/raid1/www/Hosts/bankrupt/TCREUR_Public/040315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, March 15, 2004, Vol. 5, No. 52

                            Headlines

F R A N C E

ALSTOM SA: Banks Key to Recovery, Nay Survival, Says Fitch
RHODIA SA: Concludes Sale of Food Ingredients Biz to Danisco
RHODIA SA: Jerome Contamine Joins Board of Directors
SCOR GROUP: Victor Peignet Newest Member of Executive Committee


G R E E C E

ROYAL OLYMPIC: Olympia Explorer, Olympia Voyager to Be Auctioned


I R E L A N D

IMPERIAL SCHRADE: Knife Maker Gives up Biz; Blames Low Demand


I T A L Y

CIRIO FINANZIARIA: JP Morgan Linked to Shady Deals; Probe on
FESTIVAL CRUISES: Working on Final Touches of Restructuring Plan
PARMALAT FINANZIARIA: Investigators Recover EUR4 Million
PARMALAT FINANZIARIA: Selling Chocolates Business


M A L T A

MP CLOTHING: Loss of Levi Strauss Order Hastens Demise


R U S S I A

DAVYDOVSKY BRICKWORKS: Avantgard Member Named Insolvency Manager
INDUSTRIAL COMBINE: Declared Insolvent
KRONTIF: Auction of Properties Set March 30
KSOAMO CHEMPROMMONTAZH: Under Bankruptcy Supervision Procedure
PETROPAVLOVSKY DAIRY: Declared Insolvent

PREPARATION PLANT: Sakhalin Court Opens Bankruptcy Proceedings
PROMSTEKLO: Court Appoints Temporary Insolvency Manager
PUGACHYEVSKAYA: Under Bankruptcy Supervision Procedure
SIBAGROPRIBOR: Undergoes Bankruptcy Supervision Procedure
SILICATE: Saratov Court Opens Bankruptcy Procedure
ZARINSKAYA: Yuri Aroyan Appointed Insolvency Manager


U N I T E D   K I N G D O M

ABBOTSON COMPANY: Appoints Begbies Traynor Administrator
AES DRAX: S&P Withdraws 'D' Subordinated Debt Ratings
AVONDI LIMITED: Passes Wind up Resolution
CABLE & WIRELESS: 'BB+' Rating Affirmed; Outlook Negative
DETENTION CLUB: Appoints John Kelmanson Liquidator

DOR LIMITED: Hires Liquidator from B & C Associates
DUBA DUBA: Hires Liquidator
FORWARD DESIGN: Voluntary Winding up Resolution Passed
GEM INTERNATIONAL: HSBC Bank Appoints Kroll Limited Receiver
HAWTHORN HOLDINGS: Close to Striking Takeover Deal

HPW TRAINING: Appoints Begbies Traynor Liquidator
ICP LIMITED: Hires Liquidator from Ashcrofts
INSIDE STORY: Hires Liquidators from PricewaterhouseCoopers
INTEGRITY HYDRAULICS: Appoints Michael McCarthy Liquidator
INTERMAIN LEISURE: Winding up Resolutions Passed

J B HOLT: Hires Liquidator from Bridgestones
JOHN HOWARD: Assigns Martin Busst Liquidator
KHERAS CASH: Hires KPMG Liquidator
LAURINTA'S FOOD: Hires Liquidator
LEGAL & PROFESSIONAL: Hires PricewaterhouseCoopers Liquidator

MAGNETIC MEMORY: Barclay Bank Appoints Baker Tilly Receiver
MARCONI CORPORATION: Buys Back US$32.9 Million Senior Notes
MAYFLOWER CORPORATION: Secures Additional Lifeline
MEDIA MOULDING: Barclays Appoints Baker Tilly Receiver
M.G.B LIMITED: Hires Administrator from P&A Partnership

MOSAIC HOME: Appoints Deloitte & Touche Liquidator
NETWORK LIMITED: Ingleson Designates Wilson Pitts Receiver
NETWORK RAIL: Rail Regulator Implements Financing Regime
PITTARDS PLC: Planning to Cut Workforce to Slow Profit Slide
PROHEALTH PUBLISHING: Assigns Nottingham Watson Liquidator

PROJECT 2000: Winding up Resolution Passed
ROBERNS HOMES: Hires Tenon Recovery Administrator
ROYAL & SUNALLIANCE: Reports GBP146 Million Pretax Loss for 2003
ROYAL & SUNALLIANCE: A.M. Best Keeps Negative Outlook After Loss
ROYAL & SUNALLIANCE: S&P Maintains Ratings

ROYAL & SUNALLIANCE: To Propose 27.5p Dividend at AGM
SDS RECRUITMENT: Wind up Resolution Passed
TEKPRINT PROPERTIES: Names McConnell Liquidator
TERINEX LIMITED: HSBC Bank Assigns Kroll Limited as Receiver
THORNTON RUBBER: Calls Hacker Young Administrator
WILLINGTON PLC: Files Scheme of Arrangement Proposal


                            *********


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


ALSTOM SA: Banks Key to Recovery, Nay Survival, Says Fitch
----------------------------------------------------------
Fitch Ratings on Thursday said Alstom's announcement that it may
have to ask its banks to waive certain covenants -- minimum
EBITDA of EUR100 million and minimum net worth of EUR1.4 billion
for the fiscal year ending March 2004 -- illustrates once more
how critical the banks' continued support will be for the future
of the group.

Alstom's potentially lower-than-expected free cash flow and
EBITDA generation add to Fitch's concerns about the repayment of
the EUR650 million bond due in July 2006.  Furthermore, Alstom's
entire refinancing package is still subject to approval from the
European Commission, expected in mid-2004.  In addition, it
cannot be ruled out that some banks may seize this request for
covenant waiver to ask for some form of security on Alstom's
assets, which would subordinate the bondholders' position
(examples of such situations can be found in Fitch's recently
published report "When Angels Lose Their Wings").

The latest concern though is the fact that Alstom announced
problems in the execution of a boiler power plant contract, and
any potential cash flow impact it may have.  This business had
not encountered any sizeable technical contractual issues until
now, as opposed to the infamous GT24/26 gas turbines and U.K.
trains.  For 1H04, the operating margin of this division was
c.1.8%, above the group's 1.5% average.  If execution problems
in the power environment division were to spread, this could
constitute a sizeable additional cash drain on the company.
Alstom, however, states that the technical contractual issues it
is facing are only specific to that one boiler power plant
contract.

While acknowledging the ongoing problems experienced by Alstom,
Fitch notes that the company continues to receive new orders in
all divisions but marine, which is the necessary first step to a
recovery.  The new orders have been helped by Alstom's EUR3.5
billion performance guarantee facility from its banks.  The
facility is 65%-guaranteed by the state and included in the
refinancing package.

The French banks most exposed to Alstom are BNP Paribas, Societe
Generale and Credit Agricole/Credit Lyonnais; Fitch can envisage
that it would not be in the banks' interest to object to the
covenant waivers.  The agency has already factored these banks'
exposures in their ratings.  It believes that, while the
exposure of these banks to Alstom is substantial in absolute
terms, it does not endanger their solid equity bases and that
should any problems occur they will be manageable.
Consequently, no related rating action on the banks is envisaged
at this stage.

CONTACTS:  ALSTOM S.A.
           Sophie Coutaux (Corporates), Paris
           Phone: +33 1 44 29 91 74
           Janet Fisher (Corporates), London
           Phone: +44 207417 6334
           Eric Dupont (Banks), Paris
           Phone: +33 1 44 29 91 31
           Maria Jose Lockerbie (Banks), London
           Phone: +44 207 417 4318

           Media Relations:
           Alex Clelland, London
           Phone: +44 20 7862 4084


RHODIA SA: Concludes Sale of Food Ingredients Biz to Danisco
------------------------------------------------------------
Rhodia on Thursday announced the signing of a final agreement
for the sale of its food ingredients business to Danisco.  The
transaction should be finalized in May, once legal
authorizations have been received.

Rhodia announced February 13 that it had signed an agreement to
negotiate exclusively with the Danish company for the sale of
the business.  The sale price is approximately EUR320 million
for a business with a EUR31.6 million 2003 pro forma EBITDA
(Earnings Before Interest Taxes Depreciation and Amortization),
representing an EBITDA multiple of more than 10 times.  This
divestment would provide Rhodia with a capital gain before taxes
of more than EUR200 million.  The food ingredients business,
which includes the cultures, hydrocolloids and food safety
products activities, generated sales of EUR211 million in 2003
and includes 860 employees worldwide.

"We are divesting this business, which has few synergies with
the rest of Rhodia, under excellent terms.  The transaction will
generate almost half the EUR700 million to be raised from
divestments this year with a much higher multiple than we had
targeted.  This is an important step in Rhodia's recovery plan
and will contribute significantly to the reduction of the
Group's debt," said Rhodia CEO, Jean-Pierre Clamadieu.  He
added:  "This is a strategic acquisition for Danisco and
therefore the best possible scenario for the teams and plants
involved."

About Rhodia

Rhodia is one of the world's leading manufacturers of specialty
chemicals.  Providing a wide range of innovative products and
services to the consumer care, food, industrial care,
pharmaceuticals, agrochemicals, automotive, electronics and
fibers markets, Rhodia offers its customers tailor-made
solutions based on the cross-fertilization of technologies,
people and expertise.  Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders.  Rhodia generated net
sales of EUR5.5 billion in 2003 and employs 23,000 people
worldwide.  Rhodia is listed on the Paris and New York stock
exchanges.

About Danisco

Danisco develops and produces food ingredients, sweeteners and
sugar.  The Group employs approximately 8,000 people in some 40
countries and reported net sales of DKK16.6 billion in 2002/03.
Danisco's broad product portfolio includes emulsifiers,
stabilizers, flavors and sweeteners such as xylitol and
fructose.  The majority of these ingredients is produced from
natural raw materials and contribute, for instance, to improving
the texture in bread, ice cream, yogurt and other products.
Danisco is also one of the largest and most efficient sugar
producers in Europe.

