/raid1/www/Hosts/bankrupt/TCREUR_Public/031028.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

                 Tuesday, October 28, 2003, Vol. 4, No. 213


                              Headlines



B E L G I U M

REAL SOFTWARE: To Issue New Shares Under Debt Restructuring


F R A N C E

ALCATEL: Plans to Sell Two French Manufacturing Facilities
RHODIA SA: Talking with Banks to Secure EUR2.1 Billion Lifeline


G E R M A N Y

EM.TV & MERCHANDISING: Places Junior Branded Block in Hong Kong
ENERGIE BADEN: Plans To Cut Personnel Costs by EUR350 MM in 2006
GERLING-KONZERN: S&P Raises Ratings to 'BBB'; Off Watch
HVB GROUP: Chairman Looks Toward Reorienting Business
JENOPTIK AG: Fitch Assigns Expected 'BB' Rating to Senior Notes

JENOPTIK AG: S&P Rates Proposed EUR150 MM Senior Bond at BB-
MG TECHNOLOGIES: Reducing Personnel at Engineering Units
WCM: Looks for New Funds to Pay EUR600 MM Debt Due This Week
WESTLB AG: Reorganizes Supervisory, Management Board


I R E L A N D

HIBERNIA FOODS: General Motors Calls in Receivers
SHORTS: Negotiations with Workers Over Job Cuts Ongoing


I T A L Y

FIAT SPA: General Motors Moves Put Period by One Year


N E T H E R L A N D S

LAURUS N.V.: Wins Case Relating to Single-Format Strategy
PETROPLUS N.V.: Corporate Credit Rating Removed from CreditWatch


P O L A N D

LOT POLISH: Joins Global Network of Star Alliance


S W I T Z E R L A N D

FANTASTIC CORP: Plans To Increase Capital & Rehire Former CEO


U N I T E D   K I N G D O M

AQUILA INC.: CEO to Outline Strategy, Restructuring Progress
BALLAST PLC: Future of PFI Schools Project Hangs in Balance
BALLAST PLC: Administration Left Small Businesses at a Loss
BOXCLEVER: Hundreds of Jobs Could Go Under Restructuring Plan
EDINBURGH FUND: Aberdeen Offer Declared Wholly Unconditional

EURODIS ELECTRON: Ends Takeover Talks as Confidence Grows
MURRAY TMT: Shareholders Called to Decide on Winding Up Proposal
MURRAY TMT: Shareholders Offered Discounts for Reinvestments
NETWORK RAIL: Bringing Rail Maintenance Back In-House
SAFEWAY PLC: Opens Bidding Process for Remaining Stores

* Large Companies with Insolvent Balance Sheets


                        *********


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


REAL SOFTWARE: To Issue New Shares Under Debt Restructuring
-----------------------------------------------------------
On October 10, 2003, the Board of Directors made it known that it
reached agreement with the banking consortium on a number of
important principles of the debt restructuring.  The principle of
debt remittance of approximately EUR100,000,000 with the usual
"retour a meilleure fortune" clause was already acquired and the
parties have continued persistently to negotiate, inter alia, the
conversion rate of the entrance in the share capital, with the
conviction that in the short term a solution can only be found
within the guidelines established on October 10, 2003.  Having
reviewed the "complementary restructuring scenario" of a group of
shareholders, the Board of Directors grew even more convinced of
the foregoing.

The banking consortium now forsakes subscribing a convertible
loan and prefers to bring clarification by immediately entering
the share capital.  This means concretely that the convertible
loan of EUR35,000,000 is replaced by an immediate contribution in
kind of part of the 'senior debt' for the same amount.  Parties
to the negotiations regarding the conversion rate of the loan
cannot ignore the economic reality that both the enterprise value
of the company as the book value of the shares, which is
confirmed by the statutory auditor, are negative.

Nevertheless, the proposal at hand implies that the existing
shares will only be diluted to 24%.  Therefore, an essential
element of the final debt restructuring (including also a two
year grace period for capital and interest reimbursement of the
EUR65 million restructured loan and a conditional debt remittance
of approximately EUR100,000,000) implies that approximately
103,000,000 new shares will be issued against the contribution in
kind of the 'senior debt' of EUR35,000,000.  Given the fact that,
currently, 30,443,903 shares are issued, this would bring the
total number of shares to approximately 133,443,903.

The above standing is agreed under the assumption of a normalized
'going concern' of the company's enterprise, with the expectation
that no abnormal liquidity stress will occur in the short or
medium term.

The agreement with the banks does not include new cash, but the
trust shown by the banks to the Board of Directors, the personnel
and the management of the company, eventually, by entering very
explicitly into the company's capital, will provide all chances
to the company to continue realizing its business plan by own
means through sharp focus on servicing its customers.

As usual, the Board of Directors will keep the shareholders
informed of important developments.  The Board will also provide
all necessary explanations at the shareholders assembly where the
restructuring plan will be submitted for approval.  Persistent
opposition of certain shareholders in the media or through other
(internal) channels causes serious damage to the company and has
brought along the additional harmful consequence of seriously
reducing the Board's negotiation margin.

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Mobile: +32.477.619.682
          E-mail :Dina.Boschmans@realsoftware.be

          Theo Dilissen, CEO & Afgevaardigd Bestuurder
          Mobile: +32.475.48.26.93

          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct: +32.3.290.25.30 -
          Homepage: www.realsoftwaregroup.com



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


ALCATEL: Plans to Sell Two French Manufacturing Facilities
----------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) announced its intention to
sell its manufacturing facilities located in Saintes (Charente
Maritime) and Coutances (Manche).  Approximately 520 employees
work at these 2 Alcatel CIT subsidiaries.

The transactions, which should be closed by the end of this year,
will be presented to Alcatel CIT's worker council.

These sales will enable both manufacturing facilities to
strengthen their future, by broadening their telecommunications
customer base, and by growing their business into other market
sectors.

Saintronic (the Saintes facility), which has 300 employees,
manufactures integrated electrical cabinets used in
telecommunication applications as well as in instrumentation,
railway, electronic and radio applications.

Advanced negotiations for the sale of this facility are ongoing
with GMD, a French leader in the industrial outsourcing for
cutting, stamping and general sheet metal work.

The facility in Coutances, with 220 employees, manufactures
printed circuit boards used in telecommunication applications as
well as in military, avionics and IT markets.  Negotiations have
started with the current facility management for the purchase of
the facility within the scope of a Leveraged Management Buyout.

These transactions are in line with Alcatel's strategy to focus
on its core business -- the development and deployment of
telecommunications systems and services.  The move is also in
line with the strategy of outsourcing its components
manufacturing, which has become a specialized business.

About Alcatel

Alcatel provides end-to-end communications solutions, enabling
carriers, service providers and enterprises to deliver content to
any type of user, anywhere in the world.  Leveraging its long-
term leadership in telecommunications networks equipment as well
as its expertise in applications and network services, Alcatel
enables its customers to focus on optimizing their service
offerings and revenue streams.  With sales of EUR16.5 billion in
2002, Alcatel operates in more than 130 countries.

                         *****

Standard & Poor's Ratings Services revised its outlook on France-
based telecommunications equipment maker Alcatel to stable from
negative in August following publication by the company of its
second-quarter results.  At the same time, Standard & Poor's
affirmed its 'B+/B' corporate credit ratings and its 'B+' senior
unsecured debt ratings on Alcatel.

"Alcatel's ongoing restructuring program is mitigating the severe
market contraction affecting the global telecoms equipment
industry and offsets any short-term liquidity risk," said
Standard & Poor's credit analyst Leandro de Torres Zabala.


RHODIA SA: Talking with Banks to Secure EUR2.1 Billion Lifeline
---------------------------------------------------------------
French chemicals company Rhodia SA, whose stock rating was
recently cut by the Societe Generale Group from "hold" to "sell,"
is reportedly in talks with banks to restructure its debt in a
EUR2.1 billion refinancing deal.

Intesatrade news agency, citing La Tribune, said the refinancing
deal would include an EUR800 million syndicated loan, a EUR300
million rights issue and EUR700 million worth of assets sales by
the end of 2004.

Rhodia SA is a diversified intermediates and specialty chemicals
group domiciled in Paris, France.  Its ratings have been
downgraded several times, the most recent of which is Societe
Generale's stock rating cut.  Societe Generale said the company's
financial problems are too severe to make it reasonable to keep
Rhodia shares in ones portfolio.

TCR-Europe quoted SocGen as saying: "It would now seem certain
that the group cannot continue in its current form."

Earlier, Rhodia said it forecasts a sharp decline in EBITDA in
third-quarter 2003.  Standard & Poor's Ratings Agency commented
that this raises potential liquidity issues.

