/raid1/www/Hosts/bankrupt/TCREUR_Public/030127.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Monday, January 27, 2003, Vol. 4, No. 18


                              Headlines

* F R A N C E *

METROMEDIA FIBER: Sells Operations in France and the Netherlands
VIVENDI UNIVERSAL: Remains in Talks With USA Interactive
VIVENDI UNIVERSAL: Acts to Smoothen Sale of Media Assets - Report
VIVENDI UNIVERSAL: Now Owns 70% of Cegetel Groupe

* G E R M A N Y *

BINTEC COMMUNICATIONS: Talks With Investors Yield No Results Yet
KIRCHMEDIA GMBH: Saban Revises Takeover Offer for Media Assets

* I T A L Y *

CIRIO FINANZIARIA: Appoints Cianci New Chief Executive
CIRIO-DEL MONTE: Potential Buyers Named, No Plans to Sell
DAIHATSU EUROPE: Parent to Liquidate Unit in February

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

GETRONICS NV: Clears Issues Concerning Tender Offer
JOMED N.V.: Files for Protection From Creditors in Netherlands
KLM ROYAL: Considers Sharing Buzz With Interested Partner
KLM GROUP: Reports EUR63 MM Operating Loss in Third Quarter
UNITED PAN-EUROPE: Company Profile

* P O L A N D *

ELEKTRIM SA: Ratings Withdrawn on Note Obligations Restructuring

* S W E D E N *

SONG NETWORKS: Announces Completion of Cash Issuances

* U N I T E D   K I N G D O M *

ABBEY NATIONAL: Adviser Cuts Ratings From "Hold" to "Reduce"
ABERDEEN ASSET: Another Trust Proposes Voluntary Liquidation
BRITISH ENERGY: Government to Take Control of Company - Sources
CABLE & WIRELESS: S&P Lowers Long-Term Corporate Credit Ratings
CABLE & WIRELESS Comments on Standard & Poor's Downgrade
ENERGIS PLC: Renames Irish Telecommunications Energis
IZODIA PLC: Appoints Macnamara, Measham and Kingsnorth to Board
LAURA ASHLEY: To Close 35 Stores Across Continental Europe
MARCONI PLC: Former Officials in Trouble as Probe Concludes
MARCONI PLC: Issues Trading Update
MONOTUB INDUSTRIES: Voluntary Liquidation Changes in FTSE Indices
ROOM SERVICE: Trading Subsidiary in Voluntary Liquidation


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


METROMEDIA FIBER: Sells Operations in France and the Netherlands
----------------------------------------------------------------
Metromedia Fiber Network, Inc., the leading provider of optical
communications infrastructure solutions, announced that its
European strategy will focus on its core markets, the U.K. and
Germany/Austria. In keeping with this strategy, the company's
European holding company, MFN BV, has sold its operations in
France and the Netherlands to management buyout teams, and its
metropolitan fibre network in four Dutch cities to Global Voice
Network Limited.

These sales will turn over operations of the data centres to the
management teams, along with the company's collocation and
managed services customers. The acquirers will continue to run
these data centres and metropolitan area networks without any
interruption to customers.

MFN, Inc. and MFN BV will maintain ownership in the company's
global IP network and continue to provide IP services to the
management buy-out teams for resale to their customers, as well
as to the company's global customers with a presence in France
and the Netherlands.

"We are looking ahead at a long term strategy that will not only
strengthen our current position, but also allow us to grow. This
sale will allow customers in these data centres and on the
metropolitan area networks to receive the same top-quality
service they demand from the same expert staff, without any
interruptions." said Tom Byrnes, President MFN International.
"Our global IP network will continue to service customers in
these facilities. We are looking forward to working with the
management teams and establishing a mutually beneficial
relationship that will prosper well into the future."

MFN will continue to operate its data centres in London,
Frankfurt and Vienna, and its metropolitan area networks in
London and Germany. These cities will form the foundation of the
company's European presence.

About MFN

MFN is the leading provider of optical communications
infrastructure solutions. The company combines the most extensive
metropolitan area fibre network with a global optical IP network,
state-of-the-art data centres and award winning managed services
to deliver fully integrated, outsourced communications solutions
to high-end companies. The all-fibre infrastructure enables MFN
customers to share vast amounts of information internally and
externally over private networks and a global IP backbone,
creating collaborative businesses that communicate at the speed
of light.

Customers can take advantage of MFN's complete, end-to-end
solution or select individual components to complement their
existing infrastructures. By leasing MFN's metropolitan and
regional fibre, customers can create their own, private optical
network with virtually unlimited, un-metered bandwidth at a fixed
fee. For more reliable, secure and high-performance Internet
connectivity, customers can use MFN's private IP network to
communicate globally without ever touching the public-switched
network. Moreover, MFN's comprehensive managed services enable
companies to create a world-class Internet presence, optimise
complex sites and private optical networks, and transform legacy
applications, all with a single point of contact.

On May 20, 2002, Metromedia Fiber Network, Inc. and most of its
domestic subsidiaries commenced voluntary Chapter 11 cases in the
United States Bankruptcy Court for the Southern District of New
York.

CONTACT:  METROMEDIA FIBER NETWORK INC.
          Kara Carbone of Director, Corporate Communications
          Phone: +1-914-683-6386
          or
          E-mail: kcarbone@mfn.com


VIVENDI UNIVERSAL: Remains in Talks With USA Interactive
--------------------------------------------------------
Vivendi Universal and USA Interactive issued the following press
release jointly:

"We met yesterday in New York with the Management Committee of
Universal Entertainment and discussed a range of issues regarding
our Entertainment assets. We reviewed the performance of all the
divisions for 2002, and approved the operating budgets for 2003.

"We have previously said we are each desirous of renegotiating
various aspects of the VUE Joint Venture. These discussions,
cordial and collegial, continue.

"In the interim, no changes in the operating structure or
reporting responsibilities are contemplated. Beyond our
responsibilities to our shareholders, we are managing through the
changed circumstances at Vivendi that occurred last year with as
much sensitivity as possible, never forgetting these businesses
are all leaders in their categories and that the management and
employees of these enterprises are the ones very much responsible
for their good health and continued growth - and who delivered
outstanding results during the difficult 2002 year."

                       ******

The parties are in disagreement over the payment of some US$620
million in income taxes owed by USA Interactive.  USA Interactive
claims Vivendi Universal agreed to pay the sum under the terms of
a US$11 billion sale of its film and television operations to the
French company.

Also included in the deal was the payment of US$2.5 billion in
preferred shares to VUE and the awarding of a 1.5% stake in the
company to Mr. Diller.

CONTACT:  VIVENDI UNIVERSAL, NEW YORK
          Anita Larsen
          Phone: 212/572-1118

          USA INTERACTIVE
          Ron Sato
          Phone:  212/314-7254


          VIVENDI UNIVERSAL PARIS
          Alain Delrieu
          Phone: +33 (1)-71-71-1086


VIVENDI UNIVERSAL: Acts to Smoothen Sale of Media Assets - Report
-----------------------------------------------------------------
Debt-laden Vivendi Universal has initiated legal proceedings
aimed at unwinding its US media venture, the Financial Times
says.  The report fueled earlier speculations that the French
conglomerate is planning to sell its U.S. entertainment assets.

Vivendi refused to comment on the issue, but it is believed that
the company has initiated actions aimed at minimizing tax
liabilities arising from the sell-off of assets such as Universal
Studios and Universal theme parks.

It is known that Vivendi is in disagreement with USA Interactive,
its venture partner on Vivendi Universal Entertainment, over the
payment of US$620 million in income taxes owed by the latter.
USA Interactive claims Vivendi Universal agreed to pay the sum
under the terms of the US$11 billion sale of its film and
television operations to Vivendi.

USA Interactive chairman and CEO Barry Diller, while noting that
the U.S. entertainment operations remain healthy, expressed his
desire to be given clarification on the company's role in
Vivendi.  He also said he does not have a preference for the
sell-off of the asset.

Clauses to the merger agreement between Vivendi Universal and USA
Interactive prevent the French company from selling the
entertainment assets in pieces.

Interest in the group's possible plans sparked after Wall Street
Journal reported that Liberty Media, Metro-Goldwyn-Mayer and the
NBC division of GE were all potential bidders of the assets.

The sell-off is understood to trim down Vivendi's current EUR17
billion debt burden.  But it would also reduce the conglomerate's
business by leaving the group with only the French pay-TV station
Canal Plus and France's second largest mobile phone firm.

CONTACT:  VIVENDI UNIVERSAL
          Headquarters
          42 Avenue de Friedland
          75380 Paris Cedex 08
          France
          Phone: +33 1 71 71 10 00
          Fax: +33 1 71 71 11 79
          Contact:
          Investor Relations
          E-mail: investor-relations@groupvu.com

           Daniel Scolan, Executive VP
           Investor Relations
           Phone: +33.1.71.71.12.33
           E-mail: daniel.scolan@groupvu.com
           Laurence DANIEL
           IR Director, Europe
           Phone: +33.1.71.71.12.33
           E-mail: laurence.daniel@groupvu.com
           Edouard LASSALLE
           Associate Director, Europe
           E-mail: edouard.lassalle@groupvu.com

           Vivendi Universal
           New York office
           375 Park Avenue
           New York, NY
           10152-0192
           USA
           Phone: +1 212 572 7000

           USA INTERACTIVE
           Investor Relations
           152 West 57th Street, 42nd Floor
           New York, New York 10019
           Phone: (212) 314-7400
           Fax: (212) 314-7399
           E-mail: ir@usainteractive.com


VIVENDI UNIVERSAL: Now Owns 70% of Cegetel Groupe
------------------------------------------------
Vivendi Universal announced Thursday that it has paid British
Telecommunications PLC EUR4 billion for its 26% stake in Cegetel
Groupe.

