/raid1/www/Hosts/bankrupt/TCREUR_Public/031110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 10, 2003, Vol. 4, No. 222


                            Headlines

D E N M A R K

MAERSK AIR: Inks Codeshare Agreement with Continental Airlines


F R A N C E

SCOR GROUP: Need to Bolster U.S. Reserve Set off EUR340 Mln Loss
SCOR GROUP: A.M. Best Converts 'Under Review' Status to Negative
SCOR GROUP: On Watch Negative after Release of Q3 Results
SCOR GROUP: Ratings Lowered to 'BBB-'; On Watch Developing

* Alstom Affair Underscores Merits of Chapter 11-type Bankruptcy


G E R M A N Y

BERTELSMANN AG: Sets up Joint Music Group with Sony Music
LINOS AG: Banks Give Way to Rehab Plan, Grant Debt Moratorium
PRO DV: Maintains Full-year Negative Operating Result Forecast
WCM GROUP: Creditors Ready to Snatch Valuable Assets
WESTLB AG: Lazard in Advance Negotiation to Buy Panmure


H U N G A R Y

RABA RT: Wins Contract to Supply Military All-terrain Vehicles


I T A L Y

ONEIDA LTD.: To Close Local Factory as Part of Business Shakeup


N E T H E R L A N D S

LAURUS N.V.: Slashes Prices at Super de Boer, Konmar Chains
NUMICO N.V.: Narrows Third-quarter Loss to EUR457 Million


N O R W A Y

DNO ASA: Notes Assigned 'B-', 'Caa2' Credit Ratings


S W E D E N

GUNNEBO AB: Rosengrens to Transfer Malung Operations to Mora


S W I T Z E R L A N D

ABB LTD.: Wins US$21 Million Rehab Works in Malaysia


U N I T E D   K I N G D O M

AORTECH INTERNATIONAL: Shift to Biomaterial Business Bears Fruit
BIG FOOD: Sales Remain Flat, but Pre-tax Profit Up 14%
CASTLE BLAIR: Shuts down Alloa Factory; 60 Workers Affected
DATAFLEX HOLDINGS: EGM Approves Voluntary Liquidation
EQUITABLE LIFE: Treasury Delays Release of Lord Penrose's Report

FUSION OIL: Urges Shareholders to Reject Sterling Offer
JOHN DAVID: Names Successor to Finance Chief Malcolm Blackhurst
MYTRAVEL GROUP: Issues Latest Update on Disposals
NETWORK RAIL: In Joint Effort with Govt to Plug Financial Gap
NORTHERN ELECTRIC: North Ireland Stores Bear Brunt of Job-cuts
TELEWEST COMMUNICATIONS: Q3 Net Loss Down to GBP119 Million
THOMAS COOK: Posts Recent Changes in Executive Board


                            *********


=============
D E N M A R K
=============


MAERSK AIR: Inks Codeshare Agreement with Continental Airlines
--------------------------------------------------------------
The codeshare agreement between Maersk Air Continental Airlines, scheduled
to take effect February 2004, covers travel between Denmark (Billund and
Copenhagen) via London/Gatwick or Amsterdam to the U.S., where Continental's
hubs are New York/Newark, Houston and Cleveland.

At present, Maersk Air has three daily flights between Copenhagen and
London/Gatwick as well as three flights on each of the routes from Billund
to Amsterdam and from Billund to London/Gatwick.  The agreement means, that
passengers only need to check in once for these flights, receiving seat
assignments and boarding passes through to their final destination, as well
as seamless luggage transfers.

Maersk Air Vice President Keld Mosgaard Christensen looks forward to this
cooperation: "We need a partner on the important American marked and we are
very pleased with this cooperation with Continental, who is among the
leading airlines in the world."

Continental Airlines is the world's seventh-largest airline and has more
than 2,200 daily departures.  The company carries approximately 41 million
passengers per year and calls 127 American domestic and 96 international
destinations.  For further information about Continental please visit
http://www.continental.com

For further information, please contact Vice President Keld Mosgaard
Christensen at these numbers: +45 3231 4404


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


SCOR GROUP: Need to Bolster U.S. Reserve Set off EUR340 Mln Loss
----------------------------------------------------------------
SCOR Group released its results for the nine months to September 30, 2003
recently.  These are the highlights:

(a) Profit on 2002-2003 writings in line with the targets set in
    the "Back on Track" plan, reflecting the Group's improving
    fundamentals, forging a solid base for future development.

(b) Operating cash flow multiplied by 3, compared to the same
    period last year.

(c) The Group reported a loss of EUR349 million for the first
    nine months of the year essentially due to increased
    reserves on business written in the United States in 1997-
    2001.

(d) Ongoing negotiations to commute a large portion of
    Commercial Risk Partners portfolio.

(e) Profitable life reinsurance operations to remain within the
    Group.

(f) Decision to increase capital by EUR600 million.

The Board of Directors of SCOR, chaired by Denis Kessler met on November 5,
2003.

At the end of the Board meeting, Chairman and Chief Executive Officer Denis
Kessler stated: "The Group's results demonstrate the profitability of
2002-2003 underwriting worldwide.  The Back on Track plan is bearing fruit.
However, these good results are weighed down by the need for the Group to
bolster its reserves in respect of business written in the United States in
1997-2001.  As pledged, SCOR now books its reserves based on best estimates
each year and has consequently decided to bolster these reserves in the wake
of a detailed actuarial review carried out in October 2003.

"The Board of Directors has decided to pursue the transformation of its Life
reinsurance business to form a subsidiary while retaining 100% control of
this subsidiary, which generates satisfactory and recurring profits.

"The Board has approved the plan for a EUR600 million capital increase in
order to strengthen the Group's solvency and allow it to pursue its existing
underwriting policy, thereby profiting fully from buoyant reinsurance market
conditions.

"The capital increase with allow SCOR Group to forge ahead with its
strategy, which is to be a mid-sized reinsurer with global ambitions,
operating selectively in all reinsurance classes, pursuing a profit-driven
underwriting policy, providing value-added services, and having opted for a
policy of conservative asset management, in order to offer its customers
the) level of security they expect it to provide."

(a) New Business is Profitable and Disciplined

The profitability of SCOR's new business is in line with targets laid down
in the Back on Track plan.

(i) New business is profitable

Business written all over the world in 2002-2003 is profitable.  For the
first nine months of 2003, the net underwriting ratio for these underwriting
years works out to 91% for P&C treaty business, equivalent to a net combined
ratio of 96% while the net underwriting ratio for Large Corporate Accounts
works out to 83%, equivalent to a net combined ratio of 91% for the same
period, despite the impact of the May 2003 tornadoes in the United States.
These ratios are in line with our stated objectives.

Our subsidiary Irish Reinsurance Partners, which reinsures 25% of SCOR
Group's P&C and Large Corporate Accounts business written since 2002,
reported earnings of EUR41 million at September 30, 2003.  These healthy
results reflect the quality of underwriting worldwide over the past two
years.

In Life and Accident reinsurance, the technical operating margin works out
to 5.2% for the first nine months of 2003, exceeding the Back on Track
plan's 3% target.

Operating expenses are down 7% for the first nine months of 2003, putting
SCOR on course to achieve its 15% target for the end of 2004.

Operating cash flow at September 30, 2003 totaled EUR295 million, against
EUR100 million one year earlier.

(ii) New business is disciplined

Reflecting this tight control is the change in the geographic mix of
business, the shutdown of unprofitable, non-core operations, and in the
priority given to underwriting in short-tail classes.

The Group has shifted the geographic balance of its portfolio. Premiums
written in North America now account for 30% of total premiums written at
September 30, 2003, versus 43% at September 30, 2002.  Premiums written in
Europe account for 49% of total premiums at September 30, 2003, against 43%
at September 30, 2002. Premiums for the rest of the world account for 21% of
total premium income at September 30, 2003, against 14% at September 30,
2002.

The Group has either halted ("program business" and CRP's alternative risk
transfer business) or very sharply curbed (buffer layers and workers'
compensation) its business in certain lines in the United States.

The Group has focused on short-tail classes in preference to long-tail ones.
The former accounted for 53% of P&C reinsurance underwriting for the first
three quarters of 2003, against 49% for the same period last year.

(iii) A conservative asset management policy

SCOR has shifted its investment policy priorities, characterized by
prudence, holding the bulk of its investment portfolio in bonds (61%) and
cash (30%).  The bond portfolio is of good quality, with more than 95% of
lines being rated better than A, with a relatively short average duration.

(b) Active Management of the Three Difficult Legacy Issues

(i) Additional reserve strengthening, essentially in the
    U.S., required to be in line with best estimates

SCOR has pledged to account for its reserves at "best estimates" level each
year.

During 2003, and especially in the third quarter, the Group suffered the
impact of adverse trends in loss claims in the United States with respect to
business written in 1997-2001.

As announced, the Group undertook In October 2003 an annual actuarial review
of its exposures, with the aid of both in-house and outside actuaries.

Adverse loss developments which have impacted all reinsurance companies
doing business in the American market have led to additional reserve
strengthening in the amount of EUR241 million following the actuarial review
and coming on top of trends already observed since the beginning of the
year.  These additional reserves mainly concern classes deemed non-core,
where activity has either been halted or very sharply reduced, i.e. "buffers
layers", "program business," and "workers comp." The factors behind these
runaway costs are primarily due to medical cost inflation, particularly in
some states like California.  This reserve strengthening of EUR241 million
includes an increase in IBNRs of EUR9 million which brings SCOR's survival
ratio up to 12 years.

Group exposures in all other countries are covered by "best estimates"
reserves, as evidenced by the actuarial reviews, with only a marginal
additional reserving of EUR7 million.

On completion of the review, total Group reserves in the end-September 2003
financial statements amount to EUR10,750 million.

(ii) SCOR U.S.: a profitable new underwriting plan

Having made profitability a key priority, SCOR began focusing on the most
profitable underwriting segments in 2001.

