/raid1/www/Hosts/bankrupt/TCREUR_Public/040331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 31, 2004, Vol. 5, No. 64

                            Headlines

C Z E C H   R E P U B L I C

LETECKE ZAVODY: Workers Warn of Strike for Non-payment of Wages


F I N L A N D

METSO CORPORATION: Earns EUR15 Mln for Sato-Yhtyma Oyj Stake


F R A N C E

ALCATEL: Alcatel CIT Reorganization to Affect 900 Workers
CREDIT LYONNAIS: Moves Bondholders Meeting to April 5
CREDIT LYONNAIS: March 25 Bondholders Meeting Cancelled
VIVENDI UNIVERSAL: 2001 Stock Buy-back Now Under 'Formal' Probe


G E R M A N Y

BOSCH-SIEMENS: Plans to Cut 3,000 Jobs in Three Years
INFINEON TECHNOLOGIES: Outgoing Schumacher Gagged


I R E L A N D

DOHERTYS ADVERTISING: Unsecured Creditors May Get Back Some Cash


I T A L Y

PARMALAT FINANZIARIA: Deloitte Ignored Local Auditor's Warning


P O L A N D

BROK-STRZELEC: Creditor Bank Cuts Access to Accounts
ELEKTRIM SA: Execs, Creditors at Loggerheads over Strategies
ENERGOMONTAZ POLNOC: Strikes Agreement with Creditors


R U S S I A

DALSVYAZ: Rating Upgraded to 'B'; Outlook Positive
SIBIRTELECOM: 'B' Rating Affirmed; Outlook Positive
URALSVYAZINFORM: Rating Upgraded to 'BB-'; Outlook Stable


S W E D E N

LM ERICSSON: Shareholder Refuses to Sell Conversion Rights


U N I T E D   K I N G D O M

ACORN MOTORIST: Appoints Liquidator from Campbell Crossley
A J JANNERS: Calls in Liquidators
ALSO BAR: Hires Philip Simons Liquidator
AMERINDO INTERNET: Proposes to Liquidate Fund, Return Capital
ASCOM TELECOMMUNICATIONS: Hires PwC Liquidator

BEAUSIANT INTERNATIONAL: Winding up Resolution Passed
BERRY BIRCH: Appoints Liquidator from Vantis Recovery
BRONTE FOODS: Meeting of Creditors Set April 13
CAITHNESS GLASS: Edinburgh Crystal Poised to Rescue Firm
CAPULET FINANCIAL: Hires Liquidator from Berley Chartered

CONARTS LIMITED: Appoints P&A Partnership Liquidator
COOPERS & LYBRAND: Names PricewaterhouseCoopers Liquidator
CRUNCHWELL LIMITED: Assigns Critchleys Liquidator
CRW CONSTRUCTION: Calls in Liquidator
CURTIS SHAW: Appoints Liquidator from Begbies Traynor

CYCLOTECH ENVIRONMENTAL: In Administrative Receivership
DAISYVALE LTD: Andreas Georgiou Kakouris Nominated Liquidator
DMT COMMUNICATIONS: Hires Liquidator from Milsted Langdon
EQUITABLE LIFE: Not Giving up on Pursuit for Govt Compensation
GATEACRE HALL: Hires Liquidator from DTE Leonard Curtis

GLADSTONE FINANCIAL: Appoints Liquidator from Begbies Traynor
GOVETT ENHANCED: Proposed Winding-up, Restructuring Passed
HEAT EXCHANGE: Creditors to Meet April 7
HOLLINGER INC.: 3 Bidders Balk at 'Expensive' Price Tag
IAN BUXTON: Subjoined Winding up Resolution Passed

IMPOEX FOOD: In Administrative Receivership
INTERNATIONAL POWER: Tender Offer Receives 50.46% Acceptance
IVORY & SIME: Sets Investors' Entitlements Under Wind up Plan
LLOYDS TSB: Launches Major Initiative to Project Brand
MAYFLOWER CORPORATION: Errors in Books Found; Directors to Quit

MAYFLOWER CORPORATION: Melrose Interested in Acquisition
NETWORK RAIL: To Reveal GBP40 Million Budget for Rail Operations
NORBRI LIMITED: Names Liquidator from Barber Harrison
PLASMEGA LIMITED: Appoints Poppleton & Appleby Administrator
PRIMEOAK LIMITED: Calls in Liquidator

REGUS PLC: Reduces Pre-tax Loss by 81% to GBP24.8 Million
SEVE LIMITED: Winding up Resolution Passed
SOLVO LIMITED: Hires Liquidator from Ian Holland
STEVE BADCOCK: Appoints Moore Stephens Administrator


                            *********


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


LETECKE ZAVODY: Workers Warn of Strike for Non-payment of Wages
---------------------------------------------------------------
Employees of Czech Republic's largest civil aircraft
manufacturer have not been paid their wages for January,
according to Czech Happenings.  In a rally last week, Letecke
zavody Kunovice's 500 staff demanded immediate payment if the
company wants to avoid a strike.

Unions at Moravan Aeroplanes, a sister company, warned of
similar actions should they face the same plight, according to
the report.  Letecke zavody Kunovice was created in August 2001
out of bankrupt LET Kunovice.  It was later sold to Moravan-
Aeroplanes for more than CZK200 million.  Last year, the Czech
Social Security filed a bankruptcy petition, just two years
after the company avoided liquidation.

CONTACT:  LETECKE ZAVODY
          a.s. letiste Kunovice
          Na Zahonech 1177
          686 04 Kunovice
          Phone: +420 572 564 131
                 +420 572 517 620
          Fax:   +420 572 564 144


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


METSO CORPORATION: Earns EUR15 Mln for Sato-Yhtyma Oyj Stake
------------------------------------------------------------
Metso Corporation agreed to sell its 239,555 shares in Sato-
Yhtyma Oyj to Ilmarinen Mutual Pension Insurance Company.  The
share holding represents 10.9% of the share capital of Sato-
Yhtyma Oyj.  The value of the sale is over EUR15 million.  The
ownership of the shares will be transferred to the buyer on
March 31, 2004.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion and the personnel totaled approximately 27,400.
Metso Corporation is listed on the Helsinki and New York Stock
Exchanges.

CONTACT:  METSO CORPORATION
          Eero Leivo, SVP, Administration
          Phone: +358 204 84 3230


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


ALCATEL: Alcatel CIT Reorganization to Affect 900 Workers
---------------------------------------------------------
The senior management of Alcatel CIT, the main French-based
subsidiary of Alcatel (Paris: CGEP.PA and NYSE: ALA), on Monday
signed a redeployment and adaptation agreement with CFDT, CFTC
and FO, the major union representatives.

The agreement provides in particular for the recruitment of some
450 employees in 2004, including more than 100 transfers from
other Group entities.  One-third of the new jobs will be created
in the Paris region and the remainder elsewhere in France.

As announced on December 3, 2003, the adaptation plan also
includes:

(a) Staff redeployment and adaptation in terms of activities,
    business lines and sites, affecting 900 people; and

(b) The implementation of a workforce reduction plan covering
    approximately 500 employees, most of whom will take early
    retirement.  Other measures include voluntary part-time work
    and retirement for long-serving staff.

The redeployment plan was drawn up in response to the decline in
sectors such as conventional fixed-line networks and growth in
other sectors, including mobile telephony and applications.  The
plan also aims to achieve a more balanced spread of activities
among the company's facilities.  Alcatel CIT currently employs
7,200 people.


CREDIT LYONNAIS: Moves Bondholders Meeting to April 5
-----------------------------------------------------
French Societe Anonyme with Capital of EUR1,832,530,645
Registered Office: 18, Rue de la Republique, 69002 Lyon
Head office and Administration:
19, Boulevard des Italiens, 75002 Paris
RCS Paris, Siren Number 954 509 741

Second Notice of Meeting of Bondholders of the fixed rate bonds
due 2006, issued by Credit Lyonnais

The quorum of the General Meeting of the Bondholders of the Euro
denominated fixed rate bonds due April 2006, Isin Code
XS0031477622, issued by Credit Lyonnais, to be held on first
time the 25th March 2004 was not attained.  Therefore these
Bondholders are convened to a General Meeting to be held on
second time the 5th of April 2004 at 6:00 p.m. at 19, boulevard
des Italiens, 75002 Paris.