CONTACTS:  RHODIA S.A.
           Press Relations
           Anne-Laurence de Villepin
           Phone: +33 1 55 38 40 25

           Investor Relations:
           Nicolas Nerot
           Phone: +33 1 55 38 43 08


RHODIA SA: Jerome Contamine Joins Board of Directors
----------------------------------------------------
At a meeting of Rhodia's Board of Directors Wednesday, Jerome
Contamine, Senior Executive Vice-President of Veolia
Environnement, where he is responsible for all cross-functional
activities, was nominated to become a member of Rhodia's Board
of Directors.  The nomination will be submitted for approval at
the Annual General Shareholders' Meeting to be convened on March
31, 2004.

This appointment illustrates the Rhodia's board commitment to
representation by independent directors, in accordance with the
principles of corporate governance laid down by the recent
Bouton report concerning the promotion of better corporate
governance in listed companies.

Jerome Contamine, 46, a graduate of Ecole Polytechnique (1979)
and ENA (1984), began his career as a public auditor in the
French Government Accounting Office (1984-1988).  In 1988, he
joined the Elf Aquitaine Group, where he served in several posts
in the Finance Department.  In 1994, he was appointed Deputy to
the Senior Vice-President Europe/United States of Elf
Exploration-Production before becoming President & CEO of Elf
Norway in 1995.  In 2000, he was named Senior Vice-President,
Europe/Central Asia, of the Exploration-Production Division of
TotalFinaElf.  He joined Vivendi Environnement in 2000 as
Executive Vice-President, Finance, and Member of the Management
Board.  Since 2003, he has served as Senior Executive Vice-
President of Veolia Environnement with responsibility for all
cross-functional activities.

CONTACTS:  RHODIA S.A.
           Press Relations
           Anne-Laurence de Villepi
           Phone: +33 1 55 38 40 25

           Investor Relations
           Nicolas Nerot
           Phone: +33 1 55 38 43 08


SCOR GROUP: Victor Peignet Newest Member of Executive Committee
---------------------------------------------------------------
Victor Peignet has been appointed Managing Director of SCOR's
Large Corporate Accounts Division (Business Solutions) and
becomes a member of the Group Executive Committee.  He will take
up his new position on April 1, 2004.

Victor Peignet, 46, is an engineer who graduated from the Ecole
Nationale Superieure des Techniques Avancees and joined the SCOR
Group in 1984 as an underwriter in the Technical Risks
Department.  He then successively held the posts of Manager of
the Offshore/Transportation Department and Manager of the Energy
Sector.  He has been Deputy Managing Director of SCOR's Large
Corporate Accounts Division since January 2000.  He will replace
Renaud de Pressigny, who will leave the Group on May 1.

Business Solutions, SCOR Group's Division dedicated to Large
Corporate Accounts, consists of five Sectors: Energy &
Utilities, New Technologies (including a unit dedicated to Space
Risks), Finance & Services, Industry, Contracting & Major
Projects, and is structured around three geographic areas:
Europe, Asia Pacific and North America.  With 162 employees,
Business Solutions has an acknowledged expertise, which leads it
to make a significant contribution to the development of the
SCOR Group.

CONTACT:  SCOR GROUP
          Immeuble SCOR
          1, avenue du General de Gaulle
          92074 Paris La Defense Cedex - France
          Phone: (+33) 1 46 98 70 00
          Fax: (+33) 1 47 67 04 09


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G R E E C E
===========


ROYAL OLYMPIC: Olympia Explorer, Olympia Voyager to Be Auctioned
----------------------------------------------------------------
Royal Olympic Cruises (Nasdaq: ROCLF) announced that the vessels
Olympia Explorer and Olympia Voyager will be sold at a judicial
auction on March 24 and March 26 respectively, under a process
initiated by creditor banks and pursuant to a settlement
agreement between ROCL, the owners, and the banks.  The owning
companies of the ships (subsidiaries of ROCL) had filed for
Chapter 11 reorganization in the U.S. Bankruptcy Court in
Honolulu, Hawaii, following which the ships were placed under
judicial arrest pursuant to the settlement agreement.

The judicial auction of the Olympia Explorer is scheduled to
take place on March 24 in Long Beach California, and the auction
of Olympia Voyager will be held on March 26 in Miami, Florida.
ROCL does not expect to receive any proceeds from the sales
after payment to the creditors.

CONTACT:  ROYAL OLYMPIC CRUISE LINES, INC.
          (NASDAQ-NMS:ROCLF)
          James R. Lawrence
          Phone: +1 203 406 0106


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


IMPERIAL SCHRADE: Knife Maker Gives up Biz; Blames Low Demand
-------------------------------------------------------------
Imperial Schrade Europe, maker of pocketknives and cutting tools
will cease trading with the loss of more than 40 jobs in
Listowel, Co Kerry, according to BizWorld.

Earlier, the company, which is a subsidiary of Schrade
Corporation, based in New York, proposed a restructuring plan
that would retain 13 of its employees, but employees voted
against it because the 28 workers who were being made redundant
had been offered only statutory redundancy payments.

The 43-year-old company said low-cost economies and a drop in
demand for pocketknives since the 11 September attacks in the
U.S. forced it to decide on the closure.


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


CIRIO FINANZIARIA: JP Morgan Linked to Shady Deals; Probe on
------------------------------------------------------------
Authorities in Italy are investigating the role of U.S.
investment bank, JP Morgan, in fraudulent deals committed by
Italian food firm Cirio, according to The Scotsman.

JP Morgan employee, Stefano Balsamo, based in Rome, has been
suspected of helping the company deceive shareholders in the
company.  Cirio filed for bankruptcy after defaulting on bonds
in November 20, 2002.  Thereafter creditors discovered more than
EUR500 million (US$635 million) in unaccounted assets in the
company's book.  A JP Morgan spokesman in London declined to
comment, according to the report.

CONTACT:  CIRIO
          Phone: ++39 06 4145700
          Fax: ++39 06 4145729
          Homepage: http://www.cirio.it


FESTIVAL CRUISES: Working on Final Touches of Restructuring Plan
----------------------------------------------------------------
Festival informs that the negotiations with the Italian and
French banks are in the final stages and is very confident of a
positive outcome, which will be advised as soon as possible.

The financial restructuring of the company is, therefore, in the
process of implementation, which will enable Festival Cruises to
recommence its cruise activities and re-conquer its position in
all the markets.  Festival hereby informs that the vessels will
start operations on:

(1) M/V European Vision         April 24, 2004 - from Genoa

(2) M/V European Stars          April 05, 2004 - from Genoa

(3) M/V Mistral                 April 08, 2004 - from Genoa

(4) M/V Caribe                  May 10, 2004 - from Havana

Festival decided to delay the commencement of operations for M/V
Caribe so as to coincide with the beginning of the Spring-
Summer-Autumn cruises from Havana, as already indicated in this
year's brochure.

Once again the company apologizes to the trade and to the
clients for the inconvenience caused, but is also very pleased
to be able to announce the recommencement of the activities in
accordance with the image and positioning, for which Festival
has been positively recognized during the year of cruise
activity -- and for a new future with Premium "deluxe" vessels.


PARMALAT FINANZIARIA: Investigators Recover EUR4 Million
--------------------------------------------------------
Italian officials on Wednesday confiscated about EUR4 million
(US$4.9 million) belonging to a former Bank of America
executive, according to Agence France-Presse.

The amount, deposited with a bank not named by the news wire,
belongs to Luca Sala.  He reportedly acknowledged in late
February having misappropriated US$27 million in bonuses in
relation to Parmalat's bond issue.  Mr. Sala is the head of the
bank's business finance unit, supervising several bond issues
for which the bank received commissions.  He is currently under
investigation for money laundering in the northern city of
Parma.


PARMALAT FINANZIARIA: Selling Chocolates Business
-------------------------------------------------
Parmalat administrator, Enrico Bondi, will hold the first-ever
asset sale of the bankrupt dairy giant, according to the
Associated Press.

Mr. Bondi on Thursday posted an ad in financial daily Milano
Finanza seeking letters of interest for the group's chocolates
business, Streglio based in Turin, the report said.  Streglio,
acquired by Parmalat in 2001, had sales of about EUR10 million
(US$12.25 million) in 2002.  KPMG Corporate Finance of Milan is
handling the sale, the advertisement said, according to the
report.

Parmalat went into bankruptcy protection after it was discovered
in December that the nearly US$5 billion account it claimed to
have with Bank of America was non-existent.

CONTACT:  KPMG CORPORATE RECOVERY
          Rome
          Via Ettore Petrolini 2
          00197 Roma
          Phone: 39 (-) 06 80 96 11
          Fax: 39 (-) 06 80 77 475

          Turin
          Corso Vittorio Emanuele II 48
          10123 Torino
          Phone: 39 (-) 011 83 95 144
          Fax: 39 (-) 011 81 71 651

          PARMALAT FINANZIARIA
          Via Oreste Grassi, 26
          PR 43044 COLLECCHIO
          Phone: 39-05218081
          Fax: 39-0521808327
          Contact:
          Enrico Bondi, Administrator


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M A L T A
=========


MP CLOTHING: Loss of Levi Strauss Order Hastens Demise
------------------------------------------------------
Maltese company, MP Clothing, will close its plant at the end of
the month, according to just-style.com.  The decision will
result to the loss of 98 jobs.

The company was forced to abandon operation for lack of orders,
and high labor costs, the report said.  Levi Strauss, the firm's
largest customer, announced in December 2002 it would no longer
be buying garments from the company.  MP Clothing manufactures
denim, twill and stretch jeans.

