/raid1/www/Hosts/bankrupt/TCREUR_Public/040121.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

                 Wednesday, January 21, 2004, Vol. 5, No. 14


                              Headlines

B E L G I U M

SOBELAIR: Court Rejects Recovery Plan, Declares Bankruptcy


G E R M A N Y

DRESDNER BANK: To Name New Executive at Retail Banking Business
INFINEON TECHNOLOGIES: Net Income Down to EUR34 Million


I T A L Y

FINMATICA SPA: Withdraws 55 Million Euro Bond
FINMATICA SPA: Fitch Affirms Rating at 'B+'; Stable Outlook
PARMALAT FINANZIARIA: Chilean Unit Misses Payment to Suppliers
PARMALAT FINANZIARIA: Banned from Selling Assets After Default
RENO DE: Long-term Ratings Lowered on Weak Performance


L U X E M B O U R G

GASINVEST LUXEMBOURG: Loan Participation Notes Affirmed at 'B+'


N E T H E R L A N D S

GETRONICS N.V.: On Watch Positive After Beating Revenue Forecast
KONINKLIJKE AHOLD: Former Execs To Give Back Part of Bonuses
KONINKLIJKE AHOLD: To Sell Remaining Convenience Stores in U.S.


N O R W A Y

AKER KVAERNER: Wins US$30MM Contract to Upgrade Mill in Brazil
STOLT OFFSHORE: Revises Proposals to Increase Capital by $200MM


S W I T Z E R L A N D

ABB LTD.: Wins US$190 Million Construction Contract in Poland


U N I T E D   K I N G D O M

ABBEY NATIONAL: Appoints Two New Non-executive Directors
AES DRAX: Caa2 Senior Debt Ratings Withdrawn
AIRFLOW STREAMLINES: Calls in Administrators
AQUILA NETWORKS: Rating Upgrade Considered After Powergen Buyout
AVON ENERGY: Senior Unsecured Debt Rating Upgraded to B3

BRONTE FOODS: Files for Administration After Sustained Losses
CABLE & WIRELESS: XO Comm. Pitches Bid to Acquire Certain Assets
HOLLINGER INC.: Barclays To Acquire Telegraph Under GBP260M Deal
INVENSYS PLC: Might Tap Equity Markets for More Cash
JASMIN PLC: David Andrews Returns as Managing Director

LEEDS UNITED: Wins Extension to Crucial Repayment Deadline
MIDLANDS ELECTRICITY: Rating Might Benefit from Powergen Buyout
PNC TELECOM: Announces Board Changes, Strategy Update
SAFEWAY PLC: Bares Schedule of Merger with Wm Morrisons


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

SOBELAIR: Court Rejects Recovery Plan, Declares Bankruptcy
----------------------------------------------------------
Judge Ilse Leus of the Brussels commercial court declared Belgian
charter airline Sobelair bankrupt on Monday, according to the
Financial Times.

The airline applied for creditor protection, but the court ruled
its recovery plan unrealistic, and lacking in necessary funding.
The airline was unable to obtain bridging loans and its
shareholders were unwilling to provide fresh capital.

The collapse, which follows more than two years after the failure
of its former parent company Sabena, puts into uncertainty the
future of 450 jobs.

Sobelair, controlled by private entrepreneur Aldo Vastapane,
incurred losses of more than EUR9 million just within a
year after it was bought from bankrupt Belgian national airline
Sabena.  Its troubles stem from an expensive leasing agreement
with German company DSF, with which it pays US$650,000 per month
for two 767s.  The recent drop in air travel as a result of the
conflict in Iraq is further aggravating its troubles.



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


DRESDNER BANK: To Name New Executive at Retail Banking Business
---------------------------------------------------------------
Dresdner Bank will be adding Stephan-Andreas Kaulvers, deputy
member of Oldenburgische Landesbank, a unit of Frankfurt-based
Dresdner, to its board next month, Frankfurter Allgemeine
Sonntagszeitung said without citing sources.

Mr. Kaulvers will be appointed February 1 to help board member
Andreas Georgi in the company's retail banking business.  While
Mr. Georgi will focus on wealthier private customers, Mr.
Kaulvers will be in charge of Dresdner's branches, the online
banking and online brokerage business.

Dresdner is currently trying to build a healthier "New Dresdner."
The bank, which recorded a loss before taxes of EUR433 million in
the first nine months, is planning to cut up to 4,700 jobs as
part of the plan.


INFINEON TECHNOLOGIES: Net Income Down to EUR34 Million
-------------------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX), the world's sixth
largest semiconductor manufacturer, announced results for its
first quarter in fiscal year 2004, ended December 31, 2003.
Revenues of EUR1.62 billion reflected a decrease of 8%
sequentially, but an improvement of 13% on a year-on-year basis.
The sequential revenue decrease was due mostly to continued price
decline throughout all business segments, as well as the negative
impact of the weakening US-dollar exchange rate.

Dr. Ulrich Schumacher, President and CEO of Infineon Technologies
AG, commented: "[Today], we announce profitability for the first
quarter of this fiscal year.   This good development is in line
with our expectations and consistent with our business roadmap.
We had positive results in three of our four business groups.
Despite continued price decline and the weakening US-dollar, we
made full use of productivity and cost advantages, and were thus
still able to improve our EBIT."

Net income amounted to EUR34 million, compared to net income of
EUR49 million in the previous quarter and a net loss of EUR40
million year-on-year.   Quarterly EBIT (earnings before interest
and taxes) was EUR70 million versus EUR67 million in the previous
quarter and significantly improved from an EBIT loss of EUR29
million in the first quarter of the last fiscal year.   The
sequential earnings performance reflected among other improved
earnings in the Secure Mobile Solutions business group, as well
as lower earnings from the Memory Products business group.

Basic and diluted earnings per share for the first quarter of
fiscal year 2004 were EUR0.05, declining from EUR0.07 per share
in the previous quarter but improving from a loss per share of
EUR0.06 year-on-year.

Expenditures for Research and Development in the first quarter
totaled EUR276 million, or 17% of sales, down from EUR297
million, or 17% of sales, sequentially.  The decrease was due
mainly to lower R&D expenditures in the Memory Products business
group, as well as the non-recurrence of in-process R&D charges in
the Automotive & Industrial business group in the previous
quarter.

SG&A expenses totaled EUR174 million, or 11% of total revenues,
compared to EUR185 million, or 11% of total revenues, in the
previous quarter.  The decrease in absolute terms was due mainly
to lower professional fees as well as cost control efforts.

Infineon's gross cash position, representing cash and cash
equivalents, marketable securities and restricted cash, remained
at EUR2.8 billion.  The net cash position, representing the gross
cash position less debt, increased to EUR355 million from EUR328
million at the end of the previous quarter.

Revenues outside Europe constituted 57% of total revenues,
decreasing from 59% in the previous quarter.  Sales in North
America were 20% of total revenues in the first quarter, down
sequentially from 24%, whereas sales in the Asian market
represented 36% of total revenues, increasing from 34% in the
previous quarter.

As of December 31, 2003, Infineon had approximately 32,900
employees worldwide, including about 6,100 engaged in research
and development.