The acquisition of the BT shares was carried out through a
Special Purpose Vehicle (SPV) wholly owned and controlled by
Vivendi Universal. A total of EUR1.3 billion was financed by a
non-recourse loan. The remaining EUR2.7 billion was paid in cash
by Vivendi Universal.

Vivendi Universal now controls 70% of Cegetel Groupe, France's
leading private telecommunications operator, and 56% of SFR, the
mobile telephone operator that held a share of more than 35% of
the French market at the end of 2002, with nearly 13.6 million
customers (source: ART).

To see a graphic representation of the Evolution of Cegetel
Groupe please visit Vivendi Universal's website at
www.vivendiuniversal.com


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


BINTEC COMMUNICATIONS: Talks With Investors Yield No Results Yet
----------------------------------------------------------------
BinTec Communications said talks about the fate of the company
still have no results, although indications of interest from some
investors are not lacking.

The European manufacturer of IP-based Remote Access Solutions
filed for insolvency proceedings after unsuccessful talks with
investors over further financing.

Founded in 1989 by Stephan Feige and Gregor Krawczuk in
Nuremberg, Germany, as "BinTec Computersysteme GmbH", Bintec
Communications is the specialist for "IP Access Solutions".  It
offers leading-edge products, for efficient, cost-effective and
secure enterprise communications and focuses on flexible
solutions for the link-up between home-, mobile or branch offices
and corporate headquarters as well as for the connectivity of
various central sites.

BinTec was floated on the Frankfurt "Neuer Markt" on March 10,
1999.

CONTACT: BINTEC COMMUNICATIONS AG
         Sodwestpark 94 D-90449 Nuremberg
         Phone: +49 (0) 911 / 9673 - 0
         Fax: +49 (0) 911 / 688 07 25
         Homepage: www.bintec.de


KIRCHMEDIA GMBH: Saban Revises Takeover Offer for Media Assets
--------------------------------------------------------------
U.S. businessman Haim Saban made changes in his takeover offer
for Kirch Media to make it similar to the offer of Heinrich Bayer
Verlag, say market experts.

Mr. Saban and the German magazine publisher are competing to
acquire the insolvent media asset of the collapsed Kirch Group.

Insolvency managers of KirchMedia, the insolvent German TV and
film rights company, are reviewing the bid of Mr. Saban on the
demand of the U.S. Embassy in Berlin.

It is known that Kirch ignored Saban's more than EUR2 billion
(US$2.1 billion) bid last year to prefer German publisher
Heinrich Bauer Verlag's bid of slightly less.  The offer is for a
majority stake in Kirch Media's film rights activities and
ProSiebenSat.1, the group's television operations.

Kirch Group collapsed under a EUR1.9-bilion debt load from banks
and studios last year after overspending on film rights
acquisition and supporting its troubled pay-TV division,
Premiere.

UBS Warburg is Kirch's financial adviser.

CONTACT: KIRCHMEDIA GMBH & CO. KGAA
         Communication & PR
         Phone: +49 (0)89 9956-2325

         UBS WARBURG AG
         Stephanstrasse 14-16
         60313 Frankfurt am Main
         Phone: +49-69-1369 0
         Fax: +49-69-1369 1366 Munich


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


CIRIO FINANZIARIA: Appoints Cianci New Chief Executive
-------------------------------------------------------
The board of canned foods group Cirio Finanziaria SpA appointed
Gianfranco Cianci as the company's chief executive responsible
for the group's industrial restructuring and commercial re-
launch.

It also named Roberto Colavolpe general manager in charged of the
company's finance, control and administration, and negotiations
with banks regarding the restructuring of the group's debt.

The company, which defaulted on a EUR1 billion of bonds in
November, is currently trying to find ways to reimburse more than
EUR1 billion in bonds, Cirio chairman Gianni Fontana told daily
Il Sole 24 Ore.

Mr. Fontana said the management is considering a partial
conversion of the debt into equity, and that they are planning to
commence talks with Law Debenture Trust Corp, the trustee, about
the restructuring of the debt.

He also assured that talks between the banks and the group's
advisors, Livolsi and Rotschild, are in progress.  He as well
cleared that Cirio is not on the block.

With regards to its 51% owned football club, Lazio SpA, Mr.
Fontana said an extraordinary general meeting is scheduled on
January 27 to approve a EUR70-80 million capital increase which
is understood to make Capitalia SpA the club's main shareholder
with a task of finding a buyer for the unit.

Cirio had accrued net debt of EUR691.5 million at end of
September. The company's nine-month EBITDA is EUR60.8 million.

The company's advisors are Livolsi & Partners.

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

         LIVOLSI & PARTNERS
         Via Pietro Verri, 8
         20121 Milano
         Phone: +39/02777991
         Fax: +39/0277799390
         E-mail: livolsistaff@livolsi.com


CIRIO-DEL MONTE: Potential Buyers Named, No Plans to Sell
---------------------------------------------------------
Potential buyers of Italian agro-food group Cirio-Del Monte were
named during the run-up to a press conference on the subject last
week.

Alleged to have formed a consortium, the likely candidates
include Mantova-based businessman Romano Freddi and brothers
Alberto and Dario Squeri, from Piacenza.

Reports say observers emphasized that Mr Freddi, whose existing
food-sector interests range from frozen foods to cheese to canned
tomatoes, and the Squeri brothers, owners of the Italian tomato
specialist Steriltom, are already shareholders of the Parma-based
tomato-processing company.

These expressions of interest, however, are all for naught since
Cirio has no intention of selling its core business.  Cirio Del-
Monte's Genreal Manager Walter Bellatonio said the company's
crisis is financial, not industrial.


Struggling canned foods group Cirio Finanziaria Spa was
speculated to have plans of divesting Singapore-listed Del Monte
Pacific as it motions to restructure.

In December, the company was reported to have plans of
overhauling its debt and refocusing on its core food business.
Cirio had accrued net debt of EUR691.5 million at end of
September.

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


DAIHATSU EUROPE: Parent to Liquidate Unit in February
-----------------------------------------------------
Daihatsu Europe S.R.L., the Italian subsidiary of Daihatsu Motor
Co., will be liquidated in February.  The move follows the
decision of Piaggio & C.S.p.A. last month to stop making Hijet
small vans, which the firm markets.

Recently, Piaggio also signed a letter of intent with Daihatsu to
end their joint venture P&D, which was set up in 1992 to
manufacture "Porter" commercial vehicles.  The Italian motorbike
manufacturer will also sign an agreement to buy Daihatsu's 49%
stake in the joint venture at the end of May.

But P&D will continue to manufacture Porter vans in the Pisa
plant and will sell them to northern European countries, mainly
to the Netherlands and the UK, where Daihatsu used to distribute
the vehicle under the HiJet name.  Piaggio will carry out a
capital increase to finance the operation.

The closure of the Daihatsu marketing firm will have a minimal
effect on the earnings of both Daihatsu and Toyota for the
current business year to March 31.


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


GETRONICS NV: Clears Issues Concerning Tender Offer
---------------------------------------------------
Dutch information technology company Getronics wishes to clear
the matters concerning the company's invitation to tender as it
appeared in Dutch newspaper Het Financieele Dagblad.

In the article, Getronics CFO Mr. Docter is quoted regarding the
possibility that the company will not be able to repay its
remaining debt itself if, for example, 60% of the Accrued Value
of the Existing Bonds is tendered and; the risk run by holders of
Existing Bonds who do not tender of not receiving repayment in
full on the maturity of those bonds in 2004 and 2005 if just over
57.5% of the Accrued Value of the Existing Bonds is tendered.

A statement from the management says:

The company and Mr Docter wish to emphasise that in these parts
of the interview Mr Docter was referring to the company's limited
ability to repay the remaining Existing Bonds out of its
operational cash flow in the event only 60% of the Existing Bonds
are tendered. In such event an important part of the remaining
Existing Bonds will have to be refinanced in the financial
markets.

As previously explained in the preliminary Prospectus which the
company published on 10 January 2003, Getronics remains firmly of
the view that a successful completion of the Invitation to
Tender, together with the arrangement of its new revolving credit
facility, the sale of Getronics Government Solutions in November
2002 and operational and financial measures already taken, will
provide it with a long-term financing solution and will restore
confidence of clients and financial markets. If just over 57.5%
of the Accrued Value of the Existing Bonds is tendered, the
company will, of course, be required to repay the Existing Bonds
that are not tendered when they mature in 2004 and 2005. As the
company disclosed on page 44 of the Prospectus, it is possible
that less than 100% acceptance of the Invitation to Tender will
require it to seek additional financing in the future to
refinance all or part of its debt (including any Existing Bonds
that are not tendered).


