/raid1/www/Hosts/bankrupt/TCREUR_Public/030801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, August 1, 2003, Vol. 4, No. 151


                            Headlines


F I N L A N D

FINNAIR OYJ: To Gradually Increase Flights to China This Month


F R A N C E

ARIANESPACE: Forms Alliance with Boeing, Mitsubishi
CEREOL SA: S&P Bond Ratings Withdrawn, Removed from CreditWatch
NEXANS SA: Ratings Affirmed as Alstom Bid is Abandoned
SUEZ SA: Posts Update on Action Plan to Boost Finances


G E R M A N Y

BERTELSMANN AG: Barnes & Noble Buys out Partner in Online Biz
MORPHOSYS AG: Cuts First-half Operating Loss by 67%
RINOL AG: Reports Better Interim Second Quarter Results


I R E L A N D

ELAN CORPORATION: Secures Waivers from EPIL Noteholders
ELAN CORPORATON: Ratings Unchanged Despite Note Waivers
SHELBOURNE HOTEL: Faces Receivership Despite Rescue Efforts


I T A L Y

FIAT SPA: Reaches Deal with Unions Over 2,100 Early Retirements


P O L A N D

BANK MILLENNIUM: Issues A10 Series Bonds to Raise PLN300 Million
PETROLEUM GEO: Wants to Retain Current Bankruptcy Advisers


S P A I N

TERRA LYCOS: Telefonica to Pay EUR5.25 per Share in Takeover Bid


S W I T Z E R L A N D

ABB LTD.: Ratings Unaffected by Report of Upbeat Results


U N I T E D   K I N G D O M

ABBEY NATIONAL: Reports Interim Results; Bares Priorities
ARC INTERNATIONAL: Reports GBP5.6 Mln Pre-exceptional Net Loss
BOOKHAM TECHNOLOGY: Second Quarter Sales Remain Flat
BRITISH AIRWAYS: Signs Agreement With U.K. Trade Unions
BRITISH AIRWAYS: Strike to Result in Another Losing Quarter

BRITISH ENERGY: Confident Creditors Will OK Restructuring Plan
GLAXOSMITHKLINE PLC: Warns Investors About 'Mini-Tender' Offers
GLOBAL GROUP: Mulls Sale of Meat Trading Division to Pay Debt
GLOBAL GROUP: To Relocate After Disposal of Meat Trading Unit
GLOBAL GROUP: Negotiates New Credit Facilities with Bankers

GLOBAL GROUP: Appoints Two New Board Members
GLOBAL GROUP: Plans to Transfer Listing to Alternative Market
GLOBAL GROUP: Proposes to Subdivide Shares to Cut Bid-ask Spread
GLOBAL GROUP: Survival Hinges on Substantial Capital Injection
GLOBAL GROUP: To Hold Extraordinary General Meeting August 29

LE MERIDIEN: Lehman, Hyatt Propose to Run Hotel Chain
LE MERIDIEN: Two Flagship Properties Under Receivership
MOTHERCARE PLC: Appoints Karren Brady New Non-Executive Director
MYTRAVEL GROUP: Sells Florida Resort for GBP12.7 Million
NEW STAR: Liquidators Called in for Capital Investment Trust


                            *********


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F I N L A N D
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FINNAIR OYJ: To Gradually Increase Flights to China this Month
--------------------------------------------------------------
Finnair is answering returning demand for its flights to China by increasing
the number of frequencies to Beijing.  The number of flights to Beijing will
quadruple within a month when a second weekly frequency was added last week,
a third one starts on Friday and a fourth in mid-August.  Most passengers
between Helsinki and Beijing use connecting flights between Helsinki and
other European destinations, which is expected to result in greater
passenger numbers in European traffic as well.

"Demand for the route has improved especially in China.  Tourist class has
at times been sold to the last seat and the advance booking situation on the
route is also looking good," says VP Network Strategy and Planning Petteri
Kostermaa. Finnair had to cut its Beijing route to a single weekly flight in
May due to a drop in demand.

At the moment, Finnair flies to Beijing on Mondays and Wednesdays.  The
third frequency will commence this Friday.  The fourth frequency will be
operated on Thursdays starting in mid-August.  At the beginning of
September, the day the fourth frequency is operated will change from
Thursday to Sunday.  The return flights from Beijing to Helsinki are always
on the next day.

In September, Finnair will launch its new destination, Shanghai, with three
weekly flights.  As of September, the airline will have altogether 26 weekly
flights to the most important destinations in Asia: Tokyo, Osaka, Beijing,
Shanghai, Hong Kong, Bangkok and Singapore.

CONTACT:  FINNAIR PLC
          Petteri Kostermaa, VP Network Strategy and Planning
          Phone: +358 9 818 8504


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F R A N C E
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ARIANESPACE: Forms Alliance with Boeing, Mitsubishi
---------------------------------------------------
In a bold initiative, Arianespace S.A., Boeing Launch Services, and
Mitsubishi Heavy Industries, Ltd. announced the signing of an agreement to
provide a powerful new commercial service offering that combines the
strength of three leading launch service providers to ensure on-time
launches for customers around the world.

In a striking similarity to the commercial airline industry where passengers
buy one ticket that connects the flight schedules of several partner
airlines, this new launch services alliance makes mission assurance a
reality by offering commercial customers the ability to fly on three of the
world's finest launch systems.  Under this agreement, Arianespace, BLS and
MHI will create a unique service offering that allows customers to
seamlessly transition among launch platforms for maximum flexibility to
ensure on-time delivery to orbit.  This tri-party alliance also preserves
each launch provider's ability to individually market and promote its own
unique platforms and capabilities to customers.

"We are providing unparalleled access to space in order to meet our
customers' rapidly changing needs," said Jean-Yves Le Gall, Chief Executive
Officer of Arianespace.  "Together we are reinventing and redefining launch
services for the 21st Century."

"In a competitive global market for launch services you need to provide
customers with focused solutions that meet their needs," said Will Trafton,
President of Boeing Launch Services and Vice President and General Manager,
Boeing Expendable Launch Systems.  "We believe that the best way to enhance
service and optimize customer satisfaction is to offer the capabilities of
three respected launch systems to achieve maximum flexibility and mission
assurance."

"Mitsubishi Heavy Industries has extensive experience in cooperative
alliances with leading companies from around the world," elaborated Junichi
Maezawa, Managing Director and General Manager of MHI Aerospace
Headquarters.  "We are confident that this creative arrangement will further
enhance our customers' satisfaction."

While the benefits of this commercial launch service alliance will be
available to all current and future satellite customers, each launch
services provider will remain autonomous.  Customers will remain the final
decision makers while they gain access to a much broader set of solutions
than would otherwise be available in today's market.

About Arianespace
Arianespace is the leading global commercial launch services provider
serving primarily commercial satellites launched to geostationary transfer
orbit.  Created in 1980 as the world's first commercial space transportation
company, Arianespace has signed contracts for the launch of more than 250
satellite payloads. For further information, see the Arianespace Web site at
http://www.arianespace.com

About Boeing Launch Services

Boeing Launch Services Inc., headquartered in Huntington Beach, Calif., is
responsible for the marketing and sales of the Sea Launch and Delta family
of launch vehicles to commercial and government customers.  Boeing Launch
Services is part of Boeing's Integrated Defense Systems, which is one of the
world's largest space and defense businesses.  For more information, visit
http://www.boeing.com/launch

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries Ltd. is Japan's leading aerospace company with
responsibility for the manufacture, sale and launch of the highly successful
H-IIA launch vehicle.  For more information, visit http://www.mhi.co.jp

                     *****

TCR-Europe said last month Arianespace is in need of funding to revive the
launching of its Ariane 5 rocket and stay afloat amidst fierce competition
from U.S. rivals Boeing and Lockheed Martin.  The firm's 10-ton version of
Ariane 5 exploded shortly after takeoff in December.  The failure prompted
the company to say it expects losses of about EUR45 million for last year.


CEREOL SA: S&P Bond Ratings Withdrawn, Removed from CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'BB+' corporate
credit rating and its 'BB-' senior unsecured debt rating on Cereol SA's
approximately EUR148 million 8.7% bonds due Feb. 17, 2005.  The ratings are
removed from
CreditWatch, where they were placed June 26, 2002.

The rating actions follow Cereol's recent announcement that the company will
hold a general bondholders' meeting on August 11, 2003, and will request
approval by the bondholders for an option to proceed with an early
redemption of the 8.7% bonds between August 18, 2003, and October 20, 2003.
If the company receives the approval and exercises the option to early
redeem, there would be no rated debt outstanding.  Originally, Standard &
Poor's had anticipated that upon the closing of the Cereol acquisition by
Bunge Ltd., the senior unsecured debt rating would be raised to the same
level as Bunge's.  However, Bunge has not guaranteed the debt of Cereol.

"Although, Standard & Poor's believes that Cereol's ratings would be higher
than the current ratings, it is uncertain how much higher given that there
is limited information available," said Standard & Poor's credit analyst
Jayne M. Ross.


NEXANS SA: Ratings Affirmed as Alstom Bid is Abandoned
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BBB-/A-3' corporate
credit ratings on France-based cable manufacturer Nexans SA, following the
likely withdrawal of the group's bid for French engineering firm Alstom SA's
transmission and distribution business.

In addition, the ratings were removed from CreditWatch, where they were
placed on June 17, 2003.  The outlook is negative.

"Alstom's board of directors has decided to actively pursue further
negotiations with France-based energy group Areva SA based on an offer
received for Alstom's transmission and distribution business," said Standard
& Poor's credit analyst Leigh Bailey.  "Standard & Poor's expects this to
end Nexans' involvement in the sales process and, therefore, preserve the
group's financial profile at their current levels."

