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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 22, 2004, Vol. 5, No. 57

                            Headlines

D E N M A R K

CARLSBERG ASA: Thai Partner Seeks Damages; Cites Contract Breach


F I N L A N D

SANITEC INTERNATIONAL: Evac Sale Has No Immediate Rating Impact


G E R M A N Y

ALLIANZ AG: Returns to Black with EUR1.6 Billion Net Profit
ALLIANZ AG: A.M. Best Hails Strong Bounce, But Remains Cautious
ALLIANZ AG: Ratings Unchanged Despite Strong 2003 Performance
BAYER AG: 'Realignment' Costs Behind EUR1.4 Bln Full-year Loss
DEAG AG: Restructuring Complete; Liquidity Profile Improves
DRESDNER BANK: Ratings Unaffected by EUR2 Billion Net Loss


I R E L A N D

IEC HOLDINGS: Posts Second Consecutive Full-year Loss
RIVERDEEP GROUP: Outlook Negative Due to Higher Refinancing Risk


I T A L Y

PARMALAT FINANZIARIA: Investigators Indict 29 Individuals
PARMALAT FINANZIARIA: Bondi, Lenders to Meet this Week


L U X E M B O U R G

RTL GROUP: Full-year Results Return to Black


N O R W A Y

STOLT OFFSHORE: Settles U.K. Patent Dispute


R U S S I A

ABAKANENERGOPROMSTROY: Declared Insolvent
BOGUCHARSKOYE: Voronezh Court Appoints Insolvency Manager
HYDROSPEZFUNDAMENTSTROY: Under Bankruptcy Supervision Procedure
KAMENSKAGROPROMCHIMIYA: Declared Insolvent
KUNGURSKY FERROCONCRETE: Perm Court Appoints Insolvency Manager

NABEREZHNO-CHELNINSKOYE: Under Bankruptcy Supervision Procedure
NEVA-POLIS: Ordered to Undergo Bankruptcy Supervision
SELCHOZTECHNIKA: Declared Insolvent
TSARSKOSELSKY SOFIA: Files for Bankruptcy Supervision
VTORZVETMET: Court Appoints Insolvency Manager


S W E D E N

SAS GROUP: To Hold Ordinary General Meeting April 22


U N I T E D   K I N G D O M

AFFINITY GROUPS: Annual General Meeting April 14
ANGELWATER LIMITED: Final Meeting April 13
CANARY WHARF: CWG Endorses Offer in View of Mar. 23 Closing Date
CHIL-TEX LIMITED: Appoints Begbies Traynor Administrator
CORUS GROUP: Cuts Yearly Loss to GBP305 Million

COTES CONSTRUCTIONS: Winding up Resolution Passed
DELTA DAILYFOOD: GE Capital Appoints PwC Receiver
EUROPEAN AVIATION: Streamlining to Steady Financial Footing
GOVETT ASIAN: Repays Loan Facility to Bank of Scotland
GRILLE DIFFUSER: Names Ernst & Young Administrator

HARTLEBURY SCHOOL: Hires Administrator from Hazlewoods
INSIGHT RESOURCES: General Meeting Set April 16
INVENSYS PLC: Moody's Sorts out Ratings After Tender Offer
LAIRD PAPER: Royal Bank of Scotland Names PwC Receiver
LARIDALE LIMITED: Final General Meeting April 5

LOWTHER'S GARAGES: Creditors' Claims Deadline April 7
MARCONI CORPORATION: Offers to Partially Redeem Senior Notes
MARCONI CORPORATION: Partially Redeems Secured Notes Due 2008
MORGAN CRUCIBLE: Director Alan Cox Retiring Next Month
MOTORING MARKETING: Appoints Liquidators

NET400 SOLUTIONS: Hires Poppleton & Appleby Administrator
NOTTINGHAM MARKET: General Assembly April 16
REDFIELD ASSOCIATES: Shareholders Meeting April 8
SOUTHERN DOOR: Voluntary Winding up Resolution Passed
SOUTH WEST: Names Liquidator from Begbies Traynor

SPARKER MEDIA: Brings in Administrator from Parkin Booth
SPRINGWOOD PLC: 14 Entertainment Sites Exit Receivership
TELEWEST COMMUNICATIONS: Discloses Interest of Liberty Media
TOURMASTER LIMITED: Calls in Liquidator from Trendlewood
TRANSNATIONAL MOTORISTS: Hires Liquidator

WARNER WAY: Hires Liquidator
WILLINGTON PLC: To Swap 2 Mln Shares Under Scheme of Arrangement
YOUNG SHIN: Winding up Resolutions Passed


                            *********


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D E N M A R K
=============


CARLSBERG ASA: Thai Partner Seeks Damages; Cites Contract Breach
----------------------------------------------------------------
Carslberg ASA is facing a US$500 million compensation suit from
former partner, Carlsberg Brewery (Thailand) Company Limited,
according to just-drinks.com.

Carlsberg Brewery, owned by Carlsberg's former partner in Asia,
Khun Charoen Sirivadhanabhakdi, claims the Danish brewer's
termination of a license agreement last year was invalid.
Carlsberg ASA ended the contract in August saying Carlsberg
Brewery failed to perform its contractual obligations.  This
includes the non-payment of royalties provided in the license.

But Carlsberg Brewery claims the notice of termination was null.
It is seeking damages for a wide range of losses in amounts "to
be established," although the report pegs it at no less than
US$500 million.  In a statement, Carlsberg ASA dismissed the
allegations as without merit and, the compensation claims,
unrealistic.


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


SANITEC INTERNATIONAL: Evac Sale Has No Immediate Rating Impact
---------------------------------------------------------------
Fitch Ratings on Thursday said Sanitec Corporation's sale of the
Evac Division will not immediately affect Sanitec's 'B-' Senior
Unsecured rating or the Negative Outlook assigned to the
company.  Sanitec's Senior Secured facilities, rated 'B+', and
the 'CCC+'-rated EUR260 million high-yield bonds issued by
Sanitec International SA, are also unaffected.

Sanitec intends to use the EUR60 million cash proceeds from the
sale for early repayment of its senior bank debt.  While the
transaction does not have a significant de-leveraging effect, on
a pro-forma basis the prepayment of the senior debt should
reduce total net leverage to 4.60x from 4.83x based on results
to September 30, 2003.

Fitch considers the sale of Evac to be positive for Sanitec.
Following confirmation that the prepayment of senior debt has
occurred and a review of full year 2003 audited accounts; the
agency will review the Negative Outlook.

The agency assigned Sanitec a Negative Outlook in November 2003,
citing liquidity pressure on the company.  This is the result of
weak free cash flow generation, an increasingly challenging
mandatory debt amortization repayment profile and potential
limitations to future drawings under the available revolving
credit facility due to tightening of financial leverage
covenants.  The agency recognizes that the cash proceeds from
the Evac transaction are likely to alleviate some short-term
liquidity pressure.

The agency's comment follows Thursday's announcement by Sanitec
of the sale of its Evac business to French aerospace and marine
maker Zodiac Group for EUR60 million in cash.  Evac is a world
leader in vacuum technology and total wastewater management
systems for the marine, train, aviation and building industries.
Evac's net sales and EBITDA for the twelve months ended
September 30, 2003 are reported to be EUR70.6 million and EUR5.9
million respectively, representing a transaction multiple of
just over 10 times.

The disposal of Evac comes as little surprise.  Ownership of the
Evac division is a legacy of former Sanitec owner Wartsila
Corporation's interest in the shipbuilding industry.  The
division is entirely unrelated to the core bathroom ceramics and
bath and shower businesses of Sanitec, and there are no notable
synergies between the business divisions.  EBITDA from the Evac
business represented c. 4% of the overall EBITDA of Sanitec.

Sanitec is Europe's leading manufacturer of bathroom ceramics
and bath and shower products.  Headquartered in Finland, the
Company generated net revenue of EUR985.4 million and EBITDA of
EUR147.6 in FY 02.

These ratings were initiated by Fitch as a service to users of
its ratings and are based on public information.

CONTACT:  FITCH RATINGS
          Sharon Westley, London
          Phone: + 44 (0) 20 7862 4025
          Rachel Hardee
          Phone: + 44 (0) 20 7417 6322
          Tony Stringer
          Phone: +44 (0) 20 7417 6332

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


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


ALLIANZ AG: Returns to Black with EUR1.6 Billion Net Profit
-----------------------------------------------------------
Allianz AG published recently these highlights of its 2003
annual results:

Group Key figures 2003
                                           2002    2003
Group Key figures (in billions Euro)
Net income(1)                            -1.229   1.616
Shareholders' equity                       21.7    28.6
Key figures by lines of business
Insurance
Statutory premiums (2)                     82.6    85.0
Combined ratio (3)                        105.7      97
Banking
Net revenues (4)                          7.566   6.743
Net loan loss provisions                 -2.222  -1.014
Administrative expenses                  -7.314  -6.086
Asset Management
Third party assets under management (5)     561     565

The Board of Management will propose to the Annual General
Meeting that a dividend of EUR1.50 per share should be
distributed, thereby retaining the level of the previous year.

----------
Footnotes:

(1) Results after goodwill, depreciation, taxes and minorities

(2) Including premiums from investment-products in life
    insurance

(3) Property and casualty, not adjusted for extraordinary
    effects

(4) Net interest income + net fee and commission income + net
    trading income

(5) Asset management without unit-linked business


ALLIANZ AG: A.M. Best Hails Strong Bounce, But Remains Cautious
---------------------------------------------------------------
A.M. Best Co. says the ratings of Allianz AG (Germany) remain
unaffected following the release of its year-end 2003 results,
which are in line with expectations.

A.M. Best expects that Allianz's continued efforts to improve
operating performance are likely to lead to considerably higher
earnings in 2004.  However, A.M. Best believes that life
earnings are highly dependent upon a further recovery of equity
markets, and the restructuring of Dresdner Bank remains a
significant challenge for Allianz's management.

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: 908-439-2200, ext. 5644
           E-mail: james.peavy@ambest.com
           Rachelle Striegel
           Phone: 908-439-2200, ext. 5378
           E-mail: rachelle.striegel@ambest.com

           Analysts:
           Michael Zboron
           Phone: +(44) 20 7626 6264
           E-mail: michael.zboron@ambest.com
           Mark Coleman
           Phone: +(44) 20 7626 6264
           E-mail: mark.coleman@ambest.com


ALLIANZ AG: Ratings Unchanged Despite Strong 2003 Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on Germany-based Allianz AG (AZAG; AA-/Negative/A-1+) and
related entities are unaffected by the group's full-year 2003
net earnings and strategic developments, which are broadly in
line with expectations.

Although key ratios indicate a substantial improvement in
underlying operating performance, reflected particularly in the
group's non-life combined ratio of 97.0% (105.7% in 2002), the
results of improved but still loss-making Dresdner Bank AG
(A/Negative/A-1) continue to remain a major weakness.

The group's operating profit improved by EUR4.5 billion to
EUR4.0 billion, to which particularly non-life contributed, with
EUR2.5 billion.  In addition, capital gains of EUR2.8 billion
from the sale of most of the stake in Beiersdorf were realized.
Allianz strengthened its balance sheet through a number of
measures, such as increased impairments, significant
provisioning for restructuring at Dresdner Bank, and an
extraordinary write-down of the goodwill of their South Korean
life company.  The final net income after tax was EUR1.6
billion, compared with the previous year's loss of EUR1.2
billion.