JOMED N.V.: Files for Protection From Creditors in Netherlands
--------------------------------------------------------------
JOMED N.V. received written notice of withdrawal from the
auditing firm Deloitte & Touche.  KMPG is continuing its rapid
investigation of the accounting transactions.

Suspension of payments under Dutch law (surs,ance van betaling)
A meeting was held yesterday with the major creditors and holders
of convertible notes. The objective of signing a joint standstill
agreement was not attained. As a result, the short-term financial
situation has deteriorated. To give the management team of JOMED
N.V. the time necessary to complete negotiations with creditors
and investors, the company is seeking protection under Dutch
bankruptcy law, in the form of a voluntary filing for suspension
of payments (surs,ance van betaling). The Board considers that
this is in the interest of equal treatment of the creditors.

This procedure includes the following issues and steps:
(i) The company will act together with an administrator. The
administrator is to be appointed by a Dutch court. The
administrator, in co-operation with the board of managing
directors, will investigate the reorganization of JOMED N.V. He
controls the suspension of payments procedure.

(ii) The most important consequence of a suspension of payments
is that the non-preferential and unsecured creditors cannot
enforce their rights to receive payment from the company.

(iii) The administrator may be able to financially restructure
JOMED N.V. within a short timeframe, or to continue its business
during a prolonged period of administration. If a satisfactory
solution can be found this will lead to an end of the
administration. Should the administrator not be able to reach a
satisfactory solution, a next step could be a conversion of the
administration of JOMED N.V. into a bankruptcy.

At the same time, the discussions with potential investors and
lenders are continuing.

KPMG's comprehensive review of the accounting initiated by the
Supervisory Board of JOMED will be continued. The goal is a
complete report of the incorrect accounting entries in the years
2001 and 2002.

While KPMG's forensic review of the accounting was continuing,
Deloitte & Touche has notified the JOMED of its immediate
withdrawal as the company's auditors. In the course of 2002
Deloitte & Touche in Sweden had taken over the auditing
assignment for JOMED N.V. from Arthur Andersen. Until the
takeover by Deloitte & Touche Sweden, Arthur Andersen was
responsible for the 2001 annual accounts. Deloitte & Touche has
effected its withdrawal as an auditor with immediate effect.

CONTACT:  JOMED N.V.
          Jorgen Peterson, Chief Executive Officer
          Phone: +46 42 490 60 14

          KPMG
          UK Head Office
          8 Salisbury Square
          London
          EC4Y 8EN
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311


KLM ROYAL: Considers Sharing Buzz With Interested Partner
---------------------------------------------------------
The chief financial officer of KLM Royal Dutch Airlines NV, Rob
Ruijter, has suggested they might consider giving up a majority
stake in its low-cost carrier Buzz.

Mr. Ruijter said in a conference call on the company's third
quarter results that the carrier is looking for an investor, says
AFX.

The CFO also revealed more grounding of planes as the airline cut
cost bases, but denied further job cuts in its workforce.  He
promised to promptly provide further announcement of adjustments
to its summer schedule.

But the carrier maintained they remain well positioned to face
the current economic downturn with a "robust" cash position.

KLM Royal faces arbitration settlement obligation to Italian
airline Alitalia.  The settlement has a maximum impact on net
income of EUR180 million and a cash effect of no more than EUR180
million in the fourth quarter.

Regarding this, Mr. Ruijter said they are finding ways to settle
the obligation through options including, providing baggage
handling services to Alitalia at KLM's Schiphol hub or converting
the liability into a subordinated loan, says AFX.

The Dutch airline is also currently in talks with Air France on
possible cooperation, as it recognizes the need to enter into an
alliance to avoid being "marginalized."

CONTACT:  KLM ROYAL
          Contact:
          Investor Relations
          Home Page: http://investorrelations.klm.com
          Phone: 31 20 649 3099


KLM GROUP: Reports EUR63 MM Operating Loss in Third Quarter
------------------------------------------------------------
KLM Group reports an operating loss of EUR 63 million for the
Third Quarter, ended December 31, 2002, compared to an operating
loss of EUR 76 million last year. The Net Loss amounts to EUR 66
million or EUR 1.41 per common share, compared to a net loss of
EUR 94 million, or EUR 2.02 per common share last year. The
effects of the Alitalia arbitration award have not been accounted
for in the Third Quarter.

This year's Third Quarter operating income was negatively
affected by an additional EUR 8 million depreciation charge on
KLM's Boeing 747-300 fleet. Last year's operating income included
the government compensation of EUR 27 million for the damages
incurred following the closure of U.S. airspace between September
11 and 14, 2001. Excluding these effects, KLM's operating income
in the Third Quarter improved by approximately EUR 50 million
compared to last year.

During the quarter ended December 2002, the airline industry was
adversely affected by a continuing weak global economy and geo-
political instability. The global economy has not shown signs of
recovery and the geo-political instability in certain regions in
the world also had a negative impact on demand. The impact of
these developments became increasingly visible in KLM Group's
Third Quarter performance. As a consequence, traffic volumes and
yields were lower than expected, despite the fact that they
compare favorably to the corresponding period last year.

Leo van Wijk, President and CEO of KLM, said: 'In the Third
Quarter, we experienced a declining trend in demand, which has
put pressure on our traffic and yields. As we expect this
pressure to continue in the last quarter of our fiscal year, we
are adjusting our capacity and network plans for the remainder of
the fiscal year as well as for the summer of 2003, and further
increase our focus on cost management.'

Operating Income for the nine-month period ended December 31,
2002 was EUR 119 million, which compares to an Operating Income
of EUR 30 million in the corresponding period last year. Net
income for this period amounts to EUR 31 million, or EUR 0.64 per
common share, and compares to a net loss of EUR 48 million, or
EUR 1.06 per common share last year.

Financial Performance

KLM GROUP REVENUESKLM Group revenues for the Third Quarter
increased to EUR 1,576 million, which is a 7 percent increase
compared to the corresponding period last year. Group revenues
were 10 percent below the level of 2000.

During the Third Quarter, overall traffic increased by 9 percent
compared to the same period last year, and was 1 percent below
the 2000 level with no capacity growth. With overall capacity
this year up 7 percent on last year, overall load factor improved
by 2.0 percentage points to 77.9 percent.


KLM airline manageable unit revenues per ATK (excluding currency
effects) increased by 2 percent, being the result of a flat year-
on-year overall manageable yield development and an improved
year-on-year overall load factor.

Klm Group Operating Expenses
Group operating expenses increased by EUR 91 million (6 percent)
to EUR 1,639 million. KLM airline manageable unit costs
(excluding currency and fuel price effects) increased by 2
percent compared to the corresponding period. Including these
effects, unit costs were down 1 percent on last year.

Fuel cost development
Fuel costs remained flat year-on-year. The negative effects of
higher jet fuel prices and volumes were offset by a positive
effect of the lower USD exchange rate.

Salaries and benefits
Salaries and benefits increased by 10 percent. This increase is
mainly the effect of general wage increases (amongst others due
to the newly concluded collective labour agreement), lower
surplus refunds from KLM's pension funds and additional costs for
pre-pension arrangements.

Financial Income And Expense
Financial Income and Expense is EUR 4 million higher than last
year, due to higher net interest charges.

Results Of Holdings
Results of Holdings were positively influenced by a year-on-year
improvement of Martinair's results.

Cash Flow And Financial Position

Cash flow and cash position
Third Quarter's cash flow from operating activities amounted to
EUR 115 million. Investing activities, mainly related to advance
payments on previously announced fleet purchases, amounted to EUR
107 million. As a result, free cash flow in the Third Quarter
amounted to EUR 8 million. KLM's overall liquidity position
remains robust at EUR 1,269 million as at December 31, 2002. Of
this amount EUR 951 million are Cash and EUR 318 million relate
to Triple A bonds and long term deposits.

Financial position
During the first nine months of Fiscal Year 2002/03, KLM's net-
debt position increased by EUR 14 million to EUR 2,622 million at
December 31, 2002. Group equity decreased by EUR 48 million to
EUR 1,944 million. KLM's financial gearing (net-debt as a
percentage of group equity) developed in line with our
expectations from 131 percent at March 31, 2002 to 135 percent at
December 31, 2002.

Commercial And Operational Performance Of Klm Group's Businesses

Passenger Business
Passenger traffic (measured in RPKs) in the Third Quarter
increased by 15 percent. Passenger capacity (measured in ASKs)
rose 9 percent on last year, whilst load factor improved by 3.6
percentage points to 77.2 percent. Despite improvements in
comparison to last year, traffic volumes stayed below
expectations.

Changing market circumstances during the Third Quarter put
increased pressure on yields and traffic. Passenger yields in the
three months to December 2002 declined 7 percent in comparison to
last year. Excluding currency effects, manageable passenger
yields were 4 percent lower, due to a negative tariff mix and a
negative class mix. The decline in yields was most pronounced on
European routes. Passenger traffic revenues amounted to EUR 1,011
million in the Third Quarter, an increase of 7 percent compared
to the corresponding period.

On the North Atlantic routes, the KLM and Northwest joint venture
traffic was up 22 percent on last year. Joint capacity increased
15 percent on last year, whilst the load factor improved by 4.8
percentage points to 78.4 percent. Both traffic and capacity
remained below the 2000 levels.


