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        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

          Wednesday, December 3, 2003, Vol. 4, No. 239


                            Headlines

B E L G I U M

SN BRUSSELS: Remains Cautious Despite Auspicious Signs


F R A N C E

ALCATEL SA: Hundreds to go in New Round of Redundancies
BULL SA: French Government Sued Over Illegal Bailout Package


G E R M A N Y

BRAU UND BRUNNEN: HVB Aborts Plan to Sell Majority Stake
WESTLB AG: Might Record Another Significant Loss this Year


I T A L Y

ALITALIA SPA: Labor Minister Opposes Job-cuts, Suggests Shakeup
CIRIO FINANZIARIA: Administrators Invite Bid for Core Business


N E T H E R L A N D S

HAGEMEYER N.V.: Creditor Banks Reluctant to Take Clayton Offer
GETRONICS N.V.: Shakes up Management Following Strategic Review
RELIANT RESOURCES: Sale of European Business Cleared
ROYAL PHILIPS: China 'Important' Growth Area, Says Chief


N O R W A Y

PETROLEUM GEO-SERVICES: Delays Schedule of Cash Distribution
PETROLEUM GEO-SERVICES: Posts Latest Changes in Management


R U S S I A

WIMM-BILL-DANN: Expects to Report Fourth Quarter Loss


S W I T Z E R L A N D

SKANDIA INSURANCE: Former Execs Mismanaged Firm, Probe Concludes
SKANDIA INSURANCE: Cleared from Alleged Misdeed at Skandia Liv
SKANDIA INSURANCE: Wants Criminal Prosecution for Fired Execs
SKANDIA INSURANCE: Chairman Braun Resigns with Immediate Effect
SWISS INTERNATIONAL: To Discuss Ownership Structure Next Year


U N I T E D   K I N G D O M

BOMBARDIER: Amicus Calls on MPs to Rally Behind Workers
BOXCLEVER: Investors Give up, Hoist 'For Sale' Sign
BRITISH ENERGY: Appoints New Head of Finance
CHRISTIAN SALVESEN: 1st-half Pre-tax Profit Down to GBP10.1 Mln
DRAX HOLDINGS: Rejected Bidder Belittles Firm's Alternate Plan

LEEDS UNITED: Calls Reports of Offers 'Speculations'
LIFE REPAIR: Unable to Restore Health, Files for Administration
LUCITE INTERNATIONAL: Outlook Revised on Improved Finances
MURRAY FINANCIAL: To Liquidate Bond Portfolio to Generate Cash
TRINITY MIRROR: Agrees to Sell Irish Titles to 3i
WATERFORD WEDGWOOD: Publishes Rights Issue Documentation
WINCHESTER ENTERTAINMENT: Inks Merger Pact with Content Film


                            *********


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


SN BRUSSELS: Remains Cautious Despite Auspicious Signs
------------------------------------------------------
The successor of bankrupt Belgian carrier Sabena, SN Brussels,
reported its second consecutive profit in the third quarter, but
it remains cautious for the rest of the year, according to
Expatica.com.

SN Brussels Airline made EUR2 million in profits as passenger
traffic in the period picked up.  It carried more than 800,000
passengers throughout the summer season.  Last year, the carrier
booked a EUR19 million- loss for the quarter.  This time around,
it succeeded in reducing operational costs by EUR7 billion.

The airline remains cautious, however, and has not yet issued an
earnings outlook for 2003.  This fear stems from the fact that
November is traditionally a weak period.  The Belgian airline
hopes to return to profit by year's end and is currently offering
its aircraft for lease to other carriers and canceling routes to
save EUR20 million in the coming months.


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


ALCATEL SA: Hundreds to go in New Round of Redundancies
-------------------------------------------------------
Another round of job-cuts could hit telecommunications equipment
maker Alcatel, Intesatrade reported, citing La Tribune.

According to the report, Alcatel is axing hundreds of employees
at its optical and fixed-line businesses.  Union sources said
redundancies were expected to be announced at works council
meetings yesterday and today.

Serge Tchuruk, Chairman and CEO, recently said Alcatel is
implementing restructuring programs to optimize operating
efficiency around the "One Company" concept.  He said, "actions
are being prepared to eliminate losses next year in the areas of
handsets and optics."


BULL SA: French Government Sued Over Illegal Bailout Package
------------------------------------------------------------
The European Commission filed a case against France over its
EUR490 million- loan to Bull S.A., an official privy to the case
said, according to Dow Jones.  The regulator submitted the
necessary papers to the European Court of Justice in Luxembourg
last month.

France caught the ire of the E.U. regulator for providing the
company the multi-million-euro loan nine years after a previous
state bailout.  Under E.U. rules, member states can only give aid
once in a decade.

Recently, the French government wrote off 90% of the loan as part
of a recapitalization package.  The plan involves the
participation of other shareholders, making the bailout legal,
says the Commission.

"The overall recapitalization doesn't raise any problems -- it's
just the debt forgiveness part," the official explained,
according to Dow Jones.  But he said the Commission has no plans
of ruining the computer company's rescue plan.

"We're not trying to drive Bull to [the] wall -- we don't want a
French company to go bust before Christmas," the official
explained.

The regulators had little hope of recovering the money paid back,
they just "want to uphold a principle," according to the
official.  A court verdict on the filed case could take two
years.


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


BRAU UND BRUNNEN: HVB Aborts Plan to Sell Majority Stake
--------------------------------------------------------
Banking giant HVB has no choice but to abandon its plan to sell
its majority stake in German brewer, Brau und Brunnen, after
talks with a U.S. investment group fell through.

One Equity Partners withdrew its bid for a 62% stake in Brau und
Brunnen after an in-depth review of the brewer's accounts,
sources said, according to Agence France Presse.  The investment
firm was in advanced talks with Germany's second biggest bank and
the latter was expecting to conclude the negotiations by the end
of the year, a spokesman for HVB said in October.

HVB might not be lacking future bids, though.  Weekly
newsmagazine, Focus, reported on Monday that the German food
group Oetker and another brewer, Bitburg, are interested in Brau
und Brunnen.  Oetker, which already owns the German Radeberger
brewery, is reportedly interested in Brau und Brunnen's sites in
Berlin and Dortmund.

Brau und Brunnen owns a number of leading beer, and mineral water
brands.  It generated annual sales of EUR578 million last year.
Its workforce number 2,400.


WESTLB AG: Might Record Another Significant Loss this Year
----------------------------------------------------------
Significant writedowns are likely to push German state-owned bank
WestLB deep into the red this year, German weekly magazine Der
Spiegel said.

The report cited a document being prepared by German's BaFin
financial authority, which states, "[WestLB's] asset depreciation
should easily exceed EUR2 billion."  This could result to a net
loss of EUR1.7 billion, a conservative figure say financial
authorities interviewed by the paper.  They expect the final
amount to be "much more."

WestLB's pre-tax loss in 2002 amounted to EUR1.67 billion as a
result of EUR430 million writedowns against its investment in
British television rental company BoxClever.

BaFin ordered an investigation into the affairs of WestLB after
criticizing the bank's risk management.  Last week, public
prosecutors in the western city of Dusseldorf opened a probe into
the BoxClever affair and the culpability of bank executives.


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


ALITALIA SPA: Labor Minister Opposes Job-cuts, Suggests Shakeup
---------------------------------------------------------------
A proposed reshuffling of Alitalia S.p.A.'s board, which could
see Chief Executive Francesco Mengozzi replaced with Director
General Marco Zanichelli, will be examined this week.
Intesatrade, citing Corriere della Sera, said the Italian
Treasury could implement the reorganization as indicated in the
proposal put forth by Labor Minister Roberto Maroni.

Alitalia has been under scrutiny since announcing a restructuring
plan, which involves cutting 1,500 of the company's 21,000 jobs
and outsourcing a further 1,200.  The plan also foresees a EUR1.2
billion investment in renewing the fleet of the state-controlled
carrier.

Mr. Mengozzi previously said the company only has enough cash for
18 months, unless it cut costs by 8% within the period.
Employees of the flag carrier recently staged a four-hour strike
in protest to the restructuring plan.  The strike forced the
cancellation of 109 domestic flights and 86 international
flights, the Sydney Morning Herald said.  A further 150 flights
were rescheduled.


CIRIO FINANZIARIA: Administrators Invite Bid for Core Business
--------------------------------------------------------------
Invitation to Deliver Expressions of Interest for the Purchase of
Equity Participations and/or Businesses Directly or Indirectly
Belonging to the Companies in the Cirio Del Monte Group Admitted
to the Procedure of Extraordinary Administration.