There is downside risk in Nexans' key markets, however, and it is likely
that challenging trading conditions in the intermediate term will weaken the
group's operating performance in 2003.  This might place pressure on the
group's financial profile, which is an important supporting factor for the
ratings in mitigating the group's operating risk given its weaker business
profile.  In the event that financial ratios show further weakness, a review
of the ratings would be likely.


SUEZ SA: Posts Update on Action Plan to Boost Finances
------------------------------------------------------
On January 9, 2003, SUEZ announced its 2003-2004 Action Plan aimed at
improving and protecting its profitability and its financial strength.

Rapid implementation of the action plan

Since January, SUEZ has taken key steps in implementing its action plan:

(a) Disposing of a major portion of the Group's non-strategic equity
investments (Fortis, Total, AXA, Vinci) and selling most of Northumbrian
Water, contributing close to EUR6 billion toward Group debt reduction.

(b) A balance sheet strengthened through:

    (i) A EUR2.5 billion, 5-year syndicated credit facility,
        serving to consolidate and extend average maturities of
        Group lines of credit

   (ii) The placement of a EUR3 billion bond issue (EUR1.25
        billion for 7 years with a 4.34% coupon; EUR750 million
        for 12 years with a 5.09% coupon; and EUR1 billion for
        20 years with a 5.80% coupon).  The issue was well-
        received, particularly the 20-year tranche which was a
        first of its kind for a European company, attesting to
        the market's confidence in Group prospects.  The
        transaction extended the average maturity of SUEZ debt
        while diversifying its funding sources.

(c) Implementation of the Optimax program aiming to reduce the operating
costs, streamline the organizational structure, improve efficiency of
capital employed, and which has an impact on Group operating profitability
of EUR575 million in 2003.

Measured at the operating income level, this figure exceeds the initial
January 2003 estimate (EUR500 million on a full year basis).

On a full-year basis, these measures will have an additional impact on the
operating result of approximately EUR75 million, bringing the total cost
reduction to a minimum of EUR650 million for 2004.  Furthermore, other
initiatives have been identified and are being quantified, particularly in
the purchasing area.  The cost of "Optimax" measures identified to date will
have a negative effect of some EUR100 million in Group exceptional items for
2003.

(d) Stringent investment selection criteria

In 2003 the Group will benefit from investment expenditure controls, linked
to tightened profitability criteria.  Investment levels are expected to
amount to around EUR4.5 billion in 2003, including certain amounts already
committed at the time of the plan's implementation.  This level may be
compared with EUR6.7 billion invested in 2002 and with the average annual
investment objective of EUR4 billion for the period 2003-2005.  Priority is
given to organic growth and to developments that require lower capital
intensity.

2003, a year of consolidation

As anticipated, 2003 will be a year of consolidation for SUEZ.

EBITDA, in comparison with first-half 2002, will be affected by significant
exchange rate fluctuations and changes in Group structure:

(a) Changes in Group structure following the sale of several
    assets, especially within the action plan implementation
    program (partial sale of Northumbrian Water, Elia, and
    divestment of non-strategic equity investments),

(b) The first-half 2003 weakening against the euro of the U.S.
    dollar, the Brazilian real, and the Argentine peso;

Due to the general economic situation, first-half EBITDA on a comparable
exchange rate and Group structure basis is expected to be slightly lower
than for first-half 2002.

On constant structural, accounting method, and exchange rate basis, cost
reduction measures will allow the Group to offset such specific items as
tariff declines imposed in Belgium from July 2002, and the non-recurring
nature of the Brazilian rationing subsidy received last year as well as the
effect of a weak international economic environment.

Furthermore, first-half 2003 will be affected by a markedly negative
exceptional income, particularly linked to capital losses recorded on the
sale of Group assets and by exceptional restructuring expenses.

As a result of cost reduction measures in place, second-half 2003 EBITDA on
a comparable exchange rate and Group structure basis is expected to improve
over that figure for the same period in 2002.

SUEZ, a worldwide industrial and services Group, provides innovative
solutions in Energy -- electricity and gas - and the Environment -- water
and waste services -- to companies, municipalities, and individuals.

In 2002, SUEZ generated revenues of EUR40.218 billion (excluding energy
trading).  The Group is listed on the Euronext Paris, Euronext Brussels,
Luxembourg, Zurich and New York Stock Exchanges.

To See Attachment: http://bankrupt.com/misc/Suez_Attachment.pdf

CONTACT:  SUEZ SA
          Financial Analyst contacts:
          Arnaud Erbin
          Phone: +331 4006 6489
          Eleone de Larboust
          Phone: 331 4006 1753
          Bertrand Haas
          Phone: 331 4006 6609
          Home Page: http://www.suez.com


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G E R M A N Y
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BERTELSMANN AG: Barnes & Noble Buys out Partner in Online Biz
-------------------------------------------------------------
Barnes & Noble, Inc., the world's largest bookseller, announced that it has
reached an agreement with DirectGroup Bertelsmann, the direct-to-customer
division of German-based media company Bertelsmann AG, to acquire all of
Bertelsmann's interest in Barnes & Noble.com (NASDAQ: BNBN)
(http://www.bn.com)for US$164 million in a combination of cash and notes,
equivalent to US$2.80 per share or LLC Membership Unit.  The transaction is
subject to certain closing conditions and is expected to close within 45
days.

"We sincerely thank our partners at Bertelsmann for their many contributions
to Barnes & Noble.com," said Leonard Riggio, chairman of Barnes & Noble,
Inc. "Their support was instrumental in our creating one of the world's
leading e-commerce sites, and one of the world's best bookselling operations
online.  We look forward to working with the Bertelsmann organization and
their subsidiaries in the future, given their standing as the largest
consumer book publisher in America."

"Selling our shares in Barnes & Noble.com is in line with DirectGroup's
strategy, as communicated in September 2002, to exit all media e-commerce
businesses and focus on our worldwide book and music clubs," said Ewald
Walgenbach, chief executive officer of DirectGroup Bertelsmann.  "We
sincerely thank Barnes & Noble for a very successful partnership in building
one of the top e-commerce sites in the United States."

Barnes & Noble, Inc. expects this transaction to reduce estimates for
earnings per share by approximately US$0.11 for the balance of the fiscal
year, ending January 31, 2004.  "Barnes & Noble.com remains on track to
produce positive EBITDA for the fourth quarter of this year and positive
EBITDA for the full year of 2004," added Mr. Riggio.

About Barnes & Noble, Inc.

Barnes & Noble, Inc. (NYSE: BKS) is the world's largest bookseller,
operating 630 Barnes & Noble stores in 49 states.  It also operates 245 B.
Dalton Bookseller stores, primarily in regional shopping malls.  The company
offers titles from more than 50,000 publisher imprints, including thousands
of small, independent publishers and university presses.  It conducts its
e-commerce business through Barnes & Noble.com (NASDAQ: BNBN)
(http://www.bn.com).

Barnes & Noble also has approximately a 60% interest in GameStop (NYSE:
GME), the nation's largest video game and entertainment software specialty
retailer with 1,309 stores.

General financial information on Barnes & Noble, Inc. can be obtained via
the Internet by visiting the company's corporate Web site:
http://www.barnesandnobleinc.com/financials

About DirectGroup Bertelsmann

DirectGroup Bertelsmann integrates Bertelsmann's global media
direct-to-customer businesses.  Roughly 35 million customer relationships
secure DirectGroup's position among the largest enterprises in media
commerce.  Cornerstone of this success are the book and music clubs in 20
countries incorporating strong brands like France Loisirs (France),
Book-of-the-Month-Club (USA), Der Club (Germany), Circulo de Lectores
(Spain) or BeMusic (USA).  Members have access to the clubs' product range
via catalogue, Internet or one of the more than 600 worldwide club shops.
Since August 2002 DirectGroup is headed by Ewald Walgenbach. DirectGroup
Bertelsmann is a division of German-based Bertelsmann AG. In fiscal 2002
DirectGroup made EUR2.7 billion in revenues with more than 12,000 employees
worldwide.


MORPHOSYS AG: Cuts First-half Operating Loss by 67%
---------------------------------------------------
MorphoSys AG (Prime Standard, Germany: MOR) reported financial results for
its second quarter and six months ended June 30, 2003.  For the first six
months of 2003, MorphoSys generated cumulative revenues of EUR7.2 million
compared to EUR8.7 million in the same period of the previous year.  In the
second quarter of 2003, company revenues amounted to EUR3.5 million,
compared to EUR4.6 million in the same quarter of 2003.  Total operating
expenses including stock-based compensation for the first six months of 2003
decreased to EUR10.8 million (2002: EUR19.7 million), resulting in an
operating loss of EUR3.6 million (2002: EUR11.0 million), a decrease of 67%
over the same period of the prior year.  The decrease in expenses was
primarily attributable to the effects of the company's restructuring efforts
in addition to settlement and licensing agreements signed in 2002.  Research
and Development costs decreased by 35% to EUR5.7 million from EUR8.8
million, Sales, General & Administrative expenses decreased by 53% from
EUR8.7 million to EUR4.1 million, and stock-based compensation decreased by
52% from EUR2.3 million to EUR1.1 million.

Amortization of intangibles and depreciation amounted to EUR0.6 million, and
EUR0.4 million respectively for the first six months of 2003.

For the first six months of 2003, the company posted a net loss of EUR4.9
million compared to EUR9.7 million in the same period of the previous year,
a decrease over the prior year of 49%.  The resulting loss per share for the
first six months of 2003 amounted to EUR1.22 (six months 2002: EUR 2.50).