KLM maintained its position as the highest ranked amongst the
major hub-and-spoke carriers in Europe with respect to arrival
punctuality. Arrival punctuality stood at 84 percent in the Third
Quarter, despite the delays due to bad weather conditions in
Western Europe in October and November.

Cargo business
KLM Cargo's operating revenues of EUR 272 million in the Third
Quarter were at the same level as last year. Cargo traffic
(measured in RFTKs) increased by 3 percent, whilst cargo capacity
(measured in ATFKs) also increased by 3 percent. As a result, the
cargo load factor was flat year-on-year at 72.7 percent. Notably
in December, cargo traffic was below expectations, reporting zero
growth compared to last year. In this month, traffic outbound
particularly from Asia and the USA was lower than expected.
Traffic out of Europe remained stable. In the quarter, cargo
yields were 3 percent below last year. Manageable cargo yields
(excluding currency effects), however, increased by 1 percent.


Engineering & Maintenance business
KLM Engineering & Maintenance revenues increased by 3 percent to
EUR 227 million. A decrease in revenues attributable to KLM
business was offset by an increase in third-party business,
mainly due to additional engine shop visits.

Furthermore, supply chain management initiatives contributed to a
positive development in Engineering & Maintenance's capital
employed.

Leisure and Low Cost businesses
Against a background of a stable Dutch leisure market in the
Third Quarter, Transavia's volumes in both charter and BASIQ AIR
operations increased compared to last year. Transavia experienced
slight yield pressure, which was more than offset by higher
volumes. Transavia was able to maintain its market share in the
Dutch leisure market.

In the Third Quarter, trading conditions in the low cost market,
especially on the U.K.-Germany routes, were very competitive. A
combination of unprecedented capacity growth and promotional fare
campaigns from both the established low cost carriers and new
entrants put pressure on yields and load factors. During the
quarter, buzz increased its network capacity (measured in sectors
flown) by 33 percent compared to the corresponding period. As a
result of the competitive market conditions, buzz's increase in
passenger numbers stayed below expectations.

Other Developments

Capacity and network adjustments
Given the unfavorable market developments in the Third Quarter,
KLM Group has been reviewing its capacity and network. The result
is that for the remainder of the winter season (ending March 30,
2003) the capacity equivalent of one Boeing 747-300 and a few
commuter aircraft will be grounded from February 1, 2003. The
capacity and network planning for the summer of 2003 is currently
being reviewed. Details on KLM's 2003 summer schedule will be
announced in due course.

Alitalia arbitration
KLM Group is currently discussing the settlement of the
arbitration award with Alitalia. The outcome of this discussion
could have an impact on the accounting treatment of the
settlement. The impact of the settlement, which will be reflected
in the Fourth Quarter of the current fiscal year, has a potential
maximum impact on net income of EUR 180 million and a cash effect
of maximum EUR 175 million. Any impact on net income will be
treated as an extraordinary item.

Aircraft financing
During the Third Quarter, KLM Group has negotiated a sale-and-
lease-back transaction on three Boeing 737-900s, which closed
early January 2003. Additionally in early January, the sale-and-
lease-back transactions on two MD11s, which are part of phase 1
of KLM's fleet renewal program, were finalized, further reducing
the residual value risk on KLM's fleet. KLM Group has also
mandated the financing of two Boeing 747-400ER freighters, of
which the first is due to be delivered in March 2003. These
transactions, which are part of KLM Group's regular financing
program, emphasize the Group's ability to attract financing even
in difficult circumstances.

Outlook

As the operating environment in the fourth quarter of the current
fiscal year (January through March 2003) will remain difficult,
it is unlikely that a positive operating income for the fiscal
year ending March 31, 2003 will be achievable.


This report is unaudited.

CONTACT:  KLM ROYAL
          Contact:
          Investor Relations
          Home Page: http://investorrelations.klm.com
          Phone: 31 20 649 3099


UNITED PAN-EUROPE: Company Profile
----------------------------------
NAME: United Pan-Europe Communications N.V.

PHONE: +31-20-778-9840

FAX: +31-20-778-8419

EMAIL:

WEBSITE: http://www.upccorp.com

TYPE OF BUSINESS: United Pan-Europe Communications N.V. is
Europe's leading cable TV company, which serves more than 7
million subscribers in 17 European countries and Israel. UPC is
installing fiber-optic lines and upgrading its cable networks to
provide two-way broadband services such as interactive TV and
telephony, including its majority-owned Priority Telecom unit.
The company has combined its UPCtv programming unit, and its
stake in SBS Broadcasting, with chello to create UPC Media.

This holding company owns various direct and indirect
subsidiaries that operate broadband communications networks
providing telephone, cable and internet services to both
residential and business in Europe.

SIC: Broadcasting and Cable TV

COMPANY LOCATION: Boeing Avenue 53
                  1119 PE Schiphol-Rijk
                  PO Box 74763, 1070 BT
                  Amsterdam, The Netherlands

EXECUTIVES: John F. Riordan, President and Chief Executive
Officer

MEMBERS OF THE BOARD OF MANAGEMENT:
            Charlie Bracken, Chief Financial Officer
            Nimrod Kovacs, Chairman of UPC Central Europe
            Gene Musselman, Chief Operating Officer
            Shane O'Neill, Chief Strategy Officer
            Ton Tuijten, Senior Vice President

INVESTOR RELATIONS: Rick Westerman
                    Phone:  (303) 220-6647
                    Email:  rwesterman@unitedglobal.com

NUMBER OF EMPLOYEES: Approximately 9,940 people

LATEST FINANCIAL STATEMENT:
http://bankrupt.com/misc/UnitedPanEurope.pdf

THE TROUBLE: UPC has been struggling with debts of EUR9.5 billion
and a cash burn rate of EUR250 million a month. Its troubles were
enlarged by failure to merge its Chello Internet business with
Excite@Home's non-U.S. assets in 1999.

Investments in new digital cable television, Internet and phone
services, combined with surging interest costs and massive
depreciation costs, have also triggered losses that more than
doubled to nearly EUR2 billion in 2000.

CREDITORS: UnitedGlobalCom

MAJOR SHAREHOLDERS: UnitedGlobalCom
                    Bondholder Committee
                    (as of September 30, 2002)


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


ELEKTRIM SA: Ratings Withdrawn on Note Obligations Restructuring
----------------------------------------------------------------
Moody's Investors Service says it withdrew all its ratings of
Elektrim SA after the Warsaw-based company restructured its
outstanding EUR440 million 3.75% convertible notes obligations.
The advice says approximately US$468.9 million of debt securities
were affected.

In November, Elektrim announced that the meeting of bondholders
representing approximately 84.5% of the bonds has approved the
restructuring of Elektrim Finance B.V.'s 440 million exchangeable
bonds due 2004, guaranteed by Elektrim SA.

Headquartered in Warsaw, Poland, Elektrim remains one of the
largest companies in Central and Eastern Europe. Since 1999,
Elektrim has re-focused its operations on its key businesses of
telecommunications and power.


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


SONG NETWORKS: Announces Completion of Cash Issuances
-----------------------------------------------------
Song Networks Holding AB announces that the cash issuances
related to the company's financial restructuring have been
carried out according to plan. The cash issuances will provide
the company with approximately SEK 495 million in liquid funds
before deduction of issue costs.

Through the cash issuances the financial restructuring is in all
essentials completed and Song is thus virtually debt free.

On January 17 the two issuances with preferential rights were
completed. The subscription rate for shareholders with
preferential rights was approximately 90% or SEK 88 million for
the share issue and approximately 70% or SEK 58 million for the
issue of convertible debentures. Since the two issuances are, as
earlier announced, fully guaranteed, the remaining shares and
convertibles will be allotted to the guarantees.

The issued debentures will be subject to trading on the Swedish
stock exchange Stockholmsb"rsen.

In addition to the preferential rights issuances Song has carried
out a series of issuances directed to parties in the financial
restructuring.

-Directed share issue to Vattenfall and Stena, amounting to SEK
300 million.

-Directed convertible issue to Stena in a nominal amount of SEK
15 million.

In total the preferential right issuances and the directed
issuances will provide the company with SEK 495 million in liquid
funds before deduction of issue costs. The amount of shares in
Song will after these issuances and full exchange of bonds amount
to 55,8 million shares before conversion of the convertible
debentures, which give right to conversion to approximately 2,5
million shares.

Song Networks Holding AB
Tomas Franz,n, related to the company'sg Networks,
formerly Tele1 Europe, (Stockholmsb"rsen: SONW) Song Networks is
a data and telecommunications operator with activities in Sweden,
Finland, Norway and Den mark. The company's business concept is
to offer the best broadband solution for data communication,
Internet and voice to businesses in the Nordic region. The
company has built local access networks in the largest cities in
the Nordic region. The company was founded in 1995 in Sweden and
have approximately 975 employees per September 30. The head
office is located in Stockholm and there are an additional 34
offices located in the Nordic region.

