the Group's ability to compete
and will represent a healthy platform for future expansion. We
have achieved excellent results in negotiations with all of the
unions, except for cabin employees. Agreements have been signed
with 35 of the 39 unions and the SAS Board has assigned us to
complete the discussions with the remaining parties," said
Joergen.

Lindegaard, SAS's CEO, continued, "We are aware that flight
competition in Scandinavia will be intensified and we must
therefore be well-equipped for the future. We must be able to
offer additional and less expensive travel in the Scandinavian
market. The ambition is to enhance the traffic with additional
routes from Stockholm and Oslo."

At full effect, the restructuring steps will reduce Scandinavian
Airlines' average unit costs by approximately 30 percent, which
corresponds to the goals established for the new restructuring
measures.

Constructive union cooperation

The restructuring program was preceded by extensive analysis and
constructive dialog with the unions.

"We have made several ground-breaking changes to old collective
agreements and the unions have assumed major responsibility for
us now being able to continue our efforts to become a stronger
company. In cooperation with Group management, they have laid the
foundation for a lower cost level, thereby opening the door for
expansion," said Joergen Lindegaard.

Several fundamental changes to agreements will make it possible
to substantially raise productivity. The collective agreements
with Scandinavian Airlines' pilots will enable such steps as
increasing the number of hours in the air -- "block hours" --
from the current level of 490 to more than 700.

Most unions have also accepted the Group's proposal for a wage-
freeze in 2003.

Overmanning

The measures within the framework of the new program will
commence during the spring and the program in its entirety is
expected to have full effect within 18 months.

The efficiency measures will result in overmanning of about 4,000
persons, in addition to measures already approved. The majority
of the persons affected are within Scandinavian Airlines'
administration, cabin crew and pilots, ground staff in station
operations, Scandinavian Ground Services, personnel within SAS
Technical Services and sales staff at SAS World Sales.

Simplified base organization

Through greater autonomy for Scandinavian Airlines' bases in
Copenhagen, Oslo and Stockholm, and planning of each base's
flight operations, work methods, management and decision-making
processes will be simplified, with minimized need for
coordination.

Scandinavian Airlines will also conduct a redistribution of its
aircraft fleet and minimize the number of aircraft types at each
base. Flight personnel will mainly start and end their day at
their home bases, thereby reducing the number of layovers. The
separation of the bases in Copenhagen, Oslo and Stockholm will
also apply to administration and support.

If, contrary to expectations, the remaining negotiations do not
bring a satisfactory result, the SAS management will evaluate
alternative measures within the Group to enable profitable flight
operations on shorter routes, with an emphasis on domestic.

CONTACT:  SAS GROUP
          Hans Ollongren
          Senior Vice President, Corporate Communications
          Phone: +46 8 797 19 50
          Mobile: +46 709 97 19 50



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


SWISS LIFE: Unloads Profitline's Fund Business to AIG
-----------------------------------------------------
Swiss Life is selling Profitline's fund business to AIG Private
Bank Ltd, Zurich. The sale is a result of the new strategic
direction pursued by the Swiss Life Group, which aims to
concentrate in future on life insurance business and personal
consulting in its domestic market, Switzerland. Both parties have
agreed not to disclose details of the purchase price.

The transaction affects assets totaling CHF 440 million invested
by Profitline's 40,000 fund customers. These funds will be
transferred to AIG Private Bank on 31 May 2003 unless customers
provide written instructions to the contrary. Customers who have
taken out life insurance with Profitline are not affected by the
sale. These policies will continue to be administered in
accordance with the existing agreements. The security of these
policyholder assets remains fully guaranteed.

Profitline was founded in 1996 by the former UBS Swiss Life, a
joint venture of UBS and the then Rentenanstalt. In 1999 Swiss
Life/Rentenanstalt acquired the UBS stake in Profitline and
changed the company's name to Swiss Life Direct, thereby
extending its existing product range to include banking products
which had previously been largely unavailable in the insurance
industry. Profitline continued to be managed as a separate direct
sales channel, concentrating in particular on the marketing of
funds via call centres. At the beginning of 2001 Swiss Life
Direct was fully integrated into Swiss Life/Rentenanstalt in
legal terms.

Swiss Life

The Swiss Life Group is one of Europe's leading providers of
long-term savings and protection and life insurance. The Swiss
Life Group offers individuals and companies comprehensive advice
and a broad range of products via agents, brokers and banks in
its domestic market, Switzerland, where it is market leader, and
selected European markets. Multinational companies are serviced
with tailor-made solutions by a network of partners in over fifty
countries.

The Swiss Life Group, registered in Zurich, was founded in 1857
as the Swiss Life Insurance and Pension Company. Shares of Swiss
Life Holding are listed on the SWX Swiss Exchange (SLHN). The
company employs around 12,000 persons.

CONTACT:  SWISS LIFE
          General-Guisan-Quai
          40, P.O. Box, 8022 Zurich
          Home Page: http://www.swisslife.com



VON ROLL: Recapitalizes by Converting Bonds and Bank Credits
------------------------------------------------------------
Negotiations between Von Roll Holding Ltd. and the banks have
been completed. The overall recapitalization concept produced now
is based on converting bonds and bank credits into shares and the
principle of equal treatment of banks and bondholders. Approval
from the bondholders and the General Meeting of Shareholders of
this recapitalization concept is essential to the survival of Von
Roll and to saving the 3800 jobs within the company.

As already advised by Von Roll Holding Ltd. in their Press
Release on March 31, 2003, the present capital structure of the
balance sheet makes recapitalization unavoidable - see the
provisions of Article 725. Para. 1 of the Swiss Code of
Obligations. Following the successful discussions with the
consortium bankers, the overall concept covering all financial
partners can now be presented to the shareholders and the
bondholders.

The overall concept comprises these points:

Banks and bondholders have first the opportunity to sell back
their credits and bonds to Von Roll at 15% of their nominal
value. The banks and bondholders preferring this solution will
accordingly receive 15% of their receivables in cash while
waiving 85% of their claim. The banks which hold credits to a
total nominal value of CHF 39 million have decided in favor of
this solution.