The Agenda proposed by The Board of Directors for this General
Meeting is the same as the Agenda proposed for the General
Meeting to be held on first time:

(a) Special report of the board of Directors to the
    Bondholders' General Meeting.

(b) Approval of the draft of contribution in kind by Credit
    Lyonnais to Credit Agricole Indosuez of its financing and
    investment banking activities.

(c) Formalities

The General Meeting is made up of all the Bondholders.

In order to attend the General Meeting:

    (i) Bondholders of registered bonds must be registered with
        the Credit Lyonnais at the latest five days before the
        date set for the General Meeting.

   (ii) Bondholders of bearer bonds should request a statement
        from the authorized financial institution that holds
        their bonds on an account and/or in physical deposit
        and/or in any other manner, declaring that these bonds
        are not freely available until the date set for the
        General Meeting, at the latest five days before the date
        set for the General Meeting.  The statement should be
        sent to Euro Emmetteurs Finance-Assemblees Generales,
        48, boulevard des Batignolles, 75850 Paris cedex 17,
        France.

The Bondholders who wish (i) to attend the General Meeting or
(ii) to be represented at this General Meeting, may request from
Euro Emetteurs Finance (i) an admission card (carte d'admission)
or (ii) a form allowing them to be represented at the General
Meeting, as the case may be, provided they meet the above
requirements.  Such form used for the General Meeting asked to
be hold on first time will remain valid for the General Meeting
asked to be hold on second time.

The special report of the board of Directors and the other
documents presented to the General Meeting will be placed at the
Bondholders disposal at the head office of Euro Emetteurs
Finance.

The Board of Directors


CREDIT LYONNAIS: March 25 Bondholders Meeting Cancelled
-------------------------------------------------------
French Societe Anonyme with Capital of EUR1,832,530,645
Registered Office: 18, Rue de la Republique, 69002 Lyon
Head office and Administration:
19, Boulevard des Italiens, 75002 Paris
RCS Paris, Siren Number 954 509 741

Second Notice of Meeting of Bondholders of the fixed rate bonds
due 2004, issued by Credit Lyonnais

The quorum of the General Meeting of the Bondholders of the Euro
denominated fixed rate bonds due September 2004, Isin Code
XS0045772307, issued by Credit Lyonnais, to be held on first
time the 25th March 2004 was not attained.  Therefore these
Bondholders are convened to a General Meeting to be held on
second time the 5th of April 2004 at 4:00 p.m. at 19, boulevard
des Italiens, 75002 Paris.

The Agenda proposed by The Board of Directors for this General
Meeting is the same as the Agenda proposed for the General
Meeting to be held on first time:

(a) Special report of the board of Directors to the
    Bondholders' General Meeting.

(b) Approval of the draft of contribution in kind by Credit
    Lyonnais to Credit Agricole Indosuez of its financing and
    investment banking activities.

(c) Formalities

The General Meeting is made up of all the Bondholders.

In order to attend the General Meeting:

    (i) Bondholders of registered bonds must be registered with
        the Credit Lyonnais at the latest five days before the
        date set for the General Meeting.

   (ii) Bondholders of bearer bonds should request a statement
        from the authorized financial institution that holds
        their bonds on an account and/or in physical deposit
        and/or in any other manner, declaring that these bonds
        are not freely available until the date set for the
        General Meeting, at the latest five days before the date
        set for the General Meeting.  The statement should be
        sent to Euro Emmetteurs Finance-Assemblees Generales,
        48, boulevard des Batignolles, 75850 Paris cedex 17,
        France.

The Bondholders who wish (i) to attend the General Meeting or
(ii) to be represented at this General Meeting, may request from
Euro Emetteurs Finance (i) an admission card (carte d'admission)
or (ii) a form allowing them to be represented at the General
Meeting, as the case may be, provided they meet the above
requirements.  Such form used for the General Meeting asked to
be hold on first time will remain valid for the General Meeting
asked to be hold on second time.

The special report of the board of Directors and the other
documents presented to the General Meeting will be placed at the
Bondholders disposal at the head office of Euro Emetteurs
Finance.

The Board of Directors


VIVENDI UNIVERSAL: 2001 Stock Buy-back Now Under 'Formal' Probe
---------------------------------------------------------------
Two senior officials at Vivendi Universal are now under formal
investigation for alleged share price manipulation, according to
the Financial Times.  The move is the result of a long-running
informal probe that began in October 2002.

Hubert Dupont-Lhotelian, treasurer, and his assistant, Francois
Blondet, are being interrogated together with the head of
Deutsche Bank's equities business in France for stock buyout
they dealt in behalf of former chief executive Jean-Marie
Messier.  Mr. Messier was ousted in 2002, but the two are still
with Vivendi, a company spokesman confirmed.

Mr. Messier allegedly ordered Mr. Dupont-Lhotelian and Mr.
Blondet to repurchase stock in the market in an effort to prop
up shares after the September 11 terrorist attacks in the U.S.
The treasury stocks bought reached EUR6.3 billion, or 9.9% of
capital at the end of 2001.  Authorities are suspecting that
Vivendi may have exceeded the 10% limit in its stock
repurchases.  The deal might have played a role in the company's
near-collapse in 2002, they say.

Philippe Guez, chairman of Deutsche Bank's equities business, is
accused of manipulating the Vivendi Universal share price
between September 17 and October 2, 2001 by executing a massive
share buy-back plan in a closed period.  Mr. Messier explained
he ordered the buy-backs "in conformity with the SEC's
position."  He wanted to be part of the investigation himself so
he could defend his actions and that of his former colleagues.
Roger Doumith is the lawyer of Mr. Dupont-Lhotelian.


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


BOSCH-SIEMENS: Plans to Cut 3,000 Jobs in Three Years
-----------------------------------------------------
Up to 3,000 Bosch-Siemens workers could be axed as the German
appliance maker battles heightened global competition and poor
economic climate.

Agence France-Presse learned from a company spokeswoman the firm
is planning to cut jobs in the countryside to save on personnel
costs.  Management is finding ways to save on expenses and might
propose increasing the number of hours work from the current 35
per week.  It might also suggest getting rid of certain bonuses.
If the plan is rejected, however, the company might be forced to
cut jobs, the spokeswoman said.

"If nothing changes on an economic level, on a cost level, then
we will have 3,000 fewer posts in three years," she said.
Bosch-Siemens employs 35,000, including 14,000 in Germany.  The
figure was an "accounting example" based on 1,000 job cuts the
company made last year, the spokeswoman said.


INFINEON TECHNOLOGIES: Outgoing Schumacher Gagged
-------------------------------------------------
Ousted CEO Ulrich Schumacher has agreed to keep silent about his
impending departure, according to The Asian Wall Street Journal.

People familiar with the matter told the paper Mr. Schumacher
promised the board he will neither reveal the terms of his
departure nor speak about the circumstances leading to his
ouster.  The 45-year-old executive lost his post following a
six-hour meeting of the supervisory board where subordinates
criticized him for his dictatorial style of leadership.  The
company refused to comment on the terms of his departure.  His
contract was supposed to run until 2007.

Mr. Schumacher's ouster comes as unions and big business are at
loggerheads over the country's model of capitalism that is based
on social partnership, high taxes and a generous welfare state.


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


DOHERTYS ADVERTISING: Unsecured Creditors May Get Back Some Cash
----------------------------------------------------------------
Friel Stafford, the firm liquidating advertising agency
Dohertys, plans to take legal action that may spell good news to
the company's unsecured creditors, according to BizWorld.

The report, citing Irish Times, said Jim Stafford told creditors
"it is possible" he may issue legal proceedings and that
realizations from such proceedings may produce a dividend for
unsecured creditors.  He refused to give additional details for
legal reasons.  The firm has assets of EUR3.2 million.  It owes
creditors EUR6.9 million, EUR3.4 million of which is due to
Ulster Bank.

CONTACT:  FRIEL STAFFORD
          13 Fitzwilliam Square
          Dublin 2


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


PARMALAT FINANZIARIA: Deloitte Ignored Local Auditor's Warning
--------------------------------------------------------------
The Parmalat story has just become compelling.  According to the
Wall Street Journal, investigators have uncovered what appears
to be an attempt to ignore, if not silence, a warning raised by
a Deloitte auditor long before Parmalat collapsed.