The emphasis has been on short-tail business with medium-sized regional
ceding companies.  SCOR has also continued writing business with large
corporates through its Business Solutions division.

Recent business written by SCOR U.S. is profitable.  Gross premiums written
in the first nine months of the year total EUR445 million, down 44% at
current exchange rates and 34% at constant exchange rates.  The net
underwriting ratio for P&C business is 84%, an equivalent of a net combined
ratio of 89% and the net underwriting ratio for Large Corporate Accounts, is
89%, an equivalent net combined ratio of 97% despite the impact the
tornadoes in May 2003.  In addition, SCOR U.S. is now actively managing its
portfolio of run-off business.

(iii) Commercial Risk Partners: speeding up withdrawal

A first commutation, concerning approximately 20% of the Bermuda-based
subsidiary was completed in July 2003, underwriting having been halted with
effect from January 2003.

In light of the actuarial reviews carried out, the Group has increased CRP's
reserves at September 30, 2003 by EUR49 million to meet best estimates
reserving.

Several negotiations are currently underway with a view to commute a large
portion of CRP's book.

(iv) Significantly reduced risks on Credit Derivatives

No claims were reported on Credit Derivatives in the third quarter of 2003.

SCOR Group has recorded only two claims for the whole of 2003 to date, total
cost EUR27 million, which is less than the loss assumptions underlying the
current level of reserves.

The Group has reduced its credit derivatives exposure.  In the first place,
it has sold 77 names out of a total portfolio of 669 names, thereby reducing
its notional risk by 20%.  Second, since January 2003 the portfolio's
maturity has been reduced from 2.4 to 1.7 years.  Finally, portfolio risk
ratings have improved overall.

Since the beginning of the year, the Group has decided to maintain its
reserves covering the residual portfolio at EUR111 million.  This represents
an strengthened level of cover in view of the reduction in risk exposure.

(c) Consolidated income for the first nine months of 2003

Despite profitable recent underwriting, the Group registered a net loss
of -EUR349 million due to the burden of past U.S. underwriting and to the
prudent writedown on certain tax credits.

For Non-life business (P&C, Commercial Risks, Credit & Bond, and CRP), all
of the developments discussed above have resulted in a net Non-life
underwriting loss (i.e. the difference between net earned premiums and the
cost of claims, additional reserves, acquisition costs and commissions) of
EUR435 million for the first nine months of 2003.

Before additional reserve strengthening of EUR297 million detailed here, the
underwriting results breakdown as:

This result is made up as:

(a) A net underwriting profit of EUR154 million for business
    excluding the 2001 and earlier underwriting years for SCOR
    U.S., CRP, and credit derivatives,

(b) A net underwriting loss of EUR292 million for the 2001 and
    earlier underwriting years for SCOR U.S., CRP, and the
    credit derivatives portfolio.

The Non-life technical operating results (i.e. underwriting result minus
operating expenses, and plus allocated investment income) amounted to a loss
of EUR339 million for the first nine months of 2003.

Taking into account a technical operating profit of EUR56 million in Life
reinsurance, the Group registered a technical operating loss of EUR283
million.

After other income and charges (in particular a write down on deferred tax
credits), the Group registered a net loss of EUR349 million.

In view of this loss and exchange range movements, Group shareholders'
equity has been reduced from EUR1,070 million at December 31, 2002 to EUR629
million at September 30, 2003, necessitating a strengthening of
shareholders' equity.

(d) Measures to Strengthen Shareholders' Equity

(i) Life operations: spinning off the Group's life business with
    no change of ownership

SCOR has decided not to open up the capital of its Life reinsurance
subsidiary.  Bids received for the sale of this subsidiary do not fully
reflect the value of this business, which represents a source of stable and
recurring revenues for the Group.  SCOR nevertheless plans to proceed with
the transfer of its Life reinsurance activities to this newly formed
subsidiary in order to bolster its development.

(ii) Launching capital increase

In order to bolster the Group's solvency, allowing it to pursue its current
underwriting policy and so profit fully from favorable conditions in the
reinsurance market, the Board of Directors has approved the plan to increase
SCOR's capital with preferential subscription rights of around EUR600
million.

This amount will allow the Group, after taking into account the losses, to
significantly increase the net asset value of the Group compared to December
31, 2002.  Shareholders will shortly be invited to attend an Extraordinary
General Meeting to vote on the financial resolutions necessary for this
capital increase and to the prior reduction in the nominal value of the
shares.

Shareholders who are members of the Board have unanimously agreed to support
the rights issue, thereby already allowing an underwriting in excess of 50%.

The shareholder Board Members have unanimously decided to subscribe to this
capital increase, which will already guarantee as of now the transaction.

RESULTS AT SEPTEMBER 30, 2003

(a) Results at September 30, 2003

The Group has registered a technical operating loss of EUR283 million at
September 30, 2003, compared with a loss of EUR495 million at end-September
2002.

The net loss for the Group for the first nine months of the year works out
to EUR349 million, representing a net loss per share of EUR2.56.

Net assets per share at end-September 2003 amount to EUR4.62, against
EUR7.84 one year earlier.

Operating cash flow totaled EUR295 million at September 30, 2003, compared
with EUR100 million at September 30, 2002.  Net cash for the first nine
months of 2003 amounts to EUR2 121 million.

Technical reserves have risen 3.6% to EUR10,750 million.  At constant
exchange rates, the increase would have been 9.1%.  The main reason for the
change was the addition to reserves in the United States.

Group shareholders' equity amounted to EUR629 million at September 30, 2003.

Group long-term capital (revalued net assets, quasi-equity and long-term
borrowings) now stands at EUR1 659 million, compared with EUR2,183 million
at December 31, 2002.

(b) Business activity at September 30, 2003

Gross written premiums at September 30, 2003 are 24% below the comparable
figure one year earlier.  They totaled EUR3,038 million, versus EUR3,975
million for the first nine months of 2002.  On a like-for-like basis, the
decrease would have been limited to 10%.

Net earned premiums for the first nine months of 2003 amounted to EUR3,033
million, down 8% from the corresponding figure one year earlier (EUR3,292
million).

Non-life reinsurance (P&C treaty business and Large Corporate Accounts,
excluding Credit & Bond and CRP) reported premium income of EUR1,830 million
at September 30, 2003, a fall of 22% (18% at constant exchange rates)
compared with the first nine months of 2002.

Taking into account the foregoing elements, technical operating income
amounted to a negative EUR272 million at September 30, 2003, compared with a
negative EUR309 million for the same period last year.

Life/A & H reinsurance premium income is stable at constant exchange rates.
Premium income at September 30, 2003 amounted to EUR1,151 million, down 6%.

Technical operating income reached EUR56 million for the first nine months
of 2003, up sharply compared to the September 30, 2002 figure of EUR12
million.

The Credit & Bond business, with revenue of EUR57 million, was down 35%
compared to September 30, 2002.

It generated a technical operating profit of EUR4 million, compared with a
loss of EUR84 million at September 30, 2002 and a loss of EUR111 million for
full-year 2002.

CRP reported a technical operating loss of EUR71 million for the first nine
months of 2003, compared with a loss of EUR112 million at September 30, 2002
and a loss of EUR172 million for full-year 2002.

Consolidated key figures

In EUR million              September September Change December
                              30,       30,              31,
                              2003      2002             2002
--------------------------- ---------- --------- ------ --------
Gross written premiums        3,038     3,975   - 24%   5,016
--------------------------- ---------- --------- ------ --------
Net earned premiums           3,033     3,292    - 8%   4,269
--------------------------- ---------- --------- ------ --------
Group net income              (349)     (425)     -     (455)
--------------------------- ---------- --------- ------ --------
Net technical reserves       10,750    10,645      -   10,381
--------------------------- ---------- --------- ------ --------
Group shareholders' equity      629       794      -    1 ,070
--------------------------- ---------- --------- ------ --------
Revalued Group shareholders'
equity, diluted                794     1,006      -    1,289
--------------------------- ---------- --------- ------ --------

in EUR
--------------------------- ---------- --------- ------ --------
Earnings per share*            (2,56)   (11,31)     -    (3,33)
--------------------------- ---------- --------- ------ --------

* On the basis of 41 million shares in September 2002 and 136 million shares
in September 2003.

(c) Asset Management, first nine months of 2003

Total investment income for the first nine months of 2003 amounted to EUR413
million, compared with EUR190 million at September 30, 2002.  Income from
ordinary investing activities contributed EUR237 million (EUR276 million for
the same period in 2002), realized capital gains, including allowances for
long-lived impairment, totaled EUR95 million (EUR-121 million), and foreign
exchange gains or losses amounted to EUR81 million (EUR36 million).

Unrealized capital gains amounted to EUR244 million at September 30, 2003,
compared with EUR303 million at December 31, 2002.  At September 30, 2003,
the equity portfolio carried an unrealized capital gain of EUR1 million, the
bond portfolio unrealized gains of EUR128 million, and real estate
investments unrealized gains of EUR115 million.

Investments (marked to market) at September 30, 2003 amounted to EUR9,535
million, down 2% compared with December 31, 2002, but up 3% at constant
exchange rates.  Investments are weighted as: bonds (61%), cash and cash
equivalents (22%), cash deposits (8%), real estate (5%) and equities (4%).

This is not an offer of securities for sale in the United States.  The
securities referred to in this document have not been and may not be
registered in the United States.  Securities may not be offered or sold in
the United States unless they are registered or exempt from registration.

CONTACT:  SCOR
          Jim Root
          Phone: +33 (0) 1 46 98 73 63

          Delphine Deleval
          Phone: +33 (0) 1 46 98 71 64


SCOR GROUP: A.M. Best Converts 'Under Review' Status to Negative
----------------------------------------------------------------
A.M. Best Co. has changed the under review status of SCOR's (Paris, France)
financial strength rating of B++ (Very Good) to negative from developing.
This also applies to its core subsidiaries.  At the same time, A.M. Best has
downgraded and placed under review negative the ratings on debt instruments
issued or guaranteed by SCOR.