CONTACT:  MP CLOTHING LTD.
          EstateXewkija (Gozo)
          Malta
          VCT110
          Home Page: http://www.mpclothing.com/
          Phone:  2155 6078
                  2155 1353


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


DAVYDOVSKY BRICKWORKS: Avantgard Member Named Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on poultry factory, LLC Davydovsky
Brickworks.   The case is docketed as A14-485-04/2/20b.  Sergey
Byhanov, a member of TP self-regulated organization of arbitral
managers Avantgard, has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 394000, Russia, Voronezh,
Srednemoskovskaya str.12.  A hearing will take place on May 20,
2004, 10:00 a.m., at the Arbitration Court of Voronezh region.

CONTACT:  DAVYDOVSKY BRICKWORKS
          Russia, Voronezh region
          Davydovka', Kolchoznaya str.63

          Sergey Byhanov, Temporary Insolvency Manager
          394000, Russia, Voronezh, Srednemoskovskaya str.12

          The Arbitration Court of Voronezh region
          Russia, Voronezh, Srednemoskovskaya str.77, Hall 111


INDUSTRIAL COMBINE: Declared Insolvent
--------------------------------------
The Arbitration Court of Republic of Tyva declared LLC
Industrial Combine insolvent and bankruptcy proceedings were
introduced on the company.  The case is docketed as A69-562/02-
4.  Ch. Ondar has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 667007, Russia, Republic of
Tyva, Kyzyl, Zagorodny prosp.25.

CONTACT:  Ch. Ondar, Insolvency Manager
          667007, Russia, Republic of Tyva
          Kyzyl, Zagorodny prosp.25


KRONTIF: Auction of Properties Set March 30
-------------------------------------------
The bidding organizer and insolvency manager of OJSC Sukremlsky
Iron-works (OJSC Krontif) will launch a public auction of the
company's properties on March 30, 2004 at 12:00 noon (local
time).  Registration for participants is between 11:00 to 11:30
a.m.

The auction will be held at 249400, Russia, Kaluga region,
Ludinovo, Sherbakova str.1a, Head Office, 2nd Floor, Insolvency
Manager's Office.

Assets for sale are:

(a) Lot 1: Movable property (Machine tools and the equipment)
    Starting price is RUB7,650,840.
    Price will be increased by increments of RUB100,000.

(b) Lot 2: Plant buildings and Structures - 91 objects
    Starting price is RUB17,042,839.
    Price will be increased by increments of RUB100,000.

(c) Lot 3: Uncompleted construction of new multifamily house (60
    dwelling units at 249400, Russia, Kaluga region, Ludinovo,
    Gerzen str.)
    Starting price is RUB28,356.
    Price will be increased by increments of RUB1,000.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings is
done at: 249400, Russia, Kaluga region, Ludinovo, Sherbakova
str.1a, Head Office, 2nd Floor, Insolvency manager office.
Bidding Applications are accepted until March 26, 2004.

In order to participate in the auction the bidder should
transfer deposit to the settlement account OJSC Sukremlsky Iron-
Works (OJSC Krontif) in Kaluga'SBERBANK #8608, BIC042908612.
Deadline is March 26, 2004.

CONTACT:  SUKREMLSKY IRON-WORKS
          249400, Russia, Kaluga region
          Ludinovo, Sherbakova str.1a

          Insolvency Manager
          249400, Russia, Kaluga region
          Ludinovo, Sherbakova str.1a
          Head Office, 2nd Floor
          Phone: (08444) 2-01-51, 5-27-65


KSOAMO CHEMPROMMONTAZH: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on chemical industrial installation
company, Ksoamo Chemprommontazh.  The case is docketed as A27-
1640/2004-4.  Gennady Kupzov, a member of TP self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager.  A hearing will take place on
July 7, 2004, 9:00 a.m., at the Arbitration Court of Kemerovo
region.

CONTACT:  CHEMPROMMONTAZH
          650021, Russia, Kemerovo region
          Kemerovo, Petrozavodskoy
          Post User Box 2656


PETROPAVLOVSKY DAIRY: Declared Insolvent
----------------------------------------
The Arbitration Court of Voronezh region declared OJSC
Petropavlovsky Dairy insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A14-
8442/03/30/16b.  A. Pechyenkin has been appointed insolvency
manager.

Creditors have until May 6, 2004 to submit their proofs of claim
to the insolvency manager at: 394026, Russia, Voronezh,
Vareykisa str.69,11.

CONTACT:  PETROPAVLOVSKY DAIRY
          Russia, Voronezh region
          Petropavlovsky Area, Petropavlovka

          A. Pechyenkin, Insolvency Manager
          394026, Russia, Voronezh, Vareykisa str.69,11


PREPARATION PLANT: Sakhalin Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Sakhalin region declared State Unitary
Enterprise Preparation Plant insolvent and, introduced
bankruptcy proceedings at the company.  The case is docketed as
A59-4024/01-C22.  Olga Butuzova has been appointed insolvency
manager.

Creditors have until May 6, 2004 to submit their proofs of claim
to the insolvency manager at: Russia, Sakhalin region, Nevelsky
Area, Gornozavodsk, Zavodskaya str.

CONTACT:  PREPARATION PLANT
          Russia, Sakhalin region
          Nevelsky Area, Gornozavodsk

          Olga Butuzova, Insolvency Manager
          Russia, Sakhalin region, Nevelsky Area
          Gornozavodsk, Zavodskaya str.


PROMSTEKLO: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
supervision procedure on industrial glass company, LLC
Promsteklo.  The case is docketed as A11-8524/2003-K1-36B.
Andrey Parinsky, a member of TP Self-regulated organization of
arbitral managers in Central Federal District, has been
appointed temporary insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager at: 600017, Russia, Vladimir,
Post User Box 132.  A hearing will take place on June 22, 2004,
1:30 p.m., at the Arbitration Court of Vladimir region.

CONTACT:  PROMSTEKLO
          Registration address:
          601507, Russia, Gus-Kchruslalny
          50th Sovetskaya Vlast prosp.8

          Post address:
          601507, Russia, Gus-Kchruslalny
          Kurlovskaya str. 14a

          Andrey Parinsky, Temporary Insolvency Manager
          600017, Russia, Vladimir, Post User Box 132


PUGACHYEVSKAYA: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on poultry factory, OJSC Pugachyevskaya
Poultry Factory.  The case is docketed as A57-25B/04-32.
Vladimir Zuprikov, a member of TP Russian Federation Commercial
and industrial chamber Self-regulated organization of arbitral
managers, has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Saratov region,
Pugachoyev, Svobody str.120/132, 53.  A hearing will take place
on May 20, 2004, 10:00 a.m., at the Arbitration Court of Saratov
region.

CONTACT:  PUGACHYEVSKAYA POULTRY FACTORY
          Russia, Saratov region, Pugachoyev Area, Uspenka

          Vladimir Zuprikov, Temporary Insolvency Manager
          Russia, Saratov region, Pugachoyev
          Svobody str.120/132, 53
          Phone/Fax: 845742-37-81


SIBAGROPRIBOR: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on LLC research and production factory,
Sibagropribor.  The case is docketed as A45-1922/04-SB/20.
Vasily Makarov, a member of TP Krasnoyarsk Self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager.  A hearing will take place on
June 7, 2004, 9:30 a.m., at the Arbitration Court of Novosibirsk
region.

CONTACT:  SIBAGROPRIBOR
          630501, Russia, Novosibirsk region
          Krasnoobsk, inst.SibNIPTIZh, k.146

          Vasily Makarov, Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325.
          Phone: 48-68-42.

          The Arbitration Court of Novosibirsk region
          630007, Russia, Novosibirsk,
          Kirova str.3, Hall of judicial sessions 913


SILICATE: Saratov Court Opens Bankruptcy Procedure
--------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on CJSC Silicate.  The case is docketed as
A57-3B/04-31.  Andrey Volkov, a member of TP Republic of
Tatarstan Self-regulated organization of arbitral managers, has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 410049, Russia, Saratov,
Barnaulskaya 43.  A hearing will take place on April 22, 2004,
11:00 a.m., at the Arbitration Court of Saratov region.

CONTACT:  SILICATE
          Russia, Saratov
          Moscovskaya str.35

          Andrey Volkov, Temporary Insolvency Manager
          410049, Russia, Saratov, Barnaulskaya 43


ZARINSKAYA: Yuri Aroyan Appointed Insolvency Manager
----------------------------------------------------
The Arbitration Court of Altaysky region commenced bankruptcy
supervision procedure on incubator-poultry factory, State
Unitary Enterprise Zarinskaya Incubator-Poultry Factory.  The
case is docketed as A03-12273/03-B.  Yuri Aroyan has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to temporary
the insolvency manager at: 656002, Russia, Barnaul, Zechovaya
str.58.

CONTACT:  ZARINSKAYA INCUBATOR-POULTRY FACTORY
          659121, Russia, Altaysky region
          Zarinsky Area, Novomanoshkino

          Yuri Aroyan, Temporary Insolvency Manager
          656002, Russia, Barnaul, Zechovaya str.58


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


ABBOTSON COMPANY: Appoints Begbies Traynor Administrator
--------------------------------------------------------
Name of Company: Abbotson & Company Limited

Nature of Business: Wholesale and Retail Florist Supplies

Trade Classification: 5248, Other Retail Specialised Stores,
5147, Wholesale of other Household Goods

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                Elliot House,
                                151 Deansgate,
                                Manchester M3 3BP
                                Receivers:
                                Donald Bailey
                                Gary Norton Lee
                                (IP Nos 6739, 9204)


AES DRAX: S&P Withdraws 'D' Subordinated Debt Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'A-'
senior secured debt rating to U.K.-based power generation
financing company Drax Power Ltd.'s GBP100 million (US$182
million) super priority letter of credit (LOC) facility due
December 2006.  The outlook is stable.