On June 30, 2003 the company had EUR18.8 million in cash, cash equivalents
and marketable securities, compared to a EUR19.1 million balance at December
31, 2002.  Net cash used in operating activities dropped from EUR7.2 million
in the first six months of 2002 to EUR0.3 million in the first half of 2003.
The number of outstanding shares at June 30, 2003 was 4,253,410 shares,
compared to 3,889,944 at December 31, 2002.

Significant Events of the second quarter 2003 included:
The capital increase against contribution in kind was registered during the
quarter and new shares were issued to XOMA.

MOR201, the antibody development program directed against the cancer target
FGFR-3, was discontinued during the quarter.  The original agreement between
MorphoSys and ProChon signed in 2000 shall continue with MorphoSys
generating up to four antibodies for ProChon.

At the Annual General Assembly on May 16, 2003, all resolutions were
approved, and Prof. Dr. Jurgen Drews and Prof. Dr. Andreas Pluckthun were
re-appointed to the Supervisory Board of MorphoSys.

"In [Wednes]day's results we continue to see the fruits of our efforts as it
relates to last year's restructuring plan and the various licensing and
settlement agreements signed in the prior year", commented Dave Lemus, Chief
Financial Officer of MorphoSys AG.  "Importantly, we nonetheless continue to
advance our partnered and proprietary product development programs, thereby
creating significant value going forward."

About MorphoSys:

MorphoSys develops and applies innovative technologies for the production of
synthetic antibodies, which accelerate drug discovery and target
characterization.  Founded in 1992, the Company's proprietary Human
Combinatorial Antibody Library (HuCALa) technology is used by researchers
worldwide for human antibody generation. The company currently has licensing
and research collaborations with Bayer (Berkeley, California/USA), Biogen
Inc. (Cambridge, Massachusetts/USA), Boehringer Ingelheim (Ingelheim,
Germany), Bristol-Myers Squibb (Wilmington, Delaware/USA), Centocor Inc.
(Malvern, Pennsylvania/USA),
California/USA), GPC Biotech AG (Munich/Germany), Hoffmann-La Roche AG
(Basel/Switzerland), ImmunoGen Inc. (Cambridge, Massachusetts/USA), Oridis
Biomed GmbH (Graz/Austria), ProChon Biotech Ltd. (Rehovot/Israel), Schering
AG (Berlin/Germany) and Xoma Ltd. (Berkeley, California/USA).  For further
information please visit the corporate website at:
http://www.morphosys.com/.

CONTACT:  MORPHOSYS AG
          Dr. Claudia Gutjahr-Loser,
          Manager Corporate Communications
          Phone: +49 (0)89 89927 122,
          E-mail: gutjahr@morphosys.com


RINOL AG: Reports Better Interim Second Quarter Results
-------------------------------------------------------
The Managing Board of RINOL AG announces that the performance of the company
Group in the second quarter of 2003 shows a marked improvement on the
negative results reported for the first quarter on May 23, 2003.
Provisional figures for pre-tax profits are now expected to reach
approximately EUR2.0 million.

The Managing Board also announces that meanwhile it has opened up
discussions with its German banks, credit insurers and the major creditors
of the company bond in order to secure the funding of the company Group in
the long term and to seek a solution to paying back or prolonging the bond.
Parallel to this development, the French Division ROCLAND has started talks
with its banks to extend the funding lines which are, due to end and to
cover the extraordinary costs of restructuring the French Division.

The Managing Board also announces that by mutual agreement Herr Uwe Distel
has left the post of Chief Financial Officer of RINOL AG.

The Managing Board

CONTACT:  RINOL AG
          Kurt-Jorg Gaiser
          Phone: +49 7159 164-102
          Fax: +49 7159 164-163
          E-mail: info@rinol.com
          Home Page: http://www.rinol.com


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ELAN CORPORATION: Secures Waivers from EPIL Noteholders
-------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) announced recently it has sought and
received agreements from a majority of the holders of the guaranteed notes
issued by Elan's qualifying special purpose entities, Elan Pharmaceutical
Investments II, Ltd. and Elan Pharmaceutical Investments III, Ltd.  The
agreements received from the EPIL II and EPIL III noteholders waive
compliance by Elan with certain provisions of the documents governing the
EPIL II and EPIL III notes that required Elan to provide the noteholders
with 2002 audited consolidated financial statements by June 29, 2003.  The
waivers are effective through August 8, 2003.  Elan did not pay a fee in
connection with obtaining the waivers.

As previously announced, the Office of Chief Accountant and the Division of
Corporation Finance of the Securities and Exchange Commission have
questioned Elan's historic accounting for EPIL III and for a related
transaction.  Although Elan is currently evaluating the impact on its
previously reported financial results, Elan expects that its 2002 Form 20-F
will include a restatement of its 2001 U.S. GAAP financial results to
consolidate EPIL III from its date of establishment on March 15, 2001.  In
addition, Elan expects that its 2002 Form 20-F will include an adjustment to
its previously announced unaudited U.S. GAAP financial information for 2002
to reflect the consolidation of EPIL III and to consolidate Shelly Bay
Holdings Ltd. (Shelly Bay), an entity established by Elan and owned by an
unaffiliated third party, from June 29, 2002 through September 30, 2002.
Shelly Bay acquired certain financial assets from EPIL III on June 29, 2002.

The estimated impact of the restatement will be to reduce diluted earnings
per share for 2001 from approximately US$0.95 to approximately US$0.75.  For
2002, the restatement is expected to reduce the diluted loss per share from
approximately US$6.87 to approximately US$6.69.  Shareholders' equity at
December 31, 2002, is expected to be reduced by less than US$10 million.

Under Irish GAAP, EPIL III has been accounted for by Elan as a subsidiary
since the date of EPIL III's establishment.  Therefore, the restatement will
not affect Elan's previously filed Irish GAAP financial statements.

Elan is devoting all necessary resources to completing and filing the 2002
Form 20-F as expeditiously as possible.  However, Elan cannot provide any
assurances as to the timing of the completion of its evaluation or the
filing of its 2002 Form 20-F.

The issues raised by the Office of Chief Accountant and the Division of
Corporation Finance of the SEC are separate from the ongoing investigation
by the SEC's Division of Enforcement.  No assurance can be given as to any
issues that may arise as a result of that investigation.

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


ELAN CORPORATON: Ratings Unchanged Despite Note Waivers
-------------------------------------------------------
Standard & Poor's Ratings Services said that Elan Corporation PLC's
(CCC/CW-Negative) announcement that it has received waivers from Elan
Pharmaceutical Investments II (EPIL
II) and EPIL III debt holders, while a positive development, does not have
an impact on the current ratings and CreditWatch listing on Elan.  The
ratings of Dublin, Ireland-based specialty pharmaceutical company, Elan,
were lowered and placed on CreditWatch, with negative implications, on June
26, 2003, when the company announced it had filed with the Securities and
Exchange Commission for an extension on its Form 20-F 2002
Annual Report.

The action put Elan into technical default of its EPIL II,
EPIL III, and Athena Neuroscience debt, that if not cured, could result in
an acceleration of Elan's debt obligations. Elan currently does not have the
liquidity to satisfy all of its outstanding debt in the event of
acceleration.  Elan remains in technical default of its Athena debt and has
until Sept. 14, 2003 to cure the default.


SHELBOURNE HOTEL: Faces Receivership Despite Rescue Efforts
-----------------------------------------------------------
Dublin-based Shelbourne Hotel, managed by British hotel operator Le
Meridien, is among the properties that face receivership even as the group
tries to rescue other affiliates.

Le Meridien's flagship properties -- London's Grosvenor House and the
Waldorf hotel -- are reportedly in receivership already, which is part of a
plan to return 11 hotels operated by Le Meridien to owner, Royal Bank of
Scotland, which is still owed rents.  The transfer comes as Lehman Brothers,
largest holder of Le Meridien's mezzanine debt, seeks to take over the
remaining 126 hotel chains of the troubled group.

Le Meridien's future became uncertain after it failed to pay some GBP20
million worth of rent to Royal Bank of Scotland at the end of June due to
the slowdown in the economy and the tourism slump.  Irish Times cited
sources, who wanted to remain unidentified, saying Shelbourne will be put
into receivership in the coming weeks.  The survival of the 180-year-old
hotel, however, is not a question, they said.

"The Shelbourne will continue to operate as normal. We've already had
considerable interest from parties with a view to managing it," the sources
said.

The hotel, which is conservatively valued at EUR100 million, lately saw the
loss of its glitter after it shared the limelight with hip designer hotels
such as the Clarence, owned by U2.


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I T A L Y
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FIAT SPA: Reaches Deal with Unions Over 2,100 Early Retirements
---------------------------------------------------------------
Fiat SpA, the Italian carmaker seeking funding for a EUR5 billion (US$5.6
billion) recapitalization of loss-making Fiat Auto, has reached an agreement
with Uilm, Fim, and Fismic unions over job cuts previously announced by the
company.

Online news agency Agenzia Giornalistica Italia reported that the agreement
signed at the Welfare Ministry will offer early retirement plans to 2,100
company workers.  An additional 797 workers will go on "short" layoff, the
report said.  Fiom expressed a negative opinion about the events.

Meanwhile, the Minister of Parliament Relations commented that the agreement
is an integral part of the attempt to "heal" Fiat, considering that the
Italian auto industry cannot be left to its own devises because such a
choice would probably start a phase of de-industrialization, and unknown
effects on the Italian economy."

The Minister further explained, however, that the "real problem is the
capacity of Fiat to face the market and recovery market shares that have
been lost up to now."

It is noted that Chief Executive Officer Giuseppe Morchio is cutting 12,300
jobs and closing factories as he tries to stem two years of losses and
rescue the 104-year-old company controlled by the Agnelli family.


