/raid1/www/Hosts/bankrupt/TCREUR_Public/030325.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

                 Tuesday, March 25, 2003, Vol. 4, No. 59


                              Headlines

* A U S T R I A *

PLAUT AG: Reports EUR25.6 Million Loss Before Taxes in Result

* C Z E C H   R E P U B L I C *

PLZENSKA BANKA: Faces Revoking of Banking License by CNB

* F R A N C E *

ALSTOM: Fitch Concerned on Rights Issue and Debt Reduction
FRANCE TELECOM: Orange Sells Its 26.6% Stake in Wind to Enel
FRANCE TELECOM: Not Affected by Sale of Orange's Stake in Wind
RHODIA SA: Brings Annual General Meeting Forward of Schedule

* G E R M A N Y *

ALLIANZ AG: Moody's Affirms Ratings on Report of Annual Loss
ALLIANZ AG: A.M. Best Lowers Financial Strength Rating
DRESDNER BANK: Moody's Places Financial Strength on Review
DRESDNER BANK: Funding Trusts Ratings on Review for Upgrading

* G R E E C E *

ANTENNA S.A.: Moody's Downgrades Ratings to B1 From Ba3

* I T A L Y *

FIAT SPA: Sells Toro for EUR2.4 Billion to De Agostini

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

MILLICOM INTERNATIONAL: Issues Notice Regarding Exchange Offer

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

GETRONICS N.V.: Focus on Core Business Debt to Be Repayed
GETRONICS N.V.: Holders of Existing Bonds May Withdraw Offers
KONINKLIJKE AHOLD: Clears Issue Concerning Severance Package
LAURUS N.V. Stoter to Assume Responsibility of Castelijns

* S W I T Z E R L A N D *

CENTERPULSE: Moody's Places Ba2 Rating Under Review
FLIGHTLEASE AG: Court Extends Debt Restructuring Moratorium
SAIRGROUP AG: Court Extends Debt Restructuring Moratorium
SAIRLINES AG: Court Extends Debt Restructuring Moratorium
SWISS LIFE: Announces New Board of Directors for Holding

* U N I T E D   K I N G D O M *

AES DRAX: Major Lenders Prepares to Take Over the Company
AGA FOODSERVICE: Admits Having Significant Pension Fund Deficit
AWG PLC: Parts With Mellor, Chief Executive of 24 Years
BRITISH BIOTECH: To Consolidate Operations With RiboTargets
CALDER HALL: Set to Close Operations at the End of the Month
CHELSFIELD PLC: Posts GBP36.8 Million Loss Due to Global Switch
EDINBURG FUND: In Danger of Losing Business of Biggest Client
INDITHERM PLC: Continues to Incur Pre-Tax Losses
PIZZAEXPRESS PLC: Expects GBP280 Million Offer for Business
P&O PRINCESS: Announces the Release of Carnival's Q1 Results
ROYAL MINT: Under Administration, Business Is Up for Sale
THISTLE HOTELS: Orb Sells Thistle Hotels Portfolio to Rankins
TXU EUROPE: Requests to Enter Into Information Sharing Deal


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


PLAUT AG: Reports EUR25.6 Million Loss Before Taxes in Result
-------------------------------------------------------------
Plaut AG released its non-audited preliminary revenue and result
figures for fiscal 2002. Subject to confirmation of the group's
auditors, the globally operating consulting company generated
revenues of EUR 215.8 million in the past fiscal year, slightly
exceeding its most recent guidance of EUR 215.0 million. In line
with Plaut's earnings targets, the EBITDA margin reached 6.0%
before deduction of one-time costs and restructuring expenses.

After taking into account the one-time costs worth EUR 7.5
million, the EBITDA margin amounted to 2.6%. These predominantly
non-cash charges for precautionary measures are aimed at
minimizing future balance sheet risks (in particular as
provisions for individual value adjustments in Italy). The
restructuring costs related to TargetTen rose to EUR 7.6 million
in 2002. This increase is primarily attributable to higher
expenditures in the USA, where the consistent implementation of
the TargetTen program, in connection with a change in the
executive management, has already led to a sustained return to
profits.

EBT (earnings before taxes) was EUR -25.6 million due to the one-
time costs and restructuring expenses detailed above, as well as
to additionally required reserves in the amount of EUR 6.9
million in connection with planned or completed discontinuation
of lines of business. Goodwill amortization on the basis of
extremely conservative valuation rates was EUR 8.7 million. In
the light of the currently difficult economic climate, Plaut is
confident that it has taken all possible measures required to
ensure a future-oriented development of the company, one which
will be largely unburdened by historical results.