100% of the bank credits and bonds not redeemed against a payment
of 15% will be converted into Von Roll Holding shares at an issue
price which is still to be determined. The share issue price is
equivalent to the average closing price of Von Roll Holding
shares between 11 April and 5 May 2003 at the SWX stock exchange.
Banks and bondholders receive from this conversion a number of
shares corresponding to the nominal value of their assets divided
by the issue price; banks which hold credits to a total value of
CHF 19 million have decided in favor of this solution.

As an alternative to a conversion into shares, banks can also
waive their receivable assets and receive options as compensation
for waiving their receivables. These options give entitlement to
the purchase of a share each, their term is 10 years and they can
be exercised 1 year after issue at the earliest. The strike price
is CHF 0.10 per share. The price at which the options will be
allowed against the banks' assets is equivalent to the issue
price of the new shares explained above, less the strike price of
CHF 0.10, this option solution producing the same economic result
as the direct exchange of shares; banks which prefer this
solution will receive a number of options equivalent to the
nominal value of their assets divided by the options price
allowed. Banks which hold credits to a total value of CHF 34
million have decided in favor of this solution.

The nominal value of shares will be reduced by 99% of [Monday's]
CHF 10 to CHF 0.10; the nominal value of shares given to
bondholders and banks will also be CHF 0.10.

In addition to the capital increase within the framework of
recapitalization implemented in favor of the banks and the
bondholders, the shareholders will also have the opportunity to
subscribe for additional shares; they can subscribe for one new
share for each old share within the framework of the debt/equity
swap at the same issue price as the banks and the bondholders.

The banks as well as the bondholders shall receive the
contractually agreed interest up to the date on which their
receivables are either settled (on acceptance of the 15% offer)
or their assets converted into shares or options. This
arrangement will also fully settle in particular the interest
payable as at 17.6.03.

This concept secures equal treatment of banks and bondholders.
Von Roll Holding has not repaid any bank credits since July 2001
except for credits with a nominal value of CHF 50 million at
heavy discounts.

Implementation of the recapitalization concept depends on
approval by the bondholders and shareholders
Implementation of this recapitalization concept is subject to
approval of these measures by the General Meeting of Von Roll
Holding Ltd. the Bondholders' Meeting by the necessary majority.

Approval of the recapitalization concept will make it possible
for the Von Roll Group to survive

By approving the recapitalization concept, banks, bondholders and
shareholders will make it possible for the Von Roll Group to
survive. This approval is an essential prerequisite for the
company's continued existence and maintaining the 3800 jobs. This
is part of a comprehensive industrial reorganization concept
which is to be concluded by focusing on Von Roll Isola. The Board
of Directors is confident that this comprehensive
recapitalization concept can create positive values for all
participants.

Approval of this recapitalization concept will result in Von Roll
Ltd. being released from all financial debts. Based on present
estimates, after the implementation of the recapitalization
measures the present shareholders will hold 10 to 20 % of the
shares in the recapitalized company. This percentage depends on
the following two factors: firstly on the conversion price at
which the bonds and the bank credits will be converted into
shares, that is the share prices which the Von Roll shares will
achieve between 11 April and 5 May 2003, but secondly on the
amount of bonds which will be sold back to the company at 15%. On
the other hand, the level of reduction of the nominal value has
no effect on the level of future equity participation of the
present shareholders in the recapitalized company.

Dates:

General Meeting:
Tuesday, May 6, 2003, 9.00 a.m. at the Swissotel, Zurich-Oerlikon

Bondholders' Meeting:
Tuesday, May 6, 2003, 3.30 p.m., Swissotel, Zurich-Oerlikon


VON ROLL: Parent Signs Contract to Hand Over Unit to New Owner
--------------------------------------------------------------
On April 9 Von Roll Holding Ltd. and a group of international
investors with a Swiss management and a background in industry
signed the contracts governing the takeover of Von Roll Infratec
Holding Ltd., comprising eight companies active in industrial
castings, infrastructure systems and IT services. The sale
constituted another milestone for Von Roll Group on its way
towards focusing on its division Von Roll Isola.

The continuing economic decline in Von Roll's most important key
areas continued during the second half of the year. The resulting
23% decline in the intake of orders, to CHF 1.290 billion, and
24% in sales, to CHF 1.213 billion, prompted a negative result
totaling CHF -22 million (compared with CHF 3 million the
previous year). Additional burdens on the result (profit after
tax) included valuation adjustments and special charges from
sales, which resulted in posted losses totaling CHF 138 million.

The Board of Directors presented a concept for restructuring the
balance sheet to the financial partners. That concept had been
drawn up in agreement with the banking consortium and is subject
to approval by the General Meeting of Shareholders and the
Meeting of Bondholders on May 6, 2003.

As Alfred M. Niederer, Chairman of the Board of Directors,
pointed out at the balance sheet media conference, this week the
company passed two milestones on the way to its return to health,
firstly by reaching agreement with the banks on the concept for
restructuring the balance sheet, and secondly by selling Von Roll
Infratec Holding Ltd. The next decisive step will be the General
Meeting and the Meeting of Bondholders, since both these
financial partners will decide on the future success of Von Roll
Group.

Von Roll Group's financial situation in the fall of 2002 forced
it to rethink its strategy and swiftly initiate further measures.

Subsequently, the business plan for Von Roll Isola, which will
represent Von Roll in the future, was reviewed and further
adjusted. Additional structural adjustment programs will be
swiftly implemented under the leadership of the new CEO, Walter
T. Vogel, and earnings will go up as a result. As Walter T. Vogel
explained, the path adopted by Von Roll Isola will be resolutely
pursued. Von Roll Isola will continue to be a world leader in
insulation systems and materials and composite materials. With
its workforce of 2270 and sales of around CHF 450 million in
attractive market segments, Von Roll Isola's chances for a rapid
return to profitability are sound.