Business Group Performance

Automotive & Industrial's first quarter revenues amounted to
EUR356 million, down 1% sequentially and up 4% year-on-year.  The
sequential revenue performance mainly reflected continued pricing
pressure, as well as the impact of the weakening US-dollar.  EBIT
improved to EUR48 million, compared to EUR44 million in both the
previous quarter and in the first quarter of the last fiscal
year.  The sequential EBIT improvement mainly reflects the non-
recurrence of costs related to the acquisition and first time
consolidation of SensoNor in the previous quarter.  Furthermore,
the business group continued to increase productivity.

In line with the business group's long-term regional strategy,
the Automotive business achieved significant design wins with
application-specific chipsets for safety and power train
applications, especially in the NAFTA region.  In its Industrial
business, the group successfully launched the new LightMOS IGBT
family to complete the portfolio for the electronic lamp ballast
application.

Wireline Communications' revenues were EUR107 million in the
first quarter, down 12% from the previous quarter, and up 1%
year-on-year.  The sequential revenue decrease was due mainly to
lower revenues in the fiber optics market, partially offset by
growth in Access revenues.  Revenues were also negatively
impacted by the weakening US-dollar, and ongoing price decline.
EBIT showed a loss of EUR15 million versus a loss of EUR8 million
in the previous quarter, but improved significantly compared to a
loss of EUR42 million year-on-year.

Within the Access business, revenues in the ADSL and SHDSL
business enjoyed significant growth.  Further important design
wins were made at leading customers such as Siemens ICN.

Secure Mobile Solutions' first quarter revenues were EUR465
million, almost consistent with the previous quarter, and up 15%
compared to the first quarter of last year.  The significantly
better than expected revenue performance was generated by robust
seasonal sales of mobile communications devices which was offset
by a weaker security project business, as well as the phasing out
of some cordless and GalliumArsenide activities.  Despite only
slightly higher revenues, EBIT increased significantly to EUR14
million, compared to EUR4 million in the previous quarter, and a
loss of EUR28 million year-on-year.  The quarterly EBIT
improvement reflected both an improved product mix and higher
productivity despite continuing pricing pressure.  Cost
reductions were achieved from the restructuring of the
microelectronics business previously acquired from Ericsson.

There was continued strong demand for the company's cellular
components, such as baseband and RF-products, as well as for
products of the platform solution business.  In addition, new
order intake for silicon discretes achieved the highest level of
the past five quarters.  The Security business unit successfully
began new projects for electronic passports and driver's
licenses.  To accelerate its development from a semiconductor
manufacturer to a system partner for complete mobile platform
solutions, Infineon entered into an agreement in the first
quarter of fiscal year 2004 to take on approximately 145 Siemens
ICM software developers.  By this move, Infineon extended its
know-how in the industry-leading protocol stack for Siemens
mobile phones.

The Memory Products group's first quarter revenues were EUR643
million, down 16% sequentially, but up 19% compared to the first
quarter of the last fiscal year.  The sequential revenue decline
is mainly attributable to lower sales volumes and lower prices,
as well as the negative impact of the weakening US-dollar
exchange rate.  The volume decline was a consequence of the focus
on price quality in the sales strategy, and the flexible use of
silicon foundry capacities.  EBIT decreased sequentially to EUR57
million, down from EUR134 million in the previous quarter, and up
from EUR31 million on a year-on-year basis.  The sequential EBIT
decline was mainly caused by the non-recurrence of a gain on the
sale of ProMOS shares in the previous quarter, the impact of the
exchange rate, and, to a lesser extent, by falling prices and
reduced bit shipments.

Infineon successfully launched its first NAND-compatible flash
chip and entered the world's flash memory market with a 512-
Megabit memory chip based on TwinFlash technology.  Production of
these chips has begun at the company's 200-mm DRAM facility in
Dresden.  Furthermore, the business group started sampling of its
Mobile-RAM with densities of 128-Megabit and 256-Megabit, and its
500-MegaHertz DDR-3 Graphics-RAM, all based on the company's 110-
nanometer technology.  Inotera Memories, the company's joint
venture with the Taiwanese company Nanya, began to move in 300mm
production equipment in December 2003.

In the company's Other operating segment, first quarter revenues
increased to EUR47 million, up 18% compared to the previous
quarter, and up 27% on a year-on-year basis.  EBIT showed a loss
of EUR5 million compared to a loss of EUR26 million in the
previous quarter, and a positive EBIT of EUR6 million in the
first quarter of fiscal year 2003.  The sequential earnings
increase reflected an improved performance of the ASIC & Design
Solutions (ADS) business and lower impairment charges compared to
the previous quarter.

In Corporate and Reconciliation, EBIT loss was reduced to EUR29
million compared to a loss of EUR81 million in the prior quarter
and a loss of EUR40 million a year ago, principally reflecting
reduced idle capacity costs and lower restructuring charges.

Outlook for fiscal year 2004

"All business indicators show that the semiconductor industry is
finally in an upswing phase.  The worst crisis ever experienced
in the semiconductor market seems to be over," commented Dr.
Schumacher.  "With the market back on track, we also see positive
business development for the current fiscal year.  All segments
are expected to show stable growth in 2004."

Infineon expects good growth in the automotive segment despite
strong continuing pricing pressure, reflecting the introduction
of new car models with higher semiconductor content but only
limited overall growth in worldwide automotive production.  Even
though the weakening US-dollar exchange rate will impact the
business, Infineon anticipates a growth of its automotive and
industrial business in fiscal year 2004 in line with the market.

For the second quarter of fiscal year 2004, Infineon expects a
return to growth in revenues in the wireline communications
segment.  Revenue growth could, however, be hampered by a further
weakening US-dollar.  For fiscal year 2004, the company sees
solid growth for its Wireline Communications business group.  In
addition, Infineon is preparing strategic options for Fiber
Optics by carving out the business into a separate legal entity.
The company is in the process of evaluating potential strategic
partners to maximize the value of the business.

For the second quarter, Infineon expects a slight sequential
decrease in revenues in the secure mobile solutions segment due
to seasonally-reduced demand after Christmas, and continued
phasing out of some cordless business.  The company expects
stable development of the wireless infrastructure and silicon
discretes businesses.  Infineon is confident that demand for
security controllers will grow steadily until the end of fiscal
year 2004, mainly as a result of major design wins at
identification projects.  The ongoing convergence of multimedia
applications should also reinforce growth in the wireless
business in the second half of fiscal year 2004.

Historically, the beginning of the calendar year shows declining
prices for memory products based on a reduced demand for PC units
after the Christmas season.  Infineon expects its bit shipment to
increase in the second quarter of fiscal year 2004.  Main
production growth for the rest of the fiscal year will be driven
by the conversion of the company's production process to 110-
nanometer technology and the ramp-up of capacities at its foundry
partners.  The company expects demand to grow in 2004 as a result
of corporate replacement of older equipment and the ramp-up of
DDR II-based desktop PCs and servers.

"While pricing pressure persists in most of our business
segments, we see more tangible signs of a recovery in the
semiconductor industry, particularly strongly increasing
utilization rates in our own fabs and foundries and more
aggressive booking behavior from our customers.  Despite our
cautious optimism, we will relentlessly continue to reduce costs,
focus our product portfolio and become more flexible and faster
than our competitors.  Based on this effort, we are confident to
again outgrow the market and improve our profitability relative
to industry benchmarks," commented Dr. Schumacher.

