/raid1/www/Hosts/bankrupt/TCREUR_Public/040402.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

              Friday, April 2, 2004, Vol. 5, No. 66

                            Headlines

B E L G I U M

REAL SOFTWARE: Moves Deliberation of Resolutions to April 6


F R A N C E

BULL SA: Reports EUR40.7 Million Full-year Operating Profit
VIVENDI UNIVERSAL: Canal+ to Sell Newly Acquired Sportfive Stake


G E R M A N Y

COMMERZBANK AG: Annual General Meeting Set May 12
MOLOGEN AG: Looking for Partners; Cash Good for Q1 2005 Only


H U N G A R Y

PANNONPLAST RT: Sets Annual General Meeting April 29
PANNONPLAST RT: Unveils New Strategy, Financial Targets for 2004


I T A L Y

PARMALAT FINANZIARIA: Bondi to Scrap Planned Creditors Committee
PARMALAT FINANZIARIA: U.S. Solon Wants NY Plant Sale Scrutinized


N E T H E R L A N D S

GETRONICS N.V.: Redeems 2008 Installment Bonds Ahead of Schedule
KLM ROYAL: Shareholders Expected to Approve Air France Merger
VENDEX KBB: Grants Exclusivity to Kohlberg-led Consortium


N O R W A Y

STOLT-NIELSEN: Annual General Meeting Set May 27
STOLT OFFSHORE: Annual General Meeting May 27
STOLT OFFSHORE: To Discuss First-quarter Results April 13


R U S S I A

ASKINSKY FACTORY: Declared Insolvent
AVIASTAR-TRANS: Under Bankruptcy Supervision Procedure
BORISOVO: Deadline for Submission of Proofs of Claim May 20
BUILDING COMPONENT: Chuvashiya Court Appoints Insolvency Manager
IGRINSKY LOGGING: State of Insolvency Confirmed

KIROV MEDICINAL: Kirov Court Commences Insolvency Proceedings
LYSKOVSKY METAL-ACCESSORIES: Bankruptcy Procedure Begins
METROMEDIA INTERNATIONAL: Indefinitely Delays U.S. SEC Filing
PODLESOVSKAYA: Declared Insolvent
RUSLAND: Under Bankruptcy Supervision Procedure
SPEZMONTAZHSTROY: Court Names Insolvency Manager
SUSLONGER RUBBER: Court Commences Bankruptcy Proceedings


S W E D E N

LM ERICSSON: Annual General Meeting Set April 6


U N I T E D   K I N G D O M

ALFA DRINKS: Voluntary Winding up Resolution Passed
BALTIMORE TECHNOLOGIES: In Black Despite 48% Revenue Dive
BALTIMORE TECHNOLOGIES: To Venture into Clean Energy Solutions
BALTIMORE TECHNOLOGIES: Bares Composition of New Board
BALTIMORE TECHNOLOGIES: Main Shareholder Lambasts New Strategy

BERKSHIRE CHINA: Sold as 'Going Concern' to Former Owner
BERMAN INTERNATIONAL: Unsecured Creditors Meeting April 13
BIG JAW: Administrator Sets Creditors Meeting April 13
CORE AFFINITY: Receivers Offer Business, Assets for Sale
COUNCIL MUSEUMS: Voluntary Winding up Resolution Passed

EMI GROUP: Streamlining to Further Strengthen Business
EQUITABLE LIFE: Issues Preliminary 2003 Report
EQUITABLE LIFE: Posts Latest Update on Business, Legal Matters
EQUITABLE LIFE: Wants New Inquiry into Near Collapse
EQUITABLE LIFE: Policyholders Seek Funding for Suit vs. Govt

HHG PLC: Books GBP864 Million Full-year Pre-tax Loss
HYDESHIRE LIMITED: Hires Liquidator from Woolfe & Rose
ILSE NO.1: Appoints Tenon Recovery Liquidator
JASMIN PLC: KeTech Limited Takes over Properties, Business
JOHN HANCOCK: Appoints Liquidator from Critchleys

JORDAN PERSONAL: Bank of Scotland Names Robson Rhodes Receiver
KENRICK & JEFFERSON: Appoints Receivers from DTE House
KINGSBRIDGE ADVISERS: Liquidated as Parent Becomes Quoted Shell
KINGSMEAD VENTURE: Winding up Resolution Passed
LEEDS UNITED: Fans Determined to Keep Club in Elland Road

LLOYDS OF LONDON: Faces GBP1 Billion Reparation Claim in U.S.
MARCONI CORPORATION: Buys back Additional US$34.6 Mln Notes
MAYFLOWER CORPORATION: Calls in Administrators
MAYFLOWER CORPORATION: Company Profile
MCCOURT MEATS: Administrators Offer Business, Assets for Sale

MCM TRAINING: Names Oakley of Tenon Recovery Liquidator
MOSS BROS: Returns to Profit for First Time in Four Years
MOTHERCARE PLC: Turnaround Strategy Remains on Track
NELSA LIMITED: Hires PricewaterhouseCoopers Liquidator
ROYAL MAIL: Hikes Postal Price of Second Class Stamp

SCOTPIGS LIMITED: In Provisional Liquidation
SOUTHERN LABOUR: Close Invoice Appoints Receivers
SSL INTERNATIONAL: Completes Divestment of Wound Management Biz
TELFORD FORGE: Appoints Liquidator from Lane Heywood
UNICLAD LIMITED: Creditors Meeting Set April 27

VERITY ENTERPRISES: Winding up Resolution Passed
VERSAILLES: Significant Part of Missing Funds Remains Hidden
VICKERS BALLAS: Hires Liquidator from PricewaterhouseCoopers
WILLIAM TAYLOR: Winding up Resolution Passed
ZERO PREFERENCE: Bank of Scotland Ignores Default


                            *********


=============
B E L G I U M
=============


REAL SOFTWARE: Moves Deliberation of Resolutions to April 6
-----------------------------------------------------------
At the general shareholders meeting held on March 30, 2004, the
Board of Directors, in accordance with article 555 of the
Belgian Company code and article 28 of the articles of
association, postponed the deliberation of all proposed
resolutions of the agenda to April 6, immediately after the
extraordinary general shareholders' meeting of that same day.
The financial statements of the company are prepared under the
assumption of going concern.  As a result of this postponement,
the shareholders will be able to deliberate on the necessary
conditions for continuity (approval of the Gores plan) on April
6, before approving the financial statements of the company.

On March 29 the company received guidelines of an alternative
restructuring plan.  This document was delivered by Mr. Mylemans
(AUGEO N.V.), who represents Tony Gram and Franky Carbonez.  The
plan suggests that a due diligence as well as negotiations with
the bank consortium and with other stakeholders should take
place after April 6, the date on which considerable debts of the
company fall due.  The alternative plan does not foresee any
solution for these payments.  In the light of the foregoing, the
Board will study the plan closely and will communicate as soon
as possible.

About Real Software

Real Software was established in 1986.  In 2003, a group
turnover of EUR166.9 million was generated, with an operating
profit (EBIT) of EUR0.4 million, representing an EBIT margin of
0.2%.  The Real Software Group currently has 1,470 employees.
Since 2002, the group's organization has been based around four
divisions: Banking & Insurance, Industry (formerly Manufacturing
& Maintenance), Business & Government and Retail.  It offers a
comprehensive range of software services, from the development
and implementation of in house products, tailor-made projects
and outsourcing through to advice, implementation and sales of
products produced by other companies such as SAP, JD Edwards,
Oracle, Microsoft Navision and Microsoft Axapta.  The company
exports Belgian technology to a number of countries, including
Luxembourg, the Netherlands, France and Germany.  Its customer
portfolio includes companies such as Du Pont de Nemours,
Carrefour, Johnson & Johnson, Merck Sharp & Dohme, Biogen,
Renault, STIB-MIVB, the Paris Metro, TF1, EDF - Electricite de
France, SNCF, PTT Post, NedCar, Philips, Bandag, Goodyear, KBC
Bank and Fortis Bank.

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32 3 290 23 11
          Fax:   +32 3 290 23 00
          Direct line: +32 3 290 25 30
          GSM: +32 477 619 682
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


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


BULL SA: Reports EUR40.7 Million Full-year Operating Profit
-----------------------------------------------------------
The Board of Directors of Bull S.A. met and examined the
financial statements for the full year 2003.  The results give
evidence of Bull's turnaround in a difficult environment and in
spite of uncertainties related to its recapitalization plan,
detailed terms of which were unveiled only late 2003.

Results

The revenue, in line with expectations reached EUR1,265 million
against EUR1,514 million in 2002.  The gross margin increased
significantly from 21.4% in 2002 to 27% of the turnover for
2003, reaching EUR340 million.  Both products and services
activities have experienced the same improvement.

SG&A expenses decreased from 24.5% in 2002 to 19% of the
turnover for 2003 while R&D expenses were maintained at 4.8% of
the turnover.  Earnings before tax, financial expenses, goodwill
amortization and exceptional items, (EBIT) amount to EUR40.7
million, i.e. 3.2% of the revenue, to be compared to a loss of
EUR133 million in 2002: Bull here achieves its third profitable
semester in a row (+EUR18 million in 2nd half 2002, + EUR20
million in 1st half 2003 and + EUR20.7 million in 2nd half
2003).

Financial expenses amount to EUR47.6 million, of which EUR24.7
million related to interest expenses on the French State loan.
The Group net result is a profit of EUR4.1 million to be
compared with a loss of EUR548 million in 2002.  The free cash
flow generated by Bull in 2003 amounted to EUR55.2 million
compared with a negative cash flow of EUR207 million in 2002.

Operations

In 2003, Bull enhanced the deployment of its strategy, as
defined in 2002 and adapted to its new configuration, which
aspires to deliver open IT solutions, including products and
services, to targeted customers.

In the servers business, Bull's strategy is focused around the
design and production of high-end servers for networked
infrastructures.  In 2003, Bull launched NovaScale, a new
generation of modular enterprise servers based on standard
components.  This range of systems has already won recognition
from scientific, technical and business environments, notably
with Dassault-Aviation and Conforama in France, HLRS, the first
High Performance Computing center in Germany and the
Oceanography center in Southampton, U.K.  More than a hundred
servers have been delivered, showing a strong growth in the
course of the second semester.  This new range of computers
offers a significant evolution path for the future and provides
a safe, economic and long-term evolution for Bull's mainframe
(GCOS) customers.

Bull also consolidated its GCOS customer base in Europe and the
U.S., through the sales of high end DPS 9000 servers launched in
2002, and also strongly increased the sales of its DPS 7000
range of servers (GCOS 7 on Intel).

As to the Unix market, Bull has renewed its Escala range of
servers (POWER/AIX) sustaining business activity, and showing a
significant growth mainly in the high-end servers during the
second semester.

Bull has also seen important successes in the security domain,
with its products and solutions dedicated to the security of
networks and information systems.  The services activities
strengthened their position in some key areas:
telecommunications, e-government, defense, ERPs, payment
systems, business intelligence and outsourcing.  They also
increased their position in the deployment of complex
infrastructures.

Finally, Bull reinforced its contribution in the innovative area
of open source, notably through improvements of JOnAS, an
application server, as well as through the development of a new
range of customer based support services for open source
solutions.

Recapitalization

The Board has approved the implementation of the
recapitalization plan called "shareholders and partners" it had
chosen and presented on November 20, 2003.  This solution
involves firstly a very significant and similar reduction in the
economic value of the debts shown in the December 31, 2003
balance sheet towards the bondholders (EUR204 million) and the
French State (EUR490 million of which EUR450 million principal)
subject to the approval of the European Commission; and secondly
a capital increase subscribed by a group of investors (NEC,
France Telecom, AXA Private Equity, Groupe Artemis, Debeka and
350 Group managers).

OCEANES bonds restructuring

The bondholders General Assembly held on December 11, 2003
approved, with more than 95% of the votes, the resolutions
proposed by the Board of Bull regarding the amendments to the
bonds issuance contract, leading to a decrease of 90% of the
economic value of their debt:

(a) Postponement of the maturity date to January 1, 2033;

(b) Decrease of the coupon to 0.1% from January 1, 2004 ;

(c) Redemption value fixed to 100% of the bond's nominal value
    (against 116.5% to 117.5% initially) i.e.  EUR15.75

State loan restructuring

In order to allow the French State to contribute to the
recapitalization plan and in compliance with the rules and
procedures of the European Commission, this scheme has been
developed:

(a) Notification in February 2004 by the French State to the
    European Commission of a restructuring aid projected for
    Bull amounting to EUR517 million (principal and interests)
    combined with a profit-sharing agreement (equal to 23.5% of
    the current consolidated profit before taxes over EUR10
    millions for the next 8 years period to start in 2005); this
    aid would not be paid before December 31, 2004;

(b) Conversion of the rescue aid in a subordinated loan
    (maturity date 2033) with an interest rate of 5.23% until
    end 2004 and then 0.3% until 2033.  The subordination is
    subject to a minimum conversion rate of 80% of the
    outstanding OCEANES bonds;

(c) Repayment of the loan by Bull, after approval of the
    restructuring aid by the European Commission;

(d) Payment of the restructuring aid by the French State after
    the repayment of the loan, and at the earliest on December
    31, 2004.

The Commission has carried out a preliminary assessment of the
aid in the light of the Commission guidelines on state aid for
rescuing and restructuring firms in difficulty.  More detailed
investigations have to be carried out to ascertain, as formally
stated by the European Commission, whether:

(a) the plan guarantees a return to viability, in the light of
    a financial situation for the company, which appears to
    have been better for some time;

(b) undue distortions of competition are avoided;

(c) the aid is limited to the minimum needed and does not
    provide the company with unnecessary cash resources.

After preliminary contacts with the European Commission, the
Board of Directors State representative has declared to be
"confident on the compliance of the aid notified with the
Commission rules and procedures, as well as on an examination of
the case within a short timeframe to end-up with a formal
decision within the next six months."

Capital increase and conversion offer in June 2004

On basis of the above, the Board of Directors has approved the
conclusion of the new loan agreement with the French State.  It
has also decided to launch, in parallel with the restructuring
of the French State loan, the market operations for
recapitalization, which will demonstrate the efforts of both
shareholders and creditors:

Therefore the Board of Directors has approved the launch of:

(a) a capital increase of EUR44 million, maintaining the
    preferential subscription rights for the current
    shareholders, which will be allowed to subscribe 13 new
    shares at the price of EUR0.1 per share for 5 shares
    previously owned; only holders of preferential subscription
    will be able to subscribe and the Board has declared its
    intention to distribute the non-exercised subscription
    rights to investors underwriting the capital increase.

(b) A public exchange offer proposed to the bondholders with a
    parity of either 20 new shares per bond or 16 new shares
    plus 16 warrants per share (each warrant carrying with it
    the right to subscribe to one share at a subscription price
    of EUR0.1)

These operations will be submitted to the next General Assembly
of Bull, which has been called on May 25, 2004.  Subject to the
agreement of the market regulation authorities, both the capital
increase and the public exchange offer will be launched on June
2004, possibly prior to the European Commission approval.

Nominations

The Board, on Pierre Bonelli's proposal, has decided to co-opt
Didier Pineau Valencienne as member of the Board.  The Board has
also decided to propose to the next shareholders meeting the
nomination of Gilles Cosson as new member of the Board.

The accession to the Board of these two new additional
independent members will reinforce corporate governance in Bull
just before its shareholding extension.

In addition, the Board, on Pierre Bonelli's proposal, has
nominated Gervais Pellissier, currently Chief Financial Officer
and member of the Board, as Chief Operating Officer.  Gervais
Pellissier will strengthen the Group Management in running the
operations and implementing the recapitalization.

Perspectives

In a market which is still waiting for recovery, Bull forecasts
a turnover of around EUR570 million and an EBIT of EUR17 million
for the first half of 2004.

Within two years, Bull has exceeded the profitability objectives
of its turnaround plan, as proposed to the Board of Directors on
March 13, 2002.  Backed-up with a new and adapted organization,
a financial restructuring, a strong industrial strategy based on
the Company's specific assets, Bull now meets the requirements
in terms of viability and competitiveness, for being a
profitable company in the long run.

