/raid1/www/Hosts/bankrupt/TCREUR_Public/040302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 2, 2004, Vol. 5, No. 43

                            Headlines

C Z E C H   R E P U B L I C

ANTENNA HUNGARIA: Successfully Engineers HUF2 Billion Turnaround


F I N L A N D

BENEFON OYJ: Discloses Final Terms of Equity Issuance
BENEFON OYJ: Receives EUR0.8 Mln Share Subscription Commitments
BENEFON OYJ: Posts Key Decisions Made in Extraordinary Meeting


F R A N C E

SUEZ GROUP: Talks to Divest European Assets to Electrabel Fail


G E R M A N Y

EM.TV & MERCHANDISING: Bondholders Support Restructuring
HEIDELBERGCEMENT AG: Upbeat about 2004 Prospects
HVB GROUP: Individual Rating on Rating Watch Pending Q1 Results
HVB GROUP: S&P Upgrades Outlook to Stable from Negative


I R E L A N D

DATALEX PLC: Narrows Full-year Loss by More than 65%


I T A L Y

FIAT SPA: Full-year Operating Loss Down 33% to EUR510 Million
FIAT SPA: Sells Direct Stake in Edison
FINMATICA SPA: Streamlining Biz by Disposing Non-core Assets
PARMALAT FINANZIARIA: Investors Have a Week to File Fraud Case


N E T H E R L A N D S

FILTRONIC PLC: Ratings Withdrawn Following Debt Redemption
GETRONICS N.V.: B3 Rating of EUR100 Million Bonds Affirmed
KONINKLIJKE AHOLD: Limits Terms of Corporate Executives


N O R W A Y

PAN FISH: 2003 EBITDA Positive


R U S S I A

ARCHITECTURAL GLASS: Declared Insolvent
BOGURAYEVSKY: Court Opens Bankruptcy Proceedings
CEMENT: Properties to be Auction March 23
CHELYABINSK: Creditors Have Until April 20 to File Claims
KALININAGROPROMCHIMIYA: Under Bankruptcy Supervision Procedure
OREBURGNEFTESTROY: Under Bankruptcy Supervision Procedure
POSHATOVO: Declared Insolvent
SILICATEBUILDING: Deadline for Proofs of Claim April 21
ZAVOD ZHBI: Under Bankruptcy Supervision Procedure
ZHIRNOVSKY: Declared Insolvent


S W E D E N

SEMCON AB: Reports SEK57.6 Million After-tax Loss


S W I T Z E R L A N D

ABB LTD.: Appoints Fred Kindle New Chief Executive
SKANDIA INSURANCE: Underscores Improvement in Latest Results
TURBOMACH SA: Caterpillar to Acquire Firm for Undisclosed Amount


U N I T E D   K I N G D O M

ASHCROFT KETTERING: Names Baker Tilly Liquidator
AVIS GROUP: Profit Before Tax Falls 51% to EUR59.4 Million
CREWGATE LIMITED: Appoints Numerica Liquidator
EURODIS ELECTRON: Open Offer Receives 91.2% Acceptance
FIRST IMAGE: In Administrative Receivership

FLOW CONTROL: Under Administrative Receivership
GULF CONTAINER: Calls in Begbies Traynor
HAROLDZEN LIMITED: Appoints T H Associates Administrator
HOSTESS FURNITURE: Creditors Meeting Set March 12
INTERNATIONAL POWER: 2003 Net Loss Surges to GBP219 Million

INVENSYS PLC: Ratings Lowered Due to High Leverage
KWELM COMPANIES: N.Y. Court to Hear Scheme Amendment March 19
LASAR LIMITED: Calls in Receivers from Grant Thornton
LEEDS UNITED: Consortium Withdraws Rescue Offer
LEEDS UNITED: Standstill Arrangement Expires; Shares Suspended

MOTORING MARKETING: Files Libel Case Against Creditor
RANK GROUP: Pre-tax Profit Falls Slightly to GBP193.7 Million
RUGBY PARK: Appoints McConnell Liquidator
SANCHEZ LIMITED: Appoints KPMG Administrator
SP HOLDINGS: Achieves Significant Turnaround

SP HOLDINGS: Appoints Tony Simpson Joint Chief Executive
TRANSMARINE MUTUAL: Wind up Resolution Passed
WEMBLEY PLC: Posts Scheme Document Relating to MGM's Offer

* Large Companies with Insolvent Balance Sheets


                            *********


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


ANTENNA HUNGARIA: Successfully Engineers HUF2 Billion Turnaround
----------------------------------------------------------------
The consolidated balance sheet result of the Antenna Hungaria
Group in the year 2003 unveiled profits of HUF50 million as
opposed to the loss of HUF1.925 billion in 2002.  The main
reason for this improvement to the tune of almost HUF2 billion
was that the ownership of the company in Vodafone Hungary was
requalified into an "other share" from the associated enterprise
share.  Antenna Hungaria's share since October 2003 no longer
reaches the 20% needed for qualification as an associated
enterprise.  Since the consolidation of the Vodafone share at
the end of 2000, the Antenna Hungaria Group succeeded the first
time to close any year with a profit at consolidated level.

Antenna Hungaria published its Quick Report for the year 2003
containing non-audited data for both the parent company and at
consolidated level.

At the parent company level, business results of Antenna
Hungaria Rt. for the year 2003 surpassed HUF2.1 billion, and its
balance sheet result equaled HUF1.1 billion.  The main reason
for this improvement is, on the one hand, that Antenna Hungaria
Rt. keeps its positions in the core activity, and on the other:
when the telecommunication activities were outsourced into the
Antenna Tavkozlesi Rt. [Antenna Telecom Ltd.], Antenna Hungaria
conveyed a part of its assets to the disposal of the new
subsidiary as contribution in kind, and this helped to bring
about this extraordinary performance.

At the consolidated level, beyond the changing Vodafone
consolidation, there was another change versus the year 2002,
namely that the companies AnteCom Rt., AnteCare Rt., AnSzer Ltd.
and TeleDataCast Ltd. were sold in 2003 and thereby departed
from the group of companies.

Net sales revenue of the Antenna Hungaria Group in 2003 equaled
HUF25.3 billion that is by 2.4% higher than the amount reached
in the year 2002.  In 2003, 55% of the revenue of the group of
companies was generated by broadcasting, 20% by
telecommunications, 8% by the AntennaMikro service, 5% by
service and maintenance services, and 12% from various other
activities (leasing of infrastructure and tools, etc.).

The results of the business activities of the group of companies
equaled HUF2.25 billion; and the main impact here was that the
amortization of the capital consolidation difference of Vodafone
Hungary Rt. failed to take place.

At expenditure level, an approximately HUF2.5 billion sum of
spending in financial operations was a significant item, and it
continued to be greatly connected with interest and other out
payments of interest nature (HUF1.8 billion), although this item
dropped in a favorable way by more than 17%, compared to the
similar period of the previous year.

Obligations of the group dropped by 7% in comparison with the
year 2002, and the composition of its credits-owing to the
replacement of short-term loans by long-term credits of a more
favorable construction-changed in a positive way.

In the following, you will find an extract from the Quick Report
for the year 2003 published through the IKSZ system of BET [the
Budapest Stock Exchange].  Full text of the report can be read
and/or downloaded in Hungarian or English from these web sites
http://www.bet.hu,http://www.bse.hu,and/or http://www.ahrt.hu.

To see main items from the parent company and the consolidated
reports of Quick Report 2003:
http://bankrupt.com/misc/AntennaGroup_QuickReport2003.pdf


=============
F I N L A N D
=============


BENEFON OYJ: Discloses Final Terms of Equity Issuance
-----------------------------------------------------
As informed earlier on Wednesday, Benefon will make public the
received subscription commitments and clarify the final amounts
and prices of the subscriptions in the directed share issue and
convertible bond loan issue on equity terms to the Investor and
Private Investors.

The subscription commitments received from the creditors of the
company in the share issue directed to the creditors are listed
in Annex 1 of the bulletin.

As also informed, the total amount of the investment has been
confirmed at EUR1.65 Million.  As also informed earlier, the
investment is split between a direct share subscription and a
subscription of a convertible bond loan on equity terms.
Because of the received low amount of the subscription
commitments in the directed share issue to creditors, a larger
than foreseen portion of the investment by the Investor will be
directed into the equity bond loan, causing the subscription
price of the directed share issue to remain somewhat lower than
foreseen.

With the amounts of the subscription commitments received from
the creditors clarified, the Board has confirmed the amounts of
shares and equity bond loan offered to the Investor and Private
Investors for subscription.  The Board proposes that the
Shareholders' Meeting would confirm as the amount of shares
offered for subscription by the Investor and Private Investors a
total maximum of 77,531,920 shares and as a total subscription
price a maximum of EUR775,319.20.  The subscription price per
share would then be 0.01 euros, of which the portion paid by the
Investor is a minimum of EUR0.0067 (not exact value), or a total
of EUR519,559.26, with the rest paid from the share premium
fund.  This means that the share issue would be implemented as a
combined issue.  In addition, the Board proposes that as the
capital of the convertible bond loan on equity terms to be
offered to the Investor would be confirmed a maximum of
EUR1,130,440.74 and, as the conversion rate, a conversion rate
corresponding to a subscription price per share of EUR0.01.  The
issued bonds could, therefore, be converted into a maximum of
113,044,074 shares of the company.  The amounts of shares and
convertible bond loan are in accordance with the request of the
Investor for 66.666% share of the registered share capital and
of the fully diluted share capital after all arrangements.

The total new capital invested by the Investor and the Private
Investors would, therefore, be EUR1,650,000.  The Shareholders'
Meeting will also resolve about a separate equity loan, as
informed in the meeting call.  The amount of the equity loan
would be EUR350,000.

The distribution of the subscription rights of the Investor and
Private Investors in the share issue and in the equity bond loan
are listed in Annex 2 of the bulletin.

To see Annex I and II:
http://bankrupt.com/misc/Benefon_Annex.htm

CONTACT: BENEFON OYJ
         Board of Directors
         Jorma Nieminen
         Chairman


BENEFON OYJ: Receives EUR0.8 Mln Share Subscription Commitments
---------------------------------------------------------------
For the share issue directed to the creditors of the company,
being part of the overall arrangement reported on January 26,
2004, Benefon has received from 39 creditors subscription
commitments totaling EUR807,563.16 and 10,696,260 shares.  The
amounts include three late-arrived subscription commitments.
The total reorganization receivable of the creditors who have
submitted subscription commitments is EUR2,619,123.81, being
also the object of re-organization debt cutting.  The total
subscription price of EUR807,563.16 is set as one-third of the
cut part of the said debt.  The Board of Directors has accepted
all received subscription commitments and shall propose to the
Extraordinary Shareholders' Meeting of February 26, 2004 that
subscription right will be granted to creditors who have
submitted subscription commitments according to the received
commitments.

According to the proposal of the Board, the shares left over
after the primary share issue to creditors will be offered for
subscription to the shareholders of the company in a secondary
issue.  As there are received subscription commitments for a
total of 10,696,260 shares, a total of 50,290,574 shares will be
left over to be offered to the shareholders for subscription in
June 1-30, 2004 in the secondary share issue.  For the part not
subscribed in the secondary share issue, the company will issue
option rights as reported earlier.

According to the original offer by the Investor, the amount of
the investment was a minimum of EUR1.5 million and a maximum of
EUR2.0 million.  The amount of the investment has now been
confirmed at EUR1.65 million but the total funding may still
rise from this.  The Investor and Private Investors have
deposited to the escrow account funds needed for the
subscriptions.

The Board will clarify its proposal about the amounts of shares
offered to the Investor and Private Investors and the amount of
equity bond loan offered to the Investor for subscription later
with a bulletin, which will also include a summary of the
received subscription commitments.

As the share capital of the company, on the basis of the
convertible bond loan 2003A and as of February 12, 2004, has
been raised with EUR175,739.39 to EUR6,546,393.52, also this
needs to be accounted for in the Board proposal for reduction of
share capital.  The Board therefore makes a note that the share
capital will be reduced by EUR6,351,778.08 from the present
EUR6,546,393.52 to EUR194,615.44 to the effect that after the
reduction the book parity value of the share will be 0.01 euros.

CONTACT: BENEFON OYJ
         Board of Directors

         Jorma Nieminen
         Chairman of the Board


BENEFON OYJ: Posts Key Decisions Made in Extraordinary Meeting
--------------------------------------------------------------
In the extraordinary shareholders' meeting of Benefon Oyj on
February 26, 2004 these decisions were made:

The extraordinary shareholders' meeting of Benefon Oyj handled
the re-organization package and decided, among others, about
amendment of the bylaws and decrease of the share capital and
about increase of the share capital by means of a share issue
directed to the holders of K-shares, a share issue directed
primarily to the creditors and secondarily to the shareholders
of the company, and a share issue and convertible bond loan
issue on equity terms directed to Investors and Private
Investors.

(a) Amendment of 3S, 4S ja 5S of the Bylaws

The Shareholders' Meeting decided, according to the proposal of
the Board, to amend the 3-5S of the Bylaws as follows:

    (i) The minimum of the share capital of the company is
        EUR100,000 and the maximum EUR50,000,000.

   (ii) The number of shares is a minimum of 2,500,000 and a
        maximum of 400,000,000.  The share has no nominal value.

  (iii) The number of K-shares is a maximum of 500,000 and the
        number of S-shares is a minimum of 2,500,000 and a
        maximum of 400,000,000.

   (iv) In the 5 S of the Bylaws a transformation sentence is
        added for enabling the transformation of each K-share
        into one S-share.

The decision is conditional to the district court of Turku
confirming the re-organization program of the company by April
30, 2004 as latest.  The company has informed about the
amendment of the Bylaws in the market bulletin of January 26,
2004.

(b) Decrease of the share capital

The Shareholders' Meeting decided, according to the proposal of
the Board, to decrease the share capital of the company from
EUR6,546,393,52 to EUR194,615,44.  Decrease the share capital
takes place by transferring from share capital EUR6.351.778,08
to the account of loss from previous years.  The decrease of the
share capital is used for covering the loss in the confirmed
balance sheet, as intended in the companies act, chapter 6, 1S,
clause 1.1.

The decision is conditional to the district court of Turku
confirming the re-organization program of the company by April
30, 2004 as latest.  The company has informed about the decrease
of the share capital in the market bulletin of January 26, 2004,
and it has been clarified in the bulletin of February 25, 2004.

(c) Increase of the share capital in a combined share issue
    directed to the holders of K-shares

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital in a directed share
issue in deviation from the shareholders' first right of
subscription.  The share capital of the company is increased by
a maximum of EUR45,000 by offering to the holders of the K-
shares of the company for subscription a maximum of 4,500,000
new S-shares of the company with a book parity value of EUR0.01.

The company has informed about the directed share issue in the
market bulletin of January 26, 2004.