CONTACT:  SONG NETWORKS HOLDING AB
          Tomas Franz,n, Chief Executive Officer
          Phone: +46 8 5631 0111
          Mobile: +46 701 810 111
          E-mail: tomas.franzen@songnetworks.net
          Homepage: http://www.songnetworks.net


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


ABBEY NATIONAL: Adviser Cuts Ratings From "Hold" to "Reduce"
------------------------------------------------------------
UBS Warburg, one of Abbey National's main adviser, cut its
ratings of the U.K.'s sixth biggest bank from "hold" to "reduce",
adding that it expects the institution to cut its dividend from a
total of 50p in 2001 to 25p.

The report sent shares in Abbey National to an eight-year low.

The rating cut and forecast is included in UBS's research note
"Sins of the Past" which also reveals that UBS more than halved
its share price target for the mortgage lender to 380p from 787p.

The Scotsman noted that over the past year, the bank have
underperformed the DJ Stoxx European bank sector by about 50%.

Analysts at the investment bank declined to give further details.
Abbey, which is due to present its results on February 26, also
refused to give comment.

Abbey National, which has been suffering in the economic
downturn, is currently disposing non-core businesses to
concentrate on retail financial services.  The bank particularly
had suffered from its venture into corporate loans.

It warned in November it would post its first ever annual loss
this year.  Abbey National's share price has lost as much as 48
percent of its value last year.

CONTACTS:  Thomas Coops
           (Director of Corporate Communications)
           Phone: 020 7756 5536

           Jon Burgess
          (Head of Investor Relations)
           Phone: 020 7756 4182
           E-mail: investor@abbeynational.co.uk


ABERDEEN ASSET: Another Trust Proposes Voluntary Liquidation
------------------------------------------------------------
Aberdeen Asset Management faces the collapse of yet another trust
in the proposed voluntary liquidation of its Murray Japan Growth
& Income.

The trust, which according to AAM could no longer meet its
investment objective, filed for the action after its assets fell
to GBP420,000 from GBP85 million at its launch in December 1999.

MJGI was launched to deliver a high total return over the long-
term.  Its investments were split between Japanese equities,
high-yielding bonds and shares issued by split capital investment
trusts.

Aberdeen's four other trusts, specifically split capital
investment funds, collapsed due to falling markets, high gearing
and cross investment in other split trusts.

MJGI also failed when about one-third of the split trust sector
crashed, forcing it to breach bank covenants in March.

According to a spokeswoman, the proposal to liquidate the fund
will be presented to shareholders in the coming months.

The asset manager recently unloaded its five unit trusts to New
Star Asset Management for GBP92.5 million--a transaction he made
at a "good price" but regretted to have to do, according to The
Herald.

City expects Aberdeen's profits to halve following disposal of
the trusts to New Star and the forthcoming sell-off of Aberdeen
Property Investors, a division expected to raise GBP130 million.

Aside from borrowings, Aberdeen has a bill of up to GBP40 million
after promising last summer to refund in full up to 7000
investors who had lost nearly half their money in its Progressive
Growth Unit Trust.

CONTACT:  ABERDEEN ASSET MANAGEMENT
          Martin Gilbert
          Phone: 020 7463 6000

          Gavin Anderson
          Lindsey Harrison
          Phone: 020 7554 1400


BRITISH ENERGY: Government to Take Control of Company - Sources
---------------------------------------------------------------
Official sources of BBC says the British government plans to take
control of British Energy, the nuclear generator which struggles
to survive in a market hit by a 40% drop in electricity prices.

Labor MP Tom Watson said, "The government is just not going to be
prepared to throw hundreds of millions of pounds (hundreds of
millions of dollars) at failed private companies, particularly
when they have given so much away to shareholders over the
years."

"So they can't carry on the way they are with BE. They can bring
it back into public ownership and find new models of ownership in
months and years to come," he said.

Following collapse of power prices in the region as a result of
the liberalization of the wholesale power market, the British
government provided the group with GBP650 million emergency loan
to sustain operations while it negotiates with lenders and
shareholders.

The expiration of the funding in November has already been
extended to March this year.

British Energy is already effectively in the hands of the
Government, since the Department of Trade and Industry has the
final say in any decision on how to spend the state's GBP650m
loan to the company.

According to Xinhua, new laws are to be put in place in the
coming days to take the company into administration.

The report says government officials are considering converting
the company, which supplies one-fifth of the country's
electricity, from a private company to a non-profit making
organization.

Senior ministers will review the issue at a special Cabinet sub-
committee this week.

British Energy last month registered losses of GBP337 million
(US$518 million).

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR,
          United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656
          Home Page: http://www.british-energy.com
          Contact:
          Paul Heward, Investor Relations
          Phone: 01355 262201


CABLE & WIRELESS: S&P Lowers Long-Term Corporate Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services downgraded its long-term
corporate credit ratings on Cable & Wireless PLC to 'BB' from
'BBB+', and its senior unsecured debt rating to 'B+' from 'A-2'.
The outlook is negative.

The actions follow the resolution of the CreditWatch placement of
Nov. 14, 2002 on the U.K.-based telecommunications company.

The rating agency initiated the action basing on significant
weakening in C&W's liquidity as a result of the recently
disclosed additional obligations and up to GBP800 million
(US$1,295 million) in additional cash restructuring costs.

Cable & Wireless previously failed to disclose a 'ratings
trigger' clause in a tax indemnity agreement, as a result of the
activation of which C&W had to deposit GBP1.5 billion of cash in
a restricted account.

C&W also revised its disclosure of operating lease obligations to
account an additional GBP1.3 billion of previously undisclosed
commitments.

The rating agency noted that these adjustments had not been
considered in its previous ratings on the company.

For the senior unsecured rating, which is two notches down from
the corporate credit rating, S&P explains that it is due to the
fact that priority obligations exceeds 30% of the group's
adjusted tangible asset base.

The rating agency says, "The downgrade also reflects the
continuing poor performance of the company's C&W Global division
and the resultant significant negative free cash flow at C&W,
which further weakens the company's liquidity."

The ratings were assigned a negative outlook to reflect
significant execution risks associated with restructuring the C&W
Global division and the challenges C&W will face reaching free
cash flow breakeven and sustaining adequate liquidity.

Simon Redmond, credit analyst at Standard & Poor's Corporate
Ratings Europe said, "the company has negligible headroom to fund
further unanticipated cash outflows assuming no further measures
are taken to boost liquidity."   He thus advises that C&W improve
its access to capital and reach free cash flow breakeven in the
next year.

"If C&W is unable to quickly reduce cash burn or suffers any
unanticipated cash outflows, the ratings are likely to be further
adjusted," Mr. Redmond added.


CABLE & WIRELESS Comments on Standard & Poor's Downgrade
--------------------------------------------------------
Cable & Wireless has noted the decision of Standard & Poor's,
announced Thursday, to downgrade the long term corporate credit
rating of the company from BBB+ to BB, its senior unsecured debt
rating from BBB+ to B+ and its short term corporate credit rating
from A-2 to B, all with negative outlook.

David Prince, Group Finance Director said: "This completes the
ratings process which was initiated with Moody's, Standard &
Poor's and Fitch following the announcement of our interim
results on 13 November 2002."

"Given the Moody's downgrade on 6 December a revised rating from
Standard & Poor's was expected. This downgrade does not affect
our obligation to Deutsche Telekom to put o1.5bn into escrow or
provide a bank guarantee, which we have previously announced."

CONTACT:  Investor Relations
          Samantha Ashworth
          Phone: +44 (0)7957 804618
          Caroline Stewart
          Phone: +44(0) 207 315 6225
          Virginia Porter (US)
          Phone: +1 646 735 4211


ENERGIS PLC: Renames Irish Telecommunications Energis
-----------------------------------------------------
Energis has rebranded nevada tele.com, the Irish
telecommunications and internet solutions provider it acquired
from Viridian Group plc last November, as Energis.

nevada's name change is a further step in the integration of its
operations in Belfast and Dublin with those of Energis in Great
Britain.

Energis has a strong customer base across Ireland and Great
Britain and is continuing to win contract renewals with existing
major customers and and secure new accounts like Phonovation,
Tourism Ireland and Whirlpool.

David Beck, General Manager for Energis in Ireland, said:
"nevada's name change to Energis is a natural step in the
integration of the two businesses. An integrated organisation
will be easier for our customers to deal with and enable Energis
to leverage its skills and capabilities to serve major companies
and public institutions across Ireland and Great Britain."

About Energis (www.energis.co.uk)

Energis is a leading provider of high-value telecoms and internet
services to major UK companies and public institutions in Great
Britain and Ireland. It offers a portfolio of data, voice, call
centre and internet services. Around 437 million call minutes per
week are routed over the Energis network and Energis hosts more
than 20,000 commercial websites. Major customers include the BBC,
Boots, Freeserve, Bank of Ireland and UTVi.

CONTACT:  ENERGIS (GB)
          Marta Judge
          Phone: +44 (0)20 7206 5800
          E-mail: mjudge@energis.co.uk

          ENERGIS (IRELAND)
          Claire McKee
          Phone: +44 (0)28 9095 9595
          E-mail: claire.mckee@energis.com


IZODIA PLC: Appoints Macnamara, Measham and Kingsnorth to Board
---------------------------------------------------------------
Mr Peter Catto, who was appointed a non-executive director of
Izodia PLC on August 2, 2002, has resigned from the Board. Mr
Catto has offered to continue to assist the company and its
advisers in their investigations and in legal actions being taken
by the company. The Board is grateful for his help in these
matters and for his services, in particular during the period
from 4 October 2002 when there were only two Directors and in
proposing the new Directors who were appointed on 10 and 15
January 2003.