CONTACT:  BULL S.A.
          Marie-Claude Bessis
          Phone: 33 1 39 66 70 55
          GSM:   33 6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


VIVENDI UNIVERSAL: Canal+ to Sell Newly Acquired Sportfive Stake
----------------------------------------------------------------
In the context of the sale of Sportfive to Advent International,
announced on March 19, 2004, RTL Group and Canal+ Group, a
subsidiary of Vivendi Universal (Paris Bourse: EX FP; NYSE: V),
acquired on Wednesday the shares of Sportfive held by Jean-
Claude Darmon in application of the shareholder agreement
concluded with him in 2001.  These shares amount to
approximately 4.9% of the capital stock.  RTL Group and Canal+
Group will sell them to Advent International once approval has
been obtained for the sale of Sportfive.

CONTACT:  VIVENDI UNIVERSAL
          Media
          Paris
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86


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


COMMERZBANK AG: Annual General Meeting Set May 12
-------------------------------------------------
Notice is hereby given that this year's Annual General Meeting
of Commerzbank AG will be held in Frankfurt AM Main in the
Jahrundert-Halle Frankfurt, Frankfurt AM Main-Hochst,
Pfaffewiese, on Wednesday, May 12, 2004 at 10:00 a.m.

Agenda

(1) Presentation of the established Financial Statement and
    Management Report for the 2003 financial year of Commerzbank
    Aktiengesellchaft, together with the presentation of the
    approved Financial Statements and Management Report of the
    Commerzbank Group for the 2003 financial year and the Report
    of the Supervisory Board.

(2) Resolution on the approval of the actions of the Board of
    Managing Directors during the 2003 financial year.

(3) Resolution on the approval of the actions of the Supervisory
    Board during the 2003 financial year.

(4) Resolution on the appointment of the Auditors and the Group
    Auditors for the 2004 financial year.

(5) Resolution on the authorization for the Bank to purchase its
    own shares for the purpose of securities trading, pursuant
    to Art. 71, (1), no. 7, German Stock Corporation Act
    (Aktiengesetz, AktG)

(6) Resolution on the authorization for the Bank to repurchase
    its own shares, pursuant to Art. 71, (1), no. 8, German
    Stock Corporation Act (Aktiengesetz, AktG)

(7) Resolution on the authorization for the Board of Managing
    Directors to increase the Bank's share capital (authorized
    capital 2004/I) and amendment of the Articles of
    Association.

(8) Resolution on the authorization for the Board of Managing
    Directors to increase the Bank's share capital (authorized
    capital 2004/I) -- with the possibility of excluding
    subscription rights if contributions in kind are made -- and
    amendment of the Articles of Association

(9) Resolution on the authorization for the Board of Managing
    Directors to increase the Bank's share capital (authorized
    capital 2004/III) -- with the possibility of excluding
    subscription rights pursuant to Art.186, (3),4,
    Aktiengesetz -- and amendment of the Articles of Association

(10) Resolution on the approval of the Annual General Meeting
    for the conclusion of three profit-and-loss transfer
    agreements

Shareholders in the United Kingdom who wish to attend and vote
at the Annual General Meeting should inform either the London
Branch of Commerzbank AG at 23 Austin Friars, London EC2N 2NB,
or UBS Limited, 100 Liverpool street, London EC2M 2RH, who will
make the necessary arrangements.  Such notice must be given by
May 5, 2004.

Copies of the German and English versions of Commerzbank's 2003
Annual Report are available from both Commerzbank AG and UBS
Limited.

COMMERZBANK
Aktiengesellschaft


MOLOGEN AG: Looking for Partners; Cash Good for Q1 2005 Only
------------------------------------------------------------
Mologen uses DNA as a medicine for illnesses that are currently
not or only insufficiently treatable.  The core of the
development work is formed by the MIDGE and dSLIM technologies
patented by Mologen.  Vaccinations and therapies for the
prophylactic and therapeutic treatment of a broad spectrum of
serious illnesses are developed by Mologen on this basis.  At
present, Mologen is approaching pharmaceutical companies in
order to enter into collaborations with them and to mature these
medicines for the market.

These are the essential developments in 2003:

(a) The costs savings and restructuring measures introduced in
    2002 have taken full effect in 2003.

(b) The group structure has been considerably simplified through
    the merger of MOLOGEN GmbH and Soft Gene GmbH to form
    Mologen Holding AG (since 06 October 2003: MOLOGEN AG).

(c) The patent portfolio has been broadened. There were three
    new patent registrations.  By issuing patents on key Mologen
    technologies, protection under patent law has been further
    improved.

(d) The European Patent Office intends to grant the fundamental
    patent for dSLIM technology. The results of a clinical study
    performed by the University of Cologne, in which dSLIM was
    also used, have been received.  Based on these developments
    and promising business contacts, Mologen has decided to
    expand the dSLIM technology as a second technology platform
    alongside the MIDGE technology.

(e) A grant of EUR141,000 was awarded in 2003 for the
    development of another innovative DNA vector. EUR55,000 has
    been used to date.

(f) Mologen and the Universitat Autonoma de Barcelona started a
    clinical study together in June 2003.  It is being examined
    as to what extent dogs can be protected from visceral
    leishmaniasis by a DNA vaccine developed by Mologen.  The
    final results will not be available until the second quarter
    of 2004.  Mologen is in close contact with the relevant
    pharmaceutical partners and will negotiate the license
    agreement and joint development the vaccine until approval.
    Mologen is also holding discussions with other partners
    regarding the financing of the development of a human
    vaccination against leishmaniasis.

(g) Mologen is negotiating with Chinese pharmaceutical companies
    about the joint development of a vaccination for fast
    defense against infection and cell-based tumor therapy.

(h) The five-year co-operation contract concluded with the Freie
    Universitat Berlin (FU) expired on December 31, 2003.  In
    accordance with the contract, Mologen transferred the
    building erected on the FU campus to the FU and has
    concluded a rental agreement with the FU.  The Public
    Private Partnership between Mologen and Charite
    Universitatsmedizin Berlin, Campus Benjamin Franklin (CBF
    for short and previously FU Berlin, Benjamin Franklin
    University Clinic), which was also governed by a co-
    operation agreement with the FU, is to be continued in 2004.
    The co-operation agreement will be negotiated with the new
    contractual partner.

The main positions and developments in the consolidated annual
report as at December 31, 2003 are summarized and discussed
below.  The complete annual and consolidated report, together
with the management report, can be found at
http://www.mologen.com

(a) The net loss of EUR3.5 million has decreased from EUR4.7
    million by approximately 25% compared to the previous year,
    the negative EBIT result of EUR3.7 million (previous year:
    EUR4.6 million) is also less than in the previous year.

(b) Adjusted for one-off items, (notably write-offs) the
    adjusted negative EBIT is EUR2.9 million compared to EUR4.4
    million in the previous year. This corresponds to a
    reduction of approximately 34%.

(c) The loss per share is -EUR0.69 (previous year: -EUR0.92),
    adjusted by special items, in 2003 it is -EUR0.54.

(d) Revenue of EUR0.5 million decreased compared to last year's
    figure by approximately 35%.  The proportion of sales from
    patent-protected technologies and projects is still small,
    both in 2002 and 2003.

(e) The balance sheet total has fallen by EUR3.9 million (-45%)
    to EUR4.7 million compared to the previous year.  On the
    asset side, this is due to the disposal of the laboratory
    building and depreciations on fixed assets.  In the current
    assets, receivables are reduced by receipts and write-downs
    and liquid funds have been used to finance the loss.  On the
    liabilities side, the equity capital has been reduced by
    current and extraordinary losses. The equity ratio in the
    Group is 84% (previous year: 86%).

(f) The Mologen Group's liquid funds as at the reporting date
    are EUR2.9 million (previous year: EUR4.9 million) and
    comprise 62% (previous year: 57%) of the balance sheet
    total.

(g) Cash flow from current business activities in 2003 was
    -EUR1.9 million (previous year: -EUR3.2 million).  The
    average monthly operative cash burn in 2003 was EUR0.16
    million. Even with continuing weak sales growth, the
    management assumes that the current business activities of
    the Mologen Group can be financed from existing liquid funds
    until the first quarter of 2005.

The most important corporate goal for 2004 is to find commercial
co-operation partners and licensees. The further development of
Mologen's pharmaceutical candidate products is to be financed or
assumed by these.  Moreover, regular sales should result from
the delivery of initial materials and the implementation of
research orders, which increase the financial room for maneuver.
Alongside the attempts to expand the operative business,
meetings are being held with potential investors.

The annual shareholder meeting of Mologen AG will take place on
May 28, 2004 at 11:00 a.m. in Ludwig-Erhard-Haus Conference
Center, Berlin.

CONTACT:  MOLOGEN AG
          Matthias Reichel
          Telephone: +49 30 84 17 88 0
          Fax: +49 30 84 17 88 50
          E-mail: investor@mologen.com
          Web site: http://www.mologen.com


=============
H U N G A R Y
=============


PANNONPLAST RT: Sets Annual General Meeting April 29
----------------------------------------------------
The Board of Directors (the Board) of Pannonplast Industries
Public Limited Company (1225 Budapest, Nagytetenyi ut 216-218)
hereby gives notice to its shareholders that, according to a
decision by the Board on March 23, 2004, the Company's Annual
General Meeting will be held on April 29, 2004, 10:00 a.m. at
the Budapest Marriott Hotel (Budapest V., Apaczai Csere Janos u.
4.)

Agenda of the Annual General Meeting:

(a) Amendment of the Articles of Association in accordance with

    (i) the provisions of Act CXLIV of 1997 on business
        associations effective from 1 January 2004, and

   (ii) the provisions of Act CXX of 2001 on capital markets
        applicable from 30 June 2004, and

  (iii) to meet Corporate Governance Recommendations of the
        Budapest Stock Exchange;

(b) Dematerialization of the company's shares and related
    amendment of the Articles of Association;

(c) Report of the Board on year 2003;

(d) Report of the Supervisory Board;

(e) Report of the auditor;

(f) Approval of the 2003 year business report, establishing the
    balance sheet and the income statement, decision on the use
    of profit and on the declaration of dividend;

(g) Election of a new member to the Board to fill a position
    vacant due to resignation, election of additional member or
    members to the Board and determination of their
    remuneration;

(h) Election of a new member to the Supervisory Board to a
    position vacant due to resignation, election of additional
    member or members to the Supervisory Board and determination
    of their remuneration;

(i) Election of auditor and determination of its fee;

(j) Approval of the proposal for a Management Share Option
    Program;

(k) Authorization of the Board of Directors to buy treasury
    shares

    (i) in connection with MSOP,

   (ii) for establishing the Company's optimal capital
        structure, and

  (iii) for the maintenance of the Company's share price to
        restore market balance;

(l) Decision on the approval of the modified by-laws of the
    Supervisory Board.

The annual business report and other submissions to the AGM will
be available for review from April 14, 2004 in the Shareholders'
Office at the headquarters of the Company (Budapest, Nagytetenyi
ut 216-218) between 8:00 a.m. and 4:00 p.m. on business days, on
the Web site of the Company (http://www.pannonplast.hu),and
also in the Information Center of the Budapest Stock Exchange.
The announcement on the business report according to the
Accounting Law and the key data of the reports of the Board of
Directors and the Supervisory Board, will be published by April
14, 2004.

If the AGM fails to have a quorum, the Board convenes the
repeated AGM to the same location with the same agenda by 11:00
a.m. on April 29, 2004 (i.e. the originally announced day).
This AGM will have quorum to decide on the issues on the
original agenda irrespective of the number of attendants.

Voting right can only be exercised at the AGM if the name of the
shareholder is registered in the Company's Register of
Shareholders.  Shareholders may attend and vote at the AGM
either in person or through their proxy or their authorized
person.  The reference date of ownership identification is the
fifth stock exchange day prior to the date of the AGM, so the
Company will close its Register of Shareholders on April 22,
2004 at 4:00 p.m.

We ask our esteemed shareholders to register their attendance
until 9:30 a.m. on the day of the AGM at the location of the
meeting.  We also ask them to bring along their documents for
identification and for certifying their rights of representation
or to present their power of attorney.

The Board of Directors of
Pannonplast Plc


PANNONPLAST RT: Unveils New Strategy, Financial Targets for 2004
----------------------------------------------------------------
"World class operational efficiency and leading market position
in the manufacturing of engineering plastic components and
consumer packaging material in the Central-Eastern European
region."  This is the new strategy for the period 2004 to 2006,
according to the Board of Directors.  The major goals of the new
strategy are to create a focused operational portfolio, realize
a one billion HUF annual cost saving, and achieve a 5% net
margin by 2006.  Management has set a target to improve EBITDA
by 22% in 2004 compared to 2003 while the company will return to
profitability.

Strategy 2004-2006

(a) Two phases of the strategic horizon: consolidation (2004)
    and growth (2005-2006);

(b) Transformation of management and organizational structure,
    implementation of management by objectives, renewed
    controlling;

(c) Clear strategic focus (five subsidiaries will be sold: MUKI,
    Kaposplast, PP Karbantarto, Multicard, Recyclen), creation
    of an optimal product portfolio to achieve a leading
    position on all our strategic market segments;

(d) Improving the transparency of operations; and

(e) From 2005 expansion in countries that will join the E.U.
    after 2004.

The Board of Directors of Pannonplast approved the company's
three-year strategy.  The strategy can be defined as a two-phase
plan: (1) 2004, consolidation, returning to profitability, (2)
2005-2006, growth and expansion.  From the end of 2004
Pannonplast Group -- after the disposal of five subsidiaries --
will operate as a unified company focusing on the manufacturing
of engineering plastic components and plastic consumer packaging
material.  The aim of the company is to become a leading company
on all its strategic market segments, subsequent to the
optimization of its product portfolio, through continuous
product and technology development.  The five subsidiaries that
will be disposed in 2004 are: MUKI, Kaposplast, PP Karbantarto,
Multicard, Recyclen.  These companies do not fit in strategic
core businesses either by their size or activity.

By the end of 2004, Pannonplast will transform into an efficient
and focused company in terms of its activities and product
portfolio and will embark on a growth path.  To support its
growth the company plans to expand in countries that intend to
join the E.U. Commission after 2004 (Romania, Bulgaria, Ukraine,
Croatia, Serbia).  Parallel to the regional expansion,
Pannonplast will continue to concentrate on product development
on its the existing markets.

In accordance with the strategic goals Pannonplast will save
HUF1 billion on operational costs by 2006 compared to 2003 while
revenues will also grow.
                                            2003 TOTAL   SAVING
                                          COST (M HUF) POTENTIAL

Blue collar headcount, function centralization   2,572     15%
Production costs                                 2,319     10%
Centralized sourcing - outsourced services       3,228     10%
Centralized sourcing - purchase of materials     5,492      2%

Management set the following financial targets for 2006, which
will be achieved through sales growth and efficiency
improvement:
                                         2003     2006

Revenue (HUF million)                  26,371   31,500
EBITDA/Sales (%)                           11       15
Net margin (%)                             -7        5

Financial Plan for 2004

The main goal for 2004 is to set the conditions of profitable
operation coupled with the optimization of business and product
portfolio and efficiency improvement.  As a result revenues will
grow at lower rate while EBITDA will grow by 22%.  Processes and
actions aiming at the achievement of the financial targets have
been already put in place.

                     HUF 2003 * 2004 P ** Change %
Revenues             26,371     26,518        1%
Gross Margin          7,938      8,133        2%
EBITDA                3,012      3,661       22%
EBITDA/Sales           11.4      13.8
Operational Profit      423      1,355      220%
Net Income           -1,837     positive

* consolidated, not audited
** the consolidated figures contain subsidiaries until projected
date of disposal


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


PARMALAT FINANZIARIA: Bondi to Scrap Planned Creditors Committee
----------------------------------------------------------------
There may not be a committee of Parmalat creditors after all.
Bloomberg News reports that Parmalat Commissioner, Dr. Enrico
Bondi, may call off plans to set up an unofficial creditors
committee in the light of recent investigations by the Italian
authorities on the involvement of banks in the Parmalat
collapse. Dr. Bondi will likely give a key role to the
supervisory panel appointed by the Italian Ministry of
Productive Activities in February.  Parmalat and the Industry
Ministry had intended to invite four foreign banks and four
Italian banks to join the creditors committee.  However, Dr.
Bondi now wants to keep the banks subject to the probe off the
committee. (Parmalat Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: U.S. Solon Wants NY Plant Sale Scrutinized
----------------------------------------------------------------
A U.S. senator has sounded the alarm bells on the possible sale
of Parmalat's milk bottling plant in the New York area to Dean
Foods, Inc., The Associated Press said Wednesday.