Von Roll Infratec had already sold off its light metals product
lines and machinery trading activities at the end of the year.
Yesterday, the negotiations on the sale of Von Roll Infratec
Holding Ltd. were concluded. The sale of this division active in
industrial castings, infrastructure systems and IT services to a
group of international investors with a Swiss management and a
background in industry met the objective of finding a strong
partner for Von Roll Infratec Holding Ltd. The new owner intends
to continue expanding not only the company's industrial castings
activities (foundries in CH-Emmenbrcke, CH-Del‚mont and F-
Barraud), but also its infrastructure systems (works in CH-
Choindez, CH-Oensingen, D-Prenzlau and PL-Stettin) and to build
on the know-how of Von Roll ITec, which is active in the IT
sector. No jobs will be lost following the sale of the foundry
business.

Under its new management and with its new Board of Directors, Von
Roll Inova is now on the lookout for a strong partner on a wider
basis.

Economic recession causes massive market slump
Over the past year, all three of the Group's divisions found
themselves facing tough market conditions.

Despite major reductions in capacity and extensive cost-cutting
at all of its production facilities Von Roll Isola failed to keep
pace with the marked decline in volumes, especially in our North
American market for power generation. The overall decline in the
intake of orders and in sales compared with 2001 totaled 28%.
Correcting for differences in foreign-exchange rates and for
divested units, these reductions only amount to 21% and 18%
respectively. Although market conditions deteriorated
substantially and in spite of its unsatisfactory earnings, Von
Roll Isola managed to maintain its market shares and continue
improving its customer relations. By lowering costs and
capacities it managed to significantly lower the sales:profit
ratio by approximately 20%. Various innovative products were
successfully launched on the market, leading to additional sales
through customer added value in certain areas.

Von Roll Infratec: The intake of orders declined by a total of
14%, and sales dipped 15%. Compared with the previous year, the
result improved by CHF16.8 million, concluding at CHF 1.2 million
in the black.

In spite of its satisfactory intake of orders, Von Roll Inova
failed to repeat its performance of the previous year. However,
the 24% decline in both its intake of orders and sales can
largely be attributed to the deconsolidation of WTI, the special
waste-treatment plant in the USA. Excluding WTI, both orders and
sales declined by approximately 10%. The fact that Von Roll
Inova, after last year posting a positive EBIT, this year posted
another negative result (CHF -14 million), is due both to the low
profitability of some projects that are now nearing completion
and to certain one-time costs.

Concept for restructuring the balance sheet - Debt/equity swap
for banks and bondholders

To ensure the survival of Von Roll Group and thereby secure the
2,700 or so jobs remaining after the sale of Von Roll Infratec,
Von Roll Holding Ltd. proposes a concept for the restructuring of
its balance sheet to its bondholders and shareholders. The key
content of that concept is as follows:

Banks and bondholders may sell their loans and bonds at 15% of
the nominal value.

Bank loans and bonds that are not redeemed against payment of 15%
will be fully converted into shares in Von Roll Holding Ltd., at
an issue price yet to be determined.
The nominal value of the shares will by reduced by 99% from the
current price of CHF 10 to CHF 0.10. In addition to the capital
increase carried out as part of the restructuring to the benefit
of the banks and bondholders, shareholders will be given the
opportunity to subscribe for one new share for each of their old
shares.

This concept will guarantee that the banks and bondholders are
treated in the same way. The restructuring concept can only be
executed if the General Meeting of Von Roll Holding Ltd. and the
Meeting of Bondholders approve these measures by the required
majority.

The latest measures have created essential prerequisites for a
sound development of the redimensioned Von Roll Group in
promising markets.


Von Roll Group. Results in 2002

Von Roll Group                          2001        2002
Order intake in millions of CHF         1,683       1,290
Net sales in millions of CHF            1,606       1,213
Gross profit in millions of CHF           251         184
Operating income before special
charges and impairment in millions of CHF   3        (22)
Special charges in millions of CHF         (1)       (86)
Operating income before impairment
in millions of CHF                         (1)       (108)
Impairment In Mio. CHF                    (37)        (44)
Operating income in millions of CHF       (35)       (152)
Profit after tax (PAT) in millions of CHF (87)       (138)
Net income after tax in millions of CHF   (86)       (138)

Net debt in millions of CHF                261        160

Personnel                                5,673      3,844
Net sales per employee in thousand of CHF  265        240

General Meeting
General Meeting: Tuesday, May 6, 2003, at 9.00 a.m. at the
Swissotel, Zurich-Oerlikon
Meeting of Bondholders: Tuesday, May 6, 2003 at 3.30 p.m. at the
Swissotel, Zurich-Oerlikon



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


ABBEY NATIONAL: Ratings Down in Conjunction With Units'
------------------------------------------------------
Moody's Investors Service downgraded Abbey National's Bank
Deposit and Bank Financial Strength ratings to Aa3/B from Aa2/B+
at the same time that it downgraded two major elements of Abbey
National's Personal Financial Services group.

The insurance financial strength and subordinated debt ratings of
Scottish Mutual Assurance plc and Scottish Provident Ltd were
downgraded to A2 and Baa1 respectively for both companies.

Moody's says the life insurance companies' capitalization came
under pressure, just like their UK peers, as a result of severe
equity market falls.  Abbey National had to make capital
injections totaling around GBP1 billion to both companies during
2002 and 2003.

The life funds made substantial risk mitigation program prompting
Moody's to believe that any further capital support required for
the companies in the future should be at "considerably lower
levels."

The companies reduced exposure to equity by closing with-profits
funds to new business at the end of 2002.  It also cut annual
bonus additions.

The wide gap of the ratings between Abbey and the life funds
reflects "the weaker capital position, the negative impact on the
franchise of the closure of the with-profits business, and the
prospect of lower future returns for policyholders."

But Moody's believe Abbey will be able continue to make further
capital available to maintain solvency.


ABBEY NATIONAL: Completes Sale of First National to GE Unit
-----------------------------------------------------------
Abbey National said it has completed on Thursday the sale of
First National to GE Consumer Finance, the consumer credit
services business of the General Electric Company.

In a previous report, TCR-Europe said GE Consumer Finance is
buying most of Abbey's consumer lending unit, while the bank
retains First National's motor finance unit and its litigation
finance unit as indicated in the agreement entered by the two
companies in February.

Under the agreement, GE Consumer Finance will acquire First
National for an estimated total cash consideration of GBP848
million.