Citing documents filed by Italian prosecutors last week, the
paper yesterday said that as early as three years ago a
Brazilian accountant had repeatedly raised red flags over
suspicious transactions involving Bonlat Financing Corp.  But
nobody listened and did something about it.

Wanderley Olivetti, who works for the Brazilian branch of
Deloitte Touche and Tohmatsu, raised the first alarm in March
2001 while preparing the books of Parmalat subsidiaries in
Brazil.  In an e-mail to Adolfo Mamoli, a partner at Deloitte
Italy, he questioned Bonlat's ability to pay the US$225 million
it owed the Brazilian operations.

"We are very concerned about the realization of this amount and
also about the capacity of Bonlat to liquidate such amounts,"
Mr. Olivetti's e-mail reads.  In another e-mail, seen by the
Wall Street Journal, the Brazilian auditor asked for a "comfort
letter" from Parmalat's headquarters guaranteeing Bonlat's debt.
It isn't clear whether such a guarantee was given and no mention
of this was made in Parmalat's group accounts.

Mr. Olivetti repeated his concerns in early 2002 while preparing
the 2001 audits of two Parmalat subsidiaries in Brazil, this
time raising questions about intercompany transfers between
those units and Bonlat.  In May 2002, Mr. Olivetti agreed
Deloitte Brazil wouldn't qualify the accounts of Parmalat
Participacoes, although he insisted on inserting a note
emphasizing that the results would have been different had the
intercompany transfers been undertaken with companies not
associated with the Parmalat group.  Such "emphasis notes,"
however, aren't as much of a red flag as a qualification, the
Journal said.

Mr. Olivetti's repeated warnings reached the U.S. headquarters
of Deloitte via the Italian unit, but were apparently ignored
after the Italian practice warned that Parmalat might sever its
"multimillion-dollar world-wide engagement," says the Journal,
citing a Deloitte memo.  The rest is history.  In December last
year, Parmalat admitted the non-existence of a US$4.7 billion
account under the name of Bonlat and filed for bankruptcy six
days later.  Deloitte Italy was Parmalat's lead auditor from
1999 to early 2004.

Deloitte, which refused to comment when reached by the Journal,
has insisted its work on Parmalat was "in accordance with
standards in force in Italy at the time."  It also stressed that
another firm -- Grant Thornton S.p.A. -- was responsible for
auditing Bonlat, which according to Parmalat executives was
formed to purposely hide fraudulent financial transactions.

Today, about EUR10 billion is still missing from Parmalat's
accounts, while 29 people and three institutions -- including
Deloitte Italy -- are now facing various criminal prosecution.
As for Mr. Olivetti there are no indications he was gagged after
making noise about Bonlat.  He is still with Deloitte Brazil.


===========
P O L A N D
===========


BROK-STRZELEC: Creditor Bank Cuts Access to Accounts
----------------------------------------------------
Bank Pekao has frozen the accounts of Brok-Strzelec because of
its failure to pay debts on time, according to Warsaw Business
Journal.

The move puzzled Brok's president, Adam, Brodowski.  He said:
"On March 16 we paid PLN17 million which means our debt has been
reduced to PLN15 million from PLN32 million."  He added: "The
bank acts as if it never received the money and makes me look
like a person who is deceiving the market.  We agreed that Pekao
was to get the rest of the money right after our bond issue in
April."

According to the report, the freezing of the accounts could lead
to the bankruptcy of the brewer.

CONTACT:  BANK PEKAO
          S.A. IV Oddz. Warszawa


ELEKTRIM SA: Execs, Creditors at Loggerheads over Strategies
------------------------------------------------------------
Elektrim bondholders have aired new complaints against the
company's management.  They argued that Elektrim failed to
comply with the agreed terms of debt repayment, according to
Warsaw Business Journal.  They also blamed the company for the
suspension of Piotr Rymaszewski, the creditors' representative
on the supervisory board.

The company has EUR440 million in debts that mature in 2005.
Elektrim's president, Piotr Nurowski, has said the loan will be
serviced before the deadline.

Zygmunt Solorz, the head of Elektrim's supervisory board,
meanwhile, revealed plans to pursue the sale of the company's
stake in Polska Telefonia, a business whose ownership it shares
with Vivendi.  This is while creditors, who, on the basis of
their bonds with rights to immediate sale, demand a takeover.

Mr. Solorz said: "In the coming weeks, together with Vivendi, we
want to present a final offer to sell a majority stake in Polska
Telefonia Cyfrowa to Deutsche Telekom.  If after this, there
still is not enough money for the bondholders, than as the
largest shareholder in Elektrim, I am ready to guarantee the
remaining sum."


ENERGOMONTAZ POLNOC: Strikes Agreement with Creditors
-----------------------------------------------------
Creditors of construction company Energomontaz Polnoc accepted a
debt settlement agreement proposed by the company at a
shareholders meeting Monday.

Under the plan, almost PLN30 million of debt arising mostly from
commercial obligations will be reduced by 40%.  As for the
remaining amount, the company promised to deliver payments in 20
quarterly installments.

"We are also negotiating repaying another PLN30 million debt to
banks," said Energomontaz Polnoc's president Wieslaw Mariusz
Rozacki.

Energomontaz Polnoc reported PLN36.5 million net loss in 2003.
Profits during the previous year were PLN2.56 million.

The company claims it has completed its restructuring.  It
expects to report higher margins on contracts in 2004, despite
low projected revenues.


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


DALSVYAZ: Rating Upgraded to 'B'; Outlook Positive
--------------------------------------------------
Fitch Ratings upgraded Dalsvyaz's Senior Unsecured foreign
currency rating to 'B' from 'B-', and changed the rating Outlook
to Positive from Stable.  At the same time, the agency has
affirmed Dalsvyaz's Short-term foreign currency rating at 'B'.
The upgrades reflect the company's strong market position as an
incumbent provider of fixed-line telephone services in the Far
Eastern region of Russia.  Since its merger with six regional
operators at end-2002, Dalsvyaz's scale of operations has
significantly increased providing the company with additional
financial flexibility.

The level of leverage is modest, and although leverage metrics
are projected to somewhat deteriorates in the future
nevertheless they fully correspond to Dalsvyaz's ratings.
During 2003 Dalsvyaz extended maturity profile of its debt while
its cash position should significantly improve after receiving
payments totaling USD39.9 million from its stake sale in the
regional GSM and NMT-450 providers.

The ratings also take into account Dalsvyaz's very low exposure
to mobile business, which curtails its growth opportunities and
deprives it of any potential benefits from fixed/mobile
integration.  Moreover, profitability of the fixed-line business
remains low.  Fitch does not see Dalsvyaz in a position to
successfully develop the mobile business even if the company
receives a broader mobile license or acquires a regional mobile
telecom.

Its large territorial spread/low population density operating
profile makes Dalsvyaz a relatively high cost telecom provider
compared to its Russian peers, hence limiting its potential
profitability upside.  Its EBITDA margin is significantly lower
than other super-regional telecoms.  Dalsvyaz's tariffs on its
key services including long-distance and local rates are
regulated, which exposes the company to high uncertainty over
its future rate structure, and curbs its ability to grow
revenues and cash flows.  At present, tariffs on local services
are set below cost, forcing the company to cross-subsidize
between various business segments.  Dalsvyaz expects that
gradual tariff hikes will help it to break even in the local
services segment by 2007, although the regulator has not made
any tariff increase commitments.  Current tariffs are on average
equal or higher than in many other regions of Russia, making the
regulator reluctant to hike them further.

Dalsvyaz's capex was significantly increased in 2003, and is
projected by the management to grow further in 2004 and remain
high in the future.  Fitch notes that the announced capex and
expansion plans in the mid-to long-term are based on the
expectation of continuous high demand for new installations in
the fixed-line segment that are yet to be tested.  These capex
plans suggest that Dalsvyaz will build up the level of debt on
its balance sheet.  Unless the debt is supported by rapid growth
in revenues and operating cash flows, it may expose Dalsvyaz to
significant refinancing risks over the medium-term.  Fitch
expects the company will return to net free cash flow positive
in the longer-term when capex moderates as new fixed line
installations satisfy the pent-up demand.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the key management
composition and strategic decision-making process at Dalsvyaz.
Fitch expects that Svyazinvest will continue to exert its
influence in the future.