According to the New York senator, the acquisition would give
the Dallas-based Dean Foods 85-90% of the state's milk market.
This means higher milk prices in New York City and less income
for upstate dairy farmers, he said.

"That would be a deathblow to both New York farmers upstate and
milk drinkers downstate, because then (the company) would have
almost complete control over prices on both ends of the
business," The Associated Press quoted Mr. Schumer.

The senator has asked the antitrust division of the Department
of Justice to scrutinize the proposed sale, including the offer
of H.P. Hood, which he considers as slightly better.

Parmalat USA filed for Chapter 11 bankruptcy in February and is
currently negotiating the sale of all or part of its U.S. dairy
operations.  It has two plants in the New York area -- one in
Brooklyn and the other in Wallington, N.J.  New York's
metropolitan area has millions of customers and massive school
districts that buy large amounts of milk, the report says.

The senator prefers to see "a new entrant in the market," but
Chris Galen, a spokesman for the National Milk Producers
Federation, thinks this is unlikely.

"There aren't a lot of companies that are prepared to make the
capital investments and can run these plants. It's a short list,
fewer than the fingers on one hand," Mr. Galen, whose group is
not taking a position on who should buy the plants, told The
Associated Press.


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


GETRONICS N.V.: Redeems 2008 Installment Bonds Ahead of Schedule
----------------------------------------------------------------
Getronics N.V. has redeemed its EUR250 million nominal value 13%
subordinated installment bonds due 2008 in full.   On February 5
this year the Company successfully placed 100 million new
ordinary shares for cash with institutional investors.  The net
proceeds of this placing, being approximately EUR234.5 million,
and existing cash resources were used to finance the redemption
of the 2008 Installment Bonds. Including interest the total
amount payable to the holders of the 2008 Installment Bonds on
redemption was EUR274 million.

The 2008 Installment Bonds were established in June 2003 as an
important step in the reduction of the Company's debt position.
Now that these Bonds, with its 13% interest, have been redeemed
Getronics can further focus on its operational strategy going
forward.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003).  Getronics designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics headquarters are in Amsterdam, with
regional offices in Boston, Madrid and Singapore.  Getronics'
shares are traded on Euronext Amsterdam (GTN).  For further
information about Getronics, visit http://www.getronics.com.

CONTCT:  GETRONICS NV
         Press Inquiries:
         Getronics Media Relations
         Phone: +31 20 586 1581
    Fax:   +31 20 586 1455
         E-mail: media@getronics.com

         Getronics Investor Relations
         Phone: +31 20 586 1982
         Fax:   +31 20 586 1455
         E-mail: investor.relations@getronics.com


KLM ROYAL: Shareholders Expected to Approve Air France Merger
-------------------------------------------------------------
The merger of KLM with Air France will be put on a vote at the
next general meeting of the Dutch carrier on April 19, the
Financial Times said Tuesday.

KLM CEO Leo van Wijk says the vote will just be a formality
since most shareholders back the merger that will make the two
carriers the largest airline group in Europe.  He said the plan
has already secured the approval of the European Union, the U.S.
Department of Justice, and the U.S. Securities and Exchange
Commission.  Shortly after the Dutch vote, shareholders of Air
France are also expected to approve the plan.  No date has yet
been set for this, according to the paper.

The all-share offer placed a 40% premium on the Dutch airline's
share price when announced in September; and currently values
KLM at EUR823 million (US$1 billion).  The bid, which will begin
this month, is expected to be completed by the end of April.
Mr. Van Wijk promised to make the official offer and listing
documents available within the week.


VENDEX KBB: Grants Exclusivity to Kohlberg-led Consortium
---------------------------------------------------------
Following the February 5, 2004 press release, Royal Vendex KBB
announces that it has completed the exploratory discussions on a
possible bid for all outstanding shares with leading
international private equity houses.

These discussions have led to a bid from a consortium comprising
Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners
L.L.P. and AlpInvest Partners N.V. of EUR16 per (certificate of)
ordinary share, subject to completion of negotiations on a
merger protocol and subject to limited confirmatory due
diligence.  The supervisory board and the board of management of
Vendex KBB are positively disposed towards this offer and have
entered into exclusive negotiations.  The parties expect to be
able to provide further information within two to three weeks.
As is customary, the central works council of Vendex KBB will be
consulted.


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


STOLT-NIELSEN: Annual General Meeting Set May 27
------------------------------------------------
Stolt-Nielsen S.A.'s (NASDAQNM: SNSA; Oslo Stock Exchange: SNI)
annual meeting of shareholders will be held on Thursday, May 27,
2004 at 2:00 p.m. local time at the offices of Services Generaux
de Gestion S.A., 23, avenue Monterey, L-2086 Luxembourg.  All
shareholders of record as of April 6, 2004 will be entitled to
vote at the meeting.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
The Company also owns 41% of Stolt Offshore S.A. (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.  Stolt Sea Farm, wholly-
owned by the Company, produces and markets high quality Atlantic
salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin
tuna, and tilapia.

CONTACTS:  STOLT NIELSEN S.A.
           Reid Gearhart
           Phone (U.S.A): 1 212 922 0900
           E-mail: rgearhart@dgi-nyc.com

           Valerie Lyon
           Phone (U.K.): 44 20 7611 8904
           E-mail: vlyon@stolt.com


STOLT OFFSHORE: Annual General Meeting Set May 27
-------------------------------------------------
Stolt Offshore S.A.'s (Nasdaq: SOSA; Oslo Stock Exchange: STO)
annual meeting of shareholders will be held on Thursday, May 27,
2004 at 3:00 p.m. local time at the offices of Services Generaux
de Gestion S.A., 23, avenue Monterey, L-2086 Luxembourg. All
shareholders of record as of April 6, 2004 will be entitled to
vote at the meeting.

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.

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Fiona Harris
          Phone (U.K.): +44 1224 718436
          Phone (U.S.): +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (U.K.)
          Phone (U.K.): +44 207 404 5959
          E-mail: phandley@brunswickgroup.com

          Tim Payne (U.S.)
          Phone (U.S.): +1 212 333 3810
          E-mail: tpayne@brunswickgroup.com


STOLT OFFSHORE: To Discuss First-quarter Results April 13
---------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
will release its first quarter 2004 results on Tuesday, April
13, 2004.  A conference call will be held to discuss the
earnings and review business operations on Tuesday April 13,
2004 at 3:00 p.m. British Summer Time (BST).

Participating in the conference call will be:

(a) Tom Ehret - Chief Executive Officer

(b) Stuart Jackson - Chief Financial Officer

From 12:00 noon BST these information will be available on the
Stolt Offshore Web site, http://www.stoltoffshore.com:

(a) A copy of the first quarter 2004 results press release

(b) A copy of a presentation to be reviewed on the earnings call

Conference Call Information

Lines will open 10 minutes prior to conference call

Date: Tuesday April 13, 2004
Time: 3:00 p.m. BST

Free phone dial in numbers:
U.K.: 0800 953 0938
U.S.: 1 866 389 9773
Norway: 800 16533
France: 0805 110 466
Italy: 800 783 256
Netherlands: 0800 023 4993

International Dial In: +44 1452 569 113

Reservation No: 1198803

Replay Facility details

This facility is available from 5:00 p.m. BST Tuesday, April 13,
2004, until 5:00 p.m. BST Tuesday, April 20, 2004

Free phone dial in Numbers:
Dialing from the U.K.: 0800 953 1533
Dialing from the U.S.: 1866 276 1167

International Dial In: +44 1452 55 00 00

Pass code: 1198803 #

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Fiona Harris
          Phone (U.K.): +44 1224 718436
          Phone (U.S.): +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (U.K.)
          Phone (U.K.): +44 207 404 5959
          E-mail: phandley@brunswickgroup.com

          Tim Payne (U.S.)
          Phone (U.S.): +1 212 333 3810
          E-mail: tpayne@brunswickgroup.com


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


ASKINSKY FACTORY: Declared Insolvent
------------------------------------
The Arbitration Court of Republic of Bashkortostan declared OJSC
Askinsky Butter-Cheese Factory insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
A07-14462/03-A-AOM.  Mrs. Z. Kamalova has been appointed
insolvency manager.

Creditors have until May 20, 2004 to submit their proofs of
claim to the insolvency manager at: 450000, Russia, Republic of
Bashkortostan, Ufa, Center Post Office, Post User Box 1510.

CONTACT:  ASKINSKY BUTTER-CHEESE FACTORY
          Russia, Republic of Bashkortostan, Askino

          Mrs. Z. Kamalova, insolvency manager
          450000, Russia, Republic of Bashkortostan, Ufa,
          Center Post Office, Post User Box 1510


AVIASTAR-TRANS: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on CJSC Aviastar-Trans.  The case is
docketed as A72-361/04-20/9-B.  Mr. Pavel Kondratyev has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 432011, Ulyanovsk, Post User
Box 9814. Phone/Fax: (8422) 441959.  A hearing will take place
on April 29, 2004, 9:00 a.m. at the Arbitration Court of
Ulyanovsk region.

CONTACT:  AVIASTAR-TRANS
          432072, Russia, Ulyanovsk, Inzhenerny prospect 51

          Mr. Pavel Kondratyev, temporary insolvency manager
          432011, Ulyanovsk, Post User Box 9814
          Phone/Fax: (8422) 441959


BORISOVO: Deadline for Submission of Proofs of Claim May 20
-----------------------------------------------------------
The Arbitration Court of Moscow region declared CJSC Borisovo
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A41-K2-12721/01.  Mr. A. Przhebelsky has
been appointed insolvency manager.  Creditors have until May 20,
2004 to submit their proofs of claim to the insolvency manager
at: 121615, Russia, Moscow, Post User Box 11.

CONTACT:  BORISOVO
          Russia, Moscow region, Mozhaysky Area,
          Borisovo

          Mr. A. Przhebelsky, insolvency manager
          121615, Russia, Moscow, Post User Box 11


BUILDING COMPONENT: Chuvashiya Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on OJSC Building Component Part
Factory.  The case is docketed A79-495/04 SK1-479.  Mr. E.
Dunayev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 429950, Russia, Republic of
Chuvashiya, Novocheboksarsk, Promyshlennaya str.97.  A hearing
will take place on May 25, 2004 at the Arbitration Court of
Moscow.

CONTACT:  BUILDING COMPONENT PART FACTORY
          429950, Russia, Republic of Chuvashiya,
          Novocheboksarsk, Promyshlennaya str.97

          Mr. E. Dunayev, temporary insolvency manager
          429950, Russia, Republic of Chuvashiya,
          Novocheboksarsk, Promyshlennaya str.97


IGRINSKY LOGGING: State of Insolvency Confirmed
-----------------------------------------------
The Arbitration Court of Republic of Udmurtiya declared OJSC
Igrinsky Logging Enterprise insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A71-
100/2003-G2.  Mr. A. Mironov (Moscow) has been appointed
insolvency manager.

Creditors have until May 20, 2004 to submit their proofs of
claim to the insolvency manager at: 426000, Russia, Izhevsk,
Post User Box 62.

CONTACT:  IGRINSKY LOGGING ENTERPRISE
          Russia, Republic of Udmurtiya,
          Igra, Pugachyeva str.28a


KIROV MEDICINAL: Kirov Court Commences Insolvency Proceedings
-------------------------------------------------------------
The Arbitration Court of Kirov region declared federal state
unitary enterprise, Kirov Medicinal Preparations Factory,
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A28-5/04-5/20.  Mr. Victor Fetishev has
been appointed insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to the insolvency manager at: 610046, Russia, Kirov,
Zachvataeva str.23, Office 24.

CONTACT:  KIROV MEDICINAL PREPARATIONS FACTORY
          610046, Russia, Kirov, Selhozproezd 7

          Mr. Victor Fetishev insolvency manager
          610046, Russia, Kirov, Zachvataeva str.23,
          Office 24

          Mr. A. Mironov, insolvency manager
          426000, Russia, Izhevsk, Post User Box 62


LYSKOVSKY METAL-ACCESSORIES: Bankruptcy Procedure Begins
--------------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on OJSC Lyskovsky Metal-
Accessories Plant.  The case is docketed as A43-2180/04-33-53.
Mr. Vladimir Tokarenko has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 603029, Russia, Nizhny-Novgorod
region, Pamirskaya str.11.  A hearing will take place on August
17, 2004, 1:30 p.m. at the Arbitration Court of Moscow.

CONTACT:  LYSKOVSKY METAL-ACCESSORIES PLANT
          606210, Russia, Nizhny-Novgorod region,
          Lyskovo, Lenin str.48

          Mr. Vladimir Tokarenko, temporary insolvency manager
          603029, Russia, Nizhny-Novgorod region, Pamirskaya
          str.11
          Phone: 8-905-6604268


METROMEDIA INTERNATIONAL: Indefinitely Delays U.S. SEC Filing
-------------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia, Eastern Europe and the Republic of
Georgia, on Wednesday announced:

(a) The Company remitted $7.98 million to U.S. Bank Corporate
    Trust Services, the trustee of its $152.0 million 10 1/2 %
    Senior Discount Notes due 2007, thereby making the required
    semi-annual interest payment that was due on March 30, 2004;

(b) The Company also announced that it has not completed in a
    timely manner the preparation of its Annual Report on
    Form 10-K for the fiscal year ended December 31, 2003 (the
    "2003 Form 10-K"), including the finalization of its annual
    audited financial statements; and

(c) The Company will not file a Form 12b-25, Notification of
    Late Filing, with the SEC, since it cannot predict with
    certainty at this time when it will file its 2003 Form 10-K
    with the SEC.

In making these announcements, Ernie Pyle, Executive Vice
President and Chief Financial Officer of the Company, commented:
"The timely payment of our current interest obligation reflects
the much improved liquidity position that we have developed over
the preceding twelve months.  The delay in filing our 2003 Form
10-K, however, is a less favorable consequence of the
significant events we have experienced during that same period
and overshadows the significant improvements in the financial
reporting workflow processes we have implemented.  Despite the
best efforts of our much downsized and relatively new corporate
finance staff, we were unable to complete all of the required
work in time to meet the Form 10-K filing deadline.  However, we
are fully committed to filing the 2003 Form 10-K as promptly as
possible and apologize for any difficulties this delay might
cause our investors."

Mr. Pyle added: "Our overarching goals were to end 2003 with
improved liquidity, a restructured organization and a much
simplified and more narrowly focused company.  While we believe
we have achieved nearly all of these goals with respect to the
business operations themselves, the accounting for and auditing
of these fundamental changes to the Company have proven to be
unusually time consuming tasks.  We have had to resolve a
considerable number of historical issues as well as account for
the substantial restructuring we've undertaken.  This workload
fell to a much smaller finance team that was itself in
transition.  The difficult matters arising during the fourth
quarter of 2003 in the Republic of Georgia have further
aggravated this situation.  As a result, we missed our financial
reporting deadlines throughout 2003 and will now be late in
filing our 2003 Form 10-K.  Upon the completion and filing of
the 2003 Form 10-K, however, I believe that most of the
difficult accounting and disclosure work associated with our
restructuring will be behind us."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Eastern Europe
and the Republic of Georgia.  These include mobile and fixed
line telephony businesses; wireless and wired cable television
networks and radio broadcast stations.  The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses.  The Company's remaining non-core media
businesses consist of nineteen radio businesses operating in
Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech
Republic and one cable television network in Lithuania.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.

Please visit our Web site at http://www.metromedia-group.com

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380, Ext. # 103
          E-mail: investorrelations@mmgroup.com


PODLESOVSKAYA: Declared Insolvent
---------------------------------
The Arbitration Court of Nizhny-Novgorod region declared OJSC
poultry factory, Podlesovskaya, insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
A43-10500/02-33-211.  Mr. Vycheslav Kargin, a member of TP
Privolzhskaya Self-regulated organization of arbitral managers,
has been appointed insolvency manager.

Creditors have until May 6, 2004 to submit their proofs of claim
to the insolvency manager at: 603001, Russia, Nizhny-Novgorod
region, Pochainskaya str.20, Post User Box 115.

CONTACT:  Mr. Vycheslav Kargin, Insolvency Manager
          603001, Russia, Nizhny-Novgorod region,
          Pochainskaya str.20, Post User Box 115


RUSLAND: Under Bankruptcy Supervision Procedure
-----------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on LLC Rusland.  The case is
docketed as A43-2541/04-24-67.  Mr. Viktor Veselov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 603140, Russia, Nizhny-Novgorod
region, Lenin prosp.20, Office 34.  A hearing will take place on
August 6, 2004, 9:40 a.m. at the Arbitration Court of the
Republic of Tatarstan.

