/raid1/www/Hosts/bankrupt/TCREUR_Public/031017.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, October 17, 2003, Vol. 4, No. 206


                            Headlines


B E L G I U M

SOBELAIR: Board Approves Plan to Seek Debt Restructuring


C Z E C H   R E P U B L I C

DAILY INPULS: Workers Invoke Union Agreement, Seek Severance Pay


F R A N C E

ALSTOM SA: European Commission Includes EUR1.1 Bln Aid in Probe
EBIZCUSS.COM SA: CANCOM Sells Stake for Undisclosed Amount
NEXANS: Maintains Year-end Targets Despite Market Slump


G E R M A N Y

BRAU UND BRUNNEN: Four Bidders Line up for HVB's 55% Stake
DAB BANK: Expects EUR6 Million Third Quarter Pretax Profit
DEUTSCHE TELEKOM: Ayala, SingTel to Buy Globe Telecom Stake
KIRCHMEDIA GMBH: In Talks with Bridgepoint over Film Library


I T A L Y

ALITALIA SPA: Premier Backs Merger with KLM, Air France
ALITALIA SPA: Board Delays Long-awaited Lay-off Announcement


L U X E M B O U R G

MILLICOM INTERNATIONAL: Q3 Results Conference Call Set Oct. 22


N E T H E R L A N D S

ASML HOLDING: Narrows Third Quarter Net Loss to EUR30.5 Mln
GETRONICS N.V.: Successfully Completes Convertible Bond Offer


N O R W A Y

NORWAY SEAFOODS: Due Date of NOK600 Mln Loan Extended
PETROLEUM GEO-SERVICES: Creditors Approve Restructuring Plan


P O L A N D

DAEWOO FSO: MG Rover Hints Taking Investment Somewhere Else
DAEWOO-FSO: Choice for President Down to Two


R U S S I A

WIMM-BILL-DANN: Sale Won't Take Place Anytime Soon, Says Chair


S W E D E N

PREEM HOLDINGS: Court Ruling Does Not Affect Rating, Outlook


U N I T E D   K I N G D O M

ABBEY NATIONAL: Launches Three New Investment Choices for Savers
AMP LIMITED: Seeks Trading Halt Pending Approval of Demerger
BALLAST: Insolvency Looms after Dutch Parent Pulls Plug
EASTERN GROUP: Creditors Have Until Nov. 8 to Prove Claims
EUROSTAR: Wants Rival Probed for 'Misleading' Ad

FLOE TELECOM: Insolvency Agents Offer Business for Sale
HARTLEPOOL FABRICATIONS: Seeks New Investors to Keep Biz Afloat
INVENSYS PLC: Investors Dismayed by Lack of Disposal Update
ROYAL & SUNALLIANCE: Rights Issue Widely Subscribed
STIRLING GROUP: Potter's Offer Extended Until October 28

SUMMIT EUROPE: Under Members' Voluntary Wind up, Dissolution
THOMAS COOK: German Unit's Restructuring to Result in Job-cuts
TXU EUROPE: Gaz de France Excludes Shotton Plant's Debt in Deal
ZYLEPSIS: To End Year-long Negotiations with Trade Buyers


                            *********


=============
B E L G I U M
=============


SOBELAIR: Board Approves Plan to Seek Debt Restructuring
--------------------------------------------------------
A bankruptcy petition could be filed this week against Sobelair, Belgium's
oldest and largest charter airline, according to Intesatrade.

Citing Le Soir, the report said the board of Sobelair, which employs 400,
met Wednesday and decided a restructuring plan be presented to the Brussels
Commercial Court immediately.  Sobelair incurred losses of more than EUR9
million just within a year after it was bought from bankrupt Belgian
national airline Sabena.  Its troubles stem from an expensive leasing
agreement with German company DSF, with which it pays US$650,000 per month
for two 767s.  The drop in air travel as a result of the conflict in Iraq
further aggravated its troubles.

The decision to file for bankruptcy comes as reports surfaced that TUI
Belgium, Sobelair's main customer, wants to create an airline with a limited
number of flights from Brussels to vacation destinations.


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


DAILY INPULS: Workers Invoke Union Agreement, Seek Severance Pay
----------------------------------------------------------------
Vydavatelstvi Impuls, publisher of the bankrupt daily Inpuls, faces payments
of several months worth of salary to 20 former Inpuls editors and reporters,
according to Prague Business Journal.

Impuls notified editors and reporters of the daily's closure on October 12,
but because of a prior agreement with the union the staff will be considered
Impuls employees until the end of January.  They are also entitled to a
two-month severance pay in addition to their regular wages.

It remains to be seen, however, whether these workers would get anything in
the end, considering Impuls' dire financial standing.  The daily cited this
and a lawsuit for breach of trademark laws, as reasons for halting
circulation.  Londa, the owner of radio station Impuls, sued the
publication, formerly known as Impuls, alleging the daily had violated the
radio's established trademark.  Subscribers for the daily, launched in May,
dwindled to below 40,000 recently.


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


ALSTOM SA: European Commission Includes EUR1.1 Bln Aid in Probe
---------------------------------------------------------------
On September 26 France communicated a new aid package in favor of Alstom.
This aid package replaces the earlier aid package on which the Commission
launched a formal State aid probe on September 17, 2003.  On Wednesday, the
Commission extends this probe in order to include additional aid measures of
EUR1.1 billion that were not covered by the probe of September 17.

The new aid package contains three crucial modifications as compared to the
package of August 2003 that is already the object of the Commission's
September 17, 2003 probe.  First, France will replace the capital increase
of EUR300 million by a debt instrument that may only be converted into
equity once and if the Commission authorizes its conversion.  The value of
this debt instrument will correspond to that of the initially foreseen
capital increase, i.e., EUR300 million.  Secondly, France will grant an
additional subordinated loan amounting to EUR200 million.  Thirdly, France
will grant a short term bridging loan of EUR900 million.  Under this new
package thus not only the form of the planned irreversible capital injection
of the State has changed but also the total amount of State aid has
increased by EUR1.1 billion.

On September 22, 2003 Commissioner Monti announced that, following France's
commitment not to go forward with the capital increase until the Commission
should approve this measure, a suspension order was no longer necessary.
Nevertheless, the Commissioner made clear that not issuing a suspension
order is not equivalent to approving any state aid.  Approval or disapproval
will only take place once the Commission concludes its State aid probe.