CONTACTS: FITCH RATINGS
          Nikolai Lukashevich, London
          Phone: +44 (20) 7862 4103
          E-mail: nikolai.lukashevich@fitchratings.com
          Raymond Hill, London
          Phone: +44 (20) 7417 4314
          E-mail: raymond.hill@fitchratings.com

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


SIBIRTELECOM: 'B' Rating Affirmed; Outlook Positive
---------------------------------------------------
Fitch Ratings affirmed Sibirtelecom's Senior Unsecured foreign
currency rating at 'B+', with Positive Outlook.  At the same
time, the agency has affirmed Sibirtelecom's Short-term foreign
currency rating at B.  The ratings consider the significant
growth in Sibirtelecom's revenues and earnings over the last two
years, while the Positive Outlook reflects what Fitch views as
upbeat prospects for 2004 and beyond.  Fitch estimates that
Sibirtelecom leadership in the residential sector will be
unrivalled in the mid-term while competition in the business
segment may intensify.

The ratings reflect Sibirtelecom's dominant market position in
Eastern and large part of Western Siberia.  Both the vast
territorial spread and low population density make the company a
relatively high cost telecom provider compared to its peers in
west of the Urals.  As its tariffs on key services such as local
connections and long-distance telephony are regulated, there is
a risk that tariff hikes -- which need to be approved by the
regulator -- may not be sufficient to maintain its margins.

The company derives a significant portion of its revenues from
long-distance telephony while its tariffs are often higher than
those offered by alternative operators.  Over the longer-term,
the sector may see more competition and result in the reduction
of the company's market share.  Nevertheless, growth in long-
distance telephony is likely to be supported by increasing
traffic volumes on the back of an improving Russian economy.

Sibirtelecom's mobile subscriber base is rapidly expanding with
the share of mobile revenues increasing.  However, the company
is facing fierce competition from nation-wide mobile providers
that may squeeze its margins; over the longer-term this may
force it to look for opportunities to merge or divest of this
business.

In 2003 Sibirtelecom issued RUR1.53 billion domestic bond with a
maturity of three years, and its board approved a similar issue
worth RUR2.0bn to be placed later in 2004.  Both bond issues
should significantly extend the average maturity of the
company's debt.  However, Sibirtelecom's leverage is expected to
increase in the future while in absolute terms net debt is
likely to grow mid-term.  The company is planning expansive
capex in both fixed-line and mobile segments, and expects to
turn net free cash flow positive only longer-term.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the strategic decision
making process at Sibirtelecom.

CONTACTS: FITCH RATINGS
          Nikolai Lukashevich, London
          Phone: +44 (20) 7862 4103
          E-mail: nikolai.lukashevich@fitchratings.com
          Albert Jan Hofman, London
          Phone: +44 (20) 7417 4282
          E-mail: albert.hofman@fitchratings.com

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


URALSVYAZINFORM: Rating Upgraded to 'BB-'; Outlook Stable
---------------------------------------------------------
Fitch Ratings upgraded Uralsvyazinform's Senior Unsecured
foreign currency rating to 'BB-' from 'B+'.   Following the
upgrade, the rating Outlook is now Stable.  At the same time,
the agency has affirmed Uralsvyazinform's Short-term unsecured
foreign currency rating at 'B'.

The ratings reflect Uralsvyazinform's strong market position in
Urals and part of Western Siberia in both fixed-line and mobile
segments.  It has been able to significantly reduce the level of
cross-subsidization between its business segments.  Although
tariffs on its key fixed-line services are regulated, its
exposure to regulatory risks is only modest.  The company's
margins have been strong and Fitch believes that the outlook for
2004 and beyond is positive in this regard.  Organic growth has
been solid, and should be supported, among other things, by
increasing long distance traffic; planned tariff hikes on local
services, and a rapidly expanding mobile subscriber base.  The
company has a strong management team that keeps tight cost
control, which should help to preserve margins in the future.

As an incumbent fixed-line operator, Uralsvyazinform benefits
from significant economies of scale by servicing 87% of regional
fixed-lines.  Unlike many of its domestic peers, the company
provides a wide range of quality modern telecom services at
reasonable prices, which helps to maintain its high competitive
position and market share.  It is the leading mobile provider in
the Urals and parts of Western Siberia, except for Sverdlovsk
region, in which it has only just started to provide mobile
services.  In March 2004 it received a license to operate GSM
900/1800 standard in the Sverdlovsk region, thereby giving it
full mobile coverage of its entire fixed-line operational
territory.  Fitch believes that Uralsvyazinform is well
positioned to preserve its overall leadership in this segment at
least in the medium-term.

The company's leverage remains at a modest level.  Although net
debt is growing on the back of an expansive capex program,
leverage is supported by fast growing EBITDA, and is projected
to remain modest.  Fitch expects that in the mid- to long-term
Uralsvyazinform will turn net free cash flow positive when the
expansive mobile and fixed-line capex program runs its course.

As Uralsvyazinform's share of short-term debt is relatively low,
the company is only exposed to refinancing risks in the medium
to long-term.  In 2003 it issued domestically placed RUR3
billion bond with a tenor of 3 years, which significantly
extended its maturity profile.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the strategic decision
making process at Uralsvyazinform.

CONTACTS:  FITCH RATINGS
           Nikolai Lukashevich, London
           Phone: +44 (20) 7862 4103
           E-mail: nikolai.lukashevich@fitchratings.com
           Albert Jan Hofman, London
           Phone: +44 (20) 7417 4282
           E-mail: albert.hofman@fitchratings.com

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


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


LM ERICSSON: Shareholder Refuses to Sell Conversion Rights
----------------------------------------------------------
With reference to the proposal that was made public on February
19, 2004 to reduce the differences in voting rights in Ericsson,
and to issue conversion rights, which is expected to be taken up
for the approval of an extra general meeting in Ericsson, it is
hereby reported that Investor will not accept the offer from a
number of major B-shareholders to sell 25% of its conversion
rights to them.

Ericsson is rated BB/Negative/B by Standard & Poor's.

CONTACT:  LM ERICSSON
          Corporate Communications:
          Fredrik Lindgren, Vice President
          Phone: +46 8 614 20 31
             or +46 735 24 20 31


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


ACORN MOTORIST: Appoints Liquidator from Campbell Crossley
----------------------------------------------------------
At an Extraordinary General Meeting of the Acorn Motorist Centre
Limited Company on March 19, 2004 held at The Rhinewood Inn and
Hotel, Glazebrook Lane, Glazebrook, near Warrington WA3 5BB, the
subjoined Resolutions to wind up the Company were passed.
Richard Ian Williamson, of Campbell Crossley and Davis, 348-350
Lytham Road, Blackpool FY4 1DW, has been appointed Liquidator of
the Company for the purposes of such winding-up.

CONTACT:  CAMPBELL CROSSLEY AND DAVIS
          348-350 Lytham Road,
          Blackpool FY4 1DW
          Contact:
          Richard Ian Williamson, Liquidator


A J JANNERS: Calls in Liquidators
---------------------------------
At an Extraordinary General Meeting of the Members of the A J
Janners Limited Company on March 15, 2004 held at 67 Butts Green
Road, Hornchurch, Essex RM11 2JS, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  J S French and
G Mummery have been appointed Joint Liquidators for the purposes
of such winding-up.


ALSO BAR: Hires Philip Simons Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of the Also
Bar Limited (t/a So Bar) Company on March 19, 2004 held at
Langley House, Park Road, London N2 8EX, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Philip
E Simons has been appointed Liquidator for the purposes of such
winding-up.


AMERINDO INTERNET: Proposes to Liquidate Fund, Return Capital
-------------------------------------------------------------
Not For Distribution In The United States

The Future of the Company

The Board of the Amerindo Internet Fund PLC announced on
February 5, 2004 that it intended to convene an Extraordinary
General Meeting as soon as practicable, as a consequence of
discussions with the Company's largest Shareholder which now
wishes to realize its investment at close to net asset value.

The Board announced that it has posted a circular to
shareholders on Monday, outlining the proposals and action to be
taken by Shareholders.

Shareholders will be invited to vote on two special resolutions
at the EGM.  The first Resolution will be that the Company
should be discontinued, that is to say, be wound down and
capital returned to Shareholders.   In the event that the
Discontinuation Vote is defeated and the Company continues its
existence, the Board will continue to review regularly the
Company's structure and management for the benefit of all
Shareholders.