CONTACT:  RUSLAND
          607100, Russia, Nizhny-Novgorod region,
          Navashino, Novaya str.55

          Mr. Viktor Veselov, temporary insolvency manager
          603140, Russia, Nizhny-Novgorod region,
          Lenin prosp.20,
          Office 34


SPEZMONTAZHSTROY: Court Names Insolvency Manager
------------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on State Unitary Enterprise
Spezmontazhstroy.  The case is docketed as A79-1105/04-CK1-1033.
Mr. Yuri Paramonov, a member of TP Interregional Self-regulated
organization of arbitral managers SEMTEK- Chuvashiya, has been
appointed temporary insolvency manager.

Creditors have until May 12, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 247017, Russia,
Republic of Chuvashiya, Cheboksary, Post office 17, Post User
Box 62.  A hearing will take place on May 20, 2004, 4:15 p.m. at
the Arbitration Court of the Republic of Chuvashiya.

CONTACT:  SPEZMONTAZHSTROY
          Russia, Republic of Chuvashiya, Cheboksary,
          Babushkina str. 2a

          Mr. Yuri Paramonov, Temporary Insolvency Manager
          428008, Russia, Republic of Chuvashiya,
          Cheboksary, Post office 17, Post User Box 62


SUSLONGER RUBBER: Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Republic of Mariy-El declared OJSC
Suslonger Rubber-Technical Products Factory insolvent and
introduced bankruptcy proceedings on the factory.  The case is
docketed as A-38-11/109-2003.  Mrs. A. Yadykova has been
appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: Russia, Republic of Mariy-El,
Zvenigorodsky Area, Suslonger, Shkolny pereuloc 1, Phone:
(83645) 67453.

CONTACT:  SUSLONGER RUBBER-TECHNICAL
          PRODUCTS FACTORY
          Russia, Republic of Mariy-El, Zvenigorodsky Area,
          Suslonger, Shkolny pereuloc 1

          Mrs. A. Yadykova, insolvency manager
          Russia, Republic of Mariy-El, Zvenigorodsky Area,
          Suslonger, Shkolny pereuloc 1,
          Phone: (83645) 67453


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


LM ERICSSON: Annual General Meeting Set April 6
-----------------------------------------------
Ericsson is holding a press meeting in connection with the
Annual General Meeting on April 6, 2004.  The press meeting
starts at 11:00 a.m. (CET) and will take place in the Annex at
the Globe Arena, Arenatorget, Stockholm.  Carl-Henric Svanberg,
President and CEO, will participate.

Right after the Annual General Meeting, Carl-Henric Svanberg
will be available in the Annex for media.  At 12:30 p.m. (CET),
a light lunch will be served.  After the Annual General Meeting,
we invite media for refreshments.

The Annual General Meeting starts at 3:00 p.m. (CET) in the
Globe Arena.  Please note that the press meeting, as well as the
Annual General Meeting, will be conducted in Swedish.

Pre-registration is required.  For media to register, please
contact Anne-Marie von Arbin, phone: +46 8 719 01 07, e-mail:
anne-marie.von.arbin@ericsson.com no later than 3:00 p.m., April
5.

For financial analysts and investors to register, please contact
Helene Rickeby, Phone: +46 8 719 17 90, E-mail:
helene.rickeby@ericsson.com, no later than 3:00 p.m., April 5.

Important information concerning photos and audio/video
recording at the Annual General Meeting

Shareholders present at the Annual General Meeting decide
whether photography and audio/video recording will be allowed
during the AGM.  Therefore, no cameras or audio recorders will
be permitted in the Globe Arena before such permission has been
obtained from the shareholders.  In past years, the shareholders
have not allowed photography or audio/video recording during the
Annual General Meeting.

During the press meetings in the Annex, photography and
audio/video recording are permitted.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.  Read more at:
http://www.ericsson.com/press

CONTACT:  LM ERICSSON
          Anna Ojdemark
          Ericsson, Communications
          Phone: +46 8 719 4041, +46 8 719 6992
          E-mail: press.relations@ericsson.com


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


ALFA DRINKS: Voluntary Winding up Resolution Passed
---------------------------------------------------
At a General Meeting of the Members of Alfa Drinks Limited
Company, the Special Resolution to wind up the Company was
passed.  Nimish C Patel of Kranefields, Trinity House, Heather
Park Drive, Wembley, Middlesex HA0 1SU, has been appointed
Liquidator for the purposes of such winding-up.

CONTACT:  KRANEFIELDS
          Trinity House,
          Heather Park Drive, Wembley
          Middlesex HA0 1SU
          Contact:
          Nimish C Patel, Liquidator


BALTIMORE TECHNOLOGIES: In Black Despite 48% Revenue Dive
---------------------------------------------------------
Baltimore Technologies plc (London: BLM) on Wednesday announced
its unaudited results for the year ending December 31, 2003.

(a) Cash balance at year-end of GBP24.7 million represents an
    increase of 38% over the previous year;

(b) Net Asset Position at year-end of GBP22.6 million compared
    with GBP16.4 million at December 31, 2002 representing an
    increase of 38%;

(c) Headcount at year-end of 30 and currently stands at 10;

(d) Total Revenues were for 2003 were GBP18.2 million (2002:
    GBP35.0 million) representing a decrease of 48%;

(e) After Exceptional Items Profit before Tax for 2003 was
    GBP7.3 million (2002: loss before tax (GBP65.3 million);

(f) EBITDAE of GBP2.8 million (2002: GBP16.6 million),
    representing an improvement of 83%;

(g) All trading operations now sold.

Executive Chairman's Review of 2003

The year 2003 has been a year of fundamental change and a
turning point in Baltimore's development.  When I was invited to
become Chief Executive in October 2001 to address the financial
crisis facing the Company, Baltimore was incurring an average
monthly loss of nearly GBP6 million, with only GBP21 million of
cash and no identifiable sources of additional capital.  This
situation was clearly unsustainable and, as part of our strategy
to preserve value for shareholders, some hard decisions and
tough actions have had to be taken.

We began 2003 with an already slimmed-down operation, comprising
our core business of authorization and public key based
authentication products and solutions.  After a slow start in
2003, we recognized that Baltimore lacked the scale to compete
profitably, and at our AGM in May 2003 we announced the
commencement of a controlled sale process, in order to best
protect our stakeholders -- our shareholders, customers and
employees.  This point was further emphasized by the fact that
as at June 30, 2003 our net asset value was GBP5.0 million.
Although this process generated interest in the Company as a
whole, it became clear that we would achieve the best value for
shareholders by selling specific parts of the Company to
individual parties.

In August 2003, following approval at an EGM, we completed the
sale of the SelectAccess business to Hewlett-Packard for GBP8.3
million.  In September 2003, we completed both the sale of the
managed services operations to beTRUSTed for GBP1.1 million, and
the sale of our OmniRoot business to beTRUSTed for approximately
GBP2.0 million.

Finally, in September 2003, we announced the proposed disposal
of our core PKI business to beTRUSTed for GBP5.0 million, and
this proposal was approved by our shareholders at an EGM in
November, and completed in December.

Board and Management Changes in 2003

Simon Enoch, who had been EVP, Company Secretary and General
Legal Counsel since January 1998, left the Company as an
employee and joined the Board as a non-Executive Director with
effect from August 1, 2003.

To reflect the Group's reduced trading activities and following
the approval by shareholders of the disposal of the core PKI
business in December 2003, the Board decided that there should
be changes at both the Board and management level to reflect
this and to further reduce costs.

Peter Morgan, Chairman, resigned from the Board after the EGM on
November 28, 2003.  Bijan Khezri took over as Chairman while
retaining his role as Chief Executive.  On the same date Denis
Kelly, then EVP Global Business Operations, assumed the role of
Chief Financial Officer and Company Secretary, and joined the
Board, upon Phil Smith, CFO's resignation with effect from
November 30, 2003.  David Guyatt, non-Executive Director,
resigned from the Board immediately after the EGM on November
28, 2003.  John O'Sullivan, EVP Engineering, also resigned from
the Company with effect from 30 November 2003.

On 4 December 2003 we announced the appointment of Andrew Hunt
as a non-Executive Director, and Andrew took over from John
Cunningham as Senior Independent non-Executive Director upon
John's retirement from the Board on December 31, 2003.

2004 to Date

Our commitment throughout the year was, and continues to be,
maximization of shareholder value.

In January 2004 we launched a special share dealing service, to
enable as many as possible of our large shareholder base, many
of whom hold less than 500 shares, to either buy or sell shares
without incurring proportionally high trading costs.  The
service has proved popular with both buyers and sellers and has
been recently extended for a further month.  Our toll-free
shareholder information line* was launched on January 24, 2004.

On March 15, 2004 we announced the sale of our shareholding in
Baltimore Japan to beTRUSTed, which resulted in a net cash
inflow of GBP2.25 million.  The Board is considering a reduction
in capital.  Following the completion of the disposal of
Baltimore Technologies' core PKI business on December 2, 2003,
the continuing Group's assets consist primarily of cash. To see
financial statements:
http://bankrupt.com/misc/Baltimore_2003.htm

---------

* Shareholders may access this by dialing 00800 888 8080 (or +44
20 7335 5704 if calling from outside the U.K. and the Republic
of Ireland).  The information line is open between 9:00 a.m. and
5:30 p.m. Monday to Friday.

CONTACT:  BALTIMORE TECHNOLOGIES
          Homepage: http://www.baltimore.com
          Smithfield
          Phone: 020 7360 4900
          Andrew Hey
          Phone: +44 (0) 836 276 068
          Nick Bastin
          Phone: +44 (0) 931 500 066
          Will Swan
          Phone: +44 (0) 787 197 508


BALTIMORE TECHNOLOGIES: To Venture into Clean Energy Solutions
--------------------------------------------------------------
Over the last six months the Board has conducted a review of the
strategic options open to the Company.  Among other options, it
has sought to identify a business sector in which its current
structure and assets can be deployed advantageously and which
has these characteristics: significant growth potential, stable
and strong cash flows, innovation to drive competitive
advantage.

The strategy announced is the culmination of this review. The
Board believes this strategy presents shareholders with an
attractive opportunity to maximize shareholder value.  In
defining its growth strategy, the Board has, in parallel,
reviewed fully the likely outcome of a Members Voluntary
Liquidation (MVL) of the Company and the potential return to
shareholders, after settlement of outstanding liabilities and
the cost of distributions.  It is of the opinion that the timing
of returns to shareholders from an MVL will be subject to
uncertainties and will reflect no more than the cash value of
its net assets at the time of liquidation.  Further, under an
MVL, certain benefits the Company can exploit as a going concern
would not be fully realizable.  The Board is firmly of the
opinion that an MVL cannot maximize value for shareholders and
will be recommending that shareholders support its growth
strategy described below.

New business strategy and growth opportunity

The Company plans to build a leading business focused on
providing commercially competitive clean energy solutions to
industrial and commercial consumers.  The Company has identified
a significant growth opportunity to exploit the unsatisfied and
increasing demand from businesses for clean energy on
commercially competitive and reliable terms.

Despite strong demand drivers, such as environmental regulation
and increasing corporate social responsibility, renewable
energy, such as wind power, remains more expensive than energy
from traditional sources.  Renewable energy sources also lack
reliable base load availability, which can cause disruption and
waste, resulting in higher costs and loss of production.  The
Company plans to overcome these inefficiencies by providing a
broad range of businesses with a reliable and environmentally
acceptable mix of fuel sources, including low emission and
renewable fuels, on the competitive terms they require.  The
Company aims to achieve this by an innovative technical and
commercial approach to managing customers' energy supply sources
day by day and applying proven energy market driven techniques,
to optimize their contracts, maximize savings and avoid
incurring excess costs.  Typically, the Company's target
customers would not have the scale or specific expertise to
achieve these benefits for themselves.

The Company will not target retail customers, nor will it trade
as principal in the energy markets and so will not be exposed to
the financial and other risks involved in energy trading.  The
Company intends to rapidly achieve sustained profitability and
positive cash generation, deriving revenues principally in the
form of fee income, commission on energy cost savings, from the
resale of a mix of energy products and financial optimization of
energy assets.

A significant advantage of the growth strategy is that it
enables optimal use of the Company's cash assets and listed
structure. In that respect, the Board believes that the
Company's cash assets are sufficient to initiate its strategy
and that its U.K. listing will provide a valuable platform to
exploit future consolidation opportunities in this segment of
the energy sector.

How the business will be built

The Company plans to build its business in three key areas:

(a) Energy supply optimization

By actively seeking to re-negotiate and manage its customers'
existing energy requirements, the Company will provide reliable
and sustainable energy from an environmentally acceptable mix of
sources, including renewables and low emission fossil-fuel
sources, such as gas, to achieve savings that would otherwise
not be accessible and, in this way, build its own income and
business.

(b) Fuel source optimization

By leveraging its active management of customers' energy
portfolios, the Company will seek to replace more
environmentally damaging fuels and provide competitive solutions
based on alternative and clean switchable sources at optimized
prices.

(c) Energy portfolio optimization

The Company will exploit the synergies between its customers to
take advantage of economies of scale and the potential of
different energy use and load profiles within its customer base.

As part of this, the business model envisages appropriate
investment in clean power generation assets, in due course, to
diversify and enhance the range of energy solutions the Company
is able to offer its customers.

Next steps

The new strategy will be implemented initially by a targeted,
cash generative acquisition to establish an operational team
experienced in energy markets (including renewables), price
structuring and finance.  The Company's strategy will be to
focus on developing a customer base of mid-market industrial and
commercial businesses.  The Company proposes in due course to
seek shareholder approval to change its name and re-brand to
reflect its new business focus.

A circular in respect of the EGM will be posted to all
shareholders on April 8, 2004.  In the meantime, the toll-free
shareholder information line is available to deal with general
enquiries on 00800 888 8080 from U.K., Republic of Ireland, or
+44 20 7335 5704.

                              *****

Until the announcement of this strategic shift, Baltimore
Technologies' business plan was geared towards developing
products, services and solutions to address the fundamental
security needs of e-business in distributed environments.  Its
e-security technology enables companies to verify the identity
of electronic counter-parties and securely manages which
resources and information users can access through open
networks.

Many of the world's leading organizations in Finance and
Government have deployed Baltimore's e-security technology to
enable e-business over fixed and wireless networks.  Baltimore
also offers worldwide support for its authorization management
and public key-based authentication products.

Baltimore's products, services and solutions are sold directly
as well as through its worldwide partner network, Baltimore
TrustedWorld(tm). Baltimore Technologies is a public company,
listed on the London Stock Exchange (BLM).


BALTIMORE TECHNOLOGIES: Bares Composition of New Board
------------------------------------------------------
In developing the new growth strategy, the Board [of Baltimore
Technologies] has been able to attract a strong, experienced,
senior management team of individuals with a successful track
record in both business and international energy markets to
implement it.

The new team will be led by David Weaver, former Managing
Director Europe, BP Gas, Power and Renewables, who is appointed
as the new Chief Executive effective 8 April.  Bijan Khezri will
continue to lead the Board as non-executive Chairman.

Alfredo Goyanes, former Head of European Energy Research, Lazard
is appointed as Chief Financial Officer designate, effective 8
April, and will work alongside Denis Kelly, who will retire as
Chief Financial Officer and from the Board at the Company's AGM.
At that AGM, Simon Enoch and George Powlick will each retire
from the Board.  Andrew Hunt, who was appointed a non-Executive
Director in December 2003, will continue as Senior Independent
non-Executive Director.

With the Company's new business focus in mind, the Company is
announcing the additional appointments as independent non-
Executive Directors of Richard Eyre, James Huston and John
Uttley.  These new non-Executive Directors bring the benefit of
their considerable experience to guide the Board's decisions in
implementing the new strategy.  All new non-executive
appointments to the Board will be effective from 8 April.

Brief biographical details of the new Board members

David Weaver was Managing Director Europe, BP Gas, Power and
Renewables, a $1 billion turnover business, from 2000 to 2003.
In this role, he built a highly successful business from a green
field start, establishing BP's largest power marketing operation
and pioneering their entry into the wind power renewables
business.  Prior to joining BP, he was President and CEO of
Europe for Duke Energy International, one of USA's largest gas
and power enterprises.  From 1995 until 1999 he was Chief
Executive Officer, International, based in Singapore for
CMS Energy Inc, a major U.S. energy utility and a New York Stock
Exchange quoted Power Company where he is credited with the
successful turnaround of a loss making Asian business.  His
executive experience also includes Managing Director of Mission
Energy Asia, and General Manager of Scottish Power New Ventures
where he established their market entry strategy into renewable
energy in 1993.  He started his career with the Central
Electricity Generating Board and led one of the Government's
privatization teams during the privatization of the U.K.
Electricity Supply Industry.  He is a Fellow of the Energy
Institute and a founder Member of the Institute of Petroleum
Engineers.