First National is a leading U.K. provider of secured and
unsecured lending to consumers through intermediaries.
Approximately 1,400 people and GBP 4.8 billion of assets are
employed in the operations being sold.

The transaction was approved under the Commission's simplified
procedure, used when neither customers nor rivals have complaints
about a deal.

Abbey National is currently disposing non-core parts to
concentrate on core U.K. personal financial services.

CONTACT:  ABBEY NATIONAL
          Investor Relations
          Jon Burgess
          Phone: 020 7756 4182
          Rob Askham
          Phone: 020 7756 4181
          Home Page: http://www.abbeynational.com


AQUILA INC.: Will Hold Q4 Earnings Conference Call on Tuesday
-------------------------------------------------------------
Aquila, Inc., (NYSE:ILA) will conduct a conference call and
webcast to discuss 2002 fourth quarter and year-end results on
April 15 at 9 a.m. Eastern Time. Participants will be Chief
Executive Officer Rick Green, Chief Operating Officer Keith
Stamm and Interim Chief Financial Officer Rick Dobson.

To access the live webcast, go to Aquila's Web site at
http://www.aquila.comand click on Investors to find the webcast
link. Listeners should allow at least five minutes to register
and access the presentation.

For those unable to access the live broadcast, replays will be
available for two weeks, beginning approximately two hours after
the presentation. Web users can go to the Investors section of
the Aquila Web site at http://www.aquila.com and choose
Presentations & Webcasts.

Replay will also be available by telephone through April 22 at
800/405-2236 in the United States, and at 303/590-3000 for
international callers. Callers must enter the access code 534824
when prompted.

Based in Kansas City, Missouri, Aquila operates electricity and
natural gas distribution networks serving customers in seven
states and in Canada, the United Kingdom, and Australia. The
company also owns and operates power generation assets. More
information is available at http://www.aquila.com

Aquila Inc.'s 6.625% bonds due 2011 are currently trading at
about 70 cents-on-the-dollar.


BRITISH AIRWAYS: Agrees to Tentative Codeshare Agreement
--------------------------------------------------------
British Airways and American Airlines said they are delighted by
a U.S. Department of Transportation order tentatively giving the
two carriers authority to codeshare on a wide number of flights
beyond their gateways in London and the United States.

Under the terms of the agreement, British Airways will be able to
make travel more convenient for passengers by placing its code on
American's flights beyond British Airways' U.S. gateway cities to
points within the U.S. and to Mexico, the Caribbean and Latin
America. British Airways will also place its code on American's
flights between Chicago and Glasgow and Manchester.

At the same time, American Airlines will place its code on
British Airways' flights beyond American's U.K. gateways to key
destinations in the UK, Continental Europe, Africa, the Middle
East, and Asia. American will also place its code on British
Airways' transatlantic service between New York's JFK airport and
Manchester.

The carriers will not codeshare on each other's transatlantic
services to London.

In a joint statement, Rod Eddington, British Airways' chief
executive, and Don Carty, American Airlines' chairman and CEO
said: "Today's decision marks a significant milestone in our
relationship, allowing us to offer access to more online
destinations, improve transfer and check-in processes and bring
our customers all the benefits that codesharing and enhanced
competition allows. It will also help underpin the continued
success of oneworld, of which we are both prominent members.

"Although we do not have the antitrust immunity that other global
alliances enjoy on the North Atlantic, this move is clearly a
step in the right direction."

The ruling provides a 12-day comment period. If the order is made
final, the carriers will begin codesharing as soon as possible.

American and British Airways are founding members of the oneworld
global alliance, which serves more than 550 cities in 41
countries around the globe.


BRITISH AIRWAYS: Issues Facts and Figures About Concorde
--------------------------------------------------------
Introduction

Concorde is the world's only supersonic passenger aircraft,
cruising at more than twice the speed of sound at around 1,350
mph, and at an altitude of up to 60,000 ft (more than 11 miles
high).

A typical New York crossing takes three hours and twenty minutes.
Traveling westwards, the five-hour time difference means Concorde
arrives before it has taken off.

More than 2.5 million passengers have flown supersonically on
British Airways' Concorde since she entered commercial service in
1976.


Bringing the excitement and elegance of the outside to the inside

Concorde's position as the flagship of the British Airways fleet
rests on its ability to fly customers across the Atlantic at
twice the speed of sound, cutting the conventional flying time
almost in half.

New seats, interiors, tableware, and lounges at London Heathrow
and New York JFK are part of the GBP14 million programme of
investment announced in January 2000 to ensure the interior of
the aircraft is as elegant as the exterior.

Interior experts, Conran & Partners, led by Sir Terence Conran,
advised on colours, fabrics and accessories, working with a
London based consultancy, Factory Design and Britax Aircraft
Interior Systems of Camberley, Surrey.

Key features of the new interiors


-- New seats: In ink-blue Connolly leather and fabric with a
cradle mechanism, footrest and contoured headrest for more
comfort and support. The new seats are designed by Factory Design
working with Britax-Contour Aircraft Interior Systems.

-- New Concorde room at London Heathrow - The new room was
created by Sir Terence Conran. Materials include, limestone,
marble, walnut, oak, steel and etched glass. Members of the
lounge team are on hand to serve meals from an `All Day' menu.
Business facilities include a suite containing Internet access,
photocopier, printer and lap top connection.

-- Cuisine - The menus on Concorde have been refreshed and
revived. The freshest, seasonal ingredients are used when
creating the dishes with the emphasis on taste and simplicity.
Customers can expect dishes such as smoked salmon fish cakes,
with bloody mary relish and shrimp risotto, breast of guinea fowl
with lemon, thyme and baby vegetables or lobster truffle salad
with crisp french beans.

-- Wine list - Concorde has its own cellar containing some of the
finest vintage wines available. Wines on Concorde are changed
every month. Champagnes on-board include Dom Perignon and Krug.
White wines on board include Puligny-Montrachet 1er Cru and
Chablis Grand Cru. Those who prefer red can choose from some of
the finest clarets and burgundies including Chateau Pichon
Comtesse Lalande and Les Forts de Latour.