The second Resolution, which will only be put to Shareholders if
the first Resolution is passed and the Company is to be wound
down, will seek approval for the Board's recommended Capital
Return Proposal and the new fee arrangement with the Manager.
The Manager is, under the Listing Rules, considered a related
party of the Company and accordingly the amendment to the
investment management arrangements is a related party
transaction, which requires Shareholder approval.  In addition,
the confirmation of the Court in respect of the Reduction of
Share Capital will also be required in order to generate the
distributable reserves necessary to implement the Capital Return
Proposal.

Both Resolutions are special resolutions and require the
approval of at least 75% of those Shareholders voting at the
EGM, whether in person or by proxy.

Shareholders should view the Discontinuation Vote as a vote on
whether they wish the Company to continue or to be restructured,
capital returned and eventually liquidated, in the manner
described below.  The Board believes the Company should
continue on the grounds that the original premise at launch is
still valid, that the technology markets are beginning to
recover and that the Manager's recent performance has been good.
However, should Shareholders vote for the discontinuation of the
Company, the Board believes that the Capital Return Proposal is
in the best interests of Shareholders as a whole.

The Board intends to maintain the current high level of
liquidity within the Company's portfolio pending the outcome of
the EGM, in the form of cash and near-cash equivalent
investments denominated in U.S. dollars.  Since launch, the
Board has consistently followed a policy of not hedging against
U.S. dollar depreciation in relation to the Company's assets.
If the Capital Return Proposal is approved by Shareholders at
the EGM, the Board will convert as soon as practicable the
applicable cash and near-cash equivalent investments denominated
in U.S. dollars into Sterling pending the redemption of the
Redeemable Shares under the Initial Redemption.

To view full copy of document:
http://bankrupt.com/misc/Amerindo_Proposal.htm

CONTACT:  AMERINDO INTERNET FUND PLC
          John Botts, Chairman
          Phone: 020 7427 6332

          CAZENOVE & CO. LTD
          Angus Gordon Lennox
          Phone: 020 7588 2828

          HOGATH PARTNERSHIP
          Nick Denton
          Phone: 020 7357 9477


ASCOM TELECOMMUNICATIONS: Hires PwC Liquidator
----------------------------------------------
At the Extraordinary General Meeting of the Ascom
Telecommunications Limited Company on March 23, 2004 the Special
and Ordinary Resolutions to wind up the Company were passed.
Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP,
One Kingsway, Cardiff CF10 3PW, have been appointed Joint
Liquidators of the Company for the purposes of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          One Kingsway,
          Cardiff CF10 3PW
          Contact:
          Tim Walsh, Liquidator
          Jonathan Sisson, Liquidator
          Phone: [44] (29) 2023 7000
          Fax:   [44] (29) 2080 2400, 2404 (VAT)
          Web site: http://www.pwcglobal.com


BEAUSIANT INTERNATIONAL: Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Beausiant
International Company on March 19, 2004 held at 26 Farringdon
Street, London EC4A 4AB, the Special Resolution to wind up the
Company was passed.  Mark N Ranson, of Horwath Clark Whitehill
(Yorkshire) LLP, North Lane House, 9B North Lane, Headingley,
Leeds LS6 3HG, has been appointed Liquidator of the Company for
the purposes of the voluntary winding-up.

CONTACT:  HORWATH CLRK WHITEHALL (YORKSHIRE) LLP
          North Lane House,
          98 North Lane, Headingley,
          Leeds LS6 3HG
          Contact:
          Mark N Ranson, Liquidator


BERRY BIRCH: Appoints Liquidator from Vantis Recovery
-----------------------------------------------------
At an Extraordinary General Meeting of the Berry Birch & Noble
Financial Services Limited Company on March 12, 2004 held at The
Quality Hotel, 234 London Road, St Albans, Hertfordshire, the
subjoined Extraordinary Resolution to wind up the Company was
passed.  Nigel Hamilton-Smith and James Bradney, of Vantis
Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD, have been appointed Joint
Liquidators for the purposes of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill,
          St Albans,
          Hertfordshire Al1 1HD
          Contact:
          Nigel Hamilton-Smith, Liquidator
          James Bradney, Liquidator


BRONTE FOODS: Meeting of Creditors Set April 13
-----------------------------------------------
There will be a Creditors Meeting of the Bronte Foods Limited
Company on April 13, 2004 at 10:00 a.m.  It will be held at Le
Meridien Hotel Metropole, King Street, Leeds LS1 2JN.

Creditors who want to vote at the Meeting must submit written
details of their debt claims the Company due them at PO Box 61,
Cloth Hall Court, 14 King Street, Leeds LS1 2JN not later than
12:00 noon April 12, 2004.


CAITHNESS GLASS: Edinburgh Crystal Poised to Rescue Firm
--------------------------------------------------------
Receivers Deloitte may report the sale of giftware company
Caithness Glass to Midlothian-based rival Edinburgh Crystal
Glass, according to Sunday Herald Online.

John Reid, a partner in Deloitte's, said earlier: "We asked for
offers on March 19 and are now are in discussions with a number
of parties.  But we cannot disclose any names."  It is believed,
however, that Edinburgh Crystal has advanced in the front-line
position in the process.

Deloitte plans to shutter the plant, and dismiss 50 of its
employees.  The company has 100 staff at its Inveralmond plant
and visitor center near Perth.  It also has 12 staff in King's
Lynn.  It made losses of GBP1 million on sales of GBP8 million
last year.


CAPULET FINANCIAL: Hires Liquidator from Berley Chartered
---------------------------------------------------------
At an Extraordinary General Meeting of the Capulet Financial
Management Limited Company on March 22, 2004 held at 76 New
Cavendish Street, London W1G 9TB, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Jeremy Berman, of
Berley Chartered Accountants, 76 New Cavendish Street, London
W1G 9TB, has been appointed Liquidator for the Company.

CONTACT:  BERLEY CHARTERED ACCOUNTANTS
          76 New Cavendish Street,
          London W1G 9TB
          Contact:
          Jeremy Berman, Liquidator


CONARTS LIMITED: Appoints P&A Partnership Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Conarts Limited
Company on March 18, 2004 held at 93 Queen Street, Sheffield S1
1WF, the Extraordinary Resolutions to wind up the Company were
passed.  Andrew Philip Wood and Philip Andrew Revill, of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF, have been
appointed Liquidators for the Company.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Contact:
          Andrew Philip Wood, Liquidator
          Philip Andrew Revill, Liquidator


COOPERS & LYBRAND: Names PricewaterhouseCoopers Liquidator
----------------------------------------------------------
At the Extraordinary General Meeting of the Coopers & Lybrand
Russia (Property) Limited Company on March 15, 2004, the Special
and Ordinary Resolution to wind up the Company was passed.  Tim
Walsh and Ian Oakley Smith of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, have been appointed Joint
Liquidators of the Company for the purposes of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Contact:
          Tim Walsh, Liquidator
          Ian Oakley Smith, Liquidator
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


CRUNCHWELL LIMITED: Assigns Critchleys Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Crunchwell Limited
Company on March 18, 2004 held at 107 Kenilworth Avenue,
Wimbledon SW19 7LP, the Special and Ordinary Resolutions to wind
up the Company were passed.  Susan Margaret Roscoe, of
Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BB,
has been appointed Liquidator of the Company for the purpose of
the voluntary winding-up.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BB
          Contact:
          Susan Margaret Roscoe, Liquidator


CRW CONSTRUCTION: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Members of the CRW
Construction Limited Company on March 12, 2004 held at Gladstone
House, 77-79 High Street, Egham, Surrey TW20 9HY, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Keith Aleric Stevens, of Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY, has
been appointed Liquidator of the Company.

CONTACT:  WILKINS KENNEDY
          Gladstone House,
          77-79 High Street, Egham,
          Surrey TW20 9HY
          Contact:
          Keith Aleric Stevens, Liquidator


CURTIS SHAW: Appoints Liquidator from Begbies Traynor
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Curtis
Shaw Limited Company on March 18, 2004 held at Chiltern House,
24-30 King Street, Watford WD18 0BP, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Paul
Michael Davis and Timothy John Edward Dolder, of Begbies
Traynor, Chiltern House, 24-30 King Street, Watford WD18 0B have
been appointed Joint Liquidators of the Company for the purpose
of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0B
          Contact:
          Paul Michael Davis, Liquidator
          Timothy John Edward Dolder, Liquidator
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


CYCLOTECH ENVIRONMENTAL: In Administrative Receivership
-------------------------------------------------------
Name of Company: Cyclotech Environmental Limited

Reg No 00504968

Type and Date of Instrument of Appointment:
Debenture dated August 15, 2002

Date of Appointment of Joint Administrative Receivers:
March 19, 2004

Name of Person Appointing the Joint Administrative Receivers:
Technical & General Guarantee Company Limited.