The share issue will take place as a combined issue, where the
K-share holders are given a right to subscribe S-shares of the
company.  The subscription rights are determined so that for
each K-share there will be right to subscribe 9 S-shares.  The
shareholders' meeting confirmed the distribution of the
subscription rights as follows:

Subscriber
K-shares

Subscription right S-shares

Halyard Oy  395,000  3,555,000
Finnfoam Oy  60,000    540,000
Jorma U.
Nieminen     30,000    270,000
Jouko
Nurminen     15,000    135,000
TOTAL:      500,000  4,500,000

Using the subscription right is on the condition that the
subscriber has committed to transform the K-shares he holds into
S-shares at first possibility according to the transformation
clause added to the Bylaws.

The subscription price per share is same for all subscribers,
EUR0.01.  The subscriber pays for a share EUR0.0001 and the
balance of the subscription price, EUR0.0099 per share, is
transferred from the share premium account of the company into
share capital.

The subscription period of the shares begins on February 26,
2004 and ends on April 30, 2004.  The subscribers subscribe the
shares according to the chapter 3a 17 of the companies act by
paying there share of the share subscription price in full by
the end of the subscription period to a bank account assigned by
the company.  The Board will accept all subscriptions made in
this way according to the terms of subscriptions, providing that
the district court of Turku confirms the re-organization program
for the company by April 30, 2004, as latest.  In case the re-
organization program has not been confirmed by that date, all
made subscriptions shall be rendered null and void.

(d) Increase of share capital in a new share issue directed
    primarily to the creditors of the company and secondarily to
    the shareholders of the company and, finally, by issuing
    option rights.

Creditor issue

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital in a directed share
issue in deviation from the shareholders' first right of
subscription a maximum of EUR106,962.60 by offering to 39
creditors of the company for subscription a maximum of
10,696,260 new S-shares of the company with a book parity value
of EUR0.01 at a subscription price per share of EUR0.0754994644,
providing that the district court of Turku confirms the re-
organization program for the company by April 30, 2004, as
latest.

The share issue was managed as a book building issue where the
re-organization creditors of the company were granted an
opportunity to make subscription commitments in the receiving
period of February 2-18, 2004 (Offer period).

The shareholders' meeting confirmed the distribution of the
subscription rights as:

Subscriber          Subscriber. price/   Eur shares
AATSTO LAAKSO,
LUKANDER & RUOHOLA       1, 820,46           24,112
ACTE OY                  1, 179,50           15,622
ACTE OY                176, 148,54        2,333,109
ASSY Oy                     748,59            9,915
BRIIFFI OY               3, 271,71           43,334
CLOTHING PLUS OY         1, 897,38           25,131
DA-DESIGN OY             7, 002,12           92,743
DETECTOR OY                  43,28              573
EKLOW ELECTRONICS OY        583,43            7,727
FASTRAX OY              25, 477,03          337,446
HALYARD OY               3, 687,72           48,844
HJ. JOUSI OY                639,45            8,469
IF
VAHINKOVAKUUTUS-YHTIO OY 5, 088,06           67,392
INDUSTRI VERKTOY            951,21           12,598
INNOVATIVE IDEAS OY     11, 158,07          147,790
JUKOVA OY                    11,47              151
KONTTORIFORUM               270,86            3,587
KULJETUSLIIKE
KALEVI JOKINEN OY            63,25              837
LOUNAIS-SUOMEN
VEROVIRASTO             185 785,01        2,460,746
LAAKARIKESKUS
MEHILAINEN SALO             157,71            2,088
NET SERVANT OY              531,44            7,039
OY ARBONAUT LTD          10 157,18          134,533
OY CUMULATOR LTD            190,74            2,526
OY PROVERBIS AB              37,62              498
RUMMUNLYOJANKATU 2 RY        26,21              347
RUOKALA MARJA HEIKKONEN     798,98           10,582
SALON IMUAUTOT OY            17,38              230
SALON JˇTEHUOLTO KY         785,41           10,402
SALON KAUPUNKI              630,06            8,345
SALON SEUDUN PUHELIN OY  1, 469,22           19,459
SALON SEUDUN SANOMAT OY     413,67            5,479
SALON SˇHKT JA DATA OY      318,25            4,215
SAPA PROFIILIT OY        8, 319,44          110,192
SINISEN TALON KAHVIO
MEA LAUTIALA                 45,86              607
STUDIO TORTA S.R.L.      1, 316,58           17,438
TOIMISTOTEKNIIKKA TT OY      63,92              846
U-BLOX AG                2, 514,53           33,305
VALTIONKONTTORI        352, 400,15        4,667,584
VEIJO SEPPA              1, 541,67           20,419
TOTAL OF 39 CREDITORS: EUR807,563,1      10,696,260 shares

The subscription period of the shares begins on February 26,
2004 and ends on April 30, 2004.  The subscription takes place
with the subscription commitment, which also serves as the
subscription list.  The subscription price is paid in set-off.
The Board will accept all subscriptions made in this way
according to the terms of subscriptions, providing that the
district court of Turku confirms the re-organization program for
the company by April 30, 2004, as latest.  In case the re-
organization program has not been confirmed by that date, all
made subscriptions shall be rendered null and void.

Shareholder issue

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital of the company by
offering in the secondary issue in June 1-30, 2004 the
shareholders of the company in proportion to their shareholdings
for subscription a maximum of 50,290,574 new S-shares of the
company with a book parity value of EUR0,01 at a subscription
price per share of EUR0,22649839, providing that the district
court of Turku confirms the re-organization program for the
company by April 30, 2004, as latest.  The subscription right is
with a shareholder who on February 16, 2004 was registered as a
shareholder on the sharelist kept by Suomen Arvopaperikeskus Oy.
The Board was granted authority to decide the details of the
management of the secondary issue and the way of issuing the
subscription rights.

Option rights

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital of the company in
deviation from the shareholders' first right of subscription by
offering for subscription a maximum of 50,290,574 option rights
to key persons, named by the Board, who are employed by Benefon
Oyj and its subsidiaries and/or to key persons to be recruited
to its employment, providing that the district court of Turku
confirms the re-organization program for the company by April
30, 2004, as latest.

Each option right entitles to subscribe one S-share of the
company at a subscription price per share of EUR0,22.  As a
result of the share subscriptions, the share capital of the
company may increase by a maximum of EUR502.905,74.  Option
rights can be offered for subscription only up to the amount
equal to the amount of shares left un-subscribed in the
secondary issue directed to the shareholders.  Therefore, the
sum of the amount of shares subscribed in the secondary issue
and the amount of issued option rights can be a maximum of
50,290,574.  The subscription period of the option rights begins
on July 5, 2004 and ends on November 30, 2004.  The Board of the
company will decide the details of the offering of the option
rights.

The company has informed about the directed share issue in the
market bulletin of January 26, 2004, which has been clarified
with bulletins of February 25 and 26, 2004.

(e) New share issue and convertible equity bond loan issue
    directed to the Investor and Private Investors.

Directed share issue

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital of the company in
deviation from the shareholders' first right of subscription in
a directed share issue by a maximum of EUR775,319.20 by offering
for subscription by the Investor and Private Investors a maximum
of 77,531,920 new S-shares of the company with a book parity
value of EUR0.01 at a subscription price per share of EUR0.01.

The company has informed about the directed share issue in the
market bulletins of January 26, 2004 and February 26, 2004.

The subscription price of the issue is a maximum of
EUR775,319.20, of which the portion paid by the subscribers is a
maximum of EUR519,559.26 corresponding to about EUR0.00670123
per share.  The difference between the amount paid by the
subscribers and transferring the balance from the share premium
account into share capital covers the subscription price of
EUR0.01 and, therefore, the issue is managed as a combined
issue.

The shareholders' meeting confirmed the distribution of the
subscription rights as:

Subscription Rights of the Investor in the Directed Bond Loan
Issue

Subscriber       Portion/subscr.price/Eur     paid by subscriber
                                                  Shares

Octagon Solutions Ltd.     367,586,65              54,853,607
Darkrose Investment Ltd.    19,483,67               2,907,476
AWM Holdings Inc.           48,709,17               7,268,690
Cercle Investment Ltd.      28,251,32               4,215,840
Henry Jonninen              29,225,50               4,361,214
Matti Kinnunen               1,948,37                 290,748
Tom Sunden                   1,948,37                 290,748
Ashland Partners            10,716,02               1,599,112
TOTAL:                     507,869,06              75,787,434

SUBSCRIPTION RIGHTS OF PRIVATE INVESTORS IN THE DIRECTED SHARE
ISSUE

Subscriber       Portion/subscr.price/Eur     paid by subscriber
                                                   Shares

Jorma U. Nieminen        5,845,10                872,243
Jukka Nieminen           1,558,69                232,598
Pascal Lorne             1,169,02                174,449
Joel Badi                1,169,02                174,449
Sophie Marcel            1,169,02                174,449
Yves Braka                 779,35                116,299
TOTAL:                  11,690,20              1,744,486

ALL TOGETHER:          519,559,26              77,531,920

The subscription period of the shares begins on February 26,
2004 and ends on April 30, 2004.  The Investors and Private
Investors subscribe the shares according to the chapter 3a 17
of the companies act by paying there share of the share
subscription price in full by the end of the subscription period
to a bank account assigned by the company.  Payment of the
subscription price may also take place in set-off if the
Investors and the Private Investors have paid an amount
corresponding to the subscription price to the bank account of
the company already before the subscription.  The Board will
accept all subscriptions made in this way according to the terms
of subscriptions, providing that the district court of Turku
confirms the re-organization program for the company by April
30, 2004, as latest.  In case the re-organization program has
not been confirmed by that date, all made subscriptions shall be
rendered null and void.

Convertible equity bond loan

The Shareholders' Meeting decided, according to the proposal of
the Board, to increase the share capital of the company by a
maximum of EUR1,130,440.74 by offering for subscription by the
Investor and Private Investors a convertible bond loan on equity
terms with a capital of a maximum EUR1,130,440.74 (Convertible
Bond Loan 2004A).  The Board amended its proposal so that, in
deviation from the terms of the Convertible Bond Loan 2004A
annexed to the Board proposal, the interest of the loan is 4%.
The bonds issued of the loan may be converted to a maximum of
113,044,074 new S-shares of the company.  The conversion ratio
corresponds to a subscription price per share of EUR0.01.  Of
the loan will be issued transferable bonds of the value of at
least one (1) euro (Bonds).

The company has informed about the convertible bond issue in the
market bulletins of January 26, 2004 and February 26, 2004.

The shareholders' meeting confirmed the distribution of the
subscription rights of the Loan as follows:

Subscription Rights of the Investors in the Convertible Bond
Loan Issue

Subscriber              Subscr. price/Eur         Max. shares

Octagon Solutions Ltd.      799,783,52             79,978,352
Darkrose Investment Ltd.     42,391,95              4,239,195
AWM Holdings Inc.           105,979,88             10,597,988
Cercle Investment Ltd.       61,468,33              6,146,833
Henry Jonninen               63,587,93              6,358,793
Matti Kinnunen                4,239,19                423,919
Tom Sunden                    4,239,19                423,919
Ashland Partners             23,315,57              2,331,557
TOTAL:                    1,105,005,57            110,500,557

Subscription Rights of Private Investors in the Convertible Bond
Loan Issue

Subscriber              Subscr. price/Eur         Max. shares

Jorma U. Nieminen           12,717,59             1,271,759
Jukka Nieminen               3,391,36               339,136
Pascal Lorne                 2,543,52               254,352
Joel Badi                    2,543,52               254,352
Sophie Marcel                2,543,52               254,352
Yves Braka                   1,695,68               169,568
TOTAL:                      25,435,17             2,543,517

ALL TOGETHER:            1,130,440,74           113,044,074

The subscription period of the Convertible equity bond loan
2004A begins on February 26, 2004 and ends on April 30, 2004.
The Board will decide about acceptance of the subscriptions.
The Board will accept all subscriptions made in this way
according to the terms of subscriptions, providing that the
district court of Turku confirms the re-organization program for
the company by April 30, 2004, as latest.  In case the re-
organization program has not been confirmed by that date, all
made subscriptions shall be rendered null and void.

The shareholders' meeting decided to authorize the Board to
decide about other matters and practical measures related with
the Loan or with the eventual share capital increases following
the conversion of the Loan.

(f) Equity Loan

The Shareholders' Meeting decided, according to the proposal of
the Board, to take an equity loan with the amount of a maximum
of EUR350,000 from Octagon Solutions Ltd., Darkrose Investment
Ltd., Henry Jonninen, Matti Kinnunen and Tom Sunden so that the
interest of the loan is 6%.  The Board will decide about the
details of the loan.  The decision is subject to the district
court of Turku confirming the re-organization program for the
company by April 30, 2004, as latest.

(g) Cancellation of the Board authority and authorizing the
    Board to decide about increasing share capital.

Providing that the district court of Turku confirms the re-
organization program for the company by April 30, 2004, as
latest, the Shareholders' Meeting decided, according to the
proposal of the Board, to cancel the authority given on May 21,
2003 and authorized the Board within one year from the
shareholders' meeting granting the authority to decide about
increasing share capital in new share issue, about issuing
option rights or about raising convertible bond loans in one or
more allotments so that in new share issues, option issues or
bond loan issues a maximum of 3,787,786 new shares with book
parity value of EUR0.01 are entitled to be issued.  Therefore,
the share capital can be increased with the authority by a
maximum of EUR37,877.86.  The company has informed about the
canceling of the authority and about the new authority in the
market bulletin of January 26, 2004.

(h) Offering option rights to employees of the company and other
    key persons

Providing that the district court of Turku confirms the re-
organization program for the company by April 30, 2004, as
latest, the Shareholders' Meeting decided, according to the
proposal of the Board, to issue a maximum of 1,729,551 option
rights.

In deviation from the shareholders' first right of subscription,
the option rights will be offered for subscription to key
persons who are employed by Benefon Oyj and its subsidiaries
and/or to key persons to be recruited to its employment, to
management and Board members (hereinafter Key persons).  The
option rights may also, in whole or in part, be offered for
subscription by a company named by the Board for the account of
Benefon Oyj and to be offered later to employees and other key
persons according to the decisions by the Board of Benefon Oyj.
The Board of Benefon Oyj will decide about offering the option
rights. With the option rights, a total maximum of 1,729,551 S-
shares of Benefon Oyj can be subscribed.  Option rights are
given free.  The subscription price for a share with a book
parity value of EUR0.01 is EUR0.22 for all option rights.  The
subscription period of option rights begins on December2004 and
ends on January 31, 2008.  The subscription price of a share
will be reduced after February 26, 2004 and prior to the share
subscription by the amount of dividends on the balance day of
each dividend payment.  The shares shall be paid with
subscription.  As a result of the share subscriptions, the share
capital of the company may increase by a maximum of
EUR17.295,51.  The subscription period of the option rights
begins on July 5, 2004 and ends on November 30, 2004.

The company has informed about the offering of the option rights
in the market bulletin of January 26, 2004.

(i) Deciding the number of Board members and election of new
    members of the Board.

On the condition that the district court of Turku confirms the
re-organization program for the company by April 30, 2004, as
latest, the Shareholders' Meeting decided that the number of
Board members is confirmed to be three and elected as new
members of the Board Jeffrey Crevoiserat, Brian Katzen and Juha
Kiikeri.