About Plaut AG
Customers in over 16 countries benefit from Plaut's comprehensive
portfolio in management consulting with business process focus
and IT & hosting solutions, based on Plaut's industry knowledge
in manufacturing and CPG/retail and services. On the basis of the
Plaut Methodology in controlling and decades of success in
systems integration, in particular in SAP, Plaut has provided
tangible economic value since 1946. Plaut AG, Salzburg, has been
listed in the General Standard segment of Frankfurt stock
exchange since January 2, 2003 (PUT; SCN 918 703, ISIN
AT0000954359). The company, trading on Frankfurt's "Neuer Markt"
from 1999 to 2002, generated revenues of approximately EUR 282
million with 1,647 employees by the end of 2001. Austrian IT
service and consulting group Plaut AG requested Standard & Poor's
Ratings Services to withdrew its 'B' long-term corporate credit
rating on the company.

Plaut requested the withdrawal of the rating as it does not
intend to access the capital markets in the near term, and thus
would not need to maintain public ratings.

The rating had been placed on CreditWatch with negative
implications on Dec. 11, 2002, due to "continuing negative free
cash flow generation deriving from depressed market conditions
and high working capital requirements."

CONTACT:  PLAUT AKTIENGESELLSCHAFT
          Sven Kielgas
          Chief Marketing &
          Investor Relations Officer
          Moserstrabe 33a
          A-5020 Salzburg
          Phone: +43 (662) 4092-0
          Fax +43 (662) 4092-59
          E-mail: Sven.Kielgas@Plaut.at


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


PLZENSKA BANKA: Faces Revoking of Banking License by CNB
--------------------------------------------------------
The Czech National Bank has launched proceedings to revoke the
banking license of another troubled Czech bank.

Plzenska Bank, which recently closed it sole branch in Plezn and
suspended all payments, is now facing a lawsuit filed by CNB to
revoke its license. CNB informed the Deposit Insurance Fraud to
prepare for paying out PB clients' deposits totaling CZK170 million.

PB closed its branch in Plzen after losing a suit alleging misappropriation
of funds.

TCR-Europe previously reported that the Regional Court in Hradec
Kralove, East Bohemia, ordered Plzenska banka to pay CZK1.1
billion plus additional interest worth hundreds of millions to
three CS funds managed by investment company AKRO.

The funds alleged that Plzenska, as depository, misappropriated
CS fund assets worth CZK1.3 billion in 1997.

The bank's executives refused to take the blame for the trouble
saying they were not responsible for the bank in 1997, when the
problem arose.


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


ALSTOM: Fitch Concerned on Rights Issue and Debt Reduction
----------------------------------------------------------
Fitch Ratings, the international rating agency, has concerns over
French engineering company Alstom S.A.'s ability to carry out its
proposed EUR600 million rights issue, restructure credit
facilities and repay the EUR550m bond due in February 2004. The
company is likely to breach banking covenants and failure to raise
the EUR600m could lead to repayment of existing facilities at a
time when cash flow remains weak at best.

The agency does not rate Alstom, but acknowledges the dramatic
fall in the company's financial and operational health after the
announcement of its radical overhaul on 12 March. It is Fitch's
opinion that the company's rating would be in the lower part of
the non-investment grade category.

While acknowledging Alstom's strong market positions in the Power,
Transport and Marine sectors, each of these industries face
significant challenges against a backdrop of weak market
conditions. As a result Alstom is now highly dependent on the
timely implementation of the enlarged disposal program, approval
in July 2003 of the proposed rights issue and the strong support
of its banks.

On March 12, 2003 management announced a cEUR600m 'rescue package'
rights issue for the next shareholder meeting, with the aim of
submitting the proposal to the board in July 2003. Approval is
crucial for Alstom as failure to secure the much-needed cash would
trigger the repayment of existing facilities and the cancellation
of a new EUR600m bridge loan facility. Given that the last rights
issue, in July 2002, raised cEUR630m, and the fact that the
company's market capitalization fell to an all-time low of EUR352m
on March 13, 2003 from a high of cEUR5.5bn almost a year ago, the
amount Alstom expects to raise from this rights issue seems
ambitious. Investors are likely to be increasingly reluctant to
provide further support to the group in light of its distressed
situation.

The company's plight is probably best illustrated by its need to
increase its disposal program to EUR3 billion from EUR1.5bn by
FYE05 and FYE03 respectively. The rise has largely been accounted
for by the sale of one of the group's strongest divisions,
Transmission & Distribution (T & D), which is most likely to
result in an equity buyout. The increased disposal program is the
result of an immediate need for the group to reduce rising debt
levels, at a time when cash flows remain weak. In February 2004
Alstom also has to repay a EUR550m bond. Fitch remains concerned
about the group's ability to raise funds via asset disposals given
recent failures to meet disposal targets and a current lack of
industrial buyers able and willing to purchase such assets.

Concerns also exist over the renegotiation of banking covenants,
the details of which have not been provided. The agency is of the
opinion that a possible breach of the covenants, related to the
syndicated bank facilities, is likely in the coming weeks. An
agreement by the required majority of the banks on restated
covenants should not be taken for granted. Nevertheless,
successful covenant renegotiation is critical for Alstom's
continuing operations, as it is a condition precedent to the
above-mentioned EUR600m bridge loan.