Alfredo Goyanes was Director of European Utilities Research for
Lazard Capital Markets (London) from 1999 to 2003, where he
advised on strategy, valuation and regulation in the energy
industry for investors and corporates.  From his position as an
equity analyst for Banco Santandor de Negocios, he was appointed
in 1987 as Head of Equity Capital Markets for Natwest S.A.
(Madrid), a post he held until 1990.  After 1990 he held a
number of positions both in management and as adviser on market
strategy for investment banks and broking firms, notably
with Paribas Capital Markets (London) from 1994 to 1999.  He set
up his own consultancy practice in 2003 to advise corporate and
financial investors on the energy sector.  He holds an MBA in
Finance from Columbia University, New York.

John Uttley has a wealth of knowledge in the energy sector,
particularly in the electricity industry in which he has almost
30 years experience.  He has extensive experience of corporate
finance, including equity, debt markets and bank financing. He
has held several influential positions and was Finance Director
of National Grid Group from 1990 to 1997 and Finance Director of
Central Electricity Generating Board from 1984 to 1990, where he
acquired significant experience on the economics of different
power generation options.  Since 1997, he has focused on middle-
sized and smaller companies in a portfolio of non-executive
directorships, including as chairman of Stentor Communications
plc, the Irish Telecoms Group, First Security Group Ltd, a
manned security group backed by 3i, and as a non-executive
director of Misys Independent Financial Advisory Services (now
Sesame plc) and Glasgow Prestwick International Airport.

Richard Eyre has extensive experience of managing businesses and
of corporate governance. He has a distinguished career in the
field of media, holding some major leadership roles. He was
Chief Executive of Capital Radio plc from 1991 to
1997, during which time the value of the company grew fourfold.
In 1997, on leaving Capital Radio he was appointed Chief
Executive of ITV Network, at a challenging time when audiences
were in serious decline.  Under his leadership from 1997 to
2000, a new senior team was recruited which undertook a
fundamental reworking and rebranding of ITV and its approach.
He was Chairman and Chief Executive of Pearson Television during
2000 and Director of Strategy and Content for RTL Group until
2001.  He has held a number of non-executive posts since April
2001, including RDF Media, 19 Entertainment, Digital Bridges and
the Eden Project.

James Huston has run a private strategic consulting business
since 2003, advising some of the world's leading renewable
energy companies. He was previously the Chief Executive Officer
of the international water and renewable energy business of the
Dutch utility Nuon N.V.  From 1994 to 2001 he was an executive
for Cap Gemini Ernst and Young, where he created and managed the
Eastern Hemisphere Utility Consulting practice of Gemini
Consulting and created and ran their Power and Water Utility
Global Market Unit on a worldwide basis.  He held the position
of Group Chief Knowledge Officer from 2000 to 2001.  His early
career included working as project manager for Stone and Webster
Engineering Corporation, which he joined in 1980 and left as a
Vice President in 1994.  Mr. Huston holds a degree in Nuclear
Engineering from the University of New Mexico.

Following the changes to the Company's Board announced, the
structure of the new Board will, at conclusion of the Company's
AGM, comprise:

Bijan Khezri
Chairman, non-Executive

David Weaver
Chief Executive

Alfredo Goyanes
Chief Financial Officer

Senior Independent Non-Executive Director and Chair of the
Andrew Hunt Nominations Committee and the Remuneration Committee

John Uttley
Non-Executive Director and Chair, Audit Committee

Richard Eyre
Non-Executive Director

James Huston
Non-Executive Director


BALTIMORE TECHNOLOGIES: Main Shareholder Lambasts New Strategy
--------------------------------------------------------------
Acquisitor Holdings (Bermuda) Ltd. notes the 'unaudited'
preliminary results announcement from Baltimore Technologies plc
and the accompanying proposal of a new strategy to convert the
Company into a so-called 'clean energy solutions' business and
the proposed appointment of five new directors.

As by far the largest shareholder in Baltimore, Acquisitor
Holdings would have welcomed a realistic proposal to maximize
shareholder value.  Unfortunately, based upon what we have read
so far, the Company's proposal to embark into uncharted
territory with Mr. Khezri at the helm has only hardened our
resolve to remove Mr. Khezri and his cronies before they destroy
what remaining value exists in the Company.

As a result of the pressure we have exerted on the Baltimore
Board, three of the five existing board members have recognized
that their position is untenable following their role in the
massive destruction of shareholder value in the Company, and
have agreed to step down.  We only wish that the rest of the
Baltimore Board had realized that they have stayed well past
their 'sell by date.'

If Mr. Khezri thinks that he can sweep the history and his
direct involvement in Baltimore's losses by changing the
Company's name and appointing five new directors he is gravely
mistaken.  Baltimore's shareholders have taken a bath and
continue to be treated with what appears to be complete contempt
and disdain by directors who have done nothing to create, let
alone protect shareholder value.

Acquisitor Holdings by contrast has proposed a new board of
directors for Baltimore who all have substantial track records
in corporate turnarounds and delivering shareholder value.  The
new board would be led by David Buchler, as chairman, who has
more than three decades of experience in this field.  The
proposed board would be committed to investigating the
activities of Baltimore's existing and former directors and
would seek to recover, where possible, some of the Company's
squandered value.

Commenting on the results, Duncan Soukup, Acquisitor Holding's
Deputy Chairman, said:  "Rather than giving shareholders
comfort, the press release covering Baltimore's 2003 results
merely creates more uncertainty and begs more questions at a
time when long suffering shareholders need reassurance that the
remaining funds in the Company will not be dissipated or lost."

"We regret that the Baltimore Board did not address the
questions that we posed in our previous press release, even
though a copy of these questions was hand delivered to them and
their auditors KPMG.  Rest assured we will be back with the same
questions and more in due course," he said.

"The concept that Baltimore has generated a profit on the sale
of assets will be treated by shareholders with the contempt that
it deserves and grossly misrepresents the nearly GBP1 billion of
losses shown in the last set of audited accounts.

"Any new board must look into the past dealings of a company and
its board of directors before moving forward with an expansion
and growth strategy.  However it is quite apparent from
announcement that the Baltimore Board will stop short of nothing
in their attempt to thwart the appointment of a board committed
to increasing shareholder value, investigating and, if
necessary, pursuing past directors for their part in the
destruction of shareholder value.

"[The] announcement from the Company raises more questions,
serious questions about the security of shareholders' funds,
than it provides answers.  It also does nothing to convince us
that Mr. Khezri and his cronies have a viable plan to enhance
shareholder value," he said.

Acquisitor Holdings has requisitioned an EGM to remove the
entire Baltimore Board of Directors.  Further information can be
obtained at http://www.baltimoreaction.com.

Information on Acquisitor Holdings can also be obtained at:
http://www.acquisitorholdings.com

CONTACT:  GAVIN ANDERSON & COMPANY
          Neil Bennett
          Ken Cronin
          Janine Brewis
          Phone: 020 7554 1400


BERKSHIRE CHINA: Sold as 'Going Concern' to Former Owner
--------------------------------------------------------
Administrators from KPMG Corporate Recovery have secured the
sale of the business and assets of Berkshire China Company
Limited as a going concern.

The company, which decorates bone china and porcelain products
for souvenir, mail order and corporate promotions businesses,
employed 45 people. It was placed into administration on March
18, 2004 following a period of sustained trading difficulties.

Paul Bateman, director with KPMG Corporate Recovery in Stoke on
Trent, comments: "We are pleased to confirm that we have secured
a sale of the business and assets to Staffordshire Fine Bone
China."

Hugh Padley, chairman of Staffordshire Fine Bone China and owner
of Berkshire China Company until 1997, comments, "I am
absolutely delighted to acquire my former company and to have
the opportunity to restore it to its former reputation for
reliability, quality and flexibility."

CONTACT:  KPMG CORPORATE COMMUNICATIONS
          Katy Broomhead
          Phone: 0161 246 4623 / 07775 708917
          E-mail: katy.broomhead@kpmg.co.uk


BERMAN INTERNATIONAL: Unsecured Creditors Meeting April 13
----------------------------------------------------------
There will be a Meeting of the unsecured Creditors of the Berman
International Limited Company on April 13, 2004 at 11:00 a.m.
It will be held at 48 Langham Street, London W1W 7AY.

The purpose of the Meeting is to lay before the Creditors a copy
of the report and the financial statement of the Company.
Creditors whose claims are wholly secured may not attend and
vote at the Meeting.  Other Creditors who wish to vote at the
Meeting must submit written details of theirs debt claims the
Company due them at 48 Langham Street, London W1W 7AY not later
than 12:00 noon April 8, 2004.


BIG JAW: Administrator Sets Creditors Meeting April 13
------------------------------------------------------
There will be a Creditors Meeting of the Big Jaw Baking Selmark
Limited Company on April 13, 2004 at 10:00 a.m.  It will be held
at the Holiday Inn Rugby-Northampton, Crick, Northamptonshire
NN6 7XR.

The purpose of the Meeting is to approve the proposals of the
Administrators the aims in the Administrative Order and to
consider appointing a Creditor's Committee.  A person authorized
to represent a corporation must produce to the Chairman of the
Meeting a copy of the Resolutions with the seal of the
corporation on it or certified by the Secretary or Director of
the Corporation as a true copy.  Creditors who wish to vote at
the Meeting must submit written debt claims the Company due them
at BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD not
later than 12:00 noon April 8, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Contact:
          C K Rayment, Joint Administrator


CORE AFFINITY: Receivers Offer Business, Assets for Sale
--------------------------------------------------------
The Joint Administrative Receivers of Core Affinity Marketing
Limited offer for sale its business and assets:

(a) Fee-based membership shopping program offering member-only
    discounts on lifestyle products and services;

(b) Database circa 250,000 DRTV purchases, circa 37,000 active
    club members;

(c) Gross 2003 membership turnover circa GBP3 million.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Contact:
          Pauline Durrant
          Phone: 020 7334 9191
          Fax:   020 7651 1822
          E-mail: pauline.durrant@moorestephens.com


COUNCIL MUSEUMS: Voluntary Winding up Resolution Passed
-------------------------------------------------------
At an Extraordinary General Meeting of The Council of Museums in
Wales on March 24, 2004 held at 21 St Andrews Crescent, Cardiff,
the subjoined Resolutions to wind up the Company were passed.
Brendan Eric Doyle of Doyle Davis, 21 St Andrews Crescent,
Cardiff, has been appointed as Liquidator of the Company for the
purpose of the voluntary winding-up.


EMI GROUP: Streamlining to Further Strengthen Business
------------------------------------------------------
EMI Group plc comments on trading as it ends its financial year
and announces further steps in its continuing drive to maximize
efficiency and effectiveness in the changing global music
marketplace:

(a) full-year sales in recorded music close to previous year's
    level and solid performance in music publishing;

(b) outsourcing manufacturing in Europe and the United States
    through third-party supply arrangements at substantially
    lower costs;

(c) restructuring some of its record labels and artist roster,
    particularly in Continental Europe, to ensure that resources
    are applied where they will generate the greatest success.

The steps being taken will further improve the company's
financial performance and enable it to continue to succeed in
the physical world whilst fully capitalizing on the
opportunities presented by its rapidly growing digital business.

As a result of these changes, EMI's headcount in its recorded
music division will be reduced by approximately 20% (1,500), of
which approximately 900 are related to the outsourcing of
manufacturing.

EMI expects these initiatives to deliver total cost savings to
the group of at least GBP50 million per annum; GBP25 million of
these savings will be delivered in the financial year ending 31
March 2005, with the full annualized savings realized in the
following financial year.

The one-off cash cost of delivering these initiatives will be
approximately GBP75 million.  There will be a non-cash charge
associated with the write-down of assets due to the outsourcing
of manufacturing in Europe and the United States of
approximately GBP30 million.  Subject to further review, there
will be a non-cash charge of approximately GBP50 million
pertaining to the impairment of goodwill, advances and other
intangibles, to recognize the reduction in the artist roster as
well as the declines in the music industry.  These amounts are
expected to be reflected as exceptional charges for the
financial year ending 31 March 2004.

Eric Nicoli, Chairman of EMI Group, said: "Over the past two and
a half years, against the backdrop of tough market conditions,
we have transformed our recorded music business.  Since their
arrival in 2001, Alain Levy and David Munns have taken vital
steps to improve our competitive position and the financial
performance of the business.  They have delivered over GBP100
million of fixed-cost savings so far and have also managed a
dramatic turnaround in the performance of our U.S. operations.
By strengthening our management capability and investing in
artist development worldwide, they have established a momentum
in the business, which we are determined to maintain.

"The actions announced represent another major step forward.
EMI will continue to be an agile and progressive music content
company that fully embraces and profits from changes in
technology and consumer trends.  Whilst we remain optimistic
that the market will return to growth in due course, we are
committed to being in the best possible shape to compete in all
conditions and to take advantage of improving trends."

Alain Levy, Chairman & CEO of EMI Music said: "The time is right
to further reposition EMI Music.  Exiting manufacturing in our
two primary regions of Europe and the U.S. will allow us to
lower our costs while flexibly meeting our supply needs in the
future.  These additional steps will more closely align us with
the evolution we are seeing in our markets. We believe that by
concentrating our efforts on a tightened roster of artists we
will increase our revenue-generating potential while reducing
our costs, even as we continue to invest in artists worldwide
and in developing our digital capabilities."

Commenting on full-year trading, Eric Nicoli also said, "In the
financial year just ending, we have outperformed the industry on
the most important measures.  In recorded music, we have enjoyed
market share gains, with sales for the full year close to last
year's level.  While our investment in IT systems and in
developing new revenue streams -- both of which will generate
significant benefits in the future -- has modestly constrained
the overall margin, our underlying operating margins have
strengthened.  Furthermore, Marty Bandier has continued to drive
our music publishing business to deliver another solid
performance for the year."

Outsourcing manufacturing in Europe and the United States

EMI is announcing that it will shortly cease self-manufacturing
its CDs and DVDs in Europe and the United States.  EMI will
transfer its manufacturing facility and its associated assets in
Uden, The Netherlands to MediaMotion (a member of the Dutch ECF
Group) subject to obtaining the advice of the works council for
the Uden manufacturing plant.  The agreement entails the
employees presently employed by EMI at the Uden manufacturing
plant transferring to MediaMotion.  EMI will also be closing its
manufacturing facility in Jacksonville, Illinois, USA and has
given notice to the employees who will be affected.  However,
EMI intends to maintain its supply group, physical warehouse and
distribution facilities and functions at both locations.

Simultaneously, EMI has entered into long-term supply agreements
with MediaMotion and Cinram International Inc. for the supply of
CDs and DVDs.  MediaMotion will manufacture product for those
EMI entities currently serviced from EMI's Uden facility, whilst
Cinram will manufacture for EMI companies who currently receive
product from the Jacksonville facility.

EMI will be meeting the vast majority of its music product
requirements through these two market-priced supply agreements.
These agreements have been structured to deliver the lowest
possible unit cost to EMI over their full term. As a result of
these transactions, EMI's manufacturing costs will not only be
reduced but will also become fully variable, insulating the
business from the effects of changing volumes.  The sales
proceeds for the Uden transfer are nominal and there are no
upfront proceeds in respect of these supply agreements.

EMI will retain its two joint-venture facilities, one in Japan
(part of the Toshiba-EMI joint-venture company) and one in
Australia (a joint venture with Warner Music), as well as a
small facility in Canada.  It is currently anticipated that the
Uden transfer and the Jacksonville manufacturing plant closure
will both be completed by the end of the summer of 2004.

Restructuring some of its labels and artist roster

To maximize its ability to develop the careers of its artists,
EMI is refining the structure and the way that some of its
labels operate, particularly in Continental Europe.  EMI is
reducing its global roster by approximately 20%, affecting
largely niche and under-performing artists.  The roster is being
rebalanced to focus resources and efforts more effectively on
the artists who have the greatest potential on both a global and
local level.