CONTACT: BENEFON OYJ
         Jukka Nieminen, President

         Additional information:
         Jukka Nieminen
         Phone: +358 2 77400
         Web site: http://www.benefon.fi

         Distribution:
         Helsinki Exchanges
         Principal media


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


SUEZ GROUP: Talks to Divest European Assets to Electrabel Fail
--------------------------------------------------------------
(a) On December 13, 2002 the management of Electrabel -- acting
consistently with the main guiding lines of its strategic plan -
- put a proposal to the Board of Directors of Electrabel to
study the advisability of acquiring Tractebel's European assets
relevant to this strategy, more precisely the business units
Tractebel Energy Services, Tractebel Installations & Maintenance
(T.I.M.), Tractebel Engineering and Tractebel's shareholdings in
Distrigas and Fluxys.  The Electrabel Board of Directors
approved management's proposal and Tractebel agreed to look into
the transfer operation.

In June 2003, work on Electrabel's acquisition of T.I.M. was put
to an end in view of Tractebel's decision to not pursue the
various indicative bids -- including Electrabel's -- received in
connection with the possible T.I.M. sale.

(b) Studies into the strategic and economic interest of
Electrabel and Suez-Tractebel engaging in these transfers
continued throughout the second half of 2003, in a context
marked by rapid change in the markets.

More specifically, persistent uncertainties about the
legislative (new directives being transposed into national
legislations) and regulatory environment of gas activities at
both Belgian and European level, along with the rapid changes on
international gas markets where Suez entities have acquired
significant positions, suggest that it is advisable to postpone
any structural reform in this area.

As far as services activities are concerned, major synergies
have already been forged, especially in France, where Electrabel
and Elyo have signed a commercial cooperation agreement under
which Elyo will make its facilities and its market knowledge
available to Electrabel, thereby contributing to the development
of Electrabel in France, in the interest of all entities of the
SUEZ group.

(c) During this period of just over one year, the Group
companies -- without waiting for any change in their shareholder
structure -- have continued enhancing their cooperation, thus
enabling the Group both to offer its customers a broad range of
energy services and to maximize gas/electricity synergy, with
respect for the interests of the various companies it controls.

Bearing in mind the still highly changeable environment and the
progress made in forging synergies, the Boards of Directors of
Suez-Tractebel and Electrabel have concluded that it was not
advisable at this stage to transfer assets and have therefore
put an end to studies into this issue.


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


EM.TV & MERCHANDISING: Bondholders Support Restructuring
--------------------------------------------------------
As of February 27, 2004, approximately 94.16% of the bondholders
(based on the outstanding nominal value of the convertible bond)
have accepted the offer made by EM.TV & Merchandising AG.  The
company has made use of its right to reduce-with the consent of
the ad hoc committee of bond-holders, as contemplated in the
offer under A.III (iii)-the acceptance rate to 94.0%.

Accordingly the necessary acceptance rate has been achieved and
the condition precedent set forth under A.III. (iii) of the
offer necessary for the successful implementation of the offer
has been fulfilled.  As a courtesy, EM.TV has decided to make it
possible for bondholders who have, for various reasons, not yet
accepted the offer to participate in the restructuring through
individual tender until further notice.

In the absence of possible shareholders actions, completion will
take place upon formal registration of the proposed business re-
organization in the commercial register.  The proportion of the
convertible bond, which has not been tendered remains as debt of
the company but is offset by the value of consideration, which
is not issued under the offer.

CONTACT: EMTV MERCHADISING
         Frank Elsner
         Kommunikation fur Unternehmen GmbH
         Phone: ++49 54 04 91 92 0


HEIDELBERGCEMENT AG: Upbeat about 2004 Prospects
------------------------------------------------
The difficult economic environment continued to ease throughout
2003.  The growth track in the U.S. gave increasing impetus to
the euro zone.  In Germany, however, gross domestic product
growth remained weak also in the last quarter.  This varied
performance is set to continue -- at a slightly higher level --
during the current year.

For the first time, HeidelbergCement passed the mark of 50
million tons in cement and clinker sales volumes. Turnover
decreased in 2003 by 3% overall to EUR6,372 million (previous
year: 6,570).  The effect of the devaluation of the U.S. dollar
was set against the increase in turnover from new consolidations
at EUR453 million.  -EUR222 million is attributable to
disinvestments.  Adjusted for consolidation and currency
effects, turnover increased slightly by 0.4%.  The good
performance during the fourth quarter confirmed our expectations
for results.  The Managing Board will propose to the Supervisory
Board at its meeting on March 24, 2004, at which the annual
accounts are to be approved, the distribution of a cash dividend
for the financial year 2003.

At the end of 2003, the HeidelbergCement share was delisted from
the Brussels Stock Exchange.  Our share is listed on the
Frankfurt Stock Exchange as well as on several regional German
stock exchanges.

Cement and clinker sales volumes

Cement and clinker sales volumes have increased across the Group
in the year 2003 by 11.5% to 51.1 million tons.  Thereof, 4.7
million tones are from locations included for the first time, in
Germany as well as in Poland, Romania, China, and Africa.
Adjusted for volumes related to consolidation, this rise
amounted to 1.7%.

Employees

On an annual average, 37,774 employees (previous year: 36,761)
were working at HeidelbergCement.  This includes an increase of
4,094 employees due to new consolidations.  Disinvestments and
capacity adjustment measures decreased the number of employees
by 3,081.

Prospects

The global economic environment is generally considered to be on
a sustained upward trend.  Economic optimism is increasingly
bolstered by the data.  Expectations for Germany remain
moderate, yet positive.

In the difficult year 2003, HeidelbergCement further
strengthened its core activities and thereby its ability to
compete, through numerous structural measures.  We are well
prepared to benefit from the economic recovery at above-average
levels.  Effects from synergies in Germany and Western Europe
and favorable prospects for North America and Africa-Asia-Turkey
justify our confidence.  In the countries of our Central Europe
East region, the economy has been growing more dynamically since
the mid-90s than it has in the European Union.  We expect strong
impetus for HeidelbergCement due to our leading market position
in these countries.  The forthcoming accession of Poland,
Slovakia, the Czech Republic, and Hungary into the European
Union is expected to provide an extra boost.

The profitable performance of our participation Indocement
allowed liabilities to be reduced significantly.  Since the
obligatory restrictions on use of net profits have thus ceased
to apply, the company can be fully included in the Group annual
accounts from January 1, 2004.  This will likely increase
HeidelbergCement's cement and clinker sales volume to over 60
million tons.


HVB GROUP: Individual Rating on Rating Watch Pending Q1 Results
---------------------------------------------------------------
Fitch Ratings on Thursday affirmed Bayerische Hypo- und
Vereinsbank's (HVB) Long-term, Short-term and Support ratings at
'A', 'F1' and '1' respectively.  The 'C/D' Individual rating has
been placed on Rating Watch Positive and the Long-term rating
Outlook remains Stable based on Fitch's view that the EUR3
billion capital raising announced will proceed smoothly and that
the bank will continue to deliver on its improving performance
targets.

The rating action follows the announcement of HVB's preliminary
results, in conjunction with a planned capital raising.  The
Individual rating will be reviewed following announcement of
first quarter 2004 results and will be upgraded to 'C' if these
are in line with the target for the year and the capital
increase is complete.

The hefty EUR2.4 billion loss for 2003 includes recognition of
impaired values in the bank's equity investments, particularly
on Munich Re and Allianz, and of goodwill in Bank Austria
Creditanstalt.  Overvaluation of these assets had already been
taken into account in Fitch's assessment of the bank's capital
position, which the agency had flagged as unsatisfactory for its
rating level in previous press releases.  Progress in regaining
internal capital generating capacity has been slow, with the
bank facing setbacks from the barely recovering operating
environment in Germany and its traditionally high exposure to
German commercial real estate as well as some over-concentration
in some of the large problem credits in the domestic and
international portfolios over the past three years.  On the
credit side, most of the commercial real estate loans were spun
off with the formation of the separately-owned Hypo Real Estate
group in October 2003 and the bank has worked hard to reduce its
other risks substantially.  However, coupled with plummeting
share prices particularly on insurance stocks since 2002, the
problems HVB has had to face have eroded its "hidden reserves"
completely and eaten into capital.  Clean-up measures in the
loan portfolio in 2003 together with the large, one-off
impairment charge should reduce future volatility of net income.

In Fitch's opinion, a capital increase of EUR3.0 billion should
be enough to repair the balance sheet for the time being, but
the bank will need to continue to restore its operating profit,
delivering on targets to build up to an ROE of over 8% for 2005,
increasing again in 2006, if it is to retain its Long-term
rating.  Diversion from the targeted path may still result in
negative rating action.  For 2004 the bank targets operating
profit of EUR1.4-1.7 billion, so up about 70% on 2003, on the
back of around a 9% reduction in loan loss provisions and 6%
higher revenue.  These both look achievable to Fitch, with an
increased focus on the business rather than restructuring, more
stringent risk controls and better underlying credit risk,
especially bearing in mind that the target set for loan loss
provisions means that they are expected to remain at a very high
level in 2004.  Profit will need to double again in 2005 to meet
targets.  The bank's franchise, particularly in southern
Germany, Austria and the Central European countries coming into
the European Union this year, gives it a good platform to build
on, setting it apart from its German peers, but success will
largely depend on how the bank is managed during the next two
years.

The ratings of HVB's hybrid Tier 1 instruments issued through
HVB Funding Trusts I, II, IV, VII and VIII have been affirmed at
'BBB+'.  At the same time, the agency has affirmed the Long-term
'AAA' ratings of the bank's public sector and mortgage
Pfandbriefe.

CONTACT: FITCH RATINGS
         Olivia Perney, Paris
         Phone: +33 1 44 29 91 80
         Bridget Gandy, London
         Phone: +44 207 417 4346
         Britta Graf-Tiedtke, Frankfurt
         Phone: +49 69 76807 616

         Media Relations
         Campbell McIlroy, London
         Phone: +44 20 7417 4327


HVB GROUP: S&P Upgrades Outlook to Stable from Negative
-------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on Bayerische Hypo- und Vereinsbank AG
(HVB) and Bank Austria Creditanstalt AG.  At the same time, it
affirmed its 'A-' long-term and 'A-2' short-term counterparty
credit and certificate of deposit ratings on both companies.
The rating actions mainly reflect:

(a) The turnaround in HVB's operating results by about EUR1.5
    billion in 2003 resulting primarily from reduced
    provisioning needs and cost cutting;

(b) The announcement of HVB's rights issue to absorb the write-
    off of various financial investments and goodwill, and to
    partially restore capital ratios;

(c) The expectation that owing to the bank's strategic
    initiatives, HVB's operating results will further improve in
    2004.

The change in outlook on Bank Austria Creditanstalt continues to
reflect Standard & Poor's view of BA as a core entity of HVB.
Standard & Poor's considers the steady improvements at Bank
Austria and improved geographical diversification a positive
factor for HVB.

"Despite the turnaround due to lower risk provisions and cost
containment, HVB's operating earnings remained low in 2003, but
at the upper end of its forecast and in line with Standard &
Poor's expectations," said Standard & Poor's credit analyst
Stefan Best.

"However, revenue generation will remain a key challenge, as the
scope for further cost cutting, reductions in risk provisions,
or disposals have reduced.  Although HVB will have to compensate
the loss of revenues from the disposals and reduced risk-
weighted assets, the group should benefit from the return on the
cash received from the proposed capital increase and disposals.
In addition, earnings will benefit from its lower obligation
under the guarantee for its 2003 spun-off real estate banks.

"While earnings should improve in 2004, they are expected to
remain below the levels of more highly rated international
peers, given the size and long-term nature of mispriced loans;
the weak, albeit improving, economic environment; and the
persistent structural problems of the German banking industry.

"Standard & Poor's believes that HVB's progress in its
restructuring process, the proposed capital increase, and the
elimination of unrealized losses has improved the bank's
business and risk profile, thus reducing concerns about setbacks
in a still difficult operating environment.  Nevertheless, HVB's
capitalization, asset quality, and earnings continue to be key
negative rating factors."

Standard & Poor's expects further improvements in HVB's
operating earnings and prudent management of risk assets to
strengthen capital ratios through earnings retention in 2004.

CONTACT: STANDARD AND POORS RATING SERVICES
         Analyst E-mail Addresses
         stefan_best@standardandpoors.com
         harm_semder@standardandpoors.com
         FIG_Europe@standardandpoors.com


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


DATALEX PLC: Narrows Full-year Loss by More than 65%
----------------------------------------------------
Datalex Plc (ISE:DLE;OTC:DLEXY) announced its full year results
for the year ended December 31, 2003.

"I am pleased that arising from a 13% increase in revenues and
further cost economies, we narrowed our loss for the year from
$20.6 million to $7.1 million," said Michael Quinn, Executive
Chairman, Datalex.

"While this further continues the process of getting the company
to profitability, the time lag from contract negotiations to
revenue generation held back revenue growth.  2003 saw us
receiving the World Travel Award for Leading Internet Booking
Engine Technology Provider and this endorsement of our product
quality positions us well to generate additional e-business
revenues in the growing airline, travel and hospitality
sectors," he said.

Full Year Results

(a) Loss for the year reduced from $20.6 million in 2002 to $7.1
    million in 2003.

(b) Revenues increased by 13% to $29.1 million from $25.8
    million in 2002.

(c) A net unrestricted cash balance at December 31, 2003 of $36
    million.

(d) Reduction in basic and diluted loss per share to $0.11 in
    2003 from $0.31 in 2002

(e) New contracts signed with Malaysia Airlines, American
    Express and Galileo for United Airlines.

To see financial statements:
http://bankrupt.com/misc/Datalex_2003.htm

To download the complete results statement, please visit
http://www.datalex.com/investor.asp

CONTACT: DATALEX PLC
         Analyst/Investor Enquiries
         Ciaran McNally, Chief Financial Officer
         Phone: +353 1 839 1787
         E-mail: ciaran.mcnally@datalex.ie


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


FIAT SPA: Full-year Operating Loss Down 33% to EUR510 Million
-------------------------------------------------------------
The Board of Directors of Fiat S.p.A met under the chairmanship
of Umberto Agnelli to review the Group's preliminary
consolidated results for the fourth quarter and full year 2003.

2003 Highlights:

The operating and financial results for the fourth quarter and
granter and full year 2003, which should be viewed taking into
account the timing of the Group's disposal process, remain
negative in certain areas but show marked improvement in others.
This positive trend is even more pronounced on the basis of
comparable 2002 and 2003 data, after eliminating the impact of
assets divested during the two years.

(a) In 2003, the Group cut its full year operating loss by
    EUR252 million to EUR510 million, compared with a EUR762
    Million operating loss in 2002.  On a comparable basis
    (continuing operations), the Group's operating loss was
    halved, resulting in an improvement of more than EUR600
    million.

(b) In the fourth quarter of the year, the Group posted
    operating income of EUR142 million.  Based on continuing
    operations, operating income improved by EUR281 million from
    the comparable period in 2002, underscoring the strong
    positive initial impact of the Group's Relaunch Plan.

(c) The Group's pre-tax loss improved by EUR3.5 billion, from
    EUR4.8 billion in 2002 to EUR1.3 billion in 2003.  The loss
    reduction of more than 70% reflects the turnaround in
    operating performance, lower non-operating charges and
    higher gains on asset disposals.