Joint Administrative Receivers:  BN JACKSON NORTON
                                 1 Gray's Inn Square,
                                 Gray's Inn,
                                 London WC1R 5AA
                                 Receivers:
                                 Michael Colin John Sanders
                                 Shirley Angela Jackson


DAISYVALE LTD: Andreas Georgiou Kakouris Nominated Liquidator
-------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Daisyvale Limited Company on March 22, 2004 held at 43
Blackstock Road, London N4 2JF, the Extraordinary Resolution to
wind up the Company was passed.  Andreas Georgiou Kakouris, of
43 Blackstock Road, London N4 2JF, has been nominated Liquidator
for the purposes of the winding-up.

CONTACT:  ANDREAS GEORGIOU KAKOURIS, Liquidator
          43 Blackstock Road,
          London N4 2JF


DMT COMMUNICATIONS: Hires Liquidator from Milsted Langdon
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of DMT
Communications Limited Company on March 12, 2004 held at
Winchester House, Deane Gate Avenue, Taunton TA1 2UH, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Timothy Alexander Close, of Milsted Langdon,
Winchester House, Deane Gate Avenue, Taunton, Somerset TA1 2UH
has been appointed Liquidator for the Company.

CONTACT:  MILSTED LANGDON
          Winchester House,
          Deane Gate Avenue, Taunton
          Somerset TA1 2UH
          Contact:
          Timothy Alexander Close, Liquidator


EQUITABLE LIFE: Not Giving up on Pursuit for Govt Compensation
--------------------------------------------------------------
Lawyers of Equitable Life Assurance Society are now studying the
possibility of suing the government based on the findings of
Lord Penrose's report, Bloomberg News says.

Leading the efforts are Iain Milligan, QC and Robert Miles, QC
whose legal opinions could be had before the society's next
annual meeting in May.  The 818-page report, which took two
years to craft at a cost of GBP2.5 million, found several lapses
on the part of regulators and government actuaries, which
accordingly failed to challenged Equitable's leadership.  The
report blamed the society's near collapse to overpayment of
bonuses between the 1980s and 1990s.

The government has said it will not pay policyholders for its
alleged lapses.


GATEACRE HALL: Hires Liquidator from DTE Leonard Curtis
-------------------------------------------------------
At an Extraordinary General Meeting of the Gateacre Hall Hotel
Limited Company on March 12, 2004 held at 107 Woolton Hill Road,
Liverpool L25 4RE, the Special and Ordinary Resolutions to wind
up the Company were passed.  John Malcolm Titley, of DTE Leonard
Curtis, Hollins Mount, Bury BL9 8AT, has been appointed as
Liquidator for the purpose of such winding-up.

CONTACT:  DTE LEONARD CURTIS
          Hollins Mount,
          Bury BL9 8AT
          Contact:
          John Malcolm Titley, Liquidator


GLADSTONE FINANCIAL: Appoints Liquidator from Begbies Traynor
-------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Gladstone Financial Services Limited Company on March 18, 2004
held at the offices of Hamilton-Burke Dufau, Gladstone House,
Church Road, Liverpool L15 9EG, the Special Resolution to wind
up the Company was passed.  Guy Huntington and David Moore of
Begbies Traynor, No. 1 Old Hall Street, Liverpool L3 9HF, have
been appointed Joint Liquidators for the Company.

CONTACT:  BEGBIES TRAYNOR
          No.1 Old Hall Street,
          Liverpool L3 9HF
          Contact:
          Guy Huntington, Liquidator
          David Moore, Liquidator
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


GOVETT ENHANCED: Proposed Winding-up, Restructuring Passed
----------------------------------------------------------
The Board of G Govett Enhanced Income Investment Trust
Securities PLC announces that at the Separate General Meeting of
holders of Zero Dividend Preference Shares held at 11:00 a.m.
Monday the extraordinary resolution to reclassify the Zero
Dividend Preference Shares, implement the Proposals in all other
respects and to consent to any necessary variations or
modifications of the rights of the Zero Dividend Preference
Shares was passed by the requisite majority of those
Shareholders present in person or by proxy.

The Board of GEIIT further announces that at the Extraordinary
General Meeting of GEIIT held at 11:05 a.m. on Monday, the
ordinary resolution to increase the authorized share capital of
GEIIT and to authorize the directors to allot Shares pursuant to
s.80 of the Companies Act 1985 and the Special Resolution to
reclassify the Zero Dividend Preference Shares, amend the
Articles of Association of GEIIT and (conditional on the passing
of the winding-up resolution at the Extraordinary General
Meeting of GEIIT to be held on March 31, 2004) approve the
Scheme and authorize the Liquidators when appointed to implement
the Scheme were passed by the requisite majority of those
Shareholders present in person or by proxy.

DEFINITIONS

Words and expressions, which are defined in the circular of
Govett Enhanced Income Investment Trust PLC and GEIIT dated
March 5, 2004, bear the same meanings when used in this
announcement.

CONTACT:  GOVETT ENHANCED INCOME INVESTMENT TRUST PLC
          GEIIT Securities PLC
          Jonathan Carr (Chairman)
          Phone: 020 7735 9939

          GARTMORE INVESTMENT MANAGEMENT PLC
          Vee Montebello
          Ian Beveridge
          Vivien Gould
          Phone: 020 7782 2000

          UBS INVESTMENT BANK
          Will Rogers
          Phone: 020 7568 2939
          Nick Rucker
          Phone: 020 7568 8574


HEAT EXCHANGE: Creditors to Meet April 7
----------------------------------------
There will be a Creditors Meeting of the Heat Exchange
Industries Limited Company on April 7, 2004 at 12:00 noon.  It
will be held at Sherlock House, 73 Baker Street, London W1U 6RD.

Creditors who want to vote at the Meeting must submit written
details of their debt claim the Company due at Tenon Recovery,
Sherlock House, 73 Baker Street, London W1U 6RD not later than
12:00 noon April 6, 2004.  S R Thomas and T J Binyon of Tenon
Recovery are Joint Administrators for the Company.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Contact:
          S R Thomas, Liquidator
          T J Binyon, Liquidator
          Phone:  020 7935 5566
          Fax:    020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


HOLLINGER INC.: 3 Bidders Balk at 'Expensive' Price Tag
-------------------------------------------------------
The Daily Express and Gannett Co. Inc., two of the most serious
contenders for Hollinger International's prized possessions,
have pulled out of the auction even before it could begin.

Set to start later this week, the bidding process will run until
June with the field of bidders now narrowed to 10 due to the two
departures.  Of these interested parties, Daily Express owner
Richard Desmond had the inside track due to his partnership with
Hollinger through West Ferry.  One of Europe's largest printing
plants, Mr. Desmond co-owns the subsidiary with the Telegraph
Group.

According to Reuters, Mr. Desmond offered GBP550-600 million for
the Spectator, Sunday Telegraph, and the Daily Telegraph,
Britain's biggest selling broadsheet.  Last week, however, he
was told to increase his offer, a suggestion he promptly turned
down.

"We didn't want to move forward.  We were in the bidding process
to buy a business, not a trophy asset," a spokesman for Northern
& Shell, Mr. Desmond's holding company, told Reuters, adding,
"[we look] forward to talking to Telegraph's eventual owner
about the printing arrangements at West Ferry."

U.S. publisher, Gannett, also dropped its bid, citing the same
reason.  The publisher of USA Today, the Herald and Sunday
Herald said the auction was becoming too expensive, according to
The Scotsman, in a separate report.  The paper added, Candover,
the private equity firm, which earlier sold Yorkshire Post to
Johnston Press, is also out of the race.

The departure of these bidders opens up opportunities for
others, thought to include Daily Mail & General Trust;
businessmen David and Frederick Barclay, who own The Scotsman;
and private equity groups 3i and Apax Partners.  The bids for
Telegraph have reportedly gone as high as GBP675 million,
reports The Scotsman without citing sources.