At the same time, Standard & Poor's assigned its preliminary
'BBB-' senior secured debt rating to InPower 2 Ltd.'s GBP400
million class A-1 senior secured loans due 2015, of which GBP120
million was repackaged and issued as class A-1 notes by NoteCo
Ltd., also due 2015.  The NoteCo issue was also assigned a
preliminary 'BBB-' long-term senior secured debt rating.  The
outlook on the class A-1 loan and notes is stable.

The final ratings are subject to completion of a review of final
and executed documentation and legal opinions.

In a related action, Standard & Poor's withdrew its 'D'
subordinated debt ratings on AES Drax Energy Ltd.'s GBP135
million and US$200 million notes.

Drax Power, InPower 2, and NoteCo. (collectively the Drax
Lenders) are part of the finance structure that provided funds
to the 4-gigawatt Drax power station in north England.

The new debt structure introduces several layers of senior loans
and loan notes, with increasing levels of subordination and
reducing levels of security.  Additional debt was also issued to
satisfy currency and interest rate-hedging termination payments.

"The Drax Lenders face risks including the uncertainty of U.K.
wholesale electricity prices; uncertainty about the future
balance of U.K. supply and demand; environmental restrictions on
Drax; and regulatory or politically driven changes to the
generation market," said Standard & Poor's Infrastructure
Finance credit analyst Jan Willem Plantagie.

"There is also considerable uncertainty in the U.K. wholesale
electricity markets because a large number of generation assets
are in the hands of creditors."

These risks are offset by: structural enhancements to the class
A-1 debt and the LOC facility; access for class A1 lenders and
the LOC facility to debt-service reserve account working
capital; and the good maintenance and operations of the Drax
assets.  Drax has a strong competitive position in the U.K.

The stable outlook reflects the adequate liquidity support for
debt service and the structural elements of the new finance
structure that support the class A-1 debt and LOC facility.  The
ratings could be lowered, however, if wholesale electricity
prices do not start rising significantly. The credit
implications of the final carbon dioxide allocations for Drax
will be determined by a review by Standard & Poor's,
which may result in a lowering of the ratings.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          jan_plantagie@standardandpoors.com
          magdalena_richardson@standardandpoors.com
          mike_wilkins@standardandpoors.com
          InfrastructureEurope@standardandpoors.com


AVONDI LIMITED: Passes Wind up Resolution
-----------------------------------------
In a General Meeting of the Member of the Avondi Limited
Company, the subjoined Special Resolution to wind up the Company
was passed.

J R D Smith and N J Dargan of 180 Strand, London WC2R 1WL are
appointed as Joint Liquidators of the Company.


CABLE & WIRELESS: 'BB+' Rating Affirmed; Outlook Negative
---------------------------------------------------------
Fitch Ratings on Thursday affirmed Cable and Wireless plc's
(C&W) 'BB+' Long-term and 'B' Short-term ratings.  The Outlook
is Negative.  The rating reflects a balanced assessment of the
financial strength provided by the national telcos business, the
group's continuing significant net cash position, and the
potential impact of the continuing cash outflow in the former
C&W Global business.

While management have taken significant steps to refocus the
group, including a withdrawal from the U.S. and emphasis on
improving margins in the important U.K. market, a turnaround in
its under performing assets is far from assured.  The company
faces significant challenges to improve profitability in the
U.K., the company's single largest market by revenues, and the
national telcos face ongoing pressure from market liberalization
and competition.

Senior management has been fundamentally renewed over the past
15 months.  Richard Lapthorne was appointed as non-Executive
Chairman in January 2003, while Graham Wallace was replaced by
Francesco Caio as Chief Executive in April 2003.  Also in April
2003 Kevin Loosemore was appointed to the newly created position
of Chief Operating Officer, while Charles Herlinger joined the
group as CFO in December 2003.  These, along with a number of
other executive and non-executive appointments, have been
instrumental in assessing and implementing change at the
company.

At the time of the preliminary results announcement in June
2003, the company announced the results of its strategic review.
The key conclusions of this were to restructure and drive
performance of the U.K. operations, to withdraw from the U.S.,
and to build on and add to the company's positions in national
telcos.  Results of the group are no longer segmented under C&W
Regional and C&W Global, and are now reported along geographic
lines.

The closing of the Savvis Communications transaction concludes
the C&W group's strategic withdrawal from the U.S. market and
demonstrates the sound progress that the new leadership of the
group is making in attempting to secure the long-term future of
the C&W group.

Nevertheless, the group's portfolio of national businesses is
increasingly facing competition as governments seek to
liberalize and develop effective markets.  Additionally, the
group's market position in the U.K. has yet to be stabilized and
a coherent strategy has yet to be articulated for this market.

Fitch views the progress that management is making in resolving
the challenges that the group faced when they were appointed,
positively, and the agency continues to take some comfort from
the strong net cash balances being reported by the company and
these factors support the rating.

CONTACTS:  FITCH RATINGS
           Stuart Reid
           Phone: +44 (0) 20 7417 4323
           Raymond Hill
           Phone: +44 (0) 20 7417 4314

           Media Relations:
           Alex Clelland, London
           Phone: +44 20 7862 4084


DETENTION CLUB: Appoints John Kelmanson Liquidator
--------------------------------------------------
The Members of the Detention Club Events Limited passed a
written Resolution on February 25, 2004 that the Company has
voluntarily wind up.

John Kelmanson is appointed Liquidator for the Company.


DOR LIMITED: Hires Liquidator from B & C Associates
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the DOR
U.K. Limited (t/a The Vintry) Company on February 26, 2004 held
at the Trafalgar House, Grenville Place, Mill Hill, London NW7
3SA, the Extraordinary Resolution to wind up the Company was
passed.

Filippa Connor, of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA, is appointed Liquidator for
the Company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House,
          Grenville Place,
          Mill Hill,
          London NW7 3SA
          Contact:
          Filippa Connor, Liquidator


DUBA DUBA: Hires Liquidator
---------------------------
At an Extraordinary General Meeting of the Members of the Duba
Duba Limited Company (formerly Neverland Productions (U.K.)
Limited) on February 27, 2004 held at the Premier Lodge,
Sewardstone Road, Waltham Abbey, Essex EN9 3QF, the subjoined
Extraordinary Resolutions to wind up the Company were passed.

A J Clark, of Carter Clark, Meridian House, 62 Station Road,
North Chingford, London E4 7BA, is appointed Liquidator for the
Company.

CONTACT:  CARTER CLARK
          Meridian House,
          62 Station Road,
          North Chingford,
          London E4 7BA
          Contact:
          A J Clark, Liquidator


FORWARD DESIGN: Voluntary Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the Forward Design
Technology Limited Company on February 27, 2004 held at the
Burley House, 12 Clarendon Road, Leeds LS2 9NF, the subjoined
Extraordinary Resolutions to wind up the Company were passed.

Gerald Maurice Krasner, of Bartfields (U.K.) Limited, Burley
House, 12 Clarendon Road, Leeds LS2 9NF, an Insolvency
Practitioner duly qualified under the Insolvency Act 1986, is
appointed the Liquidator of the Company.

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House,
          12 Clarendon Road,
          Leeds LS2 9NF
          Contact:
          Gerald Maurice Krasner, Liquidator


GEM INTERNATIONAL: HSBC Bank Appoints Kroll Limited Receiver
------------------------------------------------------------
Name of Company: GEM International Limited

Reg No 2381255

Trading Name: Terinex

Previous Name of Company:
Le Gem International (changed in 1999)

Nature of Business:
Manufacture and Conversion of Consumer Products

Trade Classification: 2122

Date of Appointment of Joint Administrative Receivers:
March 2, 2004

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

Joint Administrative Receivers:  KROLL LIMITED
                                 Aspect Court,
                                 4 Temple Row,
                                 Birmingham B2 5HG
                                 Receivers:
                                 A J Wolstenholme
                                 J M Wright
                                 (Office Holder Nos 8995, 9152)


HAWTHORN HOLDINGS: Close to Striking Takeover Deal
--------------------------------------------------
On June 13, 2003, the Company [currently a cash shell] announced
the disposal of its trading subsidiaries, subsequent to which
the Board stated that they were seeking to identify suitable
companies to whom the Company's cash and AIM status were
attractive and with whom to negotiate an appropriate
transaction.

On November 4, 2003, the Company's shares were suspended
following an announcement that it was in discussions with a
third party.  Following detailed discussions, the Company has
now signed Heads of Terms which, subject to due diligence, would
lead to the acquisition of the business in a reverse takeover,
as classified by the AIM Rules.  The Company expects to post a
circular to shareholders in the near future.


HPW TRAINING: Appoints Begbies Traynor Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the HPW Training Limited
Company on February 26, 2004 the Extraordinary Resolution to
wind up the Company was passed.

Michael R. Ellingworth and Rob Sadler, of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU and 30 Park
Cross Street, Leeds LS1 2QH respectively, are appointed Joint
Liquidators for the Company.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Contact:
          Michael R Ellingworth, Liquidator

          BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Contact:
          Rob Sadler, Liquidator


ICP LIMITED: Hires Liquidator from Ashcrofts
--------------------------------------------
At an Extraordinary General Meeting of the ICP (Bolton) Limited
Company on March 2, 2004 held at The Eaton Hotel, 279 Hagley
Road, Edgbaston, Birmingham B16 9NB, the subjoined Extraordinary
Resolution to wind up the Company was passed.

George N Michael, of Ashcrofts, 33-33A Higham Hill Road, London
E17 6EA, is appointed Liquidator for the Company.