The probe into the whole package will give competitors an opportunity to
apprise the Commission of the competitive impact of the envisaged aid
package.  In its investigation the Commission will first look closely into
the adequacy of the restructuring plan to restore Alstom's viability.
Second, the Commission will examine the markets in which Alstom is active
and the need for compensatory measures to counterbalance the distortions of
competition created by the aid.  Finally, the Commission will determine
whether the aid is the strict minimum to restore the company's viability and
whether the company itself contributes as much as possible to the
restructuring costs.  The Commission cannot approve any aid in excess of
what is the minimum needed for the restructuring.

The extended probe now covers State intervention worth EUR4.275 billion.
The measures are these:

     (i) The capital subscription by the State of EUR300 million
         will be replaced by long-term funds for the same
         amount, redeemable in shares only if the Commission
         approves of such redemption.

    (ii) The State will provide extra EUR200 million in a long-
         term subordinated loan to Alstom.

   (iii) The short-term liquidity grant of EUR300 million is
         increased by another EUR900 million.

    (iv) The State will provide mid-term funds of EUR300
         million; a measure that has not been modified as
         compared to the initial probe launched on September 17,
         2003.

     (v) The State will provide a 65% counter guarantee on bank
         guarantees amounting to EUR3.5 billion that is EUR2.275
         million -- a measure that has not been modified as
         compared to the initial probe launched on September 17,
         2003.

Background

On September 17 the Commission initiated the formal investigation procedure
into State aid of some EUR3.2 billion in favor of Alstom.  On September 22
France accepted to modify the aid package in favor of Alstom so that the
entry into the company's capital will only take place if the Commission
expressly allowed it.  In the meantime, France undertook to only support
Alstom by means of debt instruments which can be effectively recovered if
needed and thus do not have irreversible structural effects on the market.

These changes to the aid package had a double effect.  First, the Commission
no longer needed to issue a suspension order because the new measures are
reversible.  This however does not imply an approval by the Commission.  The
Commission will only approve or disapprove once it concludes its State aid
probe.  The second effect is that the changes to the package created the
need for the Commission to extend its probe to assess the new measures,
which entail a change as well in form and value with respect to those
covered by the probe launched on September 17.

The Commission has also launched on Tuesday a tender for the provision of
technical support in the analysis of Alstom's restructuring plan.  The
Commission will ask the successful bidder to assist it in the collection of
relevant market data, and in the analysis of Alstom's restructuring plan, as
well as information from third parties.  The reliance on technical external
assistance is necessary to enable the Commission to reach a timely and
well-documented decision in this particularly complicated case, that
involves numerous and heterogeneous markets.


EBIZCUSS.COM SA: CANCOM Sells Stake for Undisclosed Amount
----------------------------------------------------------
With immediate effect CANCOM IT Systeme AG is divesting its 58.3% stake in
the Paris-based eBizcuss.com SA to a financial investor.  The parties have
agreed not to disclose the purchase price.

In light of the fact that eBizcuss' losses have depressed CANCOM's
consolidated operating result in the current financial year and the actual
problematic general economic setting in France is unlikely to improve, the
Group is pursuing the consistent strategy of divesting unprofitable business
divisions.

Although the shareholding in eBizcuss accounted for around 14 percent of
Group sales in the current financial year, it is also responsible for
approximately 30% of the Group's operating loss to date.

The divestment of the stake in eBizcuss.com will have a positive effect on
the future operating result of the CANCOM Group.  CANCOM will fully amortize
the remaining goodwill of around EUR3.3 million on September 30.

This immediate amortization of goodwill has no impact on cash flow, and thus
does not influence the result from business operations or the liquidity.
Rather, CANCOM will derive substantial additional cash flow from the
divestment of the shareholding.

The sale of the eBizcuss stake is part of the Profit Improvement Program
that was introduced in the third quarter of 2003 to improve the company's
earnings in the short term.  The program has already delivered positive
results and the Executive Board is anticipating the break even in the
operating result in the fourth quarter of 2003.


NEXANS: Maintains Year-end Targets Despite Market Slump
-------------------------------------------------------
Nexans (Paris: NEX.PA) announced Wednesday sales of EUR965 million for the
third quarter of 2003.  Sales for the first 9 months of the year amounted to
EUR2,957 million.

At constant non-ferrous metal prices and exchange rates, third quarter sales
amounted to EUR944 million compared with EUR978 million for the same quarter
last year, down by 3.5% (a fall of -6.4% at constant consolidated scope).
For the first nine months of the year, sales amounted to EUR2,888 million,
down by 3.2% compared with the same period last year (-4.9% at constant
consolidated scope).

In a continuing depressed economic environment, especially in France, that
remains marked by strong competitive pressure, Nexans does not discern any
signs of upturn in the economy.  Its policy of strict cost control means
however that it can maintain generally its 2003 targets.

Consolidated sales

In millions of euros   At current metal   At constant metal
                         prices and          prices and
                       exchange rates      exchange rates
                          2002  2003          2002  2003
Third quarter            1,039   965           978   944
Second quarter           1,147  1,014        1,026   999
First quarter            1,081   978           981   945
Total at September 30    3,267  2,957        2,985  2,888


Sales by business sector at constant metal prices and exchange rates

In millions of euros           Q3           First 9 months
                         2002  2003           2002  2003
Energy                    532  533           1,570 1,567
Telecom                   134  131             410   408
Electrical Wires          245  214             784   708
Distribution and other     67   66             221   205
Total                     978  944           2,985 2,888

Energy:  (main activities)

In millions of euros        Q3.02       Q3.03
  Infrastructure              209        209
  Building                    194        196
  Industry                    110        115


Energy sales remained stable compared to those of the third quarter last
year, after including the impact of sales of EUR28 million resulting from
the consolidation of Kukdong and the energy cable subsidiary of Furukawa in
Brazil.  But weak industrial capital expenditure and constant price pressure
in the Building activity are adversely affecting performances in this
sector.  In this environment of stiffer competition, and out of a number of
investigations carried out by the competition authorities in recent years,
Nexans is currently involved in two investigations (in France and in
Germany) relating to certain power cable markets.  At the present time, the
company has not received any notification arising from these investigations.

Nexans remains confident in the prospects of the energy market: the recent
power failures in the United States, Canada and Italy have highlighted the
lack of sufficient investment in electrical infrastructure in many
countries, giving rise to hope that the major national operators will review
their policies.

Telecom:
In millions of euros           Q3.02     Q3.03
  Infrastructure                  57        51
  Private Networks                52        50
  Industry                        25        30

As previously indicated, the sales level of the telecommunications
activities have now stabilized and are continuing to benefit from ADSL
deployment in Europe.