These actions follows SCOR's decision not to divest its soon-to-be
established new life subsidiary, the reported EUR349 million (US$398
million) loss in its consolidated third quarter results and the announcement
that it plans to raise at least EUR600 million (US$684 million) through a
rights issue.

A.M. Best believes that the proposed rights issue is likely to restore
SCOR's prospective consolidated capital to a level commensurate with a B++
(Very Good) rating despite a substantial expected net loss in the region of
EUR300 (US$342 million) for the full year (as a result of underwriting
losses and reserve strengthening).  However, A.M. Best believes that this
prospective positive impact on capital will be somewhat offset by reduced
financial flexibility.  In addition, commutation negotiations at Commercial
Risks Partners Limited, Bermuda have proven more protracted than
anticipated, and negotiations remain open.  A.M. Best is in discussions with
SCOR management regarding the time frame of this rights issue and new
commutation proposals for Commercial Risks Partners Limited.  In addition,
A.M. Best is closely reviewing the potential for further reserve
deterioration.  A.M. Best aims to resolve this under review status upon
completion of the proposed rights issue.  A significant delay or
unsuccessful completion will most likely trigger a downgrade.

The implications of the under review status of SCOR's financial strength
rating of B++ (Very Good) has been changed to negative from developing.
This applies to these companies:

     SCOR
     SCOR Canada Reinsurance Company
     SCOR Deutschland Rueckversicherungs AG
     SCOR Italia Riassicurazioni S.p.A
     SCOR Reinsurance Asia-Pacific Pte Ltd
     SCOR Reinsurance Company*
     SCOR U.K. Company Ltd
     General Security Indemnity Company of Arizona
     General Security National Insurance Company
     SCOR Life U.S. Re Insurance Company
     SCOR Life Insurance Company
     Investors Insurance Corporation

    * SCOR Reinsurance Company is a U.S. trading company.

These debt ratings have been downgraded to "bbb-" from "bbb", and the
implications of the under review status has been changed to negative from
developing:

(a) Five-year convertible bonds

(b) Senior unsecured EUR medium term note program

These debt ratings have been downgraded to "bb+" from "bbb-", and the
implications of the under review status has been changed to negative from
developing:

(a) EUR100 million cumulative subordinated notes, due 2020

(b) US$100 million subordinated step-up notes, due 2029

(c) EUR50 million subordinated perpetual step-up notes
    issued by Societe d'Etudes et de Placements Financiers
    and guaranteed by SCOR

These commercial paper rating has been affirmed, and the implications of the
under review status have been changed to negative from developing:

(a) AMB-2 rating on EUR commercial paper program

A.M. Best Co., established in 1899, is the world's oldest and most
authoritative insurance rating and information source.  For more
information, visit A.M. Best's Web site at http://www.ambest.com

CONTACT:  A.M. BEST CO.
          Analysts:
          Miles Trotter,
          Phone: +(44) 20 7626 6264
          E-mail: miles.trotter@ambest.com

          Jose Sanchez-Crespo,
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


SCOR GROUP: On Watch Negative after Release of Q3 Results
---------------------------------------------------------
Fitch Ratings has placed SCOR Group's 'BBB' Insurer Financial Strength
rating on Rating Watch Negative.  The Long-term 'BBB-' and Short-term 'F3'
ratings of SCOR are also placed on Rating Watch Negative.  The Insurer
Financial Strength ratings of SCOR's Commercial Risk Partners subsidiaries
remain on Rating Watch Evolving.

The rating actions follow the announcement of the 2003 third quarter
results, which included significant reserve strengthening.  Management also
intends to raise new capital.  Fitch plans to meet with management and to
resolve the Rating Watch promptly.

The 'BBB' Insurer Financial Strength rating (on Rating Watch Negative except
where differently specified) applies to the following operating reinsurance
company members of the SCOR Group: SCOR; SCOR Reinsurance Co. (U.S.),
General Security Indemnity Co., General Security National Insurance Co.,
General Security Indemnity Co. of Arizona, SCOR Life U.S. Re Insurance Co.,
Investors Insurance Corp., Republic-Vanguard Life Insurance Co., SCOR Canada
Reinsurance Co., Commercial Risk Re-Insurance Co. (Rating Watch Evolving),
Commercial Risk Reinsurance Co. Ltd. (Rating Watch Evolving), SCOR
Deutschland Ruckversicherungs AG, SCOR Italia Riassicurazioni SpA, SCOR U.K.
Co. Ltd., SCOR Reinsurance Asia-Pacific Pte Ltd, SCOR Reinsurance
Co.(Asia)Ltd.


SCOR GROUP: Ratings Lowered to 'BBB-'; On Watch Developing
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings (including
counterparty credit and insurer financial strength) on France-based
reinsurer SCOR and its subsidiaries to 'BBB-' from 'BBB+'.  The ratings
remain on CreditWatch with developing implications, where they were
initially placed on June 17, 2003.

In addition, Standard & Poor's lowered its short-term counterparty credit
and commercial paper ratings on SCOR to 'A-3' from 'A-2', and placed the
ratings on CreditWatch with developing implications.

The downgrade follows SCOR's announcement that it is to post a third-quarter
net loss of EUR349 million, mainly as a result of cumulative technical
losses of EUR562 million within discontinued and non-core non-life business
lines (excluding credit derivatives).

"These losses, stemming almost exclusively from the group's North American
operations for underwriting years 1997-2001, are significantly higher than
those previously expected by Standard & Poor's," said Standard & Poor's
credit analyst Marcus Rivaldi.

Maintenance of the CreditWatch placement is in light of SCOR's additional
announcement that it is to launch a EUR600 million rights issue in order to
enhance the group's balance sheet.  This has the explicit and strong support
of major shareholders, pledging more than 50% of the amount to be raised,
and of two banks, the latter having provided a conditional commitment in
principle to underwrite the balance of any rights above the amount committed
by shareholders.

"Should the rights issue be fully and unconditionally underwritten and the
group retain the support of its key cedents and brokers, Standard & Poor's
may promptly raise its long-term ratings on SCOR and related entities,
although not higher than 'BBB+'," said Mr. Rivaldi.

In the event that this improvement to the balance sheet does not
materialize, Standard & Poor's might further lower the ratings from the
'BBB' (good) range.  Standard & Poor's expects to resolve the CreditWatch
placement by the end of December 2003.


* Alstom Affair Underscores Merits of Chapter 11-type Bankruptcy
----------------------------------------------------------------
Fitch Ratings said that the French government's recent announcement
outlining reforms to its insolvency laws represents a strong step towards
improving the regulatory environment for the French corporate sector and
capital markets.  In a comment published Thursday, entitled 'France's
Insolvency Reforms: Chapter 11 Lessons From Mario Monti', Fitch said the
Alstom affair has prompted a rethink of insolvency procedures.

"The role played by E.U. Competition Commissioner Mario Monti and his office
in the review of the Alstom affair offers some guidance as an example of how
France's insolvency laws may be implemented according to the Chapter 11
model," said Edward Eyerman, Senior Director in Fitch's Corporate Finance
Group, and a co-author of the report.  "Although Mr. Monti's role as
adjudicator in the rescue is a result of the policy crisis particular to
Alstom, he is nonetheless acting in a fashion consistent with a Chapter 11
bankruptcy judge."

In the Alstom case, Fitch said that Mr. Monti and his office have acted in a
manner consistent with the Chapter 11 process, deploying techniques that
underscore its effectiveness in facilitating distressed companies towards
rehabilitation.  They have concurred with the government and lead creditors
that existing management is best qualified to proceed with restructuring and
altered the planned interim lending facility so the government is leading
what might otherwise be considered Debtor-in-Possession financing.  They
have also indirectly forced the company to sell assets to pay down debt and
become a more viable commercial enterprise before emerging as a going
concern with support from the capital markets.

There is a growing recognition in France that rehabilitation is a preferable
and value-enhancing approach to insolvency, compared with the legacy
practice of forcing financially distressed companies into receivership and
value-destroying liquidation.  The French government hopes to shift the
economic burden of failed companies from the taxpayer to the capital
markets, and to steer the route towards recovery through the courts rather
than the Ministry of Finance.

The risk is that insolvency practitioners and lay judges act independently
and inconsistently, undermining the intent of the new insolvency laws.
Policymakers have recognized that rehabilitating distressed companies
through court-sanctioned restructurings can potentially result in fewer
economic distortions than the legacy practice of forced liquidation.
However, Fitch believes it is essential that policymakers also appreciate
that the success of the reforms depends on capital market confidence, which
can only be achieved when the risks assumed by lenders and investors are
supported by fair and consistent treatment under the law.


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


BERTELSMANN AG: Sets up Joint Music Group with Sony Music
---------------------------------------------------------
The international media and entertainment companies Bertelsmann AG and Sony
Corporation have signed a non-binding letter of intent to form a jointly
owned recorded music company to be called Sony BMG.  The company will be 50%
owned by Bertelsmann and 50% owned by Sony.

The joint venture of BMG and Sony Music Entertainment will combine their
recorded music businesses.  The new company would not include the companies'
music publishing, physical distribution and manufacturing businesses.

Rolf Schmidt-Holtz, currently Chairman and Chief Executive Officer of BMG,
would serve as Chairman of the Board of the new joint venture.  The Board of
Directors of the new company would be made up of an equal number of
representatives from Sony and Bertelsmann.

Andrew Lack, Chairman and Chief Executive Officer of Sony Music
Entertainment, would be Chief Executive Officer.  The newly formed joint
venture would include senior executives from both music groups.

Consummation of the transaction remains subject to a number of conditions,
including approvals of the regulatory authorities in the U.S. and the
European Union.