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


BANK MILLENNIUM: Issues A10 Series Bonds to Raise PLN300 Million
----------------------------------------------------------------
The Management Board of Bank Millennium SA hereby announces that on July 30,
2003, the Bank's Management Board adopted a resolution to issue A10 Series
Bonds of the Bank within the framework of the Bank's bearer Bond Issue
Program (the Bank announced the Bond Issue Program in current report of
October 15, 2002).

The issue of A10 Series Bonds will consist of no more than 3,000,000
unsecured bearer bonds having the face value of PLN100 each Bond and having
the total face value not higher than PLN300,000,000.

Series A10 Bonds shall be offered in these tranches:

(a) Small Investors Tranche consisting of 500,000 A10 Series
    Bonds;

(b) Large Investors Tranche consisting of 500,000 A10 Series
    Bonds;

(c) Targeted Tranche consisting of 2,000,000 A10 Series Bonds;
    with the possibility of transfers between tranches according
    to the detailed terms defined in item 9 of the issue
    prospectus of A10 Series Bonds.

The objective of the A10 Series Bond Issue is to raise funds to finance the
Bank's current operations.

A10 Series Bonds will be redeemed on the Redemption Day. i.e. on December
15, 2003.  Persons who are owners of A10 Series Bonds on the Right Allotment
Day, i.e. on December 5, 2003, are entitled to receive the nominal value of
A10 Series Bonds.

A10 Series Bonds do not bear interest and they are offered for purchase with
a discount to their nominal value.

Yield of A10 Series Bonds was set at:

(a) in Small Investors Tranche - 3.00% p.a.;
(b) in Large Investors Tranche - 3.25% p.a.;
(c) in Targeted Tranche - 3.50% p.a.

The issue price and Purchase Price of A10 Series Bonds was established
according to the formula:

                                1
CzA10 = 100 PLN  x  ---------------------------
                       (1 + rA10 x  kA10/365)

where:

CzA10  -  Purchase Price for A10 Series Bonds

rA10   -  annual yield of A10 Series Bonds

kA10   -  days since the day the investor purchased Bonds (when subscription
was made and paid for) until the day of redemption of A10 Series Bonds by
the Issuer

Due to the fact that the Purchase Price of A10 Series Bonds within the given
tranche will increase in respective days of subscriptions the Purchase Price
of A10 Series Bonds will be equal to the issue price only on the first day
when subscription to A10 Series Bonds are received.

The Purchase Price will increase in this manner in subsequent days of
subscription:

Purchase date     Purchase Price for each subscription day /
                     Issuer's proceeds (PLN)
          Small Investors        Large Investors      Targeted Tranche
             Tranche                Tranche
per unit
01-08-2003        98.895            98.804                98.713
04-08-2003        98.919            98.830                98.741
05-08-2003        98.927            98.838                98.750
06-08-2003        98.935            98.847                98.759
07-08-2003        98.943            98.856                98.769
08-08-2003        98.951            98.864                98.778
11-08-2003        98.975            98.891                98.806
12-08-2003        98.983            98.899                98.816
13-08-2003        98.991            98.908                98.825
14-08-2003        98.999            98.917                98.834
18-08-2003        99.031            98.952                98.872
19-08-2003        99.039            98.960                98.881
20-08-2003        99.048            98.969                98.891
21-08-2003        99.056            98.978                98.900
22-08-2003        99.064            98.986                98.909
25-08-2003        99.088            99.013                98.937
26-08-2003        99.096            99.021                98.947
27-08-2003        99.104            99.030                98.956
28-08-2003        99.112            99.039                98.966
29-08-2003        99.120            99.048                98.975


The Bonds are not secured.

Total value of liabilities incurred by the Issuer on the last day of the 2nd
quarter of 2003 was PLN16,106.1 million.

The Issuer does not expect any major changes in its liabilities until the
Redemption Date of A10 Series Bonds.

                     *****

Bank Millennium, formerly BIG Bank Gdanski, completed a restructuring
program, which includes job cuts, improvements in risk management
procedures, capital injection, and new product launches.  However, Fitch
says, "overall profitability at Bank Millennium remains fragile, distorted
in 2001 and 2002 by large one-off items."


PETROLEUM GEO: Wants to Retain Current Bankruptcy Advisers
----------------------------------------------------------
Petroleum Geo-Services ASA reports that in the ordinary course of its
business, it utilizes various professionals, including accountants, tax
consultants, attorneys or law firms and other professionals.  Consequently,
to avoid any disruption in the Company's business operations, the Debtor
asks for an authority from the U.S. Bankruptcy Court for the Southern
District of New York to continue the employment of those Ordinary Course
Professionals, without the submission of separate retention applications and
the issuance of separate orders for each individual professional.

The Debtor desires to employ OCP on an "as needed" basis, without requiring
each firm to file and serve a retention application prior to rendering its
professional services upon 3 conditions:

    (a) A Retention Declaration will be filed with this Court
        and served upon:

         (i) The United States Trustee,

        (ii) Any committee appointed in this case, and

       (iii) Those parties who have filed notices of appearance
             in this case;

    (b) Each Retention Declaration must comply with Bankruptcy
        Rules 2014 and 5002, otherwise, the relevant Retention
        Declaration must explain why the affiant believes
        departure from the Bankruptcy Rules is justified under
        the circumstances; and

    (c) The acceptance of employment by any professional will
        constitute a representation by such professional:

         (i) The professional does not represent or hold any
             interest adverse to the Debtor or its estate;

        (ii) The professional agrees to be compensated by the
             Debtor based on hourly or other rates not greater
             than customarily charged; and

       (iii) The professional shall be entitled to reimbursement
             only for actual and necessary expenses incurred.

The Debtor desires to pay compensation and reimburse expenses to each of the
Ordinary Course Professionals upon receipt of reasonably detailed invoices
indicating the nature of the services rendered, up to:

    (a) $60,000 per month per professional; or

    (b) $300,000 per month, in the aggregate, for all Ordinary
        Course Professionals.

Petroleum Geo-Services ASA, headquartered in Lysaker, Norway is a
technology-based service provider that assists oil and gas companies
throughout the world.  The Company filed for chapter 11 protection on July
29, 2003 (Bankr. S.D.N.Y. Case No. 03-14786).  Matthew Allen Feldman, Esq.,
at Willkie Farr & Gallagher represents the Debtor in its restructuring
efforts.  As of May 31, 2003, the Debtor listed total assets of
$3,686,621,000 and total debts of $2,444,341,000.


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


TERRA LYCOS: Telefonica to Pay EUR5.25 per Share in Takeover Bid
----------------------------------------------------------------
On July 25, 2003, Telefonica SA notified the Spanish National Securities
Market Commission that it was willing to waive the condition of a 75%
minimum acceptance level to which its public offer for the acquisition of
Terra Networks shares was subject, taking into consideration that the
response received will be sufficient to develop the business project pursued
through the takeover bid.

According to the information released this same day by the Spanish National
Securities Market Commission, Telefonica had obtained 33.6% of the shares of
Terra Networks it did not already own, guaranteeing it the ownership of
71.97% of the company's equity capital.

Telefonica will closed its takeover bid for Terra Networks with the payment
of EUR5.25 for each of the 202 million shares that responded to the tender
offer.

At the close of the transaction, and according to the figures provided by
the Spanish National Securities Market Commission, the equity capital of
Terra Networks will be held, percentage-wise, as:

     Telefonica                              71.97%
     Shares under stock options plans         6.77%
     Free Float                              21.26%


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


ABB LTD.: Ratings Unaffected by Report of Upbeat Results
--------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Switzerland-based
engineering company ABB Ltd. (BB+/Negative/B) are unaffected by the group's
second-quarter results, which were slightly better than expected.

ABB's core Automation Technologies and Power Technologies divisions
demonstrated a solid performance in a difficult trading environment, with
satisfactory order intake, continued earnings improvement as a result of
restructuring activities, and a sound generation of cash flows supported by
seasonal working capital movements.

At group level, the strong operating cash flows from the core divisions
were, however, offset by still high corporate expense, poor performance of
the Building Systems unit, restructuring costs, and settlement payments for
the group's asbestos CE Settlement Trust.

ABB's liquidity position remains fair, but needs further improvement,
despite some recent measures that facilitate access to some contingent
liquidity sources. Some relief could come from the group's asset disposal
program, which, according to management, remains on track.  Main near-term
disposal prospects include the group's oil, gas, and petrochemicals
division, as well as the group's stake in a large Moroccan power project.

The timing of a possible divestment of the OGP division, however, depends on
further progress on the asbestos legal settlement.  The hearing at the U.S.
District Court in Newark, New Jersey, is scheduled for tomorrow.  The
crucial final court ruling is expected soon.

Apart from successful execution of the group's disposal program, capital
market transactions continue to be required to achieve the group's main
financial targets for fiscal year-end 2003.


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


ABBEY NATIONAL: Reports Interim Results; Bares Priorities
---------------------------------------------------------
Chief Executive's Review

Overview

Abbey National announced a major change in strategic focus at the 2002 full
year results presentation.  This change, to create a 'pure-play' U.K.
personal financial services business, with businesses outside this remit to
be managed for value and capital release in the Portfolio Business Unit, is
reflected in the presentation of 2003 interim results.  These include
results for financial services business on a trading basis, for which the
definition and explanation of its use is set out in the Basis of Results
Presentation.

Our priorities for 2003 were to substantially reduce the risk and assets in
the Portfolio Business Unit, to tackle the cost base and to build the
foundations for successful delivery of our personal financial services
business strategy.  We are on track.