Management at AZAG remains challenged to extract the full value
of its banc assurance model and to return Dresdner Bank back to
profitability.  In addition, Standard & Poor's believes that
AZAG's ability to deliver its ambitious turnaround program
across the group, although well under way, still presents an
execution risk, and is partly dependent on a further improvement
of the economic environment.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          wolfgang_rief@standardandpoors.com
          bernd_ackermann@standardandpoors.com
          yann_lepallec@standardandpoors.com
          InsuranceInteractive_Europe@standardandpoors.com


BAYER AG: 'Realignment' Costs Behind EUR1.4 Bln Full-year Loss
--------------------------------------------------------------
The Bayer Group intends to increase both the operating result
before depreciation and amortization (EBITDA) and the operating
result (EBIT) before special items by more than 10% in 2004.
This was announced by Bayer Management Board Chairman Werner
Wenning at the company's Spring Financial News Conference on
Thursday in Leverkusen.

"We have also redefined our target returns in the context of our
realignment.  We plan to achieve an EBITDA margin of
approximately 19% for the Bayer Group as a whole by 2006," Mr.
Wenning said.  This corresponds to an increase of nearly 60%
over the 12% EBITDA margin in 2003.  "Our goals are ambitious.
We plan to achieve them through the announced portfolio changes,
sales growth, especially from new products in our life-science
businesses, and considerable efficiency improvements in all
subgroups."

Mr. Wenning added there are signs of a gradual economic
recovery, driven mainly by the United States and Asia.  Despite
sustained pressure on prices, currency- and portfolio-adjusted
sales grew by 5% in the first two months of 2004.  The EBIT
figures also show an encouraging trend, said the Bayer CEO,
explaining that this is true for the life-science businesses,
Bayer HealthCare and Bayer CropScience, but especially for the
industrial businesses, including the activities placed in the
independent company named "Lanxess" that is scheduled to be
listed on the stock market by early 2005.  Overall Mr. Wenning
displayed cautious optimism about the company's performance for
the rest of the year.

In 2003 Bayer improved its operating performance and increased
EBIT before special items by 67%, to EUR1.4 billion, despite
difficult economic conditions and negative currency effects.
Although Group sales declined by 3.6% to EUR28.6 billion, sales
in local currencies advanced by 5%.

Nonetheless, Mr. Wenning was clearly unsatisfied with Bayer's
performance in 2003 in view of the company's net loss of EUR1.4
billion after net income of EUR1.1 billion in 2002.  The loss
was largely due to EUR1.9 billion in impairment losses and
valuation adjustments that had been announced at the end of 2003
in connection with the strategic realignment of Bayer's
portfolio.  The company also took a total of EUR0.5 billion in
other asset write-downs and restructuring charges, which related
chiefly to site consolidations.  Bayer recorded special income
of EUR0.5 billion from portfolio measures, principally the
divestment of the household insecticides business.  The main
items contributing to the remaining net special charges of
EUR0.6 billion were expenses for achieving staff reductions and
accounting measures taken in connection with the cholesterol-
lowering drug Lipobay/Baycol, which was withdrawn from the
market in 2001.  Including a non-operating result of minus
EUR0.8 billion and net tax income of EUR0.6 billion due to
deferred taxes, the Bayer Group posted a net loss of EUR1.4
billion in 2003.

Positive aspects listed by the Bayer CEO included the
improvement of the company's operating performance and the 5%
increase in the gross cash flow to EUR3.2 billion.  According to
Mr. Wenning, this documents Bayer's solid financial strength,
which has not been diminished by the impairment charges.  The
efficiency-improvement programs, with which Bayer expects to
realize savings of more than EUR2.5 billion between 2002 and
2005, enabled the company to cut costs by around EUR730 million
in 2003.  Net debt was reduced by EUR2.9 billion to below EUR6
billion.  Said Mr. Wenning: "We significantly exceeded our
stated goal of reducing net debt to EUR7 billion."

Despite Bayer's net loss for the year, the company has
nonetheless decided to pay a dividend.  Mr. Wenning explained
the reasons for this decision: "We have a strong cash flow and
are convinced of the future profitability of the Bayer Group.
With our proposed dividend of 50 cents, we want to take into
account our stockholders' interests with an appropriate dividend
yield, even in this special situation."

The company's business performed well, although the reported
figures are down in some areas.  This positive performance
becomes evident when adjustments are made for the effects of
exchange rate fluctuations and portfolio changes.  Thus, sales
in the HealthCare subgroup declined by 5.3% to EUR8.9 billion,
yet expanded by 9.2% when adjusted for portfolio and currency
effects.  Due to write-downs for the plasma business, which is
earmarked for divestment, and to high restructuring charges,
EBIT fell by 43% to EUR334 million.  Before special items,
however, EBIT improved by 22% to EUR876 million.

Sales of Bayer CropScience improved by 22.7% to EUR5.8 billion.
When adjusted for portfolio changes and currency translation,
sales increased by 11.8%.  Compared to the previous year --
which was negatively impacted by write-downs relating to the
first-time consolidation of Aventis CropScience -- EBIT grew by
EUR580 million to EUR405 million before special items.

In the Polymers and Chemicals businesses, the weak economy,
increasing competitive pressures, rising raw material and energy
costs and the unfavorable exchange rate situation created
extremely difficult market conditions.  Sales of Polymers
receded by 5% to EUR9.9 billion; underlying sales of this
subgroup increased by 3.8%.  On the other hand, high impairment
charges and other special items led to a decline in EBIT to
minus EUR1.2 billion.  EBIT before special items fell by 51% to
EUR198 million (2002: EUR407 million).  Sales of the Bayer
Chemicals subgroup decreased by 21.3% to EUR3.4 billion;
underlying sales were up by 0.8%.  Here too, high impairment
charges and other special items reduced EBIT to minus EUR499
million (2002: EUR1.1 billion).  Before these special items,
EBIT declined by 79% to EUR42 million.

According to the Bayer CEO, the focus of the company's efforts
in 2004 will be to further improve its performance.  Bayer will
also work to implement its strategic decision to place the
chemicals business -- with the exception of H.C. Starck and
Wolff Walsrode -- and about one-third of its polymers business
into an independent company called Lanxess that is scheduled to
be listed on the stock market by early 2005 at the latest.  The
reorganization process is all but completed, which means the
activities concerned will be placed in a virtual organization by
July 1, 2004, allowing Lanxess to largely operate as an
independent unit.

Positive Net Earnings Expected for Lanxess in 2004

Mr. Wenning expressed confidence that, with its large number of
cyclical businesses, Lanxess would benefit significantly from
the economic recovery after suffering particularly from the
general weakness of the market last year and additionally having
to absorb many special charges.  The Bayer CEO explained that
additional earnings contributions from the cost-containment
projects and lower depreciation should also have a positive
effect.  "We, therefore, believe that there will be a strong
increase in EBIT of Lanxess before special items and expect it
to post positive net earnings for the year from a stand-alone
perspective."

Mr. Wenning said the improvement of earning power will remain
the primary focus for the activities remaining with Bayer.  The
company will, therefore, systematically pursue its efficiency-
improvement programs, from which it expects net savings of more
than EUR900 million in 2004.  The Bayer Chairman also believes
the company is well equipped to deal with developments in the
medium and long term: "Here we will rely above all on our
company's innovative potential." He explained Bayer plans to
continue setting trends in research-intensive fields and,
therefore, intends to spend EUR2.3 billion for research and
development this year.  The innovative life-science businesses
together account for 85% of this total.  Bayer plans to spend
EUR1.8 billion for property, plant, equipment and intangible
assets.

Redefined Target Returns

The company has also redefined its target returns in the context
of its realignment, explained the Bayer CEO: "Our target returns
correspond to the long-term potential of our businesses.  After
separation from Lanxess, we plan to achieve an EBITDA margin of
approximately 19% for the Bayer Group as a whole by 2006.  Our
target return has been set at 22%." Performance targets vary for
the individual subgroups: HealthCare intends to achieve 17% of
its target return of 23% by 2006, while CropScience is aiming
for 25% (target: 26) and MaterialScience for 18% (target: 21).

"Within just two years we have fundamentally changed Bayer's
alignment through a tremendous effort," concluded Mr. Wenning.
"The separation from Lanxess will complete this process, which
has freed up all our energy for innovation and growth.  The
Bayer ship is on a new course, and it is really picking up
steam."

In his comments on the 2003 financial statements, CFO Klaus Kuhn
pointed out that with the high special items and charges, by far
the greater part of the company's restructuring expense is
already accounted for in the balance sheet.  According to Mr.
Kuhn, the company, therefore, expects that special items in 2004
will relate predominantly to the separation of Lanxess and the
sale of the plasma business.  By maintaining strict capital
discipline, Bayer was able to keep capital expenditures for
intangible assets, property, plant and equipment below EUR1.7
billion.  Capital expenditures thus amounted to less than 70% of
scheduled depreciation and amortization, Mr. Kuhn explained.

Level of Net Debt Offers Greater Financial Flexibility

The free cash flow of EUR2.4 billion after acquisitions and
divestments was used to reduce financial debt.  Financing in
local currencies, principally the U.S. dollar, also contributed
around EUR500 million to the reduction in net debt to below EUR6
billion.  Explained Mr. Kuhn: "We have now arrived at a level of
net debt that offers greater financial flexibility."  He added
that, since Bayer's maturity structure remains conservative, the
company will not have any material refinancing requirements
until 2007.

Total assets had declined by 10% to EUR37.4 billion by December
31, 2003.  This was mainly due to the EUR4.9 billion decrease in
intangible assets and property, plant and equipment.
Stockholders' equity shrank by EUR3.1 billion to EUR12.2
billion, giving 33% equity coverage of total assets (2002: 37%).
This decline was mainly due to the EUR1.4 billion net loss for
the year, the EUR657 million dividend payment for 2002, and the
EUR1.1 billion impact of negative currency translations.

CONTACTS:  BAYER
           Bill Allan
           Phone: 412-777-5200
           Mark A.  Ryan
           Phone: 412-777-5200


DEAG AG: Restructuring Complete; Liquidity Profile Improves
-----------------------------------------------------------
DEAG Deutsche Entertainment AG (SIN 551390, ISIN DE0005513907)
racked up EUR127.9 million in sales last financial year, a 27.6%
growth compared with the previous year's EUR100.2 million after
adjustment for changes in the consolidation entity.  EBITDA
improved by EUR3.2 million to EUR8.8 million (2002: EUR5.6
million).  EBIT, after restructuring costs and before
extraordinary depreciations, was EUR4.5 million in FY 2003, well
above the previous year's EUR1.2 million.

Due to scheduled repayment of bank loans, settlements agreed to
resolve litigation risks, extraordinary expenses were taken into
account, leading to a negative consolidated net loss of EUR14.7
million.  The equity ratio of 26.4% is unchanged compared to the
prior year.