CONTACT:  ASHCROFTS
          33-33A Higham Hill Road,
          London E17 6EA
          Contact:
          George N Michael, Liquidator


INSIDE STORY: Hires Liquidators from PricewaterhouseCoopers
-----------------------------------------------------------
Name of Companies:
Inside Story Limited
Littlewoods1 Limited
Littlewoods Services Limited
Littlewoods5 Limited

At the Extraordinary General Meeting of these Companies,
February 26, 2004, the subjoined Special Resolutions to wind up
these Companies were passed.

Tim Walsh and Richard Setchim, of PricewaterhouseCoopers LLP, 9
Bond Court, Leeds LS1 2SN, are appointed Joint Liquidators of
the Companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          9 Bond Court,
          Leeds LS1 2SN
          Contact:
          Tim Walsh, Liquidator
          Richard Setchim, Liquidator
          Web site: http://www.pwcglobal.com


INTEGRITY HYDRAULICS: Appoints Michael McCarthy Liquidator
----------------------------------------------------------
At an Extraordinary General Meeting of the Integrity Hydraulics
Limited Company (t/a Pirtek Burton) on February 27, 2004 held at
the offices of Walletts Insolvency Services, 2-6 Adventure
Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF, the
subjoined Extraordinary Resolution to wind up the Company was
passed.

Michael Francis McCarthy, of Walletts Insolvency Services, 2-6
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF,
is appointed the Liquidator of the Company.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          2-6 Adventure Place,
          Hanley, Stoke-on-Trent,
          Staffordshire ST1 3AF
          Contact:
          Michael Francis McCarthy, Liquidator


INTERMAIN LEISURE: Winding up Resolutions Passed
------------------------------------------------
At an Extraordinary General Meeting of the Intermain Leisure
Holdings Limited Company on February 26, 2004, the Special
Resolution and Ordinary Resolution to wind up the Company was
passed respectively.

Andrew James Nichols, of Redman Nichols, is appointed Liquidator
for the purpose of such winding-up.


J B HOLT: Hires Liquidator from Bridgestones
--------------------------------------------
At an Extraordinary General Meeting of the J B Holt Haulage
Limited Company on February 18, 2004 held at Bridgestones, 125-
127 Union Street, Oldham OL1 1TE, the subjoined Extraordinary
Resolutions to wind up the Company were passed.

Robert Cooksey, of Bridgestones, 125-127 Union Street, Oldham
OL1 1TE, is appointed as Liquidator of the Company.

CONTACT:  BRIDGESTONES
          125-127 Union Street,
          Oldham OL1 1TE
          Contact:
          Robert Cooksey, Liquidator


JOHN HOWARD: Assigns Martin Busst Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of the John
Howard Harlech Limited Company on February 24, 2004 held at
Martin Busst & Co, 8 Penrhos Drive, Bangor, Gwynedd LL57 2AZ,
the subjoined Extraordinary Resolutions to wind up the Company
were passed.

Martin Busst, of Martin Busst & Co, 8 Penrhos Drive, Bangor,
Gwynedd LL57 2AZ, is appointed Liquidator for the Company.

CONTACT:  MARTIN BUSST & CO
          8 Penrhos Drive, Bangor
          Gwynedd LL57 2AZ
          Contact:
          Martin Busst, Liquidator


KHERAS CASH: Hires KPMG Liquidator
----------------------------------
At an Extraordinary General Meeting of the Kheras Cash & Carry
(U.K.) Limited Company on February 24, 2004 held at KPMG, 2
Cornwall Street, Birmingham B3 2DL, the subjoined Extraordinary
Resolutions to wind up the Company were passed.

Allan Watson Graham and Richard James Philpott of KPMG are
appointed Joint Liquidators for the Company.

Contact:  KPMG
          2 Cornwall Street,
          Birmingham B3 2DL
          Contact:
          Allan Watson Graham, Liquidator
          Richard James Philpott, Liquidator
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


LAURINTA'S FOOD: Hires Liquidator
---------------------------------
At an Extraordinary General Meeting of the Laurinta's Food Hall
Limited Company on February 27, 2004 held at 228 Shoreditch High
Street, London E1 6JP, the subjoined Extraordinary Resolution to
wind up the Company was passed.

K B Stout is appointed Liquidator for the purposes of such
winding-up.


LEGAL & PROFESSIONAL: Hires PricewaterhouseCoopers Liquidator
-------------------------------------------------------------
Name of Companies:
Legal & professional Indemnity Limited
Homecover Insurance Services Limited

At the Extraordinary General Meeting of these Companies on
February 20, 2004, the Special and Ordinary Resolutions to wind
up the Company was passed.

Jonathan Sisson and Richard Setchim, of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT, are appointed Joint
Liquidators of the Companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Contact:
          Jonathan Sisson, Liquidator
          Richard Setchim, Liquidator
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


MAGNETIC MEMORY: Barclay Bank Appoints Baker Tilly Receiver
-----------------------------------------------------------
Name of Company: Magnetic and Memory Technology Limited

Reg No 01825201

Nature of Business: Holding Company

Date of Appointment of Joint Administrative Receivers:
March 3, 2004

Name of Person Appointing the Joint Administrative Receivers:
Barclays Bank Plc

Joint Administrative Receivers:  BAKER TILLY
                                 5th Floor, Exchange House,
                                 446 Midsummer Boulevard,
                                 Central Milton
                                 Keynes MK9 2EA
                                 Receiver:
                                 Graham Paul Bushby
                                 (Office Holder No 8736)

                                 Cedric Clapp
                                 (Office Holder No 5614)
                                 1 Georges Square,
                                 Bristol BS1 6BP


MARCONI CORPORATION: Buys Back US$32.9 Million Senior Notes
-----------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced on
Thursday that it had purchased US$32.9 million (approximately
GBP18.4 million) principal amount of Marconi 8% Guaranteed
Senior Secured Notes due 2008 for a total cash outlay, excluding
accrued interest and fees, of US$36.0 million (approximately
GBP20.1 million) in open market transactions.

The repurchases were undertaken by Marconi Corporation plc.
Under the terms of the Group's Senior Notes indenture, the
repurchased Notes will be cancelled within 90 days and may not
be re-issued or resold to any third party.

Marconi may purchase additional Senior Notes in the future.

Following the above-mentioned repurchase, as at 11 March 2004,
Marconi has, in aggregate, repurchased or redeemed US$91.8
million (approximately GBP51.3 million) principal amount of
Senior Notes, reducing the principal amount outstanding and not
owned by Marconi Corporation plc to US$625.3 million
(approximately GBP349.4 million).

In addition, the previously announced second and third partial
redemptions scheduled on March 18, 2004 and March 23, 2004 (see
press releases dated March 5, 2004 and March 9, 2004) are
expected to further reduce the principal amount of Senior Notes
outstanding and not owned by Marconi Corporation plc to US$527.2
million (approximately GBP294.5 million).  Marconi Corporation
plc expects to receive US$5.8 million representing the share of
the second and third partial redemptions relating to its holding
in the Senior Notes.  This will be transferred to the Mandatory
Redemption Escrow Account and used in due course to fund further
partial redemptions of the Senior Notes.
(Exchange rate, GBP1 = USD 1.79)

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on the Nasdaq under the symbol MRCIY.

Additional information about Marconi Corporation can be found at
http://www.marconi.com

CONTACT:  MARCONI CORPORATION PLC
          Press Inquiries:
          Joe Kelly
          Phone: 0207 306 1771
          E-mail: joe.kelly@marconi.com
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Inquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MAYFLOWER CORPORATION: Secures Additional Lifeline
--------------------------------------------------
As indicated in its announcement on February 19, 2004, The
Mayflower Corporation plc is in discussions with its lenders and
the Group continues to keep them closely informed of
developments in its business.

The Group and its principal lenders have formalized a standstill
arrangement and its lenders have agreed to provide certain
additional facilities to the business while discussions about
renewed financing arrangements are brought to a conclusion.  The
Group intends to announce preliminary results for the year ended
December 31, 2003 around the end of March 2004.

                              *****

Mayflower Corporation surprised investors in February when it
announced it is likely to report significant loss this year.
This is contrary to its pronouncements a few months ago when it
boasted of potential profits of more than GBP22 million.
Profits before exceptional items may come at GBP6 million.  The
bottom line is likely to be far worse as the company warned of
"significant exceptional charges."


MEDIA MOULDING: Barclays Appoints Baker Tilly Receiver
------------------------------------------------------
Name of Company: Media Moulding Technology Limited

Reg No 02600827

Nature of Business: Plastic Injection Moulding

Date of Appointment of Joint Administrative Receivers:
March 3, 2004

Name of Person Appointing the Joint Administrative Receivers:
Barclays Bank Plc

Joint Administrative Receivers:  BAKER TILLY
                                 5th Floor, Exchange House,
                                 446 Midsummer Boulevard,
                                 Central Milton
                                 Keynes MK9 2EA
                                 Receiver:
                                 Graham Paul Bushby
                                 (Office Holder No 8736)

                                 Cedric Clapp
                                 (Office Holder No 5614)
                                 1 Georges Square,
                                 Bristol BS1 6BP


M.G.B LIMITED: Hires Administrator from P&A Partnership
-------------------------------------------------------
Name of Company: M.G.B. (Services) Limited

Nature of Business: Plumbing and Heating Services

Trade Classification: 27

Date of Appointment: February 27, 2004

Joint Administrative Receiver:  THE P&A PARTNERSHIP
                                93 Queen Street,
                                Sheffield,
                                South Yorkshire S1 1WF
                                Receivers:
                                Philip Andrew Revill
                                Andrew Philip Wood
                                (IP Nos 6421, 9148)


MOSAIC HOME: Appoints Deloitte & Touche Liquidator
--------------------------------------------------
Name of Companies:
The Mosaic U.K. Home Service Limited
Mosaic U.K. Limited

These Companies by any reasons of its liabilities cannot
continue its business and is advised to wind-up voluntarily.