In summary, the main financial and business trends for the half-year to 30
June 2003 include:

(a) a personal financial services business trading profit of GBP588 million
(2002: GBP663 million restated).  This is better than indicated in the
pre-close statement 6 weeks ago.  It is down 11% on the first half of 2002,
reflecting lower life assurance earnings, but up 6% on the second half of
last year.  The personal financial services business profit before tax was
GBP351 million (2002: GBP396 million);

(b) an overall loss before tax of GBP144 million (2002: profit of GBP412
million restated) reflecting the successful and rapid reduction in Portfolio
Business Unit assets, combined with personal financial services business
related restructuring charges;

(c) a 57% reduction in Portfolio Business Unit assets, from GBP60.0 billion
to GBP25.7 billion, across all ratings categories;

(d) Banking and Savings profit before tax up marginally on the same period
last year, despite the forecast decline in retail banking spread to 1.61%
(Half 2 2002: 1.75%);

(e) robust new business flows, with a 45% increase in gross and 73% increase
in net mortgage lending.  As forecast, investment sales volumes were
significantly weaker;

(f) strong credit quality with further improvements in arrears and
repossessions in 2003 to date;

(g) GBP46 million of estimated cost savings in Half 1 2003, with actions
already taken to achieve estimated annualized savings of GBP125 million;

(h) a significant Portfolio Business Unit capital release, increasing the
Tier 1 ratio to 10.9% (December 2002: 9.2%); and

(i) an interim dividend of 8.33 pence, consistent with a third of the 25
pence base established at the full year 2002 results.

The transformation of the personal financial services business requires a
fundamental root and branch change, and a substantial amount of progress has
been achieved in just 150 days, which we summarize in this statement.  The
tangible improvements we are making will be visible in 2004.  We are ahead
of plan in winding down the Portfolio Business Unit, and whilst this
increases our confidence in delivery, we remain fully aware of the execution
challenges that remain, both in the Portfolio Business Unit and personal
financial services business.

To View Full Report and Financials:
http://bankrupt.com/misc/ABBEY_NATIONAL.htm


ARC INTERNATIONAL: Reports GBP5.6 Mln Pre-exceptional Net Loss
--------------------------------------------------------------
ARC International plc (LSE: ARK), a world leader in configurable
System-On-Chip platform technologies, announces unaudited financial results
for the second quarter and the six months ended June 30, 2003.

Financial and Operational Highlights for Second Quarter ended June 30, 2003:

(a) Turnover of GBP2.4 million, down 17% sequentially (Q1 2003: GBP2.9
million);

(b) Operating expenses before exceptional, amortization and depreciation
reduced by 4% to GBP6.8 million (Q1 2003: GBP7.1 million);

(c) Pre-exceptional net loss of GBP5.6 million (Q1 2003: GBP4.4 million);

(d) Cash burn (excluding the share buyback) reduced by 23% to GBP3.4
million;

(e) Increase in royalty income from GBP0.2 million to GBP0.4 million, a
sequential increase of 130%;

(f) 10 new design licenses won, 8 for USB Now? and 2 for the ARCtangent?
Processor;

(g) Software and development tools shipped to more than 50 customers;

(h) Launched ARC CertiPHY Program to address need for interoperability
between USB Solutions;

(i) Completed share buyback;

Six months ended June 30, 2003:

(a) Turnover at GBP5.3 million up 3% at constant exchange rates, down 8%
over the same period in the prior year after currency impact (2002: GBP5.7
million);

(b) Operating expenses before exceptional, amortization and depreciation
reduced by 6% to GBP14.0 million (2002: GBP14.8 million);

(c) Pre-exceptional net loss of GBP10.0 million (2002: GBP10.4 million);

(d) Cash burn (excluding the buyback) reduced by 13% to GBP7.8 million;

(e) Strong cash position of GBP44.9 million following completion of the
share buyback;

(f) 24 design licenses and additional customers won in the first half 2003,
15 for USB peripheral products and 9 for the ARCtangent? Processor;

(g) Launched several new products including: OS Changer, VoIP codec,
Embedded Software for Motorola(R) ColdFire(TM) MCF5282 Processor and USB
Class and Device Drivers.

Commenting on the results, Mike Gulett, Chief Executive Officer, said:

"Customers continued to be cautious in their decisions to license IP and we
experienced a number of license deferrals this past quarter.  In spite of
not closing as many licensing deals as in previous quarters, we are
encouraged that these deals have not been lost to competitors."

"As a result of the configurability of the ARCtangent, an increasing number
of customers are now integrating multiple ARCtangent cores into their
designs.  Most recent examples include iStor Networks and Xiran."

"Our pipeline for new products is stronger than ever.  In the third quarter,
we are on track to introduce a significant number of products across the
processor, peripheral and software business units.  We also had our highest
quarter for royalty payments which accounted for 16% of the revenue base and
we expect royalty income growth to continue."

"We will continue to focus on optimizing our cost structure and reducing
quarterly cash burn.  In the last six months, we have completed the share
buy back as planned and maintain a strong balance sheet."

CONTACT:  ARC INTERNATIONAL PLC
          Mike Gulett, Chief Executive Officer
          Phone: +44 (0) 20 8236 2800
          Monica Johnson CFO,
          Phone: +44 (0) 20 8236 2800

          TULCHAN COMMUNICATIONS
          Julie Foster Consultant,
          Phone: +44 (0) 20 7353 4200


BOOKHAM TECHNOLOGY: Second Quarter Sales Remain Flat
----------------------------------------------------
Bookham Technology plc (LSE: BHM, NASDAQ: BKHM), a leading provider of
optical components, modules and subsystems for fiber optic communication
networks, announced results for the second quarter and the six months ended
June 29,2003.

Highlights for the second quarter ended June 29, 2003:

(a) Revenues in the second quarter 2003 were GBP21.0 million (US$34.9
million), substantially equal to revenues in the first quarter 2003, in line
with management expectations.

(b) Relationships with Nortel Networks and Marconi Communications remained
strong, representing 62% and 10% of sales respectively and Huawei, the
leading Chinese telecom equipment company, became a 10% customer for the
first time in the quarter.

(c) Gross margin loss improved by 9% to (15%) in the second quarter 2003
from (24%) in the first quarter 2003.  Operating expenses, excluding
exceptionals, were reduced 14% quarter on quarter.

(d) Cash burn for the second quarter 2003 was GBP16.9 million (US$28.1
million), down 5% on the first quarter 2003 (GBP17.7 million), reflecting
significantly improved operating cash flow offset by higher spending
relating to restructuring activities.

(e) Despite flat revenues, the net loss for the second quarter 2003, under
U.K. GAAP, was reduced to GBP18.1 million ($30.1 million).  This included
exceptional charges of GBP1.8 million and compares with GBP25.0 million in
the first quarter 2003, which included exceptional charges of GBP3.0
million.  Under U.S. GAAP, the net loss was GBP17.7 million ($29.4 million),
which included acquisition related and restructuring charges of GBP1.8
million.

(g) The company is announcing further plans to reduce its overhead
structure, which should reduce its cash breakeven point to between GBP30 and
GBP35 million of revenue per quarter by the year end 2003.

Commenting on the results, Giorgio Anania, President and Chief Executive
Officer, said: "We are advancing well with our cost reduction plans and are
ahead of plan with our restructuring efforts.  Losses have been reduced
despite flat revenues during the quarter.  While the market continues to be
difficult we are taking additional restructuring actions to lower our
breakeven point.  The closure of our Ottawa fab scheduled for the third
quarter is on track and coupled with other steps we are taking should lead
to a major reduction in our overhead structure in the fourth quarter.  On
the sales side, we are progressing well with new customers, especially on
subsystems and modules."


To view full report and financials:
http://bankrupt.com/misc/BOOKHAM_TECHNOLOGY.htm


BRITISH AIRWAYS: Signs Agreement With U.K. Trade Unions
-------------------------------------------------------
British Airways announced Wednesday that it is very pleased that the airline
has reached agreement on a way forward and that the U.K. trade unions
concerned have agreed to remove the threat of industrial action.

Mervyn Walker, British Airways director of Heathrow, said: "This is good
news for our customers, staff and shareholders.

"The trade unions have accepted the introduction of the electronic swiping
in and out system.  They have recognized that the new system is an integral
part of improving the efficient use of staff and resources.

"British Airways and the three U.K. trade unions have agreed also to
continue discussing other cost efficiencies in our business recovery plan in
a new separate joint working party.

"British Airways and the trade unions have agreed that the electronic
swiping in and out system will become fully operational on September 1,
2003.  Until then it will continue to be used on a voluntary basis."

British Airways is confident that the remaining Future Size and Shape cost
efficiencies will be delivered and on that basis the airline has agreed to
pay U.K. administrative staff the three per cent pay award for 2003.

The U.K. trade unions intend to recommend the company's three per cent pay
offer to their members.

British Airways would like to thank the Trades Union Congress for
facilitating today's successful talks.


BRITISH AIRWAYS: Strike to Result in Another Losing Quarter
-----------------------------------------------------------
Analysts expect the recent strike of British Airways employees to drive a
second straight quarterly loss and gloomy outlook for the company, according
to Bloomberg.

The estimated net loss of the airline for the three months period to June
30, not accounting the estimated GBP30 million cost of the protest, is
pegged at GBP53 million, by five analysts surveyed by Bloomberg News.

Employees at Europe's biggest airline staged protests on July 18 and 19
against the introduction of a new electronic timecard system.  The action
affected flight of some 90,000 passengers at London's Heathrow airport.

While Chief Executive Rod Eddington has estimated the strike cost ``tens of
millions of pounds, analysts said the damage to its reputation may be worse.
British Airways and unions on Wednesday settled their disagreement with the
airline agreeing to use the swipe-card system only to register whether an
employee had entered or left a building and not to link its use to a pay
raise.