"Some of Rhodia's financial covenants will likely be breached
when full-year 2003 results are released, which could induce the
early repayment of about EUR1 billion of debt, a figure to be
compared with about EUR700 million of cash and equivalents
available to the group," Standard & Poor's said.

CONTACT:  RHODIA SA
          Investor Relations
          Fabrizio Olivares
          Phone: 01 55 38 41 26



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


EM.TV & MERCHANDISING: Places Junior Branded Block in Hong Kong
---------------------------------------------------------------
EM.TV & Merchandising AG has signed an extensive volume deal with
the Pay-TV Broadcaster Television Broadcasts Ltd. (TVB), Hong
Kong, for a series of its leading programs under EM.TV's Junior
TV brand.  The announcement was made by Patrick Elmendorff,
President of TV Distribution of the EM.TV & Merchandising AG.

The agreement, which gives exclusive Cantonese language rights
for Hong Kong, includes at least 182 half-hours over a two-year
time span.  The shows will be packaged into a Junior branded
block for airing on the TVB network.  The Junior branded block
includes several EM.TV Junior programs and Junior wrap-around
clips.  These 30-second clips, which have been produced in-house
by EM.TV, feature three animated characters: Junior, Jaz and
Jane.

Furthermore TVB has bought the rights to the second season of the
puppet series The Hoobs (125 episodes).  As with the volume
agreement, this deal gives exclusive Cantonese language rights
for Hong Kong.

Stanley Seto, Manager of Pay TV Program Department of TVB: "We
are delighted to work with EMTV and carry their high-quality
children's programs".

Elmendorff comments, "This new Pay-TV deal means we are now
represented in Asia with a further Junior branded block.  In the
last twelve months, the Asian market has become even more
important for us and, with our presence on TVB, we will further
consolidate our position in this market."

Within the entertainment segment, the activities of EM.TV &
Merchandising AG include the production of high-quality programs
for children and youth markets, the worldwide distribution of TV
rights and the marketing of merchandising rights.  With around
26,000 half-hour episodes of entertainment for children and youth
markets, the company's library is among the world's largest.  The
second strategic core segment, Sport, encompasses the European
merchandising rights for the 2006 FIFA World Cup GermanyTM, as
well as shareholdings in sports broadcaster DSF and the online
platform Sport1.  EM.TV also holds 100% of PLAZAMEDIA, Germany's
largest TV production company in the sport sector.

Television Broadcasts Ltd.'s children and family pay channel,
TVBQ, is a Cantonese channel providing a healthy and safe
environment for viewers to enjoy entertaining and educational
programs.

At MIPCOM EM.TV will be located at booth R29.01

                          *****

EM.TV & Merchandising AG said in September it made great progress
in its restructuring process and strategic reorientation in the
second quarter2003.  Its earnings improved, yet the result still
reflect the weak market environment and the high ongoing write-
offs and interest charges.

EBITDA reported for the quarter amounted to -EUR 6.9 million (Q2
2002: EUR7.8 million).  For the first half year of 2003, the
group reports an EBITDA of -EUR 11.3 million (same period in the
previous year: EUR 8.2 million).  Net loss after minority
interests, however, was reduced -- due to a significantly
improved financial result -- from EUR70.2 million by 18.2% to
EUR57.4 million.  Net loss after minority interests decreased in
the second quarter from EUR45.7 million by 39.8% to EUR27.5
million.

CONTACT:  Michelle Rodriguez
          Denmead Marketing
          Phone: +1 (323) 462 8444
          Fax: +1 (323) 462-8448
          E-mail: michellerodriguez@denmead.com

          EM.TV & MERCHANDISING AG
          Sabine Lais
          Phone: +49 (0) 89 99 500 451
          Fax: +49 (0) 89 99 500 466
          Mobile in Cannes: +49 (0) 170 222 40 66
          E-mail: sabine.lais@em-ag.de


ENERGIE BADEN: Plans To Cut Personnel Costs by EUR350 MM in 2006
----------------------------------------------------------------
Energie Baden-Wuerttemberg will in the coming weeks propose to
employees a four-day working week aimed at cutting personnel
costs by EUR350 million come 2006, according to Dow Jones.

Chief Executive Utz Claassen told German newspaper Handelsblatt
he will try to convince the company's workers council to accept
his plan to reduce employees' hours and corresponding pay to four
days a week from five, according to the report.

Mr. Claassen said members of the board would participate in the
hour and pay reduction.

The move is part of a wider plan to cut costs by EUR1 billion in
the same year.  The company could save EUR240 million through the
plan, although it will still have to shed employees by
encouraging workers to opt for early retirement and dismissing
some employees.

EnBW reported net loss of EUR927 million in the first-half.  This
was after it was found out that many of its subsidiaries were
overvalued and its financial situation was strained.  A further
drain on earnings of nearly EUR200 million is expected for the
second-half.

CONTACT:  ENBW ENERGIE BADEN-WURTTEMBERG AG
          Communications Department
          Durlacher Allee 93
          76131 Karlsruhe
          Phone: +49 (07 21) 63-1 43 20
          Fax: +49 (07 21) 63-1 26 72
          E-Mail: unternehmenskommunikation@enbw.com


GERLING-KONZERN: S&P Raises Ratings to 'BBB'; Off Watch
-------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BBB' from
'BBB-' its long-term counterparty credit and insurer financial
strength ratings on Germany-based industrial lines insurer
Gerling-Konzern Allgemeine Versicherungs-AG.  The ratings were
also removed from CreditWatch, where they had been placed
initially on Oct. 29, 2002.  The outlook is positive.

"The rating action reflects the completion of Gerling-Konzern
Allgemeine Versicherungs-AG's EUR150 million equity capital
increase," said Standard & Poor's credit analyst Jorg Ritthaler.
"In addition, the internal restructuring being undertaken by the
Gerling group is expected to turn Gerling-Konzern Allgemeine
Versicherungs-AG into an entirely autonomous non-life operating
entity," added Mr. Ritthaler.

Following the EUR150 million equity capital increase, the
participation of minority shareholders has increased to
approximately 34% from 5%.  Standard & Poor's views the
participation of some of Gerling-Konzern Allgemeine
Versicherungs-AG's most important industrial clients in this
capital-raising exercise as a positive and concrete sign of
support for Gerling-Konzern Allgemeine Versicherungs-AG's future
business.  In addition, Standard & Poor's considers the sale of
Gerling's troubled reinsurance business, Gerling-Konzern Globale
Rückversicherungs-AG (SD/--/--), as economically completed,
despite pending approval from the U.S. regulator.  As a result,
Standard & Poor's now considers Gerling-Konzern Allgemeine
Versicherungs-AG as a stand-alone non-life insurance operation.

The ratings on Gerling-Konzern Allgemeine Versicherungs-AG
reflect the company's strong capitalization and strong business
position.  These positive factors are partially offset by
Gerling-Konzern Allgemeine Versicherungs-AG's lack of significant
profitability track record.

The positive outlook reflects Standard & Poor's expectation that
Gerling-Konzern Allgemeine Versicherungs-AG will further enhance
its business position in the medium to long term, due to the
strength of the company's franchise as one of Germany's three
leading industrial insurers.

Gerling-Konzern Allgemeine Versicherungs-AG is expected to
maintain its capitalization at a secure and strong level
following the completion of its EUR150 million capital-raising
exercise.

The re-underwriting of large parts of Gerling-Konzern Allgemeine
Versicherungs-AG's portfolio, combined with favorable market
conditions in the industrial lines sector, should enable the
company to report improved earnings performance in 2003 and 2004.

Standard & Poor's therefore expects Gerling-Konzern Allgemeine
Versicherungs-AG's combined ratio to reduce to approximately 99%
in 2003 from 103% in 2002, and to further reduce to about 95% in
2004.

In the case that Gerling-Konzern Allgemeine Versicherungs-AG is
able to deliver a sustainable track record of improved earnings
and sound business growth, this may give Standard & Poor's reason
for a further positive rating assessment.


HVB GROUP: Chairman Looks Toward Reorienting Business
-----------------------------------------------------
The chairman of HVB Group, Dieter Rampl, is currently making
plans to transform the business profile of the Munich-based bank,
according to sources of Manager Magazine.

The program, which is expected to be unveiled this autumn,
includes the formation of a joint venture with Bavarian savings
banks, outsourcing of data processing, and focusing on improving
distribution at its banking division.

It also includes sending staff for extra training, increasing
business with small and mid-sized companies (the Mittelstand),
and expanding the bank's cooperation with Muenchener
Rueckversicherungs AG's primary insurance unit Ergo.

There are also plans to sell suppliers products within the HVB
Group, according to the report.  But this will spare its asset
management unit Activest, although HVB, is in talks with a
foreign competitor about forming a joint venture.  These talks
are also expected to be completed this year.