(d) The Group's consolidated net loss (EUR1.9 billion) was
    EUR2.3 billion less than in 2002, after the payment of about
    EUR650 million in income taxes, which, however, had no
    impact on the Group's financial position.

(e) Net financial position improved by about EUR800 million
    (from -EUR3.8 billion at the beginning of the year to about
     -EUR3.0 billion at the end of December).  With positive net
    cash flow of about EUR2 billion, the Group had liquid assets
    of EUR7 billion at year-end.

(f) Implementation of the Fiat Group Relaunch Plan is proceeding
    in line with expectations, both in financial terms (cash
    generation) and operating terms (lower overhead, better
    margins due to the introduction of new products,
    technological revitalization and progress toward achievement
    of operating breakeven at the Group level in 2004).

(g) The organization has been strengthened by the arrival of top
    executives from outside the Group and the optimization of
    competencies and professional skills available internally.
    In 2003, new managers were appointed to 12 of the Group's 19
    senior management positions.

(h) The Group launched four new car models (Lancia, Ypsilon,
    Fiat Panda, Fiat Idea and Alfa GT), overhauled three
    existing models (Fiat Punto, Alfa 156 and Alfa 166) and
    introduced a host of new Iveco and CNH products.

To view full copy of this press release click,
http://bankrupt.com/misc/fiat_group.pdf


FIAT SPA: Sells Direct Stake in Edison
--------------------------------------
Fiat announced that it has agreed the sale of 65 million
ordinary shares of Edison S.p.A., representing Fiat's direct
stake in Edison.  The shares, subscribed as a non strategic
financial investment in conjunction with Edison's rights issue
occurred at the beginning of 2003, have been sold to Morgan
Stanley and Co. International Limited who will place the share
exclusively with professional investors.  In connection with the
sale, Fiat has agreed with the buyer not to sell, directly or
indirectly, any share or warrant of Edison for a period of 60
days.

Fiat maintains its 24.60% participation in Italenergia Bis, the
controlling entity of Edison.  The transaction announced does
not change any of the strategic options of the Fiat Group in the
future.

This announcement is directed only at persons who (i) are
outside the United Kingdom or (ii) are in the United Kingdom and
either have professional experience in matters relating to
investments or are high net worth companies, unincorporated
associations etc for the purposes of Article 49 of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001
(all such persons together being referred to as relevant
persons).  This announcement must not be acted on or relied on
by persons who are not relevant persons.  Any investment or
investment activity to which this announcement relates is
available only to relevant persons and will be engaged in only
with relevant persons.


FINMATICA SPA: Streamlining Biz by Disposing Non-core Assets
------------------------------------------------------------
The Board of Directors' meeting of Finmatica S.p.A. took place
in Milan, in order to deliberate about the Company's budget for
fiscal year 2004 and about the fees due to its executive
officers.

As far as the first item of discussion is concerned, and given
that the investments implemented in fiscal year 2003 allow the
Group to present itself to the market with a renewed and
competitive portfolio of products, the Board of Directors made
the following decisions:

(a) to focus industrial operations in the core business of the
    Group: Finance, Extended Supply Chain Management,
    Transportation & Logistics and Security;
(b) to implement the plan for discontinuing non strategic
    assets;
(c) to accelerate the restructuring plan.

The Company is preparing the new triennial plan for the period
2004-2006, with the assistance of the consulting firm Bain &
Company.  The plan should be completed by March and subsequently
disclosed to the market.

As far as the outlook for the current year is concerned, the
Company should generate a Production Value of EUR98 million, an
EBITDA of EUR24 million and should implement investments in
Research & Development totaling about EUR12 million.  The above
outlook does not consider the eventual consolidation of
Finmatica Real Estate, as this company is considered as a non-
strategic asset, destined to be discontinued.

The Board also quantified the fees due to the executive officers
Dr. Enrico Marinelli and Dr. Michele Carpaneda, for the period
January 22, 2004-March 18, 2004, in conformity with art. 2389,
co.3, of the Civil code.

The Company also discloses that  it repaid a part (amounting to
EUR16.6 million) of the syndicated loan 2001-2005 (value due on
February 26th, 2004), of an agreed value of EUR50 million.  For
the repayment it used a part of its cash, deriving from the
former Geval Fund.

Finally, the Company informs that, given the shareholders'
meeting called on March 18-19, in order to terminate the present
audit firm's appointment and to nominate the new Board of
Directors, it will formally ask Borsa Italiana to benefit from
the longer deadline for the disclosure of financial statements,
as allowed by art. 2.5.6 of the Regulation of the New Market, in
order to allow the new Directors and the eventual new auditors
to analyze in depth the assessments related to the accounts
closed as at December 31, 2003.

Finmatica's note in relation to the article published on
February 18, 2004

Milan, February 20, 2004

In relation to the article published on February 18, 2004 by
Milano Finanza, titled titolo "Durante la bufera Crudele & Co.
giocavano in borsa" and the correlated table, Finmatica S.p.A.
specifies that:

the only trading operations that can be attributed to the
Finmatica shareholder Pier Luigi Crudele in his own name or
through the subsidiary under his control Rodenham Participations
B.V. are: Purchase of 2,000 shares carried out on January 7,
2004; Purchase of 50,000 shares carried out on January 12, 2004.

These operations were communicated to the market according to
the norm on internal dealing (art. 2.6.3., 2.6.4., 2.6.4.bis of
the New Market regulations).

The remaining operations attributed erroneously to Rodenham
Partecipations B.V. in the table published by the newspaper were
instead carried out by the Banca Intermobiliare as "entrusted
subject" and are part of the title stabilization contract that
Finmatica S.p.A. signed with the banking institution.

The operations carried out by Finmatica S.p.A. from January 5 to
the 19 are part of the proprietary share acquisition and sales
plan deliberated by the board on April 23, 2003.

Both operations are therefore to be framed in the context of
legitimate stabilization activities of the share and were put in
place by Finmatica S.p.A.


PARMALAT FINANZIARIA: Investors Have a Week to File Fraud Case
--------------------------------------------------------------
The deadline for investors in Parmalat Finanziaria to move for
lead plaintiff in a class action pending in the United States
District Court for the Southern District of New York is rapidly
approaching.  If you purchased the securities (including stock,
American Depository Receipts (ADR), and bonds) of Parmalat
Finanziaria S.p.A. (Pink Sheets:PARAF) (Milan:PRFI.MI) between
January 5, 1999 and December 29, 2003, inclusive and you wish to
be a lead plaintiff in the case, you must move to serve as lead
plaintiff by fling a motion in the court where it has been filed
by March 5, 2004.

It has been alleged that Parmalat, Calisto Tanzi, Stefano Tanzi,
Luciano Del Soldato, Domenico Barili, Francesco Giuffredi,
Giovanni Tanzi, Fausto Tonna Deloitte & Touche Tohmatsu,
Deloitte & Touche S.p.A., Citigroup, Inc., Grant Thornton
International, Grant Thornton S.p.A., Bonlat Financing Corp.,
Coloniale S.p.A., Zini & Associates, and Buconero LLC violated
the federal securities laws by issuing a series of materially
false and misleading statements to the market.  These
misstatements have had the effect of artificially inflating the
market price of Parmalat's securities.

Much Shelist is currently investigating these claims.  If you
wish to discuss your rights and interests, or if you have
information relevant to the lawsuit, you may contact Carol V.
Gilden or Louis A. Kessler at Much Shelist Freed Denenberg Ament
& Rubenstein, P.C., by calling a toll-free number 1-800-470-
6824, or by sending an E-mail to investorhelp@muchshelist.com.
Your e-mail should refer to Parmalat.

Specifically, the Complaint alleges that throughout the Class
Period, the Company failed to disclose that: the defendants'
statements were materially false and misleading because they
failed to disclose and/or misrepresented the following adverse
facts:

(1) that its assets in its audited financial statements were
overstated;

(2) that Parmalat falsely stated that it had used its "excess
cash balances" -- which actually did not exist -- to repurchase
corporate debt securities worth EUR2.9 billion (approximately
$3.6 billion), when in fact it had not repurchased those debt
obligations and they remained outstanding;

(3) that the $625 million of Parmalat's cash allegedly invested
in a liquid investment fund in the Cayman Islands could not be
retrieved because it was falsified;

(4) that the Company used off-shore shell companies, such as
Bonlat Financing Corp., Buconero LLC, and Epicurum to falsify
its financial results;

(5) that defendants C. Tanzi and S. Tanzi siphoned as much as
800 million euros ($1 billion) from Parmalat operations, mainly
to finance other family businesses;

(6) that the Company lacked adequate internal controls and was
therefore unable to ascertain the true financial condition of
the Company; and

(7) that as a result, the value of the Company's net income and
financial results were materially overstated at all relevant
times.

On December 9, 2003, defendant Calisto Tanzi, then Parmalat's
Chairman and Chief Executive Officer, and his son, defendant
Stefano Tanzi, a senior Parmalat executive, met with
representatives from a New York City-based private equity and
financial advisory firm regarding a possible leveraged buyout of
Parmalat.  During that meeting, in response to a comment by one
of the Tanzis about liquidity problems at Parmalat, one of the
New York firm's representatives noted that Parmalat's financial
statements showed that the company had a large amount of cash.

In response, defendant Stefano Tanzi stated that the cash was
not there, and that Parmalat really had only 500 million euros
in cash. Later, defendant Luciano Del Soldato, then Parmalat's
Chief Financial Officer, joined the meeting.  During a
discussion of Parmalat's outstanding debt, Mr. Del Soldato
stated that Parmalat's debt was actually EUR10 billion, much
higher than the balance sheet showed.  Mr. Del Soldato indicated
that the balance sheet was incorrect because the company had not
repurchased EUR2.9 billion of Parmalat bonds.  The balance sheet
falsely reflected that the bonds had been repurchased.  These
revelations ultimately lead to Parmalat announcing that it had
been declared insolvent by an Italian Court on December 29,
2003.

If you purchased Parmalat's securities during the Class Period
and if you meet certain other legal requirements, you may file a
motion in the court where the lawsuit has been filed to serve as
a lead plaintiff.  You must file your motion no later than March
5, 2004.

A lead plaintiff is a representative party that acts on behalf
of other class members in directing the litigation.  In order to
be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class.  Under certain circumstances, one or more class members
may together serve as "lead plaintiff."  Your ability to share
in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff.  The requirements
for serving as a lead plaintiff are set forth in the Private
Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-
4).

Much Shelist's history is one of experience, leadership and
results.  For more than 25 years, Much Shelist has represented
plaintiffs in class action litigation in federal and state
courts across the United States.  The firm has successfully
prosecuted cases involving securities fraud, antitrust
violations, consumer fraud, unlawful business practices and
insurance company fraud.  Under Much Shelist's leadership, class
members have obtained judgments and settlements in excess of $4
billion.

CONTACT: MUCH SHELIST FREED DENENBERG AMENT & RUBENSTEIN, P.C.
         Carol V. Gilden, Esq.
         Phone: (800) 470 6824
         E-mail: investorhelp@muchshelist.com


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


FILTRONIC PLC: Ratings Withdrawn Following Debt Redemption
----------------------------------------------------------
Moody's Investors Service withdrew the senior implied, and
unsecured issuer ratings of Filtronic plc, as well as the
ratings on the company's US$74 million (originally US$170
million) senior unsecured notes due 2005.  The rating actions
follow the redemption of all of the company's outstanding rated
bond debt.

Filtronic plc designs and manufactures radio frequency
components for wireless communication infrastructure equipment,
cellular handsets and electronic warfare systems.  It reported
revenues of GBP238.9 million for the twelve months ended
November 30, 2003.

Last month the company said its trading result was affected by
the weakening of the U.S. dollar, and consequently the Chinese
yuan, which is linked to the U.S. dollar, when compared to
sterling.

It expects pricing pressure to continue to restrict growth in
sales and margins despite an increase in Wireless Infrastructure
forecast demand for transmit/receive modules and associated
products for base stations.


GETRONICS N.V.: B3 Rating of EUR100 Million Bonds Affirmed
----------------------------------------------------------
Moody's Investors Service upgraded the senior implied rating of
Getronics N.V. from B2 to B1, and affirmed the company's senior
unsecured issuer rating and the rating of the company's EUR100
million 5.5% senior unsubordinated convertible bonds at B3.

The rating action on the senior implied rating reflects
Getronics' improved balance sheet and liquidity position
resulting from the company's recently completed share offering,
Moody's said.

Getronics offered EUR240 million in equity to help redeem the
company's EUR250 million 13% installment bond currently rated
Caa1.  Moody's plans to withdraw the ratings once the debt
instrument is redeemed.

In conjunction, Moody's affirmed Getronics unsubordinated bond
at B3 to reflect their subordination to both existing and
potential future levels of secured debt, Moody's said.


KONINKLIJKE AHOLD: Limits Terms of Corporate Executives
-------------------------------------------------------
Ahold announced that as part of Ahold's corporate governance
initiative, term limits have been established for Corporate
Executive Board members.

Theo de Raad will continue to lead the divestment process in
South America and Thailand.  Mr. de Raad will step down from the
Executive Board upon his retirement at age 60 on January 7,
2005.

Bill Grize will continue his duties as CEO of Ahold USA, Inc.
and will supervise the organizational integration occurring
across Ahold USA, and the divestiture of BI-LO/Bruno's.  Mr.
Grize will continue to serve as a member of the Executive Board
until the new organization is fully integrated, and then
relinquish his role as a Board member.  This will occur no later
than his planned retirement in April 2006 when he reaches age
60.

Ahold President & CEO Anders Moberg, CFO Hannu Ryopponen, and
Chief Corporate Governance Counsel Peter Wakkie will have term
limits expiring in 2008.  Mr. Moberg and Mr. Ryopponen's terms
are subject to renewal.  Mr. Wakkie will have reached his
retirement age limit at that time.

Anders Moberg states: "Ahold's implementation of term limits is
one element of our commitment to strengthened corporate
governance.  In addition, this series of changes provide for a
well-planned, coordinated leadership transition."

CONTACT: ROYAL AHOLD N.V.
         P.O. Box 3050 1500 HB
         Zaandam Netherlands
         Phone: +31 (0) 75 659 57 20
         Fax:   +31 (0) 75 659 83 02


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


PAN FISH: 2003 EBITDA Positive
------------------------------
The Pan Fish (OSE:PAN) Group's results for 2003 are influenced
by the company undergoing a restructuring phase, and by the fact
that market prices for farmed salmon are at record-low levels.
The company is in control of operations at the start of 2004,
and the operational measures that have been implemented or are
being put into effect will reduce the Group's costs by about NOK
325 million in 2005, measured against actual costs in 2003.  The
situation in Canada and in the Faeroes is under control, and
there will be a phased and targeted build-up of production to a
long-term, sustainable level in both regions.

Improved underlying operations.  Pan Fish achieved an operating
profit before depreciation (EBITDA) of NOK25.7 million in the
fourth quarter to 31 December 2003, compared to an operating
loss of NOK214.2 million in the comparable period in 2002.  For
the full year, EBITDA was NOK 66.6 million, compared with -
NOK411.5 million in 2002.  This powerful improvement is largely
due to the performance of the fish-farming operations in Norway
and North America, and the VAP businesses.