The undersigned Prof. Avv. Luigi Farenga, Dott. Mario Resca and
Prof. Avv. Attilio Zimatore in their capacity as Extraordinary
Commissioners of:

(a) Cirio Holding S.p.A., under Extraordinary Administration
(E.A.) pursuant to the Italian Legislative Decree no. 270 of July
8, 1999, with registered office in Rome, Lungotevere delle Navi
n. 19,

(b) Cirio Finanziaria S.p.A., under E.A., with registered office
in Rome, Via Augusto Valenziani n. 10,

(c) Cirio Del Monte Italia S.p.A., under E.A., with registered
office in Rome, Via Augusto Valenziani n. 10,

(d) Cirio Del Monte N.V., under E.A., with head office in Rome,
Via Augusto Valenziani n. 10

WHEREAS

(a) Subsequent to the declaration of insolvency pursuant to
Article 3 of the E.A. Law, by decree of the Court of Rome dated
October 10, 2003 Cirio Holding, Cirio Finanziaria, Cirio Del
Monte Italia and Cirio Del Monte N.V. (the Companies) were
admitted to the procedure of Extraordinary Administration and
pursuant to a Decree of the competent Italian Ministry (Ministero
delle Attivita Produttive) dated October 14, 2003, the
undersigned have been nominated Commissioners;

(b) The Commissioners are proceeding with the drafting of the
plan as disciplined by articles 54 and seq. of the E.A. Law.  The
Plan will provide, inter alia, for terms and conditions of the
dismissal process (hereinafter the Procedure) of equity
participations and/or businesses directly or indirectly belonging
to the Companies (hereinafter such participations and/or
businesses are jointly referred to as the Business).
Now, therefore, the undersigned Extraordinary Commissioners
hereby

INVITE

Those who may be interested to express their interest in the
purchase of the Business as a whole or for the purchase of one or
more assets comprising the Business in accordance with the
following guidelines.

(a) The Business

Pending completion and approval of the Plan, the expressions of
interest are requested with reference to the Cirio Del Monte
group operations in the production and distribution of fruit,
tomato and vegetable based products (canned, concentrate or
juice) under the brand as well as to participations or activities
in these companies:

Cirio Del Monte Foods International Ltd
Cirio Del Monte South Africa Pty Ltd
Del Monte Pacific Limited
Cirio Del Monte Italia S.p.A. under E.A.
Cirio Del Monte Portugal S.A.

The Business operated under the "Del Monte" trademark covers the
whole business cycle, from fruit and vegetable growth in
proprietary plantations (in Philippines, Kenya, Greece, South
Africa), to processing, packaging and sale under own brands (Del
Monte, Just Juice, One-Cal, De L'Ora, Mangia & Bevi) in Europe,
Middle East, Africa and in certain Asian Countries such as
Philippines, India, Pakistan.

The Business operated under the "Cirio" and "De Rica" trademarks
includes processing, sale and distribution of tomato-based
products and other vegetables, mainly in Europe, with production
plants in Italy and Portugal.

(b) The Expressions of interest

Expressions of interest can be formulated by Italian or foreign
entities, duly incorporated and entitled to operate pursuant to
the laws of the jurisdiction of their incorporation, either
individually or as a group of entities acting in concert pursuant
to shareholders agreements or otherwise (a Consortium).  If the
entity or Consortium intends to implement the relevant purchase
through a special purpose company (Newco), such circumstance
should be mentioned in the expression of interest, which,
however, shall be signed by Newco's shareholders.
Entities which, at the date of the expression of interest, are
subject to liquidation or bankruptcy proceedings or to any other
proceedings which imply a state of insolvency or result in the
interruption in the conduct of business or in the appointment of
a receiver, may not express their interest.  Expressions of
interests on behalf of third parties, whether nominated or to be
nominated, are not allowed.

Those interested must deliver, within 10 a.m. of December 9,
2003, three original copies of their written expression of
interest, in the Italian or in the English language, together
with two copies of the documents listed here, drafted in the
Italian or in the English language, in an envelope marked as:

"Manifestazioni di interesse in relazione alla Procedura di
Dismissione del Complesso Aziendale del Gruppo Cirio", to:

     EnVent - Enterprise Ventures Srl
     c/o Ufficio dei Commissari Straordinari
         del Gruppo Cirio Del Monte
         Via Augusto Valenziani 10, 00187 Rome (Italy)
     Phone: +39 06 42176301
     Fax: +39 06 42011888

     all'attenzione di Angelo Aiello e Vincenzo Bruni
     E-mail: vbruni@envent.it
             aaiello@envent.it

who, in their capacity as Financial Advisor of the Procedure,
have the task of collecting information from entities interested
in the purchase of the Business and of managing the disposal
process.

The deadline will be deemed met if by the date the expression of
interest shall have been received by fax and the annexes thereto
shall have been posted.

Expressions of interest, in the form of a letter signed by the
authorized representatives of the interested party, shall
include:

(a) expression of interest of the interested party to purchase
the Business or any portion thereof.  In that latter case, the
expression of interest will identify the assets in relation to
which interest is expressed;

(b) a summarized explanation of the rationale of the interest to
purchase;

(c) a short description (not exceeding three pages) of the
business carried out by the interested party/ies and, where
applicable, by the group to which it/they belong and/or by
its/their parent company.  The short description shall include
information on the main financial and economic figures and on the
activities carried out in competition with the Cirio Del Monte
group.  Such description shall evidence the existence of adequate
financial resources to perform a transaction.

(d) the name, telephone number and e-mail address, if any, of the
contact person for the interested party/ies, or, in case of
expression of interest by a Consortium, of the joint
representative appointed for such purpose by all participants to
the Consortium.

These documents shall be attached to the expressions of interest:

(a) a list of members of the corporate bodies of the interested
party/ies (Board of Directors, Statutory Board of Auditors and
other relevant corporate bodies);

(b) last three years financial statements and/or, if applicable,
consolidated financial statements of each of the interested
party/ies;

(c) all identification data of the interested party/ies together
with a chart of the corporate structure of the interested
party/ies' group, including the controlling entities up to the
ultimate controlling shareholder. In case of Consortium the chart
shall be provided for each participant. In case the interested
party is listed in any stock exchange market, the list of its ten
largest shareholders;

(d) A copy of this invitation, countersigned by the authorized
representative by way of full acceptance of all the conditions
hereof, with particular reference to the conditions set out in
paragraph 3 below.

The expressions of interest will be reviewed by the
Commissioners, also for the purposes of defining the following
stages of the Procedure.

Miscellaneous

According to the E.A. Law, any resolution regarding the sale of
the Business is subject to the express approval and authorization
of the Plan by the competent Italian Ministry (Ministero delle
Attivita Produttive), having heard the Supervisory Board
(Comitato di Sorveglianza).

The publication of this invitation and the receipt of expressions
of interest shall not give rise to any obligation or commitment
on the part of the Commissioners to implement the Procedure or to
sell the Business or any assets to those who expressed interest
in the purchase, nor shall it give rise to any claim or right of
any such parties to require the performance of any action by the
Commissioners.  The Commissioners shall have the right to
withdraw from the negotiations at any time, regardless of the
status of such negotiations, to suspend, interrupt, amend or
modify the terms and conditions of the Procedure and to undertake
obligations towards other parties, in each case without giving
rise to any claim whatsoever, for compensation of damages or
otherwise, in favor of the interested parties towards the
Commissioners.

This announcement is an invitation to submit expressions of
interests and is made for informational purposes only.  It is not
an offer to sell any securities or assets, nor a solicitation to
purchase any securities or assets, nor a public offering pursuant
to Article 1336 of the Italian Civil Code, nor under Article 94
and seq. of Legislative Decree No. 58 of 24 February 1998.

Information sent by interested parties shall be treated in
accordance with the provisions of Italian Law no. 675 dated
December 31, 1996 (Law on protection of privacy).  In accordance
with Article 10 of such law, the treatment of the data shall be
made in full compliance with the principles of legality and
correctness for the utmost protection of the interested parties'
rights to privacy; the personal data of those interested shall be
processed exclusively for the purposes of assessing whether the
interested parties meet the requirements for participating in a
possible future Procedure and in general to ensure the proper
conduct of the Procedure.  The persons responsible for the
treatment of the data shall be the Commissioners and their
advisors for matters falling within their respective competence,
against whom interested parties may assert their rights pursuant
to Article 13 of Law 675/96.

This invitation as well as the Procedure and each of the
following stages thereof are governed by Italian Law.

The Italian language version of this Invitation shall prevail
over any other text published in a language other than the
Italian language.

The submission of the expression of interest by interested
parties shall be deemed to constitute an express acceptance of
the terms and conditions of this invitation.

I Commissari Straordinari
Prof. Avv. Luigi Farenga
Dott. Mario Resca
Prof. Avv. Attilio Zimatore


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


HAGEMEYER N.V.: Creditor Banks Reluctant to Take Clayton Offer
--------------------------------------------------------------
Hagemeyer banks are studying an alternative to the rescue plan
proposed by a venture capital group for the indebted Dutch
trading company, business daily, Het Financieele Dagblad
reported.

Venture capitalist Clayton Dubilier & Rice are reportedly
proposing to inject fresh capital to the company in exchange for
a majority stake.  The parties are close to an agreement, Reuters
said Monday, citing the daily.  But the banks are having doubts
about the plan, as it would include a rights issue at EUR1.20 per
share, implying an issue of 300-400 million shares that would
severely dilute the value of the company's 110 million shares in
issue.

The creditors are now looking for an alternative, which could be
in the form of "a rights issue of EUR350 million to EUR450
million at a price of EUR1.20, whereby the banks could get the
majority of Hagemeyer shares."