As at December 31, 2003, the DEAG Group's gross liquid assets
totaled EUR36.4 million, plus EUR1.1 million in securities.
Adjusted for advance payments of EUR21.6 million for upcoming
events, net liquid assets were EUR15.9 million (2002: EUR4.8
million).  Additional liquidity from tax refunds within the
first quarter 2004 and a loan are not taken into account.
Furthermore, DEAG expected additional cash inflow from the sale
of the first part of Jahrhunderthalle Frankfurt, independently
from the public presentation of development plan.

DEAG is acquiring on March 31, 2004 a 50% holding in Auric
Entertainment GmbH, Dusseldorf.  Under Gerald Wagener's
management, this company will bundle business activities in
connection with the Dusseldorf Rheinarena, sporting events and
the development of an event management agency in Russia.  DEAG
Supervisory Board member Gerald Wagener, who owns the remaining
50% of the company via Auric GmbH & Co. KG, has given a personal
undertaking to work full-time as the company's managing director
until 2007.  As a result of this directorship he is resigning
from the Supervisory Board with effect from the date on which
the holding is acquired in accordance with SS 100 (2) No. 2 of
the German Stock Corporation Act (AktG).

Advance bookings for concerts and tours with Eric Clapton, Paul
McCartney, Cher, Pink, Eros Ramazzotti, Elton John, Udo Jurgens,
Peter Maffay's Tabaluga, Stray Cats, Black Eyed Peas, Lemar,
Katie Malua, the Berlinova and the Sugababes are running
extremely successfully.

The Management Board is convinced that, with the completion of
restructuring, a lastingly streamlined structure and organic
growth prospects in Germany and elsewhere, it has laid a firm
foundation for positive development by DEAG.

CFO Markus Fabis is leaving the company after successful
restructuring and realignment with a vote of thanks from the
Management Board and Supervisory Board on the occasion of the
annual general meeting of shareholders on June 17, 2004.


DRESDNER BANK: Ratings Unaffected by EUR2 Billion Net Loss
----------------------------------------------------------
Standard & Poor's Ratings Services said Germany-based Dresdner
Bank AG's (A/Negative/A-1) announcement of a EUR2 billion net
loss in full-year 2003 has no rating implications.  The bank has
made progress in the recovery of its operating profitability,
posting a moderate operating loss for 2003, compared with a very
weak 2002.  Its restructuring process, however, is still a
significant burden on bottom-line profits.

Standard & Poor's continues to consider Dresdner Bank's weak
earnings a key negative rating factor.  Revenue generation, the
difficult domestic credit environment, and uncertainties
regarding the successful implementation of announced
restructuring measures will remain key challenges.

Concerns persist about the continued magnitude of challenges
that Dresdner Bank's management is facing.  In addition,
uncertainties remain regarding the bank's ability to achieve its
ambitious targets of a modest operating profit and break-even
net income in 2004, and an ROE after tax of about 8% in 2005.
These concerns and uncertainties are reflected in the negative
outlook.  Failure to achieve these goals might therefore have
negative rating implications.

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


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I R E L A N D
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IEC HOLDINGS: Posts Second Consecutive Full-year Loss
-----------------------------------------------------
Freight forwarding and supply chain management group, IEC
Holdings, remained in red in 2003, according to BizWorld.  The
company reported EUR4.7 million in losses in the year to March
31, 2003, down from EUR8 million loss in the previous year.
This is primarily due to poor results at its U.K.-based
subsidiary, Express Cargo Forwarding Ltd.  Irish Express Cargo
further contributed EUR1.9 million in the overall loss.

The company's net liabilities increased from EUR20 million a
year earlier to EUR22.4 million.  Turnover for the group was
EUR162 million, down from EUR226 million turnover for the
previous year.  Of the total, EUR101 million was generated in
the Republic.  Singapore-based parent, International, pledged
continued support for the Irish group.


RIVERDEEP GROUP: Outlook Negative Due to Higher Refinancing Risk
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Riverdeep Group Ltd., the Ireland-based educational software
publisher, to negative from stable.  This action follows an
increase in the amount of senior notes issued by the group to
EUR225 million ($274 million) from the expected EUR205 million-
EUR210 million range indicated originally.  At the same time,
the 'B+' corporate credit and senior secured debt ratings on
Riverdeep were affirmed.

"Although there are no immediate plans for Riverdeep to spend
the additional debt issue proceeds, Standard & Poor's believes
that an increase in the gross debt burden has resulted in a
higher refinancing risk to bondholders over the medium term,"
said Standard & Poor's credit analyst Anna Overton.

This is due to the volatile nature of spending in the U.S.
school sector, which could delay top-line growth in Riverdeep's
educational publishing sector, accounting for nearly one-half of
the business.  Riverdeep's capital structure includes a US$75
million term loan facility, which may need to be repaid by the
end of 2006 for Riverdeep to comply with facility covenants,
based on total indebtedness.  Should expected EBITDA growth
within Riverdeep's portfolio of businesses fail to materialize
over the next two years, there is likely to be pressure in terms
of both covenant headroom and debt protection metrics, given the
increase in the gross debt amount.

"The increase in financial risk stems from a higher gross debt
volume than expected at the time of the original rating.  The
ratings could be lowered if the company's earnings remain flat
or decline in the short-to-medium term, preventing it from
making meaningful progress with financial deleveraging in the
course of 2004 and 2005," said Ms. Overton.

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


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


PARMALAT FINANZIARIA: Investigators Indict 29 Individuals
---------------------------------------------------------
Italian prosecutors charged 29 people in relation to the fraud
that led to the collapse of Italian dairy giant Parmalat.

Indicted were the dairy giant's founder, Calisto Tanzi, his son
Stefano, and his former financial chief, Fausto Tonna, as well
as Bank of America in its own legal right in Italy, and audit
firms Deloitte & Touche, and Grant Thornton Italia.  Others
named in the prosecutor's request includes Paola Visconti, Mr.
Tanzi's niece, accountant Gianfranco Bocchi, Parmalat board
member Gianfranco Gorreri.

They were charged of share rigging and obstructing the Italian
stock market regulator, Consob.  Preliminary judge Guido Piffer
will decide this week whether to skip a preliminary hearing and
proceed straight to the trial.  Should the charges be proven
true, the accused face up to 10 years in prison.


PARMALAT FINANZIARIA: Bondi, Lenders to Meet this Week
------------------------------------------------------
Parmalat administrator, Enrico Bondi, will meet creditors this
week to discuss his rescue proposal for the Italian food group,
a source close to the new management of Parmalat said, according
to Reuters.

"[Mr.] Bondi [tonight] is starting to invite 50 major creditors
to a meeting in Milan to take them through the outline plan,"
said the unnamed source on Thursday.

The meeting follows last week's ramblings among creditors who
protested their exclusion from the rescue planning process.  Mr.
Bondi has proposed, among others, a debt-for-equity swap and the
sale of non-core assets.  He will meet with seven North American
bondholders and Citigroup, according to the Reuters source.
They hold claims of over US$6 billion against Parmalat.


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


RTL GROUP: Full-year Results Return to Black
--------------------------------------------
RTL Group, Europe's leading broadcaster and content provider,
announces its audited preliminary results for the year ended 31
December 2003.  These are the highlights:

EUR, million           Year to 31    Year to 31    Per cent
                         December      December      change
                           2003          2002         (%)
Revenue                  4,452          4,362        2.1

Reported EBITA [1]         487            424       14.9

Restructuring charges       40             38

Non-recurring items         20             -

Start up losses [2]         14             15

Adjusted EBITA             561            477       17.6

Reported EBITA margin (%) 10.9            9.7        n.a.

Adjusted EBITA margin (%) 12.6           10.9        n.a.

Reported EBITA             487            424       14.9

Amortization and impairment of
goodwill                  (317)          (298)

Gain/ (loss) from sale of subsidiaries, joint ventures
and other investments        3             (5)

Net financial expense      (55)           (83)

Income tax expense [3]     (95)           (85)

Minority interest           (9)            (9)

Profit/(loss) for the year  14            (56)

Reported EPS EUR            0.09        (0.37)

Adjusted EPS EUR            2.14         1.61       32.9

Proposed/paid dividend per share
EUR                         0.80         0.70       14.43


Improved operating performance

(1) Reported EBITA up almost 15% to EUR487 million.  This
    includes a provision amounting to EUR20 million relating to
    the arbitration court decision against Antena 3.  Excluding
    this impact, EBITA rose to EUR507 million, up 20% with all
    profit centers increasing their contribution.

(2) Record EBITA at RTL Television and M6 Five EBITA positive
    for the first time since launch in 1997.

(3) Increased audience and advertising market share in most
    markets.

(4) Increasing contribution to revenue and profit from
    non-advertising related activities.

(5) Diversification success and cost control lifted group EBITA
    margin to 10.9% from 9.7%

Turnaround of under performing businesses

HMG back on track, EUR25 million EBITA contribution Antena 3
restructuring and repositioning underway.

Strategic developments

(1) TV License to operate in Croatia won in September.

(2) Technical services division re-structured with integration
    of CBC into RTL Television and sale of LPC in March 2004.

(3) Corporate center restructuring completed.

(4) Robust finances and strong cash generation.

(5) Underlying cost base down 3.3% EBITA cash conversion of
    105%.

(6) Net debt more than halved to EUR298 million (from EUR755
    million) as result of strong cash conversion, tax repayments
    and active working capital management.

(7) Proposed dividend increase of 14.3% to EUR0.80 per share,
    sustainable dividend policy paying out 35-50 per cent of
    earnings.

RTL Group CEO Gerhard Zeiler said: "In 2003 we continued to
deliver on our strategic goals and are proud of the improved
results despite advertising market conditions which remained
tough.  We have focused keenly on diversification and our
success in driving revenue and profit from non-advertising
related activities is apparent in these numbers.  We will
continue to pursue these revenues, and to maintain tight cost
control in 2004.  On the back of these results we now have the
opportunity to focus more attention on enhancing our portfolio
either through internal or external growth.

"Going into 2004 we continue to remain cautious on how
advertising market conditions will develop.  Whilst there are
the first signs of growth in some of our markets, visibility
remains limited and weak consumer confidence and retail sales
remain a concern.

"We are focused on developing, or maintaining, leadership
positions in the markets in which we operate, in terms of both
audience and advertising market share.  Our success is based on
the creativity of our people and the strength of our programming
schedules.

"The RTL Group strategy remains consistent and based upon three
themes-geographic expansion, growth and exploitation of
diversification revenue streams and development of the family of
channels concept to counter increasing audience fragmentation.
We are confident that, as in the past, this strategy will prove
itself to be a successful one."

To see full copy of press release:
http://bankrupt.com/misc/RTL_2003.pdf


----------
Footnotes:

[1] EBITA represents earnings before interest and income tax
    expense excluding amortization and impairment of goodwill
    and gain from sale of subsidiaries, joint ventures and other
    investments

[2] RTL Shop, Plug TV, Croatia and RTL FM (2002 RTL Shop only)

[3] 2002 income tax expense reduced by release of tax provision

[4] Earnings for dividend payout ratio calculation defined as
    profit/(loss) for the year before amortization and
    impairment of goodwill, gain or loss from sale of
    subsidiaries, joint-ventures, associates and other
    investments, net of taxes, and extraordinary items.