Nicholas Guy Edwards and Roderick John Weston, of Deloitte &
Touche, 180 Strand, London WC2R 1WL are appointed Joint
Liquidators of the Company.

CONTACT:  DELOITTE AND TOUCHE
          180 Strand,
          London WC2R 1WL
          United Kingdom
          WC2R 1BL
          Contact:
          Nicholas Guy Edwards, Liquidator
          Roderick John Weston, Liquidator
          Phone: +44 (0) 20 7936 3000
          Fax:   +44 (0) 20 7583 1198
          Web site: http://www.deloitte.com


NETWORK LIMITED: Ingleson Designates Wilson Pitts Receiver
----------------------------------------------------------
Name of Company: Network (U.K.) Limited

Reg No 03413981

Nature of Business: Internet Recruitment

Trade Classification: 7484

Date of Appointment of Administrative Receiver:
February 12, 2004

Name of Person Appointing the Administrative Receiver:
Alan Ingleson

Administrative Receiver:  WILSON PITTS
                          Glendevon House,
                          Hawthorn Park, Coal Road,
                          Leeds LS14 1PQ
                          Receiver:
                          J N R Pitts
                          (Office Holder No 7851)


NETWORK RAIL: Rail Regulator Implements Financing Regime
--------------------------------------------------------
The Rail Regulator, Tom Winsor, on Thursday served notice that
he has decided to implement his conclusions for the five-year
financial framework for Network Rail -- allowing expenditure of
GBP22.2 billion for the operation, maintenance and renewal of
the core national network, an increase of approximately GBP7
billion over his October 2000 settlement for Railtrack -- and to
accept Network Rail's proposal (supported by the Government and
the Strategic Rail Authority) that:

Access charges payable by train operators to Network Rail should
not rise for the first two years of the five-year control
period, as Network Rail will borrow the necessary amount
(GBP3.14 billion) a higher proportion of direct grants from the
SRA to Network Rail will be allowed, so as to enable government
to classify the expenditure as capital and so not violate the
golden rule on borrowing for expenditure outside the economic
cycle a suite of controls which the SRA had established over
Network Rail, at the time of Network Rail's acquisition of
Railtrack, will be released, so streamlining and simplifying the
company's accountability to its customers and its regulator.
These proposals do not change the Regulator's December 2003
determination that Network Rail's net revenue requirement
between 2004 and 2009 is GBP21.45 billion, and that its income
should be set accordingly.  The company will receive this money
by way of grants direct from the SRA (GBP9.35 billion), access
charges from train operators (GBP8.96 billion) and the remainder
from additional borrowing in the next two years (GBP3.14
billion).  The additional borrowing will be paid back partly in
the last three years of the five-year control period
(approximately GBP1 billion which includes financing costs) and
partly in future control periods.

The proposed year-by-year split of the net revenue requirement
established by the Regulator's December 2003 final conclusions
as between access charges and grants (excluding additional grant

payable in respect of part reprofiling within the control
period) is shown in Table 1.

Table 1: Composition of net revenue requirement under Network
Rail's proposal
GBP million     04/05  05/06  06/07  07/08  08/09  Total
(2002/03 prices)
Net revenue     4,444  4,413  4,245  4,203  4,142  21,448
requirement
Fixed and       1,203  1,219  2,132  2,121  2,284   8,959
variable charges
Grants          1,710  1,585  2,113  2,082  1,858   9,348
Shortfall made
up by:
Additional
borrowing       1,532  1,609     0     0     0     3,141

All figures are in 2002/03 prices

The request for a higher proportion of income to be received in
the form of government grants stems from a joint submission made
to the Regulator by the SRA and the Department for Transport in
December 2003.  In it, they explained that for government
accounting reasons it would be desirable for the SRA in future
to increase the amount of money that it pays in grant to Network
Rail, allowing access charges to be set at a lower level.  The
request for income to be reprofiled has been made to smooth the
introduction of higher charges and/or grants in order to assist
the SRA as it adjusts its budget to accommodate the new level of
access charges/grants.

There was no time for the government proposal to be worked up in
sufficient detail for the Regulator to make a decision on it
before publication of his access charges review final
conclusions in December 2003.  He therefore allowed the proposal
to be made to him by February 29, 2004, and for a decision to be
made by March 10, 2004.  He said he would consider the proposal
against a number of published tests -- set out in his December
2003 document.  The Regulator received the proposal from Network
Rail on February 27, 2004.  It has been agreed with the SRA.

Mr. Winsor said: "After much consideration and judged against
the criteria I laid down in my December 2003 document, I have
accepted Network Rail's proposal since it satisfies all the
tests that I set out.  I have therefore issued a formal notice
to train operators and Network Rail which has the effect of
reducing the amounts which would have been payable by train
operators from April 1, 2004 to offset the proposed increased
grant payments and reprofiled income.

"In accordance with my statutory duties, I am satisfied that the
proposal will not make it unduly difficult for the company to
finance its relevant activities.  Nor will it threaten the long-
term sustainability of the railway or prejudice the interests of
the users of railway services.  I am also satisfied that an
increase in the amount of Network Rail's revenue paid directly
by the SRA does not diminish the company's principal
accountabilities to its train operator customers and its
regulator.  The SRA, through a revised deed of grant, has an
unconditional obligation to pay specified amounts of grant on
specified dates.  If the SRA defaults on its obligation or
attaches conditions to payments in the future, I have included a
mechanism in track access agreements, which will cause track
access charges to rise automatically.

"The Government has made clear public statements about the about
the accountability of Network Rail in general and the role of
grants in particular.  On December 15, 2003, the Secretary of
State for Transport made a statement to Parliament which said
that the SRA would not acquire any control or influence over
Network Rail if a higher proportion of its income requirement
were to be paid in the form of grants, and that Network Rail
must continue to operate at arm's length from the SRA.  He said
that Network Rail '... must focus on meeting the needs of its
real customers -- the freight and passenger operators.'

"To ensure that the accountability of Network Rail to its
customers and its regulator is strengthened further, I have
supported a proposal by Network Rail that a number of changes to
the contracts which it made with the SRA before the acquisition
of Railtrack are now required so as to remove unnecessary
duplication of the regulatory regime in a number of material
respects.  Many of the SRA controls introduced at that time are
redundant and serve only to double up on controls and
protections within the existing regulatory regime.  They
constituted inappropriate double jeopardy for the company and
distortions in the dynamics of accountability, and so could have
adversely affected the proper functioning of the regulatory
process.  The SRA has now agreed with Network Rail to remove
many of the controls in the existing agreements in order to
remove such duplication.  I welcome that constructive step by
Network Rail and the SRA."

Network Rail's request to reprofile income in the first two
years and borrow the shortfall is conditional on the first
issuance under the company's securitization program having
occurred on or before 31 December 2004.  If first issuance has
not occurred by this date, there will be no reprofiling of
2005/06 income and the reprofiled income in 2004/05 will be paid
back (including interest) in the form of increased grants during
the remainder of the control period.

                              *****

The Rail Regulator's 2003 access charges review:

Established the total income -- from access charges, grants and
other sources (such as freight traffic and property) -- which
Network Rail needs for the next five years, beginning on April
1, 2004 -- GBP24.9 billion set the access charges which the
company is allowed to charge franchised passenger train
operators for use of the network -- GBP18.9 billion.

Set the outputs, which the company is required to deliver in
return for its regulated income -- in terms of its performance
obligations and the appropriate targets for the capacity,
condition and capability of the network, including on the West
Coast route modernization stated when the required outputs have
to be delivered.

The only element of this that changes as a result of Network
Rail's financing proposal is the amount to be recovered through
access charges -- GBP8.96 billion -- offset by an increase in
direct grants payable by the SRA and additional short-term
borrowing.

The Regulator's jurisdiction to carry out an access charges
review comes from the terms of the contracts between Network
Rail and its franchised passenger train operator customers.  The
procedure for the implementation of the review comes from
Schedule 4A to the Railways Act 1993.

In arriving at his decision in an access charges review, the
Regulator is required to discharge the statutory public interest
duties laid down in the Railways Act 1993.

The Regulator's decision in an access charges review determines
the size, quality and efficient cost of the national rail
network.  The implications of the decision are likely to last
for a considerable number of years.

If access charges are increased in an access charges review,
franchised passenger train operators have to pay higher amounts
to Network Rail for the use of the network.  Under their
franchise contracts with the Strategic Rail Authority, the SRA
indemnifies the train operators against the increase in charges.
Those indemnities are not limited in amount.  They last for the
life of the contract.  Their effect is that the Government bears
the entire cost of the increase.

The indemnities in the franchise contracts are not required in
railway legislation.  They are voluntary acts by a sovereign
government, through its agent the SRA.  The Regulator does not
establish the indemnities, nor does he approve them.  They are
private law obligations freely entered into by the SRA as part
of its franchising program.  The SRA is able to stop signing new
indemnities whenever it chooses.  All existing and new franchise
contracts contain these indemnities.

The Regulator's jurisdiction protects the network operator --
and, through Network Rail, all companies and others who use or
depend on the railway -- against short-term political
interference in the economics of the railway industry.
Independent economic regulation is acknowledged by the
Government as an essential continuing requirement for the
railway.

The Regulator has served on Network Rail and the franchised
passenger train operators a review implementation notice under
Schedule 4A of the Railways Act 1993.  The review implementation
notice directs those companies to amend their track access
contracts so as to include provisions which give effect to the
Regulator's decision.  The companies are under statutory duties
(under section 144 of the Railways Act 1993) to comply with the
Regulator's directions.

CONTACT:  NETWORK RAIL
          Press Inquiries
          ORR Press Office
          Phone: 020 7282 2002/2007
          Out of hours
          Pager: 07659 127303


PITTARDS PLC: Planning to Cut Workforce to Slow Profit Slide
------------------------------------------------------------
Pittards may cut jobs at its Dumfriesshire plant if demand for
its unfinished sheep leather products fails to pick up in the
short-term.

Managing director John Pittard told The Scotsman: "It is fair to
say that our factory in Langholm, has been very very unusually
quiet in January and February.  However, within the last week we
have seen signs that demand is picking up, particularly from
Italy."

The company's Langholm factory has a 70-strong workforce.  The
company rules out outsourcing production to Asia.  The company's
full-year profits went down to GBP1 million last year due to 62%
jump in pension costs to GBP2.1 million. The deficit in the
pension fund -- which was closed 18 months ago -- stands at
GBP19.7 million.  Compounding its problems is the weakness of
the U.S. dollar.   Pittards does not directly trade with the
U.S. but 40% of its sales are made in dollars.  The weakness in
the currency took out GBP9 million of its turnover.

Pittards supplies leather to the world's leading brands of
gloves, shoes, luxury leathergoods and sports equipment.


PROHEALTH PUBLISHING: Assigns Nottingham Watson Liquidator
----------------------------------------------------------
At an Extraordinary General Meeting of the Prohealth Publishing
Limited Company on February 25, 2004 held at 12 St Paul's
Square, Birmingham B3 1RB, the subjoined Extraordinary
Resolutions to wind up the Company were passed.

P Nottingham, of Nottingham Watson, 12 St Paul's Square,
Birmingham B3 1RB, is appointed Liquidator for the purpose of
such winding-up.

CONTACT:  NOTTINGHAM WATSON
          12 St Paul's Square
          Birmingham B3 1RB
          Contact:
          P Nottingham, Liquidator


PROJECT 2000: Winding up Resolution Passed
------------------------------------------
At an Extraordinary General Meeting of the Members of the
Project 2000 Europe Limited Company on February 25, 2004 held at
Fergusson House, 124-128 City Road, London EC1V 2NJ, the
following Resolutions to wind up the Company were passed.

C M Iacovides, of Jeffreys Henry Jacobs, 124-128 City Road,
London EC1V 2NJ, is nominated Liquidator for the purpose of
winding-up the Company's affairs and distributing its assets.

CONTACT: JEFFREYS HENRY JACOBS
         124-128 City Road,
         London EC1V 2NJ
         Contact:
         C M Iacovides, Liquidator


ROBERNS HOMES: Hires Tenon Recovery Administrator
-------------------------------------------------
Name of Company: Roberns Homes Limited

Nature of Business: Building and Demolition

Trade Classification: 23

Date of Appointment: March 2, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Charnwood House,
                                Gregory Boulevard,
                                Nottingham NG7 6NX
                                Receivers:
                                Patrick Ellward
                                Dilip Dattani
                                (IP Nos 008702, 007915)


ROYAL & SUNALLIANCE: Reports GBP146 Million Pretax Loss for 2003
----------------------------------------------------------------
2003 Year End Results Highlights:

(a) Underlying combined ratio of 96.8% remains on target.
    Exceptionally good U.K. commercial result

(b) Transfer from contingent liability strengthens claims
    provisions

(c) Good progress on performance improvements and U.S.
    restructuring

(d) Good, profitable growth in MORE TH>N
                                                    Restated 6


                                    12 Months          12 Months
                                       2003              2002
                                        Revenue
General business net premiums written
(after impact of quota share           GBP6,630 m    GBP8,635 m
Group operating result (based on LTIR)
(after GBP665m (2002: GBP595m) prior year
items) 1                                GBP140 m      GBP226 m
Group operating profit/(loss)
(based on LTIR)1, 2                    GBP196 m     -GBP655 m
Loss before taxation                   -GBP146 m     -GBP953 m
Combined Ratios
- Overall                                108.0%       109.4%
- Ongoing operations                     596.8%          -

Balance sheet Restated 6
                                       31 Dec          31 Dec
                                         2003          2002
Shareholders' funds
(after derecognition
  of embedded value)                  GBP3,001 m   GBP2,231 m
Net asset value per share 3,4            108p          130p
Tangible net asset value per share       102p          115p
Net asset value per share
  (including embedded value)4            125p          175p
Final dividend for the year
  (after adjusting for rights issue)     2.9p          1.6p
Dividend for the year per ordinary share
(after adjusting for rights issue)      4.5p          4.8p


Notes:

1 For more details on longer-term investment return see note 2
  on page 14

2 For more details on Group operating profit see page 9

3 For more details on net asset value per share calculation see
  page 12

4 Adding back equalization provisions net of tax

5 For more details on ongoing operations see page 8

6 See notes 1 on page 14

Total prior year impact of GBP665 million (2002: GBP595 million)
includes GBP563 million of specific claims strengthening
following the rights issue announced at Q2 and finalized at year
end.

Group Chief Executive Andy Haste commented: "This has been a
year of strong improvement for the Group with all of our
businesses outside the U.S. producing substantially better
performance.  It has also been significant in terms of actions
taken, with a major capital raising, continued reshaping of the
Group and considerable attention to strengthening management and
control processes.  We've made significant progress with the
capital position.

"The headline combined operating ratio (COR) for the year was
108.0% and primarily results from over half a billion pounds of
reserve strengthening, mainly in the U.S.  This result is an
improvement on 2002 but at a headline level it is not an
adequate level of performance.  The Group operating result* was
GBP 140 million, but this is after total prior year items during
the year of GBP665 million (2002: GBP595 million).  Of the
specific claims reserving announced with the rights issue,
GBP500 million was established at the third quarter (on an
exchange rate adjusted basis this was reduced by GBP33 million
at Q4) and a further GBP96 million in the fourth quarter.  The
contingent liability of GBP300 million for further adverse
claims development, which was identified at the third quarter,
has been reduced to GBP200 million at the end of the year.

"The drag from the discontinued lines in run off will continue
to impact our results for some time - not least as we work to
resolve the expense overhang in the U.S., U.K. Personal and
Canadian commercial lines.  More importantly for the future the
underlying performance of our ongoing operations in 2003, with a
combined ratio of 96.8%, has been excellent, reflecting the work
that we have done on reorganizing our portfolio of businesses,
the positive rating environment and the successful
implementation of our operational improvement plan, as well as
benign weather (see page 8 for an explanation of ongoing
business and page A9 for a list of closed and transferred
business).  The U.K.  subsidence event that we flagged last
quarter cost us GBP125 million, in line with our forecast, but
by their nature these claims take time to develop so we'll not
know the final cost for some time.

Overview of the quarter

"The headline COR for the quarter was 108.2%, reflecting the
reserving actions detailed above.  Our ongoing operations again
produced a significantly better performance at 100.3% COR for
the quarter.

"As well as the fundraising, there were some other particularly
positive developments during the quarter:

  (a) The restructuring of our US business is continuing to
      proceed ahead of schedule and we have now actioned 58% of
      the commercial book.  We've begun to transition personal
      lines renewals with effect from January.

  (b) On an annualized basis we have now delivered GBP144m of
      our cost savings target.

  (c) We continued to reshape our portfolio of business
      worldwide with the disposal of our Chilean life operation
      and our estate agency chain, Sequence.

  (d) We achieved premium rate increases pretty much across the
      board -- although the rate of increase in some lines
      continues to slow.

"In the first couple of months of 2004 we have continued to
reshape the business and the financial position.  We have also
strengthened our management team with the appointment of George
Culmer as Chief Financial Officer, Pat Regan as Group Financial
Controller and Neil Macmillan as Group Chief Auditor.

Overall performance

"This has been another round of good results at an operational
level everywhere except the U.S.  As usual we give much of the
detail in the Operations Review and on pages A10 to A17, where
the reviews are concentrated on the performance of our ongoing
businesses.  I'll touch on the key points and indicate the
impact of the provision increases during the second half of the
year.

(a) For the year the U.K., which is our most significant market
    and key to our success going forward, produced a 99.4% COR
    in total and 94.8% for ongoing business only.

(b) U.K.  commercial had another strong, profitable quarter,
    underwriting profit GBP19 million and COR of 98.3%,
    resulting in a COR for the year of 95.8%.  Reserve
    strengthening of GBP50 million in the second half added
    nearly 3 points to the COR.   Looking at the ongoing
    operations commercial looks even stronger with a COR
    for the year of 91.2% and an underwriting profit of GBP157
    million.

(c) Overall the U.K.  personal result for 2003 of 103.7% was
    nearly 7 points better than 2002, but there is still work to
    do.  The underwriting result improved by GBP93 million but
    the actions that have been taken throughout the year to
    improve the overall quality of the book, primarily within
    personal intermediated, reduced premium by 28% resulting in
    an expense overhang, which hit the COR.

    (i) Personal intermediated produced a COR of 105.5% for the
        year, while the fourth quarter result was substantially
        worse at 113.7%, mainly reflecting the increase in
        subsidence related claims that we flagged at the third
        quarter.  The ongoing business produced a COR of 101.1%
        for the year.

   (ii) MORE THAN performed slightly better at 103.2% for the
        year and 106.2% for the quarter, again showing the
        effect of subsidence.  The MORE TH>N motor comparatives
        in Q4 are distorted by the reserve releases during the
        fourth quarter of 2002, which were not repeated in 2003.
        Its expense ratio for the year was over 10 points better
        at 27.7%.  The ongoing business produced a COR of 103.2%
        for the year.

  (a) In Scandinavia, we produced CORs of below 100% across the
      board in Denmark and in Swedish commercial, helped by
      benign weather throughout the year.

      Swedish personal lines, produced a COR of 108.0% for the
      year primarily following the third quarter provision
      increases of GBP10 million for motor third party
      liability.  We are continuing to achieve rate driven
      premium growth.

  (b) The 140.5% U.S. COR is primarily a result of further
      provisions for deteriorating prior year claims.  These
      provisions amounted to GBP458 million in the third
      quarter, adjusted down by GBP33 million for exchange in
      Q4, and were increased by GBP70m in the fourth quarter,
      mainly in workers' comp and general liability.  Together
      these reserve movements added around 31 points to the COR.
      The ongoing business in the US, which is primarily non
      standard auto, produced a COR of 94.2% for the year and
      90.8% in the fourth quarter.

  (c) Our International group of businesses, excluding Canada,
      produced an underwriting profit of GBP36 million for the
      year and a COR of 95.2%.  This is after we strip out the
      results of our Australian and New Zealand operations prior
      to the IPO.  These results have been separately disclosed
      on page B1.

  (d) International - Canada's COR of 102.9% for the year was an
      improvement on 2002, but Q4, at 110.6%, was disappointing.
      The underwriting result for the year improved by CA$166
      million to a loss of CA$42 million.  Personal lines
      managed a COR of 100.9% for the year with household
      producing substantially better results than motor with a
      95.3% COR for the year and 88.0% for the quarter.  The
      commercial result wasn't as  good, partly as a result of
      the expense overhang following the 34% reduction in
      premium levels. Reserve strengthening added around 1 point
      to the combined ratio.

      Western Assurance, which has historically performed well,
      deteriorated.  We've changed out management, reviewed all
      open claims files and tightened up our processes.  The
      poor results of the Facilities Association (FA)
      involuntary  pool business also impacted the result,
      adding 7 points to the combined ratio.  Our share of the
      FA business is determined by our overall market
      share and this will have reduced in 2004.  Johnson, our
      direct business, which now accounts for some 25% of
      business in Canada, continued to perform strongly."

To view financial statements:
http://bankrupt.com/misc/RoyalSun_2003.pdf

CONTACT:  ROYAL SUN
          Analysts Press Requests for Interview
          Helen Pickford
          Phone: +44 (0) 20 7569 6212
          Richard Emmott
          Phone: +44 (0) 20 7569 6023
          Julius Duncan (Finsbury)
          Phone: +44 (0) 20 7251 3801
          Mobile: +44 (0) 7739 235436


ROYAL & SUNALLIANCE: A.M. Best Keeps Negative Outlook After Loss
----------------------------------------------------------------
A.M. Best Co. has commented on the financial strength ratings of
'A-' (Excellent) of The Royal & Sun Alliance Insurance Group plc
(R&SA) (United Kingdom) and its core subsidiaries.  The
financial strength ratings, as well as the subordinated debt and
preferred stock ('BBB' and the 'BBB-', respectively) -- which
were last affirmed on December 5, 2003 -- remain unaffected
following the release of year-end results for 2003.

The outlook remains negative as, in line with A.M. Best's
expectations, R&SA reported a pre-tax loss of GBP146 million
(US$260 million) for 2003 (an improvement of GBP807 million
(US$1,435 million) since the 2002 year-end) and a combined ratio
for the year of 108.1% (109.4% for 2002).  The 2003 result was
negatively impacted by reserve strengthening of GBP665 million
(US$1,182 million).  The majority of this was due to specific
reserve increases announced at the 2003 half-year, while GBP96
million (US$171 million) was utilized in the fourth quarter 2003
from the contingent reserve established at the third quarter
2003 in relation to adverse loss development.  A.M. Best will
continue to closely monitor the development of R&SA's reserves
during 2004.

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

CONTACTS:  A.M. BEST CO.
           Public Relations:
           Jim Peavy
           Phone: +(1) 908 439 2200, ext.  5644
           E-mail: james.peavy@ambest.com
           Rachelle Striegel
           Phone: +(1) 908 439 2200, ext.  5378
           E-mail: rachelle.striegel@ambest.com

           Analysts:
           Simon Martin
           Phone: +(44) 20 7626 6264
           E-mail: simon.martin@ambest.com
           Jose Sanchez-Crespo
           Phone: +(44) 20 7626 6264
           E-mail: jose.sanchez-crespo@ambest.com


ROYAL & SUNALLIANCE: S&P Maintains Ratings
------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
U.K.-based insurer Royal & Sun Alliance Insurance PLC (R&SA; A-
/Negative/A-2) and related subsidiaries are not affected by the
reported decline in the 2003 group operating result to GBP140
million (US$251 million) from GBP226 million in 2002.  The
decline in operating profits is attributable primarily to
reserve strengthening previously announced in September 2003 as
a package of measures funded by a GBP960 million rights issue.
When excluding the impact of this reserve strengthening, R&SA
has met Standard & Poor's earnings expectations by recording a
combined ratio of less than 102% for 2003.

Standard & Poor's expects R&SA to achieve further improvements
in the combined ratio during 2004, and to continue execution of
its restructuring and capital release program to restore capital
adequacy to a strong level.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          ashley_gill@standardandpoors.com
          rowena_potter@standardandpoors.com
          InsuranceInteractive_Europe@standardandpoors.com


ROYAL & SUNALLIANCE: To Propose 27.5p Dividend at AGM
-----------------------------------------------------
The directors will recommend to the Annual General Meeting to be
held on May 28, 2004, that a final dividend of 2.9p per ordinary
share be paid on June 3, 2004.  The dividend will be paid to
holders of ordinary shares on the register at the close of
business on March 19, 2004.  The ex-dividend date will
consequently be March 17, 2004.

7.375% Cumulative Irredeemable Preference Shares of GBP1 each

The preferential dividend at the rate of 3.6875% in respect of
the six months ended March 31, 2004 will be paid on April 1,
2004 in accordance with the terms of issue to holders of
preference shares on the register at the close of business on
March 19, 2004.  The ex-dividend date will consequently be March
17, 2004.

CONTACT:  ROYAL & SUNALLIANCE
          Jackie Fox
          Phone: +44 (0) 20 7569 6042


SDS RECRUITMENT: Wind up Resolution Passed
------------------------------------------
At an Extraordinary General Meeting of the SDS Recruitment
Limited Company on February 27, 2004 held at Barringtons
(Newcastle) Limited, Richmond House, 570-572 Etruria Road,
Basford, Newcastle under Lyme, Staffordshire ST5 0SU, the
subjoined Extraordinary Resolutions to wind up the Company were
passed.

Philip Barrington Wood, of Barringtons (Newcastle) Limited,
Richmond House, 570-572 Etruria Road, Basford, Newcastle under
Lyme, Staffordshire ST5 0SU, is appointed the Liquidator of the
Company.

CONTACT:  BARRINGTONS (NEWCASTLE) LIMITED
          Richmond House,
          570-572 Etruria Road, Basford,
          Newcastle, Lyme,
          Staffordshire ST5 0SU
          Contact:
          Philip Barrington Wood, Liquidator


TEKPRINT PROPERTIES: Names McConnell Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Tekprint Properties
Limited Company on February 27, 2004 held at 43-45 Devizes Road,
Swindon, Wiltshire, the Special Resolution to wind up the
Company was passed.

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

CONTACT:  Paul Michael McConnell
          38-42 Newport Street,
          Swindon, Wiltshire


TERINEX LIMITED: HSBC Bank Assigns Kroll Limited as Receiver
------------------------------------------------------------
Name of Company: Terinex Limited

Reg No 3328666

Nature of Business:
Manufacture and Conversion of Consumer Products

Trade Classification: 3663

Date of Appointment of Joint Administrative Receivers:
March 2, 2004

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

Joint Administrative Receivers:  KROLL LIMITED
                                 Aspect Court,
                                 4 Temple Row,
                                 Birmingham B2 5HG
                                 Receivers:
                                 A J Wolstenholme
                                 J M Wright
                                 (Office Holder Nos 8995, 9152)


THORNTON RUBBER: Calls Hacker Young Administrator
-------------------------------------------------
Name of Company: Thornton Rubber (Manchester) Limited

Nature of Business: Recycling of Rubber to Specialised Products

Trade Classification:
2513, Manufacture of Other Rubber Products

Date of Appointment: March 1, 2004

Joint Administrative Receiver:  HACKER YOUNG AND PARTNERS
                                St James Building,
                                79 Oxford Street,
                                Manchester M1 6HT
                                Receivers:
                                R E C Cook
                                N A Hancock
                                (IP Nos 5647, 8697)


WILLINGTON PLC: Files Scheme of Arrangement Proposal
----------------------------------------------------
The Company announces that it has submitted an application to
the High Court in respect of a proposed scheme of arrangement
whereby the Company intends, subject to various approvals,
including those of the High Court and the Company's
shareholders, to enable all holders of the Company's ordinary
shares (other than the majority shareholders, Mr. H M Robinow
and connected persons) to exchange their ordinary shares for new
5% cumulative redeemable preference shares, which shares are
intended to be admitted to trading on AIM should the Scheme
become effective.  The Scheme is a transaction to which the City
Code on Takeovers and Mergers applies.

The new preference shares would have a par value of 85p per
share and would be redeemable at par by five equal annual
installments commencing September 30, 2004.

No dividend would be paid on the preference shares in respect of
the period from the date of issue to March 31, 2006 but the
preference shares would thereafter entitle the holders of such
shares to a fixed cumulative preferential dividend at the rate
of 5% per annum payable by two equal annual installments on
September 30 and March 31 of each year, commencing September 30,
2006.

Subject to the Court ordering the Company to convene a meeting
of its shareholders to approve the Scheme, a circular containing
full details of the Scheme is expected to be dispatched to all
ordinary shareholders on or about March 18, 2004, at which time
a further announcement will be made.

Until such time as the circular referred to above has been
posted, ordinary shareholders are advised to take no action in
relation to their ordinary shares.

CONTACT:  WILLINGTON PLC
          Vincent Troy, Managing Director
          Phone: 020 7419 0100


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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-
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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.

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