-- Priority service - One of the most important elements of the
Concorde experience is the service. Concorde has a dedicated team
of specially trained cabin crew. The ground service is designed
to minimise the time spent on airport formalities and includes a
dedicated check-in area featuring an Express Suiter Service,
designed to deliver bags within eight minutes of arrival.
Concorde passengers can use Fast Track to speed them through
immigration on departure and board directly from the Concorde
lounges.
History

Great Britain and France began working separately towards a
supersonic aircraft in 1956. They were working along such similar
lines that in 1962 they decided to develop the aircraft jointly.

The partnership, between the British Aircraft Corporation (now
Airbus UK) and Aerospatiale (now Airbus France), led to the
production of 20 Concorde aircraft. Each country manufactured one
prototype, one pre-production and eight production aircraft.

The first flight of the British prototype aircraft took place
from Filton, Bristol on April, 9, 1969.

Concorde was subjected to 5,000 hours of testing by the time it
was certified for passenger flight, making it the most tested
aircraft in aviation history.

Of the 16 production aircraft, 14 were made available for sale.
British Airways (in the form of its longhaul predecessor BOAC)
was the world's first supersonic airline, ordering five Concordes
in July 1972. Today, British Airways owns seven Concorde
aircraft.

British Airways accepted its first supersonic passenger
reservation in 1960.

The commercial supersonic era was inaugurated on January 21,
1976, with British Airways flying from London Heathrow to Bahrain
and Air France from Paris to Rio de Janeiro. The first
transatlantic service, to Washington, followed on May 24 that
year. New York flights began in November 1977.

Since they entered commercial services, British Airways'
Concordes have operated almost 50,000 flights, clocking up more
than 140,000 flying hours, over 100,000 of them supersonically,
and travelling some 140 million miles.

Concorde's fastest yet transatlantic crossing was on February 7,
1996, when it completed the New York to London flight in 2 hours
52 minutes and 59 seconds.

Milestones
1956 Start of supersonic airline research in Europe
1960 British Airways' forerunner BOAC accepts its first Concorde
reservation
1962 British and French governments sign agreement for joint
design, development and manufacture of supersonic airliner
1967 Roll-out of first prototype at Toulouse
1969 March 2: First flight of Concorde 001 from Toulouse
1969 April 9: First flight of Concorde 002 from Filton, Bristol
1972 BOAC orders five Concordes
1976 January 21: Inauguration of commercial supersonic travel by
British
1976 May 24: London-Washington service starts
1977 November 22: Inauguration of British Airways London-New York
services
1986 November 8: First round the world flight by a British
Airways Concorde covering 28,238 miles in 29 hours 59 minutes
1999 August 11: Two British Airways Concordes fly in supersonic
formation to chase the total eclipse of the sun over the UK
2000 August 15: British Airways suspends its supersonic
operations following the tragic accident involving an Air France
Concorde outside Paris on July 25
2001 November 7: British Airways re-launches its scheduled
services to New York
Safety modifications

British Airways withdrew Concorde from service on Tuesday, August
15, 2000.

This followed notification from the AAIB (Air Accident
Investigation Branch of the DTLR) that it had received
information which warranted, in its view, a recommendation to the
UK Civil Aviation Authority (CAA) to suspend the airworthiness
certificates from Concorde.

The CAA accepted this recommendation and it was implemented the
following day.

Following its suspension, the aircraft manufacturers worked
extremely closely with the regulators and both British Airways
and Air France to develop a package of measures which has allowed
Concorde to return safely back into service.

The main package of measures includes:

-- Installation of Kevlar-rubber fuel tank liners designed to
minimize any fuel leaks should the wing skin be punctured,
adopting an approach already successfully used in Formula 1
racing cars.

-- Use of newly developed Michelin Near Zero Growth tyres which
are much tougher and provide more resistance to damage.

-- Strengthening of the wiring in the undercarriage area.

The certificate was returned by the CAA, and its French
equivalent the DGAC, on September 5, 2001.

The modification program has been completed to the first five
British Airways' aircraft and work is currently progressing on
the sixth.

British Airways requires six of its Concorde's to be modified in
order to operate a robust double daily service to New York.

The timing of the re-launch of double daily services to New York
depends on the completion of the Concorde modification program.
We hope to make an announcement about this closer to the time.

Other facts
New York:
We currently operate a six times a week service between London
Heathrow and New York JFK.

Flight BA001 departs from London Heathrow at 10.30am local time
and arrives in New York at 9.25am local time. The return flight,
BA002, departs New York at 12.15pm local time and arrives at
Heathrow at 9.10pm. Flights to and from New York operate every
day except Saturday.

From 30 March, 2003, the BA001 will leave Heathrow at 6.30pm and
arrive at JFK at 5.25pm. The BA002 will then return at 8am
arriving back in London at 5.55pm.

Return fares to New York start from GBP6,901.30. Customers can
fly one way on Concorde and back in World Traveller from
GBP3696.30.

Barbados:

British Airways re-launched its scheduled services to Barbados on
1 December, 2001. The airline operates a once a week scheduled
Barbados service from Heathrow, departing Saturdays at 9.30am and
arriving in Barbados at 9.45am local time. It returns at 11.45am
arriving back at London Heathrow at 8pm.

Return fares for this summer start from GBP5008.30. Customers can
fly one way on Concorde and back in World Traveller from
GBP2897.30

Many tour operators offer inclusive holidays with upgrades to
Concorde at special prices.

A week in August at Coral Reef with Elegant Resorts including one
way on Concorde and one way in World Traveller Plus starts from
GBP2630 per person.

Famous passengers and famous flights

-- Phil Collins took Concorde from London to New York to appear
on both sides of the Atlantic in one day for the Live Aid music
event in aid of famine relief in Africa.

-- Paul McCartney played a guitar on board a flight just before
Christmas and within minutes a group of top business travelers
was singing Beatles hits.

-- Former Prime Minister James Callaghan was the first supersonic
PM when he flew to Washington to negotiate landing rights for US.

-- Prince Philip was the first member of the Royal Family to fly
on Concorde in January 1972. The Queen flew five years later.