Final refinancing.  At year-end 2003, the equity in Pan Fish ASA
totaled NOK238 million, while the figure for the Group was -NOK
163.4 million.  Based on the ongoing dialogue the Board of
Directors is pursuing with the Group's main bankers and
principal shareholders, it is deemed realistic to expect the
final refinancing of the Pan Fish Group within a reasonable
timeframe.

"Entering 2004, there are several bright spots for the company
and for the market as a whole.  A lower smolt output in 2004 is
likely to end the production-driven fall in prices that has
dominated the market in the past few years.  We believe there
will be a better balance between supply and demand as the year
progresses, which may bring higher prices in the second half of
2004.  In addition, we expect to benefit continuously from the
positive effects of the operational actions being carried out to
enable us to achieve our goal of being lowest-cost producer.
Provided we get the final refinancing in place, we will be able
to maintain our ambition of returning to profitable operations
in 2005," says Pan Fish CEO, Atle Eide.

(NOKm)                 Q4-03 Q4-02 2003 2002

Operating income                906.9    879.0  3 556.5  4,595.3
EBITDA                           25.7   -214.2     66.6   -411.5
Operating profit before special
items                          -47.5   -271.9   -190.5   -683.3
EBIT                           -196.8   -991.4 -1,460.9 -1,476.9
Profit before taxes            -304.3 -1,645.1 -2,143.2 -2,680.0
Net profit                     -402.3 -1,527.2 -2,258.3 -2,296.0

Operations and outlook

Fish-farming: The company's fish-faming businesses had an
overall turnover of NOK675.7 million in the fourth quarter,
compared with NOK614.0 million in the same period last year.
Operating income for the full year 2003 was NOK2 755.6 million,
compared with NOK2,922.2 million in 2002.  21,392 tones of round
weight salmon were slaughtered during the period, compared with
18,307 tones in the fourth quarter 2002.  In total, 93,589 tones
of round weight salmon were slaughtered in 2003, compared with
88,992 tones in 2002.

The company has focused intensively on resolving the problems
besetting the operations in Canada and the Faeroes.  The
situation is now considered to be under control and it will be
possible to carry out a sequential and targeted build-up of
production to a long-term, sustainable level in both regions
over the coming years.  There will, however, be a temporary
break in production in the Faeroes in 2004 to permit the company
the best possible control of the situation and to minimize risk.

Processing: The company's value-added processing operations
continue to perform well, primarily owing to improved operations
and a focus on better utilization of raw materials.  Overall,
the value-added processing operations businesses had a combined
turnover of NOK369.3 million in the fourth quarter, compared
with NOK305.6 million in the same period last year, while
turnover for the full year 2003 was NOK1,021.9 million, compared
with NOK895.7 million in 2002.

Outlook: "2003 was a disappointing year for the fish-farming
industry, and a tough year for Pan Fish.  But at the start of
2004 our confidence has been strengthened both with regard to
the market conditions and, not least, the internal operating
conditions over which we have direct influence.  Our goal of
becoming a lowest-cost producer and returning to profitable
operations in 2005 remains firm," emphasizes Atle Eide.

The company has initiated discussions with its principal
shareholders and creditors aimed at putting in place a final
refinancing of the Pan Fish Group.  In terms of liquidity, at
current salmon price levels the company has sufficient latitude
in the short term, but the Group is in negative equity and the
company's interest-bearing debt is also higher than it can
service and also reach its set goals.

"We need new capital to be able to increase the biomass up to
our target of 100 000 tones of round weight salmon, and in order
to benefit from the considerable investments made in
infrastructure and facilities in the past few years.  The task
of putting in place a final refinancing package, and at the same
time realizing the effects of the restructuring within the
company in 2003, will be our prime focus in the months ahead,"
says Atle Eide.

CONTACT: ATLE EIDE
         Group CEO
         Phone: +47 911 52 977


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


ARCHITECTURAL GLASS: Declared Insolvent
---------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
declared Open Company Architectural Glass Factory insolvent.
The case is docketed A56-2586/01.  Alexandr Kosach, a member of
TP Pacific ocean self-regulated organization of arbitral
managers, was appointed insolvency manager.

Creditors have until April 21, 2004 to submit proofs of claim to
the insolvency manager at: 197349, Saint-Petersburg, Post User's
Box 629.

CONTACT:  ARCHITECTURAL GLASS FACTORY
          196603, Saint-Petersburg
          Pushkin, Krasnoselskoye shosse, DOZ


BOGURAYEVSKY: Court Opens Bankruptcy Proceedings
------------------------------------------------
The Arbitration Court of Rostov region declared State Enterprise
Bogurayevsky crushed-stone plant insolvent.  The case is
docketed A53-13706/03-C2-8.  Grigory Syomin, a member of TP
Self-regulated organization of arbitral managers, was appointed
insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to insolvency manager at: 346430, Russia, Rostov region,
Novocherkassk, Baklanovsky prosp.154.

CONTACT:  BOGURAYEVSKY
          347013 Russia, Rostov region
          Belokalitvensky Area


CEMENT: Properties to be Auction March 23
-----------------------------------------
The bidding organizer and insolvency manager of Karasnoyarsk
cement plant OJSC Cement will hold a public auction of the
company's properties on March 23, 2004.  The auction will be
held 11:00 a.m. (Krasnoyarsk time) at 660019, Krasnoyarsk,
Krasnopresnenskaya str.1, Office building, 2 floor, meetings
hall 2-10.

The assets for sale are:

(a) Lot 1
    Plant buildings: 65 objects
    Structures: 14 Objects
    Objects of uncompleted construction: 14 units
    Trucks: 57 units
    Equipment: 800 units

    Starting price is RUB150 MM, including VAT.  The price will
    be increased by increments of RUB100'000.

    Property address: 660019, Krasnoyarsk, Krasnopresnenskaya
    str.1

(b) Lot 2
    Plant buildings: 7 objects
    Structures: 1 Object
    Objects of uncompleted construction:  3 units

    Starting price is RUB10 MM, including VAT.  Price will be
    increased by increments of RUB100'000.

    Property address: 660019, Krasnoyarsk, Krasnopresnenskaya
    str.1

(c) Lot 3
    Boarding house/sanatorium "TUS."  The Lot includes rights to
    the plot of land, area: 6,77 hectares; and 8,17 hectares
    under lease for 20 years.  Starting price is RUB1.2 MM,
    including VAT.  Price will be increased by increments of
    RUB100'000.

    Property address: Kchakasia Republic, boarding
    house/sanatorium "TUS" on coast of TUS'lake

Preliminary examination of the auction conditions, document list
for participants, description of lots and reception of biddings
is done at: 660019, Krasnoyarsk, Krasnopresnenskaya str.1,
Office building, 2 floor, meetings hall 2-10, Phone: 7-3912-65-
49-54.  Interested parties may visit the address Monday to
Friday between 2:00 p.m. to 4:00 p.m. (Krasnoyarsk Time= + 4
hours Moscow time).

Acceptance of biddings and documents for participation in the
auction will be done till 4:00 p.m. on March 18, 2004.  In order
to participate in the auction the bidder should transfer deposit
to the settlement account 40702810310160010058 in Krasnoyarsk
branch bank "Rosbank", correspondent account
30101810200000000719, INN 2464014053, KPP332701001, BIC
040407719, Recipient: Krasnoyarsk cement plant OJSC "Cement."
Deadline is on March 18, 2004.


CHELYABINSK: Creditors Have Until April 20 to File Claims
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region declared OJSC
Chelyabinsk airport insolvent. The case is docketed A76-
12722/03-32-452/02-C2-30.  Alexey Pivovarov, a member of TP
Self-regulated organization of arbitral managers RSNE, was
appointed insolvency manager.

Creditors have until April 20, 2004 to submit proofs of claim to
the insolvency manager at: 454091, Chelyabinsk, Post 91, User's
Box 1586.

CONTACT:  RSNE
          Moscow, Derbenyevskaya
          str.11, build.1
          Contact:
          Alexey Pivovarov, Insolvency Manager


KALININAGROPROMCHIMIYA: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
supervision procedure on Agricultural Industrial chemical plant
OJSC Kalininagropromchimiya.  The case is docketed A66-8736-03.

N. Vereschak, a member of TP Self-regulated organization of
arbitral managers in Central Federal District, was appointed
temporary insolvency manager.

Creditors have until March 21, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 170000, Russia,
Tver, The main post office, Post User's Box 169, Phone: 7-0822-
42-88-43.

Court hearing on the bankruptcy supervision procedure is to take
place at 10.30 on April 28, 2004 at the Arbitration Court of
Tver region.

CONTACT:  KALININAGROPROMCHIMIYA
          461010, Russia, Tver, Uchakova str. 25

          N. Verschak
          Russia, Moscow
          Krasnokazarmennaya str.9
          Phone: 7-0822-42-88-43


OREBURGNEFTESTROY: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on Orenburg Oil building company OJSC
Orenburgneftestroy.  The case is docketed A47-11579/2003-14gk.

Alexandr Zukanov, a member of TP Self-regulated organization of
arbitral managers, was appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 460024, Orenburg,
Turkestanskaya str.10a.

A court hearing regarding the bankruptcy procedure is to take
place at 10.00 on May 26, 2004 at the Arbitration Court of
Orenburg region.

CONTACT:  ORENBURGNEFTESTROY
          461010, Russia, Orenburg region
          Buzuluk' Tekchnicheskaya str.3a

          Alexandr Zukanov
          Temporary Insolvency Manager
          Russia, Moscow, Ilyinka str.5/2


POSHATOVO: Declared Insolvent
-----------------------------
The Arbitration Court of Nizhny Novgorod region declared
Furniture factory Closed JSC Poshatovo insolvent.  The case is
docketed A43-3506/97-24-53.

Anatoly Dokukin, a member of TP Self-regulated organization of
arbitral managers Evrazia, was appointed insolvency manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: 606000 Nizhny Novgorod
region, Dzerginsk, Krylova per.4, off.5.

CONTACT:  EVRAZIA
          603005, Nizhny Novgorod
          Minina str.1)
          Contact:
          Anatoly Dokukin, Insolvency Manager


SILICATEBUILDING: Deadline for Proofs of Claim April 21
-------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared OJSC
Silicatebuilding insolvent. The case is docketed A43-876/02-18-
24.

Alexandr Kuzmin, a member of TP Self-regulated organization of
arbitral managers, was appointed insolvency manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: 606000 Nizhny Novgorod
region, Dzerginsk, Lenin prosp.111.

CONTACT:  SILICATEBUILDING
          606000 Nizhny Novgorod region
          Dzerginsk, Lenin prosp.111


ZAVOD ZHBI: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
supervision procedure on State Unitary Enterprise Ferroconcrete
structures plant Zavod ZhBI.  The case is docketed A1167/14-B.

Nikolay Krupin, a member of TP Self-regulated organization of
arbitral managers in Central Federal District, has been
appointed temporary insolvency manager.

Creditors have until March 21, 2004 to submit their proofs of
claim to:

(a)  Arbitration Court of Ivanovo region
     153022, Ivanovo,
     B. Kchmelnitskogo 59B

(b)  SUE Zavod ZhBI
     155044, Russia
     Ivanovo region
     Teykovo' Grozilivo

(c)  the temporary insolvency manager
     155044, Russia, Ivanovo region
     Schuya, Kasatkina str.21

A court hearing on the bankruptcy supervision procedure is to
take place on July 5, 2004 at the Arbitration Court of Ivanovo
region.

CONTACT:  ZAVOD ZHBI
          155044, Russia
          Ivanovo region
          Teykovo' Grozilivo

          Nikolay Krupin
          Temporary Insolvency Manager
          111250, Russia, Moscow
          Krasnokazarmennaya str.9

          Phones: 7-8(9343)-40666
                  8(9343)-40699
                  8(09351)-23321
          Fax: 8(09343)-40699


ZHIRNOVSKY: Declared Insolvent
------------------------------
The Arbitration Court of Rostov region declared on Zhirnovsky
crushed-stone plant insolvent.  The case is docketed A53-
15561/02-C2-30.

Mikchail Vasilyev was appointed insolvency manager.  Creditors
have until April 20, 2004 to submit proofs of claim to
insolvency manager.

CONTACT:  ZHIRNOVSKY
          347720 Russia, Rostov region
          Zhirnov, Pervomayskaya str.105


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


SEMCON AB: Reports SEK57.6 Million After-tax Loss
-------------------------------------------------
Comments by CEO Hans Johansson:

2003 was a challenging year for everyone on our market,
including Semcon.  We had to wait until the end of the year to
see the market regain stability and show signs of improvement.

Under these conditions I am proud that we managed to produce the
same level of sales as in 2002.  With our industry under such
pressure, this was an achievement.  One of the reasons was new
business with Ericsson and Saab Automobile that we gained during
the year.  We have also succeeded with our sales efforts to the
extent that our customers continued to show their trust in us in
all of our prioritized segments.

The agreement with GM, Saab Automobile, is Semcon's single
largest business deal to date.  It will run for five years and
is worth SEK400 million.  Along with previous partnerships with
Volvo Car Corporation and Ericsson, the GM order strengthens our
leading position in Europe within Informatics.  It is within the
Informatics sector that we see the best prospects for growth on
2004.

At the end of Q3 brighter spots were visible in the market.
Improvements continued during the remainder of the year and all
our business areas reported positive trends.  The better outlook
combined with our Fast2Profit program helped us to produce
positive earnings.  During the final quarter we also wrote down
goodwill and allocated reserves for business closures.

For the first time in Semcon's 23-year history the company is
reporting an operating loss.  Contributory factors included a
swift decline in demand that led to low utilization of resources
and strong price pressures.  We also experienced problems with
projects that did not develop as planned and with broken
contracts, which required swift termination of activities.

Fast2Profit, Semcon's restructuring scheme, continued to achieve
success during the year.  The purpose of the scheme was to
strengthen the sales organization and make savings and improve
efficiency so that we could cut costs by at least SEK50 million.
We have exceeded that target.  Fast2Profit has been boosting
earnings since September in 2003.  It will continue to do so in
2004. We have decided to continue with this project in 2004.

Our long-term competitive strength has been boosted by our
investment in our new head office in Goteborg, Semcon Tech
Center.  Around 500 of Semcon employees are now based at the
Lindholmen Science Park, one of Europe's most expansive business
centers, with neighbors such as Ericsson, AB Volvo and many
other fast-developing businesses.

The Financial Statement in full is available as a PDF file in
the Investor Relation section on our Web site.

CONTACT: SEMCON AB
         CEO Hans Johansson
         Phone: +46 31-721 03 05
         Mobile: +46 70-591 43 34 or CFO
         Bengt Nilsson
         Phone: +4631-721 03 11
         Mobile: +46 70-447 28 68


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


ABB LTD.: Appoints Fred Kindle New Chief Executive
--------------------------------------------------
The Board of Directors of ABB Ltd. announced that Fred Kindle
has been appointed as the group's new chief executive from next
January.  Mr. Kindle, the current chief executive of Swiss-based
technology concern Sulzer AG, will join ABB on September 1, 2004
and assume the roles of president and CEO in January 2005.