Investment bank, Lazard, is conducting two sets of auction --
one for all of Hollinger, and one for its assets, according to
Reuters.  A decision on which way to proceed will not be made
until the final stages, its source said.  Bidders will be given
access to detailed financial information by the end of this
week, with management presentations beginning the week of April
12 and final bids due in mid-May, Reuters added.  The winner
will be proclaimed in June.

Aside from the Telegraph titles, Hollinger also publishes the
Chicago Sun-Times and Jerusalem Post.


IAN BUXTON: Subjoined Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the Ian
Buxton Sports Limited Company on March 8, 2004 held at the
offices of Barber Harrison & Platt, 2 Rutland Park, Sheffield
S10 2PD, the subjoined Special and Ordinary Resolutions to wind
up the Company were passed.  Graham Leslie Stuart-Harris, of
Barber Harrison & Platt, 2 Rutland Park, Sheffield S10 2PD, has
been appointed Liquidator of the Company.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park,
          Sheffield S10 2PD
          Contact:
          Graham Leslie Stuart-Harris, Liquidator


IMPOEX FOOD: In Administrative Receivership
-------------------------------------------
Name of Company: Impoex (U.K.) Food And Drinks Limited

Nature of Business: Soft Drink Wholesalers

Trade Classification: 12

Date of Appointment: March 17, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                The Old Exchange
                                234 Southchurch Road,
                                Southend-on-Sea, Essex SS1 2EG
                                Receivers:
                                Mark Robert Fry
                                David Paul Hudson
                                (IP Nos 008588, 008977)
                                Phone: 01702 467255
                                Fax:   01702 467201
                                Web site: http://www.begbies.com


INTERNATIONAL POWER: Tender Offer Receives 50.46% Acceptance
------------------------------------------------------------
International Power (Cayman) Limited announces that the offer
period in relation to the Company's tender offer announced on
March 22, 2004, expired at 5:00 p.m. London time on March 26,
2004.  The Company received tenders and consents from holders of
GBP52,220,000 aggregate principal amount, or 50.46% of the
aggregate principal amount, of outstanding 2% Senior Convertible
Notes due 2005, and therefore the offer became unconditional.

Payment for Notes accepted by the Company is expected to be made
on March 31, 2004.


IVORY & SIME: Sets Investors' Entitlements Under Wind up Plan
-------------------------------------------------------------
The entitlements of Ivory & Sime Optimum Income Trust plc's
shareholders under the Scheme have now been calculated and, in
accordance with the reconstruction proposals:

(a) for every 100 ordinary shares held in the Company, ordinary
    shareholders will receive 17.98 shares in the Progressive
    Growth Fund (a sub-fund of ISIS Investment Funds ICVC III)
    where they have elected for the Share Option, and in respect
    of elections for the Cash Option the liquidators have
    indicated their intention to make an initial distribution of
    17.50p per ordinary share by April 2, 2004;

(b) for every 100 ZDP shares held in the Company, ZDP
    shareholders will receive 203.72 shares in the Progressive
    Growth Fund where they have elected for the Share Option and
    have been offered share class 1 accumulation shares. For
    every 100 ZDP shares held in the Company, ZDP shareholders
    will receive 200.78 shares in the Progressive Growth Fund
    where they have elected for the Share Option and have been
    offered share class 2 accumulation shares, and in respect of
    elections for the Cash Option the liquidators have indicated
    their intention to make a full distribution of 228.38p per
    ZDP share by April 2, 2004.

The issue price of each share in the Progressive Growth Fund
issued under the Scheme (calculated as at 12:00 noon on March
29, 2004) was 109.30p for share class 1 accumulation shares and
110.90p for share class 2 accumulation shares.  Dealings in the
New Fund Shares will commence on Tuesday March 30, 2004 and
contract notes are expected to be dispatched by April 2, 2004.

Shareholders are reminded that the register of holders of
Reclassified Shares has closed and that dealings in the
Reclassified Shares have been suspended.

Capitalized words and expressions used in this announcement
shall bear the same meanings as in the circular issued by the
Company on March 1, 2004 in respect of the Scheme.

CONTACT:  IVORY & SIME OPTIMUM INCOME TRUST PLC
          Martin Cassels, Company Secretary
          Phone: 0131 465 1000

          RSM Robson Rhodes LLP
          Liquidators:
          Gareth Morris
          Phone: 020 7865 2488


LLOYDS TSB: Launches Major Initiative to Project Brand
------------------------------------------------------
The Lloyd's insurance market has hired Saffron, the consultancy
firm, to find ways how it can make itself more attractive to new
business, according to The Telegraph.

Mr. Olins, the owner of Saffron who has been working with
Lloyd's for the last four months, is tasked to maximize use of
the Lloyd's brand and make it stand out from among larger
competitors like AIG, and Australia's QBE.

According to the report, the hiring of Saffron reflects the
priority that Lloyd's is giving to its branding.  Last year it
recruited Geoff Dodds from PricewaterhouseCoopers as head of its
"brand definition project".

According to the report, Lloyd's spokesman Nick Gammage said:
"This is about that brand, rather than the corporate identity.
It is not about logos.  It is about how we can get the brand to
work harder for us."

Lloyds TSB reported upbeat performance in 2003 this month after
battling falling earnings for the last two years.


MAYFLOWER CORPORATION: Errors in Books Found; Directors to Quit
---------------------------------------------------------------
Mayflower announces that John Simpson (Chief Executive), David
Donnelly (Finance Director) and John Fleming (Joint Managing
Director) will be leaving the Group with effect from the date of
the preliminary announcement of the Group's 2003 results, now
expected to be in April.  Alan Jamieson, who was appointed as
Chief Restructuring Officer in February 2004, will become Chief
Executive at this time and Bruce Wright will join the Board as
interim Finance Director.

Rupert Hambro has indicated that he intends to step down as
Chairman, during this year, as soon as a successor is found.

As a separate matter, Mayflower also announces that it has
discovered certain accounting irregularities in its TransBus
Division.  These irregularities relate principally to delays in
passing on payments from customers to one of the Group's finance
providers.  The adjustments required as a result of these
irregularities are likely to increase the Group's previously
announced net debt figure at 31 December 2003.  It is currently
expected that the increase in net debt will be less than GBP20
million.  The Group is not currently aware of any adjustment
that would alter profit.  Investigations by
PricewaterhouseCoopers are continuing.

Mayflower continues to be in discussions with its principal
lenders about renewed financing arrangements.

Alan Jamieson

Alan Jamieson is a veteran-restructuring specialist with almost
30 years of experience in this area.  During 26 years with
PricewaterhouseCoopers, Alan led the European Business Recovery
practice.  Since 2001, Alan has led the restructuring of several
public and private companies including taking the role of Chief
Restructuring Officer of Mikron Holdings, a Swiss based public
engineering group.

Bruce Wright

Bruce Wright is an experienced finance director with extensive
knowledge of interim management.  In the past 33 years, Bruce
has held management positions with 14 public companies most
recently as Finance Director of Chubb plc, Kwik Fit Holdings
Ltd, First Choice Holidays plc and B&Q.

CONTACT:  GAVIN ANDERSON & COMPANY
          Liz Morley/Tom Siveyer
          Phone: 020 7554 1400


MAYFLOWER CORPORATION: Melrose Interested in Acquisition
--------------------------------------------------------
Melrose PLC notes the announcement made by The Mayflower
Corporation plc.  Recently Melrose approached Mayflower to
indicate that it would be interested in engaging in discussions
about the possibility of making an offer for Mayflower.  Any
such offer would be accompanied by the raising of new equity to
reduce significantly Mayflower's high level of indebtedness.
Melrose believes that such an offer would be in the best
interests of Mayflower, its shareholders, its creditors and its
other stakeholders.

Melrose has indicated to Mayflower that due to, inter alia,
Mayflower's high level of indebtedness, financial performance
and corporate structure any offer could only be made after
completion of satisfactory due diligence.

Consequently Melrose is not yet in a position to either indicate
whether any offer would be at, above or below the current
Mayflower share price or to indicate the precise structure of
any offer and equity fund raising.  However it is Melrose's
intention to seek to structure an offer, which if made, would
give the opportunity for Mayflower's shareholders to continue to
have an equity investment in any enlarged group.