CONTACT:  BERTELSMANN AG
     Oliver Herrgesell
          Phone: +49 - 5241 - 80-24 66
          E-mail: oliver.herrgesell@bertelsmann.com

          SONY MUSIC ENTERTAINMENT
          Keith Estabrook
          Phone: 001 - 212 - 833 4647
          E-mail: Keith_Estabrook@SonyMusic.com

          BERTELSMANN MUSIC GROUP
          Patrick Reilly
          Phone: 001 - 212 - 930 4961
          E-mail: patrick.reilly@bmg.com

          SONY CORPORATION OF AMERICA
          Ann Morfogen
          Phone: 001 - 212 - 833 6873
          Ann_Morfogen@sonyusa.com


LINOS AG: Banks Give Way to Rehab Plan, Grant Debt Moratorium
-------------------------------------------------------------
As already announced, LINOS AG (ISIN DE 0005256507) has initiated a further
reorganization program in response to the poor market situation in the
second and third quarters of 2003.  This is leading to additional expenses
of EUR3.0 million.  The aim of the reorganization program is to reduce the
break-even point substantially.  The main measures taken to reach this aim
are reductions in both personnel and non-personnel costs.  LINOS will be
releasing over 100 more employees.

The banks that have granted the company loans have deferred the principal
payments due in September and December 2003 as well as part of the principal
repayments due in March 2004 totaling EUR3.1 million to finance the
reorganization program and ongoing business operations.

A simulation of the current tax situation reveals that the total losses
carried forward exceed the tax effects of the profits anticipated in the
next 3 to 5 years.  The tax asset based on corporation tax profit
expectations is therefore being limited to the figure formed on December 31,
2002.  LINOS generated revenue of EUR52.1 million in the first 9 months of
2003.  This is 1.9% less than in the same period the previous year.  Third
quarter revenue amounted to EUR16.9 million (previous year: EUR18.3
million).  EBIT were minus EUR3.8 million.  This means that earnings were
considerably poorer than in the previous quarter (-EUR1.9 million) and the
previous year (-EUR0.9 million).  It should, however, be taken into
consideration in this context that the EBIT in the third quarter of 2003
were depressed by the reorganization expenses.  Adjusted to eliminate these
non-recurring expenses and other special factors, the EBIT were at roughly
the same level as in the previous year at -EUR1.0 million.

EBIT for the first nine months of 2003 improved from -EUR9.2 million in the
same period the previous year to minus EUR 6.5 million.  This development in
the EBIT demonstrates the positive impact of the systematically implemented
reorganization program.  LINOS is expecting revenue at the same level as in
the previous year (EUR69.8 million) for the 2003 fiscal year as a whole.
EBIT will probably be minus EUR6 million to -EUR 7 million (previous
year: -EUR 9.2 million).

The quarterly report will already be published on Nov 14, 2003 instead of
November 18, as was originally reported.

CONTACT:  LINOS AG
          Phone: +49 551 6935-126


PRO DV: Maintains Full-year Negative Operating Result Forecast
--------------------------------------------------------------
PRO DV Software AG, an IT specialist for process-optimizing and geo-based
business solutions, attained a gross performance of EUR11.9 million
(previous year: EUR12.5 million) in the first nine months of this year,
according to provisional figures.  The operating result (EBIT) improved
to -EUR2.14 million over the first nine months of the previous year
(-EUR7.37 million).  The balance sheet situation at PRO DV continues to be a
good one with a balance-sheet total of EUR26.0 million and an equity capital
ratio of over 80%.

With this development PRO DV is continuing towards achieving the desired
turnaround.  Thanks to the successful implementation of cost-reduction
measures in conjunction with additional structural and organizational
optimization, the quarterly result has again been improved to a considerable
degree.  Thus the operating result (EBIT) in the third quarter was -EUR0.176
million, following on from -EUR3.60 million in the same period last year.

Given these general conditions the company is sticking by its prognosis for
the year as a whole.  The board of management continues to expect an
operating result (EBIT) of some -EUR2.0 million.  The complete quarterly
report will be available in the Internet under the address
http://www.prodv.defrom November 14, 2003 onwards.

                     9 months 2003     9 months 2002
Gross performance      11,887 TEUR       12,518 TEUR
EBIT                   -2,138 TEUR       -7,370 TEUR
Earnings per share      -0.53 EUR         -1.85 EUR

CONTACT:  PRO DV
          Christian Niederhagemann, Investor Relations Manager
          Phone: +49 231 9792 341
          Fax: +49 231 9792 200
          E-mail: ir@prodv.de
          Home Page: http://www.prodv.de


WCM GROUP: Creditors Ready to Snatch Valuable Assets
----------------------------------------------------
WCM might eventually be broken up, analysts said after creditor banks of the
company's principal holding company, Sirius, called in EUR600 million
(US$688) of debt, according to the Financial Times.

Sirius is understood to have until the end of November to pay back its debt
or trigger the seizure of its 49.9% stake in IVG, WCM's most prized asset.
The stake in the property investment group was used as collateral to loans
made to HSH Nordbank, DZ Bank and WGZ.  It is believed to be worth EUR9.48 a
share, or EUR550 million at current market values.

Any shortfall would not trigger the seizure of other assets "in the first
instance," WCM explains.

The condition puts in danger the group's other principal asset -- a 5.5%
stake in Commerzbank.  The holding is worth EUR600 million, whereas WCM's
own market capitalization is only EUR488 million.

WCM Chief Executive Roland Flach said last week he might sell the stake.
There had already been two indications of interest in the asset, WCM said.
The stake in Commerzbank could give the buyer a key strategic position in
Germany's third-largest listed bank.  WCM's other assets include 83% of
machine tools group Klockner Werke and 39% of Swiss real estate business
MAAG.


WESTLB AG: Lazard in Advance Negotiation to Buy Panmure
-------------------------------------------------------
Investment bank Lazard is set to enter exclusive talks regarding its plan to
buy the stockbroking business of German bank WestLB, according to The Times.

WestLB is selling Panmure as part of its restructuring effort following a
record EUR1.7 billion (GBP1.2 billion) loss last year.  It initially
received indications of interest for the brokerage firm from 30 potential
buyers, including the management team backed by 3i, the venture capital
firm.

WestLB plans to complete the sale by the end of the year, an unidentified
source of Bloomberg said.

Lazard, which is thought to be attracted to Panmure because it has ambitions
to expand in equity capital markets, was chosen from a group of six bidders
last week.  It is expected to pay about GBP10 million and take on about
GBP40 million in debt.

Knowing Lazard's woes from three-year slide in mergers, Hughes Doumenc, head
of equity research at Fideuram Wargny in Paris said: "This may be Lazard's
way of going into equity markets after three years of crisis," according to
Bloomberg.


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


RABA RT: Wins Contract to Supply Military All-terrain Vehicles
--------------------------------------------------------------
Hungarian automotive manufacturer Raba Rt won a HUF1.5 billion contract to
supply 60 all-terrain vehicles this year to the Hungarian Defense Forces,
according to Budapest Business Journal.

The contract is in addition to the previous agreement between the company
and the Defense Forces requiring Raba to supply the military with 90 H-14
all-terrain vehicles in 2004.  The order, which is worth HUF4.2 billion, is
part of the military's 15-year vehicle modernization program.

Raba produces axles, automotive components, commercial vehicles and engines.
It is one of the largest independent manufacturers of axles in the world.
The company posted consolidated losses of HUF3.3 billion in H1 2003, as
against a profit of HUF411 million a year earlier.  Just like the rest of
the automotive companies in Hungary, Raba suffers from declining export
revenues.


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


ONEIDA LTD.: To Close Local Factory as Part of Business Shakeup
---------------------------------------------------------------
Oneida Ltd., the world's largest maker and distributor of flatware and
tableware, will close its manufacturing plant in Vercelli, Italy, according
to Associated Press.

The move coincides with the closure of the company's manufacturing plants in
Buffalo N.Y., Mexico, and China.  Oneida owns a dinnerware factory and
decorating facility, and a warehouse in Buffalo.

Peter J. Kallet, Oneida's chairman and chief executive said: "After
reviewing our options... we determined (five plants) must be closed in order
for our company to operate in a profitable and cost-efficient fashion over
the long term."

The company lost more than US$7 million in the first two quarters of its
current fiscal year, and saw its sales slipped to US$212 million from US$231
million a year ago, prompting it to suspend payment of dividend after 67
years.

The company has already eliminated 100 jobs at its main manufacturing plant
in Oneida in August.  This is on top of 80 job cuts made and April.  The
closures will cost about US$46 million, but would save Oneida US$12 million
annually.  It will be completed during the fourth quarter of Oneida's
current fiscal year, which ends in January 2004.  The current plan will cut
approximately 1,000 jobs, leaving only the positions at its home base.
Company officials could not say whether this would be the end of job-cuts,
but they gave assurances that the closings do not signal the end of the
company, according to the report.  The Italian operation employs between
25-30 people.


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


LAURUS N.V.: Slashes Prices at Super de Boer, Konmar Chains
-----------------------------------------------------------
Laurus N.V., the Dutch grocery retailer working towards restoring
longer-term profitability, will cut prices on around 100 products at its
Super de Boer and Konmar chains.

Laurus has already cut prices last month on a range of products, but it is
further planning to strengthen the market position of the Super de Boer and
Konmar chains by making additional price cuts, according to Intesatrade.

It is noted that Dutch rival Albert Heijn, a unit of Royal Ahold N.V., has
been cutting prices to attract buyers.  TCR-Europe recently reported that
Ahold's Dutch Supermarket had cut prices by as much as 30% on 1,250 products
mostly on A grade items.

This triggered a price war with rivals Super de Boer and C1000, prompting
supermarket experts Rutte to warn on the effects of the battle of Albert
Heijn's supermarket branches, TCR-Europe said.