As of January 2005, the current CEO Jurgen Dormann will revert
to a single role as chairman of ABB Ltd.

"The board of directors is very pleased that Fred Kindle has
agreed to take on this challenging and exciting task," said
Dormann.  "I and my fellow board members are convinced that he
will provide the right leadership and we look forward to working
with him."

His appointment follows a thorough and careful search and
evaluation over the past year for the next CEO, and after
assessing a number of external and internal candidates, ABB
said.

Kindle said: "I look forward to my new task at ABB.  The know-
how and commitment of the people at ABB, the reputation of the
ABB brand and the strong global market position of the company
provide an excellent foundation for an exciting and successful
future."

As CEO of Sulzer AG, Kindle led the company through a period of
fundamental strategic realignment.  He will remain with the
company until mid-2004.

Kindle, 44, has been with Sulzer AG since 1992.  In 1999 he
became responsible for Sulzer Industries, before being appointed
CEO of Sulzer AG two years later.  He was elected to the board
of directors in 2003.

Prior to joining the company he spent four years as a consultant
with McKinsey in New York and Zurich, and also worked with
technology company Hilti AG.  He has dual Swiss/Liechtenstein
citizenship.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 115,000 people.

A brief conference call with Jurgen Dormann and Fred Kindle for
journalists, analysts and investors is scheduled to begin at
1000 CET.  Callers should dial +41 91 610 56 00.  They are
requested to phone in ten minutes before the conference call.


SKANDIA INSURANCE: Underscores Improvement in Latest Results
------------------------------------------------------------
January-December 2003

Excluding discontinued operations


Higher growth.
(a) Sales rose 16% (0) in local currency, to SEK75.4 billion.

(b) New sales of unit linked assurance rose 6% (-18%) in local
currency.

(c) Funds under management increased to SEK309 billion (242).
Changed assumptions for life and unit linked assurance.

(d) Adjustments of assumptions for embedded value accounting for
life and unit linked assurance, and the outcome compared with
previous assumptions, amounted to +SEK0.9 billion.

(e) An adjustment of the discount rate to industry practice had
a positive impact on the result in the amount of SEK1.6 billion.

(f) Skandia has implemented the recommendations concerning
embedded value accounting made by the Rydbeck/Tidstrom report.
The estimated profit margin for new sales of unit linked
assurance was 14.6% (14.0%) (according to embedded value
accounting).

Cash flow from operations amounted to -SEK1.5 billion (0.3).
The group's financial position improved.

(a) Net asset value increased to SEK30.5 billion (27.0).

(b) Borrowings decreased to SEK4.0 billion (96).

(c) Liquid assets amounted to SEK2.2 billion (4.5).

(d) The proceeds from the sale of the operations in Japan will
improve liquidity by SEK1.2 billion.  The sale of If will
further strengthen liquidity by SEK4.5 billion.  Earnings per
share (according to Swedish GAAP) were SEK1.28 (2.97).

The Board of Directors proposes an unchanged dividend of SEK
0.30 (0.30) per share.  Talks have been initiated on ways of
settling the disputes between Skandia and Skandia Liv.

Hans-Erik Andersson
President and CEO

The Board of Directors proposes an unchanged dividend of SEK0.30
per share for the 2003 financial year, and April 20, 2004 as the
record date for payment of the dividend.  If the Annual General
Meeting decides in favor of this proposal, dividends are
expected to be sent out from VPC AB on April 23, 2004.

The Annual General Meeting of Skandia Insurance Company Ltd.
(publ.) will be held on Thursday, April 15, 2004, at 4:30 p.m.
Location: Globe Arena Annex, Arenatorget, Entrance 2, Stockholm.

The 2003 Annual Report is scheduled for distribution by post to
shareholders in late March and can be ordered from Skandia using
one of the following alternatives: by phone, +46-8-788 10 00, by
fax, +4-8-788 28 38, or via Skandia's Web site:
http://www.skandia.com.

This year-end report has been prepared in conformity with the
guidelines of the Swedish Financial Supervisory Authority and
Swedish Financial Accounting Standards Council recommendation
RR20 - Interim financial reporting.  Aside from an adaptation to
new accounting recommendations of the Swedish Financial
Accounting Standards Council, which took effect on January 1,
2003, the year-end report has been prepared in accordance with
the same accounting principles as in the 2002 Annual Report.
The new recommendations have not had any material impact on the
group's profit and loss account or balance sheet.  In accordance
with Swedish Financial Accounting Standards Council
recommendation RR19 - Discontinued operations, the U.S. and
Japanese operations, and the banking operation in Switzerland,
are reported separately.

Financial calendar for Skandia:
April 15, 2004, Annual General Meeting
May 26, 2004, interim report January-March 2004
August 13, 2004, interim report January-June 2004
November 18, 2004, interim report January-September 2004
February 22, 2005, year-end report 2004

Skandia's published financial reports are available on Skandia's
Web site: http://www.skandia.com. Skandia's Web site also
provides links to the Web cast of the conference call on Friday,
February 27, 2004.  In addition to the year-end report, Skandia
has also published the document Financial Supplement Q4 2003 on
http://www.skandia.com,under Investor Relations/Reports and
Events/Interim Reports.  This document can also be ordered by
phone.

CONTACT: SKANDIA INSURANCE
         Jan Erik Back, Chief Financial Officer
         Phone: +46 8 788 3720
         Harry Vos, Head of Investor Relations
         Phone: +46 8 788 3643


TURBOMACH SA: Caterpillar to Acquire Firm for Undisclosed Amount
----------------------------------------------------------------
Caterpillar Inc. announced the signing of a definitive agreement
to acquire Turbomach S.A., a Swiss packager of industrial gas
turbines and related systems.

The transaction is to be executed through the insolvency
administrator of Borsig Energy GmbH i.I., a group company of
Babcock Borsig AG, which holds the shares of Turbomach.

Turbomach's power generation packages currently incorporate gas
turbines manufactured by San Diego-based Solar Turbines
Incorporated, a wholly owned subsidiary of Caterpillar Inc.

"Turbomach has distributed Solar(R) brand turbines and equipment
to the industrial power generation market for almost 20 years,"
said Caterpillar Group President Rich Thompson.  "This
acquisition will benefit both Caterpillar and its customers by
assuring the continuity of this relationship and enhancing our
ability to sell and support such systems, particularly in the
expanding markets of Europe, Africa and Asia."

Turbomach, based in Riazzino, Switzerland, purchases Solar gas
turbine engines and packages and sells them as integrated
systems into the industrial power generation market, along with
providing aftermarket services and support.  Turbomach also
develops major power projects which include site construction,
balance of plant design and installation, and coordination of
project financing.

Bob Macier, vice president of Caterpillar Inc. responsible for
Solar Turbines, stated that this acquisition would build on
Solar's ability to provide complete solutions to power
generation customers worldwide.  "The team at Turbomach has
demonstrated the entrepreneurial spirit that will be needed to
meet the increasing customer demand for such solutions in these
important markets," he said.

Turbomach operates primary facilities in Riazzino, Switzerland,
with a secondary facility in nearby Mezzovico.  Additional sales
and service offices are located throughout Europe, as well as in
Turkey, Thailand, India and Pakistan.

Dr. Helmut Schmitz, the custodian of Babcock Borsig AG and
insolvency administrator of Borsig Energy GmbH, expressed
satisfaction with the result. "In accepting the offer, we are
confident that Caterpillar's commitment will make both the
transaction and Turbomach's business a success.  This will be an
important additional step in concluding the insolvency process,"
he said.  Babcock Borsig AG filed for insolvency July 5, 2002.

Dr. Georg-Peter Kraenzlin, member of the board of Babcock Borsig
AG and responsible for legal affairs and mergers & acquisitions,

noted "this transaction will successfully maximize creditor
value, while preserving the legacy of Babcock Borsig through its
businesses and people."  Babcock Borsig historically has been
one of the world's premier engineering and manufacturing firms
in the areas of power plants, incineration plants, and civil and
naval ships.

Caterpillar intends to purchase the shares of Turbomach S.A. and
the assets of Turbomach GmbH.  The entity will continue to
operate as a wholly owned subsidiary of Caterpillar.  The
transaction is expected to close by mid- June.  Financial terms
of the agreement were not disclosed.

About Caterpillar

For more than 75 years, Caterpillar Inc. has been building the
world's infrastructure and, in partnership with its worldwide
dealer network, is driving positive and sustainable change on
every continent.  With 2003 sales and revenues of US$22.76
billion, Caterpillar is a technology leader and the world's
leading manufacturer of construction and mining equipment,
diesel and natural gas engines and industrial gas turbines.
More information is available at http://www.cat.com

About Solar Turbines

Solar Turbines is a world leader in the design, manufacture and
service of industrial gas turbine engines in its size range.
More than 11,000 Solar gas turbine engines and turbo machinery
systems are used on land and offshore in 90 nations for the
production and transmission of crude oil, petroleum products and
natural gas and for generating electricity and thermal energy
for a wide variety of industrial applications.  Solar Turbines
is a wholly owned subsidiary of Caterpillar Inc. More
information is available at http://www.solarturbines.com


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


ASHCROFT KETTERING: Names Baker Tilly Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Ashcroft Kettering Management Limited Company on February 12,
2004 held at Ashcroft House, 162-166 Fulham Palace Road, London
W6, the subjoined Special Resolutions to wind up the Company
were passed.

Peter John Robertson Souster and Bruce Alexander Mackay, of
Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A
1HY, are appointed as Joint Liquidators for the Company.

CONTACT: BAKER TILLY
         Spectrum House
         20-26 Cursitor Street,
         London EC4A 1HY
         Contact:
         Peter John Robertson Souster, Liquidator
         Bruce Alexander Mackay, Liquidator


AVIS GROUP: Profit Before Tax Falls 51% to EUR59.4 Million
----------------------------------------------------------
Audited Preliminary Results for Year Ended December 31, 2003

Avis Europe plc, the leading car rental company in Europe,
Africa, the Middle East and Asia, announces preliminary results
for the year ended December 31, 2003
2003.

Operating Highlights

(a) Results, in line with guidance given in 2003

(b) Overall performance significantly impacted by Iraq conflict
and weaker pricing environment

(c) Corporate demand stabilized, U.S. leisure no recovery,
European leisure strong

(d) Acquisition and integration of Budget and major licensee in
France

(e) Strong control of costs and focus on longer term margin
improvement projects

(f) Refocused on core rental business after exit from Centrus
claims management

Financial Summary

(a) Group revenue 1.7% down to EUR1,169.4 million

(b) *Billed days up 3.4%, revenue per day 4.8% lower

(c) Operating profit** lower at EUR122.8 million (2002: EUR186.5
million), including losses at Budget of EUR5.3 million and
Centrus EUR9.8 million

(d) Profit before tax** lower at EUR59.4 million (2002: EUR122.3
million); unadjusted loss before tax EUR47.4 million (2002:
profit EUR101.8 million)

(e) Earnings per share**  EUIR7.8 cents; unadjusted loss per
share EUR8.8 cents

(f) Exceptional charge before tax of EUR102.0m, primarily
Centrus EUR70.3 million

(g) Proposed final dividend of 2.6 pence per share, full year
3.9 pence (2002: 5.8 pence)

* at constant exchange rates, excluding acquisitions and Centrus

** before goodwill amortization and exceptional items

Commenting on the results, Chairman Sir Bob Reid said:

"Our results in 2003 were significantly affected by the Iraq
conflict and a weaker pricing environment, although targeted
sales and promotional activities returned our domestic and
intra-European business to revenue growth in the second half.
We have expanded our car rental operations with the acquisition
of Budget and a major licensee in France.

We are not assuming any significant recovery in demand and
therefore pricing in 2004.  Nevertheless, against these
expectations we continue to control tightly key operational
measures and to focus on opportunities to improve the return on
our rentals, whilst maintaining market share.  The turnaround of
the recently acquired Budget operation is taking longer than
previously foreseen, however the operating performance of the
rest of the Group is expected to be broadly flat.  The renewed
focus on core car rental business, together with the investment
in longer-term margin improvement projects, ensures that the
Group will be well placed to benefit from future improvement in
economic and geo-political conditions."

To see financial reports: http://bankrupt.com/misc/Avis_2003.htm

The annual report and accounts will be posted to shareholders on
March 16, 2004.  The audited financial statements are available
on http://www.avis-europe.com

CONTACT: AVIS GROUP
         Alun Cathcart, Interim Chief Executive
         Phone: 01344 426644
         Martyn Smith, Group Finance Director
         Ben Foster, Financial Dynamics
         Phone: 0207 269 7247


CREWGATE LIMITED: Appoints Numerica Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Crewgate Limited
Company on February 18, 2004, at 66 Wigmore Street, London W1U
2HQ, the subjoined Special Resolutions to wind up the Company
was passed.

Nicholas Hugh O'Reilly, and Jonathan Mark Birch, both of
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT, are
appointed Joint Liquidators for the Company.

CONTACT: NUMERICA
         PO Box 2653
         66 Wigmore Street,
         London W1A 3RT
         Contact:
         Nicholas Hugh O'Reilly, Liquidator
         Jonathan Mark Birch, Liquidator
         Phone: 020 7467 4000
         Fax:   020 7467 4040
         Web site: http://www.numerica.biz


EURODIS ELECTRON: Open Offer Receives 91.2% Acceptance
------------------------------------------------------
On February 5, 2004 Eurodis Electron announced a Firm Placing of
446,620,106 new ordinary shares and a Placing and Open Offer of
333,379,894 new ordinary shares, both at an issue price of 5
pence each.

Of the 333,379,894 new ordinary shares available for take-up
under the Open Offer and conditionally placed with institutional
investors by Dresdner Kleinwort Wasserstein, valid applications
had been received by the close of the Open Offer at 3:00 p.m. on
February 26, 2004 for 303,937,400 new ordinary shares.

This represents approximately 91.2 per cent. of the new ordinary
shares available under the Open Offer.  Those not applied for
have been placed with institutional investors.

The Firm Placing and Placing and Open Offer remain conditional
upon, inter alia, shareholder approval and admission of the new
ordinary shares to listing on the Official List of the U.K.
Listing Authority and to trading on the London Stock
Exchange's main market for listed securities, expected to take
place on March 2, 2004.