JENOPTIK AG: Fitch Assigns Expected 'BB' Rating to Senior Notes
---------------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned
Jenoptik AG's proposed EUR150 million seven-year senior notes an
expected rating of 'BB', in line with the 'BB' Senior Unsecured
rating assigned to Jenoptik on September 26, 2003.  The notes are
guaranteed by Jenoptik Photonics AG and Jenoptik Laser, Optik,
Systeme GmbH, both of which are 100% owned by Jenoptik.  The
expected rating is contingent upon final documentation conforming
with information already received.

The refinancing plan announced by Jenoptik in September 2003,
which includes the issuance of 8.14 million shares and the above-
mentioned notes, will strengthen the company's capital structure
and improve its debt maturity profile.  Management will also seek
to strengthen market positions through organic and acquisitive
growth, while continuing to establish partnerships in order to
reduce the group's risk exposure.  Within the clean-systems
division, management continues to evaluate strategic
alternatives, which may include a co-operation with strategic
partners or investors or a total or partial divestment of the
business.  The direction of any rating change, triggered by the
occurrence of such an event, will clearly be dependent on the
nature of the transaction and its impact on the business and
financial risk profiles of the group.

The 'BB' rating for the notes reflects the agency's view of the
potential recovery prospects of the notes relative to the other
creditors of the group, in the event of any future forced
restructuring or a distress scenario.  The rating of the notes
reflects the absence of any significant secured debt in the
capital structure and the position of the notes, which rank pari
passu with the issuer's bank facilities.  These facilities
constitute the bulk of the group's indebtedness and as such there
is no significant bank debt which is structurally senior to the
notes.  The guarantees from Jenoptik Photonics AG and Jenoptik
Laser, Optik, Systeme GmbH allow the noteholders a direct claim
against the two guarantor companies.  However, under the current
structure, the rest of the group's trade creditors, which are
mainly concentrated in the more working capital intensive clean
systems division, would rank ahead of the notes in terms of
priority.  As such, Fitch does not consider the guarantees to
provide a material benefit to the noteholders.  The notes and the
guarantees are secured by a first priority assignment over inter-
company term loans of EUR150m due to Jenoptik from members of the
M+W Zander sub-group.  Fitch believes that while offering little
tangible benefit in the case of a going concern disposal, the
assignment will allow noteholders a greater participation in
negotiations in the event of a default.

The domination and profit and loss sharing agreements from the
clean systems operations allow the parent company direct access
to the cash flows generated by that division.  Fitch notes that
some uncertainty remains over whether these fixed five-year
agreements will be renewed when they expire in December 2003.
The decision regarding the renewal of these agreements will be
taken by the board in Q403 and a key consideration will be the
likely outcome and timing of any potential sale, partial
divestment or establishment of a strategic partnership within the
clean systems operations.


JENOPTIK AG: S&P Rates Proposed EUR150 MM Senior Bond at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
debt rating to the proposed EUR150 million ($175 million) senior
guaranteed bonds to be issued by Germany-based engineering group
Jenoptik AG (BB-/Negative/--), due in 2010, with an option to
call the bond in 2007.  The rating is subject to final
documentation.

"Although Jenoptik's ratio of priority liabilities to total
assets exceeds the threshold of 30%, the rating on the bond is
equalized with the corporate credit rating on Jenoptik for three
main reasons from which bondholders will benefit," said Standard
& Poor's credit analyst Eve Greb.

These are:

(a) The existence of non-operating assets directly held by
    Jenoptik, worth more than EUR100 million;

(b) The assignment of EUR150 million of senior downstream loans
    to Jenoptik's Clean Systems division, its most important
    subsidiary, which has the advantage of placing bondholders in
    a similar position to the creditors of these subsidiaries;
    and

(c) The existence of senior upstream guarantees from Jenoptik
    Photonics AG and its most important subsidiary, Jenoptik
    Laser Optik, Systeme GmbH.

In addition, domination and profit and loss pooling agreements
are in place between Jenoptik and its key subsidiaries.  These
factors are expected to remain in place at least until the bond
matures, with the exception of the domination and profit and loss
pooling agreement with Jenoptik's Clean Systems division, which
will expire at the end of 2003 and will most likely not be
renewed.


MG TECHNOLOGIES: Reducing Personnel at Engineering Units
--------------------------------------------------------
MG Technologies head Udo Stark announced job cuts at the
company's engineering units during its latest management meeting,
German Sunday paper Frankfurter Allgemeine Sonntagszeitung has
learned, according to Dow Jones.

Around 600 workers out of the unit's 2,600 workforce are under
threat of being axed by 2006, the report said.  These cuts
involve 300 at the Lurgi unit, 200 at Lentjes, and 60 at
Fleissner.  The report did not say what divisions would be
affected by the other 40 job cuts.

The move is part of the company's plans to increase profitability
at the unit to EUR65 million by 2006 from EUR9 million expected
this year.

MG Technologies recently announced plans to gradually reduce its
plant engineering activities by closing unprofitable operations
and by reducing overall capacity.

It also said it intends to sell the group's Dynamit Nobel and
Solvadis chemical activities, prompting Fitch to downgrade its
Senior Unsecured rating to 'BBB-' from 'BBB'.


WCM: Looks for New Funds to Pay EUR600 MM Debt Due This Week
------------------------------------------------------------
Talks aimed at securing new source of funding to help German
investment group WCM meet the deadline this week for the payment
of EUR600 million (US$707 million) credit line of the holding
company that owns its most prized assets were continuing over the
weekend.

According to the Financial Times, the group said it was "still
hopeful of finding a complete solution" that would enable them to
pay the loan of Sirius by Wednesday's deadline.

WCM is in talks with six parties that could give it the estimated
EUR400 million-equity needed to pay creditor banks including, HSH
Nordbank, DZ Bank, and WGZ.  It is believed to have set last
Friday as the deadline for investment offers, but WCM said it had
no plans of making any announcement about the offers Monday.

WCM, which currently owns 46% of Sirius, is understood to be the
main guarantor of the EUR600 million (US$707 million) loan of
Sirius, the holding company that owns IVG, its principal asset.

Fortress and Cerberus, the distressed debt specialists, as well
as investment bank Morgan Stanley, are all understood to be in
advanced discussions to take on the Sirius debt and restructure
IVG, the report said.

In a separate development, Rebon former holder of a stake in
Sirius said last week it is planning to exercise a call option on
the holding.  WCM's stake could be reduced to 25% if Rebon
pursues the plan.


WESTLB AG: Reorganizes Supervisory, Management Board
----------------------------------------------------
At its meeting Wednesday, the Supervisory Board of WestLB AG
unanimously appointed Dr. Thomas R. Fischer (56) as the new
Chairman of the Managing Board of WestLB AG.  He will take up his
appointment on January 1, 2004.  The Supervisory Board also
unanimously appointed Dr. Matthijs van den Adel (58) as Chief
Risk Officer and Rainer Schmitz (55) as Employee Relations
Director.  Rainer Schmitz will take up his duties with immediate
effect as a deputy member of the Managing Board.  Dr. Matthijs
van den Adel will join the Board on January 1, 2004.

Dr. Thomas R. Fischer is a highly respected banker both in
Germany and abroad, an experienced risk manager and has intimate
knowledge of the savings banks organization.  In the course of
his career he was Chairman of the Managing Board of
Landesgirokasse Stuttgart and a member of the Managing Board of
Deutsche Bank AG.  Dr. Fischer views the implementation of the
2005 business model and the development of a viable long-term
strategy as one of his main tasks: "WestLB is highly competitive,
it has committed and highly qualified employees and an efficient
management team.  In close consultation with the owners we will
reposition the Bank strategically for the post-2005 period and
return it to sustainable profitability," Dr. Fischer said.  "In
addition to increasing profitability, one of my main tasks will
be risk management."  Dr. Fischer thanked the owners and the
Supervisory Board for the confidence placed in him, saying that
he now intended to familiarize himself with the tasks that lay
ahead, encouraged by the will and resolve of all parties to
achieve the objectives which had been set.

Dr. Matthijs van den Adel joins WestLB from Fortis, where he was
most recently Managing Director with responsibility for the
central balance sheet and risk management of the Banking Group.
Founded on the Dutch and Belgian savings banks organisations,
Fortis has developed to become the first cross-border one-stop
financial services group in Europe.  By creating and developing
an integrated risk management concept, Dr. van den Adel was
instrumental in the successful implementation of the Group´s risk
management system. He previously held various senior management
functions with other banks.  From 1980 to 1983 he was Managing
Director at Rabobank Nederland in Frankfurt and from 1984 to 1988
he was a deputy member of the Managing Board of ADCA Bank AG
(later renamed Rabobank Deutschland AG, Frankfurt).  Prior to
joining Fortis Nederland he was a member of the Managing Board of
Fuji Bank (Deutschland) AG.