Forthcoming EGM

The Board of Izodia announces that notwithstanding the
appointments of Rory Macnamara, Nicholas Measham and Colin
Kingsnorth to the Board on January 15, 2003 the Extraordinary
General Meeting convened for 29 January 2003 to appoint them to
the Board will still take place, as required by law.

Appointments of Advisers

The Board has appointed Moore Stephens, Chartered Accountants, to
examine all of the company's accounting records, to report to the
Board on financial transactions since the latest audited accounts
and to prepare accounting records for the company.

The Board has appointed WestLB Panmure as the company's Financial
Adviser and Broker.

Directors' Details

As required by Rule 16.4 of the Listing Rules, the company makes
the following disclosures following the appointment to its Board
on 10 January 2003 of Archie Coulson and on 15 January 2003 of
Rory Macnamara, Colin Kingsnorth and Nicholas Measham.

Details of Rory Macnamara, who, as announced on 15 January, has
been appointed as the company's Chairman, are as follows:

Rory Macnamara is currently a director of Madsen Gornall Ashe
Limited and Invercharron Limited. He was, in the past five years,
a director of the following companies: Aurora Pubs Limited,
Morgan Grenfell & Co. Limited, Deutsche Morgan Grenfell
(Scotland) Limited, The First Pub Company Limited, The Pub
Trading Company Limited, The Second Pub Company Limited, Stakis
Plc (a publicly quoted company), Saveadmin Limited and John
Craven & Partners Limited/Adminload Limited.

Details of Archie Coulson are as follows:

Francis Coulson is currently a director of Postern Limited,
Postern Executive Group Limited, Postern Interim Management
Limited, Stanley Services Limited and Trewent Park Limited (in
liquidation). He was, in the past five years, a director of the
following companies: Acescale Limited, Allans of Aberdeen
Limited, All the Rage Limited, Amazon Import/Export Limited, A.S.
Royston Limited, Beatties of London Limited, Blue River
Promotions Limited, Boadicea Import/Export Limited, Boadicea
Trading Limited, Boss Technology Limited, Bridegrove Limited,
Brilliantline Products Limited, Businessline Associates Limited,
Camlaw Limited, Cardpro Limited, Civilmark Limited, Clearstone
Limited, Clearminds Limited, Crowndale Designs Limited, Directact
Limited, Directspeak Limited, Dream Scene Limited,
Entrepreneurial Management Limited, ERA Group Plc, Eurofocus
Import/Export Limited, Europeople Associates Limited, Europeople
Enterprises Limited, Exclusive First Editions Limited, Fanmark
Limited, Flashdek Limited, Formutechno Limited, Formsure Services
Limited, Gilbow (Holdings) Limited, Glendale Business Services
Limited, Goldstage Associates Limited, Greentown Trading Co
Limited, Journey's End Limited, Kingcity Services Limited,
Kingdale Traders Limited, Madegood Solutions Limited, Marketcap
Limited, Metrofall Limited, Michael Carter (Halifax) Limited,
Modepoint Limited, Nardean Limited, Nile Limited, Opazfactor
Limited, Plain Speaking Co Limited, Plain Speaking Solutions
Limited, Postern Interim Management Limited, Powertime Limited,
Prampro Limited, Queendale Marketing Limited, R. & C. Muirhead
Limited, Refal 226 Limited, Richard Kohnstam Limited, Richard
Kohnstam (Agencies) Limited, Riko International Limited, Rolepro
Limited, Rosecrown Import/Export Limited, Selectmade Limited,
Splash Consultants Limited, Splash Designs Limited, Splash
Import/Export Limited, Templeton Enterprises Limited, Ticktop
Limited, Tigress Enterprises Limited, Tigress Import/Export
Limited, Totalred Limited, Tranfar Limited, Virtual Reality
Retail Limited, Willoworld Limited, Yorkmark Limited, Demaglass
Limited, FUNPANT LIMITED, H R Holding Limited, Hickman Boswell
Plc, HR Cargo Services Limited, HR Transport Holdings Limited,
L.B.B. Limited, Lightyear Realisations Limited (in liquidation),
Nipcon Holdings
Limited and United Engineering Forgings Limited.

Details of Colin Kingsnorth are as follows:

Colin Kingsnorth is currently a director of Laxey Partners (UK)
Limited, Chelsea Value Partners Limited, Laxey Finance Limited
and Tea Plantations Investment Trust PLC. He was, in the past
five years, a director of Charlemagne Capital (UK) Limited.

Details of Nicholas Measham are as follows:

Nicholas Measham is currently a director of Groupe Chez Gerard
plc (a publicly quoted company), J O Hambro Capital Management
Limited and J O Hambro Capital Management Group Limited.

There is no further information to disclose in respect of Rory
Macnamara, Archie Coulson, Colin Kingsnorth or Nicholas Measham
pursuant to Rule 16.4(b) of the Listing Rules.

CONTACT:  IZODIA PLC
          Rory Macnamara, Chairman
          Phone: 020 7747 5601

          WESTLB PANMURE
          Tim Linacre
          Phone: 020 7020 5444
          Richard Potts
          Phone: 020 7020 5121



LAURA ASHLEY: To Close 35 Stores Across Continental Europe
----------------------------------------------------------
As previously announced, the company has continued to review its
store portfolio in Continental Europe and as a result of this
strategic review, intends to close a further 35 stores across
Continental Europe including all its remaining stores in Germany.
The company is currently in discussions with the relevant works
councils.  The decision is expected to result in an exceptional
charge of GBP7.7 million for the year ended 26 January 2003.  The
company remains committed to seeking suitable franchise partners
for the remaining 18 stores, all of which are profitable.

Primarily in order to complete the closure of its loss making
stores in Europe, the company intends to raise additional funds
of approximately GBP9 million, before expenses, via a rights
issue.  On the basis of the current share price, it is envisaged
that the rights price will be around 8p per share.  It is
envisaged that the rights issue will be fully underwritten by MUI
Asia and/or Bonham Industries Limited.

Further details of the rights issue will be announced once they
have been finalized, a process which is expected to take at least
4 weeks.

Appointment of New Director

The Board is pleased to announce the appointment of Rebecca
Navarednam to the Board of Laura Ashley Holdings plc as Non
Executive Director with immediate effect.  Ms Navarednam is a
Fellow of the Institute of Chartered Accountants in England and
Wales.  She has held a senior management position in a leading
banking group in Malaysia and was Vice President of MUI
Management Sdn Berhad before joining Corus and Regal Hotels plc
in September 2000 as Chief Financial Officer.

KC Ng, Chief Executive Officer, commented

'Whilst closing any stores is always a difficult decision, we do
believe that by closing all our loss making stores in
Continental Europe and exiting Germany, this will place the
company on a firmer footing for its further development.'

CONTACT:  David Cook, Chief Financial Officer
          Phone: 020 7880 5100
          Tom Buchanan

          BRUNSWICK GROUP
          Phone: 020 7404 5959
          Katya Reynier


MARCONI PLC: Former Officials in Trouble as Probe Concludes
-----------------------------------------------------------
The former chairman and chief executive of Marconi are in hot
waters as City watchdog digs facts prior to the company's profit
warnings in July 2001.

According to Times Online, the latest draft of the investigation
is thought to conclude that Sir Roger Hurn and Lord Simpson of
Dunkeld could have prevented the suspension of the shares on July
4, and consequently the plunge of company's shares to 54% the
next day.

FSA officials believed the two had enough information that would
enable them to inform shareholders of the proper financial status
of the company early during that day.

But the two only released the warning after an afternoon board
meeting, and doing such they are believed to have let the company
breached listing rules regarding public information.

According to the report, the inquiry is thought to propose that
the two men be publicly censured, the stiffest punishment
available for a breach of the listing rules prior to December
2001.

Marconi, which has lost 99% of its market value after embarking
on a US$8 billion buying spree, issued the update of its
financial restructuring last month.  It agreed to hand the
company to creditors to cancel more than GBP4 billion of debt.

CONTACT:  MARCONI PLC
          1 Bruton St.
          London W1J 6AQ, United Kingdom
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Homepage: http://www.marconi.com
          Contacts:
          Derek C. Bonham, Chairman
          M. W. J. (Mike) Parton, CEO
          Steve Hare, Finance Director


MARCONI PLC: Issues Trading Update
----------------------------------
- Solid performance despite continued tough market conditions

- Core sales GBP456 million; sequential decline of 5%, similar to
level reported in the previous quarter

- Improved operating performance compared to previous quarter

- Continued improvement in gross margin despite lower sales
volumes

- Core operating cost annual run-rate reduced to around GBP550
million by December 31, 2002; on track to achieve GBP520 million
target run-rate by the end of the financial year; further actions
initiated to reach GBP 450 million target during the financial
year ending 31 March 2004

- Significant progress towards sustained operating cash breakeven
position; positive operating cash inflow during the quarter;
total cash balance at December 31, 2002 broadly stable compared
to September 30, 2002

- Restructuring expected to be implemented on the terms set out
in the announcement on 29 August 2002, as subsequently amended on
December 16,  2002

- The Group remains on track to distribute o260 million in cash
to Scheme creditors as part of the Restructuring (including o95
million interest accrued at 15 October 2002 and already paid to
financial creditors)

- Further progress made on the Scheme documentation and the
Prospectus for listing of Marconi Corporation plc; finalisation
of documentation expected within next few weeks; overall
completion of Restructuring now expected in April.