CONTACT:  RTL GROUP
          Andrew Buckhurst
          Head of External Communications and Investor Relations
          Phone: 00 352 2486 5130/5075
          E-mail: andrew.buckhurst@rtlgroup.com

          Finsbury
          Julius Duncan
          Katie Lang
          Phone: 0044/207 251 3801


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


STOLT OFFSHORE: Settles U.K. Patent Dispute
-------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
announced on Thursday that its long-running U.K. litigation with
a competitor regarding a European patent covering technology
related to the laying of flexible pipes, has been settled out of
court.  The settlement involves a cash payment by Stolt Offshore
in respect of past patent infringements and the granting of a
license under the disputed patent covering the North Sea area.
The settlement will not have a material impact on the company's
results for 2004.

Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "The
satisfactory resolution of the this patent infringement action
marks significant progress in our settlement of long-outstanding
disputes."

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


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


ABAKANENERGOPROMSTROY: Declared Insolvent
-----------------------------------------
The Arbitration Court of the Republic of Chakasiya declared OJSC
Abakanenergopromstroy (Power-Industrial-Building company)
insolvent and subsequently introduced bankruptcy proceedings on
the company.  The case is docketed as A74-2661/03-K1.  Ms.
Larisa Oknyanskaya, a member of TP Russian commercial and
industrial chamber' Self-regulated organization of arbitral
managers, has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: 655016, Russia, Republic of Chakasiya,
Abakan, Perekreshenko str.6-108, for Mrs. L. Oknyaninoy on or
before May 11, 2004.

CONTACT:  ABAKANENERGOPROMSTROY,
          655017, Russia, Republic of Chakasiya, Abakan,
          Krylova str.47a

          Mrs. Larisa Oknyanskaya, insolvency manager
          655016, Russia, Republic of Chakasiya, Abakan,
          Perekreshenko str.6-108, for Mrs. L. Oknyaninoy

          TP
          109012, Moscow, Illyinka 5/2

BOGUCHARSKOYE: Voronezh Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Voronezh region declared OJSC
Bogucharskoye insolvent and subsequently introduced bankruptcy
proceedings on the company.  The case is docketed as A14-5607-
02/271/7b.  Mr. Vasiliy Sidelev has been appointed insolvency
manager.

Creditors have until May 11, 2004 to submit their proofs of
claim to the insolvency manager at: 394018, Russia, Voronezh,
Kirova str.9, office LLC CAT LISTT.

CONTACT:  OJSC BOGUCHARSKOYE
          Russia, Voronezh region, Lofizkoye.

          Mr. Vasiliy Sidelev, insolvency manager
          394018, Russia, Voronezh, Kirova str.9,
          Office LLC CAT LISTT


HYDROSPEZFUNDAMENTSTROY: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Irkutsk region declared hydro special
base building company, OJSC Hydrospezfundamentstroy, insolvent
and subsequently introduced bankruptcy proceedings on the
company.  The case is docketed as A19-1448/04-34.  Mr. P.
Zhdanov has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: 665458, Russia, Irkutsk Region, Usolie-
Sibirskoye', Post office 8, Post User Box 16 on or before April
11, 2004.

CONTACT:  HYDROSPEZFUNDAMENTSTROY
          665470Russia, Irkutsk region,
          Usolie-Sibirskoye', Krupskaya str.64

          Mr. P. Zhdanov, insolvency manager
          665458, Russia, Irkutsk region,
          Usolie-Sibirskoye', Post office 8, Post User Box 16


KAMENSKAGROPROMCHIMIYA: Declared Insolvent
------------------------------------------
The Arbitration Court of Sverdlov region declared agro-
industrial chemistry company, Ojsc Kamenskagropromchimiya,
insolvent and subsequently introduced bankruptcy proceedings on
the company.  The case is docketed as A60-15540/2003-C2.  Mr.
Vladislav Shmelev, a member of TP Self-regulated organization of
arbitral managers Ural ISO PAU, was appointed insolvency
manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: 620146, Russia, Ekatrinburg, Post User
Box 189 not later than May 11, 2004.

CONTACT:  OJSC KAMENSKAGROPROMCHIMIYA
          623400, Russia, Sverdlov region, Kamenskiy area

          Mr. Vladislav Shmelev, Insolvency Manager
          620146, Russia, Ekaterinburg
          Post User Box 189

          TP
          620014, Ekaterinburg
          Vaynera str.16b, Post User Box 156


KUNGURSKY FERROCONCRETE: Perm Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Perm region declared Closed JSC
Kungursky Ferroconcrete Structures Plant insolvent.  The case is
docketed as A50-20870/2003-B.  Mr. Yuri Mashkovzev, a member of
TP Self-regulated organization of arbitral managers, RSOPAU, has
been appointed insolvency manager.

Creditors have until May 11, 2004 to submit their proofs of
claim to the insolvency manager at: 614990, Russia, Perm, Geroi
Khasana str.7a, office 323.

CONTACT:  KUNGURSKY FERROCONCRETE
          STRUCTURES PLANT
          617430, Russia, Perm region,
          Kungursky area, Mochovoye

          Mr. Yuri Mashkovzev, insolvency manager:
          614990, Russia, Perm, Geroi Khasana str.7a,
          office 323

          RSOPAU
          127018, Moscow
          Polkovaya str.17, build.3


NABEREZHNO-CHELNINSKOYE: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on construction steel
corporation, OJSC Naberezhno-Chelninskoye Upravleniye
Stahlconstrucziya.  The case is docketed as A65-1292/2004-SG4-
27.  Mr. I. Ishkov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 420126, Russia, Republic of
Tatarstan, Kazan, Post User Box 238, Phone: (8432) 10-97-60,
Fax: 10-97-60.  A hearing will take place in the Arbitration
Court of Republic of Tatarstan on June 8, 2004.

CONTACT:  NABEREZHNO-CHELNINSKOYE UPRAVLENIYE STAHLCONSTRUCZIYA
          Russia, Republic of Tatarstan, Kazan
          Post office 7, Post User Box 1

          Mr. I. Ishkov, temporary insolvency manager
          420126, Russia, Republic of Tatarstan, Kazan,
          Post User Box 238
          Phone: (8432) 10-97-60
          Fax:  10-97-60


NEVA-POLIS: Ordered to Undergo Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on Closed JSC
building company, Neva-Polis.  The case is docketed as A56-
3385/02.  Mr. Vasiliy Protazky, a member of TP Self-regulated
organization of arbitral managers, Kontinent, has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 196084, Russia, Saint-
Petersburg, Post User Box 241.  A hearing will take place on May
25, 2004 at 10:30 a.m. in the Arbitration Court of Saint
Petersburg and Leningrad Region.

CONTACT:  NEVA-POLIS
          Russia, Saint-Petersburg, Boyzova pereulok,4
          Pavilyon Urizkogo, 1

          Mr. Vasiliy Protazky, Temporary Insolvency Manager
          196084, Russia, Saint-Petersburg, Post User Box 241

          Arbitration Court of Saint-Petersburg and Leningrad
          region:
          Russia, Saint-Petersburg,
          Suvorovsky prosp, 50/52

          KONTINENT
          196084, Saint-Petersburg
          Koli Tomchaka str.28, office 301
          Post User Box 211


SELCHOZTECHNIKA: Declared Insolvent
-----------------------------------
The Arbitration Court of OMSK region declared agro-technical
company, Closed JSC Selchoztechnika, insolvent and subsequently
introduced bankruptcy proceedings on the company.  The case is
docketed as K/E-13/04.  Mrs. Irina Glazkova, a member of TP
Interregional Self-regulated organization of arbitral managers,
RSNE Moscow, has been appointed insolvency manager.

Creditors have until April 12, 2004 to submit their proofs of
claim to the insolvency manager at: 644021, OMSK, Post User Box
7797, Phone:(3812) 44-35-68.

CONTACT:  AGROTECHNICAL COMPANY SELCHOZTECHNIKA
          646780, Russia, Omsk region, Russkaya Polina,
          Zavodskaya str.21

          Mrs. Irina Glazkova, temporary insolvency manager
          644021, Omsk, Post User Box 7797
          Phone: (3812) 44-35-68


TSARSKOSELSKY SOFIA: Files for Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on Closed JSC
Tsarskoselsky Factory Sofia (TIN7820027436).  The case is
docketed as A56-7719/04.  A hearing will take place in the
Arbitration Court of Saint-Petersburg and Leningrad region on
March 22, 2004 at 4:20 p.m.

CONTACT:  TSARSKOSELSKY FACTORY SOFIA
          Russia, Saint-Petersburg, Pushkin-5,
          Pavilyon Urizkogo, 1

          Arbitration Court of Saint-Petersburg and
          Leningrad region:
          Russia, Saint-Petersburg,
          Suvorovsky prosp, 50/52, Hall 114


VTORZVETMET: Court Appoints Insolvency Manager
----------------------------------------------
The Arbitration Court of Archangelsk region declared Federal
State Unitary Metallurgical Enterprise Vtorzvetmet insolvent and
introduced bankruptcy proceedings on the company.  The case is
docketed as A05-11629/03-27.  Mr. Vyacheslav Sotnikov, a member
of TP Self-regulated organization of arbitral managers,
Severnaya Stoliza, has been appointed insolvency manager.

Creditors are asked to submit their proofs of claims to the
insolvency manager at: 163061, Russia, Archangelsk, Troizky
prosp.39, office 52 not later than May 11, 2004.

CONTACT:  VTORZVETMET
          163035, Russia, Archangelsk,
          Dezhnyevzev str.40, build.1

          Mr. Vyacheslav Sotnikov, insolvency manager
          163061, Russia, Archangelsk,
          Troizky prosp.39, office 52

          SEVERNAYA STOLIZA
          Saint-Petersburg, Zoologicheskiy pereulok 1/3


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


SAS GROUP: To Hold Ordinary General Meeting April 22
----------------------------------------------------
Notice is hereby given to the shareholders of SAS AB (publ) that
the Annual General Meeting will be held on Thursday April 22,
2004.

The general meeting will be held at 4:00 p.m. at Berns Hotell,
Kammarsalen, Berzelii Park, Nackstromsgatan 8, Stockholm.
Shareholders are also entitled to attend the general meeting via
telecommunication link at 4:00 p.m. at Radisson SAS Falconer
Hotel & Conference Center, Falkoner Alle 9,Frederiksberg,
Copenhagen, and at 4:00 p.m. at Radisson SAS Scandinavia Hotel,
Holbergsgade 30, Oslo.  Registration of participation at the
general meeting closes when the general meeting starts.

Notice to shareholders registered with the Swedish securities
center (VPC AB) (other than shareholders registered with the
Danish securities center (VP) or the Norwegian securities center
(VPS)

Shareholders who wish to attend the general meeting must be
registered in the company's register of shareholders maintained
by VPC AB on Thursday March 8, 2004 at the latest.

Shareholders whose shares are registered in the name of a
nominee must reregister their shares temporarily and have them
registered in their own names to be entitled to attend the
general meeting.  Such re-registration must have been affected
with VPC AB by Thursday April 8, 2004.  Consequently, the
shareholder must inform the nominee well in advance of that
date.