Laurus said in September it is continuing to work towards restoring
longer-term profitability.  To bring the cost structure more closely into
line with the present size of the business.  Laurus plans to reduce the
number of jobs at company offices, reduce the number of jobs at the offices
attached to the distribution centers, optimize logistics network, and
integrate fresh produce distribution.


NUMICO N.V.: Narrows Third-quarter Loss to EUR457 Million
---------------------------------------------------------
We are pleased to announce very positive results for our Baby Food and
Clinical Nutrition divisions for the third quarter 2003, a confirmation of
our strategic decision to focus on our core businesses.  Combined sales for
the two businesses grew by 9.3% in the third quarter 2003, while EBITA is up
18.3% versus last year.

Baby Food performed especially well, with sales up 8.1% and EBITA increasing
by 16.2%.  We see positive momentum in Western Europe, with sales growth
increasing to 2%, as well as in the rest of world, where we have dynamic
growth of 19%.

Clinical Nutrition continued its strong growth trend, increasing sales by
11.8% and EBITA by 22.9% in the third quarter.  This success was mainly
achieved through continued focus on Community Care and Disease Specific
offers.

GNC also showed a positive sales trend of 7.7%, the first positive growth
since the fourth quarter of 2001 and despite the elimination of
ephedra-based products.  EBITA growth was down 30.1%.  With this strong
performance in the third quarter, we reaffirm that the new Numico can
deliver the promised 2003 sales growth for our core divisions at the top-end
of our indicated range of 5-7%.  For EBITA, including GNC results for the
full year, we increase our target from EUR340 - 360 million to EUR375 - 385
million.

As we come to the conclusion of our strategic divestment program, including
the intended sale of GNC, and we continue to progress successfully with our
industrial restructuring program, we are focused and on-track to deliver our
aggressive targets of being a high-growth, high-margin specialized nutrition
player."

OUTLOOK

In light of the continued strong performance in the third quarter, we have
raised the outlook for 2003, barring unforeseen circumstances.  We expect
2003 comparable net sales growth to be at the high end of 5-7% for Baby Food
and Clinical Nutrition combined.  The strong performance in absolute terms
of Baby Food in the fourth quarter of 2002 will result in a relatively lower
comparable sales growth for Baby Food in the fourth quarter of this year.
We have also raised our combined 2003 EBITA outlook for Baby Food, Clinical
Nutrition and GNC to EUR375 - 385 million, after non-allocated costs and
excluding exceptionals.

Consolidated key figures third quarter and first nine months 2003
(EUR mln) Third quarter    % change        First nine months % change
          2003 2002   comp. 3 actual   2003 2002  comp. 3 actual
Sales      771 928  (9.3%) (16.9%)   2,516 3,056  (6.4%) (17.7%)
EBITA (excl. exceptional items)
          83 106  (15.6%) (21.3%)     277   364  (15.6%) (23.9%)
EBITA (incl. exceptional items)
          87 118  (20.1%) (25.9%)     187   355  (41.8%) (47.2%)
Net result
     (457) (1,437) 66.2%   68.2%    (545) (1,414) 58.5%   61.4%
Normalized cash earnings*
          36  41  (15.2%) (12.8%)    121   189  (35.0%) (36.1%)
Normalized cash EPS (EUR)*
        0.22  0.25 (15.4%) (13.0%)   0.73  1.14 (35.1%) (36.2%)
Free cash flow
        252   46                     484    245

* Normalized cash earnings: net result + amortization/impairment and
excluding exceptional items and result divestments after tax.

UPDATE ON STRATEGIC INITIATIVES

Divestment Program

The divestment program as outlined on November 8 last year is now completed.
The sale of Vitamex marks the last important withdrawal from the European
nutritional supplements market.  Through the sale of Vitamex the total
divestment proceeds will surpass the EUR300 million level as was targeted in
March of this year.

In addition, the intention to sell GNC to Apollo Management for USD750
million was announced on October 17, 2003 and approved by Numico's
shareholders during an Extraordinary General Meeting of
Shareholders on November 3, 2003.

Now that the divestment program as outlined in November 2002 is completed
and with the intended sale of GNC, Numico will be able to fully focus on
Baby Food and Clinical Nutrition to achieve the objective of becoming a
high-growth, high-margin specialized nutrition company.

Optimization of the European Baby Food production platform (Project Focus)

Project Focus, as announced on July 7, 2003, is aimed at substantially
improving the effectiveness and efficiency of the production platform of
Baby Food in Western Europe.  The objectives of the project are to maximize
the utilization of the plants and improve the efficiency of the production
processes.  The number of plants will be reduced from 16 to 9 in 2004 and
2005, leading to expected annualized pre-tax cost savings of EUR35 million
from 2006 onwards, although initial cost savings will be generated as early
as 2004.  Execution of this plan is well on track.  Since July, social plans
have already been agreed upon in Spain (Valdemoro) and the U.K. (Wells) and
good progress is being made in the other countries involved.  To date, we
have not seen any supply disruptions and we are confident that we will
successfully execute this optimization  program according to plan.

Reduction in working capital
Over the last four quarters, Numico has reduced working capital by EUR66
million, excluding currency effects.  As a result, working capital as a
percentage of sales has improved from 19.2% at the end of the third quarter
2002 to 18.0% at the end of the third quarter in 2003.  The initial working
capital reduction target of EUR50 million that was set for Baby Food and
Clinical Nutrition will be met by the end of the year.  The targeted EUR50
million reduction in working capital at GNC will not be met entirely as a
result of the particular emphasis on sales growth at GNC.  Therefore, the
overall working capital target of EUR100 million is revised downwards to
EUR90 million by the end of 2003.  Numico maintains its medium-term
objective to reduce working capital as a percentage of sales for Baby Food
and Clinical Nutrition to 12% by 2005.

Project Booster: Reduction of global purchasing costs

Project Booster, which is aimed at reducing the global purchasing costs by
EUR50 million by the end of 2003, is well underway to achieve this target by
the end of 2003.  To date, EUR38 million of cost savings have been realized.
These savings are used to maintain the current gross margin levels to
compensate for changes in geographic or product mix.  Numico is confident
that the remainder of the targeted cost savings will be achieved in the
fourth quarter.

To see full release: http://bankrupt.com/misc/Numico_3Q.pdfa


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


DNO ASA: Notes Assigned 'B-', 'Caa2' Credit Ratings
---------------------------------------------------
DNO has been assigned credit ratings by Standard & Poor's and Moody's of 'B'
and 'Caa1', respectively.  In connection with the credit ratings, DNO's
proven reserves, according to "SEC" standards, were estimated by independent
engineers at 49 million barrels.

As previously announced, DNO is considering undertaking a senior notes offer
of US$150-200 million.  For this offering, DNO has been assigned credit
ratings by the international rating agencies Standard & Poor's and Moody's
of 'B-' and 'Caa2', respectively.  Standard & Poor's and Moody's have issued
their own press releases about the ratings.

A decision undertaking a senior notes offering will inter alia depend on the
terms achieved.

During preparation of the above ratings, DNO had independent engineers make
reserves estimates according to "SEC" standards.  According to these
estimates, the company's proven reserves at June 30, 2003 were 49.5 million
barrels while the company's proven developed reserves were 21.6 million
barrels.

DNO expects that the company's proven reserves will increase when the PL 203
development plan receives formal approval by the Norwegian Authorities.
Similarly, DNO expects that the company's proven developed reserves will
increase when Broom comes on stream during the summer of 2004.

As previously announced to the market during the presentation of the 2nd
quarter interim results 2003, DNO estimates the proven + probable reserves
of approximately 143 million barrels as of June 30, 2003.  This is an
increase of approximately 17 million barrels compared to the December 31,
2002 estimate.

DNO will be preparing an updated reserves report at December 31, 2003 in
connection the work on its annual report for 2003.

CONTACT:  DNO ASA
          Helge Eide, Group Managing Director
          Phone:(+47) 55 22 47 00 /(+47) 23 23 84 80
          Home Page: http://www.dno.no


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


GUNNEBO AB: Rosengrens to Transfer Malung Operations to Mora
------------------------------------------------------------
Gunnebo, the international security group, has been carrying out an
extensive structuring program within the Gunnebo Physical Security division
since the end of 2000.  The object of the program was to return the division
to profitability by reducing the capacity to manufacture safes and banking
products in Europe by 40%, and by significantly reducing the number of
product ranges and models.

As part of the program three factories -- one each in England, Holland and
Germany -- have been closed down, and the manufacture of high-graded,
fire-resistant safes has been concentrated at Rosengrens factories in Mora
and Malung in Sweden.  As a result of these measures, the previously
unprofitable companies acquired by Gunnebo now are performing at
substantially higher operating profitability.

As a further stage in the structuring program, Rosengrens intends to close
the plant in Malung and transfer production to the factory in Mora.  The
planned closure will affect some 50 employees, of whom around 25 will be
offered employment at the factory in Mora.

Gunnebo is today an international fast growing security group with 110
companies located in 32 countries.  The Group has sales to a further hundred
markets via agents and distributors. Turnover is EUR760 million.  Gunnebos
security products mainly include fire and burglar resistant safes, security
products for banks and cash handling, electronic security systems, fire
protection, entrance control and access control, alarm centers and indoor
and outdoor perimeter protection.  Gunnebo has at its disposal some of the
worlds leading brand names in security: Chubb Safes, Fichet-Bauche,
Rosengrens, Ritzenthaler, Garny and Leicher.

CONTACT:  GUNNEBO AB
          Bjarne Holmqvist, President and CEO
          Phone: +46 31 83 68 00
                 +46 708 40 03 70
                 +46 705 83 64 45

          Torbjorn Browall, Divisional President
          Physical Security: +46 31 749 90 50
                             +46 705 92 56 04 (mobile)
          Janerik Dimming, Senior Vice President Group
          Communications, Gunnebo AB
          Phone: +46 31 83 68 03
                 +46 705 83 68 03 (mobile)
          E-mail: janerik.dimming@gunnebo.se


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


ABB LTD.: Wins US$21 Million Rehab Works in Malaysia
----------------------------------------------------
ABB, the leading power and automation technology group, said Thursday it has
won turnkey contracts worth US$21 million to rehabilitate and extend five
275/132kV substations in Malaysia.