In a number of smaller countries, EMI is consolidating its
marketing through a single department in each country.  This new
structure will focus the best marketing executives on servicing
the releases from both Capitol and Virgin.  EMI is also merging
several smaller niche labels into larger label groups to
increase the efficiency of its repertoire management.  In
particular, within the U.S., the new age label Higher Octave is
being combined with Narada and the Christian music labels
Sparrow and Forefront are becoming one label group.

As the traditional music retail environment becomes more
concentrated and the digital channel expands, EMI is continuing
to realign its selling resources to best meet the demands of its
changing customer base.

EMI is expanding its use of shared services for its back office
functions, particularly within North America and Continental
Europe, and further reducing administrative workload by
eliminating duplication and streamlining processes even in
advance of the full roll out of its Technology Change program.

Other initiatives

As previously announced, EMI is investing in a three-year
Technology Change program, upgrading and expanding its systems,
to make the recorded music division increasingly digital in the
way that it operates both internally and externally.  Once fully
implemented, EMI expects that this technology effort will
deliver further annualized benefits, in excess of GBP20 million.
Given the phasing of the investment, EMI has incurred costs for
the financial year ending 31 March 2004 and savings will only
start to build in the latter half of the next financial year.
This initiative is distinct from the costs and savings outlined
in the announced actions.

Also as previously announced, EMI's music publishing division is
proceeding with a restructuring initiative which is anticipated
to incur an exceptional charge of approximately GBP6.5 million,
GBP4.9 million of which was taken in the first half.  Through
this effort, the music publishing business is reducing its staff
by approximately 5% and replacing and upgrading its systems to
improve efficiencies.  It is expected that this program will
deliver savings of approximately GBP2.7 million in the financial
year ending 31 March 2004.  This initiative is also distinct
from the announced actions.

As previously indicated, EMI expects to acquire the final 20%
stake in the Jobete song catalogue, taking its shareholding to
100%.  The cash price will be approximately US$80 million and
the transaction should be completed in the next few days. Jobete
is one of the world's premier music publishing catalogues,
containing over 15,000 Motown standards such as I Heard it
Through the Grapevine, My Girl, I Just Called to Say I Love You
and I'll Be There.  EMI bought an initial 50% stake in Jobete in
1997 and a further 30% stake a year ago.

The Group will make its preliminary results announcement on 24
May 2004.

CONTACT:  EMI GROUP PLC
          Amanda Conroy
          Corporate Communications
          Phone: +44 20 7795 7529

          Claudia Palmer
          Investor Relations
          Phone: +44 20 7795 7635

          Susie Bell
          Phone: +44 20 7795 7971

          BRUNSWICK GROUP LLP

          Patrick Handley
          Phone: +44 20 7404 5959


EQUITABLE LIFE: Issues Preliminary 2003 Report
----------------------------------------------
Business Highlights

(a) Penrose:  Report raises 'no material adverse financial
    consequences for the Society.'

(b) Solvency: The Society is clearly solvent and exceeds the
    minimum regulatory capital requirements; 'steady progress
    and improving stability,' the Board says.

(c) Claims: Major reduction of both maturities and surrenders,
    particularly in the second half of 2003.

(d) Bonuses: Policy values increased for U.K. with-profits
    pensions policies by 2% per annum (pa) for 2003 (1.5% p.a.
    for U.K. life policies).  Interim non-guaranteed bonus of 2%
    p.a. (1.5% pa for U.K. life policies), effective from 1st
    January 2004

(e) Future: Review underway to develop the Society's longer-term
    future.

Vanni Treves, Equitable Life's Chairman, said: "Equitable Life
is solvent, stabilizing and in better condition than at any time
in the recent years.  Of course, uncertainties remain and there
is still a great deal of unfinished business, but the dark
clouds overhanging the Society are gradually drifting away.
Greater stability is being achieved and we will now focus on
developing proposals to improve the longer-term prospects for
remaining policyholders.  We will share these proposals when
they have taken significant shape."

Charles Thomson, the Society's Chief Executive, said:  "The
Board has assessed the probability of further claims arising
from Lord Penrose's report and, having taken legal and actuarial
advice, our view is that his report has not raised new issues
which will result in any material adverse financial consequences
for the Society.  Any unsubstantiated claim will be challenged
with vigor.   We will also actively challenge any claims or
decisions by the Financial Ombudsman, which we consider to be
wrong.

"Lord Penrose pulls no punches and describes a litany of failure
by the regulatory regime and former management.  We believe the
Parliamentary Ombudsman is now duty bound to investigate the
issue of regulatory maladministration and, if appropriate,
recommend compensation.  We are also working with our legal
advisers to see if we have a cost-effective and sustainable case
against any regulatory regime, through the U.K. or European
courts.  We also believe the former directors and former
auditors made serious errors and that's why we are pursuing
them."

To see full copy of this press release:
http://bankrupt.com/misc/EquitableLife_Prelim2003.htm

CONTACT:  EQUITABLE LIFE
          Media Enquiries:
          Tony McGarahan
          Phone: 020 7710 3784
              Or 07966 386145

          Alistair Dunbar
          Phone: 020 7710 3891
              Or 07967 564039


EQUITABLE LIFE: Posts Latest Update on Business, Legal Matters
--------------------------------------------------------------
Strategic Objectives

The Society's business objectives continue to be to:

(a) Resolve outstanding claims against the fund;

(b) Stabilize the with-profits fund to ensure its continued
    solvency;

(c) Ensure we meet the guarantees provided to policyholders by
    pursuing an appropriate investment strategy;

(d) Reduce expenses and restore an efficient business model.

The important progress we have made towards these objectives is
reported in this Corporate and Financial Review.

2003 Bonus declaration

During the last 12 months significant progress has been made to
meet the new regulatory requirements of the  'realistic' balance
sheet reporting framework.  This is part of the new regulatory
solvency reporting requirements, which are expected to be
formally introduced for 2004.  The likely general effect is to
increase the capital requirements for a with-profits fund.  For
this reason, we are holding back a margin of 1% per annum from
the investment return in order to meet the cost of guarantees
and provide some additional risk capital.  If future experience
allows, it will be possible to gradually release some or all of
the margin back to with-profits policyholders and to increase
policy values at a faster rate.

The Financial Review details the issues the Board considered in
reaching its bonus decision, which included balancing the
changing regulatory requirements with the objectives of
continuing to meet its obligations to policyholders and other
creditors as they fall due and of distributing the Society's
assets over the lifetime of policies as fairly as possible.

In determining the amounts payable under with-profits policies
the Board aims to treat all with-profits investors fairly,
taking account of the returns earned on the underlying
investments and also the requirement to honor guarantees already
granted to policyholders.

The Society has announced these bonus decisions:

(a) For 2003, there is no reversionary bonus.  However,
    guaranteed benefits will be increased for those policies
    containing a Guaranteed Investment Return (GIR) at the rate
    set out in the policy conditions.

(c) Policy values (or their equivalents) will be increased for
    all U.K. with-profits pensions policies at an accrual rate
    of 2% per annum (p.a.) for the whole of 2003 (1.5% p.a. for
    U.K. life policies).  This applies equally to GIR and non-
    GIR policies.  The effect is a slightly lower return than
    the interim rate of 3.5% p.a. which applied from 1 April
    2003.

(d) From 1 January 2004 until further notice, a non-guaranteed
    interim bonus will be added to policy values (or their
    equivalents) at the overall rate of 2% p.a. for U.K. with-
    profits pensions policies (1.5% p.a. for U.K. life
    policies).

With-profits annuitants have been reminded that the Society is
still in the process of recovering their share of the Guaranteed
Annuity Rates (GAR) cost from them, by withholding 1.5% of final
bonus for two more years.  However, the Board is able on this
occasion to defer this recovery for this year.  This means
that all with-profits annuitants will get the benefit of the 2%
award for 2003.

GAR Rectification Scheme and Managed Pension Review

This time last year the Board announced that we had decided to
withdraw the original GAR Rectification Scheme.  That scheme was
launched by the Society's former Board, to compensate holders of
GAR policies who retired before the House of Lords' ruling in
2000.  However, it had proved to be too slow, too complex
and potentially unfair to continuing members.

The new Rectification Scheme was launched last November and over
a thousand offers have already been made.  This scheme is on
course to complete this year.  The version of the scheme
designed for group pension schemes is nearing completion and
details will be sent to trustees shortly.

The review of the sale of managed pensions (also known as income
draw down policies) is progressing and we expect to have
completed most cases by the end of the year.

The progress now being made in these projects represents an
important step towards stability.  The large provisions for
these schemes in our accounts are based on forecasts that are
inevitably uncertain and that uncertainty can only be completely
removed by the completion of the reviews.

Complaints by former non-GAR policyholders

During 2003, the Society wrote to former non-GAR policyholders,
representing 16,000 policies, inviting them to let us know if
they felt they had a valid complaint against the Society in
relation to the GAR issue.  Good progress has been made in
dealing with those former policyholders who have responded to
the Society and the financial uncertainties have been
significantly reduced.

With respect to the complaints at Financial Ombudsman Service,
the Society has received a preliminary view from the FOS, based
on its own legal advice, that it is considering a different
approach to redress from that of the Society for some cases.
The Society has made representations to the FOS that the
appropriate approach to assessing compensation in cases such as
these should be based on the Society's own legal opinion, which
is consistent with the published legal advice obtained by the
FSA.  We have made representations to FOS, but it could be many
months before the matter is finally resolved, particularly if
the matter ultimately requires resolution by the courts.

Litigation by the Society

In February 2003, the High Court accepted Ernst & Young's
application to have part of the Society's claim against them
struck out.  In July 2003, the Court of Appeal overturned that
decision, substantially reinstating our claim.

In October 2003, the High Court rejected the application by the
former non-executive directors to strike out the claim against
them and permitted the Society's case to go forward against the
whole group of 15 former directors.

The Society was awarded costs in both cases and the decisions
have vindicated your Board's action to pursue this important
litigation in the interest of policyholders.  The trial of both
claims is due to commence in April 2005.

Your Board decided to act on these claims only after a careful
assessment with our legal advisers of the likely financial
rewards and the chances of success.  These actions are expensive
and in 2003 the litigation costs amounted to GBP7.9 million.
The Board regularly reviews with its legal team the progress and
cost justification of the claims and we remain of the view that
we have strong and substantial claims to assert.  Any
compensation the Society receives will be added to the with-
profits fund for the benefit of continuing with-profits
policyholders.

With-profits annuity payments

With-profits annuitants were issued with a letter in January
2004 explaining the second stage in the process to bring them
into line with the Society's other with-profits policies.  Once
completed, the only remaining adjustment would be to recoup the
remaining 3% related to the House of Lords' judgment.  As noted
earlier the adjustment has been deferred for this year.

The amount of future with-profits annuity payments depends on
the performance of the with-profits fund and the 'anticipated
bonus rate' chosen when the policy started.  Broadly, each year
the income level reduces at the anticipated bonus rate and
increases by the bonus added.  Policyholders generally chose the
anticipated bonus rate at a time of higher inflation and higher
expected investment returns.  With lower inflation and low
investment returns, many with-profit annuitants will see further
falls in their income when the increase in bonus falls below
their anticipated bonus rate.

Investments

The Society's investment strategy continues to be to hold very
little in equities in order to minimize the risk to solvency
from volatile equity markets.  The asset mix in percentage terms
has changed little over the year.  This has been the result of
careful management of asset sales in anticipation of the
reduction in the size of the fund.  That has been more
straightforward in 2003 as the amount of funds withdrawn by
policyholders has fallen considerably.

Customer service

Members will be only too aware of the impact the last few years
have had on customer service.  Customer service has improved a
great deal but has not fully recovered to the levels which we
believe are appropriate.  However, progress has been made and
the Society continues to work with HBOS - to whom our
administration is outsourced - to make improvements.

Expenses

Last year we reported on the high levels being experienced in
both exceptional and non-exceptional expenses.  Total expenses
have been significantly reduced in 2003, but the assumed future
expenses incorporated into the provisions are expected to remain
at a high level for some time.   This is an area on which we
continue to focus, in line with our objectives.

Board changes

We must take this opportunity to put on record our thanks to Sir
Philip Otton, deputy chairman and former Lord Justice of Appeal,
who retired at the end of 2003, aged 70.  Sir Philip was the
senior independent non-executive Director, chairman of the Legal
Audit Committee and chairman of the Remuneration Committee.  We
are grateful to him for all his efforts on behalf of members to
lead us through many of our legal challenges to calmer, clearer
waters.

Sir Philip has been replaced by Peter Smith as the senior
independent non-executive Director, by Fred Shedden as chairman
of the Legal Audit Committee and by Jean Wood as chairman of the
Remuneration Committee.

Looking ahead

The past two years have been very difficult and challenging.
The enormous benefits of the Compromise Scheme were obscured by
the turbulent economic conditions.  Your Board fought hard to
steady matters and this gave us the confidence to express
cautious optimism early in 2003.

That cautious optimism was not misplaced.  2003 has been another
testing year but also a year of steady progress and relative
stability.  The Society had already gained a great deal of
knowledge of the issues facing the Society.  Lord Penrose has
restated some of those, but, having taken advice, the Board does
not believe that he has identified any new issue which will have
a materially adverse effect on the Society.

We still have many issues to resolve -- clearly many
uncertainties still remain -- but we hope and believe the dark
clouds overhanging the business are slowly drifting away.  As we
continue to achieve greater stability, we plan to develop
further our ideas for the longer-term future of the Society.  We
will share our proposals with members at the appropriate time
when they have taken sufficient shape.

Meanwhile policyholders can be certain of this: that the Board's
overriding objective is to act in their long term interests, as
it has done since taking office three years ago.

To see full copy of this press release:
http://bankrupt.com/misc/EquitableLife_Prelim2003.htm


EQUITABLE LIFE: Wants New Inquiry into Near Collapse
----------------------------------------------------
Equitable Life Assurance Society renewed its call for the
reopening of the probe into its near collapse in light of new
evidence raised in Lord Penrose's report.

According to Equitable CEO Charles Thomson, parliamentary
ombudsman, Ann Abraham, is "duty bound" to reopen her inquiry
considering the report's findings, which "[describe] a litany of
failures by the regulatory regime."

Mr. Thomson, meanwhile, told The Telegraph the company does not
believe the Penrose report would open the insurer to fresh
claims from policyholders, adding any attempt to do so would be
foiled.  He condemned the government for trying to "deflect
attention away from itself and on to the society."

In recent weeks, the government has rejected calls from
policyholders for compensation and instead encouraged them to
seek redress through the Financial Ombudsman Service (FOS).
"Equitable said yesterday it will actively challenge any claims
or decisions by FOS it considers to be wrong," the Telegraph
says.

In a separate development, the company won't pay annual bonuses
for 2003.  Released recently, the company's financial report
shows its 'fund for future appropriations' -- a key measure of
financial strength -- amounted to GBP542 million only.  The
value of the life office's with-profits fund fell 8% to GBP10.7
billion in the six months to December.  Using new "realistic"
accounting requirements, the 3.5% non-guaranteed final bonuses
declared in April last year, is now down to 2% for with-profits
pensions policies and 1.5% for life policies.

Mr. Thomson still believes these figures indicate the society is
"solvent and stabilizing."  He said the board is now reviewing
whether the sale or part-sale of the society will be in the best
interest of policyholder in the long-term.


EQUITABLE LIFE: Policyholders Seek Funding for Suit vs. Govt
------------------------------------------------------------
The Equitable Members' Action Group has asked the society for
GBP2 million to fund its lawsuit for government compensation,
The Telegraph said Wednesday.

The group has reportedly amassed 1,100 signatures supporting the
special resolution requesting the amount.  This number is more
than enough to force a vote on the resolution at the next annual
meeting.

"We are checking the legality of the document and the list of
names.  If these stack up, it will go to a vote," an unnamed
Equitable spokesman told The Telegraph.

The troubled mutual, for its part, has employed two of the
country's leading attorneys to scrutinize the Penrose report to
search for evidence that could back a legal claim against the
government.  Iain Milligan QC and Robert Miles QC are expected
to deliver their findings to the board ahead of the insurer's
annual meeting in May.