Confirmation of attendance must be made to the company not later
than on April 16, 2004 at 16.00 at: SAS AB (publ), attn.
Investor Relations, Agneta Kampenborg Ekstrom/STOUU, SE-195 87
Stockholm.  Confirmation of attendance can also be made by
telephone, on +46 8 797 12 93 on business days from 9:00 a.m. to
3:00 p.m., by fax +46 8 797 51 10, or via the Internet address
http://www.sasgroup.netunder Investor Relations/Annual
Meetings.

Shareholders registered with VP in Denmark

Shareholders who wish to attend the general meeting must contact
Nordea Bank Danmark A/S (Nordea Denmark) by letter to Issuer
Services, PO Box 850, DK-0900 Copenhagen C, by telephone, on
0045 33 33 33 01, or by fax, on 0045 33 33 10 31, not later than
on Wednesday, April 7, 2004 at 3:00 p. m.  Attendance is further
subject to the following terms:

Shareholders wishing to attend the general meeting must be
registered in the company's register of shareholders maintained
by VPC AB in Sweden on Thursday April 8, 2004 at the latest.

Shareholders who have acquired their shares in Denmark must
therefore request Nordea Denmark to have these shares
temporarily registered in shareholders' own names with VPC AB in
Sweden to be entitled to attend the general meeting.
Confirmation of attendance to the general meeting and request
for such registration must be made well in advance of the
general meeting and not later than on Wednesday April 7, 2004 at
3:00 p. m. Nordea Denmark at the above address.  A form to be
used for this purpose can be obtained from Nordea Denmark.
Shareholders who have questions about the general meeting in
Copenhagen may contact Bente Lemire, SAS Danmark/Sekretariat
Generalforsamling (the secretariat for general meetings), on
telephone +45 23 22 45 45.

In connection with re-registration the custodian institution in
Denmark, with which the shareholder's shares are registered, as
well as the custody account number, must be stated.

Shareholders whose shares are already registered in their own
names with VPC AB in Sweden may give notice of their
participation in the general meeting later, however, not later
than on Friday April 16, 2004 at 4:00 p.m. as stated above.

Shareholders registered with VPS in Norway Shareholders who wish
to attend the general meeting must contact Nordea Bank Norge ASA
(Nordea Norway), by letter to Verdipapirservice, PO Box 1166
Sentrum, NO-0107 Oslo, or by fax, on +47 22 48 49 90, not later
than on Wednesday April 7, 2004 at 12:00 noon.  Attendance is
further subject to these terms:

(a) Shareholders who wish to attend the general meeting must be
registered in the company's register of shareholders maintained

by VPC AB in Sweden on Thursday April 8, 2004 at the latest.

(b) Shareholders who have acquired their shares in Norway must
therefore request Nordea Norway to have these shares temporarily
registered in shareholders' own names with VPC AB in Sweden to
be entitled to attend the general meeting.  Confirmation of
attendance in the general meeting and request for such
registration must be made well in advance of the general meeting
and not later than on Wednesday April 7, 2004 at 12:00 noon to
Nordea Norway at the above address.  A form to be used for this
purpose can be obtained from Nordea Norway.

(c) Shareholders whose shares are already registered in their
own names with VPC AB in Sweden may give notice of their
participation in the general meeting later, however, not later
than on April 16, 2004 at 4:00 p. m. as stated above.

Information to all shareholders

When giving notice of their attendance to the general meeting,
shareholders should state the location at which they want to
participate.

Shareholders whose shares are registered in more than one
country are requested to state this when giving notice of
participation.

Shareholders or representatives of shareholders may be
accompanied by a maximum of two persons at the general meeting.
Such persons accompanying shareholders will be admitted to the
general meeting, provided the shareholder notifies the company
of the number of companions as described above regarding
notification of shareholders' participation in each country.

Shareholders who are represented by proxy must provide such
person with a written proxy.  The completed form of proxy
should, well in advance of the general meeting, be forwarded in
original to the company at one of the addresses stated in this
notice convening the meting.  Representatives of a legal person
should, furthermore, submit a certified copy of the completed
registration form or similar documentation.

At the general meeting a list will be made of the participating
shareholders proxy holders and companions including details as
to the number of shares and votes each shareholder and proxy
holders may exercise at the general meeting (specification of
voting power).  A list of shareholders who have given notice of
their participation, proxy holders and companions including the
details described (list of registered participants) will be
distributed at the entrance.

Proposed agenda

(a) Opening of the general meeting

(b) Election of the chairman of the meeting

(c) Drawing up and approval of "specification of voting
    power"

(d) Approval of the agenda

(e) Election of two "persons to supervise the minutes of
    the meeting"

(f) A resolution that the meeting has been duly called
    and lawfully convened.

(g) Submission of the Annual Report for 2003 and group
    accounts.

(h) Submission of the auditors' report and the auditors'
    report for the group

(i) Report from the Chairman regarding the work of the
    Board of Directors, the compensation committee, and the
    audit committee and followed by the report from the CEO
    with opportunity for shareholders questions to the Board
    of Directors and the management

(j) A resolution to adopt the profit and loss account
    and balance sheet as well as the group profit and loss
    account and group balance sheet

(k) A resolution in respect of the disposition of the
    results of the Company according to the adopted
    balance sheet

(l) A resolution in respect of the discharge of the
    Board of Directors and Management Board from their
    Obligations

(m) Fixing of remuneration to the members of the Board
    of Directors

(n) Fixing of auditors' remuneration

(o) Election of members of the Board of Directors

(p) Election of a nomination committee for the coming
    election of members of the Board of Directors

(q) Closing of the general meeting

Proposals for Resolutions

Election of the chairman of the meeting

(a) A resolution in respect of the disposition of the results of
the Company according to the balance sheet fixed.

The Board of Directors proposes that no dividend be distributed
for the financial year ended December 31, 2003.

(b) Fixing of remuneration to the members of the Board of
Directors.

In view of a request from the Board of Directors the nomination
committee proposes that the remuneration for the period until
the next annual general meeting shall be reduced with ten
percent compared with previous period and therefore shall be
SEK1,935,000 to be distributed by the Board of Directors among
the members of the Board of Directors elected by the general
meeting.  As regards remuneration to the union representatives
of the Board of Directors, the nomination committee proposes
that the Board of Directors, is empowered to set such
remuneration within the scope of the established practice
applied within SAS.

(c) Fixing of auditors' remuneration

The remuneration to the Company's auditors will be paid
according to invoices submitted.

(d) Election of members of the Board of Directors

In accordance with Article 6 of the Company's Articles of
Association, the number of board members elected by the general
meeting shall be six.  The nomination committee proposes that
Egil Myklebust, Berit Kjoll, Fritz H. Schur, Anitra Steen, Lars
Rebien Sorensen and Jacob Wallenberg be re-elected.

(e) Election of a nomination committee for the coming election
of members of the Board of Directors

It has been proposed that the nomination committee shall consist
of seven members.   In addition a proposal has been submitted
for the following persons to be elected:

     (i) Eva Halvarsson, Naringsdepartementet (the Swedish
         Ministry for business and industry)

    (ii) Jacob Heinsen, danska Finansministeriet

   (iii) Palle Olsen, Pen-Sam Liv Forsikringsaktieselskab

    (iv) Rune Selmar, Folketrygdfondet

     (v) Reier Soberg, norska Narings- och handelsdepartementet

    (vi) Pia Rudengren, Wallenbergstiftelserna, and

   (vii) Ragnhild M. Wiborg, Odin Forvaltning.

Shareholders representing more than 67% of the total number of
issued votes of the company have declared that they will support
the proposed resolutions stated above.   The locations of the
general meeting will be open from 3:00 p.m. in Stockholm,
Copenhagen and Oslo.

Stockholm, March 2004
The Board of Directors


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


AFFINITY GROUPS: Annual General Meeting April 14
------------------------------------------------
Name of Companies:
Affinity Groups Advantage Limited
Carpenter Bowring (U.K.) Limited
The Financial & Insurance Advice Centre Limited
Marsh Georgia Limited
Marsh Holdings Limited
Sedgwick Affinity Group Services Limited
Sedgwick Azeri Limited
Sedgwick Kazakhstan Limited
Willcox Johnson & Higgins Limited

There will be a combined Annual General and Final Meeting of
these Companies on April 14, 2004 at 1:00 p.m. and 2:20 p.m.
It will be held at 180 Strand, London WC2R 1WL.  The session is
to receive the account of the Liquidators' act and dealings
conducted during the winding-up of these Companies.  The
Liquidators' final statement of account for the period of the
liquidation will be approved during the meeting.


ANGELWATER LIMITED: Final Meeting April 13
------------------------------------------
There will be a Final Meeting of Members of the Angelwater
Limited on April 13, 2004 at 10:30 a.m.  It will be held at 1
Snow Hill, London EC1A 2EN.

The purpose of the Meeting is to receive the final account of
the Liquidator's acts and deals conducting the winding-up.
Creditors who want to be represented at the meeting must submit
a complete proxy form at 1 Snow Hill, London EC1A 2EN not later
than 12:00 noon on or before April 12, 2004.


CANARY WHARF: CWG Endorses Offer in View of Mar. 23 Closing Date
----------------------------------------------------------------
Canary Wharf Shareholders are reminded that the first closing
date of CWG Acquisition's Offer is 3:00 p.m. (London time)/10:00
a.m. (New York time) on March 23, 2004.  CWG Acquisition also
reminds shareholders that it is under no obligation to extend
the Offer if the conditions to the Offer are not met by this
closing date.

CWG Acquisition's Offer is the only offer or acquisition
proposal for Canary Wharf that is open for acceptance and
capable of completion.  The Independent Committee has stated
that the Offer is fair and reasonable.

CWG Acquisition urges Canary Wharf Shareholders to accept the
Offer by completing and returning the Form of Acceptance in
accordance with the instructions printed thereon as soon as
possible and, in any event, so as to arrive by no later than
3:00 p.m. (London time)/10:00 a.m. (New York time) on
March 23, 2004.

Canary Wharf Shareholders are also reminded that the
Extraordinary General Meeting to vote on the Investment Proposal
and the Management and Consultancy Proposal, as described in the
circular posted to Canary Wharf Shareholder on March 5, 2004, is
to be held on March 22, 2004.

The Independent Committee has recommended shareholders to vote
in favor of the resolution to approve these proposals at the
EGM.

CWG Acquisition urges Canary Wharf Shareholders to vote in favor
of the resolution to approve these proposals by completing and
returning their forms of proxy in accordance with the
instructions printed thereon as soon as possible and, in any
event, so as to arrive by no later than 10:00 a.m. (London
time)/5:00 a.m. (New York time) on March 20, 2004.

Terms defined in the Offer Document have the same meaning in
this announcement.