The five substation contracts with Tenaga Nasional Berhad are to upgrade the
electrical infrastructure around the city of Kuala Lumpur and in the
northern part of Malaysia to meet increasing demands for energy and a
reliable power supply.

Tenaga Nasional Berhad is Malaysia's national electrical utility, serving
five million customers.

"Our considerable experience and presence in Malaysia and the value we have
delivered to Tenaga Nasional Berhad in the past were key factors in
receiving this contract.  It is a sign of confidence that Tenaga Nasional
Berhad places this contract with ABB," says Peter Smits, head of ABB's Power
Technologies division.

ABB will complete the first four 132kV substation extensions in 12 months,
and the remaining 275/132kV substation in 24 months.  The extensions are
being built in operating substations, so transmission and operational
interruptions will be kept to a minimum.

The project includes the design, manufacture, testing, erection and
commissioning of civil works, switchgear and associated equipment.  ABB will
supply 275kV and 132kV AIS switchgear, associated substation equipment, as
well as control and protection panels, including a substation automation
system.

ABB is the worldwide leader in the field of transmission and distribution
substations, with more than 2,500 substations delivered in the last ten
years.

ABB (http://www.abb.com)is a leader in power and automation technologies
that enable utility and industry customers to improve performance while
lowering their environmental impact.  The ABB Group of companies operates in
around 100 countries and employs about 120,000 people.

                              *****

ABB is disposing assets, including a power network and the Red Bank
coal-powered electricity station in Australia, to reduce its debt to US$6.5
billion by year's end.  The engineering company's debt reached US$8.3
billion at the end of the second quarter.


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


AORTECH INTERNATIONAL: Shift to Biomaterial Business Bears Fruit
----------------------------------------------------------------
During the year ended March 31, 2003, the Company announced that it was
implementing a major change in strategy in order to significantly reduce the
cash burn rate and ensure the Company's survival.  This rationalization has
now been completed and most outstanding costs from the discontinued
businesses have been paid.

The results for the first 6 months of the year reflect the early stage
nature of this new business.  Sales of GBP212,414 consist largely of
up-front payments from two new licensees for Elast-Eon.  Operating expenses
of GBP1,181,960 comprise costs from both the new business and from
businesses discontinued in the previous year and lead to a loss before tax
of GBP1,018,285.  During the period, the Company received cash in respect of
research and development tax credits totaling GBP1,252,332 and this is shown
in the Profit and Loss Account as a taxation credit, resulting in an after
tax profit for the period of GBP234,047.  The cash position at the end of
the half-year was GBP6,199,292.

Biomaterials

The new strategy centers on the development of a biomaterials business based
on Elast-Eon, a proprietary silicone/polyurethane material.  The Board is
delighted with the progress so far.

During the period to September 30, 2003, three new technology/material
supply agreements were signed with a fourth signed in October.  These were:

(a) Abbott Laboratories for use with their drug eluting stent program -
non-exclusive

(b) St Jude Medical for use with their cardiac rhythm management programs -
non-exclusive

(c) A major medical device partner for use in cardiovascular surgery product
applications

(d) Percardia for use in their trans-myocardial direct revascularization
technology

These agreements all involve up-front payments followed by milestone
payments, raw material supplies and royalties.  In some cases they may also
involve co-development work and the manufacture and supply of critical
components and/or products.

Discussions are also being held with other potential licensees in those
sectors where non-exclusive licenses are currently held.

A strategic alliance has been formalized with the Australian CSIRO for
future product/material technology and the first license has been signed for
an orthopedic grade of the base polymer technology.

This orthopedic material has been defined, processes for its production have
been qualified and scale up activities should be completed prior to the
fiscal year end.  Customer reception to this new material has been very
positive.

A grade of Elast-Eon has been developed with the specific intent of
addressing the strength and safety concerns that exist with the current
breast implant products.  Feasibility and prototype device phases are
complete and the company is actively seeking a corporate partner.

A number of new development projects are currently being discussed with the
CSIRO

Operational progress has been highlighted by the qualification of alternate
suppliers of raw material and the qualification of the manufacturing quality
system to ISO 2000.  In addition the Company's Technology and Manufacturing
Center in Melbourne has successfully completed three corporate partner
quality system audits and has enhanced its analytical capabilities by the
addition of state of the art triple detection GPC and specialized equipment
designed to perform high-cycle fatigue performance of polymer materials.

Summary

The Company has traveled through an extremely difficult period but there are
now clear signs that the new strategy is beginning to work.  The Company is
starting to re-emerge as an early stage biomaterials business with the
opportunity to grow into a more substantial company operating in a number of
high growth markets.  The Board has been encouraged by the very positive
response from most of the large global medical device companies approached
and their very real interest in the Company's material technology and its
development and manufacturing capabilities.

The significant progress that the Company has made so far this year is
entirely due to the excellent and enthusiastic employees that have remained
with the Company, ably led by the CEO Frank Maguire.

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

CONTACT:  AORTECH INTERNATIONAL PLC
          Phone: 01698 746 699
          Frank Maguire, Chief Executive

          College Hill
          Phone: 020 7457 2020
          Nicholas Nelson/Clare Warren


BIG FOOD: Sales Remain Flat, but Pre-tax Profit Up 14%
------------------------------------------------------
The first half of the year saw the Group build on the progress seen in the
second half of last year as our recovery strategy continued to be
implemented to plan.  Compared to the prior first half, Iceland returned to
profit, Booker continued its steady growth and Woodward grew its market
share.  Our strategic initiatives are beginning to deliver as Iceland's roll
out of its new format program gathered pace, Booker grew its Premier chain
of retailers and Woodward expanded its full temperature offering to its
customers.

SUMMARY

Total net sales for the period were GBP2,390.8 million (2002: GBP2,378.1
million).  Operating profit before amortization of goodwill and exceptional
items, was GBP27.4 million (2002: GBP18.2 million), operating profit was
GBP17.1 million (2002:
GBP4.1 million) and profit before amortization of goodwill, exceptional
items and tax was GBP15.9 million (2002: GBP6.6 million).  There are no
exceptional items this year.

Earnings per share were 1.7p (2002: 1.5p) and adjusted earnings per share
were 4.8p (2002: 1.6p).   An interim dividend of 1.1p (2002.1.0p) per share
is proposed.

SALES

Booker

Booker grew its total sales over the corresponding period last year.  In
particular, non tobacco sales were ahead by 1.6% on a like for like basis
whilst tobacco sales recovered strongly with 0.7% increase on a like for
like basis demonstrating that the Spend and Save discount scheme is
appealing to our business customers.  The total sales uplift was achieved
despite the fall in phone card sales by GBP23 million as the technology
switches to electronic top up, which under the draft FRS 5 application note
for revenue recognition are included in turnover on a commission only basis.
Electronic top ups and phone cards are therefore excluded from the like for
like figures.

The Spend and Save scheme was launched at the beginning of April.  This
scheme, which rewards customers with discounts based on the level of their
purchases, has brought clarity to the Booker price position.

The major product categories of alcohol and grocery both recorded good
advances in sales, benefiting from the warm weather with strong sales of
beer and soft drinks.

Woodward Foodservice

The 19.0 % increase in like for like sales is the result of increased
investment in sales people and was particularly evident in the growth of
National Accounts.
Over GBP2 million of sales of ambient grocery products were achieved through
two new depots.

Iceland Foods

Iceland recorded total sales of similar levels to those achieved in the same
period of last year.  Performance continued to improve during the first half
with like for like sales becoming positive in the second quarter with an
increase of 1.4%.  A combination of our commitment to great value deals,
particularly on frozen meal solutions for the family, coupled with the
increase in the number of new format stores has proved successful.  There
were 89 stores trading in one of the three new formats by the end of the
first half.   The 48 conversions in the first half this year have sales well
above the average for the estate and continue to produce an average
performance in line with the trials.

OPERATING PROFIT

Operating profit before goodwill amortization and exceptional items was:


                          2003                             2002
                       GBP million                   GBP million

Booker                    26.6                             26.1
Woodward                  (2.2)                            (1.0)
Iceland                    3.0                             (6.9)

                          27.4                             18.2

These results were achieved after absorbing increased property costs of
GBP1.4 million at Booker and GBP1.1 million at Iceland following the sale
and leaseback component of last year's re-financing of the Group.

Booker saw an underlying growth in operating profit of 7% which resulted
from the increase in non-tobacco sales and an improvement in gross margins
supported by tight cost controls.

Woodward has incurred additional costs through the opening of the two
ambient distribution centers in September 2002 and July 2003 as well as the
expansion of the sales force.  The operating loss is in line with
expectations for the year.

Iceland returned to profit against the first half of last year.  Gross
margins have been fully restored and sales have been stabilized in the core
estate whilst the new format stores capture new sales.  Stores refitted
during 2002/03
are contributing incremental profits as a result of the sales uplifts.

IMPLEMENTATION OF STRATEGIC INITIATIVES

We are making good progress in implementing our strategic initiatives to
develop our Booker, Iceland and Woodward offers whilst creating lower cost
and more effective central support platforms in line with our integrated
food group strategy.

Business Units

(a) Booker: Premier fascia customers increased from 1001 to 1172.  Total
sales through Premier have increased by over 20% including organic growth in
excess of 5%.  Drop Shipment sales were GBP4 million in the first half from
customer numbers up from 400 to 1,000 during the period.  Supplier
collaboration projects moved on apace with the first category, soft drinks,
relaunched under the newly developed category business planning model
resulting in improved sales from a reduction in range.