CONTACT:  INFINEON TECHNOLOGIES
          Barbara Reif
          Corporate Communications
          Worldwide Headquarters
          Phone: +49 -89- 234 20166
          Fax: +49 -89- 234 28482
          E-mail: barbara.reif@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Investors and Analysts based in Europe please contact:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          Investors and Analysts based in North America please
          contact:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com



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I T A L Y
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FINMATICA SPA: Withdraws 55 Million Euro Bond
---------------------------------------------
Finmatica SpA has communicated that Finmatica Luxembourg SA,
issuing company of the 55 million Euro Convertible Debenture
Bond, has deliberated the withdrawal of the Debenture Bond issue.

The decision was taken in presence of the fact that the issue was
subordinated by the quotation on the Luxembourg Stock Exchange,
whose inquiry was still in process towards the expected date of
the closing.

Therefore, considering that the stock market has demonstrated,
through a strong decrease of the Finmatica stock - as well as a
contingent market scenario conditioned by external factors
independent of the company - not to accept the operation, the
doubtless decision to withdraw the operation and consequently it
was not retained opportune to agree with Nomura to the extension
of the terms as foreseen in the contract.

To this purpose, the President of Finmatica SpA called for the
afternoon of Monday, January 19, a Board of Directors Meeting.
[Finmatica S.p.a's Board revoked the resolution dated January 6,
2004, authorizing the issue by Finmatica Spa of a guarantee in
relation to the Convertible Bond].

"With the primary objective of protecting the value of the
company, a fundamental assumption for any growth and development
of the Group, - declared Pier Luigi Crudele, President and
Managing Director of the Finmatica Group - and notwithstanding
the issue of the bond was totally undersigned, the actual
manifested sentiment of the investors of the stock market in
relation to our operation has led us to cancel it".

"We have to emphasize - continued Crudele - that this will lead
to a change in the industrial plan that, from now on, will give
more emphasis on the development of internal lines, limiting the
external growth to those acquisition operations that can be
carried out exclusively through share trading and without cash
recourse, which will be primarily destined to cover the existing
debt".

With the goal to exhaustively respond to the questions from the
press relating to what has been diffused in the last days, the
Company decided to encounter the press on Tuesday the 20th at
15:30 at the facilities of the Borsa Italiana Spa.

In relation to the information for the financial community,
Finmatica, in response to the new industrial plan that will be
defined by the Board, has planned to meet investors and analysts
by Friday, February 6.

In addition, in order to guarantee the maximum transparency to
the market, and in response to Consob, Finmatica SpA intends to
clarify the next following points regarding the current financial
situation of the Company:

Guidelines of the new industrial plan.

Following the decision to withdraw the Convertible Debenture
Bond, the management of the company will elaborate a new
industrial plan for the 2004/2006 period, in order to guarantee,
in the presence of these changes but compatible with the previous
industrial plan, the prioritary commitment of the company to
honor debt with the bondholders.

The new industrial plan, presented in the following weeks to the
Board of Directors, will be based on the following guidelines:
Focalization of industrial activities in the core sectors of the
company (software products for banks, insurance, supply chain
management, transportation & logistics companies) and consequent
possible cession of assets that are not considered strategic;
External growth through those acquisition operations focused on
strategic activities related to the core business that will be
realizable exclusively "paper against paper", without recourse to
financial cash resources;

Acceleration of the reorganization plan launched in the fourth
quarter of 2003, with the purpose of reaching additional
efficiency within the operations, both in Italy and abroad.
The management retains in this way to strengthen the principal
commitment of the company to honor its obligations to
bondholders.

Indications on the financial plan and the refinancing of the
bond.

Pending the decision to withdraw the Convertible Debenture Bond -
whose destination, as noted, focused on the reimbursement of the
bond expiring in May 2005 - the company will rely on refinancing
instruments, keeping in mind the maintenance of a stable
debt/equity ratio, taking advantage of market opportunities and
the more favorable context.

Additionally, in any case, the liquidity deriving from the normal
management, from the expected benefits from the application of
the new industrial plan and the existing credit capacity will be
integrally destined to the reimbursement of the bond expiring in
May 2005.

Instead, in the actual state, Finmatica emphasizes that it has no
need to incur new debt for the financing of ongoing operations.

To see evolution of the consolidated net debt from December 31,
2002 to December 31, 2003 and successive evolutions:
http://bankrupt.com/misc/FINMATICA.gif


FINMATICA SPA: Fitch Affirms Rating at 'B+'; Stable Outlook
-----------------------------------------------------------
Fitch Ratings, the international rating agency, affirmed
Finmatica's Senior Unsecured rating at 'B+' and withdrew the 'B+'
rating on its Convertible Notes following the company's
announcement of its intended cancellation of the Notes.  The
Outlook is Stable.

The rating actions follow Finmatica's announcement on Saturday
January 17 of its intention to cancel the EUR55 million
Convertible Note, and an accompanying scaling back in the
ambition of its industrial plan.  The company confirmed its
commitment to the Finance and SCM (Supply Chain Management)
sectors; in Fitch's opinion, signaling a shift away from the
Security sector and other non-core businesses.  The realignment
of its business strategy will result in a focus on equity-based
acquisitions, whereas the company's previous strategy had
anticipated an element of both cash and equity.

"Finmatica's announcement removes a degree of uncertainty over
the company's strategic direction.  The security sector has been
a tough environment over the past two to three years, with
conditions likely to remain challenging for some time to come.
It will be good for the company to focus on integrating and
developing its existing businesses," said Stuart Reid, Director
of Corporate Finance at Fitch.  "While the change in funding
strategy for acquisitions is likely to constrain growth, it
should result in a more conservatively funded business going
forward."

Fitch said the announcement will enable management to focus on
areas where Finmatica has been most successful in recent years.
It also removes a degree of uncertainty and event risk that
accompanied the previously well-publicized, acquisition-led
strategy.

In the Finance sector the company has a well-established market
position in application software for the Italian banking and
insurance sectors.  Finmatica has also made acquisitions in
recent years in the Security and SCM segments.  However, the
company has struggled to develop the profitability of its
Security software division, with the division reporting a net
EBITDA loss of EUR0.2 million in the nine months to September
2003.  Development of the SCM division has been more successful,
with a number of acquisitions in 2002, establishing the company's
presence in the sector, and positive EBITDA of EUR9.14m for the
first nine months of 2003.  The scale and profitability of these
acquisitions is expected to help build a robust cashflow for the
SCM division as well as increase the company's international
operations.

The company has stated that it intends to present its new
industrial plan to the financial community by February 6, 2004.
Fitch will continue to monitor newsflow and provide further
comment where appropriate.

Finmatica is a quoted Italian independent software vendor. Share
float currently stands at 44% with the key shareholder being Pier
Luigi Crudele, the company's founder, who directly and indirectly
holds 56%.  Revenues stem from its finance (53% of FY02
revenues), B2B/SCM (27%), security (15%) and other (5%)
divisions.


PARMALAT FINANZIARIA: Chilean Unit Misses Payment to Suppliers
--------------------------------------------------------------
Parmalat Finanziaria SpA's Chilean unit failed to honor its
promise to pay 20% of its US$2.1 million debt from milk suppliers
on Monday.