Electrical Wires :
In millions of euros            Q3.02     Q3.03
  Wirerod                         132       109
  Bare wires                       25        25
  Winding wires                    88        80


The lower figure for Electrical Wires sales essentially reflects the
difficulties on the Winding Wires market and the weak sales of Wirerod,
particularly in North America.  In Wirerod, Nexans has compensated for the
weak external market by inter-group sales, to ensure that the plants'
workloads remain at a satisfactory level.


Distribution:
In millions of euros          Q3.02     Q3.03
  Distribution                   67        65


The sales of the Distribution activity have been maintained at a
satisfactory level.

The legal proceedings underway for several years between Nexans and
Norwegian authorities concerning an alleged illicit agreement on list prices
between several distribution companies have ended, and the case has been
settled with no negative impact on profit.

Additionally, the negotiations with Platinum Equity concerning the sale of
the distribution activities in Norway have ended, after Nexans rejected a
renegotiation of the price by the buyer.

Outlook for 2003

The operational conditions of the cable market still remain just as
difficult and there is no sign of an upturn in the countries in which Nexans
operates.

In view of this context, which is broadly in line with Nexans' initial
expectations, the Group is continuing to strictly apply its policy of
stringent management controls, and maintains generally the objectives for
its operating margin and financial ratios it presented to the markets at the
close of the first half-year.

Financial calendar
Publication of 2003 sales and results: February 2, 2004.

About Nexans

Nexans is the worldwide leader in the cable industry.  The Group brings an
extensive range of advanced copper and optical fiber cable solutions to the
infrastructure, industry and building markets.  Nexans cables and cabling
systems can be found in every area of people's lives, from
telecommunications and energy networks, to aeronautics, aerospace,
automobile, railways, building, petrochemical, medical applications, etc.
With an industrial presence in 28 countries and commercial activities in 65
countries, Nexans employs 17,150 people and had sales in 2002 of EUR4.3
billion.  Nexans is listed on the Paris stock exchange.

CONTACT:  NEXANS
          Investor relations
          Michel Gedeon
          Phone: + 33 (0)1 56 69 85 31
          E-mail: Michel.gedeon@nexans.com


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


BRAU UND BRUNNEN: Four Bidders Line up for HVB's 55% Stake
----------------------------------------------------------
Brau und Brunnen AG is currently in talks with four bidders interested in
acquiring HVB Group's 55% shareholding in the German brewer and soft drink
producer, according to just-drinks.com.

A spokesman for the company said the potential buyers are two strategic and
two financial investors, including foreign brewer Radeberger Brauerei.  A
deal could be closed this year.  He added the buyer of the controlling stake
will not undertake additional job-cuts, or split the company's twin
interests of beer and soft drinks.

"Brau und Brunnen is only on sale as a whole," he said.

TCR-Europe said in August the interested parties include the world's top
major brewing groups: SABMiller PLC, Scottish
& Newcastle PLC, Interbrew SA and Carlsberg AS, although the latter two have
denied any interest.

HVB banking group seeks to sell the stake to return to profit this year.  It
said it wants to strengthen its equity capital by EUR1.7 billion by the end
of 2003, in order to maintain a Tier 1 ratio of at least 7% and prevent
further downgrades by ratings agencies.

CONTACT:  BRAU UND BRUNNEN
          Sitz der Verwaltung
          Rheinische Strabe 2
          44137 Dortmund
          Phone: (0231) 1817-0
          Fax: (0231) 1817-30


DAB BANK: Expects EUR6 Million Third Quarter Pretax Profit
----------------------------------------------------------
After generating a profit in the second quarter of 2003, DAB bank AG
(http://www.dab-bank.de)now expects to close the third quarter with a
profit as well.  Based on preliminary figures, the Munich-based direct
brokerage firm expects to report a pretax profit of approximately EUR6
million (second quarter 2003: EUR2.230 million).  The key factors
contributing to this good result were the higher number of transactions
executed, consequent cost control and a very good sales performance.  The
figures for the third quarter of 2003 also include the EUR1.588 million
payment of the remaining balance of the sale price for the French subsidiary
Self Trade, which was sold at the end of 2002.

For the first nine months of this year, DAB bank expects to report a
consolidated pretax profit of approximately Euro 7.5 million.  Even if the
higher number of transactions observed in the third quarter of 2003 cannot
be maintained, DAB bank still plans to generate a profit in the fourth
quarter of 2003.  Thus, the DAB bank Group will beat its forecast of at
least breaking even for the full year.

The number of transactions executed by DAB bank in the third quarter of 2003
increased 17%, to 7.88 transactions per securities account and year (second
quarter 2003: 6.76).  All together, DAB executed 903,730 transactions in the
last  three months (second quarter 2003: 773,997).  Compared to the
preceding quarter, DAB bank recorded a net increase of 1,816 customers, with
459,777 securities accounts under management at September 30, 2003 (second
quarter 2003: 457,961).

Customer assets under management climbed to approximately EUR11.2 billion
(second quarter 2003: EUR10.4 billion).

DAB bank will publish detailed figures for its third quarter 2003 on
November 13, 2003.


DEUTSCHE TELEKOM: Ayala, SingTel to Buy Globe Telecom Stake
-----------------------------------------------------------
Deutsche Telekom will sell its 24.8% stake in Philippines telecommunications
operator, Globe Telecom, to Ayala Corporation and Singapore Telecom
International Pte Ltd.

Ayala Corporation and Singapore Telecom served Deutsche Telekom with a
notice that they accept the offer given to them on October 13.  The parties
are in the process of finalizing the technical details of the closing of the
transaction.

The aggregate purchase price for Deutsche Telekom will be US$472 million and
will be used for the company's debt reduction program.


KIRCHMEDIA GMBH: In Talks with Bridgepoint over Film Library
------------------------------------------------------------
European venture capital firm, Bridgepoint, is seeking to buy the priced
international film rights library of Leo Kirch, the founder of insolvent
German media group KirchMedia, according to The Times.

A deal could fetch between EUR60 million and EUR70 million, according to
analysts.  The portfolio, which contains more than 3,700 titles, including
film classics such as The Third Man and La Strada, was once estimated to be
worth EUR3 billion (GBP2 billion).

Without mentioning names, the report said, there are also other venture
capital firms bidding for the largest international film rights library in
Europe.  The sale of the asset is handled by UBS Warburg, which has already
sold eight businesses worth about 95% of the residual value of the collapsed
media group.


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


ALITALIA SPA: Premier Backs Merger with KLM, Air France
-------------------------------------------------------
The French government has once again expressed interest in merging Alitalia
with Air France and KLM.  Italian Prime Minister Silvio Berlusconi commented
that the three airlines should be merged into a new holding company that
would allow them to keep their national identities, The Scotsman said.