HHG PLC: Books GBP864 Million Full-year Pre-tax Loss
----------------------------------------------------
HHG plc released its 2003 financial results recently.  These are
the highlights:

(a) Operating profit before tax of GBP98 million (2002: GBP108
    million), after significant improvement in the second half
    of 2003;

(b) Loss on ordinary activities before tax of GBP864 million
    (2002 loss: GBP343 million) following write-downs,
    amortization, impairment of goodwill and present value of
    in-force business, and profit on business disposals
    totaling GBP889 million(2002: GBP365 million);

(c) Henderson operating profit of GBP32 million (2002: GBP54
    million), second half improved 46% on first half;

(d) Life Services operating profit of GBP81 million (2002: GBP86
    million), recovered from a GBP40 million loss in first half
    to GBP121 million profit in second half;

(e) Henderson assets under management of GBP70.6 billion (2002:
    GBP68.7 billion);

(f) Life Services' traditional embedded value (TEV) GBP1,145
    million, market consistent embedded value (MCEV) GBP1,271
    million at 31 December 2003.  At 30 June 2003, they were
    GBP845 million and GBP900 million respectively;

(g) At 31 December 2003, free asset ratios were: Pearl 2.1%,
    National Provident Life 1.4% and London Life 1.7%, compared
    to 1.8%, 0.4% and 1.1% respectively at 30 June 2003 and
    2.7%, 1.3%, 2.6% at 31 December 2002.  Implicit items
    included at 31 December 2003 totaled GBP43 million (31
    December 2002: GBP580 million).

Chief Executive Roger Yates says: "In the second half of 2003,
we delivered solid improvements in the underlying performance of
both our main businesses - Henderson and Life Services.  We
achieved substantial uplifts in the embedded value, solvency and
profitability of our life companies and a significant increase
in earnings from Henderson, driven by better revenue.

"The strategic and capital management decisions taken in the
first half of 2003 were reinforced by the actions taken in the
second half to build a strong balance sheet and create
substantial efficiency improvements.

"We made good progress against strategy in 2003 and will build
on this in 2004.  While investment markets still present some
challenges, HHG has an effective platform for sustained growth
and profitability from the asset management operations of
Henderson and improving capital strength and operational
efficiency from Life Services."

2003 financial result

The overall results for HHG PLC reflect the difficult market and
financial environment in the first half of 2003 and the impact
of the Demerger from AMP.  In particular, Life Services suffered
heavy write-downs in the first half as a result of the closure
to new business and the restructuring of the life companies
themselves.

Life Services improvement

In Life Services, the focus on improving operational efficiency
is beginning to bear fruit, with an improved result in the
Service Company.  Cost reduction targets to date have been met,
driven by a reduction in headcount from around 4,900 to around
1,800 as a result of restructuring.  At the same time, solvency
improved on the new 'realistic' basis captured in the FSA's
Consultation Paper 195 -- this improvement is most marked in
Pearl.  As the solvency of the life companies improves further,
this will bring closer the prospect of release of shareholder
capital.  Finally, the second half saw an improvement in Life
Services' embedded value from GBP845 million at 30 June 2003 to
GBP1,145 at million at 31 December 2003 on a traditional basis
and from GBP900 million to GBP1,271 million on a market
consistent basis.

At GBP81 million, the Life Services operating profit was strong,
given the fundamental change to the business during the year.
It turned around from an operating loss of GBP40 million in the
first half to an operating profit of GBP121 million in the
second half.

While the turnaround was assisted by a number of one-off items,
the result for 2003 as a whole is a better indication of the
sustainable profitability of Life Services.

Henderson recovery

As regards Henderson, the first half of the year bore the full
brunt of the bear market in stocks, with a marked recovery
during the second half.  Henderson's results reflected this,
with a sharp (46%) improvement in operating profits in the
second half, compared to the first.  Second half revenues
benefited from rising assets under management as the market
recovered, while costs were held flat.  The scale of improvement
in the second half reflects the operational gearing in this
business.

Overall, Henderson's cost to income ratio was 84% for 2003,
showing the negative effect of lower first half revenues.  The
ratio improved in the second half due to a combination of higher
revenue and flat costs.  In 2004, we expect the cost to income
ratio to fall below 80% and, in the medium term, we are
targeting a ratio of around 75%, assuming benign market
conditions.

Henderson's assets under management were relatively stable over
the year, with revenue lost from outflows from AMP and Life
Services internal funds being offset by generally higher margin
inflows of external funds.

Other businesses

The smaller businesses of Towry Law and Virgin Money were not
material in the context of 2003 Group profits, although Towry
Law made a modest profit following a small loss in 2002.

During the year, two businesses not core to HHG PLC --
Retirement Services and Pension Trustees -- were sold, and Ample
was sold in February 2004.

Outlook

HHG has made a sound start to 2004 with encouraging signs in
both Henderson and Life Services.  Henderson is benefiting from
good sales of higher margin products, including property, mutual
and hedge funds, on which, over time, profitability is expected
to be sufficient to offset outflows of Life Services' internal
assets under management.  Meanwhile, Life Services is on track
to deliver further cost savings.

While investment markets are still likely to present some
challenges, HHG has a strong foundation for sustained growth and
profitability from the asset management operations of Henderson
and improving capital strength and operational efficiency from
Life Services.

About HHG PLC

HHG PLC was created in 2003 when the U.K.-based businesses of
AMP Limited demerged.  HHG is listed on the London and
Australian stock exchanges and is a member of both the FTSE 250
and the ASX 100 indices.

HHG consists of:

(a) Henderson Global Investors (Henderson), a top 10 U.K.-based
    investment manager with GBP71 billion of assets under
    management,

(b) Life Services - made up of the life and pension books of
    Pearl Assurance plc, NPI Limited, National Provident Life
    Limited and London Life Limited, which are closed to new
    business, and HHG Services, which provides administration
    services to the life companies,

(c) The financial advisory firm, Towry Law, and

(d) A 50% joint venture in Virgin Money.

To see full copy of financial report:
http://bankrupt.com/misc/HHG_2003.pdf

Financial Calendar

Annual General Meeting              June 10, 2004
HHG PLC Interim results             Expected August 2004

CONTACT:  HHG PLC
          Media Relations
          United Kingdom
          Financial Dynamics
          Alex Child-Villiers
          Robert Bailhache
          Phone: +44 (0) 20 7269 7190

          Australia
          Cannings
          Graham Canning
          Phone: +61 (0) 2 9252 0622

          Investor Relations
          United Kingdom
          HHG Investor
          Relations
          Gail Williamson
          Phone: +44 (0) 20 7818 5310

          Australia
          HHG Investor
          Relations
          Phone: +61 (0) 2 9231 8606


HYDESHIRE LIMITED: Hires Liquidator from Woolfe & Rose
------------------------------------------------------
At an Extraordinary General Meeting of the Hydeshire Limited
Company on March 18, 2004 held at the offices of Elliot, Woolfe
& Rose, 1st Floor Equity House, 128-136 High Street, Edgware,
Middlesex HA8 7TT, the subjoined Special Resolution to wind up
the Company was passed.  Melvyn L Rose of Elliot, Woolfe & Rose,
1st Floor, Equity House, 128-136 High Street, Edgware, Middlesex
HA8 7TT, has been appointed Liquidator for the Company.

CONTACT:  WOOLFE & ROSE
          1st Floor, Equity House,
          128-136 High Street, Edgware,
          Middlesex HA8 7TT
          Contact:
          Melvyn L Rose, Liquidator


ILSE NO.1: Appoints Tenon Recovery Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of the ILSE
No.1 Limited Company held at the offices of SPV Management
Limited, Level 11, Tower 42, International Financial Centre, 25
Old Broad Street, London EC2N 1HQ, the Special Resolution to
wind up the Company was passed.  Ian Cadlock of Tenon Recovery,
39-40 Old Steine, Brighton, East Sussex BN1 1NH, has been
appointed Liquidator for the purposes of such a winding-up.

CONTACT:  TENON RECOVERY
          39-40 Old Steine, Brighton
          East Sussex BN1 1NH
          Contact:
          Ian Cadlock, Liquidator


JASMIN PLC: KeTech Limited Takes over Properties, Business
----------------------------------------------------------
Jasmin plc, currently in administrative receivership, said it
sold certain of its business and assets to KeTech Limited.  The
company did not disclose the price of the transaction, but said
it was not enough to allow a distribution to unsecured
creditors.

In March, the Nottingham-based firm called in Allan Graham as
administrators for its business and that of two of its trading
subsidiaries, Jassmin Simtec Limited and Jasmin Controls
Limited.  This follows a crash crisis in the company.

CONTACT:  JASMIN PLC
          Julie Round, PR Manager
          Phone: 0121 232 3177
          Mobile: 07887 633677
          E-mail: julie.round@kpmg.co.uk

          Judith Dow, Corporate Recovery PR Manager
          Phone: 020 7694 8584
          Mobile: 07786 197718
          E-mail: judith.dow@kpmg.co.uk


JOHN HANCOCK: Appoints Liquidator from Critchleys
-------------------------------------------------
At an Extraordinary General Meeting of the John Hancock Advisers
International Limited Company on March 18, 2004 held at 101
Huntington Avenue, Boston, Massachusetts 02199, U.S.A, the
Special and Ordinary Resolutions to wind up the Company were
passed.  Anthony John Harris 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:
          Anthony John Harris, Liquidator


JORDAN PERSONAL: Bank of Scotland Names Robson Rhodes Receiver
--------------------------------------------------------------
Name of Company: Jordan Personal Care Ltd

Reg No 01354538

Nature of Business: Toiletries Manufacturer

Trade Classification: 11

Date of Appointment of Joint Administrative Receivers:
March 22, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Commercial Services Limited

Joint Administrative Receivers:  RSM ROBSON RHODES LLP
                                 186 City Road,
                                 London EC1V 2NU
                                 Receivers:
                                 G P Rowley
                                 J N Whitfield
                                 (Office Holder Nos 8919, 9131)


KENRICK & JEFFERSON: Appoints Receivers from DTE House
------------------------------------------------------
Name of Company:
Kenrick & Jefferson Lockie Limited

Nature of Business: Manufacture of Paper Stationery

Trade Classification: 2123

Date of Appointment: March 18, 2004

Administrative Receiver:  DTE HOUSE
                          Hollins Mount,
                          Hollins Lane, Bury,
                          Greater Manchester BL9 8AT
                          Receivers:
                          A Poxon
                          J M Titley
                          (IP Nos 8620, 8617)


KINGSBRIDGE ADVISERS: Liquidated as Parent Becomes Quoted Shell
---------------------------------------------------------------
Penmc plc announces that a wholly owned subsidiary of the Group,
Kingsbridge Advisers Limited, on Tuesday appointed receivers.
The directors are not aware of any external creditors who will
not be paid in full.  The Company has operated in the financial

services market and withdrew from that in practical terms when
its business was sold on the October 23, 2003 since when it has
had no employees or approved advisor.  The directors believe
that this action was appropriate in allowing the parent to
become a clean shell as all trading businesses have now been
disposed of in a manner that provides comfort to any business
reversing into the quoted shell.

This press announcement has been issued by Insinger de Beaufort
on behalf of Penmc Plc

Insinger de Beaufort is a subsidiary of Bank Insinger de
Beaufort.  Authorized and regulated by the Financial Services
Authority

Registered in England and Wales No. 2479169


KINGSMEAD VENTURE: Winding up Resolution Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Kingsmead Venture Limited Company on March 24, 2004 held at 33
Holborn, London EC1N 2HT, the Special and Extraordinary
Resolutions to wind up the Company were passed.  Robin H Davis
of Lane Heywood Davis, Anchor Brewhouse, 50 Shad Thames, Tower
Bridge City, Tower Bridge, London SE1 2YB has been appointed
Liquidator for the Company.

CONTACT:  LANE HEYWOOD DAVIS
          Anchor Brewhouse,
          50 Shad Thames,
          Tower Bridge City, Tower Bridge,
          London SE1 2YB
          Contact:
          Robin H Davis, Liquidator


LEEDS UNITED: Fans Determined to Keep Club in Elland Road
---------------------------------------------------------
Supporters of troubled football club Leeds United are planning
to raise funds to keep the team in its traditional home at
Elland Road, according to Ireland Online.

The fans aims to raise GBP10 million (EUR15 million) to buy the
Yorkshire ground, the report said.  The transaction would make a
limited liability partnership, with the fans as owners and the
football club as occupiers paying rent.  They believe they could
help Chairman Gerald Krasner secure the future of Leeds by
keeping it safe in its ground.  Elland Road affords Krasner the
opportunity to raise necessary finances to pay off existing
debts.

Leeds United has debts of more than GBP80 million.  It also
holds loans of amounting to GBP15 million (EUR22.5 million) from
Aston Villa shareholder, Jack Petchey.


LLOYDS OF LONDON: Faces GBP1 Billion Reparation Claim in U.S.
-------------------------------------------------------------
Six African-American adults and two children filed early this
week a suit seeking GBP1 billion in compensation against Lloyds
of London, FleetBoston and RJ Reynolds.

Using DNA as their proof of filiation to black American slaves,
the plaintiffs argued that reparation is in order because the
defendants had profited from the slave trade that spanned from
1619 to 1865.  The suit, according to The Scotsman, alleges that
Lloyds insured the slave ships, while FleetBoston, then called
Rhode Island's Providence Bank, financed the ships involved in
the trade.  RJ Reynolds, on the other hand, profited from the
plantations.

Lawyer Edward Fagan, who helped forced Swiss banks pay Holocaust
victims US$685 million in reparation, says this latest suit
about the slave trade is unique in that his clients can trace
their roots back to their African ancestry.

"Each one of these individuals can tell you specifically where
they came from in Africa," The Scotsman quoted Mr. Fagan.

"For the last eight years every victim group in the world but
one has been given its day in court.  The only group that
remains is Africans or African-Americans," he said when asked to
justify the suit.  He added, the suit rests upon the theory that
the defendant-companies intentionally sought to destroy the
plaintiffs' "people, culture, religion and heritage."

A Lloyd's spokeswoman declined to comment, saying the company
has not yet received a copy of the complaint.  She noted,
however, that previous claims regarding slavery had been
dismissed.  FleetBoston, on the other hand, was not available
for comment.

The Scotsman was able to reach RJ Reynolds spokeswoman, Ellen
Matthews, who said: "We are not aware of any legal precedent or
even a legal theory that would allow these cases to proceed to
trial."


MARCONI CORPORATION: Buys back Additional US$34.6 Mln Notes
-----------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced on
Wednesday that it had purchased a further $34.6 million
(approximately GBP19.0 million) principal amount of Marconi 8%
Guaranteed Senior Secured Notes due 2008 for a total cash
outlay, excluding accrued interest and fees, of $38.0 million
(approximately GBP20.9 million) in open market transactions.

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

Marconi may purchase additional Senior Notes in the future.

Following the above-mentioned repurchase, as at 31 March 2004,
Marconi has, in aggregate, repurchased or redeemed $245.1
million (approximately GBP134.7 million) principal amount of
Senior Notes, reducing the principal amount outstanding and not
owned by Marconi Corporation plc to $472.0 million
(approximately GBP259.3 million).  Marconi Corporation plc
received $10.0 million (approximately GBP5.5 million)
representing the share of the second and third partial
redemptions relating to its holding in the Senior Notes.  This
has been transferred to the Mandatory Redemption Escrow Account
and will be used in due course to fund further partial
redemptions of the Senior Notes.

(Exchange rate, GBP1 = USD 1.82)

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 enquiries:
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

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


MAYFLOWER CORPORATION: Calls in Administrators
----------------------------------------------
Mayflower Corporation, U.K.'s biggest bus-maker, has hired
Deloitte Touche LLP to help it sort out its troubles.

The company surprised shareholders in February when it announced
it is likely to report big losses this year due to "significant
exceptional charges".  It deferred submission of annual results
by a month.

In March it said it has formalized a standstill arrangement with
its principal lenders and creditors have agreed to provide
certain additional facilities to the business while discussions
about renewed financing arrangements are brought to a
conclusion.

But just as the company is to report its promised annual report,
it said it discovered certain accounting irregularities at its
TransBus Division.  The error would increase its net debt by no
more than GBP20 million.

In conjunction, Mayflower announced the resignation of Chief
Executive John Simpson, Finance Director David Donnelly and
Joint Managing John Fleming as soon as the results are released
in April.

The following day, Tuesday, Mayflower requested for a suspension
of trading because it believes it won't be able to obtain new
refinancing.

Also under administration are its three U.K. subsidiaries:
Mayflower Vehicle Systems plc, which operates the U.K.
automotive business: Transbus International Limited, the U.K.
bus building business; and the group's management services
company.  Mayflower Energy Ltd. and the group's overseas
automotive systems operations in the USA and Germany are
excluded in the filing.