Early this month company said it would pay suppliers for the milk
it ordered last month in two portions, 20% on Monday, and the
rest by the end of January.

But the company told 200 dairies on Monday it wasn't sure when it
would pay, said Carlos Arancibia, manager of the Chilean National
Milk Producers Federation, according to Blomberg News.

The dairies are now concerned the affair would end in the closure
of the plant which consumes 6.5% of the milk produced in Chile.
As a resort, they were proposing to buy Parmalat's two Chilean
plants, according to Mr. Arancibia.

Mr. Arancibia assured they would try to do what they can to save
the company without depending on its troubled parent.


PARMALAT FINANZIARIA: Banned from Selling Assets After Default
--------------------------------------------------------------
Parmalat Finanziaria SpA's Brazilian unit missed on US$2.1
million in debt payments to Sumitomo Mitsui Financial Group Inc.
last week.

The default prompted the bank to ask authorities to forbid
Parmalat SA Industria e Comercio from selling any assets for the
purpose of aiding the Italian parent company, which filed for
bankruptcy in December.

Sumitomo Mitsui Financial Group Inc. has already been granted the
court order regarding the ban, Claudio Grimaldi, the manager of
Sumitomo Brazil's legal affairs department said.

According to a Parmalat spokesman, it was unable to pay bank
debts because it has to meet another obligation to suppliers,
according to Bloomberg News.

The company on Friday paid BRL25.4 million to milk producers in
three Brazilian states.  The amount came from operations as it
has been unable to get new loans from banks, the company said in
a statement.  Even then, it still owes BRL6 million to milk
producers in Goias state in Brazil's Midwest.

Parmalat's unit further faces a January 26 deadline to repay
US$7.9 million in loan, according to Mr. Grimaldi.


RENO DE: Long-term Ratings Lowered on Weak Performance
------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Italy-based packaging company Reno De
Medici SpA (RDM) to 'B+' from 'BB'.

At the same time, the long-term ratings were removed from
CreditWatch, where they were placed on Nov. 17, 2003.  The
outlook is stable.

In addition, Standard & Poor's affirmed its 'B' short-term
corporate credit rating on RDM.

"The rating action is as a result of the group's prolonged
weaker-than-expected operating and financial performance, coupled
with uncertainties regarding the pace of recovery," said Standard
& Poor's credit analyst Andreas Kindahl. "Nevertheless, ongoing
restructuring efforts and asset disposals should lead to a
gradual improvement of the group's overall performance in the
near to medium term."  In addition, the company's free cash flows
are expected to be used for debt repayments.

Several factors have contributed to the weak financial and
operational performance over the past two years; operational
inefficiencies, prolonged weak demand in RDM's major markets,
loss-making non-European sales, and continual operating problems
with a rebuilt machine at one of RDM's major mills.

RDM's net debt is expected to have been about EUR245 million-
EUR250 million at Dec. 31, 2003 (including the asset disposal
proceeds).



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


GASINVEST LUXEMBOURG: Loan Participation Notes Affirmed at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
senior unsecured debt rating on the Loan Participation Notes
issued by GazInvest Luxemburg S.A.  The amount of the Notes has
increased by an additional issue of $300 million, which brings
the total amount to $1.05 billion.  The Notes mature in October
2008, and have a coupon of 7.25%.  The additional issue will be
consolidated and forms a single series with the outstanding Notes
issued in the fourth quarter of 2003.

The Notes are issued for the sole purpose of financing a
fiduciary deposit with J.P. Morgan Bank Luxemburg S.A. for
funding a loan to Gazprombank (B+/Stable/B).  According to the
loan agreement, the issuer has charged the rights to payments
from Gazprombank in favor of a trustee, J.P. Morgan Corporate
Trustee Services, for the benefit of the noteholders.

"The rating on the Notes reflects the capacity and willingness of
Gazprombank to honor its financial obligations, and thus reflects
the counterparty credit ratings on Gazprombank, rather than the
legal structure of the Notes," said Standard & Poor's credit
analyst Irina Penkina.

The ratings on Gazprombank reflect the bank's strategic
importance to OAO Gazprom (BB-/Stable/--), the world's largest
gas producer, and Gazprom-related companies (the Gazprom group).
The ratings are also supported by Gazprombank's adequate
capitalization and improving profitability. These positive
factors are constrained by the bank's high single-party
concentrations, notably to the Gazprom group, as well as the high
risk associated with operating in the Russian economy.

With $6.9 billion of total assets and $1.0 billion of total
equity (under financial statements according to International
Financial Reporting Standards) at the end of the third quarter of
2003, Gazprombank is the third-largest bank in Russia.
Gazprombank is the main financial services provider of the
Gazprom group, serving about 1,200 affiliated or counterparty
corporations and about 300,000 group employees.  The bank
possesses a wide distribution network, largely in the regions
where Gazprom's main facilities are located. This distribution
network is large by Russian standards and gives the bank the
potential to expand its business with nongroup customers.



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N E T H E R L A N D S
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GETRONICS N.V.: On Watch Positive After Beating Revenue Forecast
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Dutch IT
services group Getronics N.V., including its 'B' corporate credit
rating, on CreditWatch with positive implications.

"The CreditWatch placement follows Getronics' update of its
unaudited figures for fourth-quarter 2003, which were better than
expected," said Standard & Poor's credit analyst Patrice
Cochelin.

Getronics reported a climb in fourth-quarter revenues of 7% year-
on-year, as well as EBIT before exceptional items about three
times the 2002 figure and about EUR400 million cash, up about
EUR100 million from the previous year.

The resolution of the CreditWatch placement is expected before
the end of February 2004, and will be based on Getronics':

(a) Audited 2003 accounts and management's operating targets for
2004;

(b) Ongoing business restructuring, with a particular focus on
free cash flow generation capacity after restructuring costs;

(c) Capital structure targets, including shareholder's payment
policies; and

(d) Strategic options, in particular regarding possible
acquisitions.

"The ratings on Getronics could be either affirmed or raised
following the review.  Any rating upgrade is expected to be
limited to one notch," added Mr. Cochelin.


KONINKLIJKE AHOLD: Former Execs To Give Back Part of Bonuses
------------------------------------------------------------
Two former top executives of Dutch supermarket giant Ahold have
offered to give back part of their bonuses for the years 2000 and
2001, in relation to an accounting scandal which struck the
Company last year, the Associated Press reports.

Former chief executive Cees van der Hoeven and former chief
financial officer Michael Meurs resigned in February last year
after news broke out that the Company inflated its earnings by
more than $1 billion in 2000-2002, by exaggerating sales at its
US Foodservice subsidiary. Soon after, American and Dutch
regulators started a probe into the Company's accounting
practices, causing the Company's shares to drop by two-thirds of
their value. When Ahold posted correct, audited books for 2002
seven months late, it reported a loss of 4.33 billion euros for
2002 under U.S. accounting rules.

The concession by Mr. van der Hoeven and Mr. Meurs follows a move
by the Company this week to require four lower-ranking executives
who are still with the company to return part of their bonuses.
Ahold spokesman Fritz Schmuhl told AP the four current executives
would return the "excess" part of their bonuses that was based on
the company's financial performance in 2000 and 2001. They
received a total of 4.7 million euros in bonuses 2001.