CONTACT: EURODIS ELECTRON
         Douglas Rogers, Chairman
         Phone: 01737 242 464
         Steve Swayne, Chief Executive

         Dresdner Kleinwort Wasserstein
         Charlie Batten
         Phone: 020 7623 8000
         Christopher Baird


FIRST IMAGE: In Administrative Receivership
-------------------------------------------
Name of Company: First Image Limited

Reg. No.: 02786925

Previous Name of Company: Grayshake Limited

Nature of Business: Design/Installation-Office Interiors

Trade Classification: 20

Date of Appointment of Joint Administrative Receivers:
February 11, 2004

Name of Person Appointing the Joint Administrative Receivers:
Bibby Factors (Sussex) Limited

Joint Administrative Receivers: CHANTREY VELLACOTT
                                16-17 Boundary Road,
                                Hove, East Sussex BN3 4AN
                                Receivers:
                                K W Touhey
                                D J Oprey
                                (Office Holder Nos 8369, 5814)


FLOW CONTROL: Under Administrative Receivership
-----------------------------------------------
Name of Company: Flow Control Technical Services Limited

Nature of Business: None supplied

Date of Appointment: February 17, 2004

Joint Administrative Receiver: MILNER BOARDMAN & PARTNERS
                               Century House,
                               Ashley Road, Hale, Cheshire
                               Receiver:
                               Gary J Corbett
                               Colin Burke
                               (IP Nos 9018, 8803)


GULF CONTAINER: Calls in Begbies Traynor
----------------------------------------
Name of Company: Gulf Container Systems Limited

Nature of Business: Supplier of Containers

Trade Classification: 7487

Date of Appointment: February 10, 2004

Joint Administrative Receiver: BEGBIES TRAYNOR
                               1 Winckley Court,
                               Chapel Street, Preston,
                               Lancashire PR1 8BU
                               Receiver:
                               Gordon Craig
                               David Appleby
                               (IP Nos 0978, 8976)


HAROLDZEN LIMITED: Appoints T H Associates Administrator
--------------------------------------------------------
Name of Company: Haroldzen Limited

Nature of Business: Wholesale of Clothing and Footwear

Trade Classification: 5142-1824

Date of Appointment: February 13, 2004

Administrative Receiver: T H Associates
                         Towngate House,
                         116-118 Towngate,
                         Leyland PR25 2LQ
                         Receiver:
                         T J Hargreaves (IP No 8637)


HOSTESS FURNITURE: Creditors Meeting Set March 12
-------------------------------------------------
There will be a Creditors Meeting of the Hostess Furniture
Limited Company on March 12, 2004 at 11:00 a.m.  It will be held
at Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB.

A Creditor is entitled to vote only if details of the debt
claimed are submitted to the Receivers in writing no later than
12:00 noon on or before March 11.

CONTACT: MOORE STEPHENS CORPORATE RECOVERY
         Beaufort House,
         94-96 Newhall Street, Birmingham B3 1PB
         Contact:
         N Price, Joint Administrative Receiver


INTERNATIONAL POWER: 2003 Net Loss Surges to GBP219 Million
-----------------------------------------------------------
International Power announces its preliminary results for the
year ended December 31, 2003 and reports on key developments to
date.

Sir Neville Simms, Chairman of International Power said: "I am
pleased to report that earnings before exceptional items are in
line with our guidance for 2003.  Earnings were underpinned by
good financial performance in all of our regions with the
exception of the U.S."

"The trading environment in our U.S. markets is challenging as
forward prices remain at uneconomic levels.  As a result, we
have written down the book value of our U.S. assets and have
initiated a comprehensive review of the U.S. business.  Active
steps are being taken to preserve shareholder value", Sir
Neville added.

Financial Highlights:

(a) Earnings per share (before exceptionals) of 10.2p, in line
with guidance

(b) Profit before interest and tax (before exceptionals), of
GBP285 million (2002: GBP388 million)

(c) Operating cash flow of GBP285 million (2002: GBP391 million)

(d) Book value of U.S. merchant plants written down by GBP404
million to GBP600 million

(e) Loss for the year after exceptionals of GBP219 million
(2002: Profit GBP113 million)

(f) Balance sheet strength maintained - Gearing 44%; Debt
capitalization 31%

(g) Interest cover (before exceptionals) of 2.6x (2002: 2.9x)

(h) U.S.$252 million convertible bond issued; US$450 million
three-year Revolver signed

For an analysis and explanation of exceptionals please see Note
3 to this statement.  All subsequent references to 2003
financial performance are on a pre-exceptional basis (unless
otherwise stated).

Operational Highlights:

(a) Added 1,600 MW (net) of new capacity (in operation and under
construction) to portfolio

(b) Acquired 20% ownership of Umm Al Nar power and water
desalination plant in Abu Dhabi

(c) De-mothballed 250 MW unit at Deeside, U.K. in Q4 2003

(d) Awarded contract by Saudi Aramco for four cogeneration
plants in Saudi Arabia

(e) Completed 687 km. SEA Gas pipeline in Australia

(f) Secured first wind farm project in Australia (46 MW) with 10
year Power  Purchase Agreement

To see full copy of financial results:
http://bankrupt.com/misc/InternationalPower_2003.htm


INVENSYS PLC: Ratings Lowered Due to High Leverage
--------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on U.K.-based engineering company
Invensys PLC to 'B+' from 'BB-' as a result of the group's
expected high levels of leverage in the medium term.
Standard & Poor's also lowered its existing debt ratings on
Invensys to 'B-' from 'B'.  All ratings were removed from
CreditWatch, where they were placed on Feb. 13, 2004. The
outlook is negative.

At the same time, Standard & Poor's assigned its 'B+' debt
rating to the proposed senior secured bank loan facilities and
its 'B-' debt rating to the second lien bank facility to be
issued by Invensys International Holdings Ltd. A 'B-' debt
rating was also assigned to the proposed new bond to be issued
by Invensys.  All ratings are subject to final documentation.

"The lowering of the ratings on Invensys reflects the group's
expected very high level of leverage in the medium term and its
subsequent challenging credit metrics," said Standard & Poor's
credit analyst Bob Ukiah.

Net debt to EBITDA, including lease and pension adjustments is
likely to approach 7x, while adjusted EBITDA interest coverage
is likely to range between 2.0x and 2.5x over the next few
years.  Furthermore, there are many demands on the group's cash
flow, resulting in Standard & Poor's expectation that the group
will be unlikely to materially reduce its debt burden from
underlying trading over this period.  Invensys' businesses
retain some good competitive positions, which should enable the
group to recover its sales and margins to some extent.
Nevertheless, it competes against several larger, better-
capitalized companies.

Standard & Poor's expects trading performance and credit metrics
to improve gradually over the foreseeable future.  There is,
however, a risk that results could fall short of expectations,
in which case the ratings would be reviewed.  The ratings assume
that the refinancing will be completed as planned.

CONTACT: STANDARD AND POORS RATING SERVICES
         Analyst E-Mail Addresses
         bob_ukiah@standardandpoors.com
         leigh_bailey@standardandpoors.com
         anne-charlotte_pedersen@standardandpoors.com
         CorporateFinanceEurope@standardandpoors.com


KWELM COMPANIES: N.Y. Court to Hear Scheme Amendment March 19
-------------------------------------------------------------
The final version of the Scheme Document, dated 5 December 2003,
(sent to Creditors on 12 December 2003) is published in the
Documents tab at http://www.kwelm.com/. Hard copies can be
obtained from the creditor helpdesk at the address shown in the
Contacts tab.

Meetings of the Scheme Creditors were held on 29 January 2004.
Details of the final result of the votes, which were
overwhelmingly in favor of the amending scheme, are included in
the Voting tab.

A Court hearing was held in London (on February 24) and Bermuda
(on February 27) to sanction the amending scheme and [will be
held] in New York (on March 19) to obtain a revised S304
Permanent Injunction Order. If you would like to be informed of
the venues and times of any of these hearings please contact us
at creditor.helpdesk@kwelm.com


LASAR LIMITED: Calls in Receivers from Grant Thornton
-----------------------------------------------------
Name of Company: Lasar (Europe) Limited

Reg. No.: 02792102

Trading Name: Lasar Contracts

Nature of Business: Contract Flooring

Trade Classification: 25

Date of Appointment of Joint Administrative Receivers:
February 16, 2004

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc

Joint Administrative Receivers: GRANT THORNTON
                                Byron House,
                                Cambridge Business Park,
                                Cowley Road, Cambridge CB4 0WZ
                                Receivers:
                                Ian S Carr
                                Andrew D Conquest
                                (Office Holder Nos 8741, 5329)


LEEDS UNITED: Consortium Withdraws Rescue Offer
-----------------------------------------------
One of the two Yorkshire-based consortia bidding to take over
cash-strapped Leeds United pulled out of the process a day
before the company's standstill agreement with lenders expired.

According to Yorkshire Today, the group, led by former
Huddersfield Town chairman Terry Fisher, withdrew after a two-
week examination of the club's financial health.

Leeds United has more than GBP80 million in debt.  On Friday
creditors of the club refused to renew an agreement to give the
team more time to settle its finances.  Afterwards, shares in
the club were suspended from trading.

The pullout of the Fisher-led group's offer meant the only local
consortium running to save Leeds is the team of former Bradford
City chairman Geoffrey Richmond.

Leeds United has to find a solution to its problems or risk
going into administration.


LEEDS UNITED: Standstill Arrangement Expires; Shares Suspended
--------------------------------------------------------------
The Board of Leeds United plc announces that following
discussions with its major finance creditors, the existing
standstill arrangements that expired at 2:00 p.m. have not been
formally renewed.  However, the Board confirms that it continues
to retain the support of these major finance creditors whilst it
seeks to finalize its negotiations with interested parties
relating to a long term financial restructuring of the Group.

In view of the fact that the Group no longer has a formal
standstill arrangement, the Board has concluded that it is
inappropriate for trading in the Company's shares to continue
and accordingly has requested that trading in its shares be
suspended.

Further announcements will be made when appropriate.

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


MOTORING MARKETING: Files Libel Case Against Creditor
-----------------------------------------------------
Motoring Marketing Limited, formerly Coys of Kensinton (Sales)
Limited, filed a libel suit against a Web site claiming to
represent creditors of the insolvent seller of historic
motorcars, according to The Telegraph.

"We have just issued High Court proceedings for libel against
the Web site," said Elizabeth Saunders for Wilmot and Co., a
firm of Circencester solicitors acting for the directors of
Motoring Marketing Limited, and Coys Limited, Douglas Jamieson
and Chris Routledge.

The Web site was run by a company related to Coys of Kensington
creditor, Anthony Brazzo, the report said.  According to Mr.
Brazo, the Web site was set up only to allow creditors,
litigators and potential Coys customers the opportunity to share
information.  He said he felt "powerless" by the closure of the
Web site.

Coys of Kensington Sales Ltd. collapsed in January with debts of
GBP1.65 million.  Creditors and directors of the company are
currently at odds over a proposed voluntary creditors'
agreement.

Motoring Marketing's 33 creditors, include businessman Peter de
Savary and Lord Langford.

CONTACT:  COYS
          Queen's Gate Mews
          London SW7 5QJ
          United Kingdom
          Phone: +44 (0)20 7584 7444
          Fax: +44 (0)20 7584 2733
          Home Page: http://www.coys.co.uk/


RANK GROUP: Pre-tax Profit Falls Slightly to GBP193.7 Million
-------------------------------------------------------------
Highlight of Preliminary Announcement of the Results for the
Year Ended 31 December 2003:

(a) Group operating profit* increased to GBP223.0 million (2002
- GBP220.6 million); GBP165.5 million after goodwill
amortization and exceptional items (2002 - GBP213.4 million)

(b) Profit before tax* of GBP193.7 million (2002 - GBP201.3
million); GBP129.3 million after goodwill amortization and
exceptionals (2002 - GBP198.0 million)

(c) Earnings per share* of 20.1p (2002 - 20.1p); 14.3p after
goodwill amortization and exceptionals (2002 - 19.6p)

(d) Gaming operating profit* up 12% to GBP117.2 million (2002 -
GBP104.8 million), reflecting continued growth in bingo and
casinos and the addition of Blue Square

(e) Hard Rock operating profit down to GBP23.1 million (2002 -
GBP27.6 million), due to difficult trading conditions but with
good progress on brand extensions into hotels and casinos

(f) Deluxe operating profit* up 4% to GBP93.8 million (2002
GBP90.0 million), with a strong performance in Film offsetting
the anticipated decline within Media

(g) Proposed final dividend up 6% to 9.3p (2002 - 8.8p), making
a total for the year of 13.9p (2002 - 13.2p)

(h) Net debt of GBP700.5 million (2002 - GBP399.1 million),
following redemption of convertible preference shares; fixed
charge cover of 4.4 times

(i) Exceptional charge after tax of GBP31.9 million

* Before goodwill amortization and exceptional items

Commenting on the results, Mike Smith, Chief Executive, said:
"Overall, the financial result for 2003 was satisfactory and the
Group made substantial progress in positioning its businesses
for long-term growth.

The trading patterns experienced in the first eight weeks since
the year end are similar to those experienced in 2003.  Despite
adverse currency movements, we expect to make progress during
2004 and underlying earnings can be expected to benefit from a
much lower cost of capital following the refinancing completed
in 2003.  The main focus of our efforts in 2004 will be on
Gaming where the opportunities for further development,
especially following the proposed changes in the U.K. regulatory
environment, could be significant."

To see financial statements:
http://bankrupt.com/misc/RankGroup_2003.htm

                     *****
In November, Fitch Ratings downgraded Rank Group Plc's Senior
Unsecured and Short-term ratings to 'BB+' and 'B' respectively,
from 'BBB-' and 'F3'.  The Senior Unsecured rating remains on
Rating Watch Negative, where it was placed on September 8, 2003,
pending confirmation of the company's liquidity profile relative
to its 2004 obligations.

CONTACT: THE RANK GROUP
         Mike Smith, Chief Executive
         Ian Dyson, Finance Director
         Peter Reynolds, Director of Investor Relations
         Phone: 020 7706 1111

         Press Inquiries:
         The Maitland Consultancy
         Angus Maitland
         Suzanne Bartch
         Phone: 020 7379 5151


RUGBY PARK: Appoints McConnell Liquidator
-----------------------------------------
Rugby Park Properties 1 Limited
Rugby Park Properties 2 Limited
Rugby Park Properties 3 Limited
Rugby Park Properties 4 Limited
Rugby Park Properties 5 Limited
Rugby Park Properties 6 Limited
Rugby Park Properties 7 Limited
Rugby Park Properties 8 Limited
Rugby Park Properties 9 Limited
Rugby Park Properties 10 Limited
Rugby Park Properties 11 Limited
Rugby Park Properties 12 Limited
Rugby Park Properties 13 Limited
Rugby Park Properties 14 Limited
Rugby Park Properties 15 Limited
Rugby Park Properties 16 Limited
Moulton Park Properties I Limited
Moulton Park Properties II Limited
Moulton Park Properties III Limited
Moulton Park Properties IV Limited

At an Extraordinary General Meeting of these Companies on
February 12, 2004 at Nationwide House, Pipers Way, Swindon,
Wiltshire, the subjoined Special Resolution to wind up these
Companies were passed.

Paul Michael McConnell, of 38-42 Newport Street, Swindon,
Wiltshire, is appointed Liquidator for these Companies.

CONTACT: Paul Michael McConnell
         38-45 Newport Street,
         Swindon, Wiltshire


SANCHEZ LIMITED: Appoints KPMG Administrator
--------------------------------------------
Name of Company: Sanchez (U.K.) Limited

Nature of Business: Manufacturer of Metal Products

Trade Classification: 06

Date of Appointment: February 12, 2004

Joint Administrative Receiver: KPMG
                               8 Princes Parade,
                               Liverpool L3 1QG
                               Receivers:
                               Brian Green
                               Paul Andrew Flint
                               (IP Nos 8709, 9075)


SP HOLDINGS: Achieves Significant Turnaround
--------------------------------------------
Preliminary Results for the Year ended 31 October 2003

Chairman's Statement

SP Holdings PLC, the marketing and financial services company,
has witnessed a remarkable turnaround since the beginning of the
second half of the financial year, making strong progress on all
fronts.