-- Other supersonic celebrities include, or have included, the
late Princess Diana, the Duchess of York, the late Queen Mother,
Joan Collins, Sir Cliff Richard, Sir David Frost, Sir Elton John,
Lady Margaret Thatcher, Tony Blair, Annie Lennox, Sting and Ewan
McGregor.

Website

A dedicated website was launched in March 1999, to celebrate the
30th anniversary of Concorde. Supersonic surfers can `fly' the
aircraft from London to New York and experience the thrill of
flying through the sound barrier with their feet firmly on the
ground.

As a reminder of the ultimate experience, or as a means of
keeping in touch, users can send a supersonic electronic postcard
featuring Concorde via email. The site is also useful for those
who just want to learn about the unique engineering aspects of
Concorde, clicking onto different areas of the aircraft to
understand how it works.

It was designed by Agency.com which used advanced Macromedia
Flash technology to ensure the best quality animation and sound.
It can be accessed via the British Airways' website at
www.britishairways.com

                     *****

British Airways on Thursday announced that it is grounding
Concorde, its flagship aircraft, for commercial reasons and
because of a lack of customers.  The demise was hastened by the
sharp decline in air travel due to the conflict in Iraq, the
outbreak of SARS virus, and global economic weakness.

Concordes were grounded for more than a year after the Air France
Concorde crash near Paris in July 2000.  Flights were resumed in
November 2001, but ever since, BA has struggled to make them pay.


BRITISH ENERGY: Ecotricity and Greenpeace Challenge Out Approval
----------------------------------------------------------------
Ecotricity and Greenpeace on Thursday filed a legal challenge to
the European Commission's decision to approve UK state aid (1) to
stricken nuclear energy company British Energy.

They will make a joint application to the European Court of First
Instance in Luxembourg to annul the Commission's decision that
the rescue aid to British Energy is compatible with European
Community law.

The challenge is being made on the basis that the decision was
based on serious factual errors. Specifically the challenge will
contend that absence of aid would not have caused serious
consequences, in terms of either nuclear safety or security of
power supply in the UK (2).

If the challenge to the decision is successful it will stop the
Government's continuing loan to British Energy. It will also
undermine the basis of further state aid for British Energy,
submitted by the UK to the Commission together with a
restructuring plan on March 7, 2003.

Jim Footner, Greenpeace Clean Energy Campaigner said, "Greenpeace
and Ecotricity aren't undertaking this action only as a challenge
to the nuclear industry. This is about ensuring that renewable
energy companies do not find themselves in a position of having
to compete against a company like British Energy which has been
provided with an unfair advantage through state aid funding."

Dale Vince, Managing Director of Ecotricity comments, "The bail
out of British Energy is causing serious market distortion as
it's allowing them to buy market share using public money. This
is putting real pressure on brown and green suppliers and
generators who don't have this support - and this in itself is a
threat to security of supply in the UK. It's time for leadership
from our Government at home, we can and should close down British
Energy now."

                     *****

The parties explain that the aid constitutes "state aid" because
it advantages British Energy and disadvantages more efficient
energy producers.

It argues that rescue aid must also be "warranted on the grounds
of serious social difficulties".


CORUS GROUP: Moody's Downgrades Bond Ratings to B3 from Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded Corus Group's senior
unsecured bond ratings to B3 from Ba2, reflecting the rating
agency's worries regarding potential challenges in store for the
group's extension of its credit facilities. The facility is a
EUR1.4-billion syndicated loan facility maturing in January 2004.

The ratings downgraded are Corus Finance plc's Euro 400 million
bonds, maturing 2006, and GBP 200 million bonds maturity 2008.

The view is taken in the context of continued operating losses,
further restructuring needs at the UK division, and the
cancellation of the planned sale of the aluminum assets to
Pechiney.

Moody's also assigned a new B1 Senior Implied and B3 Issuer
Rating to Corus.

It says that: "The notching for the bonds vis-a-vis the senior
implied rating reflects Corus's layered debt structure and
Moody's expectation of security to be pledged to bank lenders
going forward."

The outlook for the rating is negative due to the expected the
operating challenges and the short term refinancing issues
relating its core bank facility.

Moody's says Corus needs to restructure its Corus UK assets with
"strong focus and rigor to ensure long-term viability."

Corus Group plc is headquartered in London and was created
through the merger of British Steel plc and Koninklijke Hoogovens
NV. The group is among the world's largest steel producers and
generated annual sales of approximately GBP 7.2 billion and an
operating loss of GBP 425 Million in 2002.


IMPERIAL CHEMICAL: Charles Piven Announces Class Action Lawsuit
---------------------------------------------------------------
Law Offices Of Charles J. Piven, P.A. announced that a securities
class action has been commenced on behalf of shareholders who
purchased, converted, exchanged or otherwise acquired Imperial
Chemical Industries PLC American Depositary Shares (ADSs), each
representing 1 pound Sterling Ordinary Share, during the period
between August 1, 2002 to March 24, 2003, inclusive.

The case is pending in the United States District Court for the
Southern District of New York. The action charges that defendants
violated federal securities laws by issuing a series of
materially false and misleading statements to the market
throughout the Class Period which statements had the effect of
artificially inflating the market price of the Company's
securities.

No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless you
retain one. If you are a member of the Class, you may move the
court no later than June 9, 2003 to serve as a lead plaintiff for
the Class. In order to serve as a lead plaintiff, you must meet
certain legal requirements. To be a member of the class you need
not take any action at this time, and you may retain counsel of
your choice.

If you were a purchaser of shares of the Company listed above
during the period indicated and want to discuss your legal
rights, you may e-mail or call Law Offices Of Charles J. Piven,
P.A. who will, without obligation or cost to you, attempt to
answer your questions. Law Offices Of Charles J. Piven has been
involved in securities litigation for over ten years. You may
contact Law Offices Of Charles J. Piven, P.A. at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202, by email at hoffman@pivenlaw.com or by calling
410/986-0036.