Dr. van den Adel has extensive experience in international
banking business for medium-sized corporate clients as well as
specialist knowledge in the field of risk management.  He was
also actively involved in the Basle II consultation process.

Apart from one brief period, Rainer Schmitz, the new Employee
Relations Director, has been with WestLB since completing his
banking apprenticeship.  He has held numerous senior management
positions over the years and has an intimate knowledge of the
workings of the Bank.  After a period in Asset Liability
Management he performed various management functions in Equities
Investment Banking, where he has been a business unit head since
1994.  Rainer Schmitz has also represented the senior management
on the WestLB AG Supervisory Board since August 2002.

Dr. Bernd Luthje, Chairman of the WestLB AG Supervisory Board,
said: "The appointment of Dr. Fischer gives the Bank the
stability it needs at the top level, in particular to drive the
strategy for the post-2005 period.  The business model now being
implemented by Dr. Ringel is already having a significant impact
in this respect, and this will now be taken further.  Once the
reorganization has been completed, the Bank will return to
sustainable profitability.  The appointment of Dr. Thomas
Fischer, Dr. Matthijs van den Adel and Rainer Schmitz will
contribute decisively towards achieving this."

Dr. Johannes Ringel will hand over the reins of Chairman to Dr.
Thomas R. Fischer on January 1, 2004, thereby ushering in the
changes at the Board level.



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


HIBERNIA FOODS: General Motors Calls in Receivers
-------------------------------------------------
Hibernia Foods plc (HIBNE), a leading European manufacturer of
branded cakes, branded and private-label ready-meals and branded
and private-label frozen desserts, announced Friday afternoon
that KPMG LLP, accountants for General Motors Acceptance
Corporation, has placed Hibernia Foods into receivership for a
financial obligation.  This financial obligation is in relation
to General Motors Acceptance Corporation's IEP17.25 factoring
facility.

                         *****

On October 21, Hibernia Foods, an Irish company whose American
Depositary Receipts are traded on the Nasdaq National Market,
said it received a Staff Determination letter from Nasdaq that
its ADRs would be delisted from the Nasdaq stock market at the
opening of business on October 29, 2003 for failure to make
timely filing of its annual report on Form 20-F for its fiscal
period ended March 31, 2003.

The Company has filed a request for a hearing on the matter in
accordance with Nasdaq's rules.  Such filing causes a stay in the
delisting proceedings.

The Company earlier announced that the delay in filing its Form
20-F was related to a contemplated restructuring of its
indebtedness, and that such restructuring would have a material
effect on the presentation of its financial statements and on
management's discussion of liquidity and capital resources
contained in the annual report.  The Company affirmed its belief
that it will file the Form 20-F in the near future, possibly
before the hearing date.

CONTACT:  HIBERNIA FOODS PLC
          Mark Carter
          Phone: + 353 1 6611030
          E-mail info@hiberniafoods.ie

          SM BERGER & COMPANY
          Stanley Berger
          Phone: 216-464-6400
          E-mail: stan@smberger.com


SHORTS: Negotiations with Workers Over Job Cuts Ongoing
-------------------------------------------------------
Shorts management and labor union representatives are understood
to have met Friday last week to try to end disputes over planned
job cuts in the company, according to BizWorld.

The conference follows unions' agreement to suspend industrial
actions for six weeks on condition that the company holds a new
shift pattern for the same period.

Friday's talks are expected to set an agenda for fuller
negotiations this week, particularly over wage contract renewal.
The company warned it would axe 1,000 jobs if an agreement could
not be reached.

Bombardier, the U.S. parent of Shorts, announced 1,000 job cuts
after employees rejected a proposed four-year pay agreement with
staff.  The move is aimed at mitigating the effects of falling
orders following the September 11 attacks and the global economic
downturn.



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


FIAT SPA: General Motors Moves Put Period by One Year
-----------------------------------------------------
Fiat S.p.A. and General Motors Corp. announced Sunday certain
agreements relating to their ongoing strategic alliance.

The first agreement shifts the put period by one year, from
January 24, 2004 to July 24, 2009 of the Master Agreement, to
January 24, 2005 to July 24, 2010.  The second agreement
precludes the parties from initiating legal proceedings relating
to the Master Agreement until December 15, 2004, while preserving
their respective rights.  General Motors and Fiat continue to
believe that the joint ventures between Fiat Auto and General
Motors are working well, generating synergies, and that both
parties would like to see expanded cooperation.

General Motors has alleged that the sale of certain assets of the
retail financing business of Fiat Auto and the capital increase
of Fiat Auto Holdings, carried out by Fiat, constitute breaches
of the Master Agreement entitling General Motors to terminate the
Master Agreement and with it the put option.

Fiat contends that both of these transactions were wholly proper
and did not violate the Master Agreement or any of General
Motors' rights.  Fiat regards the put option as effective and
exercisable in accordance with the provisions of the Master
Agreement.

The Amendment and the Standstill Agreements have been executed in
the context of ongoing discussions between Fiat and General
Motors regarding the re-defining of the structure of the
strategic alliance in order to permit their industrial
cooperation to continue constructively and resolve both parties'
concerns.

The Board of Directors of Fiat S.p.A., chaired by Mr. Umberto
Agnelli, has authorized the entering into the agreements.  The
text of both agreements and of the Master Agreement are available
on http://www.fiatgroup.com/and http://media.gm.com/



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


LAURUS N.V.: Wins Case Relating to Single-Format Strategy
---------------------------------------------------------
The Enterprise Section of the Amsterdam Court of Appeal delivered
judgment on October 16, 2003 in the proceedings brought by VEB,
the Dutch shareholders' association, and two companies associated
with Mr. E.Th.A.C. Albada Jelgersma against Laurus N.V.  The
Enterprise Section held that, in principle, the strategic choice
of a single format was justified and the business plan was not
unfeasible, but that the implementation of the single-format
strategy by the former management must be characterized as
corporate misconduct within the meaning of the law relating to
the right of inquiry.  The former management had put forward no
defense in these proceedings.  The Enterprise Section dismissed
the VEB's case.

With regard to the Supervisory Board in office at that time, the
Enterprise Section took the view that it bore some responsibility
for the corporate misconduct because it should have supervised
the then management more closely from the end of March 2001
onwards.  The Enterprise Section based its judgment on a number
of findings by the investigators conducting the inquiry, which
had been discredited in the proceedings.  The Enterprise Section
did not disclose why it had nevertheless based its judgment on
these discredited findings.  The Enterprise Section also based
its decision on a number of facts, which had not arisen until
later (after March 2001) and could not therefore have been a
factor in instigating the closer supervision, which would have
been desirable.

In the light of the foregoing and the fact that the seven
(former) members of the Supervisory Board have indicated their
intention to appeal, Laurus will also bring an appeal in order to
clarify the precise responsibility of the then Supervisory Board.
This appeal will not delay the further investigation, which has
been ordered into a number of specific elements relating to the
financial restructuring (phase II of the inquiry).

As part of the financial restructuring carried out in mid-2002,
it was agreed that three of the members of the Supervisory Board
in office at that time, including Messrs. K.J. Storm and J.M.
Hessels, would remain in office for as long as might be necessary
to preserve continuity within the Supervisory Board.  The
Enterprise Section's judgment gives no grounds for departing from
that agreement.


PETROPLUS N.V.: Corporate Credit Rating Removed from CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said it removed its corporate
credit rating on Netherlands-based independent midstream operator
company Petroplus International N.V. from CreditWatch, where it
was placed on July 16, 2003.  In addition, the rating was
affirmed at 'B+'.  The outlook is stable.

At the same time, Standard & Poor's lowered its debt rating on
the EUR225 million senior unsecured bonds issued by related
entity, Petroplus Funding B.V., to 'B-' from 'B', and removed it
from CreditWatch.  This action was due to the considerable
subordination of the debt instrument to Petroplus' secured debt
with bank creditors and subsidiaries' operating creditors.

The ratio of priority liabilities to total adjusted assets is
well in excess of 30%, the threshold beyond which Standard &
Poor's adjusts speculative-grade debt ratings by two notches.

The rating action on Petroplus' corporate credit rating follows
the company's announcement that $450 million of its bank lines
have been renewed on a committed basis.

"The action reflects our assessment that credit protection
measures will improve in the near future to be fully in line with
the company's rating," said Standard & Poor's credit analyst Eric
Tanguy.  "We view a sufficient amount of committed bank lines as
essential for Petroplus to be able to manage its working capital
requirements in the long term."

"We expect that cost-saving measures and asset disposals, coupled
with a modicum of stability in European refining margins, will
allow Petroplus to meet rating targets by year-end 2003," added
Mr. Tanguy.  "There could be renewed downward pressure on the
rating if the company's disposal plan or its restructuring
measures at the Antwerp refinery were not implemented."