Marconi provided a trading update relating to the three months
ended 31 December 2002. All information in this trading update is
based on preliminary, unaudited data from Marconi's management
accounts. The Group expects to publish a summary of unaudited
financial information for the quarter ended 31 December 2002 in
respect of Marconi plc in late February 2003.

Mike Parton, Chief Executive, said: 'Despite slightly lower sales
revenues all our key financial performance measures have
continued to improve. Costs have fallen once again. We have
generated operating cash in the quarter, margins are higher than
in the previous quarter and we are well on the way to returning
to operating profitability.'

'These achievements, combined with progress towards our financial
restructuring, albeit slower than we would have liked, give us
confidence for the future.'

Trading Update

Overall conditions in the telecommunications market remained
tough during the third quarter. While signs of market stability
have been observed in some areas of the Europe, Middle East &
Africa region (EMEA), particularly in Southern Europe for
example, the North American market was characterised by further
tightening of capital expenditure by a number of large telecom
operators, particularly towards the end of their financial years
in December. In Central and Latin America (CALA), the market was
relatively stable during the quarter although capital expenditure
amongst major operators in the region remained at a low level. In
Asia-Pacific (APAC), while the market remains buoyant in
Australia, conditions in the Chinese market are more difficult as
a result of delays in capital expenditure due to the re-
organisation of key customers, delays to the roll-out of certain
network build projects and increased pricing pressure on new
business.

Orders Received and Order Backlog

Core orders received increased by approximately 8 per cent to
GBP411 million during the third quarter (Q2: GBP 379 million).
This was driven by an increase in orders received for Network
Services largely as a result of two major order extensions
awarded during the period, both in the U.K.: an order from London
Underground for the supply of further communictions services for
the Jubilee Line and an order from BT relating to services for
BT's narrowband network.

Core Book to Bill stood at 0.9 compared to 0.8 in the previous
quarter. Book to Bill in Network Equipment rose from 0.9 to 1.0
but the main driver of the overall improvement was Network
Services, which rose from 0.6 to 0.8, mainly as a result of the
new major orders booked during the period, described above.

Core order backlog stood at GBP 761 million at 31 December 2002
(30 September 2002: GBP 916 million). This decrease was mainly
the result of the Group's exit from its IT outsourcing services
activity in North America (approximately GBP 100 million).

The balance of the decrease related mainly to the trading of
long-term service and support contracts particularly in the UK
and Middle East.

Core Sales by Geography
in GBP million                                   FY03
                                    Q1            Q2           Q3

EMEA                               285           285          287
US                                 153           142          127
APAC                                47            45           29
CALA                                25            10           13
Core                               510           482          456



Third quarter Core sales decreased by GBP 26 million or
approximately 5 per cent to GBP 456 million compared to the
previous quarter. This compared to Core sales of GBP 632 million
in the third quarter of the previous year, representing a 28 per
cent decline year on year.

On a sequential basis, modest increases in sales in EMEA and CALA
were more than offset by declines in the U.S. and APAC.

In EMEA, sales increased by GBP 2 million, or approximately 1 per
cent to GBP 287 million compared to the second quarter. Sales in
the U.K. were flat compared to the previous quarter with lower
sales of optical networks equipment offset by increased sales of
voice systems and customer support services. In Italy, Core sales
increased as a result of on-going business under existing frame
contracts as operators continue to deploy core optical backbone
and access networks. Sales in Germany fell during the period as a
result of further capital expenditure cuts by the Group's
wireline and wireless network customers and further delays to
planned third generation (3G) mobile network rollouts by certain
3G operators.

In the U.S., sales fell GBP 15 million or approximately 11 per
cent to GBP 127 million mainly as a result of the continuing
tough market conditions in the region and a decrease in sales of
BBRS equipment and services to the U.S. Federal Government after
the seasonally high level of sales recorded in the previous
quarter.

In APAC, sales were down GBP 16 million or 36 per cent to GBP 29
million. The main factor contributing to this decline was the
lower level of sales recorded in China as a result of the delays
in capital expenditure and delays to certain network build
projects by a number of the Group's Chinese customers. The
reduction in sales also reflects the completion of the disposal
of the Group's wireless software and services activities in the
region in September 2002. This business had accounted for GBP 3
million of sales in the second quarter.

Sales in CALA increased by GBP 3 million, or 30 per cent to GBP
13 million compared to the previous quarter as a result of two
specific new contracts for Broadband Switching equipment in
Mexico and Brazil. While the political environment in parts of
the region showed some signs of stability during the period,
generally conditions in the telecommunications market remain
difficult.

Core Sales by Product Area
in o million                                    FY03
                                         Q1      Q2            Q3

Optical Networks                        134           108      96
Broadband Routing and Switching (BBRS)   38            35      32
European Access                          59            69      69
North American Access                    25            23      23
Outside Plant & Power (OPP)              46            34      30
Other Network Equipment                  14            15      11
Network Equipment                       316           284     261
Installation, Commissioning &            97            89      93
Maintenance (IC&M)
Value-Added Services (VAS)               97           109     102
Network Services                        194           198     195
Core                                     510          482     456


Sales of the Group's U.S.-based businesses (defined as the
equipment and service activities of BBRS, OPP and North American
Access) amounted to GBP 125 million during the third quarter and
are included in the Core sales reported above (Q2: GBP 140
million).

Sales of Network Equipment dropped 8 per cent to GBP 261 million
(Q2: GBP 284 million) mainly as a result of lower sales in
Optical Networks and Other Network Equipment. Sales of BBRS and
OPP equipment fell compared to the previous quarter while sales
of Access systems in both Europe and North America remained
stable.

Network Services activities were more resilient, particularly
where those services are not directly related to the provision of
Network Equipment. Network Services sales overall remained
relatively stable at GBP195 million (Q2: GBP 198 million).

In Optical Networks, the 11 per cent decline to GBP96 million
(Q2: GBP108 million) was predominantly due to lower sales in APAC
as a result of the difficult market conditions, particularly in
China described above. Optical Networks sales in EMEA as a whole
were stable compared to the previous quarter with weaker demand
for core transmission equipment from network operators in the UK
offset by higher sales in Italy and the Middle East. During the
third quarter, SDH accounted for 89 per cent of Optical Networks
sales (Q2: 87 per cent) and DWDM for 7 per cent (Q2: 11 per
cent); the balance related to sales of network management
systems. In January 2003, Marconi announced the award of a new,
2-year frame contract with Telecom Italia, worth approximately
Euro 15 million (approximately GBP 10 million) for the supply of
an optical backbone network architecture based on the Group's
recently launched next generation digital cross connect, the
MSH2K.

Sales of BBRS equipment fell by 9 per cent to GBP 32 million (Q2:
GBP 35 million).  Sales of BBRS services, which for financial
reporting purposes are consolidated within Network Services, fell
by 25 per cent to GBP 18 million (Q2: GBP 24 million).

These declines were mainly due to lower volumes of products and
services delivered to the U.S. Federal Government following the
seasonally high level of sales in the previous quarter, at the
end of this major customer's financial ear. Sales to other
customers in North America and EMEA remained stable ompared to
the previous quarter. Sales in APAC were lower as a result of the
difficult market conditions in the region while sales in CALA saw
a modest increase due to two specific contracts with Telefonica
(Brazil) and the Mexican Supreme Court. In December 2002, Marconi
announced the first European sale of its recently launched multi-
service core switch-router, the BXR 48000, to a major financial
institution.

European Access sales remained stable at GBP69 million (Q2: GBP69
million). Sales of the Group's fixed wireless access systems in
Germany were down compared to the previous quarter as a result of
reduced capital expenditure by a number of the major German
wireless operators. This decrease was offset by increased sales
of voice systems in the U.K. largely due to a software upgrade
and of high density DSLAMs (Access Hub) in Italy and CALA. During
the third quarter, Marconi announced the first sale of its
recently launched Softswitch system to Jersey Telecom. On 8
January 2003, Marconi announced a new order for its Access Hub
platform from French competitive network operator, LDCOM, GBP23
million (Q2: GBP23 million). Bell South remains the largest
customer of access equipment in North America as it continues to
roll out the Group's copper access and fiber-to-the-curb
solutions.

Sales of OPP equipment fell 12 per cent to GBP 30 million (Q2:
GBP 34 million). Sales of OPP services, which for financial
reporting purposes are consolidated within Network Services, fell
8 per cent to GBP 22 million (Q2: GBP 24 million). These declines
were in line with the overall trend in the market for outside
plant and power equipment and services in the Americas and the
Group believes that it continues to maintain its strong market
positions in this business.

Other Network Equipment sales fell by GBP 4 million, or
approximately 27 per cent to GBP 11 million (Q2: GBP 15 million).
This decline occurred in APAC and was mainly due to the
completion of a one-off contract in the region during the
previous quarter.