In addition to Alstom's high level of on balance sheet debt, Fitch
notes the substantial level of off balance sheet liabilities. If
these were to be fully added back to the on balance sheet items,
it would roughly double the group's gross debt position. The
group's contingent liabilities totaled EUR10.3bn as at 1H03,
equating to almost 50% of annualized sales, well in excess of
peers who typically report contingent liabilities equating to less
than 10% of group sales.

However, Fitch is of the opinion that if Alstom manages to weather
the current storm and successfully overcome the above-mentioned
challenges there is some potential upside in the medium term in
its five remaining divisions, with the notable exception of the
marine division where the industry as a whole remains depressed.
The agency recognizes the transport division's sizeable order book
and the increased focus of the three power divisions on more
profitable, service related areas.

Fitch will continue to monitor and comment on this credit, in the
light of the February 2004 EUR550m bond.

CONTACT:  ALSTOM
          Janet Fisher, London
          Phone: + 44 (0)207 417 6334
          Sophie Coutaux, Paris
          Phone: + 33 1 44 29 91 74


FRANCE TELECOM: Orange Sells Its 26.6% Stake in Wind to Enel
------------------------------------------------------------
Net cash proceeds of the sale: approximately EUR1.5 billion.

Orange SA announced that it has reached an agreement with Enel to
sell its 26.6 % shareholding in Wind, on following terms and
conditions:

-- Sale of Orange's 26.6 % shareholding in Wind for a
consideration in cash at closing of EUR1.3 billion, plus
approximately EUR0.2 billion shareholders' loan to be repaid to
Orange,

-- This consideration will be subject to a post closing upward
adjustment, should Enel dispose of all or part of the share
capital of Wind for a higher consideration than this transaction
prior to December 31, 2004,

-- Enel will procure at closing the repayment by Wind to Orange
of its outstanding shareholders' loan and of any other
shareholder contribution made by Orange between the date of the
agreement of sale and the closing date. Enel will also procure
the release of financial obligations granted by France Telecom
and Orange relative to the shareholding in Wind,

-- All the Joint Venture Agreements between Enel, the France
Telecom group and Wind dating from 2000 and thereafter will be
terminated. Ongoing commercial relations between the France
Telecom group and Wind will be maintained.

This transaction is conditional on the approval of the
appropriate regulatory and anti-trust authorities.


FRANCE TELECOM: Not Affected by Sale of Orange's Stake in Wind
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the sale by France
Telecom's mobile phone subsidiary, Orange S.A., of its 26.6%
stake in Wind Telecomunicazioni SpA, Italy's second-largest
telecommunications provider, does not fundamentally affect the
credit profiles of France Telecom and Orange (both BBB-Stable/A-
3). The disposal is part of France Telecom's plan to deleverage
and streamline its mobile business, and will generate EUR1.33
billion of cash proceeds, compared with the group's EUR68 billion
unadjusted net debt at year-end 2002.

Standard & Poor's views the transaction as positive evidence of
France Telecom's commitment to cutting debt and continue to
improve liquidity. The sale will contribute to the group's target
of reducing debt by at least EUR15 billion through cash flow
generation (excluding a planned rights issue) over the next three
years.

Standard & Poor's expects France Telecom to remain focused on the
rapid execution of its planned right issue and on boosting its
free operating cash flow, in order to steadily improve its weak
credit measures.


RHODIA SA: Brings Annual General Meeting Forward of Schedule
------------------------------------------------------------
Rhodia announced Friday its decision to call its Ordinary Annual
General Meeting on April 29, 2003 at which its shareholders will
be invited to approve the accounts for the 2002 financial year.

This date brings the meeting forward from the initially planned
date of June 23, 2003 considering there is no reason to defer
this important opportunity for shareholders to obtain information
about their company and to discuss with their senior management
team, all the more so in view of the uncertainties in the
economic.

Rhodia is one of the world's leading manufacturers of specialty
chemicals. Providing a wide range of innovative products and
services to the consumer care, food, industrial care,
pharmaceuticals, agrochemicals, automotive, electronics and
fibers markets, Rhodia offers its customers tailor-made solutions
based on the cross-fertilization of technologies, people and
expertise. Rhodia subscribes to the principles of Sustainable
Development communicating its commitments and performance openly
with stakeholders. Rhodia generated net sales of EUR6.6 billion
in 2002 and employs 24,500 people worldwide. Rhodia is listed on
the Paris and New York stock exchanges.

CONTACTS:  RHODIA S.A.
           Investor Relations
           Marie-Christine Aulagnon
           Phone: 33-1 55 38 43 01
           Fabrizio Olivares
           Phone: 33-1 55 38 41 26


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


ALLIANZ AG: Moody's Affirms Ratings on Report of Annual Loss
------------------------------------------------------------
Moody's affirmed the ratings of Allianz Group after the company
announced a full year loss of EUR1.2 billion for 2002, and an
intention to access the capital markets.

The rating agency said the group's capitalization, despite
remaining relatively strong, has weakened considerably.  Allianz'
shareholder equity has fallen substantially through 2002, from
EUR 31.7 billion to EUR 21.8 billion.  This was mainly due to
reduced levels of unrealized asset gains, coupled with the loss
for the year.