Clayton Dubilier & Rice is said to be urging the banks to take a
decision this week to resolve the deadlock before another year
comes.  It threatens to lower its bid if the rescue is postponed
until next year, the report said.  Hagemeyer had net debt of
EUR973 million at end-September.


GETRONICS N.V.: Shakes up Management Following Strategic Review
---------------------------------------------------------------
(a) As next step following the successful implementation of
Getronics operational and financial recovery, named the
Entrepreneurial Solution, the Supervisory Board announces the
long-term leadership of Getronics:

(b) Mr. Klaas Wagenaar (44) became CEO and Chairman of the Board
of Management effective Monday.

(c) Mr. Axel Ruckert leaves Getronics as the turnaround process
and the restructuring are on track.

(d) At an extraordinary Shareholders' meeting in December 2003,
Mr. Oswald Coene (42) and Mr. Kevin Roche (43) will be proposed
for election to the Board of Management effective January 1,
2004.

Mr. Coene and Mr. Roche are currently members of the general
management team of Getronics.

(e) The Supervisory Board expects to extend the Board of
Management in the near future.

(f) Effective January 1, 2004, Mr. Marinus Minderhoud (currently
Vice Chairman) will function as Chairman of the Supervisory Board
of Getronics N.V. succeeding Mr. Mijndert Ververs who will
continue as a member of the Supervisory Board.  Mr. Berend Brix
will become Vice Chairman of the Supervisory Board.

The Supervisory Board of Getronics, together with the current
Board of Management, has completed a review of the longer-term
strategy of Getronics.  Following this review, the Supervisory
Board also considered the requirements for the Company's
leadership team.

The Supervisory Board appointed Mr. Klaas Wagenaar as CEO and
Chairman of the Board of Management effective December 1, 2003.
The Supervisory Board is confident that under Mr. Wagenaar's
leadership the Board of Management will be able to further
strengthen the Company and to realize additional improvements in
operational and financial performance.  Mr. Wagenaar was Vice
Chairman of the Board of Management since February 2003 and is
well experienced in the international ICT industry.

At an extra-ordinary Shareholders' meeting in December 2003, Mr.
Oswald Coene (42) and Mr. Kevin Roche (43) will be proposed for
election to the Board of Management effective January 1, 2004.
Mr. Coene and Mr. Roche are currently General Managers of the
Company's two largest and most successful operations, the
Netherlands and North America respectively, and are members of
the general management team.

Mijndert Ververs, Chairman of the Supervisory Board: "Axel
Ruckert and Klaas Wagenaar took over as Chairman resp.
Vice-Chairman of the Board in February this year when Getronics
was facing great difficulties.  They took the helm at a critical
moment.  Together with a dedicated management team they had the
difficult task to rebuild confidence in Getronics, to convince
customers, strategic partners and leading analysts in the
industry that Getronics was a sound business with knowledgeable
leadership and above all with a future.  Clients and partners
stayed loyal to us and analysts changed their opinion.  As the
turn around process and the restructuring are now on track we are
keen to secure long-term leadership for the Company.  Klaas
Wagenaar has expressed his interest to lead Getronics to the next
stage of development.  Following a very successful period of nine
months as Chairman, of Getronics N.V, Axel Ruckert will pursue
other interests.  We thank Axel Ruckert for his outstanding
contribution to Getronics' recovery.  Under his leadership great
progress has been achieved.  We all wish him well."

Klaas Wagenaar comments:  "I am excited by the opportunity to
lead Getronics into the next stage of its development.  During
2003, together with Axel Ruckert and our management teams world
wide, we have made excellent progress with the financial and
operational recovery that resulted in renewed stakeholder's
confidence in Getronics.  Management now intends to focus on
delivering further improvements to operational performance whilst
maintaining excellent client satisfaction rates."

Effective from January 1, 2004, Mr. Marinus Minderhoud has been
elected to be Chairman of the Supervisory Board of Getronics N.V.
in succession of Mr. Mijndert Ververs.  Mr. Ververs, will
continue as a member of the Supervisory Board.  The new Vice
Chairman of the Supervisory Board will be Mr. Berend Brix.  The
Supervisory Board would like to express its warm appreciation and
thanks to Mr. Ververs for the years of service as Chairman of the
Supervisory Board to Getronics.

About Getronics

With 23,000 employees in over 30 countries and forecast revenues
of circa EUR 2.7 billion in 2003, Getronics is one of the world's
leading providers of vendor independent Information and
Communication Technology (ICT) solutions and services.  Getronics
today combines the capabilities of the original Dutch company
with those of Wang Global, acquired in 1999, and of the systems
and services division of Olivetti.  Getronics is ranked second
worldwide in network and desktop outsourcing and fourth worldwide
in network consulting and integration (Source: IDC 2002-2003).

Getronics designs, integrates and manages ICT infrastructures and
business solutions for many of the world's largest global and
local companies and organizations, helping them maximize the
value of their information technology investments.

Getronics' headquarters are in Amsterdam, with regional offices
in Boston and Singapore.  Getronics' shares are traded on
Euronext Amsterdam (GTN).  For further information about
Getronics, visit http://www.getronics.com


RELIANT RESOURCES: Sale of European Business Cleared
----------------------------------------------------
Reliant Resources, Inc. (NYSE: RRI) announced that the NMa, the
Dutch competition authority that reviews acquisitions for
compliance with antitrust laws, has issued a press release
stating that it intends to clear nv Nuon's purchase of Reliant
Resources' European business following certain guarantees from
Nuon.

The license from the NMa is the final regulatory approval needed,
and Reliant expects to close the transaction shortly after
receipt of the license.

Reliant Resources, Inc., based in Houston, Texas, provides
electricity and energy services to retail and wholesale customers
in the U.S., marketing those services under the Reliant Energy
brand name.  The company provides a complete suite of energy
products and services to approximately 1.7 million electricity
customers in Texas ranging from residences and small businesses
to large commercial, industrial and institutional customers.
Reliant also serves large commercial and industrial clients in
the PJM (Pennsylvania, New Jersey, Maryland) Interconnection.
The company has approximately 20,000 megawatts of power
generation capacity in operation, under construction or under
contract in the U.S. For more information, visit
http://www.reliantresources.com

                              *****

Fitch recently said it anticipates no change in Reliant
Resources, Inc.'s credit ratings or Rating Outlook based on the
announcement that it had reached a settlement agreement with the
Federal Energy Regulatory Commission with respect to certain
western energy market investigations.

RRI's ratings are:

(a) senior secured debt 'B+';
(b) senior unsecured debt 'B';
(c) convertible senior subordinated notes 'B-'


ROYAL PHILIPS: China 'Important' Growth Area, Says Chief
--------------------------------------------------------
President and CEO of Royal Philips Electronics, Gerard
Kleisterlee, reiterated at a press conference in Shanghai that
China will continue to play an ever more important role in
Philips' growth strategy.  Mr. Kleisterlee made his comments
after Philips' Group Management Committee successfully concluded
a weeklong visit to China from November 23 to 29, the first time
ever in the company's history for the entire executive board to
conduct a business strategy review in a country collectively at
the same time.

With a total activity level in China of US$6.7 billion in 2002
and an accumulative investment of US$2.5 billion Philips ranks as
the number one multinational corporation in the country.  "We aim
to almost double our total activity level in China to over US$12
billion by 2007," said Mr. Kleisterlee.  "China is one of the
most important markets in Philips' growth strategy.  This week
members of our Group Management Committee have been here with me
to deepen our commitment to China."

The company's strategy is focused at expanding its local market
presence and increasing its exports from China.  Research and
development activities in the country will be stepped up and the
already strong position of the brand will be further bolstered by
cross-company marketing programs.  In addition Philips is working
to broaden its Chinese talent base and invest in its employer
brand.

"As we met with and listened to customers and consumers,
government officials, suppliers and other stakeholders all across
the country, we have become impressed by the 'can do' spirit and
the ever accelerating pace of economic development.  Based on our
long-standing presence and strong brand position in China,
Philips is determined to be part of the opportunity.  We are
pleased that our discussions with the government have confirmed
that our agenda is aligned with theirs for the economic
development of the country and Philips will continue to
contribute to win-win partnerships," Mr. Kleisterlee added.

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands is one of the
world's biggest electronics companies and Europe's largest, with
sales of EUR31.8 billion in 2002.  It is a global leader in color
television sets, lighting, electric shavers, medical diagnostic
imaging and patient monitoring, and one-chip TV products.  Its
166,500 employees in more than 60 countries are active in the
areas of lighting, consumer electronics, domestic appliances,
semiconductors, and medical systems.  Philips is quoted on the
NYSE (symbol: PHG), London, Frankfurt, Amsterdam and other stock
exchanges.  News from Philips is located at
http://www.philips.com/newscenter


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


PETROLEUM GEO-SERVICES: Delays Schedule of Cash Distribution
------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced that
it now expects to distribute Excess Cash (as defined in the
Company's Modified First Amended Plan of Reorganization, dated
October 21, 2003) to its main creditors by the end of the year
after performing necessary verification procedures.

The Company had previously indicated that such distribution would
be made at the end of November.  The Company will disclose the
amount of Excess Cash as soon as the verification procedures are
complete.