IC&M sales increased by GBP 4 million, or approximately 4 per
cent to GBP 93 million  (Q2: GBP 89 million). Sales increased in
the U.K. partly as a result of the Group's focus on reducing the
time between equipment provision and its installation and
commissioning. These were partially offset by the decrease in OPP
service sales in the U.S. described above.

VAS sales dropped by GBP 7 million, or approximately 6 per cent
to GBP 102 million (Q2: o109 million). This was mainly due to
lower sales of BBRS-related services to the U.S. Federal
Government, in particular, in relation to a major airport
services contract, which is near completion, as well as lower
sales of IT outsourcing services prior to the Group's exit from
this activity, which was completed during December 2002. Sales of
Integrated Systems and Wireless Services were relatively stable
compared to the previous quarter.

Key Customers

Marconi continued to benefit from the support of its strong
customer base of predominantly incumbent operators and government
agencies during the third quarter. The majority of Core sales in
the period were derived from existing frame contracts.

The ten largest customers during the third quarter were
BellSouth, BT, Ericsson, Metro City Carriers, Telecom Italia,
Telkom South Africa, the U.K. Government, the U.S. Federal
Government, Verizon and Vodafone Group. In aggregate, these
customers accounted for 46 per cent of third quarter Core sales
(Q2: ten largest customers 48 per cent). BT remains the Group's
largest customer and accounted for 19 per cent of Core sales in
the third quarter (Q2: 19 per cent).

Operating Performance

Despite the lower sales volumes, Core gross margin showed a small
improvement compared to the underlying margin before stock
provisions recorded in the previous quarter (Q2: 21.6 per cent of
sales). This improvement was mainly achieved through further cost
savings in the supply chain and within the Group's service
activities. While the accounting processes for the third quarter
are not yet complete, the Group does not currently expect to
raise additional stock provisions for the reporting period.

Further progress was made towards achieving the Group's target to
reduce Core operating costs to an annualised run-rate of o520
million by the end of the current financial year. At the end of
the third quarter, the operating cost run-rate had fallen to
approximately o550 million compared to an exit run-rate of GBP
635 million at the end of the previous quarter. Savings were
achieved across all main categories of expenditure - research and
development, sales and marketing and general and administrative.
The majority of these savings resulted from headcount reductions.
Also during the quarter, further cost reduction actions were
initiated and the Group remains on track to achieve its targeted
GBP 450 million annualised operating cost run-rate during the
financial year ending 31 March 2004.

Core headcount has been reduced by approximately 3,000 since the
end of September 2002 and, at the end of December 2002 was just
over 16,000. Of the total number of leavers during the period,
approximately 500 employees left the Group as a result of the
disposal of the Group's South African legacy operations, ATC,
completed during December 2002.

A further 1,400 leavers have been identified and announced and
are due to leave the business in the next few months, giving a
known headcount target of around 14,600. Once the reduced
operating cost target has been achieved, the Group expects to
employ around 14,000 people in its Core business. As previously
disclosed, the Group will continue to incur exceptional cash
costs in order to complete its planned headcount reductions.

The overall operating performance in the Core business improved
substantially compared to the previous quarters of the financial
year as a result of the increase in Core gross margin and the
further operating cost savings achieved during the period.

Cash / Net Debt

Further significant progress was made towards the Group's goal to
reach a sustainable operating cash breakeven position. The Group
recorded a positive operating cash flow during the quarter,
largely as a result of the improved operating performance and
reductions in working capital compared to the previous quarter.
Non-operating cash outflows relating to the Group's ongoing
headcount reduction programme and interest paid were partially
offset by a tax refund received during the period. In total, the
Group's cash balance remained broadly stable compared to the
position at the end of September 2002.

At 31 December 2002, net debt amounted to GBP 2.8 billion and
comprised v3.9 billion of gross financial debt made up of GBP 1.7
billion of Euro and U.S. dollar bond debt, GBP 2.1 billion of
Syndicate Bank debt (including GBP 30 million relating to the
conversion of interest swap and equity derivative arrangements to
new loan agreements during the quarter and GBP 54 million
relating to conversion of interest swap arrangements during the
first half) and GBP 0.1 billion of bilateral and other bank debt
offset by GBP 1.1 billion of cash. No account has been taken of
the impact of the proposed Restructuring.

Financial Restructuring

On December 16, 2002, Marconi announced modifications to the non-
binding indicative Heads of Terms for the financial restructuring
of Marconi plc and its wholly-owned subsidiary Marconi
Corporation plc and amendments to the Interim Security provided
to the Group's Syndicate Banks and bondholders (including the
bond trustees) and certain ESOP derivative providers.

Since that announcement, Marconi has made substantial progress in
finalizing both the Scheme documentation, which will be
despatched to Scheme Creditors and the Prospectus in connection
with the listing of Marconi Corporation on the London Stock
Exchange.

Since 16 December 2002, the commercial terms outlined in the
announcement have been reflected in the restructuring
documentation, which is now substantially complete. In addition,
the mechanics for enabling the Senior Notes to be denominated in
Euros with a possible U.S. dollar option within certain
limitations have now been clarified and will enable creditors, at
their option, to elect for Senior Notes denominated in Euros or
US$ within certain limitations.

Furthermore, negotiations to finalize the terms of the GBP 50
million super priority performance bonding facility and Marconi's
working capital facilities in the U.S. are also progressing well.

While significant progress has been made in preparing the
documentation necessary for the Restructuring, the expectation
stated in December that the formal Scheme documentation would be
posted to Scheme Creditors in January 2003 with an effective date
on or before 15 March, 2003 has now proved to be unachievable.
Given the complexity of the arrangements being documented,
Marconi now believes that finalisation of the documentation
should be achieved within the next few weeks with Scheme
documentation being posted to creditors towards the end of
February following the initial court hearing. It is now expected
that implementation of the Restructuring will take place in
April.

Marconi still expects to complete the Restructuring in line with
the terms announced on 29 August, 2002 as amended by the
announcement on 16 December 2002.

The Group remains on track to distribute o260 million in cash to
Scheme creditors, of which GBP 95 million has already been paid
to financial creditors.

Marconi's Board continues to believe the proposed Restructuring
is in the best interests of Marconi and its stakeholders as a
whole. The Board believes that it will continue to receive the
support of the joint lead co-ordinators of the Syndicate Banks
and the informal ad hoc committee of bondholders in finalizing
the documentation to complete the Restructuring. The Board will
be communicating with the Syndicate Banks and the informal ad hoc
committee of bondholders to obtain the support of the creditor
groups for an extension to the timetable.

About Marconi plc

Marconi plc is a global telecommunications equipment and
solutions company headquartered in London. 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.

CONTACTS:  MARCONI PLC
           David Beck / Joe Kelly, Public Relations
           Phone: +44 (0) 207 306 1771
                  +44 (0) 207 603 1490

           E-mail: joe.kelly@marconi.com
           Heather Green, Investor Relations
           Phone: +44 (0) 207 306 1735
           E-mail: heather.green@marconi.com


MONOTUB INDUSTRIES: Voluntary Liquidation Changes in FTSE Indices
-----------------------------------------------------------------
Following the suspension and voluntary liquidation for Monotub
Industries PLC, in accordance with the ground rules,
FTSE announces the following changes:

INDEX         CHANGE              EFFECTIVE FROMSTART OF TRADING
FTSE AIM   Monotub Industries      24 January 2003
           (UK 0849816) will be
            deleted.

                      ******

The Board of Monotub Industries plc resolved to put the company
in members' voluntary liquidation during its extraordinary
general meeting last week.

Monotub announced last month a resolution to place the company in
members' voluntary liquidation when it advised the public on the
contract to sell its intellectual property, tooling, and certain
other assets to Titan Washing Machine Limited.

To see Monotub Industries' Financial Results:
http://bankrupt.com/misc/Monotub.htm

CONTACT:  (For index related enquiries)
           FTSE
           Client Services in UK:
           Phone: +44 (0) 20 7448 1810
           Client Services in US:
           Phone: 212 825 1328 or +1 415 445 5660
           Client Services in Asia Pacific:
           Phone: +852 2230 5800 or +65 6223 3738


ROOM SERVICE: Trading Subsidiary in Voluntary Liquidation
---------------------------------------------------------
The board of Room Service Plc regrets to announce that, having
considered all the options immediately available to the company,
the decision has been taken that it is in the best interests of
shareholders for the directors of the company's principal trading
subsidiary, Room Service (UK) Limited, to place Room Service (UK)
Limited in voluntary liquidation. David Rubin and Paul Appleton
of
David Rubin & Partners were appointed as liquidators by the
shareholder of Room Service (UK) Limited.


The Directors of the company have been actively seeking
additional funding for the company from a number of sources over
the past four months. However, the various discussions that the
company has been involved in have not resulted in the deal
anticipated by the Directors of Room Service. The volatile
conditions in the stock market and the associated effect this has
had on the corporate sector has resulted in a marked downturn in
the company's food delivery and catering businesses over the last
twelve months.

The board of Room Service have made every effort to find a
suitable solution to its funding requirements but regrettably
without success.

The board of Room Service also announces that Alexander Duma,
non-executive chairman of the company, has tendered his
resignation from the company and its subsidiaries and the board
have accepted such resignation with immediate effect.


                                   *************

       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-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly
MacAdam, Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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