IMPERIAL CHEMICAL: Cauley Geller Lodges Class Action Lawsuit
------------------------------------------------------------
The Law Firm of Cauley Geller Bowman Coates & Rudman, LLP
announced that a class action lawsuit has been filed in the
United States District Court for the Southern District of New
York, located at 500 Pearl Street, NY, NY 10007, on behalf of
purchasers of Imperial Chemical Industries PLC American
Depositary Shares (ADSs), each representing GBP1 Ordinary Share,
during the period between August 1, 2002 to March 24, 2003,
inclusive (the Class Period).  A copy of the complaint filed in
this action is available from the Court, or can be viewed on the
firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=111&pcode=10&pp=4

The Complaint alleges that defendants violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder, by issuing a series of material
misrepresentations to the market between August 1, 2002 and March
24, 2003, thereby artificially inflating the price of ICI
securities.  Throughout the Class Period, as alleged in the
Complaint, defendants issued numerous press releases in which
they stated that they had resolved the Company's distribution and
software problems that the Company had experienced at its Quest
division's Fragrance & Food businesses.   Defendants further
stated that the Company was on track to report strong financial
results, that the Company had cleared its backlog of customer
orders and that the Company had not lost any customers as a
result of its production problems.   The Complaint alleges that
these statements were materially false and misleading because
they failed to disclose and/or misrepresented the following
adverse facts, among others: (a) that ICI's software,
distribution and production problems at its Quest division were
not "temporary" problems or "unique" to the Naarden, The
Netherlands location, but impacted company-wide operations and
profitability; (b) that ICI's software, distribution and
production problems at its Quest division had not been
"essentially" or "largely" "resolved" or "rectified"; and (c)
that contrary to ICI's representations that it had cleared its
backlog of orders and not lost any customers as a result of the
software, distribution and production problems at Quest, ICI's
customer were, in fact, obtaining new sources of supply and
discontinuing their relationships with ICI.

On March 25, 2003, before the open of trading, ICI shocked
investors when it issued a profit warning with respect to its
fiscal 2003 first quarter.  Defendants announced that its first
quarter profit would drop approximately 24%, as a result of,
among other things, "business lost following the customer service
problems in 2002."  Following this announcement, shares of ICI
fell from a close of $9.60 per share on March 24, 2003 to a close
of $5.60 per share on March 25, 2003, or   single-day decline of
more than 36%, on nearly twenty times normal trading volume.

If you bought ICI ADSs between August 1, 2002 to March 24, 2003,
inclusive, and you wish to serve as lead plaintiff, you must move
the Court no later than June 9, 2003.  If you are a member of
this class, you can join this class action online by clicking
here.  Any member of the purported class may move the Court to
serve as lead plaintiff through Cauley Geller or other counsel of
their choice, or may choose to do nothing and remain an absent
class member.

Cauley Geller is a national law firm that represents investors
and consumers in class action and corporate governance
litigation.  It is one of the country's premiere firms in the
area of securities fraud, with in-house finance and forensic
accounting specialists and extensive trial experience.  Since its
founding, Cauley Geller has recovered in excess of two billion
dollars on behalf of aggrieved shareholders.  The firm maintains
offices in Boca Raton, Little Rock and New York.

If you have any questions about how you may be able to recover
for your losses, or if you would like to consider serving as one
of the lead plaintiffs in this lawsuit, you are encouraged to
call or e-mail the Firm or visit the Firm's website at
http://www.cauleygeller.com

CONTACT:  CAULEY GELLER BOWMAN COATES & RUDMAN, LLP
          Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
          Client Relations Department:
          Jackie Addison, Heather Gann or Sue Null
          P.O. Box 25438
          Little Rock, AR 72221-5438
          Toll Free: 1-888-551-9944
          Fax: 1-501-312-8505
          E-mail: info@cauleygeller.com


MYTRAVEL GROUP: Announces Non-Executive Appointments to Board
-------------------------------------------------------------
The Board of MyTravel Group plc announces that Mr. David Allvey
and Mr. Roger Burnell will join the Board as non-executive
directors with immediate effect. In addition, Mr. Allvey will
assume the role of Chairman of the Audit Committee.

Mr. Allvey was until December 2000 Group Finance Director of
Barclays Bank PLC and is currently a non-executive director of
several companies and a member of the UK Accounting Standards
Board.  He has both executive and non-executive board level
experience gained over many years in major international
companies in the UK, Europe and North America.

Mr. Burnell has substantial experience of the vertically
integrated tour operating industry, spending 25 years with
Thomson Travel Group rising to Acting Chief Executive Officer in
1999.

Mr. Eric Sanderson, Chairman of MyTravel Group plc, commented:

"I am delighted to welcome David Allvey and Roger Burnell to our
Board. David's strong accounting financial background and Roger's
extensive travel industry experience will complement the skills
of our other non-executive directors. I am sure that they will
play a valuable role in helping us to restore the fortunes of our
Group."

For the purposes of Rules 16.3 to 16.5 of the Listing Rules, the
Board of MyTravel Group plc confirms that Roger Burnell has an
interest in 110,785 ordinary shares of 10p each registered in the
name of his wife.

Save as set out above, there are no matters relating to Mr.
Allvey or Mr. Burnell which fall for disclosure under paragraphs
6.F.2 (b) to (g) of the Listing Rules.

CONTACT:  MYTRAVEL GROUP
          Phone: 0161 232 6501
          Eric Sanderson
          Brunswick
          Phone: 020 7404 5959
          Fiona Antcliffe/Sophie Fitton


PIZZAEXPRESS PLC: Venice Bidder Share Offer Period Extended
-----------------------------------------------------------
The Board of Venice Bidder announces that, as at 3.00 pm on April
10, 2003, being the fourth closing date of the Offer, Venice
Bidder owns, controls or has received valid acceptances of the
Offer in respect of, in aggregate, 10,374,296 PizzaExpress
Shares, representing approximately 14.5 per cent of the existing
issued ordinary share capital of PizzaExpress.

The Board of Venice Bidder announces that the Offer has been
extended for a period of 14 days and will therefore remain open
for acceptance until 3.00 pm on April 24, 2003.

As announced on April 3, 2003, the Board of Venice Bidder is
considering its position following the announcement by
GondolaExpress PLC of its offer for the entire issued and to be
issued ordinary share capital of PizzaExpress and therefore
strongly urges PizzaExpress Shareholders to take no action for
the time being.