(b) Woodward: A second ambient grocery distribution centre was opened in
July and a third is scheduled for the second half.  These will provide the
logistic capability for the expanded range of ambient and chilled products.
The sales force was augmented by the recruitment of 46 additional territory
sales managers and a number of new accounts were awarded.

(c) Iceland:  48 refits were completed of which 28 were in the convenience
format, 17 were in the core plus format and 3 in the core format.  These new
formats continue to appeal to our customers with wider ranges in chilled and
fresh foods and the introduction of more services including extended hours
and in store bakeries.   Iceland is concentrating this year on converting
stores with above average sales to optimize the cash return on investment.
A further 60 stores will be converted this year and the program will be
accelerated to 200 stores in the next financial year.   At the end of the
first half, new stores were opened in Birmingham and Belfast, and three
underperforming stores with little potential for improvement were disposed.

Central functions

(a) The Finance Shared Service Center has been in operation at Deeside since
the beginning of April with the closure of the accounts departments at both
Booker and Woodward.

(b) The development was completed on new HR and payroll systems which will
be implemented in the second half.

(c) The development phase of the Master Data project was completed which
will provide a new central repository of customer data, pricing and
promotions, product and stock.  A network for Booker branches was created
for roll out during the second half.

(d) The Iceland and Booker distribution centers in Scotland were
consolidated into a single facility at Livingston.

INTEREST

Net interest payable was GBP11.5 million reflecting the impact of the
refinancing completed in June of last year including the amortisation of
costs of GBP0.6 million.

TAX

The Company has agreed with the Inland Revenue the tax position on a number
of issues which have been in dispute.  Accordingly there is expected to be
no net tax charge for the year as a whole.

CASH FLOW

The Company generated cash of GBP66.8 million comprising:

                                                    GBP million
Operating profit before amortization of goodwill    27.4
Depreciation and amortization                       31.3
                                                    58.7
Interest, tax and dividends                        (16.6)
                                                    42.1

Working capital                                     44.9
Capital expenditure                                (31.1)
Fixed asset disposals                               16.6
Prior period exceptional costs                      (1.2)
Provisions                                          (1.4)
ESOP share purchase                                 (3.1)

Net cash flow                                       66.8

Net debt at March 28, 2003                        (282.6)

Net debt at September 12, 2003                    (215.8)


Average net debt for the twenty-four weeks to September 12, was
approximately GBP241 million.

Working capital inflow arises from the mid month balance sheet date and can
be expected to reverse during the second half.

Capital expenditure at GBP31 million was similar to the depreciation charge
for tangible fixed assets.  The rate of investment is expected to increase
during the second half.

The Company disposed of a freehold property occupied by Booker in Reading
for GBP15 million. The branch has been relocated.

DIVIDEND

An interim dividend of 1.1p is proposed.  The dividend is payable on January
9, 2004 to shareholders on the register at 5 December 2003.

PEOPLE

Shortly after the first half, the Board announced the appointment of Alan
McWalter as non-executive director and the retirement of Alan Smith who had
joined the Board in June 2000 with the acquisition of Booker.  Jon Grey
joined the Group Executive Board as Logistics Director having successfully
developed the Iceland Home Shopping business.

OUTLOOK

The food retail environment served directly by Iceland and indirectly by
Booker and Woodward remains as competitive as ever.  It is possible that
further industry consolidation following the report in September by the
Competition Commission will see further price competitiveness over the
coming months.  Growth in sales coupled with cost efficiencies remains the
key to success.  The Company will continue to implement its strategic
initiatives to achieve those aims.  In the meantime, the important Christmas
period lies ahead in the third quarter and our business units have developed
their plans, in conjunction with suppliers, for a successful value for money
campaign.

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


CASTLE BLAIR: Shuts down Alloa Factory; 60 Workers Affected
-----------------------------------------------------------
Dumferline-based Castle Blair is closing an Alloa clothes factory because it
could no longer sustain the costs of running the factory, according to the
Scotsman.

Castle Blair was not available for comment last week, but high street giant
Marks & Spencer, which buys its ladies wear and school, said the closure had
been necessary to boost Castle Blair's competitiveness.  The company plans
to move production to cheap labor markets overseas -- possibly to Turkey,
where the company has a factory.  Marks & Spencer will continue to be
supplied by the company from these locations.

A total of 60 jobs at the Alloa factory will be affected by the closure.  An
unspecified number of jobs are also expected to go at Castle Blair's
headquarters.  The shutdown is expected complete in a month.


DATAFLEX HOLDINGS: EGM Approves Voluntary Liquidation
-----------------------------------------------------
Dataflex announces that the resolutions proposed at the EGM held on Thursday
were duly passed.  The resolutions comprised special resolutions to change
the name of Dataflex to Designrealm Holdings plc, to wind up the Company
voluntarily and approve the appointment and remuneration of the Joint
Liquidators, and an extraordinary resolution to grant to the Joint
Liquidators powers to liquidate the Company.

Having previously disposed of the business of Dataflex Design Communications
Limited, such disposal having been approved by Shareholders at an
extraordinary general meeting held on October 24, 2003 and announced on the
same day, the Company no longer has any trading activities.  The Company has
been placed into members' voluntary liquidation and Frederick Charles Satow
and Stephen Paul Holgate of PKF have been appointed as Joint Liquidators to
conduct the Liquidation.

The Company's Ordinary Shares have been suspended from the Official List of
the U.K. Listing Authority since October 29, 2003.  The cancellation of the
listing of the Company's Ordinary Shares took effect at 7:30 a.m. on
November 7, 2003.

It is intended that the surplus cash remaining after settlement of the
Company's debts will be distributed to Shareholders pro rata to their
respective holdings of Ordinary Shares in the Company.

The Directors have discussed the amount and timing of distributions to
Shareholders with the Joint Liquidators, who have based their estimates on
the assumptions that the remaining assets are realized as expected, the
appropriate tax clearances are obtained and no further liabilities arise.
On the basis of such discussions, the Directors expect that a total amount
of between approximately GBP11.2 million and GBP12.8 million will be
available for distribution to Shareholders, representing between
approximately 16.1 pence and 18.5 pence per share.

There will be at least two distributions of cash to Shareholders.  Whilst
the amount and timing of any distribution is uncertain, the Joint
Liquidators have indicated that a first distribution of between 14.0 pence
and 15.0 pence per share should be paid to Shareholders by mid January 2004.
The Joint Liquidators have indicated that a second distribution,
representing substantially all of the remainder of the funds available for
distribution to Shareholders, should be made by December 31, 2004.

CONTACT:  DATAFLEX HOLDINGS PLC
          Dr. Paul Castle
          Phone: 01923 250244

          GRANT THORNTON CORPORATE FINANCE
          Philip Secrett
          Phone: 020 7383 5100


EQUITABLE LIFE: Treasury Delays Release of Lord Penrose's Report
----------------------------------------------------------------
Opposition MPs and policyholders of Equitable Life got angry upon learning
they would not have full access into the official report on the collapse of
the insurer, according to the Telegraph.

The report quoted Ruth Kelly, financial secretary to the Treasury, saying
that Lord Penrose's report was still in its late stages and would have to be
vetted by Treasury lawyers.  The report should have been published last
year.

She said: "We will publish as much of Lord Penrose's report as we possibly
can, as much as is practicable, as soon as is practicable, following the
receipt of the report.  But I have to emphasize now, so that people don't
have unrealistic expectations, that it will take a period of time to legally
examine the contents of the report.  It could be that parts of the report
would be subject to legal confidentiality restrictions."

Ms. Kelly was speaking at an adjournment debate at Westminster.  Shadow
Treasury minister Stephen O'Brien described the delay as a "scandal,"
according to the report.  Conservative MP Richard Ottaway said the Treasury
intended to bury the report's more critical passages.

Paul Braithwaite of the Equitable Members Action Group, meanwhile, said it
is "ridiculous" that Ms. Kelly won't confirm whether the report would come
out unexpurgated.

"It is an insult to Lord Penrose to say Treasury solicitors will have to
check it for legal infractions," he said. "As a law lord that is something
he surely will have done himself."


FUSION OIL: Urges Shareholders to Reject Sterling Offer
-------------------------------------------------------
The Fusion board notes Sterling's announcement earlier, in which it states
it has further extended its Offer until November 30, 2003.  Sterling has
received acceptances for only an additional 402,627 Fusion shares
(representing 0.4% of the existing issued share capital of Fusion) since
October 23, the first closing date for its Offer.

As a result, Sterling has now received acceptances in respect of
approximately 46.9% of the issued share capital of Fusion, as enlarged by
the recent conversion of Fusion Oil & Gas NL partly paid shares into
2,181,000 ordinary shares in Fusion.

The Fusion board continues to believe that Sterling's Offer is both
opportunistic and undervalues the Company - a view reinforced by the
excellent production test results on the Chinguetti-4-5 well, the
announcement that the Chinguetti-4-6 Tiof exploration well is drilling
ahead, and the conclusions of the independent valuation report which were
released on October 31.

The Fusion board is continuing its discussions with other companies with a
view to securing a better deal for Shareholders.  These discussions involve
the evaluation of large quantities of technical data, which by its very
nature is a time consuming process.  Therefore Shareholders who have not
accepted Sterling's Offer are strongly urged to continue to exercise
patience by not taking any action in respect of the Offer, thereby allowing
these companies adequate time to consider their position and the terms of
any offer they may wish to make.