It blamed the decline in demand for its vehicle components,
increased competition at TransBus and high debt levels from
acquisitions for its troubles.


MAYFLOWER CORPORATION: Company Profile
--------------------------------------
NAME OF COMPANY: Mayflower Corporation Plc
                 Mayflower House
                 London Road
                 Loudwater
                 High Wycombe
                 Bucks HP1D 9RF

PHONE: 01494 450145

FAX: 01494 450607

HOMEPAGE: http://www.mayflowercorp.com

TYPE OF BUSINESS:  The Group's principal activities are the
design, engineering and manufacture of bodies for cars, light
trucks and sports utility vehicles and of commercial vehicle
cabs through its Mayflower Vehicle Systems division and the
design, engineering and manufacture of bus and coach bodies and
chassis and fire engines through TransBus International.  And
the Group is involved in the business of installing offshore
wind turbines and cable with Mayflower e3 Energy's development
of its Turbine Installation Vessel and in the design and
development of the Mayflower e3 variable motion engine.  The
Group operates primarily in the United Kingdom, North America
and Germany.  Bus and coach accounted for 57% of 2002 revenues;
vehicle systems, 43% and new business under development,
nominal.

BOARD OF DIRECTORS:
     Rupert N. Hambro, Chairman, Non-executive Director
     John W. P. Simpson, Chief Executive and Deputy Chairman
                         (Outgoing)
     David T. Donnelly, Joint Managing Director (Outgoing)
     John J. Fleming, Joint Managing Director (Outgoing)
     Terence V. Whitmore, Joint Managing Director
     Christopher M. Chambers, Non-executive Director

NUMBER OF EMPLOYEES:  6,000 (USA, U.K., Germany and the Far
                             East)

TURNOVER: GBP314.2 million (as of June 2003)

NET DEBT: GBP169.3 million (as of June 2003)

NET ASSETS: GBP194.3 million (as of June 2003)

TO SEE LATEST FINANCIAL STATEMENTS:
http://bankrupt.com/misc/Mayflower_Group_2003_Interims.pdf

UNITS IN ADMINISTRATION:  Mayflower Vehicle Systems plc
                          Transbus International Limited
                          Management Services Company

REGISTRARS:  COMPUTERSHARE INVESTOR SERVICES PLC
             P.O. Box 82
             The Pavilions
             Bridgwater Road
             Bristol B299 7NH
             Phone: 0870 702 0000
             Fax: 0870 703 6101
             Homepage: http://www.computershare.com

AUDITORS: PRICEWATERHOUSECOOPERS PLC
          One Embankment Place
          London WC2N 6RH

RESTRUCTURING OFFICER:  Alan Jamieson
                        Phone: +44 (0) 207 804 3000

SOLICITORS: NABARRO NATHANSON
            Lacon House
            84 Theobald's Road
            London WC1X 8RW

STOCKBROKERS: CREDIT SUISSE FIRST BOSTON (EUROPE) LIMITED
              One Cabot Square
              London E14 4QJ

PRINCIPAL CLEARING BANKERS:  THE ROYAL BANK OF SCOTLAND
                             135 Bishopgate
                             London EC1N 2TH

                             WACHOVIA BANK, NATIONAL ASSOCIATION
                             301 South College Street
                             Charlotte
                             North Carolina
                             NC 28288

ADMINISTRATOR: DELOITTE & TOUCHE LLP
               Stonecutter Court
               1 Stonecutter Street
               London
               United Kingdom
               EC4A 4TR
               Phone: +44 (0)20 7936 3000
               Fax Number: +44 (0)20 7583 1198

INTERESTED PARTIES:  Melrose Corporation


MCCOURT MEATS: Administrators Offer Business, Assets for Sale
-------------------------------------------------------------
The Joint Administrators, Geoff Rowley and John Whitfield, offer
for sale the business and assets of McCourt Fine Meats Limited
Company.

(a) Long established business

(b) Operating from leasehold premises in March, Cambridgeshire

(c) Supplier of traditional cooked meats to catering industry

(d) High quality customer base

(e) Nationwide distribution

(f) Turnover GBP5-6 million per annum

(g) 70 employees

CONTACT:  RSM ROBSON RHODES
          186 City Road,
          London EC1V 2NU
          Contact:
          Liz Warren
          Ellen McRoberts
          Phone: 020 7865 2358
          Fax:   020 7253 4629
          E-mail: ellen.mcroberts@rsmi.co.uk


MCM TRAINING: Names Oakley of Tenon Recovery Liquidator
-------------------------------------------------------
At a General Meeting of the Members of the MCM Training
Consultants Limited Company, the Resolutions to wind up the
Company were passed.  Derek Oakley, of Tenon Recovery, Arkwright
House, Parsonage Gardens, Manchester M3 2LF, has been appointed
Liquidator for the purpose of winding-up the Company.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Contact:
          Derek Oakley, Liquidator


MOSS BROS: Returns to Profit for First Time in Four Years
---------------------------------------------------------
Highlights of Preliminary results for the year ended 31 January
2004:

(a) Pre-tax profit for the year GBP1.0 million against GBP2.5
    million loss last year.

(b) EBITDA for the year GBP4.9 million, a GBP3.4 million
    increase on last year.

(c) Gross cash margin increased 7% like for like on last year,
    at 50.2%. Gross margin percentage is 3.9 points up on last
    year.

(d) Store portfolio rationalized, stock reduced and Company
    reorganized to support the three core fascia of Moss, Cecil
    Gee and Hugo Boss.

(e) Final dividend of 1.00 pence per share recommended, a 33%
    increase on last year.

(f) Current year has started well with like for like sales up 9%
    in the first eight weeks, Moss store sales are up 15% like
    for like, responding to a focus on selling quality branded
    suits at good prices.  The Company is targeting profitable
    sales growth in 2004/05 financial year.

(g) Strong cash balance at year end GBP16.3 million (17.7 pence
    per share).

Commenting on the results, Philip Mountford, Chief Executive,
said:

"The management team is pleased that the recovery strategy is
delivering, with the Company back into profit for the first time
in four years.  Good progress has been made over the last twelve
months resulting in an increased share of the suit market, a
rationalization of the store portfolio and a 10% reduction in
stock.

The Company had a strong end to the year, trading well over the
key sales period of December and January.  It is encouraging
that the momentum has increased in the new financial year, with
like for like sales growth of 9% in the first eight weeks.

There is potential to significantly increase sales from our
stores.  We have started to refit Moss stores and this, combined
with improved product, is having an immediate positive reaction
from our customers.

The Company has started the new financial year with momentum and
confidence and is focused on growing sales profitably."

Business recovery update:

Philip Mountford appointed Chief Executive in February 2004,
taking over from Adrian Wright.  Strong Executive team in place
including Roddy Murray:

Finance Director and Julie Cook: Retail Operations & Business
Development Director.

Company aligned to support three core fascia: Moss (100 stores),
Gee (28 stores) and Boss (11 stores).  Fascia focus is
delivering an improved understanding of customer requirements
and improving trading performance.

Market share in suits increased to 8.0% from 7.6% last year.
Moss suit sales up 5% like for like.

Stock levels reduced by a further GBP2.2 million (10%) against
last year.  Stock reduction over last two years GBP5.9 million
(23%).

Total retail selling space reduced by 9% year on year with five
stores closed. Closed stores contributed GBP1.2 million of
losses in the financial year 2003/04.

Moss store refit program commenced, 10 stores refitted:
encouraging sales gain responding to investment and improved
range selection.  Further 30 stores planned for refit in
financial year 2004/05.

Moss Bros Hire recording strong sales growth reflecting
investment in new stock and focused marketing.

Work commenced on new Cecil Gee concept store ahead of program
to upgrade Gee fascia.  Expansion of Cecil Gee own label
collections.

To see financial statements:
http://bankrupt.com/misc/Moss_2004.htm

CONTACT:  MOSS BROS
          Philip Mountford, Chief Executive
          Roddy Murray, Finance Director
          Phone: 020 7353 4200

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          Alexia Latham
          Phone: 020 7353 4200


MOTHERCARE PLC: Turnaround Strategy Remains on Track
----------------------------------------------------
Mothercare plc issued an update on trading.  The statement is
being made in respect of Mothercare's year ended 27 March 2004.

For the 11-week period to 27 March 2004, since our trading
statement in January, total U.K. store sales increased by 2.2%
compared to the same period last year with U.K. store like-for-
like sales up 4.7%. For the 24 weeks to 27 March 2004,
representing the second half of the year, total U.K. store sales
increased by 2.3% with U.K. store like-for-like sales up 5.3%.

Our High Street refit program is progressing well with 35 High
Street stores now refitted and these stores continue to perform
ahead of the chain.  Our Direct and International businesses
continue to perform well.

The gross margin improvement in the first half of the year has
been sustained throughout the year.  As previously indicated, we
have made significant investment in the business to support the
turnaround and long-term growth.

Ben Gordon, Chief Executive said:

"We are encouraged with this performance which reflects the
improvements we are making, particularly in product quality and
availability.  Going forward comparatives will get tougher,
however we remain firmly on track with our plans and will
provide a full update on progress at our preliminary results in
May."

The full financial performance for the year (52 weeks to 27
March 2004) will be reported when Mothercare Preliminary results
are announced on 20 May 2004.

CONTACT:  MOTHERCARE PLC
          Ben Gordon, Chief Executive
          Phone: 020 7404 5959 (Wednesday only)
          Steven Glew, Finance Director
          Phone: (Thereafter on) 01923 206 187

          BRUNSWICK GROUP LIMITED
          Philippa Power
          Chi Lo
          Phone: 020 7404 5959


NELSA LIMITED: Hires PricewaterhouseCoopers Liquidator
------------------------------------------------------
Name of Companies:
Nelsa Limited
Sigma Controls Limited

At an Extraordinary General Meeting of the Companies on March
11, 2004, the Special and Ordinary Resolutions to wind up the
Company were passed.  Richard Setchim and Jonathan Sisson, of
PricewaterhouseCoopers LLP, have been appointed Joint
Liquidators of the Companies.

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


ROYAL MAIL: Hikes Postal Price of Second Class Stamp
----------------------------------------------------
Royal Mail's postal prices will change from April 1, with the
basic price of a second-class stamp rising by 1p to 21p.
However, the price of a basic first class stamp will remain
unchanged at 28p.  Prices for Special Delivery, Royal Mail's
guaranteed, next-day delivery service, also will not change.  In
real terms the price of a basic first class stamp will still be
4.5% lower than five years ago, and second-class will be 6.1%
lower.

Issued by Royal Mail
148 Old Street
LONDON
EC1V 9HQ
Web site: http://www.royalmail.com


SCOTPIGS LIMITED: In Provisional Liquidation
--------------------------------------------
Blair Nimmo and Neil Armour of KPMG Corporate Recovery were
appointed Joint Provisional Liquidators to Scotpigs Limited on
Tuesday 16 March by the Court of Session in Edinburgh.

The mainly Aberdeenshire-based pig breeding business, employing
approximately 100 staff has continued to trade whilst efforts
are being made to find a buyer for the business as a going
concern.

Blair Nimmo, Joint Provisional Liquidator said:

"We are trading the business at present, and are in touch with a
number of potential purchasers of the business.  We have set a
closing date for offers for the business for 12:00 noon on
Friday 2 April and we would urge any interested parties to
contact us soon as possible."

CONTACT:  KPMG CORPORATE COMMUNICATIONS
          Wilma Littlejohn
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk


SOUTHERN LABOUR: Close Invoice Appoints Receivers
-------------------------------------------------
Name of Company: Southern Labour Force Limited

Reg No 03577359

Nature of Business: Provision of Manpower

Trade Classification: 7,38

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

Name of Person Appointing the Joint Administrative Receivers:
Close Invoice Finance Limited

Joint Administrative Receivers: David Harry Gilbert
                                Simon James Michaels
                                (Office Holder Nos 2376/01,
                                8824/01)
                                8 Baker Street, London W1U 3LL


SSL INTERNATIONAL: Completes Divestment of Wound Management Biz
---------------------------------------------------------------
SSL International plc, the manufacturer and distributor of
healthcare products, announced it has completed the disposal of
its wound management to Medlock Medical Limited.

Earlier, the company said it expects to raise cash proceeds of
GBP55 million once the transaction is completed.  GBP5 million
of the amount is being held in escrow pending determination of
pre-emption rights granted to Ladenburg BV when the Betadine
antiseptics brand was purchased by SSL in the early 1990s.

SSL has suffered several years of share underperformance after
its reputation was badly hit by an accounting scandal.  It said
it will use net cash proceeds of the sale to reduce group
borrowings.

CONTACT:  SSL INTERNATIONAL PLC
          Phone: 020 7367 5773
          Jan Young, Head of Investor Relations

          THE MAITLAND CONSULTANCY
          Phone: 020 7379 5151
          William Clutterbuck


TELFORD FORGE: Appoints Liquidator from Lane Heywood
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Telford Forge Retail Park Limited Company on March 24, 2004 held
at 33 Holborn, London EC1N 2HT, the Special and Extraordinary
Resolutions to wind up the Company were passed.  Robin H Davis,
of Lane Heywood Davis, Anchor Brewhouse, 50 Shad Thames, Tower
Bridge City, Tower Bridge, London SE1 2YB, has been appointed
Liquidator for the Company.

CONTACT:  LANE HEYWOOD DAVIS
          Anchor Brewhouse,
          50 Shad Thames,
          Tower Bridge City, Tower Bridge,
          London SE1 2YB
          Contact:
          Robin H Davis, Liquidator


UNICLAD LIMITED: Creditors Meeting Set April 27
-----------------------------------------------
There will be a Creditors Meeting of the Uniclad Limited Company
on April 27, 2004 at 10:30 a.m.  It will be held at Ward
Williams, 43-45 High Street, Waybridge, Surrey KT13 8BB.

Creditors who wish to represented at the Meeting must submit
their complete proxy form at 43-45 High Street, Waybridge,
Surrey KT13 8BB not later than 12:00 noon April 26, 2004.


VERITY ENTERPRISES: Winding up Resolution Passed
------------------------------------------------
At an Extraordinary General Meeting of the Members of the Verity
Enterprises Ltd Company on March 19, 2004 held at 47 London
Street, Reading, Berkshire RG1 4PS, the Special and Ordinary
Resolutions to wind up the Company were passed.  John Arthur
Kirkpatrick has been appointed Liquidator for the Company.


VERSAILLES: Significant Part of Missing Funds Remains Hidden
------------------------------------------------------------
PricewaterhouseCoopers, receivers for trade finance house
Versailles, recovered only GBP550,000 of the GBP19 million that
the company's former finance director diverted out of the
company, according to the Telegraph.

Mr. Anthony Lomas, a senior partner at the accounting firm, is
expecting to recover GBP1 million in total.

According to Mr. Lomas, the process has been hampered by the
refusal of former Versailles finance director, Fred Clough, to
cooperate with PwC's forensic accountants.  The recovery is also
difficult as the properties siphoned by Mr. Clough had already
been distributed among relatives and friends names.

Mr. Clough has pleaded guilty to fraud charges against him, and
testified against Mr. Cushnie, the company's founder.  The
latter pleaded not guilty to fraud charges against him.

Versailles collapsed in 1999.


VICKERS BALLAS: Hires Liquidator from PricewaterhouseCoopers
------------------------------------------------------------
At an Extraordinary General Meeting of the Vickers Ballas (U.K.)
PLC Company on March 23, 2004, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Richard Setchim and Tim Walsh 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
          United Kingdom
          Contact:
          Richard Setchim, Liquidator
          Tim Walsh, Liquidator
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


WILLIAM TAYLOR: Winding up Resolution Passed
--------------------------------------------
At an Extraordinary General Meeting of the William Taylor Hotels
(North West) 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


ZERO PREFERENCE: Bank of Scotland Ignores Default
-------------------------------------------------
The Zero Preference Growth Trust PLC confirms that on 31 March
2004, it repaid GBP250,000 of its bank loan with Bank of
Scotland, at no penalty cost to the Company, leaving
GBP17,000,000 outstanding.

Whilst the Company remains in default under the terms of its
facility agreement with Bank of Scotland, the Company has been
informed by the Bank that it has no present intention of
demanding immediate repayment of the loans made by the Bank to
the Company.

CONTACT:  BFS INVESTMENTS PLC
          William van Heesewijk
          Phone: 01483 237773


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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