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

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

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


PETROLEUM GEO-SERVICES: Posts Latest Changes in Management
----------------------------------------------------------
Petroleum Geo-Services ASA announced that Edgar Alsaker resigned
from his position as President of Petroleum Geo-Services
Production AS with immediate effect.  Helge Krafft, currently
Deputy Managing Director of Petroleum Geo-Services Production AS,
has been assigned as acting head of Petroleum Geo-Services
Production effective immediately.  A search for a permanent
replacement is ongoing.

Kaare Gisvold, Senior Vice President PGS Production, will retire
in accordance with his contract on January 1, 2004.

Svein Rennemo, Petroleum Geo-Services CEO said, "Edgar Alsaker
has during more than 30 years contributed to building Golar Nor
and Petroleum Geo-Services Production into a leading company.  I
thank him for his contributions and achievements."  He went on to
say, "As a founding father, Kaare Gisvold successfully built
Golar Nor to a leading position in the North Sea, and he has been
instrumental in developing PGS Production and Pertra after the
merger in 1998.  I thank Kaare for his achievements and
contributions to Petroleum Geo-Services' progress."

Helge Krafft (61) is currently Deputy Managing Director in
Petroleum Geo-Services Production AS with the operational
responsibility for the FPSO fleet and shuttle tankers.  He has
more than 30 years of experience in leading positions within the
offshore industry both in Norway and U.K.

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

                              *****

Standard & Poor's Ratings Services withdrew its 'D' ratings on
Petroleum Geo-Services ASA, and revised its CreditWatch listing
on subsidiary Oslo Seismic Services Inc. to positive from
developing following the exit of the company from Chapter 11 last
month.

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

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


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


WIMM-BILL-DANN: Expects to Report Fourth Quarter Loss
-----------------------------------------------------
Wimm-Bill-Dann Foods OJSC announced its financial results for the
nine months ended September 30, 2003.

During the first nine months of 2003, Wimm-Bill-Dann's sales
increased 15.6% compared to the same period of the prior year.
Gross margins declined slightly to 30.4% in the first nine months
of 2003 from 30.8% during the same period last year.  Net income
and EBITDA fell 36% and 4.7% respectively, compared to the same
period of the prior year.

Commenting on the announcement, Sergei Plastinin, CEO of
Wimm-Bill-Dann Foods OJSC, said: "We believe that, with our
in-depth knowledge of the Russian market and a skilled management
team, we will continue to grow our business successfully, despite
increasing competition and growing costs.  In the Dairy Segment
we are concentrating on productivity increases and on launching
more value added products, especially in the regions, while our
efforts in the Juice Segment are focused on introducing
innovative products and strengthening our distribution system.
Our key goal looking ahead is to improve our bottom-line while
reducing operational expenses in the near future."

Key Operating and Financial Indicators of 9-month 2003


                             9-month '03   9-month '02   Change
                                --------------------------
Sales volumes, thousand tons    1,104.0      1,029.8     7.2%

                                 US$ 'mln US$ 'mln

Sales                              684.6        592.4    15.6%
     Dairy                         479.5        406.6    17.9%
     Juice                         203.8        185.7     9.7%
     Water                           1.2           -       -
Gross profit                       208.4        182.2    14.4%
Selling and distribution expenses (100.2)       (74.6)   34.3%
General and administrative expenses(57.7)       (45.1)   27.9%
Operating income                    44.8         58.4   (23.3%)
Financial income and expenses, net (13.1)        (9.2)   42.4%
Net income                          20.8         32.5   (36.0%)
EBITDA                              69.0         72.4    (4.7%)
CAPEX including acquisitions       101.5        100.1     1.4%
                                  --------------------------

Wimm-Bill-Dann's sales reached US$684.6 million in the first nine
months of 2003, compared to US$592.4 million in the same period
of 2002.

Sales in the Dairy Segment increased 17.9% from US$406.6 million
in the first nine months of 2002 to US$479.5 million in the first
nine months of 2003, while the average selling price increased by
12.1% from US$0.58 per 1 kg. in the first nine months 2002 to
US$0.65 per 1 kg. in the first nine months of 2003.  This
increase was primarily due to the higher share of value added
products in the sales mix.  Gross margins in the Dairy Segment
decreased from 30.1% in the first nine months of 2002 to 29.1% in
the first nine months of 2003.  This was attributable to
increased depreciation and a year-on-year increase in the price
of raw milk, a trend which we expect to continue into and beyond
next year.

Sales in Wimm-Bill-Dann's Juice Segment increased 9.7% from
US$185.7 million in the first nine months of 2002 to US$203.8
million in the first nine months of 2003.  The average selling
price slightly increased from US$0.56 per liter in the first nine
months of 2002 to US$0.57 per liter in the first nine months of
2003.  This resulted in an increase in the juice gross margins
from 32.6% in the first nine months of 2002 to 33.8% in the first
nine months of 2003.

Selling and distribution expenses increased in the first nine
months of 2003 in both absolute terms, rising 34.3%, and as a
percentage of sales.  This was due to an increase in personnel,
advertising and marketing costs as well as other commercial
expenses.  In addition, we recorded a US$8 million provision for
bad debts.  General and administrative expenses, including
personnel, rent, insurance and audit, legal and consulting fees
increased 27.9% as a result of Wimm-Bill-Dann's expansion and
launch of various initiatives aimed at restructuring and
improving our performance.

Net income fell 36.0% and stood at US$20.8 million.  EBITDA in
the first nine months of 2003 decreased year-on-year and amounted
to US$69.0 million.  EBITDA margin was 10.1% compared to 12.2% in
the first nine months of 2002.

Due to lower than anticipated sales volumes in both segments and
higher raw milk prices in the dairy segment, we expect a loss in
the 4th quarter, which will result in net income for the year
being below the currently reported net income for the 9 months of
2003.

Reconciliation of EBITDA and EBITDA margin to US GAAP Net Income
and Net Income margin


                           Nine  Months ended  Nine Months ended
                          September 30, 2003  September 30, 2002
                        ----------------------------------------
                         US$ 'mln % of sales US$ 'mln % of sales

Net income                  20.8        3.0%    32.5        5.5%

Depreciation and amortization
                            22.0        3.2%    12.7        2.1%

Interest expense            15.3        2.2%    10.6        1.8%

Income tax expense           8.9        1.3%    13.8        2.3%

Minority interest            2.0        0.3%     2.8        0.5%

EBITDA                      69.0       10.1%    72.4       12.2%

EBITDA is a non-U.S. GAAP financial measure, which represents net
income before interest expense, income taxes, depreciation and
amortization adjusted for minority interest and should not be
considered in isolation as an alternative to net income,
operating income or any other measure of performance under U.S.
GAAP. Further, EBITDA as presented above may not be comparable to
similarly titled measures reported by other companies.  We
believe that EBITDA, which is a commonly used financial indicator
of a company's operating performance and debt servicing ability,
is a relevant measurement to assess performance which attempts to
eliminate variances caused by the effects of differences in
taxation, the amount and types of capital employed and
depreciation and amortization policies.  EBITDA margin is EBITDA
expressed as a percentage of sales.  Reconciliation of EBITDA and
EBITDA margin to net income and net income as percentage of
sales, the most directly comparable U.S. GAAP financial measures,
is presented in the table above.

Wimm-Bill-Dann Foods OJSC is a leading manufacturer of dairy and
juice products in Russia.  The company was founded in 1992.

The Company currently owns 24 manufacturing facilities in 20
locations in Russia and the Commonwealth of Independent States
(CIS), as well as affiliates in 26 cities in Russia and the CIS.

Wimm-Bill-Dann has a strong and diversified branded portfolio
with over 1,100 types of dairy products and over 150 types of
juice, nectars and still drinks.  The company currently employs
over 18,000 people.

In September 2003, Wimm-Bill-Dann was rated the best out of 45
firms in terms of transparency in the S&P survey of leading
Russian companies, and was rated third best in the latest
Brunswick UBS Warburg survey of corporate governance in Russia.

Wimm-Bill-Dann was awarded best European Equity Deal of 2002 by
Euroweek and Institutional Investor magazines.

To see financial statements:
http://bankrupt.com/misc/WimmBillDann_9Month.htm

CONTACT:  WIMM-BILL-DANN
          Kira Kiryuhina, Director, Public Relations Department
          Phone: +7 095 733 9726
          E-mail: kira@wbd.ru

          SHARED VALUE LTD.
          Marina Kagan, Partner
          Phone: +44 207 321 5019
          E-mail: mkagan@sharedvalue.net


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


SKANDIA INSURANCE: Former Execs Mismanaged Firm, Probe Concludes
----------------------------------------------------------------
Skandia's board hereby acknowledges that the investigators have
completed their assignment.

The investigative report reveals a number of improprieties that
have existed at Skandia: A few persons in Skandia's former senior
management have broken rules, ignored board decisions and
deceived their principals.  They have acted in violation of the
morals and propriety that form the foundation of acceptable
company management.  They have conducted acts that are
unsuitable, unethical, and in some cases probably illegal.  They
have mismanaged their positions and abused the confidence
instilled in them by Skandia's customers, employees, board and
owners.  They have hurt Skandia and Skandia's reputation.