Mr. Berlusconi was also quoted saying that the government was working with
the airline to achieve Alitalia's privatization, a measure that might bring
it closer to Air France Group and KLM Group Ltd.  However, the premier
declined to say when it would take place.

Dutch airline KLM and Air France announced their own merger agreement to
create Europe's largest airline two weeks ago.  Alitalia has been pushing
hard to get in on the deal ever since.

Alitalia made a net loss of EUR315 million in the first half of this year
after a EUR49 million loss in the same period last year.  It hopes to
increase its value through a merger.


ALITALIA SPA: Board Delays Long-awaited Lay-off Announcement
------------------------------------------------------------
Alitalia SpA's board has indefinitely postponed announcing the number of
layoffs it will make as part of a restructuring plan involving up to 4,000
job-cuts, Intesatrade reported, citing a source close to the company.

The source said the long-awaited layoff announcement was scheduled to take
place after a board meeting Wednesday, but was deferred due to the
government's delay in setting the company's privatization timetable.  "The
talks will focus primarily on the implementation of the (cost-cutting)
plan," the source said.

Dow Jones Newswires reported last Friday the Italian government failed to
discuss plans to further privatize flagship carrier Alitalia, postponing for
another week a decision that might bring it closer to Air France and KLM.
As a consequence, talks on an alliance with Air France and Dutch airline KLM
are put on hold pending developments.

Alitalia has been aiming for an alliance with the airlines, hoping to
increase its value and secure its future in the industry.


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


MILLICOM INTERNATIONAL: Q3 Results Conference Call Set Oct. 22
--------------------------------------------------------------
Millicom International Cellular SA, the global telecommunications investor,
will announce its financial results for the third quarter and nine months
ended September 30, 2003 on Wednesday, October 22, 2003.

The company will host a conference call to present the results at 16:00
Central European Time, 10:00 Eastern Standard Time on the same day.  The
teleconference will also be Webcast at http://www.millicom.com

Presenters:
Marc Beuls, President and CEO
John Ratcliffe, Chief Financial Controller

If you wish to register for the conference call, please send an email to
mic@sharedvalue.net by 12:00 CET on Tuesday October 21, 2003, referencing
'MIC' in the subject line.

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 of
approximately 382 million people.  In addition, MIC provides high-speed
wireless data services in five countries.

                            *****

An improved liquidity position and reduced leverage as a result of the compl
etion of the company's exchange offer and subsequent issuance of 5%
mandatory exchangeable bonds that will help retire approximately US$167
million of 11% senior notes led Moody's to upgrade its ratings on Millicom
International Cellular SA recently.

The debt instruments upgraded were its senior implied rating (to B1 from
Caa1), issuer rating (to B2 from Caa2), and 13.5% senior subordinated
discount note due 2006 (to B3 from Caa3).  Its 11.0% senior unsecured notes
due 2006 was assigned a B2 rating.


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


ASML HOLDING: Narrows Third Quarter Net Loss to EUR30.5 Mln
-----------------------------------------------------------
Highlights of 2003 third quarter financial results:

(a) Thermal operations divestment is complete

(b) Order backlog of 91 lithography systems - 80 new and 11
    refurbished systems - valued at EUR859 million as of
    September 28, 2003. June 30, 2003: 62 systems/EUR678 million
    value; September 30, 2002: 129 systems/EUR1,184 million
    value.

(c) Sales of 34 lithography systems - 28 new and 6 refurbished
    systems - valued at EUR313 million. Q2 2003: 41
    systems/EUR260 million value; Q3 2002: 36 systems/EUR279
    million value.

(d) Net loss from Lithography - Continuing Operations of EUR18
    million. Q2 2003: net loss of EUR54 million; Q3 2002: net
    loss of EUR36 million.

Net cash used in operating and investing activities of EUR14 million. Q2
2003: net cash provided EUR213 million; Q3 2002: net cash used EUR158
million.

"Like the chip industry as a whole, ASML sees signs of recovery riddled with
inconsistencies.  For example, our backlog increased this quarter but so did
the volatility of the intake process with almost 50% of the orders coming in
the last 2 weeks of the quarter," said Doug Dunn, president and CEO, ASML.
"ASML is committed to focusing on the things that we can control, such as:
our customers' satisfaction, our cost base and our technology."

Financial Position

In Q3 2003, ASML generated a net loss of EUR31 million or EUR0.06 per
ordinary share.  In Q2 2003 and Q3 2002, respectively, ASML generated net
losses of EUR64 million or EUR0.13 per ordinary share and EUR60 million or
EUR0.12 per ordinary share.  Lithography - Continuing Operations represented
EUR18 million of the third quarter 2003 loss, while Discontinued Operations
represented EUR13 million during the same quarter.  This compares with net
losses from Continuing and Discontinued Operations, respectively, of EUR54
million and EUR10 million in Q2 2003 and EUR36 million and EUR24 million in
Q3 2002.

As announced in July 2003, ASML is in the process of reducing its workforce
by 11%.  The company is in discussions with the works council and labor
unions as required and in accordance with local labor laws and practices.
These consultations are on going and may lead to a delay of up to three to
four months in implementing workforce reductions in the Netherlands, with a
corresponding delay in any resulting cost reductions.

ASML bought back US$140 million (EUR124 million) of its 4.25% convertible
notes due in 2004 in privately negotiated transactions.  ASML ended the
quarter with a cash balance of EUR1,104 million.

Lithography - Continuing Operations

Total net sales from Lithography in Q3 2003 were EUR370 million as compared
with total net sales in Q2 2003 of EUR329 million and Q3 2002 of EUR352
million.  The average selling price of new ASML systems reached EUR10.8
million in Q3 2003, compared with EUR8.3 million in Q2 2003 and EUR8.2
million in Q3 2002.  The order backlog is comprised of 91 lithography
systems with approximately 85% to be shipped in the next six months. In Q3
2003, lithography service revenue was EUR57 million.

During the third quarter, ASML achieved a gross margin of 25%, compared with
a gross margin of 22% in Q2 2003 and a gross margin of 27% in Q3 2002.
Selling, general and administrative expenses totaled EUR50 million in Q3
2003 as compared with EUR73 million in Q2 2003 (including EUR18 million
restructuring charges) and EUR70 million in Q3 2002.  The sequential and
year-on-year decrease in Selling, general and administrative expenses are
mainly attributed to the cost-reduction measures undertaken by ASML.
Research and development expenditures for Q3 2003 were EUR62 million net of
credit.  Research and development expenditures for Q2 2003 totaled EUR73
million net of credit and Q3 2002 totaled EUR69 million net of credit.

ASML continues to refrain from issuing guidance or forecasts due to
uncertain market conditions.