The strike is an added blow to the company, which suffers from a slump in
demand for travel in the buildup to the war in Iraq, and the outbreak of
SARS in Asia.  British Airways' fourth quarter loss had already tripled.


BRITISH ENERGY: Confident Creditors Will OK Restructuring Plan
--------------------------------------------------------------
Extracts from the statements from the chairman and the chief executive
speeches curing the company's annual general meeting:

Adrian Montague, Chairman, commented on the company's results for the
financial year ended March 31, 2003 and also on the current Restructuring of
the company -- outlining the background and reasons for the Restructuring,
the progress to date and what is outstanding.  Regarding the latter, he
stated:

"We are looking to achieve formal agreement to the Restructuring proposals
with the Major Creditors by September 30, 2003, in accordance with the
original proposals."

"The State Aid application to the European Commission will involve a long
and complex process, and this formally commenced last week.  We hope to get
European Commission approval about a year from now."

Regarding the Restructuring, the Chairman commented: "The Board continues to
believe that the proposed solvent restructuring is in the best interests of
the Company and offers the best available opportunity to achieve the
long-term financial viability of the British Energy Group.

"But the Restructuring is going to be painful.  Painful for the company's
Major Creditors because they will suffer a substantial write down of their
debts.  And painful for you, our shareholders, because when we issue new
shares to the creditors on completion of the Restructuring, they will own
the overwhelming majority of the shares in the company and, as a result, the
return to you, if any, will represent a very significant dilution of your
existing interests...  Those Creditors, although they have signed Standstill
Agreements and Heads of Agreement, still have yet to give their formal
approval to the Restructuring Proposals and -- if they do not, or if the
Restructuring cannot proceed for some other reason -- the company is likely
to have to seek the protection of administration.  In this case, the
distributions to unsecured creditors may represent only a small fraction of
their unsecured liabilities, and there is highly unlikely to be any return
to shareholders."

In commenting on current trading, Mike Alexander, Chief Executive, said:
"Market conditions within the U.K. remain extremely variable.  Long term
planning in these circumstances is challenging, but we need to ensure that
post financial Restructuring we can survive in both the upside and downside
forecasts.  In our current position, certainty is essential, to protect the
cash flow and to ensure that we pass through the next few years with minimum
downside risk.  To ensure a robust position in these changeable markets, we
have sold forward the bulk of our projected output for 2003/04, and as a
result, anticipate a further decline in the achieved price of around 7% this
year, as stated in our Preliminary Results on 3 June 2003.

"This is one of the 'costs' of certainty.  As we become more secure we will
review this short term trading philosophy, and seek to capture more of the
potential upsides.  Nevertheless, even in our current position, you will be
pleased to note that we have broadened our channels to market, and are now a
major supplier to U.K. industrial and commercial customers, supplementing
our traditional routes in the wholesale market, and via the major third
party retailers.

"We expect to deliver a total electrical output for our U.K. nuclear
stations of around 22 TWh up to the end of July, in the financial year
2003/04.  This is ahead of our run rate to hit the 2003/04 target of 67 TWh.

"Within the rest of the Group, Eggborough continues to provide flexibility
to the Company's nuclear portfolio and is expected to generate 1.5 TWh up to
the end of July, whilst in the United States, AmerGen's three stations are
also performing well, and should deliver an estimated total output of 7.1
TWh in the same period."

Regarding operating margins, Mike Alexander reiterated the company's plans
to 'save some GBP25 million this year and a further GBP25 million in the
next financial year," of which GBP9 million pa will come from the recently
announced planned closure of the Company's current headquarters in East
Kilbride.  In addition, as part of the Company's plans to raise its
operational performance 'we will be bringing experienced Partners on board
to assist us.  The Partners will help us improve, they will not be
responsible for operating our plants -- their focus will be on project
management, management decision support, and enabling existing processes to
be integrated more rapidly."

"To bring you up-to-date on the re-start of Bruce A.  We are aware that the
first unit is in the final stages of commissioning and for planning purposes
we are assuming an August and September restart for units 4 and 3
respectively."

CONTACT:  BRITISH ENERGY
          Paul Heward, Investor Relations
          Phone: 01355 262201


GLAXOSMITHKLINE PLC: Warns Investors About 'Mini-Tender' Offers
---------------------------------------------------------------
GlaxoSmithKline plc announced that it had received notification on July 29,
2003 that TRC Capital Corporation commenced an unsolicited, below-market
mini-tender offer to purchase up to 2,500,000 of the American Depositary
Shares (ADS) of GlaxoSmithKline (equivalent to 5,000,000 Ordinary Shares, or
approximately 0.08 per cent of GlaxoSmithKline's outstanding Ordinary
Shares), at a price of US$38.10 per ADS.

GlaxoSmithKline wishes to inform its ADS shareholders that it does not in
any way recommend or endorse the TRC Capital Corporation offer and that
GlaxoSmithKline is in no way associated with TRC Capital Corporation, the
offer or the offer documentation.

GlaxoSmithKline cautions its ADS shareholders that the offer is being made
at a 3.6% discount to the closing price of US$39.50 per ADS on July 28,
2003, the day before the offer commenced.  The discounted price of US$38.10
per ADS is below yesterday's closing price of US$39.43 per ADS.  ADS
shareholders are advised that, in addition to being below-market, the offer
by TRC Capital Corporation contains other terms which may be disadvantageous
to tendering ADS shareholders.

'Mini-tender' offers seek less than 5% of a company's shares, thereby
avoiding many disclosure and procedural requirements of the Securities and
Exchange Commission (SEC).  The SEC has issued an investor alert regarding
'mini-tender' offers on its website at
http://www.sec.gov/investor/pubs/minitend.htm. The SEC has said that
mini-tender offers 'have been increasingly used to catch investors off
guard' and that investors 'may end up selling their securities at
below-market prices.'

The Canadian Securities Administrators have also expressed concerns with
'mini-tender' offers in an investor alert ('Mini-Tender Offers - Watch Out
For Mini-Tender Offers at Below-Market Price!') accessible at
http://www.osc.gov.on.ca/en/About/News/NewsReleases/1999/nr_19990927_mini.htm

ADS shareholders are advised to consult with their investment advisors and
to exercise caution with respect to this offer.

ADS shareholders who have already tendered are advised that they may
withdraw their ADSs by providing the written notice described in the TRC
Capital Corporation offering documents prior to the expiration of the offer
on August 27, 2003.

S M Bicknell
Company Secretary
July 30, 2003


GLOBAL GROUP: Mulls Sale of Meat Trading Division to Pay Debt
-------------------------------------------------------------
The company is pleased to announce a major reconstruction of the Global
Group.  This involves the proposed disposal of the Meat Trading Division,
which comprises the Meat Trading Shares and the Meat Trading Assets, the
appointment of the New Directors, a move to the Alternative Investment
Market from the Official List, the Capital Reorganization and the Change of
Name.  The Disposal, Capital Reorganization and Change of Name require
shareholder approval.  The move to the Alternative Investment Market from
the Official List is also conditional on Completion.  An Extraordinary
General Meeting is being convened for August 29, 2003 (immediately following
the Annual General Meeting or any adjournment thereof) in order to approve
the Proposals.

A circular outlining the Proposals was sent [Tues]day to Shareholders.

Background

In the preliminary results for the Group for the year ended December 31,
2002, published on April 30, 2003 and the 2002 Financial Statements, the
company reported that the Board believed that it was important for the Group
to reduce debt and streamline its activities, that it was reviewing all of
the operations and a number of disposal opportunities were being considered.

The Board's recent strategic review concluded that the best strategy for the
Group is to concentrate its resources on Canterbury Foods and, accordingly,
the Board has accepted an offer to acquire the Meat Trading Division, in
consideration of payments estimated to aggregate GBP11.8 million from the
Purchaser.  The proceeds will be applied to the reduction of Group
borrowings.

Reasons for the Disposal and Information on the Meat Trading Division

The recent strategy of the Group has been to invest in people, plant and
facilities within Canterbury Foods both to reduce costs and drive growth.
However, this strategy has been hampered significantly by the high debt
burden carried by the Group arising from a combination of the loss of the
Group's largest customer, Burger King, and a succession of meat related
health scares, which have impacted the Group's meat processing business.

As mentioned above, the Board has carried out a strategic review to unlock
the potential of the Group's assets, substantially reduce debt and provide a
strategy for future growth.  The disposal of Spacehire, announced on April
30, 2003 and completed on June 30, 2003 was the first step of the new
strategy and the Proposals announced today will complete the planned
restructuring of the Group.

The activities of the Meat Trading Division comprise the import and export
of meat and meat products in accordance with a variety of contractual
arrangements and includes licenses under the General Agreement of Trade and
Tariff.  Support is given by the company in terms of finance and logistical
arrangements.  The division includes the Group's interest in certain joint
ventures, which will be sold to the Purchaser along with the other
activities of the Meat Trading Division.

The Independent Directors, who are Ken Manley, Paul Ainsworth, Alison
Everatt and Andrew Baker, have no interests in the Purchaser and consider
that the Meat Trading Division, whilst profitable, is viewed as low yielding
and having poorer earnings potential than food processing.  The Independent
Directors were approached by the Purchaser (in which Colin Copland and
Robert Mollison have minority interests, as described below) with an offer
to acquire the Meat Trading Division.  The Board believes that this offer is
the only credible means of reducing the Group's debt significantly in the
short term, apart from realizing the assets of the Meat Trading Division.
The nature of the industry is such that the Meat Trading Division has locked
up cash in its high stock levels.

It is estimated that the Disposal, if implemented, should release
approximately GBP11.6 million (net of costs) in cash for the reduction of
Group debt.  The Directors believe that selling the assets of the Meat
Trading Division would realize significantly less funds for the Continuing
Group than the Disposal.