Failure to launch the EUR billion capital increase, which is
planned to be done through a combination of new equity and hybrid
debt, is likely to trigger negative rating actions.

Moody's made particular mention of Allianz's Dresdner bank unit.
It said that the group's earnings position will continue to be
undermined in the short-term by earnings pressure at Dresdner.
This is in addition to continued weak earnings through some
selected insurance operations.

The following ratings were affirmed and remain on negative
outlook

Insurance Financial Strength Ratings

AGF Vie: Aa2 IFSR

AGF IART: Aa2 IFSR

Allianz Elementar Versicherungs-AG: Aa3 IFSR

Allianz Elementar Lebensversicherungs-AG: Aa3 IFSR

Allianz Lebensversicherungs-AG: Aa1 IFSR

Allianz Life Insurance Co of North America: A1 IFSR

Allianz Suisse Lebensversicherungs-Gesellschaft: Aa3 IFSR

Allianz Suisse Versicherungs-Gesellschaft: Aa3 IFSR

Cornhill Insurance plc : A1 IFSR

Fireman's Fund Insurance Company (and associated entities): A1
IFSR

Hermes Kreditversicherungs-AG: Aa3 IFSR

LifeUSA Insurance Company : A1 IFSR

Lloyd Adriatico SpA: Aa3 IFSR

Riunione Adriatica di Sicurta SpA: Aa2 IFSR


Debt Ratings

Allianz Finance BV: Aa2 senior debt

Allianz International Finance NV: Aa2 senior debt

Allianz Finance II BV : Aa2 senior debt and A1 subordinated debt


Bank Ratings

Dresdner Bank AG: Aa3 long-term senior debts and deposits, A1
subordinated debt

Dresdner Bank AG, New York branch: A1 subordinated debt

Dresdner Finance BV: Aa3 long-term senior debts

Kleinwort Benson Limited: A1 long-term deposits

Dresdner International Finance Plc: Aa3 long-term senior debts

Dresdner Bank Luxembourg SA: A1 long-term senior debts and
deposits, A2 subordinated debt,

Dresdner Bank (Ireland) Plc: A1 long-term deposits

Dresdner Bank Funding Trust I, II, II and IV: A2 preferred stock.


The following ratings were affirmed with a stable outlook

Allianz AG: P-1 Commercial Paper

Allianz Finance Corporation: P-1 Commercial Paper

Hermes Kreditversicherungs-AG: P-1 short-term insurance financial
strength


Dresdner Bank AG : P-1 short-term deposits

Dresdner Finance BV : P-1 short-term deposits

Dresdner US Finance Inc: P-1 Commercial Paper

Kleinwort Benson Limited : P-1 short term deposits

Dresdner Bank Luxembourg SA : P-1 short-term deposits

Dresdner Bank (Ireland) Plc : P-1 short-term debt and deposits

Negative outlooks continue to apply to all ratings.


ALLIANZ AG: A.M. Best Lowers Financial Strength Rating
------------------------------------------------------
A.M. Best Co. has lowered the financial strength rating to A+
(Superior) from A++ (Superior) of Allianz AG, Germany, and its
core subsidiaries. At the same time, A.M. Best has lowered the
ratings on Allianz's senior debt to "aa-" from "aa+." The outlook
on all ratings is negative.

These rating actions reflect Allianz's deteriorated consolidated
capitalisation and weak earnings. A.M. Best believes that Allianz
continues to have a superior business profile, but it remains
challenged to significantly improve earnings in 2003 mainly due
to continued depressed capital markets.

Reduced capitalisation -- Allianz's consolidated risk-adjusted
capitalisation has deteriorated mainly due to a significant
decline in unrealised gains in its investment portfolio and
disappointing results from Dresdner Bank. The announced capital
measures (rights issue and the issue of subordinated debt) and
other initiatives (reduction of risk-weighted assets and
reduction of its equity portfolio) are supportive of the current
rating level. However, A.M. Best believes that in the short term,
Allianz is unlikely to return to previous superior capital levels
in the current economic environment.

Weak earnings -- Despite an improvement in non-life underwriting
performance and one-off capital gains from the restructuring of
its cross-shareholdings with Munich Reinsurance Company
(currently rated A++ with a negative outlook), Allianz recorded a
post-tax loss of EUR 1.2 billion (USD 1.3 billion) in 2002.
Depressed investment income from the life segment and negative
results from Dresdner Bank significantly contributed to this
loss. A.M. Best expects a further improvement in Allianz's non-
life underwriting performance in 2003. However, Allianz's more
conservative investment approach and the impact of the difficult
capital market environment for the banking business are likely to
limit its ability to return to previous earnings levels in the
short term.

Superior business position -- Allianz maintains a superior
business position in Europe, where it is one of the market
leaders in a number of countries, such as Germany, France and
Italy. Life/health premiums grew by an excellent 18% in 2002,
with particularly strong new business in Germany (where it
benefited from the private pension reform), the United States and
Italy. Non-life premiums increased by a modest 3% due to stricter
underwriting in all lines of business. Dresdner Bank's
concentration of its loan book in Germany partially offsets
Allianz's excellent diversification.