The blame for this -- and the damage that has been caused --
rests heavily with those who have committed the acts. Management
of a company is based on trust and on the judgment of those
entrusted with the assignment.  The investigators note that no
company can entirely defend itself from a management that
systematically abuses the trust and lacks the judgment required
by its assignment.

At the same time, there have been shortcomings in auditing and
other monitoring and control systems.  Skandia's current board
has therefore taken action to improve these, to create clear
ethical guidelines, and to follow up these and install a
management team in the company with integrity and competence.
The investigators confirm in their report that the path taken and
the measures implemented are adequate.


SKANDIA INSURANCE: Cleared from Alleged Misdeed at Skandia Liv
--------------------------------------------------------------
Comments in detail to the investigation

The investigators' report is divided into three main sections.

Transactions between the parent company and Skandia Liv

(a) Like Skandia Liv's own independent investigation, the
investigation has not found any substance to claims that Skandia
has improperly profited at Skandia Liv's expense.  There are no
legal grounds for compensating Skandia Liv, and no compensation
will be paid, with the exception of SEK2.5 million pertaining to
convertibles in an unlisted company.

(b) The Board notes in particular that, with respect to the most
heavily debated transactions -- the sale of the Trasket property
and of Skandia Asset Management -- the investigators have
determined that the parent company has not profited at Skandia
Liv's expense.

The investigators also note that the agreements made are in line
with the going rate in the market.

(c) Skandia's board shares the investigation's conclusion that
the board work at Skandia Liv was sub-standard up until summer
2002.

The person primarily responsible for this is Skandia Liv's
chairman at the time, Jan Carendi.

(d) Skandia's board will make sure that the investigation's
recommendations concerning the Board's review of transactions
between Skandia and Skandia Liv are carried out.

(e) The Board has taken the initiative to draft a special set of
owners' instructions for Skandia Liv.

(f) The Board has also made a decision in principle that
different auditors shall be appointed for Skandia and Skandia
Liv.

Embedded value principles

(a) The investigation has no specific criticism regarding the
principles of embedded value accounting, however, it feels that
this method has had an overly dominant role in the financial
reporting.  The fact that Skandia's embedded value calculations
have been too conservative rather than too aggressive has been
confirmed by the international actuarial firm Tillinghast --
Towers Perrin in a recently performed analysis of Skandia's
accounting.

(b) The investigation's concrete recommendations concerning
embedded value will be carried out.

Benefits to senior executives

(a) The investigation rightfully criticizes the design, execution
and outcome of Skandia's incentive programs 1997-2000.  Added to
this, the departure from same of the decisions made on incentive
programs gives rise to claims from Skandia.

(b) Skandia's board tightened up Skandia's compensation policy
and programs in many respects in 2000 and 2001.  In June 2003 the
current board adopted an entirely new compensation policy that
contains detailed guidelines for fixed and variable salary,
incentive programs, pensions and severance pay.  The Board notes
that the investigation finds that this policy amply meets the
demands that can and should be made on a company of Skandia's
size.

(c) In spring 2003 Skandia and Skandia Liv adopted a very strict
set of rules for the granting of rental apartments to employees.
In no case may apartments be granted to family members or closely
related persons.

(d) The Board feels it is important to once again assert that
none of the shortcomings regarding benefits, incentive programs
or costs for residential apartments have hurt savers in Skandia
Liv.


SKANDIA INSURANCE: Wants Criminal Prosecution for Fired Execs
-------------------------------------------------------------
Measures in response to the report

In response to the report, Skandia's board has decided on these
measures:

(a) To direct claims for damages against Lars-Eric Petersson, Ulf
Spang and Ola Ramstedt.  The Board has assigned Attorney Otto
Rydbeck with the additional task of more precisely specifying
these claims and of representing Skandia.

(b) To formally dismiss Lars-Eric Petersson and Ulf Spang.  This
entails the cancellation of the agreements made with them in
connection with their departure from Skandia.  No further
termination salary/severance pay will be paid out.

(c) To investigate in which cases reclamation can be directed
against persons who have received money from incentive programs,
despite the fact that they had knowledge that such payments were
unauthorized.

(d) To investigate Skandia's opportunities to direct claims for
damages for mismanagement of board duties at Skandia Liv,
primarily against Skandia Liv's former chairman Jan Carendi.  Any
damages awarded will be credited to Skandia Liv.

(e) To submit the investigative report to the Office of the
Public Prosecutor for any actions that it may find necessary and
to assist the prosecutor's office in its investigation.  The
details that have been discovered surrounding the renovation of
residential apartments for Lars-Eric Petersson, Ulf Spang, Ola
Ramstedt and members of their families have already been
submitted to the public prosecutor's office.

(f) To request a correction of Skandia's tax returns to the
extent benefits have been reported in amounts that are too low;
this applies primarily to the premature withdrawal from Ulf
Spang's direct pension agreement.

(g) To strengthen Skandia's internal audit function.

(h) To submit the report to the Committee for the Authorization
of Public Accountants, for consideration of the auditors'
liability.

(i) To recommend that Skandia's nominating committee open up
Skandia's external auditing services to a new request for
tenders.

(j) Within Skandia's internal organization, to investigate any
outstanding information, claims and rumors about previous
conditions at Skandia that have been submitted by the
investigators, in order to either dismiss or elucidate these, and
to take further action if warranted.

Conclusion

At Skandia's 2003 annual general meeting the newly elected board
was given a clear mandate: To secure Skandia's position and
future opportunities.  Previous improprieties were to be
thoroughly investigated and rectified in order to restore the
company's good ethics and reputation.  Existing strategies, plans
and policies were to be reviewed in order to be changed or
confirmed.

In order to fulfill this assignment, the Annual General Meeting
elected a board composed of persons with previous board
experience at Skandia as well as persons who were new to the
company.

Since the Board's election on 15 April this year, the business
strategy has been confirmed.  Markets and products have been
analyzed, and an action program that will ensure profitability,
cash flow, cost- efficiency and sound growth has been worked out.
New or strengthened guidelines for auditing work, corporate
governance, compensation, risk control and ethics have been
adopted and will be closely monitored.  New management has been
installed.  In addition, the independent investigation has been
completed.

A new phase is now beginning for Skandia.  The measures decided
on will be executed.  At the same time, the business strategy and
action programs will be carried out.  This is a long-term
undertaking that will put high demands on Skandia's owners, board
and management.

Against this background and after consulting with same of
Skandia's major Swedish institutional shareholders, the Board has
decided to summon an extraordinary general meeting.  This will
give Skandia's owners an opportunity to appoint the board and the
auditors they feel are best suited for the continued work moving
forward.


SKANDIA INSURANCE: Chairman Braun Resigns with Immediate Effect
---------------------------------------------------------------
Skandia's chairman, Bengt Braun, has notified the owners and the
Board that he will not consider re-election and that
consequently, in view of the time-consuming, long-term effort
that is now required, he finds it natural to leave his assignment
with immediate effect.  Bjorn Bjornsson has been appointed by the
Board as the new chairman.

During the time up until the extraordinary general meeting,
Skandia's current board will perform its duties with undiminished
strength and in an unchanged direction.

Skandia's chairman, Bjorn Bjornsson, and former chairman, Bengt
Braun, will be on hand to answer questions regarding the board's
decision and conclusions, at Skandia, Sveavagen 44, 1 p.m.

The extraordinary general meeting is scheduled to be held on
January 28, 2004.

The investigative report referred to herein is available in its
entirety at http://www.skandia.com


SWISS INTERNATIONAL: To Discuss Ownership Structure Next Year
-------------------------------------------------------------
Troubled Swiss International Air Lines Ltd. will discuss with big
shareholders the possibility of alliance partner British Airways
taking over part of their holdings before a lockup period expires
in August 2004.

Chief Executive Andre Dose told Finanz und Wirtschaft: "We will
talk to our shareholders next year, everything else is
undecided."

In December 2002, core shareholders (who account for over 90% of
total share capital) agreed to extend an existing lockup
agreement until August 2004.  The extension ensures that SWISS
can continue to count on a stable shareholder base.

According to the U.S. Securities and Exchange Commission, lockup
agreements prohibit company insiders-including employees, their
friends and family, and venture capitalists-from selling their
shares for a set period of time.

Swiss International was formed in April 2002 out of the remains
of failed Swissair and the regional carrier Crossair with a
CHF2.7 billion private-public cash drive.  It is going through
its biggest restructuring ever and has slashed its fleet and
workforce by about a third and cutting route network by over a
quarter.


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


BOMBARDIER: Amicus Calls on MPs to Rally Behind Workers
-------------------------------------------------------
Amicus have announced a Parliamentary meeting with MPs with
Bombardier plants in their constituencies over fears for the
future of the company in the U.K.  Bombardier is conducting a
European-wide restructuring exercise and Bombardier's Chief
Executive, Paul Tellier, has already identified operations in the
U.K. and Germany as most likely to face rationalization and
closure.

Amicus say that a 'gap' in orders at the Derby plant from
2005-08, as a result of a lucrative contract for a new
Trans-Pennine train been lost to Siemans in Germany, threatens
the plants future and that of another Bombardier plant in Crewe.