CONTACT: CANARY WHARF CWG
         Katherine Vyse
         Brascan
         Phone: +1 (416) 363 9491

         DEUTSCHE BANK
         Debbie Robertson-Bond
         David Church
         James Agnew
         Phone: +44 (0) 20 7545 8000

         MERRILL LYNCH INTERNATIONAL
         Kevin J. Smith
         Michael Profenius
         Mark Brooker
         Telephone: +44 (0) 20 7628 1000

         THE MAITLAND CONSULTANCY
         Angus Maitland
         Philip Gawith
         Martin Leeburn
         Phone: +44 (0) 20 7379 5151


CHIL-TEX LIMITED: Appoints Begbies Traynor Administrator
--------------------------------------------------------
Name of Company: Chil-Tex Limited

Nature of Business: Manufacture of Underwear

Trade Classification: 08

Date of Appointment: March 5, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                30 Park Cross Street,
                                Leeds LS1 2QH
                                Receivers:
                                Michael Richard Ellingworth
                                Gary Edgar Blackburn
                                (IP Nos 6050, 6234)


CORUS GROUP: Cuts Yearly Loss to GBP305 Million
-----------------------------------------------
Corus Group plc (NYSE:CGA)(LSE:CS) published recently these
annual figures:

Key financials                          2003      2002

Year ended 3 January 2004              GBPm       GBPm

Turnover                               7,953     7,188

Operating loss
(before exceptional items)             (66)     (393)

Group operating loss                   (208)     (446)

Loss for the year                      (305)     (458)

Earnings per share (restated) (1)     (9.25)p  (14.23)p

Net debt at end of period            (1,013)   (1,236)


(a) 11% growth in turnover driven by both higher sales volumes
    and selling prices.

(b) Underlying pre-exceptional operating loss reduced by GBP327
    million to GBP66 million.  The Group operating loss amounted
    to GBP208 million (2002: GBP446 million).

(c) Higher turnover, together with improvements in manufacturing
    performance and cost efficiency, more than offset the rise
    in input prices.

(d) The principal items within the exceptional charge of GBP142
    million relate to U.K.  restructuring and asset impairment.

(e) Net debt reduced to GBP1 billion and gearing down to 37%.
    Second half reduction of GBP0.5 billion, reflecting equity
    proceeds and reversal of working capital build-up in the
    first half.

Restoring Success

(a) U.K.  restructuring underway and on track.

(b) Restoring Success now embedded in business plans.

(c) Manufacturing excellence, purchasing and IT programs
    launched.

(d) Uplift in capital expenditure to support new initiatives.

SUMMARY

Operating highlights

The results for 2003 showed a significant improvement over 2002
with a reduction in the Group pre-exceptional operating loss of
GBP327 million to GBP66 million (2002: loss of GBP393 million).
The Group operating loss was GBP208 million (2002: GBP446
million).  The operating loss included exceptional items of
GBP142 million (2002: GBP53 million), within which the principal
items were provisions related to the Group's U.K. restructuring
program and asset impairment.  Net debt reduced to GBP1.0
billion (2002: GBP1.2bn) and translated into a gearing ratio of
37% (net debt/net tangible assets)(1)(2002: 46%).  The reduction
largely reflected the GBP291 million net proceeds from the
equity placing and open offer.  The second half year saw a
reduction of some GBP0.5 billion in net debt compared to the
first half and reflected the equity proceeds and a reversal in
the working capital increase seen in the first half.  The pre-
exceptional operating loss in the first half amounted to GBP36
million however, including exceptional items of GBP21 million,
the Group operating loss was GBP57 million.  The pre-exceptional
operating loss reduced to GBP30 million in the second half, but
including exceptional items of GBP121 million the Group
operating loss amounted to GBP151 million.

The improvement in the Group's result was entirely attributable
to the carbon steel segment.  This reflected the combination of:
higher selling prices (inclusive of exchange rate gains from a
weaker pound against the euro); increased sales deliveries;
improved manufacturing performance, including the resumption of
a two blast furnace operation at Port Talbot, and increased
output in IJmuiden at both the steel plant and the Direct Sheet
Plant; and benefits from on-going measures to improve cost
efficiency.  These positive factors more than offset the
negative impact of increases in raw material and energy prices
(which were only partly offset by the weaker U.S. dollar against
the pound) and inflationary pressure on other conversion costs,
including employment.  The net loss after tax and minority
interests amounted to GBP305 million (2002: GBP458 million) and
translated into a basic loss per share of 9.25p (2002: (re-
stated) loss of 14.23p).  No final dividend will be paid.

Restoring Success

The three elements of the Restoring Success initiatives -
Management & Leadership, Operational Performance and Financing
are underway.  Within Management & Leadership, five members of
the executive committee are new in the last twelve months and a
new division based organizational structure has been adopted.
The Group will report in accordance with the new structure in
the 2004 accounts.  Under Operational Performance, the U.K.
restructuring program is well underway.  In terms of Financing,
the successful equity issue, which was completed in December,
together with proceeds from the sale of surplus property and
non-core assets, has enabled the Group to pursue the full U.K.
restructuring program.

Looking forward

The Group has confirmed its intention to focus on selected
carbon steel products and has therefore entered into the early
stages of a process to consider a number of options for the
aluminum businesses, which may lead to discussions with third
parties.  Once U.K. restructuring has been completed, Teesside's
steel making capacity will be surplus to internal requirements
and therefore, to avoid closure, the potential for refocusing
the site as a cash generative slab exporter is being assessed.
Options including joint ventures and equity partnerships are
currently being explored.  The next stage of re-financing will
focus on extending the Group's debt maturity profile.(1) Net
gearing in accordance with the Group's banking covenants is 36%.

Commenting on the results, Chairman Jim Leng said: "Good
progress has been made during 2003 on a number of important
fronts.  The foundations for recovery are established now that
we have the people, the plan and the resources to improve our
performance.  Whilst this process will take time, the Board is
determined that the Group's potential will be fully realized.

"The general market outlook is somewhat more positive than at
this time last year and we are more than ever convinced that the
changes underway are the right ones to rebuild Corus and create
value for its shareholders."

CEO Philippe Varin said: "In 2003 the Group benefited from a
global recovery in steel prices, which together with significant
progress in our manufacturing performance and continued benefits
from our ongoing cost and efficiency program, more than offset
higher raw material costs.  This has led to a substantial year
on year improvement in the Group's results.

"Although the external environment contains a number of
challenges, not least raw material prices and supply, at this
early stage in the year we are, on balance, confident about the
outlook for 2004.  Our 'Restoring Success' initiatives are
underway, and we look forward to progressive benefits from these
as we move through 2004 and beyond."

To see full copy of financial results:
http://bankrupt.com/misc/Bayer_2003.pdf


COTES CONSTRUCTIONS: Winding up Resolution Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Cotes
Constructions Limited Company on March 5, 2004 held at the
offices of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJ, the
Special Resolution to wind up the Company was passed.

Brian Andrew Scott, of Johnson Tidsall, 81 Burton Road, Derby
DE1 1TJ, is appointed Liquidator for the purpose of such
winding-up.

CONTACT:  JOHNSON TIDSALL
          81 Burton Road,
          Derby DE1 1TJ
          Contact:
          Brian Andrew Scott, Liquidator


DELTA DAILYFOOD: GE Capital Appoints PwC Receiver
-------------------------------------------------
Name of Company: Delta Dailyfood (U.K.) Limited

Reg No 02754788

Nature of Business:
Production of Frozen Ready Meals for Supply to the Airline
Market and the Retail Market

Trade Classification: 04

Date of Appointment of Joint Administrative Receivers:
March 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
GE Capital Commercial Finance Limited

Joint Administrative Receivers:  PRICEWATERHOUSECOOPERS LLP
                                 101 Barbirolli Square,
                                 Lower Mosley Street,
                                 Manchester M2 3PW
                                 Receivers:
                                 Russell Cash
                                 Michael Horrocks
                                 (Office Holder Nos 8783, 8026)


EUROPEAN AVIATION: Streamlining to Steady Financial Footing
-----------------------------------------------------------
European Aviation Group will enter into a creditor's voluntary
arrangement, the Times said, according to Bloomberg.

The company has already taken five of its six 747 aircraft out
of service in preparation for the shakeup.  Some 560 people or
80% of its workforce will lose their jobs as part of the move.
The job-cuts will affect pilots and staff at London's Gatwick
airport and Manchester airport, the paper said.  The overhaul is
expected to give the company room to rebuild its finances and
continue running services on its medium-haul Boeing 737 planes.

CONTACT:  EUROPEAN AVIATION
          Phone: +44 1202 581 111
          Fax: +44 1202 578 333


GOVETT ASIAN: Repays Loan Facility to Bank of Scotland
------------------------------------------------------
The breakage and other associated costs figure [related to the
winding up of the company] was approximately GBP375,000 and not
the GBP459,000 previously specified.  All other details remain
the same.

Following the Extraordinary General Meeting held on 10 March
2004 at which the resolution was passed to wind up voluntarily
the Company, the Board of Govett Asian Income & Growth Fund
Limited on Thursday announced that the Company's loan facility
with Bank of Scotland in the sum of GBP9,500,000 has been
repaid, together with breakage and other associated costs of
approximately GBP375,000.

It is expected that a copy of the EGM resolution will be filed
with H.M. Greffier in Guernsey on March 19, 2004, at which time
the Liquidators will become appointed.

CONTACT:  HOARE GOVETT LIMITED
          Hugh Field
          Phone: 020 7678 8000


GRILLE DIFFUSER: Names Ernst & Young Administrator
--------------------------------------------------
Name of Company: The Grille Diffuser & Louvre Co. Limited

Nature of Business: Manufacturing

Trade Classification: 11

Date of Appointment: March 10, 2004

Joint Administrative Receiver:  ERNST & YOUNG LLP
                                100 Barbirolli Square,
                                Manchester M2 3EY
                                Receivers:
                                Simon Allport
                                Garry Wilson
                                (IP Nos 8763, 9062)

Company Address:  Air Diffusion Works
                  Woolley Bridge Road
                  Glossop
                  Derbyshire SK13 1AB
                  Phone: 01457861538


HARTLEBURY SCHOOL: Hires Administrator from Hazlewoods
------------------------------------------------------
Name of Company: Hartlebury School Limited

Date of Appointment: March 5, 2004

Joint Administrative Receiver:  HAZLEWOODS
                                Windsor House,
                                Barnett Way, Barnwood,
                                Gloucester GL4 3RT
                                Receiver:
                                Philip John Gorman


INSIGHT RESOURCES: General Meeting Set April 16
-----------------------------------------------
A General Meeting of the Members of the Insight Resources
Limited Company will be on April 16, 2004 at 3:30 p.m.  It will
be held at the offices of Benedict Mackenzie LLP, 3-4 The
Courtyard, East Park, Crawley, West Sussex RH10 6AG.

The purpose of the Meeting is to lay before the Members the
account showing how the winding-up of the Company was conducted
and how its property was disposed.  Creditors who wish to be
represented at the Meeting must submit the complete proxy form
to 3-4 The Courtyard, East Park, Crawley, West Sussex RH10 6AG
not later than 12:00 noon on or before April 15, 2004.


INVENSYS PLC: Moody's Sorts out Ratings After Tender Offer
----------------------------------------------------------
Moody's Investors Service confirmed and withdrew the ratings on
the company's credit facilities after the repayment and
cancellation of these instruments.  It confirmed the company's
US$1,500 million revolving credit facility due 2004, US$37
million guaranteed notes due 2005, US$1,460 million revolving
credit facility due 2005, at Ba3, and withdrew the ratings.  It
lowered, at the same time, the ratings on approximately EUR50
million (previously EUR500 million) medium term notes due 2005
to B3 from Ba3.