Financial Strength ratings lowered to A+ (Superior) from A++
(Superior) The outlook is negative.

-- Allianz Aktiengesellschaft
-- Allianz Lebensversicherungs AG
-- Allianz Versicherungs - AG
-- Bayerische Versicherungsbank AG
-- Frankfurter Versicherungs - AG
-- Allianz Private Krankenversicherung AG
-- Allianz-Elementar Lebensversicherung - AG
-- Hermes Kreditversicherungs - AG
-- Riunione Adriatica di Sicurta SpA
-- Assurances Generales de France IART
-- Allianz Marine & Aviation (France)
-- Assurances Generales de france Vie
-- Lloyd Adriatico SpA
-- Allianz Cornhill Insurance PLC
-- Allianz Insurance Company
-- Allianz Underwriters Insurance Company

Debt ratings lowered to "aa-" from "aa+"

Allianz Finance B.V. -

-- "aa-" rating on EUR 767 million 6% senior unsecured Euro
bonds, due May 2003
-- "aa-" rating on EUR 1.1 billion 5.75%senior unsecured Euro
bonds, due July 2007
-- "aa-" rating on EUR 1.632 million 5% senior unsecured Euro
bonds, due March 2008
-- "aa-" rating on EUR 1.5 billion 3% senior unsecured Euro
bonds, due August 2005
-- "aa-" rating on EUR 1.7 billion 2%senior unsecured Euro bonds,
due May 2005

Allianz Finance II B.V.-
-- "aa-" rating on EUR 2 billion 1.25% senior unsecured Euro
bonds, due February 2004
-- "aa-" rating on EUR 1.07 billion 1.25% senior unsecured Euro
bonds, due December  2006
A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit A.M. Best's Web site at www.ambest.com.

CONTACT:  A.M. BEST CO., Oldwick
          Public Relations:
          Jim Peavy
          Phone: 908/439 2200, ext. 5644
          E-mail: james.peavy@ambest.com
          or
          Rachelle Striegel
          Phone: 908/439 2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com
          or
          Analysts:
          Michael Zboron
          Phone: +(44) 20 7626 6264
          E-mail: michael.zboron@ambest.com
          or
          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


DRESDNER BANK: Moody's Places Financial Strength on Review
----------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Dresdner Bank AG's C- financial strength rating on concerns
regarding the bank's capacity to turn itself around.

Dresdner's recurring earnings capacity had been eroded, and the
rating agency worried on the capability of the bank to restore
it.  The rating agency also expressed concern on whether Dresdner
will be able to successfully implement the "corporates and
markets" business model in the light of a continuing difficult
market and changes in its major top management over the recent
months.

Moody's said that uncertainty about the long-term role of
"corporate and markets" within the Dresdner Group, including
Dresdner's domestic corporate banking franchise, might have
negative spills over effects on the reorganization process of its
retail banking franchise.

It noted that the bank is increasingly vulnerable to adverse
market environment.

While it made large profits by selling parts of the bank's
industrial holdings and asset management operations in 2002, its
financial flexibility was reduced.

The outlook for Dresdner's Aa3 debt and deposit ratings remains
negative.


DRESDNER BANK: Funding Trusts Ratings on Review for Upgrading
-------------------------------------------------------------
Moody's placed on review for possible downgrade Dresdner Funding
Trusts A2 ratings following indication that the rating agency is
going to review Dresdner Bank's C- financial strength rating.

The capital instruments affected are Funding Trust I, II, III,
and IV.

The move is initiated in conjunction with the review of
Dresdner's intrinsic credit fundamentals since the FSR are
important element supporting the ratings for the trusts.

Moody's said that the the Aa3 senior debt and deposit ratings of
Dresdner Bank AG remains negative, reflecting the bank's strong
integration into the Allianz group.

Dresdner Bank is headquartered in Frankfurt, Germany.  It had
total consolidated assets of around EUR413 billion as of December
31, 2002.


===========
G R E E C E
===========


ANTENNA S.A.: Moody's Downgrades Ratings to B1 From Ba3
-------------------------------------------------------
Moody's concluded its review of the ratings of Greek media group
Antenna S.A. in November last year by downgrading the company's
rating from Ba3 to B1.

Affected ratings are:

- Senior implied rating

- Senior unsecured issuer rating

- US$ 115 million of 9.00% senior unsecured notes due 20007

- Euro 150 million of 9.75% senior unsecured notes due 2008

The rating agency said Antenna's continued weak debt protection
measures failed to improve in line with Moody's previous
expectations.

This is despite a relatively strong year-over-year improvement in
Q4 2002 EBIT, and reduced debt levels.

Moody's, though, continues to positively recognized Antenna's
strong liquidity position notwithstanding weakened financial
position mainly as a result of increased competition in both TV
broadcasting and publishing in the Greek market.