In a statement released by his lawyers, Van der Hoeven said he
"thought it was right" that he be treated the same way as his
former colleagues, AP reports. Mr. Van der Hoeven earned 3.4
million euros in 2001, of which 1.2 million euros was in bonuses,
while Mr. Meurs earned 2.3 million euros, including 868,000 euros
in bonuses. They are both still negotiating with Ahold to
determine the size of their severance packages.


KONINKLIJKE AHOLD: To Sell Remaining Convenience Stores in U.S.
---------------------------------------------------------------
Ahold announced that its U.S. subsidiary Tops Markets LLC intends
to divest its chain of 204 convenience stores.  These are Ahold's
remaining convenience stores in the United States.  The stores
operate under the banners of Wilson Farms Neighborhood Food
Stores (127), Sugarcreek Stores (67) and Tops Xpress (10).

The intended divestment of the Tops' convenience stores is part
of Ahold's strategic plan to restructure its portfolio in order
to focus on core food businesses.  Ahold has not set a time frame
for the completion of this divestment.  Ahold has retained
investment banking firm William Blair & Company, LLC (Chicago,
Illinois) to assist with the divestment.

Wilson Farms, a division of Tops Markets since 1969, operates
convenience stores in Western and Central New York.  The
Sugarcreek convenience stores, all offering gasoline, were
acquired by Tops in 2000 and are located in Central and Northern
New York.  The convenience stores are situated along major
highways and in rural areas.  Tops Xpress are convenience stores
offering gasoline in Northern New York. Together, the convenience
stores employ nearly 2,100 associates, including store
associates, field specialists and operations support.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.57.20



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


AKER KVAERNER: Wins US$30MM Contract to Upgrade Mill in Brazil
--------------------------------------------------------------
Kvaerner Pulping AB and its subsidiary Kvaerner do Brasil, have
signed a contract with Bahia Sul Celulose S/A in Brazil to
upgrade the pulp mill's fiberline and recausticizing plant.  The
upgrading increase the pulp manufacturing capacity from the
existing 578 000 to 645 000 tons/year bleached eucalyptus pulp.
The total order is worth more than US$30 million.

The first step of the expansion comprising an upgrade of the
oxygen plant - including a Compact Press(TM) - was awarded in
June 2003 and will be installed by the 2nd quarter of 2004.

The latest order is for an upgrade of the continuous digester to
a modified cooking process, KOBUDOMari, to provide increased
yield and better bleachability.

The bleach plant will be upgraded for the higher capacity
including a repeat order for another two Compact Press(TM) and a
new Duald(TM) stage will be installed for saving of chemicals and
to provide improved brightness stability of the pulp.  A final
pressurized peroxide bleaching stage, Prepox(TM), for
environmental friendly bleaching will also be installed.

The upgrade of the existing recausticizing plant includes a new
system for white liquor filtration, including a PDW(TM) filter.

The order also includes an Ash Leaching system to be supplied by
Kvaerner Power AB.

The Aker Kvaerner delivery is on an EPC basis and all steps of
the expansion project will be completed by the end of 2004.

CONTACT:  Kvaerner Pulping
          Karlstad, Sweden
          Media:
          Anders Thoren, Communications Manager
          Phone: +46 (0)54 19 47 66 or +46 (0)703 55 64 22

          KVAERNER POWER
          Tampere, Finland
          Terttu Tuominen, Communications Manager
          Phone: +358 (0)20 141 2440 or +358 (0)40 501 1415

          AKER KVAERNER, GROUP
          Investor relations:
          Tore Langballe, Vice President
          Phone: +47 67 51 31 06


STOLT OFFSHORE: Revises Proposals to Increase Capital by $200MM
---------------------------------------------------------------
Further to its announcement of December 19, 2003, Stolt Offshore
S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO), announces revised
proposals to increase its capital by up to $200 million.

The Company will raise up to $150 million through a conditional
Private Placement of $100 million and Subsequent Issue of up to
$50 million. Additionally, Stolt-Nielsen S.A. has the option to
convert up to $50 million in subordinated debt. The subscription
price for both offerings remains unchanged at $2.20 per share.

Following discussions with its shareholders and lenders about the
conditions of the previous proposals, the Board of Stolt Offshore
has identified an opportunity to increase the amount of equity
capital raised in the offering by up to 50%, and on better
conditions than had formerly been available, which would deliver
a commensurate improvement to the strength of the Company's
balance sheet.

These changes require revisions to the timetable for both the
equity offerings and the distribution of new information to
shareholders.  Consequently the Extraordinary General Meeting
(EGM) scheduled for January 19, 2004 was cancelled and an EGM of
shareholders will now be held on February 11, 2004 at 3:00 p.m.
local time at the offices of Services Generaux de Gestion S.A.,
23, Avenue Monterey, L-2086 Luxembourg. The Board of Directors of
Stolt Offshore S.A. has determined that Common Shareholders of
record as of close of business on January 21, 2004 will be
entitled to vote. A new circular and invitation to the EGM will
be sent to shareholders on or about January 22, 2004.

The outline of the revised equity issue is:

(a) a Private Placement of 45.5 million new Common Shares to
European institutional investors which is fully subscribed;

(b) a Subsequent Issue of up to 22.8 million new Common Shares to
shareholders as of January 15, 2004, (of record January 21, 2004)
who were not given the opportunity to participate in this Private
Placement; and

(c) an option for Stolt-Nielsen S.A. to elect before February 12,
2004 to subscribe for up to an additional 22.8 million Common
Shares in

(d) consideration for conversion of up to $50 million of
subordinated loans to Stolt Offshore on the same terms as those
in the proposed equity issue.

The Stolt Offshore Board has proposed the equity issue in order
to:

(a) accelerate the financial restructuring of the Company through
the raising of $100 million from the Private Placement and up to
$50 million from the Subsequent Issue; And

(b) establish a better capital structure through the increase of
book equity by a minimum of $100 million and up to a maximum of
$200 million from which to reap the full advantages of the recent
strategic and organizational changes.

The closing of the Private Placement will be subject to various
conditions being met by February 12, 2004 including, among
others:

(a) approval by the Stolt Offshore shareholders;

(b) Stolt Offshore having agreed a new bonding facility in an
amount not less than $100 million; and

(c) the conversion of the Company's "B" Shares, which are all
owned by a subsidiary of Stolt-Nielsen S.A., to Common Shares on
a 2:1 basis.

It is contemplated that the net proceeds from the Private
Placement and the Subsequent Issue will be used for (i) security
for the new bonding facility (as further described below), (ii)
working capital, (iii) prepayment of existing debt and/or (iv)
general corporate purposes. Stolt Offshore may review its status
regarding the Stolt-Nielsen S.A. liquidity line (which has not
been drawn) on completion of the Private Placement.

Assuming the completion of the equity issues in full, Stolt
Offshore will no longer be a majority controlled subsidiary of
the Stolt-Nielsen Group.