Taking these factors into account the Board has entered into the Sale
Agreement.

In the year to December 31, 2002, sales from the Meat Trading Division to
Canterbury Foods were approximately GBP3.6 million, and thus the Meat
Trading Division has been a major supplier to the Group. The terms of this
trading relationship have been on an arm's length basis and upon market
terms.

Accordingly, the Independent Directors do not expect any material change to
the trading relationship following completion of the Disposal.

The Purchaser

The Purchaser is a newly incorporated company, established for the purpose
of acquiring the Meat Trading Companies and Meat Trading Assets.  It is a
subsidiary of Angliss International Limited (whose ultimate parent company
is Vestey Holdings Limited) with minority interests held by Colin Copland
and Robert Mollison, aggregating 21% of its issued share capital.

Financial Information on the Meat Trading Division
                                       Year ended 31st  December
                                           ----
                                     2002       2001        2000
                                   GBP'000    GBP'000    GBP'000
Turnover of Meat Trading Division   98,287    111,717     98,313
Operating profit of Meat Trading Division
                                     1,955      3,069      3,683
Profit before tax of Meat Trading Division
                                     1,750      3,014      3,349


Principal terms and conditions of the Disposal

The Sale Agreement, completion of which is conditional on approval by
Shareholders at the EGM provides that the Purchaser will acquire the Meat
Trading Division, which comprises the Meat Trading Shares and the Meat
Trading Assets.  Completion is anticipated to take place on August 29, 2003,
immediately following the EGM.  The Sale Agreement provides that the
Purchaser will pay a sum equal to the aggregate of:

(a) the net asset value of the Meat Trading Division as at
   Completion (estimated to be approximately GBP400,000);

(b) a sum equal to the net inter-company debt owed by the Meat
   Trading Companies to the Company at Completion (estimated to
   be approximately GBP9,750,000) and assume responsibility for
   the bank indebtedness of the Meat Trading Companies at
   Completion (estimated to be approximately GBP1,700,000).  On
   Completion the Purchaser will pay a deposit of GBP10,000,000
   against (a) and (b) above.

The balance of the sums payable under (a) and (b) above shall be payable by
the Purchaser upon the agreement or determination of completion accounts
produced to determine the value of the net assets of the Meat Trading
Division and the inter company debt at Completion.  The net proceeds will be
applied in the repayment of a proportion of the Continuing Group's
indebtedness.

The Disposal is conditional on Global obtaining the approval of Shareholders
at an Extraordinary General Meeting to be held on August 29, 2003.  Further
details of the Extraordinary General Meeting are given below.

Financial Effects of the Disposal and Use of Proceeds

The net initial proceeds of the Disposal (after expenses) are expected to be
approximately GBP11,600,000 and as mentioned above, will be applied in
reducing the Continuing Group's existing bank borrowings.

The assets being transferred under the Disposal had an aggregate book value
in the Company's consolidated accounts as at December 31, 2002 of
GBP2,173,000.

To See Full Details of Major Restructuring:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: To Relocate After Disposal of Meat Trading Unit
-------------------------------------------------------------
The principal business of the Continuing Group following completion of the
Disposal [of the Meat Trading Division] will be the primary manufacture of
beefburgers, sausages and pastry products for the food service and fast food
markets.  The Continuing Group's headquarters will be relocated to
Canterbury Foods' manufacturing site at Hull, it will operate out of seven
plants in the U.K. and employ in the region of 600 people.  During the next
eighteen months, the Directors intend that the Continuing Group will focus
its efforts on winning more business within current market and product
sectors.  Further emphasis will be placed on the growing food ingredients
business operated by Canterbury Foods, which supplies components and
ingredients such as cooked sausages, bacon, stuffing and pastry to
manufacturers throughout the United Kingdom, whose customers include major
U.K. retailers.  To this end, the Continuing Group reorganized its
commercial structure during June
2003 to ensure that it is best placed to maximize these growth
opportunities.

Operationally, the Directors consider that the business is well configured
for the Continuing Group's target markets.  Past investment in new plant and
equipment has significantly improved the Continuing Group's ability to be
competitive in its chosen markets and the Directors plan to maximize the
return on these investments over the next year, through driving improvements
in efficiencies and factory utilization.

Overall, the Continuing Group will strive to maximize its already
significant position within its chosen markets and develop a more
sustainable and consistent track record of performance.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: Negotiates New Credit Facilities with Bankers
-----------------------------------------------------------
In the light of the Disposal [of the Meat Trading Division], the Group has
renegotiated its facilities with its bankers.  The facilities, which will be
available to be drawn down immediately following Completion, will amount in
aggregate to GBP18.5 million and will consist of a medium term loan of GBP11
million, an overdraft facility of GBP3.75 million and the balance in the
form of an invoice discount facility.  The medium term loan repayments of
capital commence on December 31, 2006 and there is a success fee of GBP1
million payable to the bank on the earliest of a change of control of the
Group, a refinancing of these facilities or December 31, 2006.  In certain
circumstances, the success fee may be satisfied by the issue to the bank of
shares in the capital of the Company.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: Appoints Two New Board Members
--------------------------------------------
The company is pleased to report that on [Tues]day Paul Ainsworth and Alison
Everatt were appointed to the Board.

Paul Ainsworth has almost 30 years' experience in starting up, growing and
managing food businesses in both the manufacturing and wholesale sectors.
He joined the Group in January 2002 as Chief Executive of the manufacturing
division, Canterbury Foods, which after the Disposal will comprise the
Continuing Group's sole activity.

Prior to joining Canterbury Foods, Paul was Managing Director of
Hazlewood Sandwiches, the largest and most profitable division within
Hazlewood Chilled Foods.  For the 5 years prior to that he started and built
his own strategic management and recruitment consultancy, working with
clients across the food industry.  Previous experience was gained in general
management and functional roles in United Biscuits, Sara Lee Corporation and
J Lyons.

On Completion, Paul will be appointed Group Chief Executive and will enter
into a service agreement with the Company.

Alison Everatt, aged 38, is a fellow of the ACCA and joined Global in April
2002 as Finance Director of Canterbury Foods.  Alison spent six years with
Kimberly Clark in the 1990s, first as Management Accountant and latterly as
Finance Manager.  From 1998 to 2002 Alison worked for Hazlewood Chilled
Foods, as Group Commercial
Accountant.  On Completion, Alison will become Group Finance Director and
will also enter into a service agreement with the Company.

The Board considers that it is important that Paul Ainsworth and Alison
Everatt be appropriately incentivised and rewarded upon achievement of key
elements of the Group's strategy and profit growth.  Accordingly it is
proposed that a management incentive plan will be introduced.  Under this
plan, upon the achievement of certain targets the New Directors will become
entitled to bonuses and the issue to them of New Ordinary Shares aggregating
to approximately five% of the issued share capital of the company at
[Tues]day's date.

It is intended that upon Completion Colin Copland and Robert Mollison will
resign from the Board, Paul Ainsworth will become Group Chief Executive and
Alison Everatt will become Group Finance Director.  In light of these
changes, Ron Waterhouse has retired from the Board.  The company thanks Ron
for his contribution to the Group over the years.

Ken Manley has decided that now is an opportune time to stand down as
Chairman, which he intends to do shortly.  The Board has asked that he
continues to act as a non-executive director of the Company which he is
pleased to do.  It is proposed that a new Chairman be appointed shortly and
Shareholders will be kept informed.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: Plans to Transfer Listing to Alternative Market
-------------------------------------------------------------
The company on Tuesday announced that it will be seeking a quotation for its
shares on AIM.  Admission to AIM is conditional on Completion.  The
Directors believe there are a number of advantages to the Company's shares
being traded on AIM, including lower ongoing costs and being more suitable
for a business of the size of the Continuing Group than the Official List.

Accordingly the company has given notice in accordance with paragraph 1.22
of the listing rules of the UKLA that it intends to submit an application to
the UKLA for the listing of its entire issued share capital on the Official
List to be cancelled.  The company has also announced that, it intends to
submit an application to the London Stock Exchange for the entire share
capital of the Company to be admitted to trading on AIM.

It is expected that, conditional on Completion, the New Ordinary Shares will
be admitted to trading on AIM and that dealings will commence on 1st
September 2003.

The cancellation of the listing of the company's shares on the Official List
and the application to the London Stock Exchange for the Company's New
Ordinary Shares to be admitted to trading on AIM is conditional on
Completion.

Teather & Greenwood have agreed to act as Nominated Adviser and Broker
following Completion.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: Proposes to Subdivide Shares to Cut Bid-ask Spread
----------------------------------------------------------------
In order to reduce the bid-ask spread on the company's shares (which is in
the region of 30%) it is proposed to sub-divide each Existing Ordinary Share
into one new ordinary share of 1p and one Deferred Share and then to
consolidate ten of each of the resulting ordinary shares of 1p each into a
New Ordinary Share.  The New Ordinary Shares will have the same rights
including as to voting, dividends and return of capital as the Existing
Ordinary Shares.  A registered holder's fractional entitlement to a New
Ordinary Share created upon consolidation will be aggregated with other
fractional entitlements and sold in the market.  Any proceeds of under GBP3
due to a registered holder arising from the sale of fractional entitlements
will be applied for the company's benefit.  The rights attaching to the
Deferred Shares, which will not be listed, will be minimal thereby rendering
them effectively valueless.  No certificates will be issued in respect of
the Deferred Shares.  In due course it is intended that application will be
made for the Deferred Shares to be cancelled by the High Court.

Shareholders who hold their Existing Ordinary Shares of 10p in
uncertificated form are expected to have their CREST accounts credited with
the New Ordinary Shares of 10p.