Antenna has approximately EUR 89.8 million in cash and unused
bank lines of EUR 38.8 million at the end of December 2002.  Its
net Debt/EBITDA for the year-ending 2002 was approximately 7.0x
versus 6.6x in 2001 and 2.1x in 2000.

The outlook for all ratings is negative, reflecting "the
continued lack of visibility in the Greek advertising market and
the resultant challenge for Antenna to increase operating cash
flow and improve debt protection measures to more sustainable
levels."

Moody's warn that failure on the part of Antenna to execute its
business plan as currently laid out may have negative rating
implications.


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


FIAT SPA: Sells Toro for EUR2.4 Billion to De Agostini
------------------------------------------------------
Troubled industrial group Fiat SpA sold its Toro insurance
company for EUR2.4 billion to De Agostini, a privately held
publishing group that has diversified in recent years.

The Financial Times reported that De Agostini's offer for Italy's
fourth-largest insurer beat Unipol, a smaller insurer whose bid
was backed by investment group Hopa.

Fiat SpA, which recently posted a EUR4 billion loss, is divesting
several of its assets to raise cash for its troubled unit Fiat
Auto.  It needs to have as much as EUR5 billion if it wants to
save the group's struggling auto business.

It is known that the Toro deal is the largest of a series of
assets sales forced on Fiat SpA, following sales of one-third of
sports car maker Ferrari and 5.5% stake in General Motors, the
U.S. carmaker and key industrial partner for Fiat Auto.

Fiat SpA has raised EUR6.8bn from the sales and reduced
consolidated gross debt by almost twice that, reports say.

Moreover, aeronautics group Fiat Avio is expected to fetch
another EUR1.5 billion within two weeks.  Bidder linked with the
sale are U.S. private equity firm Carlyle, and possibly
Finmeccanica, a partly state-owned defense contractor, which is
urged to submita  joint bid with Snecma, a French state-owned
company.

CONTACT:  FIAT SPA
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Toll Free: 800-804027
          Home Page: http://www.fiatgroup.com/e-index.htm
          Contact:
          Giovanni Maggiora, Vice President - Investor Relations
          Phone: +39-011-686-3290
          Fax: +39-011-686-3796
          E-mail: Investor.relations@geva.flatgroup.com


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


MILLICOM INTERNATIONAL: Issues Notice Regarding Exchange Offer
--------------------------------------------------------------
Millicom International Cellular S.A., the global
telecommunications investor, announces that it is extending the
private exchange offer and consent solicitation to holders of 13-
1/2% Senior Subordinated Discount Notes due 2006, or the "Old
Notes", who are not U.S. persons, or who are U.S. persons that
are either "qualified institutional buyers" or "institutional
accredited investors" (as each of those terms are defined under
the Securities Act of 1933, as amended) and who can make the
representations to exchange, upon the terms and subject to the
conditions set forth in the private offering documents, until
5:00 p.m. New York City time on March 28, 2003, unless further
extended by Millicom.

The rights of withdrawal for those bondholders who have already
tendered their acceptance to the exchange offer and consent
solicitation shall continue until the new expiration date in
accordance with the terms of the private offering documents.

This press release is neither an offer to purchase nor a
solicitation of an offer to sell Millicom's securities and is not
being made to, nor will tenders be accepted from, or on behalf
of, holders of Old Notes in any jurisdiction in which the making
of the exchange offers and consent solicitations or the
acceptance thereof would not be in compliance with the laws of
such jurisdiction.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. Millicom's cellular
operations have a combined population under license (excluding
Tele2) of approximately 360 million people.

In addition, Millicom provides high-speed wireless data services
in seven countries. Millicom also has a 6.8% interest in Tele2
AB, the leading alternative pan-European telecommunications
company offering fixed and mobile telephony, data network and
Internet services to over 16 million customers in 21 countries.
Millicom's shares are traded on the Nasdaq Stock Market under the
symbol MICC.

Lazard is acting for Millicom International Cellular S.A. in
connection with the exchange offer and consent solicitation and
no-one else and will not be responsible to anyone other than
Millicom International Cellular S.A. for providing the
protections offered to clients of Lazard nor for providing advice
in relation to the exchange offer or consent solicitation.

                   *****

In January, Standard & Poor's Ratings Services lowered its
corporate credit rating on Millicom International Cellular SA to
'CC' from 'CCC'.

It also downgraded its senior subordinated debt rating on the
international wireless carrier's 13.5% senior subordinated
discount notes due June 1, 2006 to 'C' from 'CC'.  The ratings
remain on CreditWatch with negative implications.

CONTACTS:  MILLICOM INTERNATIONAL
           Marc Beuls, President and Chief Executive Officer
           Phone: +352 27 759 101
           Home Page at http://www.millicom.com

           LAZARD, NEW YORK
           Jim Millstein
           Phone: +1 212 632 6000

           LAZARD, LONDON
           Peter Warner
           Phone: +44 20 7588 2721
           Daniel Bordessa
           Cyrus Kapadia

           Andrew Best
           Phone: +44 20 7321 5022
           Shared Value Ltd, London


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


GETRONICS N.V.: Focus on Core Business Debt to Be Repayed
---------------------------------------------------------
On February 21, 2003, the Supervisory Board appointed a new
management team to lead the Company. After reviewing the
financial condition of the Company, its commercial operations and
assets, the team has concluded that although Getronics is
experiencing a very difficult market, the underlying fundamentals
of the Company are in better shape than originally thought.