It is anticipated that the Subsequent Issue will take place
before the end of the second quarter of 2004. The subscription
rights for the Subsequent Issue will not be tradeable or
transferrable.  To the extent that any such shareholders do not
subscribe their relative part of shares in the Subsequent Issue,
the Company may allocate these shares in the Subsequent Issue to
other subscribers in the Subsequent Issue, the subscribers in the
Private Placement, Stolt-Nielsen S.A., their respective
affiliates or other investors. Tom Ehret, Stolt Offshore CEO,
said, "[The] revised equity issue is a step forward from the
initial proposals. It brings Stolt Offshore additional capital
strength to its balance sheet, helping to sustain the recovery of
the business and advance its competitive potential in the market
place."

Jacob Stolt-Nielsen, Chairman said, "We welcome this development
which significantly improves the financial capability of Stolt
Offshore. Stolt-Nielsen S.A. will remain a major and positive
shareholder in the Company."

The securities to be offered in the Private Placement have not
and will not be registered under the U.S. Securities Act of 1933,
as amended, and may not be offered or sold in the United States
without registration or an applicable exemption from the
registration requirements. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any
securities in the United States nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful. Any public offering of securities to
be made in the United States will be made by means of a
prospectus that may be obtained from the issuer and that will
contain detailed information about the Company and management, as
well as financial statements.

Stolt Offshore is a leading offshore contractor to the oil and
gas industry, specializing in technologically sophisticated
deepwater engineering, flowline and pipeline lay, construction,
inspection and maintenance services. The Company operates in
Europe, the Middle East, West Africa, Asia Pacific, and the
Americas.



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


ABB LTD.: Wins US$190 Million Construction Contract in Poland
-------------------------------------------------------------
ABB, the leading power and automation technology group, signed
contracts worth US$190 million with the Polish investor Europol
Gaz and pipeline contractor Bartimpex for construction of two
compressor stations along the Yamal-Europe natural gas pipeline.
ABB will build two turnkey compressor stations near the Polish
cities of Ciechanow and Szamotuly, each incorporating three 25 MW
turbo compressor units.  The contracts also include ABB products
for control, automation, and electro-technical systems, and full
project management services including design, procurement,
systems assembly and commissioning.

"This project demonstrates an excellent blend of our expertise
in automation products and customer processes in the oil and gas
sector," said Dinesh Paliwal, head of ABB's Automation
Technologies division.  "We are delighted to play a key role in
this important link for meeting European energy needs."

The Yamal-Europe transit pipeline spans some 4,000 kilometers,
connecting rich natural gas deposits on Russia's Yamal Peninsula
with Western Europe.

Two initial compressor stations along the Polish section have
been in operation for three years.  The current investment in new
stations will help boost annual pipeline capacity from its
current 20 billion cubic meters (BCM) to nearly 33 BCM.
Construction of the two new compressor stations will start early
this year and is scheduled for completion in mid 2005.

ABB (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.

CONTACT:  ABB LTD.
          Investor Relations
          Schweiz:
          Phone: +41 43 317 38 04
          Schweden
          Phone: +46 21 32 57 19
          USA
          Phone: +1 203 750 77 43



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


ABBEY NATIONAL: Appoints Two New Non-executive Directors
--------------------------------------------------------
Further to the announcement made on December 19, 2003 at 12.00
p.m. (RNS Number 4849T) regarding the appointment of Geoff Cooper
and Gerry Murphy as Non Executive Directors, the following
information completes the disclosure requirements of the Listing
Rules.

Geoff Cooper is currently Deputy Chief Executive of Alliance
UniChem plc.

Gerry Murphy is currently Chief Executive Officer of Kingfisher
plc.  He was previously Chief Executive of Carlton Communications
plc (2000 - 2003).  Prior to joining Carlton, he was Chief
Executive of Exel plc (formerly NFC plc).  He stepped down as a
Non Executive Director of Novar plc on December 31, 2003.

With regard to the above appointments there are no matters
requiring disclosure under Section 6.F.2 (b) to (g) of the
Listing rules.


AES DRAX: Caa2 Senior Debt Ratings Withdrawn
--------------------------------------------
Moody's Investors Service withdrew its senior debt ratings on
Drax Power Project following the restructuring of the debt
instrument last month.

The ratings withdrawn are the Caa2 senior debt ratings of AES
Drax Holdings Ltd. (recently renamed Drax Holdings Limited) and
InPower Ltd., and the C debt ratings of AES Drax Energy Ltd.  New
debt instruments have been acquired in exchange for the senior
debt on December 22.

The rating agency said: "Whilst the GBP135 million and US$200
million notes at AES Drax Energy have not been directly impacted
by the financial restructuring and remain outstanding, the
withdrawal of these debt ratings reflects the fact that no
updated financial information is, or is expected to become
available."

Drax is a 3960MW coal-fired power station in the north of
England.  It is the largest power station in the U.K.


AIRFLOW STREAMLINES: Calls in Administrators
--------------------------------------------
Rob Hunt, Alistair Grove and David Langton, of
PricewaterhouseCoopers, were appointed joint administrators of
Airflow Streamlines plc on January 19, 2004.

The Company's shares are quoted on the London Stock Exchange but
have been suspended from trading since the end of November 2003.

Airflow Streamlines has two principal trading divisions based in
Northampton, involved in the manufacture of cabs and components
for earth-moving, construction and agricultural vehicles, and the
production of prototypes and body assemblies for vehicle
manufacturers.  These divisions employ 700 people and have an
annual turnover of GBP55 million.

In addition, the company has a wholly owned subsidiary called
T.Mat Engineering Ltd which was also placed in administration on
19 January 2004. T.Mat Engineering Ltd has two divisions.  One
manufactures mats and trim panels for agricultural and industrial
vehicles, and the other produces acoustic enclosures for power
generators and switch gears.  These trading operations are based
at a number of sites in Loughborough and Chesterfield employing
around 330 people, and have an annual turnover of GBP17 million.

Rob Hunt, of PricewaterhouseCoopers, commented:

"The group has a strong reputation in its marketplace and an
excellent customer base. In 2003, the group faced a reduction in
volumes and delays in new product launches with the result that
it incurred significant trading losses.  These losses have led to
increasing cash flow difficulties, particularly, in the last few
months.

"We shall be holding urgent talks with customers, suppliers and
staff over the course of the next few days to seek their support
to allow trading to continue.

"We are confident that with this support we can continue to trade
so as to allow a restructuring of the group or a purchaser for
the businesses to be found.  We are aware that more than 1,000
jobs are at stake and hope that the majority of the businesses
can be saved and jobs secured."

CONTACT:  PRICEWATERHOUSECOOPERS
          Rob Hunt, Partner
          Phone: 0121 265 5660
          E-mail: rob.hunt@uk.pwcglobal.com

          OR:
          Jenny Britton
          Phone: 0207 212 2970
          E-mail: jenny.britton@uk.pwcglobal.com


AQUILA NETWORKS: Rating Upgrade Considered After Powergen Buyout
----------------------------------------------------------------
Moody's placed the Baa3 issuer rating of Aquila Networks on
review for possible upgrade after the acquisition by Powergen of
Avon Energy, parent company of Midlands Electricity, in which
Aquila Networks is a principal operating subsidiary.

As part of the transaction, bondholders at Avon Energy have
tendered their bonds to a Powergen affiliate for approximately
96% of the face value of the bonds, erasing Moody's fears of a
possible default.

Moody's will review the ratings for possible upgrade depending on
the extent to which the credit risk profiles of the Avon Energy
group entities are strengthened by its integration into the U.K.-
based power utility.