These new facilities, meanwhile, have been assigned definitive
ratings:

(a) GBP1.35 billion (previously GBP 1.45 billion) senior secured
credit facilities at Invensys International Holdings Ltd at Ba3;

(b) GBP250 million (previously GBP 150 million) second lien
facility at Invensys International Holdings Ltd at B1;

(c) US$550 million and Euro 475 million (previously GBP650
million) senior notes due 2011 at Invensys plc at B3.

The ratings unaffected are the company's senior implied rating
at B1, unsecured issuer rating at B3, US$250 million notes due
2007 at B3, and US$200 million notes due 2010 at B3.  The
outlook for all ratings is stable.  The rating action concludes
Moody's review on the company's debt instruments last month.

Moody's also downgraded approximately EUR50 million of medium
term notes due 2004 to B3.  These are the notes that have not
been tendered to the company under the company's recent tender
offer.  The rating is in line with the unsecured issuer rating
of Invensys, since they represent senior unsecured obligations
of the company.


LAIRD PAPER: Royal Bank of Scotland Names PwC Receiver
------------------------------------------------------
Name of Company: Laird Paper Limited

Reg No 01620538

Nature of Business: Paper Manufacturers and Distributors

Trade Classification: 21120

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

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Invoice Discounting Limited

Joint Administrative Receivers:  PRICEWATERHOUSECOOPERS LLP
                                 Donington Court,
                                 Pegasus Business Park,
                                 Castle Donington,
                                 East Midlands DE74 2UZ
                                 Receivers:
                                 Stuart David Maddison
                                 Robert Jonathan Hunt
                                 (Office Holder Nos 1338, 8597)

Company Address:  Oak Street
                  Nottingham
                  NG5 2AT
                  Nottinghamshire
                  Phone: 0115 985 6000
                  Fax:   0115 985 6243


LARIDALE LIMITED: Final General Meeting April 5
-----------------------------------------------
There will be a Final General Meeting of the Members of the
Laridale Limited on April 5, 2004 at 11:00 a.m. It will be held
on the 1st Floor, International House, Queens Road, Brighton BN1
3XE.

The purpose of the Meeting is to lay before the Members the
account of the Company and receive the Liquidator's report
showing how the winding-up was conducted.  Creditors who wish to
vote at the Meeting are entitled to appoint a proxy in his\her
behalf.


LOWTHER'S GARAGES: Creditors' Claims Deadline April 7
-----------------------------------------------------
Notice is given to the Creditors of the Lowther's Garages
Limited Company who have not yet submitted their claims to
P Barrett, the Company's Liquidator, not later than April 7,
2004 or they will be excluded from the benefit of any
distribution made.

Claims should be sent at Portland Business & Financial
Solutions, 1640 Parkway, Solent Business Park, Whiteley,
Farehem, Hampshire PO15 7AH.


MARCONI CORPORATION: Offers to Partially Redeem Senior Notes
------------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced on
Thursday that it has given notice to the owners of its Senior
Notes pursuant to Section 3.02 of the Indenture dated as of May
19, 2003 (the Indenture) made between the Company, the
guarantors named therein and the Law Debenture Trust Company of
New York (the Trustee) that pursuant to Section 3.07 of the
Indenture $29.7 million (approximately GBP16.0 million)
aggregate principal amount of Securities (the Redemption
Securities) will be redeemed on March 23, 2004.

The redemption price shall be 110.0% of the principal amount of
the Redemption Securities redeemed plus 68 days accrued interest
to the Redemption Date.

In line with the mechanism used for the previous partial
redemptions of the Senior Notes, a pool factor will be applied
to every holding.  Further details of the pool factor to be
applied from the Redemption Date will be announced once the pool
factor has been confirmed by the Registrar.

This mandatory partial redemption of the Senior Notes is taking
place following the receipt by Marconi of proceeds from the
final redemption of the Junior Notes, which took place on March
8, 2004.  Marconi received these proceeds due to its holdings of
$29.8 million (approximately GBP16.1 million) of Junior Notes
following the market repurchases undertaken on February 17, 2004
(which were announced previously).

The paying agent with respect to the Redemption Securities is:

The Bank of New York
One Canada Square
London E14 5AL
England
Attention: Corporate Trust Office.

Any queries in respect of payment, pool factor or related
matters should be directed to Emma Wilkes at Bank of New York on
(+44) 20 7964 7662, who are the Registrar, the Depositary and
the Paying Agent.

On the Redemption Date, the Redemption Price, together with
accrued interest and any Additional Amounts (as described in the
Indenture), will become due and payable.  Unless the Company
defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the
Redemption Date.  The Redemption Securities will be cancelled
following redemption by the Company. (Exchange rate, GBP1 = USD
1.85)

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


MARCONI CORPORATION: Partially Redeems Secured Notes Due 2008
-------------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq:MRCIY) on
Thursday confirms to the owners of its 8% guaranteed Senior
Secured Notes, due 2008 the parameters of the redemption of
$29,655,728 aggregate principal amount of Securities that was
announced on March 9, 2004.

The Record Date shall be the close of business in London on
March 22, 2004.  The Redemption Date, as previously announced,
shall be on March 23, 2004.

In line with the mechanism used for the previous partial
redemptions of the Senior Secured Notes, a pool factor of
4.1352798% will be applied to every holding, calculated with
reference to the original issue amount of $717,139,584.
As at 23 March 2004 the total pool factor, including the
previous redemptions, will be 22.6224820% calculated with
reference to the original issue amount of $717,139,584.

On the Redemption Date, the Redemption Price, together with
accrued interest, will become due and payable.  The Redemption
Securities shall cease to bear interest from and after the
Redemption Date.

Any queries in respect of payment, pool factor or related
matters should be directed to Emma Wilkes at Bank of New York on
(+44) 20 7964 7662, who are the Registrar, the Depositary and
the Paying Agent.

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 (MONI) and on
Nasdaq (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


MORGAN CRUCIBLE: Director Alan Cox Retiring Next Month
------------------------------------------------------
Sir Alan Cox has confirmed to the Company that he will be
retiring from the Board as a non-executive director at the end
of the Annual General Meeting of the Company to be held on April
23, 2004.

As part of the Board's succession planning, Mr. Joseph MacHale
joined the Board as a non-executive director in October 2003 and
subsequently succeeded Sir Alan as Chairman of the Audit
Committee in December 2003.

The Board thanks Sir Alan for his wisdom and guidance as a non-
executive director and particularly for the role he played as
Chairman of the Audit Committee.

Lars Kylberg
Chairman

                              *****

Morgan Crucible embarked on a GBP54 million- rights issue to
fund the restructuring of its balance sheet marred by pre-tax
loss of GBP78 million at the end of 2003.  The reorganization
will save the company between GBP35 million and GBP50 million
annually from the end of 2006.

Chief executive Warren Knowlton said last month the rights issue
was preferred because he did not want "to become reliant on the
timing of the disposal program [or] increase debt levels,"
according to The Telegraph.


MOTORING MARKETING: Appoints Liquidators
----------------------------------------
Joint liquidators were appointed for insolvent classic car
auction house Coys of Kensington (Sales) Ltd. at a creditors
meeting last week, according to The Telegraph.

The assembly named Martin Armstrong, of Turpin Barker Armstrong,
based at Sutton in Surrey, and Paul Appleton, of David Rubin &
Partners in London liquidators.  They are the nominees of two of
the three largest creditors.  Creditors of the company include
Customs & Excise.

Coys of Kensington Sales Ltd. collapsed in January with debts of
GBP1.65 million.

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

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Contact:
          Paul Appleton, Liquidator

          TURPIN BARKER ARMSTRONG
          Allen House,
          1 Westmead Road, Sutton,
          Surrey SM1 4LA
          Contact:
          Martin Armstrong, Liquidator


NET400 SOLUTIONS: Hires Poppleton & Appleby Administrator
---------------------------------------------------------
Name of Company: Net400 Solutions Limited

Nature of Business:
Delivery, Installation and Maintenance of Business Computer
Systems

Trade Classification: 7620

Date of Appointment: February 27, 2004

Joint Administrative Receiver:  POPPLETON & APPLEBY
                                Brampton House Mews,
                                10 Queen Street,
                                Newcastle under Lyme,
                                Staffordshire ST5 1ED
                                Receivers:
                                Robert Michael Young
                                Ian Michael Rose
                                (IP Nos 7875, 9144)


NOTTINGHAM MARKET: General Assembly April 16
--------------------------------------------
There will be a General Meeting of the Members of The Nottingham
Hide, Skin & Fat Market Company (Limited) on April 16, 2004 at
11:00 a.m.  It will be held at 14 Park Row, Nottingham NG1 6GR.

The purpose of the Company is to present to the Members how the
Company's winding-up was conducted and the establishment's
property disposal.  Any Member, who wants to vote at the
Meeting, entitled to appoint a proxy in his/her behalf.


REDFIELD ASSOCIATES: Shareholders Meeting April 8
-------------------------------------------------
There will be a Shareholders Meeting of the Redfield Associates
Limited on April 8, 2004 at 10:00 a.m.  It will be held at the
offices of Vantis Business Recovery, 49 London Road, St Albans,
Hertfordshire AL1 1LJ.  The purpose of the Meeting is to lay
before the Shareholders how the winding-up of the Company was
conducted and the establishment's property disposed of.


SOUTHERN DOOR: Voluntary Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Southern Door Closers
Supply Co. Limited Company on March 1, 2004 held at
International House, Queens Road, Brighton BN1 3XE, the
subjoined Special Resolutions to wind up the Company were
passed.

Andrew White and Susan Agnes Maund, of Baker Tilly,
International House, Queens Road, Brighton BN1 3XE, are
appointed Joint Liquidators for the Company.

Creditors must submit in writing details of any claim against
the Company to the Liquidators of Baker Tilly, International
House, Queens Road, Brighton BN1 3XE.

The Liquidators will give notice that they intend to make a
final distribution to Creditors who have submitted claims by
March 30, 2004 otherwise a distribution will be made without
regard to the claim of any person in respect of a debt not
already proven.

No further public advertisement of invitation to prove debts
will be given.  It should be noted that the Directors of the
Company have made a Statutory Declaration that they are of the
opinion that the establishment will pay its debts in full within
a period of 12 months from the commencing of the winding-up.

CONTACT:  BAKER TILLY
          International House,
          Queens Road,
          Brighton BN1 3XE
          Contact:
          Andrew White, Liquidator
          Susan Agnes Maund, Liquidator


SOUTH WEST: Names Liquidator from Begbies Traynor
-------------------------------------------------
In a Meeting of the Sole Member of the South West Waste
Management Limited Company on February 27, 2004, the Special
Resolution to wind up the Company was passed.

I E Walker, of Begbies Traynor, Balliol House, Southernhay
Gardens, Exeter EX1 1NP, is appointed as Liquidator for the
Company.

Creditors must send in their particulars and their debts or
claims the Company due them at Balliol House, Southernhay
Gardens, Exeter EX1 1NP on or before April 10, 2004.