Discontinued Operations

ASML announced the sale of ASML Thermal to a privately held company formed
by VantagePoint Venture Partners.  Under the terms of the agreement, the new
company assumed U.S. business operations of ASML Thermal, including ASML's
commitments to its customers.  In addition, the new company will acquire
non-U.S. business operations over the next few months.  In the interim
period, ASML will provide certain services to facilitate a smooth
transition.  Terms of the acquisition were not disclosed. More information
will be made available in due course.

About ASML

ASML is the world's leading provider of lithography systems for the
semiconductor industry, manufacturing complex machines that are critical to
the production of integrated circuits or chips. Headquartered in Veldhoven,
the Netherlands, ASML is traded on Euronext Amsterdam and NASDAQ under the
symbol ASML.

To See Consolidated Financial Statements:
http://bankrupt.com/misc/ASML_3Q.pdf


GETRONICS N.V.: Successfully Completes Convertible Bond Offer
-------------------------------------------------------------
Getronics N.V. announces the successful offer of its EUR100 million
unsubordinated Convertible Bonds due 2008.  The offer was oversubscribed and
Getronics has achieved favorable terms with respect to the coupon payable
and the conversion premium.  The net proceeds of the offer of the Bonds will
be used to facilitate the refinancing of the Company's existing debt.

The maturity of the Bonds is 5 years.  The Bonds will be issued at 100% of
the principal amount and will have a cash interest coupon of 5.5% per annum
payable annually.  The conversion price is set at EUR1.58, representing a
conversion premium of approximately 22.5% over the Value Weighted Average
Price during bookbuilding (or 'over the reference price').  The Bonds will
represent a maximum of 15.5% of Getronics issued share capital.

The Bonds have been offered to institutional investors only.  The Bonds have
not been offered to investors in the United States, Australia, Canada or
Japan.  The Bonds have not been and will not be registered under the U.S.
Securities Act 1933, as amended and have only been offered and sold only
outside the United States in compliance with Regulation under the Securities
Act.

Application has been made for the Bonds to be admitted to the Official
segment of the Stock Market of Euronext Amsterdam N.V. Listing and
settlement are expected to occur on or around 5th of November 2003.
Getronics will publish a Prospectus shortly before that, in order to meet
the listing requirements.

ABN AMRO Rothschild has acted as Sole Bookrunner and Lead Manager.  Stibbe,
and Herbert Smith acted as legal advisor on behalf of the Company.

As previously communicated, the Company expects to announce its complete
unaudited third quarter results on November 5, 2003.


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


NORWAY SEAFOODS: Due Date of NOK600 Mln Loan Extended
-----------------------------------------------------
Executives at Norway Seafoods were on Tuesday at the last minute attempt to
draw out a proposal for the repayment of the company's loan to Orkla.

The due date for Norway Seafoods' NOK600 million loan to Orkla had been
postponed Wednesday, showing that early media reports of an agreement were
premature.

About two weeks ago Orkla and business magnate Kjell Inge Roekke's Aker RGI
claimed they were agreed on an "approximate sketch for a long-term solution"
on the Norway Seafoods Holdings loan from Orkla, but a more definite deal
has not emerged, according to Aftenposten.

"The parties are still negotiating with a view to enter an agreement within
the next few days," said Norway Seafoods director Ole Kristian Lunde in a
statement to the Oslo stock exchange on Wednesday.

Rumors circulate that Mr. Roekke might sell most of his assets to raise the
cash needed to pay his debts.  Norway Seafoods is one of the
Roekke-controlled companies that can be sold.


PETROLEUM GEO-SERVICES: Creditors Approve Restructuring Plan
------------------------------------------------------------
Petroleum Geo-Services ASA (debtor in possession) (OSE: PGS; OTC: PGOGY)
announced Wednesday that, according to a preliminary tabulation of the
voting results in respect of the company's First Amended Plan of
Reorganization, which was filed with the U.S. Bankruptcy Court for the
Southern District of New York on September 10, 2003, the requisite number
and dollar amount of its banks and bondholders voted to accept the Plan.
Tabulation of voting results with respect to the Company's junior
subordinated debentures was completed Wednesday.

At the Confirmation Hearing for the Plan, scheduled for October 21, 2003,
the company will present to the Bankruptcy Court a final certification of
the voting results as part of the Plan confirmation process.  Following
confirmation, the company expects to consummate the Plan and emerge from
Chapter 11 in November.

Petroleum Geo-Services is a technologically focused oilfield service company
principally involved in geophysical and floating production services.
Petroleum Geo-Services provides a broad range of seismic- and reservoir
services, including acquisition, processing, interpretation, and field
evaluation.  Petroleum Geo-Services owns and operates four floating
production, storage and offloading units (FPSO's).  Petroleum Geo-Services
operates on a worldwide basis with headquarters in Oslo, Norway. For more
information on Petroleum Geo-Services visit http://www.pgs.com

CONTACT:  PETROLEUM GEO-SERVICES
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47-67-52-6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


DAEWOO FSO: MG Rover Hints Taking Investment Somewhere Else
-----------------------------------------------------------
MG Rover might be forced to withdraw its possible takeover of Daewoo-FSO
despite assurances that it remains interested in Poland.

According to Warsaw Business Journal, MG Rover said it is finding it
difficult to accept the proposed share price and will probably choose to
invest in constructing a plant in Slovakia.

Renewed hopes that MG Rover's possible investment in Daewoo FSO could push
through were sparked previously after the carmaker rationalized production
base and restructured debt.

But a Rover spokesman recently said they are already "looking for an
appropriate investment location" in Slovakia.  The plant would use the site
to assemble a new model with average sized engine, which should help the
company regain profitability in 2005.

Hyundai dismissed the news as false, while Polish authorities refused to
comment to prevent any transaction from being scuttled.


DAEWOO-FSO: Choice for President Down to Two
--------------------------------------------
The favorite candidate to become president of Daewoo-FSO's Zeran plant,
Wojciech Janczyk, formerly deputy Infrastructure Minister and former
Elektrim President, backed out on Monday, according to Warsaw Business
Journal.

The candidates now left are Robert Mucha, the famous racing driver, who was
employed by FSO in 1970s, to later be employed by General Motors in Canada;
and Janusz Wozniak, the current deputy President of Daewoo-FSO, and
government representative on the car producers management board.

The emerging winner, which will be announced later this week, according to
the representatives of a governmental committee specializing in the
restructuring of domestic companies owned by Daewoo, will see the company's
debt restructuring negotiations, organizational restructuring and the search
for a strategic investor.