Paul Reuter, Amicus' National Transport Officer, said: "The
closure of the Derby or Crewe plants would be devastating for
manufacturing and the future of train building in the U.K.  This
wouldn't just impact on the 3,000 jobs at the two plants but
would cost thousands more service, refurbishment and supply jobs
that depend on these plants.

"U.K. rolling stock orders are already being carried out in
mainland Europe, including Bombardier who have moved U.K. new
build orders for Midland Mainline to Belgium, yet the Derby
plants operating costs are cheaper than the European plants they
are losing out to."

German politicians are lobbying Bombardier hard to prevent
job-cuts in their country and Amicus say skilled British train
builders deserve the same support.  The union is lobbying for
stronger U.K. employment protection laws to ensure a level
playing field with those in mainland Europe.  They say lesser
employment protection makes it quicker and cheaper to cut jobs in
the U.K. rather than in competitor U.K. countries.  Amicus is
also arguing for a review of U.K. government procurement
policies.

The other train building plant still operating in the U.K. is the
Alstom plant at Washwood Heath, Birmingham, which is due to close
next year with a loss of 1,400 jobs.  The Bombardier meeting with
MPs has been arranged for Wednesday December 17, 2003 in
Portcullis House, Westminster.


BOXCLEVER: Investors Give up, Hoist 'For Sale' Sign
---------------------------------------------------
Shareholders in BoxClever are looking for a buyer for the
troubled British television rental firm, a source familiar with
the situation told Reuters on Friday.

A- noteholders of BoxClever, of which WestLB is the biggest
holder, has mandated Goldman Sachs to manage the sale of both the
leasing and services sides of the business, according to the
report.  The services business was put into receivership in
September.  The source said Goldman Sachs issued an information
memorandum for the sale of BoxClever on behalf of WestLB at the
beginning of the week with an aim towards finding indicative bids
by Christmas time.

"I suspect the memorandum will have gone out to a wide list of
parties," he added.

Writedowns in BoxClever accounted for most of WestLB's record
loss last year.  Last week, internal WestLB sources said, the
German bank may yet have to raise its risk provisions for its
BoxClever exposure by some $250 million, according to German news
magazine Der Spiegel.


BRITISH ENERGY: Appoints New Head of Finance
--------------------------------------------
British Energy announces that Martin Gatto joined the Company on
Monday as Head of Finance.  He will be appointed to the Board as
interim Finance Director effective December 8, 2003.

Mr. Gatto was previously Finance Director of Midlands Electricity
where he was brought in to manage the sale of the business
through negotiation with its bondholders.  Before joining
Midlands Electricity he had been Finance Director of supermarket
group, Somerfield plc.

On October 6, 2003, British Energy announced that Keith Lough had
given notice to terminate his employment with the Company but
would continue to carry out his functions as Finance Director
whilst his successor was sought.  Mr. Lough will step down from
the Board with effect from 8th December 2003 and will undertake
specific tasks for British Energy in the short-term.

                              *****

British Energy announced losses of GBP4.3 billion in June after
slashing the value of its power plants.  It is blaming the high
fixed costs of nuclear generation and a steep decline in
wholesale electricity prices for its woes.

CONTACT:  FINANCIAL DYNAMICS
          Andrew Dowler
          Phone: 020 7831 3113


CHRISTIAN SALVESEN: 1st-half Pre-tax Profit Down to GBP10.1 Mln
---------------------------------------------------------------
Chairman's statement

Review of the half year to September 30, 2003

Our financial results reflect continuing difficult trading
conditions in the markets where we operate.  We are acting to
improve margins through aggressive cost reduction and are also
working harder to boost the sales pipeline.  Under a strengthened
management team the results of these actions are beginning to
take effect in the second half of the year.

Overview

Although it is only two months since I took over as Chairman, I
have had a year on the board to get to know and understand the
company.  It is clear that market conditions will continue to be
competitive, so we must take action to address those issues
affecting our business that we can control.

Total sales from continuing operations, including our share of
joint ventures, grew by 2% to GBP417 million over the six months.
At constant exchange rates total sales declined by 3%.  In the
U.K. sales declined by 8% while our mainland European operations
increased their sales by 16% (5% at constant exchange rates).
Our immediate priority is to restore the U.K. operations to
growth and a good level of profitability as quickly as possible.
The first stage of this process has been the integration of the
two U.K. divisions into a single entity and this is now largely
complete.

The second stage, as promised in June, was to strengthen the U.K.
and the Group management teams.  In September Brian Gaunt joined
us as the new U.K. Managing Director and Campbell Fitch was
appointed Group Human Resources Director.  Both have a record of
success and the company is already benefiting from their
knowledge and experience.  In November, Julian Steadman was
appointed to the board as Group Finance Director from a strong
list of candidates.  He initially joined us in July to cover that
role in an interim capacity while we sought a permanent
replacement for Peter Aspden.  We are now seeking a new
non-executive director to replace my predecessor, Jonathan Fry.

To compete effectively, we need a more competitive cost base.
Since we began the integration of our two U.K. operations we have
taken out annual costs totaling GBP4 million and the new
management team will continue to reduce costs and increase
productivity.  This work is also progressing in our mainland
European businesses.

While bearing down on costs is important, we must also win new
business and grow sales faster.  The integration of the UK
operations has created a much more focused sales and marketing
function which is able to develop more sophisticated solutions
for customers.  Its first substantial win has taken us into the
home delivery market for the first time: the contract for the
Wickes DIY chain is one of the largest in this sector.  Our
pipeline is developing although these gains have been partially
offset by withdrawals from loss-making contracts and some
business lost on price.

In mainland Europe our businesses have performed better.  The
Food and Consumer operations have proved resilient.  On the
Industrial side we have benefited from the disposal of our
loss-making German business; our operations in Spain are back in
profit and improving all the time; and the network in France is
growing strongly.

Financial results

The reported profit for the half-year was GBP2.1 million (2002:
GBP3.0 million), equivalent to earnings per share of 0.77p (2002:
1.13p).

Free cash flow (cash inflow before use of liquid resources,
financing, dividends, acquisitions and disposals) increased by
GBP7.4 million to GBP10.4 million.  This includes asset sales of
GBP22.0 million and a GBP6.9 million reduction in capital
expenditure offset by a seasonal increase in working capital.
After payments relating to the German disposal and dividends, net
debt increased by GBP2 million to GBP136 million.

Looking at the continuing operations before exceptional items and
goodwill amortization:

(a) Total turnover, including share of joint ventures, increased
by 2% to GBP417 million.  At constant exchange rates there was a
decline of 3%

(b) Operating profit declined by GBP3.0 million to GBP15.3
million

(c) The operating profit margin declined from 4.5% to 3.7%

(d) Interest and finance costs increased by GBP2.3 million due to
the impact of FRS17 pension calculations

(e) Profit before tax declined by GBP5.3 million to GBP10.1
million.

(f) Pro forma earnings per share declined by 1.49p to 2.68p

Pre-tax exceptional costs of GBP3.7 million comprise GBP10.0
million for the loss on disposal of our German business and
GBP3.5 million for restructuring in the U.K. and Spain, offset by
a GBP9.8 million gain from property disposals.

Pensions

In the year ended March 2003, the company adopted FRS17, the
accounting policy for retirement benefits, which has resulted in
an additional cost of GBP2.4 million for the period over the
prior year.  The September 2003 balance sheet includes a
GBP65.8 million pension deficit (net of tax) which, as required
by FRS17, has not been revalued since March 31, 2003.  This does
not take into account the recovery in the global equity markets
over the past six months.  We have estimated that a revaluation
at September 30, 2003 would show a one third reduction in the
pension deficit to around GBP45 million.  Under the previous
accounting standard (SSAP24) the pension charge to the profit and
loss account in the first half would have been GBP1.2 million
lower than under FRS17.

Dividend

The board has declared an interim dividend of 1.2p, which is in
line with the dividend policy confirmed at the AGM in July 2003.
This is payable on January 30, 2004 to shareholders on the
register on January 9, 2004.  The ex-dividend date is
January 7, 2004.

Operating results

U.K. business

Half year ended         2003             2002      % change
September 30
Turnover             GBP218m            GBP238m            - 8 %
Operating profit*    GBP10.3m           GBP13.6m           - 24%
Operating margin*      4.7%             5.7%

* Before exceptional items and goodwill amortization

Food and Consumer sales were down 13% to GBP130 million and
profits fell by GBP2.6 million to GBP8.3 million.  U.K. retailers
have maintained pressure on their supply chain costs, and we have
continued to cut our own costs in response.

We are pursuing new sectors for growth and early successes
include a contract for Asda's returned electrical goods and an
assembly and home delivery contract for Wickes.  We are currently
developing a new IT system, BACTRAC, for our expansion into the
reverse logistics sector.  Marks & Spencer renewed our general
merchandise contract.  We have also won additional business from
M&S for its new concept Lifestore, to be launched next year, and
renewed our large frozen food contract.  We also renewed a
five-year dedicated contract with Safeway.  Other new business
wins included Gate Gourmet and Manor Bakeries.

In the U.K. food processing business, pricing and volumes were
impacted by a good harvest and market overcapacity.  Although our
key strength - product quality -- lost some of its edge in a
price-dominated market, we won new business with Morrisons and
gained additional business with Tesco and Safeway.