Petroplus' business profile is well below average, reflecting
significant exposure to volatile refining margins and the low
complexity of its asset base.

Petroplus has an aggressive financial profile.  Net debt amounted
to EUR495 million at June 30, 2003, corresponding to a high
leverage ratio of 71%.

Profitability for 2002 and the first half of 2003 was weak, with
poor credit protection measures for the rating.



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


LOT POLISH: Joins Global Network of Star Alliance
-------------------------------------------------
Star AllianceT, the airline network for Earth, welcomed LOT
Polish Airlines as its 15th member, further extending its
worldwide network, particularly into Eastern Europe.

LOT Polish Airlines' network covers 48 cities in Europe and
beyond, in addition to 12 destinations in Poland.  In 2002 the
airline carried 3.4 million passengers, a five per cent increase
on the previous year.  It was also recently voted by the readers
of the prestigious British magazine Business Traveller as Best
Central and Eastern European Airline.

Star Alliance CEO Jaan Albrecht said the addition of LOT Polish
Airlines is concrete evidence of Star Alliance's leadership
position.

"We see today as a significant step forward in achieving one of
our most important objectives: to offer passengers the most
comprehensive network possible, coupled with supporting products
and services, particularly smooth connections to every major city
in the world," Mr. Albrecht said.

LOT Polish Airlines CEO Marek Grabarek said membership in the
Star Alliance network would enhance the airline's ability to
build its market share in Eastern Europe and beyond by working
closely with fellow Star Alliance carriers such as Lufthansa and
Austrian, with which it already has extensive code sharing
arrangements.

"We realize that to compete vigorously in today's aviation
environment, airlines need to work closely with other carriers
within an alliance.  Star Alliance offers not only the best
network, but excellent synergies with other carriers within the
alliance that LOT can leverage to grow the business," Mr.
Grabarek said.

The Star Alliance network spans 680 airports in 127 countries.
Its fleet of over 2000 aircraft makes almost 11,000 daily
departures.  This year Star Alliance airlines were expected to
carry well over 300 million passengers.

Star Alliance was established in 1997 as the first truly global
airline alliance to offer customers global reach and a smooth
travel experience.  The members are Air Canada, Air New Zealand,
ANA, Asiana Airlines, Austrian, bmi, LOT Polish Airlines,
Lufthansa, Mexicana Airlines, Scandinavian Airlines, Singapore
Airlines, Spanair, Thai Airways International, United, and VARIG
Brazilian Airlines.  U.S. Airways is scheduled to join the
alliance in 2004.



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


FANTASTIC CORP: Plans To Increase Capital & Rehire Former CEO
-------------------------------------------------------------
The Board of Directors of The Fantastic Corporation (Prime
Standard Frankfurt: FAN), a provider of software products that
optimize data distribution within corporate networks, has
decided, in order to protect the interests of the company as well
as its shareholders, to raise new capital of at least CHF10
million through a capital increase.

Furthermore, the co-founder and ex CEO Peter Ohnemus will again
be in charge of the operations as CEO of the company.  He is
still confident in the products potential and on the future of
the broadband technology.  To show his commitment, he will invest
a substantial amount to the capital increase, together with other
founders of the company.  This measure will provide the financial
basis of The Fantastic Corporation to work towards the break-
through within the next two years.  The Board will present this
proposal to the shareholders during an extraordinary general
meeting before the end of 2003.

                     ****

The Fantastic Corporation (Prime Standard Frankfurt: FAN), a
provider of software products that optimize data distribution
within corporate networks, also announced preliminary financial
results for the first nine months ended September 30, 2003.
Total revenues for the year to date is expected to be US$0.8
million, with the revenues for the quarter at US$0.2 million.
Net loss is expected to be US$13.8 million for the period ending
September 30, 2003, and US$3.2 million for the quarter.



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


AQUILA INC.: CEO to Outline Strategy, Restructuring Progress
------------------------------------------------------------
Richard C. Green, chairman and chief executive officer of Aquila,
Inc., will outline the company's financial and operating
strategies and review restructuring progress at the Edison
Electric Institute's Financial Conference in Orlando, Florida, on
Tuesday, October 28.  The presentation is scheduled to be webcast
at 7:30 a.m. (Eastern Time).

Green will be one of 40 energy and utility industry leaders
making a presentation at the annual three-day conference for
financial community representatives.  More than 300 security
analysts, investors and energy industry executives are registered
for the conference.

To access the live webcast, go to http://www.aquila.comand click
Presentations and Webcasts under the Investors section. Listeners
should allow at least five minutes to register and access the
presentation.  For those unable to access the live broadcast,
replays will be available for two weeks, beginning approximately
two hours after the presentation.

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

                     *****

Standard & Poor's Ratings Services said last week its ratings on
U.K. distribution network operator Aquila Networks PLC and its
holding companies, Midlands Electricity PLC and Avon Energy
Partners Holdings remain on CreditWatch.

This follows offer by Powergen U.K. PLC (A-/Stable/A-2) to
acquire Avon Energy Partners Holdings, following the withdrawal
of Scottish and Southern Energy PLC (AA-/Stable/A-1+) from the
acquisition process.  The offer is conditional on the Avon Energy
Partners Holdings bondholders accepting a discounted valuation
for their bonds.

The ratings on Midlands and Avon Energy Partners Holdings were
initially placed on CreditWatch on Nov. 20, 2002.  The ratings on
Aquila Networks were initially placed on CreditWatch on May 22,
2003.  The 'CC' long-term ratings on Avon Energy Partners
Holdings are on CreditWatch with negative implications.  The 'B'
long-term issuer credit rating and 'BBB-' senior unsecured debt
rating (guaranteed by Aquila Networks) on Midlands, and the
'BBB-/A-3' issuer credit ratings on Aquila Networks, are on
CreditWatch with positive implications.  The maintenance of the
positive CreditWatch implications for Midlands and Aquila
Networks reflects the probability that the companies' credit
quality will improve if the acquisition proceeds, because of the
higher ratings on Powergen U.K.

CONTACT:  AQUILA, INC.
          Neala Clark (Investors)
          Phone: 816-467-3562


BALLAST PLC: Future of PFI Schools Project Hangs in Balance
-----------------------------------------------------------
Wales' first PFI schools project is currently facing a bleak
future because of the collapse of Ballast plc, a member company
of the consortium that agreed to build the schools.

The Private Finance Initiative entered by Caerphilly County
Council and consortium Machrie involves a GBP41 million program
to build Lewis School, Pengam, and Ysgol Gyfun Cwm Rhymni.  It
also includes providing on-site facilities for almost 2,000
pupils.

Ballast's arm, Wiltshier FM, assumed the company's obligations
following its fall into administration.  But the long-term
continuity of the service still depends on whether administrators
Deloitte & Touche finds a buyer that would assume the company's
operations.

With no precedent for such a scheme in Wales it is difficult to
predict what will happen if no buyer is found, The Western Mail
said.

A spokesman for Deloitte assured last week there had already been
several expressions of interest for the company.

Deloitte partners Nick Edwards, meanwhile, said: "Ballast has an
enviable position in the PFI market, with substantial contracts
in the education sector, and we are confident it can emerge from
administration as a stronger and viable business."

Ballast has a turnover of GBP230 million, and employs 1,000 staff
across the U.K.


BALLAST PLC: Administration Left Small Businesses at a Loss
-----------------------------------------------------------
The fall into administration of building and services group
Ballast plc not only threatened the continuity of its projects,
but also the existence of small businesses unable to collect
payments from the company.

The East Lothian Courier said it is believed tradesmen were due
some GBP1 million in outstanding payments for work done.

The company's finances turned sour 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 made a GBP67 million last year, prompting it to cut costs
by axing 500 staff, and closing offices.  Ballast employs 1,000
staff across the U.K. Recent developments are further endangering
a thousand jobs.

Receiver Deloitte & Touche is currently looking for a buyer that
would take over the company as a going concern.


BOXCLEVER: Hundreds of Jobs Could Go Under Restructuring Plan
-------------------------------------------------------------
Workers at TV rental business BoxClever are expecting hundreds of
redundancies under the restructuring plan of administrators
PricewaterhouseCoopers, according to the Telegraph.

PricewaterhouseCoopers is understood to be in talks with a number
of other firms regarding the future of the company.  It could
unveil the package within three weeks the report said.

The administrators declined to comment on its plans but sources
close to WestLB confirmed "several hundred" jobs were likely to
be axed, according to the report.  The job cuts are rumored to be
more than 1,000.  The company employs about 4,500.