Daewoo-FSO owes PLN591 million to major Polish banks, including
Bank Pekao, Bank Przemyslowo-Handlowy PBK, Bank Handlowy,
Millennium, ING Bank Slaski and Kredyt Bank.


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


WIMM-BILL-DANN: Sale Won't Take Place Anytime Soon, Says Chair
--------------------------------------------------------------
Wimm-Bill-Dann Chairman David Iakobachvili refuted reports saying the
Russian fruit juice and dairy products could be sold in the near future to
French food group Danone, according to Reuters.

"If we announce we are entering official negotiations, we'll still need five
or six months to get anywhere," he said.  Wimm-Bill-Dann shareholders were
in consultation with potential investors, including Coca-Cola, Pepsi, and
Nestle, according to him.

The Financial Times previously said it could close a transaction with Danone
by the end of October.  In May, Standard & Poor's Rating Agency assigned
Wimm-Bill-Dann a 'B+' long-term corporate credit rating.

Credit analyst Tatiana Kordyukova said: "The ratings on WBD are constrained
by the company's need for substantial investment in plant and working
capital over the next several years to support its growth strategy and
maintain its leading position in the steadily growing Russian packaged food
market."


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


PREEM HOLDINGS: Court Ruling Does Not Affect Rating, Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and outlook on
Sweden-based oil refiner Preem Holdings AB (Preem; BB-/Negative/--) remain
unchanged following Tuesday's decision by the High Environmental Court of
Sweden to cancel the approval given by a local environmental court for the
construction of an iso-cracker at the company's 75%-owned Scanraff refinery.
The case has now been transferred back to the local court in Vanersborg,
Sweden, which will consider restoring approval.

The legal dispute is expected to delay the company's upgrade program for
the Scanraff refinery, though not make it impossible to implement as Preem
represents some 75% of Sweden's refining capacity.  The cost implications of
the ruling should also be minimal.

Preem is to buy out Norsk Hydro ASA's (A/Negative/A-1) remaining 25% stake
in Scanraff for about SEK1.5 billion ($180 million) before year-end 2003.
Standard & Poor's expects that this acquisition, as well as the construction
of the isocracker, will be partially funded through equity, with a capital
increase taking place in early 2004.  Any substantial change in the
implementation of Preem's capital increase plan or a final court decision
making it impossible for the company to go ahead with its iso-craker
investment would put further downward pressure on the rating.


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


ABBEY NATIONAL: Launches Three New Investment Choices for Savers
----------------------------------------------------------------
Three new investments are now available at Abbey branches giving long-term
savers a choice in levels of return and risk.  Abbey now offers a much wider
choice of long-term savings, with the new investments complementing the
recent introduction of multi manager funds, which give customers access to a
range of top-class specialist fund managers normally only available to
institutional investors.

Protected Growth Plan

The Protected Growth Plan1 offers growth with full capital protection.  It
will pay 100% of any growth of the FTSE 100 index over a five and a half
year period, and the capital repaid in full regardless of what happens to
the FTSE 100 index.  However, there is also a chance for this plan to end
earlier if the FTSE 100 index is up by 30% or more at the end of the third
year.  In this case the plan will pay growth of 30%, as well as the original
capital.

If the FTSE 100 index does not reach the three-year early end level, Abbey's
Protected Growth Plan will continue for the five and half year term and pay
out a value equal to 100% of any growth in the FTSE 100 index plus full
return of capital2.

Accelerated Growth Plan

For those looking for potentially higher returns, but also willing to take
some risk to capital, Abbey is launching the Accelerated Growth Plan1.  This
plan offers 200% of any growth in the FTSE 100 index over a five and a half
year term2, capped at a maximum return of 100%.

For example, if the final index level is up by 45% from the initial index
level, the customer will get growth of 90% (2 x 45%) in addition to the
return of capital3.  However, if the final index level is below the initial
index level over the term of the plan, capital will be reduced 1% for each
1% that the final index level has fallen.

Safety Plus Growth

Abbey has also launched a new issue of its popular investment, Safety Plus
Growth (Issue 15)1.  Designed to provide capital protection and potential
growth, it is available as an ISA or a Direct Share Investment Plan.  The
five and a half year Safety Plus Growth (Issue 15) aims to fully return
investors' capital plus a minimum of 17%, and the potential for a maximum
return capped at 50.05%.

The minimum total investment for all these investments is £1500 and they are
available within an Investments ISA, as a Direct Share Investment Plan or
for PEP and ISA transfers in.  Issued on a limited offer on a first come,
first served basis these plans are now on sale until Monday January 12,
2004, unless sold out earlier.  They are available from all Abbey branches
on an advised basis or by telephoning 0800 30 20 30.

Pak Chan, Abbey's Head of Investments Marketing, said, "These new
investments really strengthen the choice we have for customers.  They
complement existing investments such as our new multi manager funds, and
mean Abbey is offering a choice of potentially excellent growth as well as
matching the risk that people are willing to take with their money".

                              *****

U.K.'s sixth largest bank, Abbey National posted GBP1 billion in losses last
year.  It is now in the process of restructuring its ailing finances.


AMP LIMITED: Seeks Trading Halt Pending Approval of Demerger
------------------------------------------------------------
AMP Limited announced that it planned to request a trading halt in its
securities from the Australian Stock Exchange and New Zealand Stock Exchange
on Thursday, October 16, 2003.

AMP's Explanatory Memorandum is currently being reviewed by the Federal
Court of Australia to enable the calling of the Extraordinary General
Meeting to approve the demerger.

At the hearing before Justice Emmett, a number of matters were discussed
including potentially market sensitive information.

AMP Chief Executive Officer Andrew Mohl said that given the discussion of
this information before the Court, AMP believed it was in the best interests
of all its shareholders to request a trading halt until the court makes its
orders.

AMP hopes to be in a position to release the Explanatory Memorandum on
Thursday.  To assist investors AMP will be lodging three separate statements
covering AMP Limited, the new AMP and HHG.

AMP will ask the ASX and the NZSE to reinstate trading in its shares
following filing of these documents.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien
          Phone: +91 2 9257 7053


BALLAST: Insolvency Looms after Dutch Parent Pulls Plug
-------------------------------------------------------
Private finance initiative specialist Ballast is currently in talks with
advisers on what to do next to avoid a possible insolvency, including how to
solve a GBP25 million-pension deficit.

Ballast is believed to be working with Deloitte & Touche, but the latter
refused to confirm its involvement, according to the Telegraph.

Ballast was put into financial uncertainty after its Dutch parent, Ballast
Nedam, pulled financial support for the British PFI operator.  This was
after efforts to sell the company failed some months ago.  A GBP15 million
(GBP10.5 million) loss in the first-half further worsened the situation in
the company.