The rating agency said it will also review the impact of any
changes in licence conditions on intercompany cash flows between
Avon Energy's regulated entity, Aquila Networks, and other
members of the Avon Energy and Powergen groups.


AVON ENERGY: Senior Unsecured Debt Rating Upgraded to B3
--------------------------------------------------------
Moody's Investors Service upgraded the Caa1 senior unsecured debt
rating of Avon Energy Partners Holdings to B3 after Powergen
acquired the company's bonds from investors under a buyout deal.
The rating is on review for possible upgrade.

Bondholders at Avon Energy tendered their bonds to a Powergen
affiliate for approximately 96% of the face value of the bonds
under the U.K.-based power utility's offer to acquire Avon Energy
and its subsidiaries for about GBP1.146 billion.

The buyout of the bunds erases Moody's fears of a possible
default.  The bonds, however, will remain outstanding.

Moody's believes the credit risk profiles of various Avon Energy
entities will be strengthened by their integration into Powergen,
and into the E.ON group.


BRONTE FOODS: Files for Administration After Sustained Losses
-------------------------------------------------------------
Poultry group Bronte Foods called in administrative receivers
from accountants Ernst & Young after continued losses due to
increased competition made it impossible for the company to
continue trading alone.

Bronte Foods produces raw and cooked poultry products for Asda,
Pukka Pies and Green Isle Foods.  It employs 450 people at three
sites in Yorkshire, and has an annual turnover of GBP27 million.
The company's chairman is Tim Vernon.

Bronte Foods invested nearly GBP2 million (US$3.57 million) in
its production operation in 2001 but has struggled to compete
with imports from Brazil and Thailand.  Losses over the last two
years have amounted to GBP3 million.

Garry Wilson and Hunter Kelly are currently looking for potential
buyers for the company.  They had already met interested parties,
two of whom were from overseas.

CONTACT:  BRONTE FOODS
          Bronte House
          Station Road
          Cullingworth
          West Yorkshire
          United Kingdom
          BD13 5HN
          Phone: 01535 275872
          Fax: 01535275873
          E-mail: lneill@brontefoods.org
          Home Page: http://www.bronte-foods.com/

          ERNST & YOUNG
          PO box 61
          Cloth Hall Court
          14 Kings Street
          Leeds LS1 2JN
          Phone: +44 (0) 113 298 2002
          Fax: +44 (0) 113 298 2201


CABLE & WIRELESS: XO Comm. Pitches Bid to Acquire Certain Assets
----------------------------------------------------------------
XO Communications, Inc. (OTCBB:XOCM.OB), one of the nation's
leading providers of broadband telecommunications services,
submitted a bid for the assets of Cable & Wireless USA Inc. and
Cable & Wireless Internet Services, Inc., jointly known as Cable
& Wireless America (CWA), wholly-owned subsidiaries of Cable and
Wireless plc (NYSE: CWP; LSE: CW).

Details about XO Communications' bid were not released.

XO Communications is a leading broadband telecommunications
services provider offering a complete set of telecommunications
services, including: local and long distance voice, Internet
access, Virtual Private Networking (VPN), Ethernet, Wavelength,
Web Hosting and Integrated voice and data services.

XO has assembled an unrivaled set of facilities-based broadband
networks and Tier One Internet peering relationships in the
United States.  XO currently offers facilities-based broadband
telecommunications services within and between more than 70
markets throughout the United States.


HOLLINGER INC.: Barclays To Acquire Telegraph Under GBP260 M Deal
-----------------------------------------------------------------
The Barclays brothers, Sir David and Frederick, owners of
Scotsman Publications, have agreed to take over control of the
Daily Telegraph and Sunday Telegraph newspapers.

The acquisition is part of a GBP260 million acquisition of Lord
Conrad Black's stake in Canadian publishing company Hollinger
Inc. by the Barclays' Press Holdings International.

The Hollinger Inc. stake gives the Barclays 30% of the ordinary
shares and 73%of voting rights in Hollinger International, the
group, which owns the Telegraph Group in Britain.

The company plans to acquire full control of the company by
making an offer to the holders of the remaining 22% of shares in
Hollinger Inc.   The takeover is expected complete by the end of
February.

The deal came hours after Hollinger International sued Lord Black
over allegations that he and an associate siphoned off than
GBP125 million away from the company.  Lord Black was kicked off
as chairman after the filing of the lawsuit.


INVENSYS PLC: Might Tap Equity Markets for More Cash
----------------------------------------------------
Troubled engineering group Invensys is contemplating on a new
rights issue as it continues to negotiate an asset sale that
would help it cover a financial shortfall.

The Telegraph, citing sources close to the matter, said the issue
will depend on the outcome of its talks with potential buyers for
one of its three remaining major businesses.  If the company does
not see a quick sale of the climate control and appliance control
divisions, it would be compelled to launch a surprise share
offering, they said.

Proceeds of the fund-raising exercise will be used to plug a
GBP700 million-pension hole and pay back a US$900 million (GBP500
million).

Invensys is embarking on a GBP1.8 billion-disposal program that
started April.  It has so far raised GBP83 million from the sale
of its Dutch software unit Baan, GBP44 million from its Teccor
electronics business, and GBP388 million from the water metering
business to meet working capital requirements.

But a US$900 million (GBP500 million) loan that comes due in June
and a GBP700 million pension deficit might necessitate its
launching a rights issue.

"A rights issue of around GBP500 million could be an alternative
way to get the company through its June 2004 hurdle and allow it
to continue with its disposal program," an analyst said.

The company's financial adviser is Morgan Stanley.


JASMIN PLC: David Andrews Returns as Managing Director
------------------------------------------------------
Jasmin is pleased to announce the appointment of David Andrews to
the role of Managing Director.  He will take up the post on
February 1, 2004.

Pursuant to section 6F.2 B-G of the Listing Rules, there is
nothing that is required to be disclosed.

David, 63, is one of the founders of Jasmin and was previously
Managing Director from 1970 until 1998 before becoming a non-
executive director.

Roger Plant, Chairman, said: "I am delighted to have David back
as Managing Director.  His experience and knowledge of Jasmin
will be of great value to the Company going forward."

Jasmin plc is currently looking for an investor that would help
it trade out of its current cash constrained position.  The
company said: "If none of the prospective approaches lead to the
sale of the Company, then the Board will be required to
renegotiate its ongoing financial support by its lenders in
respect of the Company's future trading."

CONTACT:  JASMIN PLC
          Roger Plant, Chairman
          Phone: 0115 8541 460

          BELL POTTINGER FINANCIAL
          Billy Clegg/Robin Tozer
          Phone: 0207 861 3232


LEEDS UNITED: Wins Extension to Crucial Repayment Deadline
----------------------------------------------------------
Leeds United said it was able to obtain agreement from principal
creditors to extend a standstill period by a week to January 26.

Leeds' GBP80 million debt to creditors was due Monday with no
clear signs of rescue, although it was reported potential savior
Sheikh Abdul Rahman bin Mubarak Al-Khalifa was able to raise
GBP35 million for its offer for the club.

In a stock exchange announcement, the company said the deadline
was moved.  Further, in case certain financial and other
covenants are not yet achieved until the new deadline, the
standstill could be extended by two weeks more to February 6.