PricewaterhouseCoopers took over most of BoxClever group after
WestLB put the business in administration because of
insurmountable debt.  WestLB itself was forced to take two huge
write-downs on its investment in the business.  The debacle
further resulted to the resignation of Chief Executive Jurgen
Sengera, and the bank's withdrawal from several business areas.


EDINBURGH FUND: Aberdeen Offer Declared Wholly Unconditional
------------------------------------------------------------
Aberdeen Asset Management PLC refers to the announcement made on
September 5, 2003 of an offer by Ernst & Young LLP on behalf of
Aberdeen for the whole of the issued and to be issued ordinary
share capital of Edinburgh Fund Managers Group plc.

The board of Aberdeen is pleased to announce that, following the
satisfaction or waiver of all conditions to the Offer (save as to
Admission), the Offer is now declared unconditional in all
respects (subject only to Admission which is expected to take
place on October 27, 2003).  The Offer will remain open for
acceptance until further notice.  Forms of Acceptance not yet
returned should be completed and returned in accordance with the
instructions in the Offer Document and on the Form of Acceptance
so as to be received as soon as possible.

As at 3.00 p.m. on October 24, 2003, valid acceptances of the
Offer had been received in respect of, in aggregate, 26,029,611
Edinburgh Shares representing approximately 91.26% of the total
issued share capital of Edinburgh.

Prior to the announcement of the Offer, Aberdeen had received
irrevocable undertakings to accept the Offer in respect of a
total of 12,715,027 Edinburgh Shares, representing approximately
44.6% of the total issued share capital of Edinburgh and a
statement of intent to accept the Offer in respect of a total of
1,437,470 Edinburgh Shares, representing approximately 5.0% of
the total issued share capital of Edinburgh.  Valid acceptances
have been received in respect of all the shares subject to these
undertakings and statement of intent and are included in the
total for valid acceptances set out above.

Prior to the commencement of the offer period, clients managed by
the Aberdeen Group held, in aggregate, a further 1,034,418
Edinburgh Shares, representing approximately 3.6% in aggregate of
the total issued share capital of Edinburgh.  Other than the
foregoing, no persons acting in concert with Aberdeen owned or
controlled any Edinburgh Shares at the commencement of the offer
period, nor have such persons or Aberdeen acquired or agreed to
acquire any Edinburgh Shares during the offer period.

Settlement in respect of valid acceptances received not later
than the close of business on October 24, 2003 will be made in
accordance with the terms of the Offer on or before November 7,
2003.  While the Offer remains open for acceptance, settlement in
respect of further acceptances which are complete in all respects
will be made within 14 days of the date of receipt.

The board of Aberdeen confirms its intentions, following
Admission, to exercise its rights under the provisions of
sections 428 to 430F of the Act to acquire compulsorily, as soon
as it is able to do so, any remaining Edinburgh Shares to which
the Offer relates.

Aberdeen shall also procure that Edinburgh will apply for
cancellation of the listing of the Edinburgh Shares on the
Official List of the UKLA and for cancellation of trading in
Edinburgh Shares on the London Stock Exchange's market for listed
securities, and that Edinburgh will propose a resolution to re-
register as a private limited company under and subject to the
relevant provisions of the Act.  It is anticipated such
cancellations will take effect no earlier than twenty business
days after the date hereof.

Save where the context otherwise requires, terms defined in the
Offer Document and in the Circular and Listing Particulars dated
October 3, 2003 have the same respective meanings in this
announcement.

CONTACT:  ABERDEEN
          Martin Gilbert
          Phone: 020 7463 6000

          ERNST & YOUNG
          Howard Myles
          Phone: 020 7951 2000
          John Stephan

          GAVIN ANDERSON
          Neil Bennett
          Phone: 020 7554 1454
          Mark Lunn


EURODIS ELECTRON: Ends Takeover Talks as Confidence Grows
---------------------------------------------------------
Offer Update

On April 22, 2003, Eurodis Electron announced that it was in the
very early stages of discussions with a third party regarding a
potential offer for the Company.  Eurodis Electron on Friday
announced that those discussions have been terminated.

Trading Update

The Group's performance in the first quarter of the current
financial year which ended August 31, 2003 was, as anticipated,
impacted by the funding position prior to the refinancing.  The
closing of that refinancing, resulting in the receipt of
additional equity funds and the availability of new facilities,
took place on September 5, 2003.  The month of September was
taken up in re-establishing a normal rate of product flow.  Sales
levels are recovering, although not at the rate originally
expected.  After paying the costs of the refinancing and of
further operating expense reductions, the net proceeds of the new
equity have, as anticipated, enabled us to return to more normal
commercial terms with most of our suppliers and customers.  We
are now in the process of regaining their confidence, although
this will take time as we continue to turn the business round.

Reports from the electronic component industry and its analysts
have now been positive for a number of months.  However, these
refer to the global market, which we believe is being driven
principally by demand in Asia.  The distribution market in Europe
in which we operate has stabilized but remains broadly flat.

So, whilst we still expect to see an upturn in our market, the
timing of it is difficult to predict.  Assuming, however, that
the market remains flat, we are aiming to achieve a steady
recovery of market share, enabling us to at least achieve cash
flow breakeven by the end of the current financial year.

Working Capital

As with all turnarounds, working capital management is a
priority.  We are seeking to tighten trading terms with our
business partners and are encouraged by the level of support to
date.  We have, however, agreed the termination of the franchise
agreement with Linear Technology Corporation, which has a current
annual rate of turnover of approximately EUR27 million, with
effect from January 2004.  We are also aiming to improve stock
turns by leveraging the efficiency of our central purchasing and
logistics, without compromising customer service.

Summary

The support of the vast majority of our business partners through
this difficult period demonstrates the strength of the Group's
strategic position.

Nevertheless, turning the business round is inevitably
challenging especially until hard evidence of the widely
predicted upturn becomes apparent in our market.  When this
occurs, the inherent operational gearing will flow through
rapidly into an improvement in our performance, but in the
meantime, the Board's aim is to build a leaner and fitter
business while driving to recover market share.

CONTACT:  BELL POTTINGER FINANCIAL
          John Coles/Billy Clegg/Zoe Sanders
          Phone: 020 7861 3232

          EURODIS ELECTRON PLC
          Robert Leigh, Steve Swayne, Peter Grant
          Phone: 01737 242 464


MURRAY TMT: Shareholders Called to Decide on Winding Up Proposal
----------------------------------------------------------------
The Board of Murray tmt announces that it posted a Circular to
Shareholders on Friday convening an EGM for November 24, 2003 to
consider the winding up of the Company.

Background

In May 2000, the Shareholders approved changes to the capital
structure and investment objective of the Company including, in
particular, a change in the investment objective to that of
achieving capital growth by investing primarily in global quoted
technology, media and telecommunications investments.

As part of the changes, a provision was also written into the
Company's Articles of Association to the effect that the
Shareholders should be given the opportunity to vote on the
Company's future every third year at the Annual General Meeting
(Continuation Vote).  The first such opportunity for Shareholders
to consider the future of the Company will take place at this
year's Annual General Meeting.  The Directors' proposals (the
Proposals) in relation to the continuation of the Company will be
considered at the Annual General Meeting and the Extraordinary
General Meeting both of which will be held on November 24, 2003.

Continuation Vote

As noted above, the purpose of the Continuation Vote is to give
Shareholders the opportunity to consider the future of the
Company.  In the light of the need for the Continuation Vote to
take place at this year's Annual General Meeting, the Directors
have consulted with a number of major Shareholders.  These
discussions have been held against the background of challenging
times for technology stocks generally over the past three years.
Since the reorganization of the Company became effective on May
18, 2000, the NAV of the Company after rising from 92.3p to
119.6p in September 2000, subsequently fell to 14.8p on 7 October
2002 before rising again to 23.8p as at 20 October 2003, the
latest practicable date prior to the printing of the Circular.
The unaudited net assets of the Company as at October 20, 2003
amounted to approximately GBP9.25 million.

As a result of these discussions, the Directors believe that any
resolution for the Company to continue in its current form will
not gain the necessary support from Shareholders and have decided
to recommend that Shareholders vote against the Continuation
Vote.  The Articles of Association provide that, if such a
resolution is defeated, the Directors shall draw up proposals for
the voluntary liquidation, unitization or other reorganization of
the Company, which will then be submitted to the Shareholders for
approval.  Having weighed up the possible options, the Directors
consider that proposing a members' voluntary liquidation, without
a reorganization or reconstruction scheme, is the simplest and
most cost efficient route for Shareholders to realize their
investment for cash at close to Net Asset Value.

The Liquidation Proposals

The Proposals are that the Company be placed into members'
voluntary liquidation and that the Company's assets (after
payment of its liabilities and after deducting the costs of
implementing the Proposals) on such winding-up be distributed
among Shareholders in accordance with the provisions of the
Articles of Association.  If the Proposals are approved by
Shareholders, the Company will be wound up on the Effective Date,
which is expected to be November 24, 2003.