When I was invited to join the Board in April 2003, the
principal trading subsidiary, World Sports Solutions
(International) Limited, was in voluntary liquidation, and share
trading in World Sports Solutions plc had been suspended.  The
progress of your Company since that time is in part due to a
financial restructuring to put the business on a sound footing,
and in part to the introduction of a new management structure
and business strategy.

That strategy has been to build a broadly based marketing,
financial and business professional services group, using
acquisitions to deliver business focus, expertise, and growth.

Since May 2003, the Marketing Services side of your Company has
been transformed from simply being a sports and player
management business.  Much of its work still has a sporting
flavor, but it is rapidly expanding into the retail,
entertainment and leisure sectors.  For the first time in its
history the Company is able to report on turnover, which is
entirely from new ventures initiated from April 2003.

This turnaround in the Company's performance is in no small
measure due to the efforts of two of my fellow directors, Tony
Simpson and Matthew Patten.  Both had enjoyed outstanding
careers in the marketing sector before being recruited to the
Company as Joint Managing Directors in the summer of 2002.  As
detailed below, I am delighted that Tony Simpson has been
appointed  as Joint Chief Executive.

Results

The reported loss before tax of GBP9.763 million in the year
ending October 31, 2002 has been reduced to a loss of GBP1.221
million, of which GBP685,000 relates to bad debt provisions and
expenses associated to discontinued operations, following the
creditors' voluntary liquidation of WSSI in April 2003.  The
balance sheet has improved from a deficit of GBP0.445 million to
GBP1.090 million surplus.  Your Company is confident of
significant continued progress during the year.

Appointment of Joint CEO

[The] Company announces that Tony Simpson, Managing Director of
SP Active Limited, one of the Company's Marketing Services
subsidiaries, has been appointed Joint Chief Executive of the
Company.  Tony is widely acknowledged in the sector as leading
the integration of brand and retail marketing to create new
revenue streams for clients -- one of the holy grails of the
marketing industry.  He has been instrumental in the turnaround
of your Company and will work alongside myself, with a
particular responsibility for the development of our Marketing
Services division.

I would also like to welcome the talents of our two recently
appointed Non-Executive directors, Nick Bitel and Sally Hart.
Nick is Chief Executive of the London Marathon and a Council
Member of UK Sport, as well as being a highly successful
solicitor.  He brings us excellent legal and sport related
talent and connections.  Sally has a wealth of experience in
event management particularly in the area of motor sports having
been involved in the hospitality for the Marlboro F1 team for
many years.

Together with the recent Board appointment of Steve Hayward,
formerly Director of Trade Marketing for Coca-Cola
International, and Senior Vice President International Marketing
at CIC, as Chief Operating Officer, I believe that your
Company is building a market-leading management team.

New Contract Win

I am also delighted to announce that the Marketing Division has
been appointed by leading Canadian and North American retailer,
Roots, to promote its range of casual wear to be worn by British
athletes at the 2004 Olympics in Athens and help make versions
of its Olympic collection widely available to U.K. consumers.
This follows a succession of excellent new business wins
including Tesco Stores, JVC, IPC Magazines, Heinz UK and Action
Apparel.

Operating Review

On being invited to join the Board in April 2003, the Company
embarked on an urgent and immediate review and reorganization of
its structure and business strategy.  This culminated in the
change of the Company's name to SP Holdings PLC in August 2003,
to reflect the broadening range of marketing and professional
services offered by the Group.

Since then, the Company has grown rapidly by organic growth and
acquisition, to date acquiring eight businesses, five in
Marketing Services and three in Financial Services.

Marketing Services

The Company's Marketing Services division has undergone a
transformation in the second half of the financial year.
Centred on the proposition of identifying and generating new
revenue streams for clients, while enhancing their brand
profile, it sees strong returns from the retail sector, and from
brand marketing in the entertainment, leisure and sports
sectors.

For Marketing Services, our strategy is to:

(a) Build a broadly based, below-the-line marketing services
group, with a particular strength in the growing retail trade
marketing and supply-side sectors

(b) Through acquisitions deliver expertise, business focus,
financial and client growth, while achieving economies of scale
and cost control

(c) Add client value and deliver organic growth through the
cross-fertilization of business skills and talents

Retail Marketing

Our retail marketing businesses are now delivering everything
from new retail brand creation and development, to manufacture,
supply and in-store consultancy.

SP Brands, our new brand and category development business, is
working with organizations such as Tesco Stores and Roots on
their development of new retail categories and markets.

The acquisition of Observebrands, run by Kevin Stone, the former
sales director of Ben Sherman, is involved in the refocusing and
relaunch of retail fashion brands.  The business has brought a
number of retail fashion brand clients to the Company, including
Action Apparel and Gabbicci, together with unique
supply-side expertise in product manufacture and supply.

Through the acquisition of Retail Source Limited, run by Chris
Howarth, a former Trade Marketing Manager of Procter & Gamble,
the Company is now active in the crucial area of shelf
availability and improvement within the retail sector.
Retail Source has developed a unique in-store monitoring
software system for major fmcg brands with the potential to add
significantly to their sales performance in-store.

The Company sees strong opportunities in further strengthening
its trade marketing and supply-side businesses, such as those
above.

Brand Marketing

SP Active Limited, formed in April 2003, provides sponsorship
consultancy to a number of mainstream brands.  For JVC UK, it
has developed a sales incentive program based on its sponsorship
of the Euro 2004 Football Championships.  This program has now
been extended to five more of JVC's European territories.

Through its talent business, SP Active also manages the media
and commercial affairs of 14 sports and media stars.

Chris Reed Marketing, now renamed 'SP Partnerships', is a
specialist media and brand barter organization acquired in
August 2003.  Chris Reed, who was previously Marketing and
Promotions manager at News International, runs this business.
Since acquisition, it has grown dramatically with clients
including lastminute.com, News International, Radio Times, IPC
Magazines, and Associated Newspapers.  Recent work includes the
London Evening Standard's biggest ever reader promotion,
offering three Comer Homes flats worth GBP1 million.

In January 2004, the Company acquired Clever TV, a digital and
database management company with interests in Asia.  The
business is run by Andrew Deeks, previously a senior planner at
WPP.  Clever TV owns 'DreamLeagueTM', one of the U.K.'s leading
fantasy sports games for media owners, for example operating the
BAR F1 teams fantasy game.

In November 2003, SP Active also established DSP TV; a new 50:50
broadcast joint venture with Diverse Productions, a leading
independent television company.  DSP TV is developing new
programming content for U.K. and international distribution,
with a particular emphasis on the burgeoning 'sports
entertainment' genre.  DSP TV programming provides the added
benefit of creating an excellent shop window for the brands and
products of our clients, and new opportunities for our sports
and media talent.

The Company is benefiting from the cross-fertilization of
clients and management expertise across its subsidiaries, and
particularly the integration of its retail marketing activities
with broader brand marketing support.

Financial & Business Services

The Company's Financial Services division provides a range of
services to private individuals and organizations.

The Company's private client business has been strengthened
through the acquisition of SP Financial Services, and the
establishment of SP Taxation and Robert Ward & Associates in
September/October 2003.

Consequently, we now offer a full range of tax, inheritance and
capital planning services nationwide with offices in Manchester,
Cheltenham, Northampton, and Bournemouth.

Mottram Partners, the Company's legal, accounting and compliance
business has won 5 new contracts this year, as well as handling
the Company's own needs.  Mottram also completed the acquisition
of the goodwill and assets of OAS (U.K.) a specialist fund
consultancy.

The Company acquired Provisor Global Search Ltd, a specialist
recruitment consultancy, in October 2003.  Provisor complements
the Company's financial services activities, providing means of
internal recruitment and expansion, whilst adding increased
revenue potential from external clients.

Outlook

The business strategy introduced in April 2003 has turned your
Company around and enabled it to trade satisfactorily despite
the well-publicized trading conditions that have adversely
affected so many organizations in the marketing and financial
services sectors.

We now have a much larger, more sustainable business, with an
excellent management team, which has better prospects than at
any time in its history.  I would like to congratulate all our
people on their hard work and commitment, but stress that this
is only the beginning.

We are actively considering a number of strategic acquisitions
to further strengthen the Company's position and offer to
clients.  It promises to be an exciting and fulfilling year
ahead.

Simon Eagle
Chairman

To see financial statements:
http://bankrupt.com/misc/SPHoldings_Oct2003.htm

CONTACT: SP HOLDINGS
         Simon Eagle, Chairman and Joint Chief Executive
         Phone:  020 7292 8950
         Tony Simpson, Joint Chief Executive
         Nick Lyon/James Sumpster
         Phone:  020 7796 4133
         Hudson Sandler


SP HOLDINGS: Appoints Tony Simpson Joint Chief Executive
--------------------------------------------------------
The Board of SP Holdings PLC, the marketing and financial
services company, is pleased to announce the appointment of Tony
Simpson as Joint Chief Executive of the Company with immediate
effect.

Tony, 42, has over 20 years experience within the marketing
industry.  In 1998 his company, Team Marketing Communications
Limited, was acquired by Incepta Group PLC.  As founder and
Managing Director of Citigate Sponsorship Limited, he
attracted clients including the Football Association, Asian
Football Confederation and the Nationwide Building Society.

Tony joined World Sports Solutions PLC as an executive director
in July 2002.  The company changed its name to SP Holdings PLC
in August 2003.  Tony was instrumental in the turnaround of the
Company and is widely acknowledged in the marketing industry for
leading the integration of brand and retail marketing to create
new revenue streams for clients.  Current clients include Tesco
plc, JVC, Roots Clothing, Heinz and Associated Newspapers.

After leaving school, Tony was the lead singer in the Birmingham
band O21 that supported many successful bands including UB40,
The Specials, The Beat and Dexy's Midnight Runners.  He is
married with three young children and is a supporter of
Birmingham City.

Tony is a qualified athletics coach and was a member of the
Hertfordshire Police Authority from 2000-2002.

Simon Eagle, Chairman and Joint Chief Executive of SP Holdings
PLC said: "Tony has made a major contribution to the turnaround
of the Company.  His experience and extensive management
responsibility gives us the ideal person to help the Company as
it enters its next stage of development."

                              *****

(a) On January 8, 2004 SP Holdings announced the acquisition of
Clever TV Limited, database marketing specialist and owner of
Dreamleague fantasy games.

(b) On November 14, 2003 SP Holdings announced the formation of
a joint venture, with leading independent television company,
Diverse Production, called DSP TV Ltd., a company set up to
produce innovative programs within the sports and entertainment
market.

(c) On November 3, 2003 SP Holdings announced the acquisition of
Retail Source Limited, a specialist retail trade-marketing
consultancy.

(d) SP Holdings announced the acquisition of 'Observebrands', a
specialist retail and fashion brand consultancy, via its new
subsidiary, SP Brands Limited, on October 20, 2003.

(d) SP Holdings announced the acquisition of the entire issued
capital of Provisor Global Search Limited, a specialist human
resources consultancy, on October 27, 2003.

(e) On September 29, 2003 SP Holdings announced the acquisition
of the goodwill and tangible assets of the independent financial
advisor Robert Ward.

(f) On August 1, 2003, SP Holdings Subsidiary SP Active
announced the acquisition of Chris Reed Marketing Ltd, the
brand/media barter specialist.

CONTACT: SP HOLDINGS PLC
         Tony Simpson, Joint Chief Executive
         Phone:  020 7292 8950

         Hudson Sandler
         Nick Lyon
         James Sumpster
         Phone:  020 7796 4133


TRANSMARINE MUTUAL: Wind up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the
Transmarine Mutual Strike Assurance Association Limited Company,
on February 11, 2004 held at the offices of 65 Leadenhall
Street, London EC3A 2AD, the subjoined Special Resolutions to
wind up the Company were passed.

Norman Cowan and Mark Pearce Riley, of Wilder Coe, 12th Floor,
Southgate House, St George's Way, Stevenage SG1 1HG, are
appointed Joint Liquidators for the Company.

                              *****

Company ceased underwriting on 31 December 1996

CONTACT: WILDER COE
         12th Floor,
         Southgate House,
         St. George's Way,
         Stevenage SG1 1HG
         Contact:
         Norman Cowan, Liquidator
         Mark Pearce Riley, Liquidator
         Phone: 01438 847200
         Fax:   01438 847150
         Web site: http://www.wildercoe.co.uk


WEMBLEY PLC: Posts Scheme Document Relating to MGM's Offer
----------------------------------------------------------
Wembley announces that it has posted to shareholders the Scheme
document relating to the recommended cash acquisition by MGM
Mirage of Wembley.

The Acquisition is being implemented by way of a scheme of
arrangement under section 425 of the Companies Act 1985.  The
court meeting and the extraordinary general meeting of Wembley's
shareholders to approve the Scheme will be held on April 8,
2004.  It is expected that regulatory clearances will be
obtained by the end of June 2004 with the Acquisition being
completed shortly thereafter.

CONTACT: WEMBLEY PLC
         College Hill
         Matthew Smallwood
         Justine Warren
         Phone:  020 7457 2020


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

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


BELGIUM
-------
Real Software             REAL      (110)         216      (10)


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


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


FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A.
BSN Glasspack                       (101)       1,151       179
Bull S.A.                 BULP      (760)         893      (130)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur S.A.                          (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse S.A.                (927)         629       330
Immobiliere Hoteliere                (68)         233        29
Pneumatiques Kleber S.A.             (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal S.A.                          (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN        (0)         134        10
Usines Chauson                       (23)         249        35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111       N.A.
Kaufring A.G.             KAUG       (19)         151       (51)
Mania Technologi           MNI       (11)         101       (46)
Nordsee A.G.                          (8)         195       (31)
Schaltbau A.G.            SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307       (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129       (20)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218       N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46
United Pan-Euro Air       UPC     (5,266)       5,180    (8,730)


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


POLAND
------
Animex S.A.                           (1)         108       (86)
Exbud Skanska S.A.        EXBUF       (9)         315      (330)
Mostostal Zabrze                      (6)         227      (366)
Stalexport S.A.                      (57)         229       (51)


RUSSIA
------
Kamchatskenergo                                   273
(7,870)


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


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572       278


UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Nuclear Fuels Plc         (2,627)      36,359    (1,948)
Center Parcs (UK)
    Group Plc                        (77)         423      (227)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (29)         142       (29)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Instl                                   167         2
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (211)         762       (66)
Intertek Testing Services ITRK      (134)         425        67
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827         3
Lattice Group                     (1,290)      12,410    (1,228)
Leeds United PLC                     (73)         144       (29)
Manchester City                      (17)         154       (21)
Misys PLC                 MSY       (161)         949        41
Mytravel Group                                  2,551      (533)
Orange PLC                ORNGF     (594)       2,902         7
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)
Seton Healthcare                     (11)         157         0
Telewest Communication                          7,329    (3,770)
Yell Group PLC                      (196)       3,964       289


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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.

Copyright 2004.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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


                 * * * End of Transmission * * *