CONTACT:  BEGBIES TRAYNOR
          Balliol House,
          Southernhay Gardens,
          Exeter EX1 1NP
          Contact:
          I E Walker, Liquidator


SPARKER MEDIA: Brings in Administrator from Parkin Booth
--------------------------------------------------------
Name of Company: Sparker Media Limited

Nature of Business: Publishing

Trade Classification: 10

Date of Appointment: March 5, 2004

Joint Administrative Receiver:  PARKIN S BOOTH & CO
                                44 Old Hall Street,
                                Liverpool L3 9EB
                                Receiver:
                                Ian C Brown
                                John C Moran
                                (IP Nos 8621 and 5425)


SPRINGWOOD PLC: 14 Entertainment Sites Exit Receivership
--------------------------------------------------------
A group of executives acquired 14 entertainment venues of
insolvent Springwood plc for an undisclosed sum, according to
The Publican.  The new owners include former First Leisure boss
Paul Kinsey, former Springwood directors Chris Clegg, Mike
Marley and Steven Mugglestone.  They plan to create a new
company called Nexum Leisure out of the freehold and leasehold
properties they bought.  The deal excludes a package of venues
sold by First Leisure to Springwood in August 2002, with the
exception of a club in Darlington.

Springwood is one of the largest operators of late night
entertainment venues in the U.K.  It went into administrative
receivership last month at the motion of its Directors.  Mr. Ian
Best, Mr. Simon Allport and Mr. Alan Lovett of Ernst & Young LLP
have been appointed as joint administrative receivers.


TELEWEST COMMUNICATIONS: Discloses Interest of Liberty Media
------------------------------------------------------------
The Company was advised on March 17, 2004 that, as a result of
an intra-group reorganization at Liberty Media Corporation and
because of certain changes in relation to stock in Liberty Media
Corporation announced by it on March 15, 2004, the following
companies in the Liberty Media Group have a notifiable interest
under section 198 of the Companies Act 1985 in the issued
ordinary share capital of the Company in the amounts indicated:

Name of the notifying Number of ordinary     Number of ordinary
Party               shares in the Company  shares in the Company
                    in which a notifiable  in which an interest
                    interest subsists      within the meaning
                    as of Mar. 16, 2004    of s208(5) of the
                                           Companies Act
                                           subsists as
                                           March 16, 2004

Liberty Media Corporation   722,205,225     None

Liberty Media
  International LLC         722,205,225     None

Liberty Media
  International B-L         722,205,225     None
  LLC

Liberty Flex Holdings Ltd.  218,820,543     None

The Company was advised that the identities of the registered
holders of the ordinary shares referred to above, and the number
of ordinary shares held by each, are as follows:

Registered holder            Number of ordinary shares held

Liberty International B-L LLC    503,384,682

Liberty Flex Holdings Ltd        218,820,543

Liberty International B-L LLC is also the registered holder of
22,185,093 limited voting convertible ordinary shares in the
Company, in which Liberty Media Corporation and Liberty Media
International LLC have a notifiable interest and in which Dr
John C. Malone has no such interest.

As a result of the transactions referred to above, the Company
has been informed that Liberty Global Inc. and Dr John C. Malone
have ceased to be interested in 722,205,225 ordinary shares in
the issued ordinary share capital of the Company.
For the avoidance of doubt, the Company has been advised that no
acquisition or disposal of shares in the Company has been made
in connection with the interests referred to above.

CONTACT:  TELEWEST COMMUNICATIONS
          Phone: 020 7299 5000
          Richard Williams
          Head of Investor Relations
          Phone: 020 7299 5479


TOURMASTER LIMITED: Calls in Liquidator from Trendlewood
--------------------------------------------------------
At an Extraordinary Meeting of the Tourmaster Limited Company on
March 10, 2004 held at Little Teagues Farm, Lewes Road, Scaynes
Hill, West Sussex RH17 7NG, the subjoined Special Resolutions to
wind up the Company were passed.

George Thomas Ehlers, of Trendlewood, Ditchling Common, West
Sussex RH15 0SE, is appointed Liquidator for the Company.

Creditors are required to submit their names, addresses and
written details of the debts and claims the Company due them to
Trendlewood, Ditchling Common, West Sussex RH15 0SE on or before
April 16, 2004.

CONTACT: TRENDLEWOOD
         Ditchling Common,
         West Sussex RH15 0SE
         Contact:
         George Thomas Ehlers, Liquidator


TRANSNATIONAL MOTORISTS: Hires Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Transnational
Motorists Organization PLC Company on February 26, 2004 held at
24 Conduit Place, London W2 1EP, the subjoined Special
Resolution to wind up the Company was passed.

Ian Franses, of Ian Franses Associates, 24 Conduit Place, London
W2 1EP, is appointed Liquidator for the Company.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place,
          London W2 1EP
          Contact:
          Ian Franses, Liquidator


WARNER WAY: Hires Liquidator
----------------------------
At an Extraordinary Meeting of the Warner Way Limited Company
(formerly The Gainsborough Silk Weaving Company Limited) on
March 8, 2004 held at Spoons Hall, Pebmarsh, Halstead, Essex CO9
2NB, the Special Resolution to wind up the Company was passed.

Steven M Law, of Ensors, Cardinal House, 46 St Nicholas Street,
Ipswich IP1 1TT, appointed Liquidator of the Company.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Contact:
          Steven M Law, Liquidator


WILLINGTON PLC: To Swap 2 Mln Shares Under Scheme of Arrangement
----------------------------------------------------------------
Introduction

This announcement contains details of proposals for the exchange
of 2,211,937 issued ordinary shares, being all of the issued
ordinary shares in Willington Plc not beneficially owned by the
relevant members of the Robinow Family, for new preference
shares pursuant to a scheme of arrangement under section 425 of
the Companies Act 1985.  Full details of the Scheme are set out
in the document dispatched to all ordinary shareholders of the
Company.  The purpose of this announcement is to explain the
Scheme's effects and the background, which led to its
formulation.

Implementation of the Scheme will require approval of the Scheme
by holders of the converting ordinary shares at a meeting of
such holders convened at the direction of the Court and will
also require certain shareholder authorities.

Notices are set out at the end of the Scheme Document convening
the Court Meeting and an extraordinary general meeting of the
company for, respectively, 10:00 a.m. and 10:15 a.m. on April
13, 2004 for the purposes of considering and, if thought fit,
passing resolutions to provide such approval and authorities.

Background

The group was formed in 1998 pursuant to a reconstruction of REA
whereby ownership of certain U.K. businesses that still
constitute the principal operations of the group was transferred
from REA [a public company of which the issued share capital is
admitted to the official list of the United Kingdom Listing
Authority] to the company and a part of the then issued share
capital of REA was converted into 3,239,666 ordinary shares in
the capital of Willington.  Concurrently, the company raised
some GBP4.5 million (excluding expenses) by a placing and open
offer of 5,264,501 ordinary shares at a price of 85p per share
on a basis that offered individual subscribers of such shares
possible eligibility for EIS and capital gains tax deferral
reliefs.

At the time of the group's formation, it was felt that the
businesses transferred to the group by REA had previously been
constrained within the REA group by the need to compete for
capital with other capital intensive businesses in the REA group
and that, having been transferred to the group and freed of that
constraint, such businesses would have the capability of
delivering growth in dividends and capital value.  It was also
hoped that that there could be attractive opportunities for
expansion in several areas of the businesses.

A good trading performance and some limited expansion through
acquisitions during 1999 and 2000 offered the prospect that the
initial hopes for the group could be realized.  Sadly, 2001 saw
a more difficult trading environment for the group's businesses
and a downturn in performance from which the group has still to
recover.  The directors felt obliged to reduce and eventually to
cease payment of dividends on the issued ordinary shares and by
2002 the level at which the ordinary shares were being traded on
AIM had fallen to below 40p per share.

Much has been achieved since 2001 in terms of improvements to
efficiency, group focus and liquidity but the directors feel
that, realistically, it may still take some time until such
improvements are fully reflected in reported group profits and
the payment of dividends on the ordinary shares can be resumed.

In the chairman's statement in the company's 2002 annual report,
the chairman recorded that it had been recognized by the
directors that shareholders might find the outlook for the group
disappointing and that accordingly the directors were actively
giving consideration to ways in which shareholder value could be
made more reflective of the underlying asset value of the group.
However, such consideration had to take into account the special
tax constraints applicable to those shareholders who had
obtained EIS and capital gains tax deferral reliefs on
subscription of ordinary shares at the end of 1998.

With the expiry of the period of five years from the completion
of the 1998 placing and open offer, holders of ordinary shares
who acquired their shares pursuant to that placing and open
offer are now free of the special tax constraints that applied
in respect of their holdings during that five year period.
Accordingly, the directors feel that it has now become
appropriate to address the issue of the company's ordinary
shares standing on AIM at a substantial discount to the price of
85p per ordinary share at which the 1998 placing and open offer
was made.  The Scheme is the result.

The Scheme

Pursuant to the Scheme, it is proposed that the 2,211,937
converting ordinary shares, being all of the issued ordinary
shares not beneficially owned by the relevant members of the
Robinow Family, together with the amount of GBP5,122,091.27
standing to the credit of the share premium account, be
cancelled and that GBP1,880,146.45 of the reserves arising from
such cancellation (including the entire reserve of GBP552,984.25
arising from the cancellation of the converting ordinary shares)
should be applied in paying up at par a total of 2,211,937
preference shares to be issued, credited as fully paid, to (or,
in the circumstances described under 'Settlement and dealings'
in the Scheme Document, upon trust for) the holders of the
converting ordinary shares in consideration of the cancellation
of the converting ordinary shares.  Accordingly, holders of
converting ordinary shares would receive (or become beneficially
entitled to):

One preference share for each converting ordinary share in each
case as held by them at the Scheme Record Time (and so in
proportion for any other number of converting ordinary shares
held).

In order to eliminate the company's present accumulated deficit
on retained earnings and to provide reasonable assurance that
the company will have distributable reserves sufficient to meet
all dividend and redemption payments falling due in respect of
the preference shares, it is further proposed that the balance
of the reserve arising from the cancellation of share premium
account be released to distributable reserves. In seeking the
Court's approval to this, it will be necessary for the company

to satisfy the Court that the interests of the company's
creditors are not prejudiced.  This is likely to involve the
company providing an undertaking to the Court that the release
of the balance in question to distributable reserves will be
delayed until such time as all creditors of the company
outstanding on the Effective Date, other than those who have
specifically consented to the Scheme, have been paid in full or
have been the beneficiaries of arrangements assuring payment of
the balances owed to them.

However, the terms upon which the Court is willing to confirm
the proposed cancellation of share premium account are
ultimately for the Court to determine and the company will give
the Court such undertakings as it is advised are appropriate.

To see full copy of Scheme of Arrangement:
http://bankrupt.com/misc/Willington_SoA.htm


YOUNG SHIN: Winding up Resolutions Passed
-----------------------------------------
At an Extraordinary General Meeting of the Members of the Young
Shin (U.K.) Limited Company on March 5, 2004 held at the offices
of Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15
9AE, the subjoined Special Resolution to wind up the Company was
passed.

John Harvey Madden, of Taylor Rowlands is appointed Liquidator
for the Company.


                            *********


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

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