The NAV per Share as at close of business on October 20, 2003
(the latest practicable date prior to the printing of the
Circular) was 23.8p.  The Directors have estimated, for
illustrative purposes only, what the terminal asset value would
have been had the Company been placed into members' voluntary
liquidation on that date.  They have estimated that the direct
costs of the Proposals together with the proposed Liquidators'
Retention are anticipated to amount to approximately 0.6p per
Share).  On this basis the illustrative terminal asset value per
share (after the deduction of inter alia the costs of the
Proposals and the proposed Liquidators' Retention) and based on
the following assumptions, is 23.0p.  The assumptions made are:

(a) The aggregate costs of the Proposals and the costs of
winding-up the Company (including the proposed Liquidators'
Retention) are assumed to be GBP240,000 (including VAT).  In
addition provision has also been made for the Company's running
expenses in the period from 20 October 2003 to the date on which
the winding-up commences.

(b) The value of the Company's Portfolio is calculated at the bid
prices as at October 20, 2003 and provision has been made for
costs that might arise from the liquidation of the Portfolio.
The actual proceeds of any future liquidation of the Portfolio
would, however, be dependent on the constituents of the Portfolio
at the time, the price of those shares and the extent of the
dealing spread, which will be affected by market conditions, the
mechanism of disposal and the availability of willing purchasers.
It is expected that the Company's Portfolio will be realized by
means of a program trade with one broker, which is likely to be
the most effective means of liquidating the Portfolio.

(c) The Liquidators' Retention is intended to cover unforeseen
liabilities and may subsequently be released for distribution;
and

(d) The Company is assumed not to be subject to any tax on the
sale of any of its investments; and

(e) Where prices are denominated in currencies other than
sterling, the relevant exchange rate has been used as at 20
October 2003.

Liquidation

In order for the Company to be placed into members voluntary
liquidation, a special resolution will have to be passed by
Shareholders representing 75% of votes cast.  This resolution
will be put to Shareholders at the Extraordinary General Meeting
which will take place immediately after the Annual General
Meeting. It is proposed that Thomas Merchant Burton and Patrick
Joseph Brazzill of Ernst & Young LLP be appointed Liquidators.

It is expected that the Portfolio will be realized by means of a
program trade immediately following the appointment of the
Liquidators.  It is further expected that the proposed
Liquidators will make an interim distribution to Shareholders in
the week beginning January 12, 2004.  The Liquidators may make a
further distribution at the conclusion of the liquidation of the
Company depending on whether there are surplus assets remaining.
For illustrative purposes only, on the basis that the disposal of
the Portfolio realizes not less than the aggregate of the market
value of the Company's securities (at bid prices) as at
October 20, 2003 and after making appropriate provision for costs
and liabilities (including the Liquidators' Retention), the
Directors believe that a distribution of approximately 23.0p per
share could be made in the week commencing 12 January 2004.

The amounts which may be available for distribution to
Shareholders upon the liquidation of the Company are illustrative
amounts only, based on the assumptions set out above. The actual
amounts distributed may vary significantly from those amounts if,
for instance, the assumptions turn out to be incorrect, the value
of the Portfolio or the amount raised on its realization changes,
unforeseen liabilities come to light or the Liquidators retain
additional assets to cover unforeseen or contingent liabilities.

Dealings

The Register will be closed at 5.00 p.m. on November 21, 2003 and
the Shares will be disabled in CREST at 6.00 p.m. on 21 November
2003.  Application will be made to the London Stock Exchange and
the UKLA for dealings in Shares to be suspended on the Official
List of the UKLA at 7.30 a.m. on November 24, 2003. The last day
for dealings in Shares on the London Stock Exchange on a normal
rolling three-day settlement basis will be 18 November 2003.  As
from November 19, 2003, dealings should be for cash settlement
only and will be registered in the normal way if the transfer,
accompanied by the documents of title, is received by the
Registrar by 5.00 p.m. on November 21, 2003. Transfers received
after that time will be returned to the person lodging them.

After the liquidation of the Company and the making of any final
distribution, existing certificates in respect of Shares will
cease to be of value and any existing credit of Shares in any
stock account in CREST will be redundant.  If the Proposals
become effective it is expected that the listing of Shares will
be cancelled no later than November 24, 2004.

Expenses

The costs incurred in relation to the Proposals, including
financial advice, other professional advice and the Liquidators'
charges, are estimated to amount to GBP150,000, representing 1.6%
of the Net Asset Value as at October 20, 2003.

The Directors' fees will cease when the Liquidators are appointed
and no payments for loss of office will be made.

In terms of its management agreement with the Manager, the
Company is entitled to terminate such agreement without notice on
the voluntary liquidation of the Company following a Continuation
Vote.  The Manager has agreed that its management agreement will
terminate automatically on the appointment of the Liquidators
without compensation other than in respect of accrued fees to the
date of termination.


MURRAY TMT: Shareholders Offered Discounts for Reinvestments
------------------------------------------------------------
Option to Reinvest

For Shareholders who may wish to reinvest their proceeds upon the
liquidation of [Murray tmt] in another fund, Aberdeen Asset
Management PLC, the parent company of the Manager, is offering a
special discount on any reinvestment of the proceeds of the
liquidation of the Company in the Aberdeen range of U.K.
authorized open-ended funds.  If Shareholders choose to invest in
one of these funds, Aberdeen will fully discount the normal
initial charge of 4.25%, provided that the shares or units in any
such Aberdeen fund are held for a minimum period of twelve
months. Any shares or units which are held for less than twelve
months will have the normal initial charge of 4.25% of the
relevant issue price deducted from the proceeds realized upon
redemption.

It should be noted that the Directors make no recommendation as
to whether or not Shareholders should reinvest their proceeds
from the liquidation of the Company in a fund managed by Aberdeen
or how they deal with the proceeds of their Shares following the
liquidation of the Company.

It should be noted that it will not be possible for Shareholders
to avoid a realization for capital gains tax purposes arising on
the liquidation by reinvesting in one of the Aberdeen open-ended
funds.

Annual General Meeting

The Annual General Meeting has been convened for 11:30 a.m. on
November 24, 2003 at 123 St Vincent Street, Glasgow, G2 5EA.

Resolution 6 at the Annual General Meeting proposes the
continuation of the Company as required by the Articles and
Shareholders are recommended to vote against this resolution.
The Continuation Vote will be proposed as an ordinary resolution
and therefore a simple majority can defeat this resolution.

If, notwithstanding the recommendation of the Directors, the
resolution is passed, then the Directors are proposing that the
Company will continue on its current basis with the Manager
continuing to manage the Portfolio in line with the investment
objective set out at the beginning of this Announcement.  The
Articles provide for a further continuation vote at the Annual
General Meeting in 2006.

Extraordinary General Meeting

An Extraordinary General Meeting will follow immediately after
the Annual General Meeting.  This has been convened for 11:35
a.m. on 24 November 2003, or as soon thereafter as the Annual
General Meeting has been concluded or adjourned, to be held at
123 St Vincent Street, Glasgow, G2 5EA.  The quorum requirement
or the Extraordinary General Meeting is two persons entitled to
attend and vote, each being a Shareholder or a proxy.

At the Extraordinary General Meeting, the first resolution will
sanction the formal winding-up of the Company.  This Resolution
will be proposed as a special resolution and requires the
approval of not less than 75% of the votes cast by those
Shareholders present in person on a show of hands, or present in
person or by proxy on a poll.

The second resolution confers additional powers on the
Liquidators to enable them to run the liquidation.  This
resolution will be proposed as an extraordinary resolution and
also requires the approval of not less than 75% of the votes
cast.  If the Continuation Vote is not passed but Shareholders
reject the Liquidation Resolution, the Directors would have to
consider alternatives for the future of the Company as it would
be clear that the Company could not continue in its current form.
However, in the process that has led up to the Directors placing
the Proposals before Shareholders, the Directors have concluded
that liquidation is the most feasible proposal for the Company.

The Savings Plans

Aberdeen as Manager of the Aberdeen Investment Trust PEP,
Aberdeen Investment Trust Individual Savings Account and the
Aberdeen Investment Trust Share Plan, will write separately to
participants in these plans, enclosing a Letter of Directions for
use in connection with the Proposals.

Recommendation

The Directors, who have been advised by HSBC Bank plc, consider
that the Proposals are in the best interests of the Company and
Shareholders as a whole and unanimously recommend that
Shareholders vote against the Continuation Vote (Resolution 6 at
the Annual General Meeting) and in favor of the resolutions to be
proposed at the Extraordinary General Meeting (including the
Liquidation Resolution) as they intend to do in respect of their
own beneficial holdings as at the date of this announcement,
totaling 87,300 Shares, representing 0.22% of the issued Shares.