Our market-leading COMET IT system is key to the growth of our
Support Services business.  In the U.K. we won a major five-year
contract with Safeway for the control of trays in its supply
chain.  COMET has also been installed in our Spanish operations
to control the movement of trays to and from the fruit growing
regions.  The push into the European markets continues and a
significant pipeline of opportunity has been identified.

Industrial sales were down 1% to GBP88 million and profits fell
by GBP0.7 million to GBP2.0 million.  Action was taken to reduce
capacity and costs and to improve vehicle fill rates and
productivity.

Although we have lost a number of contracts, we have won a
succession of good new contracts including SSL, John
Lewis/Mereway, Paccar Parts and Vokera.

Renewals included Q8, Comma Oils, Agfa Gevaert and Vauxhall after
sales.

Mainland European business (including joint ventures)

Half year ended
30 September           2003           2002             % change
Total turnover        GBP199m       GBP171m               + 16%
Operating profit*     GBP5.0m        GBP4.7m               + 6%
Operating margin*      2.5%          2.7%

* From continuing operations before exceptional items and
goodwill amortization

In our European Food and Consumer businesses, at constant
exchange rates, sales rose by 7% to GBP90m while profits were
flat as a result of a bad debt provision for a customer.

In Benelux, after winning nationwide frozen food business in the
Netherlands from Albert Heijn last year, we have broadened the
contract by adding total transport management.  We have won
several small contracts in the fast growing contract catering
sector and an important contract with Superunie, a buying group
of 17 regional retailers: this will benefit our joint venture
with the leading Dutch meat business, Dumeco, by driving greater
volumes through the existing chill network infrastructure.

In France we maintained service standards while boosting
productivity to meet market demands.  The long hot summer
provided one benefit: a 30% rise in ice cream sales.  We renewed
contracts with Aldi, Penny Market and Carrefour and won new
business from McCain, Auchan and Panidor.

Our joint venture in Spain and Portugal continued to improve.
Outsourcing in the temperature-controlled market is maintaining
10% annual growth and Salvesen has a strong position with a 20%
market share. New business wins include Canela Foods, Tesco and
Procter & Gamble.

Our joint venture in Italy performed as planned, servicing its
customers Galbani and Danone.  We continue to pursue
opportunities to extend this operation with new customers.

Our Industrial business in Iberia continues to improve: at
constant exchange rates, sales were 1% ahead at GBP52m and
profits were GBP0.7 million compared with a GBP0.4 million loss a
year earlier.  We expect this growth to continue in the second
half of the year.  Profits in the full load business increased
despite flat sales.  The network is growing well, with sales up
20%, and a significant IT upgrade will support further growth in
the second half.  The network now comprises 15% of the business.
Warehousing profits increased despite lower turnover, as we
increased synergies with the network and transport operations.

We have made further progress in reducing the Spanish operation's
dependence on the automotive sector.  New business wins from
other sectors have cut the proportion of sales provided by
automotive customers from 68% to 58% over the past two years -
despite a recent increase in motor industry activity resulting
from new model launches.  In the first half we won new business
from non-auto customers including Saloni (ceramics), Carrefour
and Dia (foods), Bershka (clothes), JVC (electronics), Dynea
Resins and Dupont (chemicals) - as well as Volvo Trucks.

In France our Industrial business continued to win market share,
with underlying sales up by 6%, at constant exchange rates, to
GBP57 million.  Excessive use of subcontractors and a strong
comparator in the first half of 2002 contributed to a GBP0.7
million reduction in profits to GBP1.3 million.

Significant wins included contracts from Bostik, Ondeo Nalco,
Michelin, Maec, Monitor and Sigmakalon. Groupe Lafarge and
Altavista extended their contracts.

Outlook

We now have a strengthened management team in place.  The actions
they are taking to reduce our cost base and to strengthen and
broaden our offering to both existing and new customers will
underpin performance in the short term and boost future growth.

The business remains cash generative and we expect net debt to
decline in the second half of the year as the seasonal working
capital position reduces and the final installments from asset
sales are received.

We believe the changes we have made will leave us in better shape
to take advantage of future opportunities.

The board anticipates that the outturn for the year will be in
line with expectations.

David Fish
Chairman

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

CONTACT:  CHRISTIAN SALVESEN PLC
          Phone: 020 7357 9477
                 01604 662600
          Edward Roderick, Chief Executive
          Julian Steadman, Finance Director
          Frances Gibson-Smith, Head of Investor Relations

          HOGARTH PARTNERSHIP (for Christian Salvesen PLC)
          Phone: 020 7357 9477
          John Olsen / Tom Leatherbarrow


DRAX HOLDINGS: Rejected Bidder Belittles Firm's Alternate Plan
--------------------------------------------------------------
International Power plc notes the announcement released by Drax
Holdings Limited on December 1, 2003 stating that Drax has
declined International Power's improved offer.  International
Power had raised the discount price for the restructured Drax A-2
debt from 71% to 95% of face value.

Philip Cox, Chief Financial Officer of International Power said:
"We believe our improved offer was in the interest of all
creditors and was, in our view, achievable within the overall
timetable."

"As an industry player and one with considerable experience in
running the Drax facility, International Power is well placed to
create value for all creditors of Drax.  Our original offer still
stands and we remain focused on opportunities to participate in
the consolidation of the U.K. generation sector," Mr. Cox added.

International Power believes that the alternative proposals from
Drax, including their proposal that International Power run a
tender process, were not commercially attractive, practical or
achievable within the agreed timetable.

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
          Phone:  +44 (0)20 7320 8681


LEEDS UNITED: Calls Reports of Offers 'Speculations'
----------------------------------------------------
The board of Leeds United denied recent press reports saying it
received approaches from parties interested in buying the
loss-making club.  The future of Leeds United was put in question
after it failed to agree on a rescue with lenders, prompting it
to shelve plans for fresh equity injection.

Last week, reports said Sheikh Abdul Rahman Bin Mubarak Al
Khalifa is heading a delegation of Gulf investors ready to make
an offer for the club.  He is thought to have had discussions
with Leeds United Chairman John McKenzie.

"There are a group of investors from the Gulf who want to buy the
club," Mr. Al Khalifa said, according to FootballAsia.com.
"Everything will be clear next week [this week] and I prefer not
to talk about any figure because the club's debts are huge and
needs to be saved immediately."

Leeds United has US$137 millions worth of debts.  It reported
annual losses for an English premier club of just under GBP50
million in October.


LIFE REPAIR: Unable to Restore Health, Files for Administration
---------------------------------------------------------------
The after shocks of the collapse of the personal injury sector's
biggest player, The Accident Group, claimed another victim last
week.

Life Repair Group went into administration after its owner, Tim
Schools, failed to materialize expansion plans to boost business
following The Accident Group's demise.

This is London quoted an employee saying the first staff knew of
potential problems was when last month's salaries were paid late.
The firm's fall brought with it two hundred employees.

Administrators Begbies Traynor said it has arranged meetings with
all staff to explain why they were being made redundant,
according to The Guardian.  It is at the same time working with
directors on a possible rescue package.

Life Repair's latest accounts show a turnover of GBP7.4 million
for the year to August 2002 on which it made a profit of
GBP256,880.

Mr. Schools did not return calls seeking for comments, according
to This is London.


LUCITE INTERNATIONAL: Outlook Revised on Improved Finances
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Lucite
International Group Holdings Ltd., the largest global producer of
acrylics, to positive from stable, reflecting significant
improvement in Lucite's financial profile in 2003 and an expected
further strengthening of its debt measures in 2004.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating on the company.

Lucite's EBITDA surged by 54% in the first nine months of 2003 to
GBP83 million, owing to the favorable supply/demand balance for
methyl methacrylate supported by growth from new applications.
In the same period, and despite high feedstock costs (notably for
methanol and acetone), the group's EBITDA margins widened to
15.7% from 12.4%, reflecting stronger production volumes, and
therefore operating rates, at the group's plants.  The acrylics
market is expected to remain favorable in 2004 as capacity
additions are relatively constrained despite continued demand
growth.

For the 12 months ending Sept. 30, 2003, Lucite's debt ratios
were somewhat strong for the current ratings, with the ratio of
FFO (measured as EBITDA net of net interest and tax) to net debt
in excess of 20%, and coverage of net interest by EBITDA of 3.5x.
Despite Lucite's investments in China to build a new methyl
methacrylate plant, the group's acquisition and investment policy
is expected to remain moderate.  Combined with the current strong
trading conditions in the acrylics market, this should lead to a
further strengthening of the group's key debt measures.

"The positive outlook reflects Standard & Poor's expectation that
sustained operating performance, combined with a prudent
financial policy, could lead to further improvement of credit
ratios," said Standard & Poor's credit analyst Christine Hoarau.
"If through the cycle Lucite maintains EBITDA to net interest of
4x and FFO to net debt in excess of 20%, the ratings could be
raised."


MURRAY FINANCIAL: To Liquidate Bond Portfolio to Generate Cash
--------------------------------------------------------------
Chairman's report

The recent financial year ended May 31, 2003 has been eventful in
terms of shareholder activity rather than commercial progress,
although I would hope that emphasis will soon change.