In particular, client loyalty has proved to be stronger than
expected. Getronics has a very satisfied blue chip client base,
strong strategic relationships with leading technology partners -
including Microsoft, Cisco and Dell - skilled and service-
orientated employees, and the ability to deliver high quality ICT
services.

The healthier condition of the Company, together with management
action to execute the many opportunities to improve operational
performance and cash management, and a strengthened focus on core
business, have led management and the Supervisory Board to
conclude that there is a more attractive route for the Company
than the Revised Invitation To Tender for strengthening its
financial position.

While keeping the existing credit facility in place, management
has drawn up a plan to improve the operational performance and
cash generating capability of the Company's core activity. It
includes the following actions:

-- Getronics' focus will remain on its core business of the end-
to-end integration and management of Information and
Communication Technology (ICT) systems. Getronics' solutions and
services span the needs of its clients and support the processes
and infrastructure that are crucial to their business success.

-- Divestment and/or liquidation of non-core and structurally
under-performing assets.

-- The implementation of a centralized cash management system to
deliver a strongly cash focused company, which has already
resulted in a stable cash position.

-- Under-performing country operations will be turned around,
starting with the Company's Italian subsidiary. Mr. Roberto
Schisano, formerly of Texas Instruments, was appointed Chairman
of Getronics Italy on 20 March to address operational performance
issues. Mr. Schisano will lead the rethinking of its strategy and
service delivery so that the subsidiary's leading market position
in Italy is reinforced.

-- A continuing review of the Company's business strategy to
refine its market positioning and to examine the benefits of
aligning with strategic partners in order to strengthen core
activities, geographic coverage and capacity.

As part of the review of its assets, the Company has concluded
that the Getronics Human Resource Solutions (GHRS) business unit
is non-core. Getronics has already received serious offers for
GHRS and expects to complete the disposal in the coming months.
GHRS will have more freedom to develop outside of Getronics and
its strategic position will be enhanced by a new partner. (During
FY 2002, it contributed approximately EUR 95 million and
approximately EUR 35 million to the Company's revenue and EBITA
respectively).

The net proceeds from the divestment of non-core and under-
performing assets will be used for the repayment of debt,
including bank debt. Approximately EUR 300 million in cash will
be set aside for the repayment of the subordinated Bonds. In the
next two years, management will focus on cash generation from
improved operational performance to repay nominal debt, including
its obligations to the 2004 and 2005 Bondholders.

Revised Invitation To Tender
Management and the Supervisory Board clearly prefer the
alternative route consisting of the steps, as outlined above, to
the Revised Invitation To Tender, taking into account the overall
interest of the Company and its stakeholders. Accordingly,
management and the Supervisory Board would prefer to terminate
the Revised Invitation To Tender. However, management and the
Supervisory Board have decided not to terminate the Revised
Invitation To Tender (unless there are unforeseen or exceptional
circumstances and provided that an acceptable level of Exchange
Offers are tendered), in order to allow the shareholders to take
the proposed alternative scenario into account at the Extra-
Ordinary General meeting of Shareholders scheduled to take place
on March 27, 2003.

Statement from the Management of Getronics:
"As the new management of Getronics, our first step has been to
fully consider the best options for the Company, including a
long-term financing solution, and to recommend and implement the
most successful future path, taking into consideration the
interests of the Company and all its stakeholders. With the
agreement of the Supervisory Board, we have now put in place a
financial solution that will significantly reduce the Company's
debt level, lead to a significant improvement in the solvency
ratio of the Company, and restore the confidence of clients and
the financial markets. We are now back on track."

ABN AMRO Corporate Finance is acting as financial adviser to
Getronics.


GETRONICS N.V.: Holders of Existing Bonds May Withdraw Offers
-------------------------------------------------------------
Further to the company's press release earlier, the company
announces that holders of Existing Bonds who have already
tendered Exchange Offers and who no longer wish to participate in
the Revised Invitation to Tender may withdraw their original
Exchange Offer(s).

To do so, such holders must contact the Exchange Agent via the
respective bank or stockbroker to whom they submitted their
original Exchange Offer and instruct it to withdraw their
original Exchange Offer prior to 15.00 hours, CET, on March 25,
2003. After such time, such holders will be deemed to have
submitted an irrevocable Exchange Offer on the terms described in
the Revised Preliminary Prospectus dated February 14, 2003, as
supplemented by the Supplement dated March 12, 2003.