Ballast Nedam has guaranteed three outstanding contracts for the firm: the
GBP120 million deal with Tower Hamlets that lasts until 2007, and two others
in East Lothia, Scotland and Dudley, West Midlands.  The contracts are
likely either to be sold to a rival PFI operator or run by the parent
company until they have expired, according to the report.

Tower Hamlets said: "The council is working to ensure pupils do not suffer
any interruption and delays are kept to a minimum.  No financial impact on
the council is envisaged as a result of Ballast Nedam's decision.  However,
a full assessment of potential implications is being made."

Ballast made a GBP67 million last year, which prompted it to cut costs by
axing 500 staff, and closing offices.  Recent developments are endangering a
further 1,000 jobs.

"A number of options are being explored" for the staff, a spokesman said,
according to the report.


EASTERN GROUP: Creditors Have Until Nov. 8 to Prove Claims
----------------------------------------------------------
Notice is hereby given pursuant to Rule 4.106 of the Insolvency Rules 1986,
that James Robert Tucker and Jeremy Simon Spratt of KPMG Corporate Recovery,
8 Salisbury Square London, EC4Y 8BB were appointed Joint Liquidators of the
Eastern Group Finance Limited (In Liquidation) on September 30, 2003.

All creditors of the company are required on or before November 8, 2003 to
send in their names and addresses with particulars of their debts or claims
to the liquidators or they will be excluded from the benefit of any
distribution made before such particulars are received.

JR Tucker, Joint Liquidator


EUROSTAR: Wants Rival Probed for 'Misleading' Ad
------------------------------------------------
Eurostar, the loss-making carrier seeking to increase its share of
Paris-London traffic by 10% over the next year, is crying foul over British
Airways' advertising campaign, according to Expatica.

Eurostar head Guillaume Pepy sent a letter to France's competition and
anti-fraud body asking for an investigation on British Airways misleading
advertisement "London at EUR29.50 (US$34.50) excluding tax, one way."

According to the complaint, a copy of which was obtained by AFP, the
campaign was misleading since the conditions to what appears to be a very
attractive price -- which "are explained in extremely small print" --
provides that in addition to taxes, which almost double the fare to EUR53, a
buyer would be obliged to make a round trip, bringing the total minimum cost
to EUR106.

A customer would also be required to spend two nights in Britain, a
condition that appears on British Airways's Internet site but is not
included in its public advertising.

An investigation could take several weeks, according to a spokesman for the
competition and anti-fraud body.

Eurostar offers a one-way ticket to London for EUR35 for tickets purchased
on line and for travel Monday to Thursday.  A round-trip costs EUR 69 but
requires an overnight stay Saturday to Sunday.


FLOE TELECOM: Insolvency Agents Offer Business for Sale
-------------------------------------------------------
Southern Insolvency Agents Ltd. offer for sale Floe Telecom Limited (In
Administration).

Key features: Company with fast growing U.K. customer base; Mobile telephone
business service; Unique system with significant profit margin & turnover.

For information (sales pack) 01273 624347


HARTLEPOOL FABRICATIONS: Seeks New Investors to Keep Biz Afloat
---------------------------------------------------------------
Hartlepool Fabrications is currently seeking for a new owner to buy the
business out of administration and save the 55 employees who depend on it,
according to Evening Gazette.  The company was bought by South Shields-based
Tyne Tubes out of the same plight for GBP1 million in May last year.

Gareth Roberts, joint administrator of Hurst Morrison Thomson chartered
accountants, said: "I regret that following completion of a large loss
making contract it has been necessary for the company to appoint
administrators.

"We intend to trade the business on and are confident that we will find a
buyer to save the remaining 55 jobs."

The company was the builder of the Gateshead sculpture, Angel of The North.
It also had a GBP5 million contract to provide pipe modules for the
Burlington gas project at Barrow-in-Furness in Cumbria.  Ian Davies,
regional officer with Amicus, said he would hope to hold a meeting with
administrators this week.


INVENSYS PLC: Investors Dismayed by Lack of Disposal Update
-----------------------------------------------------------
Investors who expected further disposals from Invensys were disappointed
when the troubled engineering group did not include such news on its trading
update, according to the Financial Times.

The automation and controls group is at the last phase of its three-year
disposal program aimed at reducing debt, pegged at GBP1.6 billion last year.

One analyst said: "Prior to the trading statement, there was excitement
percolating in the market and the share price went up because people thought
that disposals were imminent.  But there has been no sparkling news."  The
shares, which more than trebled since its low of 9 3/4p this March, edged up
1/4p to 34p on Tuesday.

The former conglomerate was also expected to announce the sale of its
water-metering unit, valued at GBP600 million, but did not.  Rival Danaher
Corporation is thought interested in the subsidiary.

Invensys said in April it would undertake a second round of sales to raise a
further GBP1.8 billion over the next two years on top of the GBP1.8 billion
already offloaded.


ROYAL & SUNALLIANCE: Rights Issue Widely Subscribed
---------------------------------------------------
The company announces that under the terms of the Rights Issue announced on
September 4, 2003, it had received, from those shareholders entitled to
participate, valid acceptances in respect of 1.3 billion new Ordinary
Shares.  This represents approximately 92% of the total number of new
Ordinary Shares being issued.

Goldman Sachs International, Merrill Lynch International and Cazenove & Co.
Ltd., will be seeking subscribers for the remaining new Ordinary Shares,
which includes shares from those shareholders unable to participate, in
accordance with the terms set out in the Prospectus.

Commenting on the Rights Issue Andy Haste, Royal & SunAlliance's Group Chief
Executive said, 'The successful completion of the Rights Issue, along with
our existing capital plans, will allow us to fund our future growth and to
implement the strategy outlined on 4 September.'

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Malcolm Gilbert
          Phone: +44 (0) 20 7569 6134


STIRLING GROUP: Potter's Offer Extended Until October 28
--------------------------------------------------------
Potter Acquisitions Ltd. announces that the Offer made by
PricewaterhouseCoopers LLP on behalf of Potter for Stirling Group plc, as
set out in the offer document dated September 23, 2003, has been extended
until 3.00 p.m. on October 28, 2003.

By 3.00 p.m. on October 14, 2003, the first closing date of the Offer, valid
acceptances had been received in respect of a total of 72,725,212 Stirling
Shares, representing approximately 85.6% of Stirling's issued share capital.
Of these acceptances, those relating to 9,661,724 Stirling Shares
(representing approximately 11.4% of Stirling's issued share capital) have
been received from persons acting, or deemed to be acting, in concert with
Potter.