CONTACT:  FUSION OIL & GAS PLC
          Peter Dolan, Chairman
          Phone: 020 8891 3252
          Email: pdolan@fusionoil.co.uk

          Alan Stein, Managing Director
          Phone: 00 61 89226 3011
          E-mail: astein@fusionoil.com.au

          COLLEGE HILL ASSOCIATES
          Phone: 020 7457 2020
          James Henderson
          E-mail: james.henderson@collegehill.com

          Phil Wilson-Brown
          E-mail: phil.wilson-brown@collegehill.com
          Canaccord Capital (Europe) Ltd

          Toby Hayward
          Phone: 020 7518 7393
          Email: toby_hayward@canaccordeurope.com


JOHN DAVID: Names Successor to Finance Chief Malcolm Blackhurst
---------------------------------------------------------------
The John David Group Plc, a leading specialist retailer of fashionable
branded sports and leisure wear, has appointed Brian Small to the role of
Group Finance Director and Company Secretary.

His current position is Operations Finance Director for Intercare Group PLC.
His previous positions include Finance Director of Denby Tableware, Finance
Director and Company Secretary of Kosset Carpets and Group Finance Director
of Barr and Wallace Arnold Trust PLC.

Prior to moving into industry, Mr. Small spent nine years with Price
Waterhouse in both audit management and senior consultancy roles.  He is a
qualified Chartered Accountant and has a BSc (Econ) Accounting and Finance
from the London School of Economics.

Mr. Small will become a member of the John David Group Plc Board and the
company's Executive Board.  He will replace Malcolm Blackhurst, who last
month, announced his resignation and will leave the company at the end of
December 2003.  Mr. Small will formally take up his new role on January 1,
2004.

Roger Best, Chairman of John David Group Plc commented: 'Brian is a
commercially orientated professional manager, with more than seventeen years
experience in senior financial and general management roles.  In particular,
his significant turnaround experience will be of great benefit to John David
Group as we move forward.'

                              *****

John David finance director, Malcolm Blackhurst, resigned last month as the
company unveiled losses of GBP5.6 million at the half-year.  The group
denied the exit of Mr. Blackhurst is due to the poor performance of the
business.

The resignation did not surprise some analysts, according to the Telegraph.
One said: "The company has had a pretty torrid 18 months and he has had
enough of making poor announcements to the City, although the issue at John
David is operational not financial."

John David Group made two profit warnings before reporting the GBP5.6
million-loss in the six months to the end of July due to exceptional costs
of GBP4.5 million, including a GBP3 million- loss on the disposal of fixed
assets.

CONTACT:  THE JOHN DAVID GROUP PLC
          Phone: 0161 767 1000
          Roger Best (Executive Chairman)

          HOGARTH PARTNERSHIP LIMITED
          Phone: 0207 357 9477
          Andrew Jaques
         Tom Leatherbarrow


MYTRAVEL GROUP: Issues Latest Update on Disposals
-------------------------------------------------
MyTravel Group plc announces that it has posted a supplemental circular to
shareholders, including a letter from the Chairman which provides
information on the Cruise, Auto Europe and WCT disposals.  This should be
read together with the Notice of an Extraordinary General Meeting of the
Company and the accompanying letter from the Chairman sent on November 2003.

To read text of the supplemental circular:
http://bankrupt.com/misc/MYTRAVEL_Supplemental_Circular.htm

Deutsche Bank, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for MyTravel in connection with the Cruise
Disposal, the Auto Europe Disposal and the WCT Disposal and for no one else
and will not be responsible to anyone other than MyTravel for providing the
protections afforded to customers of Deutsche Bank or for providing advice
in relation to the matters referred to in this document.

CONTACT:  BRUNSWICK
          Phone: 020 7404 5959
          Fiona Antcliffe
          Sophie Fitton
          Roderick Cameron


NETWORK RAIL: In Joint Effort with Govt to Plug Financial Gap
-------------------------------------------------------------
Talks are currently being held to find alternative ways to finance Network
Rail, including raising billions of pounds from the debt markets, according
to the Telegraph.

Network Rail has to secure extra private capital if it were to continue
operating at least until the next election.  It needs around GBP8 million to
bridge what rail regulator Tom Winsor believes the company needs over the
next five years and what the Strategic Rail Authority can afford to pay,
according to the report.

To address the concern, a 15-strong group composed of representatives from
the Department of Transport, the Treasury, Strategic Rail Authority, the
Office of the Rail Regulator and Network Rail, is trying to come up with a
proposal to the rail regulator next month.

Those involved in the talks include Lewis Atter, a senior official at the
Treasury, and Mark Lambirth, head of one of the two rail directorates at the
Department of Transport; Doug Sutherland, from the Strategic Rail Authority,
its finance director, Jim Steer, head of strategy, and operations chief
Nicola Shaw; Ron Henderson from Network Rail, its finance director, and Paul
Plummer, head of corporate planning and regulatory affairs. The rail
regulator is represented by Tim Martin, its director of economics.

They started meeting in August with a view towards making a formal proposal
to the rail regulator on November 21, ahead of the regulator's publication
of its "final conclusions" for the next five-year regulatory review.

Previously, rail regulator Tom Winsor minded to allow Network Rail to charge
the train operators GBP22.7 billion for the five years from April 2004.  The
amount is GBP8 billion more than the previous regulatory settlement, and is
believed too much for the Strategic Rail Authority's budget.

The group's meeting is understood to be aimed at drafting a proposal to
raise the value of Network Rail's regulated asset base above the proposed
GBP17.5 billion at April 2004.  This would enable the rail operator to
increase its borrowings, which are forecast to reach GBP14 billion by next
April.  Ultimately, this would lower the amount needed by Network Rail from
Mr. Winsor's review in the first few years of the next control period.
Network Rail, however, could be forced to drastically raise charges to
finance the extra loans.


NORTHERN ELECTRIC: North Ireland Stores Bear Brunt of Job-cuts
--------------------------------------------------------------
Administrators of Northern Electric, KPMG Corporate Recovery, cut 402 jobs
at the household appliance retailer, including 285 positions in Northern
Ireland, according to Ananova.

Northern Electric went into administration Saturday, a fate the
administrators blamed on competitive pressures and squeezed margins.

The administration included the group's Northern Ireland's holding company,
Shop Electric Group -- consisting of 35 stores -- and its two subsidiaries,
Northern Retail, which trades as Northern Electric, and warranty support
company B2C Support Services.

Following the filing, Northern Electric's U.K. stores were closed over the
weekend as receivers carry out an inventory of the company's assets.  The
administrators had hoped to reopen some of these stores early in the week,
but the shops remained shut on Tuesday as talks regarding the future of the
retailer continue.

The Gateshead-based group is not owned by power company Northern Electric.


TELEWEST COMMUNICATIONS: Q3 Net Loss Down to GBP119 Million
-----------------------------------------------------------
Highlights of Results:

Strengthening financial position

(a) Customer growth
(b) Record EBITDA and margin before exceptionals
(c) Record ARPU
(d) Free cash flow positive year to date
(e) Restructuring discussions progress

                         9 months            3 months
                   ended 30 September    ended 30 September
               2003    2002    change   2003   2002   change
               GBPm      GBPm               GBPm     GBPm

Total turnover *
              1,013    1,010            339      336    up 1%

EBITDA **       334      281   up 19%   114       97    up 18%

EBITDA margin **
                33%      28%   up 5% pts  34%     29%  up 5% pts

Total operating loss
               (58)    (183)   down 68%  (17)     (64)  down 73%

Net loss       (327)   (397)   down 18%  (119)    (158) down 25%

Capex           159     330    down 52%   55        89  down 38%

Free cash flow ***
                30     (338)   up GBP368m  (1)    (90) up GBP89m

* includes Telewest's proportionate share of UKTV.
** includes Telewest's proportionate share of UKTV and is before exceptional
items of GBP16m and GBP9m in the 9 months and 3 months ended 30 September
2003, respectively.
*** net cash inflow/(outflow) before use of liquid resources and financing.

Commenting, Charles Burdick, managing director, said: "As anticipated, we
returned to modest customer growth across each of our consumer product
lines, with new product propositions and increased and more efficient
marketing combining with reduced churn.  These trends have continued into
October.

"Our bundled products are proving popular, and 15% of our customers now take
the triple play of TV, telephony and broadband.  Our ARPU, which remains the
highest of any European cable company, has again risen to a record level.
We also continue to be the broadband leaders in our franchise areas with an
accelerating growth driven by innovative services, including wireless
broadband and 2Mb speeds.

"Together with our focus on costs, this operational performance has
delivered record EBITDA and EBITDA margin for the quarter before
exceptionals and positive free cash flow for the year to date.

"Alongside our commercial and financial progress, we have announced
agreement with our principal shareholders and bondholders on the terms of
our proposed financial restructuring and are in discussions with our banks
on the new term sheet for our continued bank finance.

"We believe our strategy of customer focus, cost control and broadband
leadership across the strength of our franchises provides a good platform
for future growth and increasing cash generation."

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

CONTACT:  TELEWEST COMMUNICATIONS PLC
          Charles Burdick, Managing director
          Phone: 020 7299 5000

          Jane Hardman, Director of corporate communications
          Phone: 020 7299 5888

          Richard Williams, Head of investor relations
          Phone: 020 7299 5479

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888

          Sue Pemberton
          Phone: 07779 572711


THOMAS COOK: Posts Recent Changes in Executive Board
----------------------------------------------------
Deutsche Lufthansa AG and KarstadtQuelle AG, as the shareholders of Thomas
Cook AG, hereby give notice that Stefan Pichler and Norbert Kickum have
resigned their posts as members of the Executive Board of Thomas Cook AG by
mutual and amicable agreement with the shareholders and with immediate
effect.

The Supervisory Board of Thomas Cook AG has consequently appointed Peter
Gerard as interim CEO and Dr. Karl-Ludwig Kley as interim CFO of Thomas Cook
AG.  Mr. Gerard and Dr. Kley will relinquish their positions on the
Supervisory Board of Thomas Cook AG, but will remain members of the
Executive Boards of their respective Group companies KarstadtQuelle AG and
Deutsche Lufthansa AG.

                              *****

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.


                            *********


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
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Information contained herein is obtained from sources believed to be
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The TCR Europe subscription rate is US$575 per half-year, delivered via
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