CONTACT:  LEEDS UNITED
          Trevor Birch, Chairman and Chief Executive
          Phone: 0113 367 6000
          Neil Robson, Finance Director
          Phone: 0113 367 6000


MIDLANDS ELECTRICITY: Rating Might Benefit from Powergen Buyout
---------------------------------------------------------------
Moody's placed the Baa3 guaranteed debt rating of Midlands
Electricity plc on review for upgrade after the acquisition by
Powergen of Avon Energy, parent company of Midlands Electricity.

As part of the transaction, bondholders at Avon Energy have
tendered their bonds to a Powergen affiliate for approximately
96% of the face value of the bonds, erasing Moody's fears of a
possible default.

Moody's will review the ratings for possible upgrade depending on
the extent to which the credit risk profiles of the Avon Energy
group entities are strengthened by its integration into the U.K.-
based power utility.

The rating agency said it will also review the impact of any
changes in license conditions on inter-company cash flows between
Avon Energy's regulated entity, Aquila Networks -- Midlands
Electricity's operating subsidiary -- and other members of the
Avon Energy and Powergen groups.


PNC TELECOM: Announces Board Changes, Strategy Update
-----------------------------------------------------
Following the Annual General Meeting on January 14 at which
Geremy Thomas was appointed as an additional Director of the
Company, and the discharge of the Administration Order on January
15, John Peett and Ian Gray resigned as Directors and David
Bradfield resigned as the Company Secretary.

On January 16, Mr. David Till, who is a chartered accountant, was
appointed as an independent non-executive director of the Company
and Mr. Nigel Etherington, who is a solicitor and was a former
Company Secretary of the Company, was appointed as the Company
Secretary.

The new Directors have stated the priority of the Board will be
to consider and resolve issues that remain following the disposal
of the business of the Company to Vanguard Holdings Plc (as
detailed in previous announcements), to safeguard the assets of
the Company and to examine suitable business opportunities which
may be available in the broad business sectors in which the
Company has operated formerly with a view to restoring a trading
business and enhancing the value of shareholders funds.  It is
also the intention of the board to strengthen its composition by
the appointment of a further independent non-executive director
in due course.

Following the appointment of the new Directors, the Board has
applied to the London Stock Exchange for the ordinary shares to
recommence trading on AIM.  Such trading is expected to
recommence on January 20, 2004.

The new board hopes to be in a position to make a further
announcement to shareholders at the time of the holding of the
Extraordinary General Meeting of the Company scheduled to take
place on February 13, 2004.

Pursuant to Rule 15 of the AIM Rules, the following information
is disclosed in respect of David John Till, age 40.

Current directorships/partnerships Oakley Capital Partners LLP,
Oakley Capital Partners Two LLP, KXGE Limited, Endbourne 5
Limited, Oakley Capital Limited, Warner Bros Studio Stores
Limited, Internet Technology Group (Europe) Limited

Former directorships/partnerships
GCP Crown Limited, Cottsmore Limited, Game and Playtime Limited,
Town Art & Design (Scotland) Limited, Hunkydory Realisations
Limited, Crown Toys and Gifts
Limited, Crown Designs Limited, Endbourne 1 Limited, Endbourne 2
Limited,
Endbourne 3 Limited, Endbourne 4 Limited, P.A.R.C. Design
Limited, Finishing
Touch (1996) Limited, Crown Products Group plc, Crown Gifts
Limited, Kensington
Fine Arts Limited, RGM Originals Limited, Alan Hutchison Limited,
Talavera
Consulting Limited.

Mr. Till was a director of Crown Products Group plc, which went
into administrative receivership in January 1998. He is also a
director of Endbourne 5 Limited, which was placed in
administrative receivership in October 1997.


SAFEWAY PLC: Bares Schedule of Merger with Wm Morrisons
-------------------------------------------------------
Further to the announcement on December 15, 2003 of the new
recommended offer by Morrisons for Safeway, Safeway announces
that documentation in relation to the merger, which is being
effected by way of a scheme of arrangement under section 425 of
the Companies Act 1985, was posted to Safeway shareholders
Monday.

Timetable

The expected timetable of principal events is:

                                                   2004
Posting of merger documentation
to shareholders                               January 19

Last day for lodging forms of proxy
in relation to the Safeway Court meeting and  February 9
EGM

Safeway Court meeting and EGM                 February 11

Morrisons EGM (to approve the merger)         February 11

First Court hearing date
(to sanction the scheme)                      March 1 (1)

Last day for lodging form of election
in respect of the mix and match facility      March 3

Second Court hearing date
(to confirm the reduction of capital)         March 4 (1)

Last day of dealings in Safeway shares        March 5 (1)

Effective date of the scheme                  March 8 (1)

Commencement of dealings
on the London Stock Exchange
in new Morrisons shares                       March 8(1)

(1) These dates are indicative only and will depend, inter alia,
on the dates upon which the Court sanctions the scheme of
arrangement and confirms the associated reduction of capital and
whether the conditions are either satisfied or waived.

Update on Board and management

As previously announced, Sir Kenneth Morrison will remain
Executive Chairman of the enlarged group and Morrisons other
executive directors will continue to be responsible for their
respective functions in the enlarged group.  Following further
discussions since the announcement of the Merger on December 15,
2003, Lawrence Christensen and Jack Sinclair will now not be
joining the Morrisons Board.  However, Lawrence Christensen has
agreed to remain with the enlarged group and as a director of
Safeway until the expiry of his current contract ending June 18,
2004 to assist with the integration process.  It is intended that
Jack Sinclair and the other Safeway Directors will stand down
from the board of Safeway and leave Safeway once the Merger
becomes effective.

Safeway Trading Update

The documentation issued in connection with the merger contains
this Safeway trading update:

"In its second quarter trading statement released on October 29,
2003, Safeway announced that sales grew by 1.2% in the 28 weeks
to October 11, 2003 compared with the same period in the previous
year to GBP5,181 million, including a like-for-like sales
increase of 0.1%.

On November 20, 2003, Safeway issued its interim results
statement for the 28 weeks to October 11, 2003.  In these
results, Safeway announced that it had adopted the Accounting
Standards Board's new guidance on revenue recognition, published
as part of its amendment to FRS 5 (see Note 1 to Safeway's
interim results).  As a result, total first half sales were
restated (net of multi-buy and staff discount and on a
commission-only basis for mobile phone etop-ups) to GBP4,903
million, implying a like-for-like sales reduction of 2.5% in the
first half.

Safeway's sales performance has been in line with its plans for
the third quarter (representing the twelve weeks ended January 3,
2004).  Profit for the quarter, before tax and exceptional items,
was slightly ahead of last year.

Like-for-like sales, on a net basis, reduced by 4.1 per cent.
(compared to a reduction of 2.5% in the first half).  On a gross
sales basis, in line with Safeway's previous revenue recognition
policy, like-for-like sales fell by 0.8%, compared with growth of
0.1% in the first half."

CONTACT:  SAFEWAY PLC
          For shareholders/analysts:
          Simon Laffin/Steve Webb
          Phone: 020 8756 2822

          For press/media:
          Kevin Hawkins
          Phone: 020 8756 2979

          BRUNSWICK GROUP
          Susan Gilchrist/Tim Grey
          Phone: 020 7404 5959




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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