Immediately prior to the commencement of the Offer Period on December 4,
2002 (being the date of the announcement by Stirling that the Executive
Directors had been given permission to explore the possibility of a public
to private transaction), Potter held no Stirling Shares or rights over
Stirling Shares.  Persons who are acting in concert with Potter held at that
time an aggregate of 1,339,281 Stirling Shares, representing at that time
approximately 1.5% of the issued share capital of Stirling.

On February 21, 2003 Christine Rusby, who is acting in concert with Potter
for the purposes of the Offer, acquired 285,000 Stirling Shares,
representing approximately 0.3 per cent. of Stirling's issued share capital.
On September 22, 2003, the date of announcement of the Offer, Potter
received irrevocable undertakings to accept the Offer in respect of
37,875,759 Stirling Shares (including the Stirling Shares so acquired by
Christine Rusby), representing approximately 44.6% of Stirling's issued
share capital.  On September 25, 2003 Lloyds TSB Development Capital
Limited, which is acting in concert with Potter for the purposes of the
Offer, acquired 8,578,724 Stirling Shares (which were the subject of one of
such irrevocable undertakings), representing approximately 10.1% of
Stirling's issued share capital.

Save as disclosed in this announcement, neither Potter nor any person
acting, or deemed to be acting, in concert with Potter held any Stirling
Shares (or rights over such shares) immediately prior to the commencement of
the Offer Period, or has acquired or agreed to acquire (other than pursuant
to the Offer) any Stirling Shares (or rights over such shares) during the
Offer Period.

Stirling Shareholders who have not yet accepted the Offer and who wish to do
so are urged to return their Forms of Acceptance as soon as possible.

Words and expressions defined in the Offer Document dated September 23, 2003
shall, unless the context otherwise requires, have the same meanings when
used in this announcement.

PricewaterhouseCoopers, which is authorized and regulated by the Financial
Services Authority for designated investment business, is acting exclusively
for Potter and for no one else in relation to the Offer and will not be
responsible to anyone other than Potter for providing the protections
afforded to clients of PricewaterhouseCoopers or for providing or giving
advice in relation to the Offer or any other matter referred to in this
announcement.

The directors of Potter accept responsibility for the information contained
in this announcement and, to the best of their knowledge and belief (having
taken all reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and does not
omit anything likely to affect the import of such information.


SUMMIT EUROPE: Under Members' Voluntary Wind up, Dissolution
------------------------------------------------------------
The Directors of Summit Europe Ltd. (the Fund) wish to announce that the
members of the Fund resolved by written resolution on October 14, 2003 to
voluntarily wind-up and dissolve the Fund.  While the Directors believe that
the performance of the Fund has been reasonable in the context of market
conditions, the flow of redemptions has meant that the business of managing
the Fund on the current asset base is no longer viable.

The Directors therefore intend to effect a compulsory redemption of all
remaining shares and return 95% of the net asset value of their holdings per
October 31, 2003 with a final payment of the remaining net asset value to be
made on or before November 28, 2003.

CONTACT:  TMF FUND ADMINISTRATORS B.V.
          Dave Bos
          Phone: +31 10 271 1370

          J & E Davy
          Louise Murray
          Phone: +353 1 614 8933


THOMAS COOK: German Unit's Restructuring to Result in Job-cuts
--------------------------------------------------------------
There are plans to combine the German airline unit of Thomas Cook, Condor,
with its Berlin-Schoenefeld and Kelterbach operations as part of a
restructuring program, an unidentified participant at an employee meeting
said, according to Berliner Zeitung.

The move could endanger the jobs of the airlines, particularly that of the
ground personnel.  About 50 jobs are "acutely in danger," the report said.

Thomas Cook, owned by Deutsche Lufthansa AG and KarstadtQuelle, is pursuing
a program aimed at saving EUR600 million over the next two years starting
January.   In July the company said there could be deeper job cuts at its
German locations.  In June it said it would reduce its fleet by as many as
13 planes.  Thomas Cook posted a EUR120 million after-tax net loss for
2001/2002.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: ++49(0)6171 / 65-1700
          Fax: ++49(0)6171 / 65-1060
          Home Page: http://www.thomascook.info


TXU EUROPE: Gaz de France Excludes Shotton Plant's Debt in Deal
---------------------------------------------------------------
French state-owned gas group Gaz de France said it didn't take on Shotton
power plant's GBP143 million debt when it bought the 215-megawatt station
last month.

A spokeswoman told Intesatrade "We bought the asset, not the company,"
referring to the deal Gaz de France made with the receivers of the Shotton,
Deeside-based heat and power.

Roger Marsh from PricewaterhouseCoopers posed as joint administrative
receiver for the plant after the collapse of TXU Energy last year.  At that
time, U.S.-based TXU said it would no longer support its European
operations, forcing TXU Europe to sell its U.K. retail and generation
business to Powergen last October.  The Shotton plant, however, was
retained.

PricewaterhouseCoopers put the facility for sale only in January after
bringing it back into commercial generation and trading.

Intesatrade further cited a person familiar with the deal, saying Gaz de
France bought the plant for GBP37 million.  Other industry sources said nine
banks originally raised BP143 million to finance the new plant.


ZYLEPSIS: To End Year-long Negotiations with Trade Buyers
---------------------------------------------------------
U.K. ingredients company Zylepsis will close its business after main
investors, particularly Prelude Trust, withdraws support for the operation
this week, according to Food Navigator.

Prelude, which dumped in a total of GBP5.9 million, said it would no longer
provide further loan funding to enable the company to continue discussions
with a number of trade buyers for some or all of its business.  Zylepsis has
held discussions for more than a year now.

"We recognize that the portfolio of investments making up the Trust will
inevitably contain some losers as well as winners but we are nevertheless
very disappointed that Zylepsis - a company that has been in discussion with
a number of potential trade buyers - has not been able to survive," said Bob
Hook, director of Prelude Trust, according to the report.

Zylepsis, which specializes in the discovery and development of natural
ingredients for the food and personal care markets, launched its first two
products in 2001, AromaZe, a natural vanilla product and MelaneZe.

Analysts at U.K. company Beeson Gregory had expected it to have sufficient
cash until the end 2002, by which time 'it should have been able to
demonstrate a strong order book from its initial products potentially
triggering a trade sale.'

European ingredients giant such as Danisco and leading Swiss flavors company
Givaudan have been tipped likely to acquire the business.  U.S. company,
Cargill, could provide backing, the report said.

Zylepsis' other institutional investors include 3i, Korda and Cambridge.


                            *********


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.  Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

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

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year, delivered via
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the term of the initial subscription or balance thereof are US$25 each. For
subscription information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *