/raid1/www/Hosts/bankrupt/TCREUR_Public/040317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 17, 2004, Vol. 5, No. 54

                            Headlines

F I N L A N D

M-REAL CORPORATION: Posts Resolutions Passed at AGM


F R A N C E

SUEZ GROUP: Sale of TV Channel Stake to RTL Cleared
SUEZ GROUP: UGC Seals Acquisition of Cable Operator


G E R M A N Y

MTU AERO: Earns 'BB-' Rating for Aggressive Financial Profile


I R E L A N D

RIVERDEEP GROUP: Rated 'B+' Due to High Financial Leverage


I T A L Y

CIRIO FINANZIARIA: Seeking Offers for Brazilian Store
PARMALAT AUSTRALIA: Aussie Watchdog to Scrutinize Takeover Offer
PARMALAT NICARAGUA: Last-minute Bailout Halts Auction


P O L A N D

JTT COMPUTER: In Negotiation with Creditors


R U S S I A

BLAGODARNENSKAYA: Declared Insolvent
ENERGY: Under Bankruptcy Supervision Procedure
GAZMONTAZH: Court Appoints Insolvency Manager
LENINSK-KUZNEZKY FERROCONCRETE: Declared Insolvent
MINE TAYBINSKY: Kemerovo Court Opens Bankruptcy Proceedings

RUDNYANSKY DAIRY: Under Bankruptcy Supervision Procedure
TOMSKTRANSSTROY: Undergoes Bankruptcy Supervision
VORONEZH-AVTOVAZ: Under Bankruptcy Supervision Procedure
YUG: Court Appoints Insolvency Manager
ZHELEZOBETHON: Auction of Business Set April 13


S L O V A K   R E P U B L I C

OZETA ODEVNE: Loses Benetton Supply Contract


U N I T E D   K I N G D O M

ACTION AID: Winding up Resolution Passed
ALLDAYPA LIMITED: Appoints Wilson Pitts Administrator
BAXI HOLDINGS: Rated 'BB-' on High Financial Leverage
BEAUFORT INTERNATIONAL: Creditors to Apply for Liquidation
CLEVERFINISH LIMITED: Meeting of Creditors Set March 22

DENNIS HUDSON: Hires Administrator from Tenon Recovery
EMELUX LIMITED: Creditors Meeting Set March 19
EQUITABLE LIFE: Ombudsman Policyholders' Last Hope, Says CEO
GREENBAN LIMITED: Creditors Assembly Set March 26
HELMORE MANAGEMENT: Hires Ernst & Young as Liquidator

HOGAN COLOUR: Hires Administrator from Rothman Pantall
HOLLINGER INC.: Black to Appeal Stake Sale Ban
HUNTSTONE BUILDING: Meeting of Creditors Set March 24
INDIGO SHOES: Creditors to Meet March 19
JO CRACE: Creditors to Meet April 2

JUBILEE CONSTRUCTION: Creditors to Convene March 30
KIMBERLEY TEXTILES: DCD Appoints Finn Associates Receiver
KIOSKPOINT LIMITED: Names Wilson Pitts Administrator
OFFSHORE TRANSPORT: HSBC Names Kroll Limited Receiver
PRISM DATA: Hires Administrator from Tenon Recovery

QUALITY WORLD: Meeting of Creditors Set March 31
RINOL LIMITED: Appoints Numerica Administrator
RUDD LIMITED: Creditors Assembly March 26
VARTA MICROBATTERY: Names Begbies Traynor Administrator
WHYTE AND MACKAY: Moves 65-strong Team to Hibernian


                            *********


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F I N L A N D
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M-REAL CORPORATION: Posts Resolutions Passed at AGM
---------------------------------------------------
The Annual General Meeting of M-real Corporation (long-term
corporate credit rated 'BB+' by Standard & Poor's), held on
March 15, 2004, approved the company's financial statements for
2003 and granted discharge from liability to the members of the
Board of Directors, the President & CEO and deputy CEO.

In addition, the Annual General Meeting approved M-real's
consolidated profit and loss account and balance sheet for the
financial year January 1, 2003 to December 31, 2003.

Dividend

The Annual General Meeting resolved to pay a dividend of EUR0.30
per share for the financial year ended December 31, 2003, for a
total of EUR53,699,827.50.  The dividend will be paid to
shareholders who on the record date of March 18, 2004 have been
entered in the company's list of shareholders kept by Finnish
Central Securities Depository Ltd.  The dividend will be paid
out on March 25, 2004.

Board of Directors

The members of M-real's Board of Directors elected by The Annual
General Meeting were Antti Oksanen, President of Metsaliitto
Group, Counselor of Mining; Arimo Uusitalo, Counselor of
Agriculture; Timo Haapanen, Counselor of Agriculture; Asmo
Kalpala, CEO, Tapiola Group;

Erkki Karmila, Deputy Managing Director, Nordic Investment Bank;
Runar Lillandt, Counselor of Agriculture; Kim Gran, President
and CEO, Nokian Tyres plc; and Antti Tanskanen, Chairman and
CEO, OKO Bank Group.  At its organization meeting, the Board of
Directors elected Antti Oksanen as Chairman and Arimo Uusitalo
as Vice Chairman.  The term of office of members of the Board of
Directors lasts until the end of the next Annual General
Meeting.

Auditors

Elected as M-real's auditors were Goran Lindell, Authorized
Public Accountant, and the firm of independent public
accountants, PricewaterhouseCoopers Oy, with Ilkka Haarlaa, M.
Sc. (Econ.), Authorized Public Accountant, acting as Chief
Auditor and Bjorn Renlund, Authorized Public Accountant, and
Jouko Malinen, Authorized Public Accountant, acting as deputy
auditors.  The term of office of the auditors and deputy
auditors lasts until the end of the next Annual General Meeting.

M-REAL CORPORATION
Jouko M. Jaakkola
President & CEO

CONTACT:  M-REAL CORPORATION
          Jouko M. Jaakkola, President & CEO
          Phone: +358 10 469 4118
          Heikki Saarinen, Senior Vice President & CFO
          Phone: +358 10 469 4686


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F R A N C E
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SUEZ GROUP: Sale of TV Channel Stake to RTL Cleared
---------------------------------------------------
The European Commission has cleared, under the Merger
Regulation, RTL's acquisition of sole control over M6 following
the sale on the market by Suez of most of its shareholding in
the French TV channel.  This change of control does not lead to
any competition concerns given that RTL and M6 are relatively
small players in the French TV market and that M6 was already
jointly controlled by RTL together with Suez.

M6 operates a national terrestrial free-access television
channel in France; it is also active in various sectors of the
audiovisual industry and holds a stake in the pay-TV operator
"Television par Satellite."  RTL is a Luxembourg-based
broadcasting and media group; it operates in the area of free-
access television, television production and radio broadcasting.
RTL is controlled by Bertelsmann AG, which is active
internationally in the publication of books and magazines,
music, television and related services in the media sector.

M6 was previously jointly controlled by RTL and Suez group
(48.4% and 37.6% of the equity rights, respectively, but their
voting rights were limited to 34% each).  In October 2003, Suez
expressed its intention to sell its shareholding in M6.  But
before the divestiture could take place, M6 had to obtain the
agreement of the French regulator of the audiovisual industry,
the "Conseil Superieur de l'Audiovisuel" on the new composition
of its shareholding structure.  To that purpose, the "Conseil
Superieur de l'Audiovisuel" and M6, with the support of Suez and
RTL, signed an amendment to the agreement under which M6 is
authorized to broadcast in France.  Some of these amendments
will be incorporated in the by-laws of M6, in particular the
composition and powers of the Supervisory Board, the continued
limitation of 34% on the voting rights of RTL and the commitment
of Suez to hold 5% of M6 for at least 3 years.  On February 3,
2004 Suez sold 29.2% of M6 shares on the market.  This prompted
RTL to passively acquire sole control of M6, given the new
shareholding structure and Supervisory Board's powers and
composition and even though it did not acquire new shares in M6.

Given the relatively limited positions of M6 and RTL in the
various markets where they are active and given that the links
between M6 and RTL were already present before the transaction,
the Commission has concluded that the operation will have no
detrimental effect on competition.

CONTACT: SUEZ GROUP
         Press
         France:
         Anne Liontas
         Phone: +331 4006 6654
         Antoine Lenoir
         Phone: +331 4006 6650
         Catherine Guillon
         Phone: +331 4006 6715
         Belgium:
         Guy Dellicour: +322 507 02 77
         Web site: http://www.suez.com

         Financial Analysts
         Amaud Erbin
         Phone: +331 4006 6489
         Eleonore de Larboust
         Phone: +331 4006 1753
         Bertran Haas
         Phone: +331 4006 6609


SUEZ GROUP: UGC Seals Acquisition of Cable Operator
---------------------------------------------------
UnitedGlobalCom, Inc. (UGC) and the French SUEZ group announced
on Monday that they have signed a share purchase agreement
regarding the sale of Noos, the largest French cable operator,
from Suez to UGC's French holding company.

The parties have also signed a shareholders agreement governing
their future cooperation.  Suez is to become a 20% shareholder
in UGC's French holding company, which includes its existing UPC
France operations.  The transaction is still subject to
regulatory approvals.  The transaction values the enterprise at
7.25 times annualized 2004 EBITDA at closing, with a floor price
of EUR508 million, below which UGC would not have to close, and
capped at a maximum price of EUR660 million.  On a combined
basis, UGC's French holding company would have approximately 1.8
million service subscribers and revenue of approximately EUR400
million based on the results for the fiscal year-ended 2003.

It is expected that UGC's French operations will create a
platform for further growth and innovation and the scale needed
to effectively compete in the French market.  It provides
significant opportunities to modernize and leverage the current
cable networks, technology operations and back-office systems
and will accelerate the introduction of new and innovative
products and services.

Mike Fries, President and Chief Executive Officer of UGC said:
"The acquisition of Noos fits nicely into our strategic plans.
Based largely in Paris, Noos has successfully penetrated the
digital television and high-speed Internet market and is poised
for continued growth in these products.  When combined with our
existing French operations, we expect to realize significant
scale, network and operating benefits.  And the purchase price
at 7.25 times run-rate EBITDA is appropriate.  We look forward
to adding Noos to our broadband platform in Europe."

The UGC group was advised by TD Securities, a subsidiary of The
Toronto-Dominion Bank, and Banc of America Securities, a
subsidiary of Bank of America Corporation on this transaction.

About UnitedGlobalCom

UGC is the leading international broadband communications
provider of video, voice, and Internet services with operations
in numerous countries.  Based on the company's operating
statistics at December 31, 2003, UGC's networks reached
approximately 12.7 million homes passed and 9.2 million RGUs,
including approximately 7.5 million video subscribers, 733,000
voice subscribers, and 924,200 high speed Internet access
subscribers.

CONTACT: UNITEDGLOBALCOM, INC.
         UGC EUROPE, INC.
         Investor Relations Corporate Communications
         Richard S.  L.  Abbott - VP, Finance Bert Holtkamp -
         Director Communications & PR
         Phone: (303) 220-6682
         Phone: +31-20-778 9800
         E-mail: rabbott@unitedglobal.com
         E-mail: bholtkamp@upccorp.com

         FRANCE:
         RUMEUR PUBLIQUE
         Christophe Ginisty
         Phone (Direct line): +33 (0) 1 55 74 52 09
         Phone (Main line):   +33 (0) 1 55 74 52 00
         Mobile: +33 (0) 6 09 17 44 22
         E-mail: christophe@rp-net.com
         Web site: http://unitedglobal.com


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


MTU AERO: Earns 'BB-' Rating for Aggressive Financial Profile
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Germany-based MTU Aero Engines GmbH,
a leading manufacturer of aircraft engines, sub-systems, and
components.  The outlook is stable.

At the same time, MTU Aero Engines' secured bank debt was
assigned a 'BB-' rating, and its prospective EUR240 million 10-
year senior notes were assigned a 'B' rating.  The latter is two
notches below the corporate credit rating, owing to the notes'
subordinated status.

"The ratings reflect MTU Aero Engines' exposure to the cyclical
civil aviation industry, vulnerability to the weakness of the
U.S. dollar, relatively modest size compared to original
equipment manufacturers, and very aggressive financial profile,"
said Standard & Poor's credit analyst Leigh Bailey.

The group benefits, however, from well-entrenched positions in
key world aircraft markets, privileged relationships with
leading turbine engine manufacturer Pratt & Whitney and the
German ministry of defense, technologically sophisticated
products, and participation in predictable military and civil
spare parts programs.

MTU Aero Engines manufactures the core components of engines
(turbines, compressors, and controls) for civil airplanes, and
is the key national supplier and service provider to the German
air force for military aircraft engines.  It also provides
maintenance repair overhaul to airlines.  Sales were EUR1.9
billion in 2003, with 44% of revenues derived from predictable
military and civil spare parts activities.

"Standard & Poor's expects that MTU Aero Engines will steadily
reduce debt," added Mr. Bailey.  "This implies a strong decline
in R&D spending from its peak in 2003, gradual strengthening of
the U.S. dollar, progressive recovery of air traffic, and little
or no change in defense procurement spending in Europe."

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          leigh_bailey@standardandpoors.com
          nicolas_baudouin@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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I R E L A N D
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RIVERDEEP GROUP: Rated 'B+' Due to High Financial Leverage
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Ireland-based educational software
publisher Riverdeep Group Ltd.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' long-term
rating to Riverdeep's proposed US$100 million senior secured
facilities.  The rating is the same as the corporate credit
rating on the group, reflecting the senior secured position of
the bank lenders and the expectation of substantial recovery (of
more than 80%) of outstanding principal in the event of default
or bankruptcy.

In addition, Standard & Poor's assigned its 'B-' long-term
rating to Riverdeep's proposed EUR205 million (US$253 million)
seven-year senior notes, reflecting their subordinated position
behind the proposed US$75 million senior secured term loan
facility and a US$25 million revolving credit facility.

"The ratings reflect Riverdeep's highly leveraged capital
structure, as well as the potential revenue volatility of its
U.S.-focused specialist software businesses," said Standard &
Poor's credit analyst Anna Overton.

In the financial year to December 31, 2003, Riverdeep reported
US$197 million of revenues split between electronic school
courses (14%), supplemental educational software (36%), and
desktop publishing and printing software (46%), with the balance
coming from the residual sales of discontinued product lines.
Riverdeep's net debt position after the group's proposed bond
issue is expected to be US$309 million or 4.5x EBITDA.

Economies of scale constitute primary barriers to entry in this
highly operationally geared R&D intensive business, which serves
to protect successful operators with well-established customer
franchises.  Furthermore, Riverdeep relies on intellectual
property protection and operates almost exclusively in the U.S.
market where such protection exists.

"Riverdeep benefits from favorable demand conditions in the
growing market for school instructional materials in the U.S.,
combined with established customer franchise and brand awareness
in this market," added Ms. Overton.  "Furthermore, the company's
streamlining and production cost review should allow it to make
meaningful progress with financial deleveraging in the course of
2004 and 2005."

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          anna_overton@standardandpoors.com
          trevor_pritchard@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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I T A L Y
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CIRIO FINANZIARIA: Seeking Offers for Brazilian Store
-----------------------------------------------------
Attilio Zimatore, the state-appointed administrator of Italian
company Cirio Finanziaria, disclosed recently the sale of the
company's Brazilian household goods division, Bombril, according
to just-food.com.

Liquidators of the canned food producer started in August a
review aimed at seeing which of the unprofitable businesses of
the company should be sold or closed to raise funds for those
units considered as going concerns.  Cirio was then thought to
be in a dangerous position.  At present, administrators are
investigating offers for Cirio's other subsidiary interests.

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


PARMALAT AUSTRALIA: Aussie Watchdog to Scrutinize Takeover Offer
----------------------------------------------------------------
The local competition watchdog is closely observing potential
approaches for the Australian assets of troubled Italian dairy
giant Parmalat, according to Ninemsn.

Parmalat Australia has insisted it remains healthy and is not
for sale.  But problems at its parent company are fueling hopes
it might be sold to help save the group.  The Australian
Competition and Consumer Commission chairman, Graeme Samuel,
said the regulator would scrutinize possible transactions if it
involves one of the big players in the Australian industry.
This is to protect competition in the area.  Likely buyers of
the local unit are Australia's only listed dairy producer
National Foods Ltd. and NSW co-op Dairy Farmers.

National Foods has 39% market share of milk nationally and 37%
share of fresh dairy products, while Parmalat has a 15% and 18%
share respectively.  Should National Foods move to acquire
Parmalat Australia, it is likely that asset sale would be
required to avoid having a near monopoly in the region,
according to the report.  Parmalat owns the Queensland-based
Paul's milk and dairy foods business and its major brands
include Parmalat, Pauls, Trim and PhysiCAL.

CONTACT:  Katie Bickford
          Phone: (07) 3230 5000 or 0417 763 741

          Damien Jones
          Phone: (07) 3230 5000 or 0413 339 727


PARMALAT NICARAGUA: Last-minute Bailout Halts Auction
-----------------------------------------------------
Latin American Financial Services (Lafise) has provided Parmalat
Nicaragua with US$5.4 million in loans, according to Reuters.
The amount kept the company from selling assets to pay
creditors.

Parmalat Nicaragua owes two Central American banks US$5 million.
It earlier proposed a debt-equity swap but was rebuffed.  The
banks, instead, demanded the company sell properties to raise
funds.  They offered the firm's plant, industrial machinery and
some 112 company vehicles on auction Monday.  But Lafise,
through its Bancentro bank, agreed to provide the loan a few
hours before the process began.

"What we did was structure a financing with Parmalat assets as
guarantees," Lafise President Roberto Zamora said during a press
conference held together with executives from the Italian food
company.  "This financing will have the possibility of being
converted into stocks in a period of time that will be
determined."

The deal will give the financial services company a 49% stake in
Parmalat Nicaragua.


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P O L A N D
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JTT COMPUTER: In Negotiation with Creditors
-------------------------------------------
Bankrupt JTT Computer faces a May 10 deadline to strike
agreement with creditors, according to Warsaw Business Journal.

If successful, the company can gradually resume activity; but it
is unlikely the firm will be able to fully return to its former
self, the report said.  The Wroclaw-based PC producer went
bankrupt with debts of over PLN60 million.  Its lenders include
Kredyt Bank.

In separate development, JTT is planning to sue the State
Treasury for the troubles it brought the company.  It wants to
seek PLN100 million in compensation from tax authorities.


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


BLAGODARNENSKAYA: Declared Insolvent
------------------------------------
The Arbitration Court of Stavropol region declared OJSC Poultry
Farm Blagodarnenskaya insolvent and introduced bankruptcy
proceedings on the company.   The case is docketed as A63-
65/2003-C5.  Mr. Nikolay Dubovin, a member of TP Interregional
self-regulated organization of arbitral managers, Sodruzhestvo,
has been appointed insolvency manager.

Creditors have until May 12, 2004 to file their proofs of claim
with the insolvency manager at: 355000, Stavropol region, Lenina
str.392, office 510.

CONTACT:  BLAGODARNENSKAYA
          Russia, Stavropol region, Blagodarny
          Svoboda str.2.

          Mr. Nikolay Dubovin, Insolvency Manager
          355000, Stavropol region, Stavropol
          Lenina str.392, office 510


ENERGY: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on Closed JSC Energy.  The case is
docketed as A08-7/04-2b.  Mr. Oleg Savkin has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Belgorod region,
Belgorod, Pushkin str.49a, office 6.  A hearing will take place
on April 20, 2004, at the Arbitration Court of Belgorod region.

CONTACT:  CJSC ENERGY
          Russia, Belgorod region, Belgorod Area
          Strelezkoye', Krasnooktyabrskaya str. 222a

          Mr. Leonid Pletnyev, Temporary Insolvency Manager
          394050, Russia, Voronezh region
          Voronezh, Somovo, Stepanova str.68

          The Arbitration Court of Voronezh region
          Russia, Voronezh, Srednemoskovskaya 77, hall 314


GAZMONTAZH: Court Appoints Insolvency Manager
---------------------------------------------
The Arbitration Court of Belgorod region declared LLC
industrial-mounting company, Gazmontazh, insolvent and
introduced bankruptcy proceedings on the company.  The case is
docketed as A08-10514/03-2'B.  Mr. Alexandr Kovalevsky, a member
of TP Interregional self-regulated organization of arbitral
managers, PCNE, has been appointed insolvency manager.

Creditors have until May 5, 2004 to submit their proofs of claim
to the insolvency manager at: 308000, Russia, Belgorod region,
Belgorod, Krasin str.38, office 307.

CONTACT:  GAZMONTAZH
          Russia, Belgorod region
          Valuyki, Surzhikova str.161

          Mr. Alexandr Kovalevsky, Insolvency Manager
          308000, Russia, Belgorod region
          Belgorod, Krasin str.38, office 307
          Phone/Fax: 0722-27-05-90


LENINSK-KUZNEZKY FERROCONCRETE: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC Leninsk-
Kuznezky Ferroconcrete Structures Plant insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
A27-4254/2003-4.  Mr. Boris Volik, a member of TP Kuzbass self-
regulated organization of arbitral managers, has been appointed
insolvency manager.

Creditors have until May 11, 2004 to submit their proofs of
claim to the insolvency manager at: 652506, Russia, Kemerovo
region, Leninsk-Kuznezky, Osynki str.16.

CONTACT:  LENINSK-KUZNEZKY FERROCONCRETE
          652523, Russia, Kemerovo region
          Leninsk-Kuznezky, Lapshinovka

          Mr. Boris Volik, Insolvency Manager
          652506, Russia, Kemerovo region
          Leninsk-Kuznezky, Osynki str.16


MINE TAYBINSKY: Kemerovo Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Kemerovo region declared OJSC Mine
Taybinsky insolvent and introduced bankruptcy proceedings on the
company.  The case is docketed as A27-17445/2003-4.  Mr. Anatoly
Shestakov, a member of TP Kuzbass self-regulated organization of
arbitral managers, has been appointed insolvency manager.

Creditors have until April 12, 2004 to submit their proofs of
claim to the insolvency manager at: 652702, Russia, Kemerovo
region, Kiselevsk, Post User Box 106.

CONTACT:  TAYBINSKY
          652710, Russia, Kemerovo region
          Kiselevsk, Yurginskaya str.1

          Mr. Anatoly Shestakov, Insolvency Manager
          652702, Russia, Kemerovo region
          Kiselevsk, Post User Box 106

          TP KUZBASS
          650099, Kemerovo, Ostrovskogo 32


RUDNYANSKY DAIRY: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Rudnyansky Dairy.  The case is
docketed as A12-3505/04-C58.  Mr. Alexey Vasev, a member of TP
Interregional 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: 400012, Russia, Volgograd,
Dorozhnaya str.36.

CONTACT:  RUDNYANSKY DAIRY
          Russia, Volgograd region, Rudnya
          Krasnaya str. 86

          Mr. Alexey Vasev, Temporary Insolvency Manager
          400012, Russia, Volgograd, Dorozhnaya str.36


TOMSKTRANSSTROY: Undergoes Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
supervision procedure on building corporation OJSC
Tomsktransstroy.  The case is docketed as A67-1077/04.  Mr. E.
Pozhidayev, a member of TP Siberian Interregional Self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.

Creditors have until April 12, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 634034, Russia,
Tomsk, Kulyeva str.33.

CONTACT:  TOMSKTRANSSTROY
          634009, Russia, Tomsk
          Karl-Marks str. 56

          Mr. E. Pozhidayev, Temporary Insolvency Manager
          634034, Russia, Tomsk, Kulyeva str.33


VORONEZH-AVTOVAZ: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on autocenter LLC Voronezh-Avtovaz.  The
case is docketed as A14-1112-04/9/7b.  Mr. Leonid Pletnyev has
been appointed temporary insolvency manager.

Creditors have until March 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 394050, Russia,
Voronezh, Somovo, Stepanova str.68.  A hearing will take place
on May 19, 2004, 10:30 a.m., at the Arbitration Court of
Voronezh region.

CONTACT:  AUTOCENTER VORONEZH-AVTOVAZ
          Russia, Voronezh region, Voronezh
          Patriotov prosp.47

          Mr. Leonid Pletnyev, Temporary Insolvency Manager
          394050, Russia, Voronezh region
          Voronezh, Somovo, Stepanova str.68

          THE ARBITRATION COURT OF VORONEZH REGION
          Russia, Voronezh, Srednemoskovskaya 77, hall 314


YUG: Court Appoints Insolvency Manager
--------------------------------------
The Arbitration Court of Krasnodar region declared LLC
publishing house, Yug, insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A32-
21046/2002-38/915-B.  Mr. Alexandr Elshin, a member of TP
Interregional self-regulated organization of arbitral managers
in South Federal District, has been appointed insolvency
manager.

Creditors have until May 5,2004 to file their proofs of claim at
350058, Krasnodar region, Krasnodar, Seleznyev str.216 to Mr.
Alexandr Elshin, insolvency manager.  A hearing will take place
on December 6, 2004 at the Arbitration Court of Krasnodar
region.

CONTACT:  YUG
          350000, Russia, Krasnodar region
          Krasnodar, Krasnaya str.2

          Mr. Alexandr Elshin, Insolvency Manager
          350058, Krasnodar region
          Krasnodar, Seleznyev str.216


ZHELEZOBETHON: Auction of Business Set April 13
-----------------------------------------------
Closed JSC MRUB, the bidding organizer of OJSC Zhelezobethon,
set the public auction of the latter's business on April 13,
2004 at 10:00 a.m.  The auction will be held at Russia, Republic
of Mariy-El, Yoshkar-Ola, Lenin prosp.36.  Starting price is
RUB16,200,000.  Bids will be increased by increments of
RUB100,000.

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done between 10:00 a.m. until 4:00 p.m. during working days at
Russia, Republic of Mariy-El, Yoshkar-Ola, Lenin prosp.36,
Phone: (8362) 41-02-02.  Deadline is April 9, 2004.

Applications to participate in the auction are accepted until
April 9, 2004.  Prospective bidders are asked to deposit
RUB1,620,000 to the settlement account of the bidding organizer.

CONTACT:  ZHELEZOBETHON
          Russia, Republic of Mariy-El
          Yoshkar-Ola, Krylova str.65

          MRUB, Bidding Organizer
          Russia, Republic of Mariy-El
          Yoshkar-Ola, Lenin prosp.36
          Phone: (8362) 41-02-02


=============================
S L O V A K   R E P U B L I C
=============================


OZETA ODEVNE: Loses Benetton Supply Contract
--------------------------------------------
Benetton S.p.A. will stop ordering women's apparel from troubled
textile group Ozeta AS.  The Italian fashion group will transfer
production from Tornala in southern Slovakia to Putnok in
Hungary, which is just about 15 kilometers away, just-style.com
reported, citing ANSA.  About 100 seamstresses affected by the
closure will be transferred to the Airflayt Ormos plant in
Putnok in April.

Ozeta AS also manufactures men's clothing, specializing in
jackets, suits, trousers and waistcoats.  In 2000 the company,
within its six divisions, produced 2,489,358 items.  It exported
about 89% of its production at the time, mainly to Holland,
Germany, Austria, the USA, Canada, England and Italy.

CONTACT:  OZETA ODEVNE ZAVODY A.S.
          Velkomoravska 9
          911 05 Trencin,
          Slovakia
          Phone: +421 32 6562 111
                 +421 32 6523 240
          Contact:
          Stefan Bratko, Chairman & Managing Director
          Kamil Briestensky, Vice Chairman


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


ACTION AID: Winding up Resolution Passed
----------------------------------------
At an Extraordinary General Meeting of the Action Aid Trading
and Promotions Limited Company on March 4, 2004 held at Hamlyn
House, London N19 5PG, the subjoined Special Resolution to wind
up the Company was passed.

Peter Gotham of Begbies Traynor is appointed Liquidator for the
Company.


ALLDAYPA LIMITED: Appoints Wilson Pitts Administrator
-----------------------------------------------------
Name of Company: Alldaypa Limited

Nature of Business:
Provision of Telephone Reception and Ancillary Secretarial
Services

Trade Classifications:
7487, Other Business Activities, 7220, Software Consultancy and
Supply, and 7230, Data Processing

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  WILSON PITTS
                                Glendevon House,
                                Hawthorn Park, Coal Road,
                                Leeds LS14 1PQ
                                Receivers:
                                D F Wilson
                                J N R Pitts
                                (IP Nos 703, 7851)


BAXI HOLDINGS: Rated 'BB-' on High Financial Leverage
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit ratings to U.K.-based boiler manufacturer, Baxi Holdings
Ltd.  The outlook is stable.

At the same time, Standard & Poor's also assigned its 'B'
secured debt rating to the proposed GBP100 million (US$179
million) mezzanine notes due 2014, to be issued by Baxi's wholly
owned subsidiary Heating Finance PLC and guaranteed by Baxi and
other subsidiaries.  The proceeds from the issue will be used to
refinance a mezzanine bridge facility.

"The ratings reflect Baxi's highly leveraged financial profile,
its narrow product focus, and its significant reliance on the
U.K. market for about 50% of its revenues," said Standard &
Poor's credit analyst Bob Ukiah.

These factors are mitigated by the company's leading market
position in the U.K. gas boiler market where it has a 28% market
share, a track record of generating free cash flows to reduce
debt and improve credit measures, and a management team
experienced at operating the company under a highly leveraged
financial structure.

The company is expected to improve its credit measures by
generating free cash flows to pay down debt.  The ratings assume
that Baxi will maintain its overall market position as higher
efficiency boilers take a greater share of the U.K. market, and
that it will benefit from having solved the problems in its
French businesses.  The ratings do not factor in any future
acquisitions.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          bob_ukiah@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


BEAUFORT INTERNATIONAL: Creditors to Apply for Liquidation
----------------------------------------------------------
Following the suspension of trading in the Company's ordinary
shares on the March 12, 2004 the Company announces that the
board of the Company's wholly owned sole trading subsidiary,
Beaufort International Limited, has resolved to appoint a
liquidator and enter into a creditors voluntary liquidation.
The Company will make further announcement in due course.

Beaufort International Group PLC is formerly known as Beaufort
Group plc.  The Group's principal activities are in the fields
of management and sponsorship consultancy, economic research and
analysis, and project management consultancy.

CONTACT:  BEAUFORT INTERNATIONAL GROUP PLC
          152 Buckingham Palace Road
          London, SW1W 9TR
          United Kingdom
          Phone: +44 020 7259 8000
              Or +44 020 7259 8001


CLEVERFINISH LIMITED: Meeting of Creditors Set March 22
-------------------------------------------------------
There will be a Creditors Meeting of the Cleverfinish Limited
(t/a House of Flowers) on March 22, 2004 at 1:00 p.m.  It will
be held at The Corus Hotel, Oxford Road, Stratton St Mary,
Swindon SN3 4TL.

Creditors who want to be represented during the Meeting must
submit a proxy form together with the statement of the amount
claim the Company due them at the offices of Hazlewoods, Windsor
House, Barnett Way, Barnwood, Gloucester GL4 3RT not later than
12:00 noon on or before March 21, 2004.

By order of the Board.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT


DENNIS HUDSON: Hires Administrator from Tenon Recovery
------------------------------------------------------
Name of Company: Dennis Hudson Limited

Nature of Business: Builders

Trade Classification: 27

Date of Appointment: February 23, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Highfield Court, Tollgate,
                                Chandlers Ford, Eastleigh,
                                Hampshire SO53 3TZ
                                Receivers:
                                Carl Stuart Jackson
                                Michael Ralph Eastwood Matthews
                                (IP Nos 8860, 2228)


EMELUX LIMITED: Creditors Meeting Set March 19
----------------------------------------------
Pursuant to section 98 of the Insolvency Act 1986, there will be
a Creditors Meeting of the Emelux Limited Company on March 19,
2004 at 10:30 a.m.  It will be held at the Mosborough Hall
Hotel, High Street, Mosborough, Sheffield.

Creditors who wish to vote at the Meeting must submit a proof of
debt the Company due them at Hamiltons Insolvency Practitioners
Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT not
later than 12:00 noon on or before March 18, 2004.

Adrian Graham acts as the qualified Insolvency Practitioner who
will furnish the Creditors information concerning the Company's
affairs.

By Order of the Board.

CONTACT:  HAMILTONS INSOLVENCY PRACTITIONERS LIMITED
          Omega Court,
          368 Cemetery Road,
          Sheffield S11 8FT
          Contact:
          Adrian Graham, Liquidator


EQUITABLE LIFE: Ombudsman Policyholders' Last Hope, Says CEO
------------------------------------------------------------
Charles Thomson, chief executive of Equitable Life commented on
Penrose Report:

"The Penrose Report appears to highlight a catalogue of failure
by the regulatory regime in place at the time.  There needs to
be a thorough airing of these issues.  It is also imperative
that the Parliamentary Ombudsman reopens her inquiry
immediately.  We believe that Ann Abrahams should then ask Lord
Penrose, who has spent over two years investigating the facts,
to advise her in reaching her conclusions on whether there was
maladministration and whether she should recommend compensation.
We believe his assistance to her would be a powerful,
independent force for good.  Long-suffering policyholders
require a fair, fast and final solution and she has the
statutory power to recommend compensation to Parliament.
Without question, the fastest route to redress is through her
office.

"The Society is now reviewing with its advisers the detailed
content of Lord Penrose's findings and we intend to provide
policyholders with our assessment of his report in due course.
The Board has not received any formal request to consider
funding a policyholder action against the Government and, if it
does, it will be considered.  The Board will consider the matter
in the context of what is in the best interests of members.
Ultimately it may be for the Society's members to have the final
say on this matter at the AGM.  The issue is not necessarily who
funds an action but whether, first, there is a credible, cost
effective and sustainable case in the interests of current
policyholders to assert."


GREENBAN LIMITED: Creditors Assembly Set March 26
-------------------------------------------------
There will be a Creditors Meeting of the Greenban Limited
Company on March 26, 2004 at 11:15 a.m.  It will be held at
Burley House, 12 Clarendon Road, Leeds LS2 9NF.

A list of names and addresses of the Company's Creditors will be
available for inspection free of charge at Bartfields (U.K.)
Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF during
office hours on March 24 and 25, 2004.

By Order of the Board.

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House,
          12 Clarendon Road,
          Leeds LS2 9NF


HELMORE MANAGEMENT: Hires Ernst & Young as Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Helmore Management
Limited Company on March 3, 2004 held at the Anglia Polytechnic
University, Bishops Hall Lane, Chelmsford, Essex CM1 1SQ, the
Special Resolution to wind up the Company was passed.

Elizabeth Bingham and Michael Rollings of Ernst & Young LLP, 1
More London Place, London SE1 2AF have been appointed Joint
Liquidators for the purposes of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Contact:
          Elizabeth Bingham, Liquidator
          Michael Rollings, Liquidator
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


HOGAN COLOUR: Hires Administrator from Rothman Pantall
------------------------------------------------------
Name of Company: Hogan Colour Print Limited

Nature of Business: Printing

Trade Classification: 10, Paper, Printing and Publishing

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  ROTHMAN PANTALL & CO
                                Clareville House,
                                26-27 Oxendon Street,
                                London SW1Y 4EP
                                Receivers:
                                Robert Derek Smailes
                                Stephen Blandford Ryman
                                (IP Nos 8975, 4731)


HOLLINGER INC.: Black to Appeal Stake Sale Ban
----------------------------------------------
Hollinger Inc. on Friday issued this statement:

"As we previously indicated, Hollinger Inc. and Lord Black
respectfully disagree with Vice Chancellor Strine's view of the
facts and equities in his decision [to block the planned sale of
the controlling stake of Mr. Black in Hollinger International].
Accordingly, we are exercising our right to seek review of the
decision by the Delaware Supreme Court.

"Notwithstanding our challenge to the decision, we continue to
support the efforts now underway by Lazard to achieve full value
for shareholders."

The company on Friday filed an application for certification of
its interlocutory appeal of Vice Chancellor Strine's court
order.

Hollinger's principal asset is its approximately 72.4% voting
and 30.0% equity interest in Hollinger International Inc.
Hollinger International is a global newspaper publisher with
English-language newspapers in the United States, Great Britain,
and Israel.  Its assets include The Daily Telegraph, The Sunday
Telegraph and The Spectator and Apollo magazines in Great
Britain, the Chicago Sun-Times and a large number of community
newspapers in the Chicago area, The Jerusalem Post and The
International Jerusalem Post in Israel, a portfolio of new media
investments and a variety of other assets.

CONTACT:  HOLLINGER INC.
          Media Contact:
          Jim Badenhausen
          Phone: (646) 805-2006
          Homepage: http://www.hollingerinc.com


HUNTSTONE BUILDING: Meeting of Creditors Set March 24
-----------------------------------------------------
There will be a Creditors Meeting of the Huntstone Building
Services Limited Company on March 24, 2004 at 10:00 a.m.  It
will be held at Albert Chambers, 221-223 Chingford Mount road,
London E4 8LP.

A list of the names and addresses of the Company's Creditors
will be available for inspection free of charge at the offices
of A Segal & co., Albert Chambers, 221-223 Chingford Mount Road,
London E4 8LP between 10:00 a.m. and 4:00 p.m. from Monday March
22, 2004.

CONTACT:  A SEGAL & CO
          Albert Chambers,
          221-223 Chingford Mount Road,
          London E4 8LP


INDIGO SHOES: Creditors to Meet March 19
----------------------------------------
A Creditors Meeting of the Indigo Shoes Limited Company will be
held on March 19, 2004 at 2:30 p.m.  It will be held at the
Molly Malones Public House, 115 Kew Road, Richmond, Surrey TW9
2PN.

A list of the names and addresses of the Company's Creditors may
be inspected free of charge at The Richmond Partnership, 82-86
Sheen Road, Richmond, Surrey TW9 1UF between 10:00 a.m. and 4:00
p.m.

Creditors wishing to vote at the Meeting must (unless they are
individual Creditors attending in person) lodge their proxies at
82-86 Sheen Road, Richmond, Surrey not later than 12:00 noon on
or before March 17, 2004.

The original proxy signed on behalf of the Creditors must be
lodged at the address mentioned; photocopies are not acceptable.
Unless there are exceptional circumstances, Creditors will not
be entitled to vote unless their proofs have been lodged and
admitted for voting purposes.

By Order of the Board.

CONTACT:  RICHMOND PARTNERSHIP
          82-86 Sheen Road,
          Richmond,
          Surrey TW9 1UF
          (entrance through Dunstable Road)
          Phone: 020 8332 6839
          Fax:   020 8332 6166


JO CRACE: Creditors to Meet April 2
-----------------------------------
Pursuant to section 98 of the Insolvency Act 1986, there is a
Creditors Meeting of the JO Crace Associates Limited Company on
April 2, 2004 at 11:00 p.m.  It will be held at 60-62 High
Street, Harpenden, Herfordshire AL5 2SP.

The purpose of the Meeting is to have a full statement of the
position of the Company's affairs together with the list of the
Company's Creditors and the estimated amount of their claims the
Company due them.

A list of names and addresses of the Company Creditor's will be
available for inspection free of charge at Maidment Judd, 60-62
High Street, Harpenden, Hertfordshire AL5 2SP, not later than
12:00 noon on or before April 1, 2004.

CONTACT:  MAIDMENT JUDD
          60-62 High Street, Harpenden
          Hertfordshire AL5 2SP


JUBILEE CONSTRUCTION: Creditors to Convene March 30
---------------------------------------------------
The Creditors Meeting of the Jubilee Construction 2002 Limited
Company will be on March 30, 2004 at 10:30 a.m.  It will be held
at The Chasley Hotel, Queen Street, Wakefield WF1 1JU.

Creditors who wish to vote at the Meeting must submit a complete
proof of debt the Company due them, (together, if it is desired
to vote by proxy, with a completed proxy form) at the offices of
Jackson Jolliffe Cork, 3 George Street, Wakefield WF1 1LX, not
later than 12:00 noon on or before March 29, 2004.

A list of names and addresses of the Company's Creditors will be
available for inspection free of charge at the offices of
Jacksons Jolliffe Cork, 3 George Street, Wakefield WF1 1LX on
March 28 and 29, 2004.

By Order of the Board.

CONTACT:  JACKSONS JOLLIFFE CORK
          3 George Street,
          Wakefield WF1 1LX


KIMBERLEY TEXTILES: DCD Appoints Finn Associates Receiver
---------------------------------------------------------
Name of Company: Kimberley Textiles Limited

Reg No 3019549

Nature of Business: Wholesaler of Fabrics

Date of Appointment of Joint Administrative Receivers:
February 27, 2004

Name of Person Appointing the Joint Administrative Receivers:
DCD Factors Plc

Joint Administrative Receivers:  FINN ASSOCIATES
                                 Tong Hall, Tong,
                                 West Yorkshire BD4 0RR
                                 Receivers:
                                 Paul Howard Finn
                                 Peter Adrian Finn
                                 (Office Holder Nos 5367, 8098)


KIOSKPOINT LIMITED: Names Wilson Pitts Administrator
----------------------------------------------------
Name of Company: Koiskpoint Limited

Nature of Business: Portrait Photographic Activities

Trade Classifications: 7481

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  WILSON PITTS
                                Glendevon House,
                                Hawthorn Park, Coal Road,
                                Leeds LS14 1PQ
                                Receivers:
                                D F Wilson
                                J N R Pitts
                                (IP Nos 703, 7851)


OFFSHORE TRANSPORT: HSBC Names Kroll Limited Receiver
-----------------------------------------------------
Name of Company: Offshore Transport Services Limited

Reg No 1627539

Nature of Business: Transportation

Trade Classification: 6024

Date of Appointment of Joint Administrative Receivers:
March 4, 2004

Name of Person Appointing the Administrative Receivers:
HSBC Bank Plc

Type of Security:
Fixed and Floating Charge over the assets of the Company

Date of Security: November 13, 1998

Joint Administrative Receivers:  KROLL LIMITED
                                 5th Floor, Airedale House,
                                 77 Albion Street,
                                 Leeds LS1 5AP
                                 Receivers:
                                 N A Brackenbury
                                 S C E Mackellar
                                 (Office Holder Nos 8269, 6883)


PRISM DATA: Hires Administrator from Tenon Recovery
---------------------------------------------------
Name of Company: Prism Data Management Limited

Nature of Business: Retail Sale via Mail Order Houses

Trade Classification: 5261

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  TENON RECOVERY
                                Sherlock House,
                                73 Baker Street,
                                London W1U 6RD
                                Receivers:
                                S R Thomas
                                S D Burkett-Coltman
                                (IP Nos 8920, 9181)


QUALITY WORLD: Meeting of Creditors Set March 31
------------------------------------------------
There will be a Creditors Meeting of the Quality World Limited
on March 31, 2004 at 11:00 a.m.  It will be held at the Langley
House, Park Road, East Finchley, London N2 8EX.

Creditors who wish to vote at the Meeting must (unless they are
individual Creditors attending in person) ensure their proxies
are received at the offices of Langley & Partners, Langley
House, Park Road, East Finchley, London N2 8EX, not later than
12:00 noon on or before March 30, 2004 together with a statement
of the amount the Company due them.

A list of names and addresses of the Company's Creditors may be
inspected free of charge at the offices of Langley & Partners,
Langley House, Park Road, East Finchley, London N2 8EX, between
10:00 a.m. and 4:00 p.m. on March 29 and 30, 2004.

By Order of the Board.

CONTACT:  LANGLEY & PARTNERS
          Langley House,
          Park Road, East Finchley,
          London N2 8EX


RINOL LIMITED: Appoints Numerica Administrator
----------------------------------------------
Name of Company: Rinol (U.K.) Limited

Nature of Business: General Construction and Civil Engineering

Trade Classification: 23-General Construction and Demolition

Date of Appointment: February 25, 2004

Joint Administrative Receiver:  NUMERICA
                                66 Wigmore Street,
                                London W1A 3RT
                                Receivers:
                                Nicholas Hugh O'Reilly
                                Christopher Laughton
                                (IP Nos 8309 and 6531)


RUDD LIMITED: Creditors Assembly March 26
-----------------------------------------
There will be a Creditor's Meeting of the Rudd Limited Company
(formerly Bordengate Limited) on March 26, 2004 at 1:30 p.m.  It
will be held at Maple House, High street, Potters Bar,
Hertfordshire EN6 5BS.

Creditors who wish to vote at the Meeting must submit full
statement of account the Company due them and (unless attending
in person), a proxy at the offices of Arkin & Co, Maple House,
High Street, Potters Bar, Hertfordshire EN6 5BS, no later than
12:00 noon on or before March 25, 2004.

Mehmet Arkin of Arkin & Co is the establishment's qualified
Insolvency Practitioner to furnish Creditors information
concerning the Company's affair, free of charge.

By order of the Board.

CONTACT:  ARKIN & CO
          Maple House,
          High Street, Potters Bar,
          Hertfordshire EN6 5BS
          Contact:
          Mehmet Arkin, Liquidator


VARTA MICROBATTERY: Names Begbies Traynor Administrator
-------------------------------------------------------
Name of Company: Varta Microbattery Limited

Nature of Business: Other Wholesale

Trade Classification: 5190

Date of Appointment: March 4, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                1 & 2 Raymond Buildings,
                                Gray's Inn,
                                London WC1R 5NR
                                Receivers:
                                Richard Howard Toone
                                Paul Michael Davis
                                (IP Nos 9146, 7805)


WHYTE AND MACKAY: Moves 65-strong Team to Hibernian
---------------------------------------------------
Whyte and Mackay Ltd. announced an innovative GBP1 million five-
year deal with Hibernian FC that will see the company's 65-
strong sales, marketing and customer service team move into
6,500 sq. ft. at Easter Road, the Away Stand renamed the 'Whyte
and Mackay Stand' and its eponymous flagship brand appearing on
Hibernian shirts next season.

Vivian Imerman, chairman and chief executive of Whyte and
Mackay, said: "This is a great deal for the company, for the
brand and for Hibernian, particularly at a time when many
companies are moving sales and marketing talent south.

"We were looking for suitable space to house the sales,
marketing and customer service team in what at the outset we
thought would be a straightforward property transaction within
the Edinburgh area.  What we now have is excellent accommodation
facilities with plenty of parking and the added bonus of
significant branding rights to promote the Whyte and Mackay
brand.

"The deal with Hibernian further upweights our marketing
activity behind Whyte and Mackay and forms part of the GBP50
million investment program announced back in July behind our
core brands.  This investment is paying off.  Whyte and Mackay
became the U.K.'s fastest growing blended Scotch in the take-
home market over Christmas with sales rising from 194,000
bottles in December 2002 to 278,100 bottles in December 2003.

"In Scotland, Whyte and Mackay grew its leading share position
as Scotland's favorite take-home whisky in 2003, ahead of rival
Famous Grouse.

"Whyte and Mackay sales have been aided by the brand's increase
in distribution and a marketing drive spearheaded by new TV
advertising and the brand's investment in sports sponsorship.
According to our research, whisky drinkers are 30% more likely
than the average U.K. consumer to watch football.  The Hibernian
deal enables us to capitalize on this with a shirt sponsorship
deal now in the Scottish Premier League and in the English
Premiership with Leeds United."

The sales, marketing and customer service team are currently
based at Whyte and Mackay's offices and bottling plant in
Salamander Place, Leith and will move into Easter Road by
September.  The company announced in July that it was to
consolidate its bottling operations into Grangemouth with the
opening of a GBP20 million state-of-the-art facility on its
existing site, which is expected to be operational from early
next year.

CONTACT:  CITIGATE SMARTS
          Lesley Alexander
          Fergus Reid
          Anna Bondesson
          Phone:  0141 222 2040
          Mobile: 07968 525783


                            *********


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

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