As at 3.00 pm on April 10, 2003, valid acceptances of the Offer
had been received in respect of 4,242,638 PizzaExpress Shares,
representing approximately 5.9 per cent. of the existing issued
ordinary share capital of PizzaExpress.

On February 27, 2003, Venice Bidder announced that it had
received undertakings to accept the Offer in respect of, in
aggregate, 109,750 PizzaExpress Shares, including undertakings to
accept from parties acting in concert with Venice Bidder in
respect of, in aggregate, 80,750 PizzaExpress Shares.  Valid
acceptances have been received in respect of all of these
PizzaExpress Shares and these are included in the totals above.

Following commencement of the Offer Period, Venice Bidder
acquired 6,131,658 PizzaExpress Shares, representing
approximately 8.5 per cent. of the existing
issued ordinary share capital of PizzaExpress.

Immediately prior to the commencement of the Offer Period, Venice
Bidder and persons deemed to be acting in concert with Venice
Bidder owned or controlled 80,750 PizzaExpress Shares,
representing approximately 0.1 per cent of the existing issued
ordinary share capital of PizzaExpress.

This comprised the beneficial holdings of the Venice Management
Team.  Save as set out above, neither Venice Bidder nor any of
the directors of Venice Bidder nor (so far as Venice Bidder is
aware) any party deemed to be acting in concert with Venice
Bidder owned any PizzaExpress Shares or rights over PizzaExpress
Shares on December 13, 2002 (the last business day before the
commencement of the Offer Period) nor have they acquired or
agreed to acquire any PizzaExpress Shares or rights over
PizzaExpress Shares during the Offer Period.


The term 'Offer' used in this announcement is defined as 'the
cash offer (including the Loan Note Alternative) being made by
Hawkpoint on behalf of Venice Bidder to acquire all of the
PizzaExpress Shares on the terms and subject to the conditions
set out in the Offer Document and the Form of Acceptance and
including, where the context requires, any subsequent revision,
variation, extension or renewal thereof'.  Certain terms used in
this announcement are otherwise defined in the Offer Document
dated February 27, 2003.

CONTACT:  FINANCIAL DYNAMICS
          Phone: 020 7831 3113
          Fergus Wheeler


SILENTNIGHT HOLDINGS: Warns of Continued Challenge in Trading
-------------------------------------------------------------
Trading Update

Further to the announcement on February 3, 2003, the directors
have now completed their review of the branded furniture
division.

It has been decided to re-launch the group's Ducal and Parker
Knoll furniture brands. New ranges will be sourced from third
party manufacturers alongside some existing ranges that will
continue to be manufactured or assembled in house.

As a result of this, the group's sites at Andover and Bridgend
will be closed from July 4, 2003 and there will be substantial
restructuring at the Chipping Norton and Edmonton sites.

The implementation of these plans will incur substantial
exceptional costs; approximately GBP4.7 million will be charged
in the financial year ended February 1, 2003 in addition to those
exceptional items charged in the interim results and a further
amount will be charged in the current year.

Trading conditions continue to be challenging and an update will
be provided in the preliminary announcement on May 1, 2003.


UNITED STANDARD: Notice of Meeting of Scheme Creditors 50
---------------------------------------------------------
Notice of Meeting of Scheme Creditors in the High Court of
Justice Chancery Division No. 1946 of 2003 in the matter of
United Standard Insurance Company Limited (Provisional
Liquidators appointed) and in the matter of the Companies Act
1985

Notice is hereby given that by an Order dated March 27, 2003 made
in the above matter, the Court has directed that a meeting (the
Scheme Meeting) of the Company's Scheme Creditors (as defined in
the Scheme (as defined below)) of United Standard Insurance
Company Limited be held on Tuesday, May 27, 2003 at
PricewaterhouseCoopers LLP, Bloomsbury Square Training Centre, 2-
3 Bloomsbury Square, London WC1A 2RL commencing at 3 pm.  All
Scheme Creditors are requested to attend at such place and time
either in person or by proxy.  Please allow plenty of time for
registration prior to the meeting.

The purpose of the Scheme Meeting will be to consider and, if
thought fit, to approve (with or without modification) a scheme
of arrangement proposed to be made between the Company and the
Scheme Creditors pursuant to s425 of the Companies Act 1985 (the
Scheme).

A downloadable file of the proposed Scheme Document, Explanatory
Statement and Appendices are available on the Company's website
at http://www.unitedstandard.co.uk. Should an email or a printed
copy be required, please send your request to the Joint
Provisional Liquidators at the address below, and one will be
sent to you.

Scheme Creditors may vote in person at the Scheme Meeting or they
may appoint another person, whether a Scheme Creditor or not, as
their proxy to attend and vote in their place.  Voting forms for
use at the Scheme Meetings are attached to the Proxy Form which
has been sent to all known creditors together with this Notice.

It is requested that proxies and voting forms be lodged with the
Joint Provisional Liquidators, United Standard Insurance Company
Limited, c/o PricewaterhousCoopers LLP, PD/PC251, Plumtree Court,
London, EC4A 4HT, Fax: +44 (0) 20 7804 5203, as soon as possible
and no later than 4.00pm Wednesday, May 21, 2003.  A faxed copy
will be accepted if legible.

By the same Order the Court has appointed Douglas Nigel Rackham
of Plumtree Court, London EC4A 4HT or, failing him, any partner
of PricewaterhouseCoopers LLP of Plumtree Court, London EC4A 4HT
to act as Chairman of the Scheme Meetings and has directed the
Chairman to report the result of the Scheme Meetings to the
Court.

In the event that the Scheme Creditors vote in favor the Scheme
Arrangement will be subject to the subsequent approval of the
Court.

CONTACT:  SOLICITORS FOR THE JOINT PROVISIONAL
          LIQUIDATORS OF UNITED STANDARD
          INSURANCE COMPANY LIMITED

          DJ Freeman
          43 Fetter Lane
          London EC4A 1JU
          United Kingdom




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., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee Gonzales,
Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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