Melrose has in the light of the management changes announced by
the Board of Mayflower chosen to make this announcement in the
hope that it will assist in the process of refinancing
Mayflower, as it does not believe that delay is in the best
interests of Mayflower, its shareholders, its creditors and its
other stakeholders.  Melrose would therefore invite Mayflower to
enter into discussions without delay.

A further announcement will be made when appropriate.

CONTACT:  MAYFLOWER CORPORATION
          Nick Fox
          Phone: 020 7153 1540 / 07711 727 618


NETWORK RAIL: To Reveal GBP40 Million Budget for Rail Operations
----------------------------------------------------------------
Network Rail is expected to announce today it is planning to
spend more than GBP40 billion on the rail system over the next
10 years, according to The Independent.

The owner of Britain's rail infrastructure foresees the cost of
operation, maintenance and renewal of the network to come at
more than GBP4 billion a year.  This is as it anticipates 30%
improvement on its cost-saving effort in the next few years.

Rail regulator Tom Winsor has allowed it only GBP22.7 billion in
budget over a five-year period to 2009.  Including other income
from sources such as property, the total expenditure comes to
GBP24.5 billion.  Network Rail was originally planning to spend
around GBP30 billion while Mr. Winsor was proposing only less
than GBP20.0 billion.

To lessen the effect of Network Rail's demands to the Strategic
Rail Authority, the regulator allowed the firm to borrow GBP3
billion over the next two years to fund the railways.  The
effect of this is higher access charges in the following three
years.


NORBRI LIMITED: Names Liquidator from Barber Harrison
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Norbri
(Doncaster) Limited Company on March 8, 2004 held at the offices
of Barber Harrison & Platt, 2 Rutland Park, Sheffield S10 2PD,
the subjoined Resolutions to wind up the Company were passed.
Graham Leslie Stuart-Harris, of Barber Harrison & Platt, 2
Rutland Park, Sheffield S10 2PD, has been appointed Liquidator
of the Company.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park,
          Sheffield S10 2PD
          Contact:
          Graham Leslie Stuart-Harris, Liquidator


PLASMEGA LIMITED: Appoints Poppleton & Appleby Administrator
------------------------------------------------------------
Name of Company: Plasmega (Sharpness) Limited

Nature of Business: Manufacturer of Plastic Products

Trade Classification: 2524

Date of Appointment: March 3, 2004

Joint Administrative Receiver:  SPW POPPLETON & APPLEBY
                                Gable House,
                                239 Regents Park Road,
                                London N3 3LF
                                Receivers:
                                H J Sorsky
                                M S E Solomons
                                (IP Nos 5398, 9043)


PRIMEOAK LIMITED: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Shareholders of the
Primeoak (Holding) Limited Company on March 23, 2004 held at
Trym Lodge, 1 Henbury Road, Westbury on Trym, Bristol BS9 3HQ,
the Extraordinary Resolution to wind up the Company was passed.
Peter O'Duffy, of IP Services Ltd, 9 Woodhill Road, Portishead,
Bristol BS20 7EU, has been appointed Liquidator of the Company
for the purposes of such winding-up.

CONTACT:  IP SERVICES LIMITED
          9 Woodhill Road, Portishead,
          Bristol BS20 7EU
          Contact:
          Peter O'Duffy, Liquidator


REGUS PLC: Reduces Pre-tax Loss by 81% to GBP24.8 Million
---------------------------------------------------------
Regus Group plc (LSE: RGU), the global office outsourcer,
announces its preliminary results for the 12 months ended
December 31, 2003.

Regus Group made strong progress in 2003.  There was a marked
improvement in trading in the fourth quarter -- after tough
conditions in the early part of the year.

Going into 2004, trading has continued to improve.  Inquiry
levels rose 28% in January and February compared with the same
period of 2003.  Prices for new workstation sales and renewals
were up 6.1% on the average for the fourth quarter of 2003.
Revenues in February were up 5.4% on January and we expect
further growth in March.

As a result, Regus Group now finds itself in a significantly
better position than at any time in the past two years.  The
Group moved closer to profitability in 2003 and is now
benefiting from rising global occupancy, a strengthened
balance sheet, minimal debt and a record forward order book.

In terms of 2003 business performance, the Group's corporate
outsourcing teams performed particularly well during the year.
The number of government and public sector contracts increased.
Unilever, Black & Decker, Dell, ABN Amro, and Citigroup were
just a few of the major global brands that signed up with Regus
during the period.  Such business is clearly part of a growing
trend among corporates to outsource their property requirements.

The Group's meeting room business also saw impressive growth and
this was best illustrated by the landmark deal closed with IBM
to provide their people with meeting rooms across 15 European
countries.

In the year to December 31, 2003, Group revenues (excluding the
UK business) were GBP256.6 million (2002: GBP266.5 million),
EBITDA before exceptional was GBP3.8 million (2002: loss of
GBP22.9 million) and EBIT loss was GBP24.8 million (2002:
loss of GBP129.4 million).  On an underlying basis, before
exceptional and non-trading items, we saw losses decreasing
steadily over the course of the year.

During 2003, Regus Group re-organized its U.S. business.  This
reorganization -- which involved use of Chapter 11 creditor
protection -- was completed in less than 12 months.  As a result
of these efforts, the Group's overall fixed costs -- as well as
its variable costs -- are now under strict control.  The U.S. is
a key market for the Group and there are clear signs that
conditions there are improving.  Accordingly, Regus Group CEO
Mark Dixon has relocated to the U.S. to oversee future
developments in this key market.

The Group strengthened its financial position after it raised
GBP54.8 million through a fully subscribed rights issue in
December 2003.  At the same time, as part of its re-organization
in the U.S., a new holding company for the group, Regus Group
plc, was formally admitted to trading on the London Stock
Exchange.  This replaced Regus plc.

Regus Group Chairman John Matthews commented: "Regus is well
placed to benefit from the improved trading conditions that we
are now beginning to see.  The current year has started
encouragingly, benefiting from rising occupancy and demand and
our objective during the coming year is to drive top-line
revenue growth, with a particular focus on the corporate
outsourcing market.  With costs firmly under control, we are
committed to delivering sustainable profits."

To see financial statements:
http://bankrupt.com/misc/Regus_2003.htm

Contact:  Regus Group Plc
          Stephen Jolly
          Phone: +44 1932 895138

          Richard Mountain
          Robert Gurner
          Financial Dynamics
          Phone: +44 7269 7291


SEVE LIMITED: Winding up Resolution Passed
------------------------------------------
At an Extraordinary General Meeting of the Seve (U.K.) Limited
Company on March 16, 2004 held at Merlin House, 8 Grove Avenue,
Wilmslow, Cheshire SK9 5EG, the Special Resolution to wind up
the Company was passed.  Ian David Holland, of Ian Holland & Co,
Parkville House, 16 Bridge Street, Pinner, Middlesex HA5 3JD,
has been appointed Liquidator of the Company.

CONTACT:  IAN HOLLAND & CO
          Parkville House,
          16 Bridge Street, Pinner
          Middlesex HA5 3JD
          Contact:
          Ian David Holland, Liquidator


SOLVO LIMITED: Hires Liquidator from Ian Holland
------------------------------------------------
At an Extraordinary General Meeting of the Solvo Limited Company
on March 12, 2004 held at Euro House, 1394-1400 High Road,
Whetstone, London N20 9UL, the Special Resolution to wind up the
Company was passed.  Ian David Holland, of Ian Holland & Co,
Parkville House, 16 Bridge Street, Pinner, Middlesex HA5 3JD,
has been appointed Liquidator of the Company.

CONTACT:  IAN HOLLAND & CO
          Parkville House,
          16 Bridge Street, Pinner
          Middlesex HA5 3JD
          Contact:
          Ian David Holland, Liquidator


STEVE BADCOCK: Appoints Moore Stephens Administrator
----------------------------------------------------
Name of Company: Steve Badcock Limited

Nature of Business: Construction

Trade Classification:
General Construction and Civil Engineering

Date of Appointment: March 19, 2004

Joint Administrative Receiver:
                            MOORE STEPHENS CORPORATE RECOVERY
                            3-5 Rickmansworth Road,
                            Watford, Hertfordshire
                            WD18 0GX
                            Receivers:
                            Steven Draine
                            David Rolph
                            (IP Nos 8866, 5930)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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