EXPECTED TIMETABLE

Close of Register and record date for participation in the
liquidation 5:00 p.m. on November 21, 2003

Latest time and date for receipt of Form of Proxy for use at the
Annual General Meeting 11:30 a.m. on November 22, 2003

Latest time and date for receipt of Form of Proxy for use at the
Extraordinary General Meeting 11:35 a.m. on November 22, 2003

Suspension of Shares from trading on the London Stock Exchange
and suspension of listing on the Official List of the U.K.
Listing Authority 7:30 a.m. on November 24, 2003

Annual General Meeting 11:30 a.m. on November 24, 2003

Extraordinary General Meeting 11:35 a.m. (or as soon thereafter
as the Annual General Meeting has been concluded or adjourned) on
November 2,4 2003

Commencement of winding-up of the Company November 24, 2003

First liquidation distribution Week commencing January 12, 2004

Cancellation of listing on the Official List of the UKLA November
24, 2004

CONTACT:  ABERDEEN ASSET MANAGEMENT
          Annette Johnston
          Phone: 0141 306 7400

          HSBC BANK PLC
          MURRAY TMT PLC
          Jonathan Maxwell
          Phone: 0207 991 8888


NETWORK RAIL: Bringing Rail Maintenance Back In-House
-----------------------------------------------------
Network Rail announces that it is to bring rail maintenance
activity back in-house.  The contracts currently held by the
seven Infrastructure Maintenance Contractors will be transferred
to the 'not for dividend' company, unifying the operation and
maintenance of rail infrastructure.

This far-reaching decision has been taken following careful
consideration of the conclusions of a fundamental review of rail
maintenance that has been carried out over the last six months.
Network Rail's detailed analysis of the maintenance function has
shown that creating a single integrated rail maintenance
operation will deliver three key benefits:

(a) Consistent application of high standards of rail maintenance
    across the rail network

(b) Significant efficiency savings to be delivered from the
    annual maintenance budget (GBP1.2 billion in 2002/3)

(c) Continued improvement in track-side safety standards

The final process and exact timing of taking each individual rail
maintenance contract in-house is subject to detailed commercial
negotiations and safety case approvals.  The speed of progress
will be dictated by the need to ensure a smooth transition.

The announcement represents the most fundamental restructuring of
Britain's railway since British Rail was reorganized in 1994, two
years before privatization.  The transfer of some 18,500 people
from infrastructure maintenance contractors to Network Rail will
be aided by the experience gained from the successful transfer,
from Amey plc, of the Reading area maintenance operation in June
2003 and the planning and preparation of the transfers of Wessex
from Balfour Beatty and East Midlands from Serco.

The current structure of outsourced rail maintenance involves
seven Infrastructure Maintenance Contractors -- Amec, Amey,
Balfour Beatty, Carillion, Jarvis, First Engineering and Serco --
twenty contract areas, considerable management duplication and
complex reporting, hand-back and inspection procedures.

Network Rail's in-depth audit of rail maintenance has included
the development of a very detailed transition plan that fully
addresses the issues of management structure and capability.  In
future, there will be a single management structure with clear
lines of accountability and a simplified relationship between
operations and maintenance.  Network Rail will ensure that
maintenance is carried out by a permanent workforce of well-
trained individuals committed to a strong safety culture.

Ian McAllister, Chairman of Network Rail, said: 'Rail maintenance
is a central part of Network Rail's operation.  We have completed
a detailed assessment of railway maintenance and obtained a clear
understanding of the reasons why costs have risen in recent
years.  Bringing maintenance contracts in-house will ensure
greater consistency of maintenance standards and help deliver
efficiency savings far more quickly than would otherwise have
been possible.

'We have thought long and hard before taking this decision.  We
have studied its implications in great detail and concluded that
it is the right thing to do.

'We will now work closely with the maintenance contractors to
ensure a smooth transition.'

Rail renewals contracts to remain unaffected

Network Rail remains fully committed to the ongoing use of third-
party suppliers for rail renewals contracts.  These are
specialist functions where there is a competitive supply market
and it is entirely appropriate that contractors undertake such
work.  The creation of an in-house maintenance operation will
help to maximize the efficiency and effectiveness of renewals
expenditure and activity.

Network Rail is currently pursuing positive negotiations with its
suppliers and recently signed a range of preferred bidder
agreements.  These will form the basis for continued involvement
by third party rail contractors in the vital task of renewing
Britain's rail network.  Network Rail remains committed to
completing rail renewal contract negotiations and looks forward
to the ongoing constructive participation of our contractors.

Employee benefits protected

It is anticipated that most employees who are currently engaged
in rail maintenance activity and employed by one of the
Infrastructure Maintenance Contractors will be transferred to
Network Rail.  All terms and conditions of employment fall within
TUPE legislation.  In total, some 18,500 people will join Network
Rail as part of this program.

Safety benefits

The railway is already a safe place to work.  Network Rail is
determined to continue to improve safety standards.  The ability
to reinforce a consistent track-side safety culture and a
balanced approach to risk will be greatly assisted by the
formation of a unified maintenance operation with common systems,
technology and processes.  Network Rail's decision to in-source
railway maintenance will bring an end to casualization and ensure
that a full-time, permanent workforce is created to complement
its existing operations and signaling staff.  Friday's
announcement will unify the core functions of Britain's rail
infrastructure provider.

Background to the announcement

Network Rail has previously announced its decision to take direct
control of all rail maintenance activities in three out of twenty
maintenance areas -- Reading, Wessex and East Midlands.  The
Reading area maintenance contract (previously held by Amey) was
successfully transferred in-house ahead of schedule on June 22,
2003.  More recently, it was announced that Serco's maintenance
contract for the East Midlands area, which had been due to run
until March 2005, will now be taken in-house in January 2004.  In
August, the decision to terminate the Wessex area maintenance
contract, currently held by Balfour Beatty, five months ahead of
plan was announced, meaning that this contract will come in-house
next month.

On October 10, Network Rail announced that it was pleased to have
reached agreement with Jarvis to bring all of Jarvis' rail
infrastructure maintenance contracts (Central, East Coast Main
Line and Liverpool, North Wales and Merseyrail) back in-house.
Friday's announcement is entirely unrelated to this earlier
announcement.

The current tendering process for the combined Bristol,
Gloucester and Exeter (West Country) maintenance area will now
cease, as will discussions to convert existing contracts to the
New Maintenance Program.

The timetable for the transfer of maintenance activities will be
dictated by safety considerations and negotiations with the
existing maintenance activities.

However it is expected that the transfers will be complete by the
end of Summer 2004.


SAFEWAY PLC: Opens Bidding Process for Remaining Stores
-------------------------------------------------------
Safeway has invited bids for the 53 stores that would be sold
under Wm Morrison Supermarket's plan to acquire the retailer,
according to the Financial Times.

People close to the group said Safeway would not sell the stores
itself, so it is trying to ensure any bid from Morrison would
reflect the full value of the group.

There are concerns that group executive chairman Sir Ken Morrison
could come back with an offer below the original GBP2.9 billion
deal as he is the only bidder left in the process.

"This is a way of having visibility on the value of store
disposals," said one insider, according to the report.  The
source also said the process was being carried out with the full
agreement of Morrison.

"We also hope it will speed up the process."

Safeway has given bidders until Friday to submit offers.

Morrison is currently studying updated financial information
concerning Safeway as it tires to continue buyout talks with the
Office of Fair Trading.



* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A.
BSN Glasspack                       (101)       1,151       179
Bull SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (927)         629       330
Pneumatiques Kleber SA               (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN        (0)         134        10
Usines Chauson                       (23)         249        35

GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)
Schaltbau AG              SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding AG             VBHG       (24)         307       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396)
Credito Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.
Lazio SpA                            (57)         495      (330)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Pan Fish ASA              PAN       (117)         806      (259)
Petroleum-Geo Services    PGO        (32)       2,963    (5,250)

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)
Stalexport SA                        (57)         229       (51)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Sniace SA                            (11)         128       (24)
Tableros de Fibras SA     TFI        (43)       2,107       125

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (47)         572       278

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Energy            BGY     (5,342)       3,438       229
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (175)       3,347      (144)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (211)         762       (66)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425        67
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827         3
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY       (161)         949        41
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)
Seton Healthcare                     (11)         157         0
Yell Group PLC                      (196)       3,964       289


Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                       *********

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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Larri-Nil Veloso, Ma. Cristina Canson, 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 photocopying) is strictly prohibited without prior
written permission of the publishers.

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 e-mail.  Additional e-mail subscriptions for
members of the same firm for 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 * * *