The loss for the year of GBP1.2 million is after a provision of
GBP850,000 for the termination of a three-year service contract
claimed by the former Chief Executive, Mr. Ken Murray, together
with costs.

The current Board assumed office after the year-end and as a
direct consequence of the Extraordinary General Meeting called by
Resurge Plc held on July 2, 2003.  Resurge, an active AIM listed
turnaround group, acquired 29.9% of the issued share capital of
your Company during the year, intent on the creation of greater
shareholder value.  Your Board views this relationship as wholly
constructive but is seeking advice to ensure it is free of
conflict and operates in the best interests of all shareholders.

Following his resignation at the EGM, Ken Murray issued
proceedings against the Company claiming GBP752,970 plus interest
alleging that sum is owed to him following the wrongful
termination of his Service Agreement.  This amount has been fully
provided for in the accounts and is the subject of escrow
arrangements put in place before the current Board was appointed.
We are vigorously defending the claim and have issued a
counterclaim against Mr. Murray seeking reimbursement of costs
which the Company has paid as a result of Mr. Murray and other
directors failing at the time to convene the Extraordinary
General Meeting requisitioned by Resurge on May 9, 2003.  We are
still investigating the circumstances surrounding the termination
of Mr. Murray's employment contract by the former Board and all
of the events and circumstances which Mr. Murray claims entitle
him to damages equal to three years' gross salary, pension
contributions and other benefits in kind.

In the absence of a satisfactory settlement being concluded in
relation to Mr. Murray's claim and the Company's counterclaim,
the trial of the action is scheduled to take place in May 2004.

Your Board, whilst recognizing the need to settle this issue
speedily and economically, is equally intent that it should not
preclude attempts to enhance and grow shareholder value.  Your
Board believes that following substantial over-expansion in the
leisure sector in recent years, there now exist real
opportunities to position the Company as a specialist provider of
flexible financing packages, with the ability to maintain a
significant interest in the equity of those companies we finance.
As a sector specialist, the Company should become recognized in
its field more quickly and should consequently generate more
opportunities than are currently seen.  In order to create
liquidity to take advantage of these opportunities, the Board
intends to liquidate the Company's bond portfolio.

Your Board will report to shareholders more fully as soon as
appropriate investments are identified.

Philip Reid

To see financial statements:
http://bankrupt.com/misc/MurrayFinancials.htm


TRINITY MIRROR: Agrees to Sell Irish Titles to 3i
-------------------------------------------------
Trinity Mirror plc, the U.K.'s largest newspaper publisher,
announces that it has agreed terms to sell its regional newspaper
businesses in Ireland to Europe's leading venture capital group
3i for GBP46.3 million.  The consideration for the sale is
payable in cash and in addition, GBP0.6 million of debt will be
repaid to Trinity Mirror companies.

The transaction is structured as a sale of Trinity Mirror group's
shares in Century Press and Publishing Limited and the acceptance
by Trinity Mirror plc of an offer by a newly formed company,
Local Press Limited, for its shares in The Derry Journal,
Limited.

The businesses, Century Press and Publishing Limited and The
Derry Journal, Limited together publish a total of seven
newspapers in Northern Ireland and the Republic of Ireland.
These include the world's oldest continuously published English
language newspaper -- The News Letter in Belfast -- first
published in 1737; The Derry Journal and the Donegal Democrat.

The transaction is subject to approval by the Irish Competition
Authority and it is expected the disposal will be completed by
early 2004.  The sale proceeds will be exempt for corporation tax
purposes and will be used to pay down debt.

Sly Bailey, Chief Executive Trinity Mirror plc said: "These are
tremendous assets to own but for Trinity Mirror there was limited
strategic fit.  We were pleased with the high level of interest
in these titles, and believe we have achieved a good price and
realized value for our shareholders by their disposal.  We wish
all staff who move with the titles, and their new owners every
future success."

Robin Marshall, 3i Director said: "3i is delighted to be able to
back existing management to grow these titles.  They are a
talented and dynamic team who have a significant track record of
success.  The economy in the North of Ireland is experiencing
strong growth, and successfully run local newspapers will
undoubtedly benefit.  In addition there are many exciting
opportunities to consolidate across the Irish market, replicating
what we have seen in the U.K. mainland over the last ten years."

CONTACT:  TRINITY MIRROR
          Vijay Vaghela, Group Finance Director
          Phone: 020 7293 3000

          Nick Fullagar, Director of Corporate Communications
          Phone: 020 7293 3622

          FINSBURY
          James Leviton
          Phone: 020 7251 3801

          3i
          Ingrid Tighe, Press Officer
          Phone: 020 7975 3020
          E-mail: Ingrid_Tighe@3i.com


WATERFORD WEDGWOOD: Publishes Rights Issue Documentation
--------------------------------------------------------
Waterford Wedgwood announces that, further to the announcement on
November 27, 2003, the document relating to the Company's Rights
Issue of 213,640,119 New Stock Units at EUR0.18 per unit, has
been published on Monday and is being posted to Qualifying
Stockholders.

Waterford Wedgwood also confirms that application has been made
to the Irish Stock Exchange and to the U.K. Listing Authority for
213,640,119 New Stock Units, each such unit comprising one
Ordinary Share of nominal value EUR0.06 in the capital of
Waterford Wedgwood and one Income Share of Stg1p in the capital
of Waterford Wedgwood U.K. plc (the Rights Issue Units), to be
admitted to the Official List of the U.K. Listing Authority and
to the Official List of the Irish Stock Exchange and application
has been made to the Irish Stock Exchange and the London Stock
Exchange for these Units to be admitted to trading on their
respective main markets for listed securities.  Such admission is
expected to become effective and dealings to commence, nil paid,
in the Rights Issue Units on December 2, 2003.

A copy of the Listing Particulars has been submitted to the Irish
Stock Exchange and the U.K. Listing Authority and will shortly be
available for inspection at:

Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2,
Ireland.
Phone: + 353 1 617 4200

U.K. Listing Authority's Document Viewing Facility,
Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom.
Phone: + 44 207 066 1000

Terms defined in the Listing Particulars have the same meaning in
this announcement.


WINCHESTER ENTERTAINMENT: Inks Merger Pact with Content Film
------------------------------------------------------------
Further to the announcement by the Company on November 27, 2003,
the Board of Directors of Winchester Entertainment PLC is pleased
to announce that it has agreed non-binding Heads of Terms in
respect of a proposed merger with Content, a New York and London
based film production and international sales company.  The
combined company will, subject to re-admission, continue to be
traded on London's Alternative Investment Market.  The proposed
merger is conditional, inter alia, on due diligence and certain
third party approvals including shareholder approval and the
granting by the Takeover Panel of a waiver of an obligation to
make a general offer under Rule 9 of the City Code on Takeovers
and Mergers.

Terms

The proposed merger will be effected by the acquisition of
Content by the Company in consideration of the issue of a
combination of Preferred Shares and ordinary shares in
Winchester.  The Preferred Shares will be convertible into
ordinary shares in Winchester at the option of the holders at any
time in full and will be redeemable at the option of the holders
at par, together with a 5% per annum coupon, at any time after 5
years following their issue.  Prior to conversion, the Preferred
Shares will have voting rights in certain limited circumstances.
The ordinary shares issued will rank pari passu with existing
Winchester ordinary shares.

The joint CEOs of the combined company will be Ed Pressman and
John Schmidt, the co-founders of Content.

Conditional on completion of the merger, existing shareholders in
the Company, Alton Irby and John Muse, together with other
investors, will invest new capital into the business by way of a
subscription for further Winchester ordinary shares.  Following
the proposed merger and the subscription by Messrs Irby and Muse
and others, the shareholders of Content will own 50.1% of the
issued share capital of the combined company on a fully diluted
and converted basis.

Operations

The combined company will have production operations in London,
New York and Los Angeles.  It will sell films internationally
through its combined sales operations in London, to be headed by
Jamie Carmichael, currently the Managing Director of Content
International.  The combined company will also operate as a
distributor of theatrical films in the U.K.

Pressman and Schmidt said: "We're very excited about this deal
because the proposed combination of these two businesses would
create a truly international production and sales company which
moves us towards our goal of creating an integrated and balanced
entertainment concern.  It provides a platform for measured entry
into distribution and will also enhance our ability to finance
larger films through the financial expertise of our international
operating bank, WestLB, NY Branch as well as Cobalt Media and
Rodney Payne.  The combined company will have a strong
shareholder base in Syntek Capital, Alton Irby and John Muse, who
are committed to supporting the growth of the combined company."

Huw Davies, Chairman of Winchester said, "The board of Winchester
welcomes the proposed merger of Winchester and Content because it
serves the interests of all of Winchester's shareholders.  John
Schmidt and Ed Pressman bring in an extra, vigorous dimension to
our strong management team which will enable the combined company
to make a far bigger impact in the independent film business.
The new entity will have an interesting mix of American and
British savvy in a business which is already more international
in its essence than any other.  The support of such blue chip
investors as Alton Irby, John Muse, Syntek Capital and others
bodes well for a flourishing new enterprise."


                            *********


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

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

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