Certificates for the New Ordinary Shares will be dispatched by 15th
September 2003.

Temporary documents of title will not be issued.  Certificates in respect of
Existing Ordinary Shares will no longer be of value from September 15, 2003
and should be destroyed upon receipt of certificates in respect of the New
Ordinary Shares.  Pending dispatch of the definitive share certificates in
respect of the
New Ordinary Shares, transfers of New Ordinary Shares held in certificated
form will be certified against the register.

All documents and remittances will be sent to Shareholders (or their agents)
at their risk.

Change of Name

Given that the business of the Continuing Group will consist primarily of
its Canterbury Foods division it is proposed that the name of the company be
changed to Canterbury Foods Group plc following Completion.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: Survival Hinges on Substantial Capital Injection
--------------------------------------------------------------
The Preliminary Results for the Group for the period to December 31, 2002,
including commentary on the current outlook for the Group, were published on
April 30, 2003 and the 2002 Financial Statements were dispatched [Tues]day.

Trading in 2003 started slowly, as a result of depressed demand, following
the relatively poor 2002 Christmas trading and some de-stocking by customers
during the first quarter.  However, trading has improved throughout the
first half of the year as business gains have impacted and costs have been
controlled.  Year on year volumes, excluding sales that were made to Burger
King, are ahead in the first half-year and the prospects for the second half
of 2003 look encouraging as the Group continues to build its market share.

For the rest of the year the Group will continue to focus on driving volume
gains whilst minimizing costs, in order to continue to improve the profit
performance and cash generation of the business.  The Group does not
envisage any major capital spend in the second half and with the move to
third party distribution in July 2003 and the move of the Group Headquarters
to Hull the Group should see further cost benefits within the business over
the next six months.

The Directors consider the prospects for the Group described above to be
dependent upon Completion.  As described, the strategy of the Group has been
hampered by high levels of debt, which the Directors estimate is currently
GBP28.433 million.  Should the Disposal not complete the Directors consider
that, in the absence of a substantial injection of new capital, the Group
may be required to significantly reduce trading from present levels and
renegotiate facilities with the bank.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


GLOBAL GROUP: To Hold Extraordinary General Meeting August 29
-------------------------------------------------------------
The EGM is to be held at the offices of Wedlake Bell, 16 Bedford Street,
Covent Garden, London WC2E 9HF at 10.15 a.m. on August 29, 2003 (or
immediately following the Annual General Meeting of the Company, or any
adjournment thereof) for the purposes of considering and if thought fit,
passing these resolutions:

Resolution 1 -   to sub-divide and reconsolidate the Company's share
capital;

Resolution 2 -   to amend the Articles of Association of the Company so as
to incorporate the special restriction and rights  attached to the Deferred
Shares arising from Resolution 1;

Resolution 3 -   to give the Directors authority to allot shares;

Resolution 4 -   to approve the Sale Agreement;

Resolution 5 -   to change the name of the Company to Canterbury Foods Group
plc; and

Resolution 6 -   to give the Directors authority to allot shares otherwise
than on a pro-rata basis.

A circular to shareholders convening the EGM and setting out details of the
Proposals will be posted later today. A copy of the circular to Shareholders
dated July 29, 2003 will be submitted to the U.K. Listing Authority, and
will shortly be available for inspection at the U.K. Listing Authority's
Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Phone: (0)20 7676 1000

Recommendations

The Board believes that the Proposals are in the best interests of the
Company and its Shareholders as a whole.  Furthermore, the Independent
Directors consider that the value of the Meat Trading Companies and the Meat
Trading Assets to the company justifies the price received for them.
Accordingly, the Independent Directors unanimously recommend that
Shareholders vote in favor of the resolutions set out in the Notice of EGM
as they intend to do in respect of their own beneficial holdings of
1,170,000 Ordinary Shares (in aggregate) representing approximately 0.72% of
the company's issued share capital.  In addition, Mrs. J Horn has undertaken
to vote in favor of the resolutions set out in the notice of EGM in respect
of her holding of 19,250,000 Ordinary Shares representing 12.47% of the
company's issued share capital.

To See Full Details of Major Restructurings:
http://bankrupt.com/misc/GLOBAL_GROUP.htm


LE MERIDIEN: Lehman, Hyatt Propose to Run Hotel Chain
-----------------------------------------------------
U.S. bank Lehman Brothers, together with U.S. hotelier Hyatt Financial
Corporation, is reportedly proposing to run troubled Le Meridien's 126
international properties, according to The Scotsman.

Under the plan, the two will invest GBP10 million in the hotel chain, Lehman
will add GBP10 million in working capital and the other creditors will
inject GBP40 million.  The transaction excludes the 11 hotels owned by Royal
Bank of Scotland, including its flagship Grosvenor House and Waldorf hotels
in London, the report said.

Le Meridien's future became uncertain after it failed to pay some GBP20
million worth of rent to Royal Bank of Scotland at the end of June due to
the slowdown in the economy and the tourism slump.  Lehman, biggest holder
of Le Meridien's mezzanine debt, was able to buy time to negotiate the
rescue of the company by offering a down payment of GBP4 million.  Financier
Guy Hands, in conjunction with Prince al-Waleed bin Talal, offered a GBP150
million rescue package, but Lehman rejected the proposal on Monday,
according to insiders.  Le Meridien, which runs more than 130 luxury outlets
across the world, owes senior banks, including Merrill Lynch and Canada's
CIBC, some GBP750 million.


LE MERIDIEN: Two Flagship Properties Under Receivership
-------------------------------------------------------
Le Meridien hotels owner, Royal Bank of Scotland, placed the flagship
properties of the hotel chain under receivership as part of a financial
rescue package agreed with creditors on Tuesday, according to Travelbiz.com.

Receivers Simon Freakley and Alastair Beveridge, of Kroll Associates were
called in to manage London's Grosvenor House and the Waldorf hotel as Royal
Bank agreed to forgive the remaining GBP16 million outstanding rents on its
hotels.  Management rights of other nine Le Meridien hotels owned by the
Scottish bank in the U.K. and Ireland, are also due to be transferred to
Royal Bank shortly, according to the report.

The decision is part of the plan of U.S. investment bank Lehman Brothers,
mezzanine debt holder, in conjunction with U.S. hotelier Hyatt Financial
Corporation, to take control of Le Meridien's remaining 126 hotels under a
stand-alone hotel management company.  The entity will receive GBP100
million of new equity, and additional working capital from the lending banks
to run the properties.  Negotiations, though, are still continuing,
according to the hotel group.

Meanwhile, receivers are expected to keep the flagship hotel chains
operating with the same staff.  Le Meridien, as well, assured that it would
continue to have its own management and there were no plans for any Le
Meridien hotels to become Hyatts or vice versa.


MOTHERCARE PLC: Appoints Karren Brady New Non-Executive Director
----------------------------------------------------------------
Mothercare plc is pleased to announce the appointment of Karren Brady as a
non-executive to the Board with immediate effect.

Karren Brady (34) is Managing Director of Birmingham City Football Club plc,
the Premiership club.  Under her leadership, the company's revenue has grown
significantly and it has moved from loss to profit.

Commenting on her appointment, Ian Peacock, Chairman, said: "We are
delighted to welcome Karren Brady to the Board of Mothercare.  As Managing
Director of Birmingham City Football Club, Karren's success has demonstrated
both her commercialism and dynamic leadership.  She will be a great asset to
the business as the new team works towards returning Mothercare to sustained
profitability."

                     *****

In the last year Mothercare closed 13 stores and opened 5 stores, leading to
a net sales decline due to space change in the period of 1.5%.

CONTACT:  BRUNSWICK GROUP LIMITED
          Susan Gilchrist / Chi Lo
          Phone: 020 7404 5959


MYTRAVEL GROUP: Sells Florida Resort for GBP12.7 Million
--------------------------------------------------------
MyTravel Group plc announces it has entered into a contract for the sale of
the Oasis Lakes vacation ownership resort and associated development land on
International Drive, Orlando in Florida, USA to Bluegreen Vacations
Unlimited, Inc., a subsidiary of Bluegreen Corporation.  Bluegreen markets
residential and leisure property interests and is listed on the New York
Stock Exchange.

The sale is conditional upon receipt of governmental planning approval,
expected by November 2003.  The initial consideration, payable upon receipt
of that approval, is GBP12.7 million (US$20.5 million).  Additional
consideration of up to GBP0.9 million (US$1.5 million) is payable upon
resolution of further local government planning matters which are expected
to be resolved by January 2004.  Further consideration of up to GBP1.5
million (US$2.5 million) would become payable in the event that BlueGreen
were to construct units in excess of the number currently anticipated.
Either party will have the right to terminate the agreement if planning
approval has not been granted by 15 December 2003.

Oasis Lakes had a book value of GBP12.1 million at March 31, 2003, and made
a loss for the year ended September 30, 2002 of GBP2 million.

The cash proceeds of the sale, after expenses, will be used to reduce the
net indebtedness of MyTravel Group.

CONTACT:  BRUNSWICK
          Fiona Antcliffe/Sophie Fitton
          Phone: 0207 404 5959


NEW STAR: Liquidators Called in for Capital Investment Trust
------------------------------------------------------------
New Star has decided to wind up its only split capital investment trust,
which it said had only 400 backers, "around half" of whom were small
investors.

Accountant KPMG has been called in to liquidate the trust, called New Star
Enhanced Income Trust.

The decision left the fund's shareholders more than GBP55 million out of
pocket, according to The Scotsman.

The New Star trust was a typically cross-held trust, This is Money said.  It
owned trusts run by Aberdeen Asset Management, which has been at the heart
of the split trust debacle, Framlington and Britannic Asset Management.


                            *********


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

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