Until 15.00 hours, CET, on March 25, 2003, Admitted Institutions
may withdraw Exchange Offers on behalf of holders of Existing
Bonds who have already tendered Exchange Offers. Such Admitted
Institutions are requested to inform the Exchange Agent in
writing by no later than 15.00 hours, CET, on March 25, 2003 if
they wish to effect any such withdrawals. After such time, such
Admitted Institutions will be deemed to have submitted an
irrevocable Exchange Offer on the terms described in the Revised
Preliminary Prospectus, as supplemented by the Supplement dated
March 15, 2003. Terms used herein are as defined in the Revised
Preliminary Prospectus dated February 14, 2003 or the Supplement
dated March 12, 2003, as the case may be.

ABN AMRO Corporate Finance is acting as financial adviser to
Getronics.

CONTACT:  GETRONICS N.V.
          Getronics Investor Relations
          Phone: +31 20 586 1964
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com

          ABN AMRO HOLDINGS
          Foppingadreef 22
          1102 BS Amsterdam
          The Netherlands
          Phone: +31-20-628-9393
          Fax: +31-20-629-9111
          Home Page: http://www.abnamro.com


KONINKLIJKE AHOLD: Clears Issue Concerning Severance Package
------------------------------------------------------------
Certain recent press articles on the separation of Ahold and Cees
van der Hoeven and Michiel Meurs suggest that Van der Hoeven and
Meurs have asked for excessive severance packages which the
company has refused to accommodate. This is not correct.

Ahold, Van der Hoeven and Meurs have jointly agreed in the
context of their separation that the determination of any
severance package must be left to an impartial body, in this case
an arbitration tribunal, which will be composed of persons with
experience in this area and not having (had) any relationship
with either Ahold, Cees van der Hoeven and Michiel Meurs to
ensure complete objectivity of the proceedings.


LAURUS N.V. Stoter to Assume Responsibility of Castelijns
---------------------------------------------------------
Laurus N.V. announces that H-J. Stoter, member of the Board of
Management, will assume responsibility for the Konmar Superstores
from his colleague, Board member H.C.J.M. Castelijns. As a
result, the responsibilities within the Board of Management are
as follows:

Mr. Castelijns holds responsibility for the format Super De Boer,
Mr. Stoter holds responsibility for the formats Edah, Konmar
Supersmarkets and Konmar Superstores. The change in
responsibility aims at reaching a more balanced work load within
the Board of Management. At present Mr. Castelijns, in addition
to this regular tasks, is partly also occupied with the
operational side of business at Super De Boer, pending a
reinforcement of the Super De Boer management team.

                     *****

Laurus narrowed its EUR442 million loss in 2001 to EUR128 million
in 2002.  It said that the reduction was largely accounted for by
the satisfactory results achieved by the Dutch Banners, Edah and
Super De Boer, the significant reduction of the loss at Konmar, a
significant reduction in overheads in the Netherlands, a EUR 52m
improvement in operating result for the Spanish operations,
improvement in the net balance of extraordinary income and
expenditure, and a lower tax burden.


=====================
S W I T Z E R L A N D
=====================


CENTERPULSE: Moody's Places Ba2 Rating Under Review
---------------------------------------------------
Moody's Investors Service will review the ratings of
Centerpulse Ltd. with a view to upgrade it following Smith &
Nephew's agreement to acquire the company.  The ratings under
review are Centerpulse's Ba2 senior implied rating, and Ba2
senior unsecured credit facilities.

The transaction, which also recommended an offer for InCentive,
includes the assumption of Centerpulse's net debt of
approximately GBP165 million as of December 31, 2002.

InCentive is a listed company, which holds, or has the right to
hold, 19% of the issued share capital of Centerpulse for GBP1.5
billion in a combination of equity and cash.

Moody's will review the repayment mechanism of Centerpulse's
existing debt, the proposed capital structure going forward, and
the overall credit profile of the combined entity.

Zurich based, Centerpulse designs, manufactures and markets
artificial joints, spinal implants, dental implants and medical
devices for the orthopaedic, cardiovascular and dental markets.


FLIGHTLEASE AG: Court Extends Debt Restructuring Moratorium
-----------------------------------------------------------
The debt restructuring judge of the Bulach district court has
granted the definitive debt restructuring moratorium to
Flightlease (AG), Balz Zimmermann-Strasse, 8302 Kloten on
December 4, 2001 and has since granted the following extensions:

-- on June 3, 2002 until December 5, 2002
-- on December 10, 2002 until February 5, 2003
-- on February 5, 2003 until the public announcement of the
decision on the ratification of the debt restructuring agreement.

Karl Wuthrich, Attorney-at-Law, c/o Wenger Plattner, Seestrasse
39, 8700 Kusnacht remains Flightlease's Administrator.

Kusnacht-Zurich, March 17, 2003
The Administrator

Karl Wuthrich & Roger Giroud


SAIRGROUP AG: Court Extends Debt Restructuring Moratorium
---------------------------------------------------------
The debt restructuring judge of the Zurich district court has
granted the definitive debt restructuring moratorium to SairGroup
(AG), hirschengraben 84, 8001 Zurich on December 3, 2001 and has
since granted the following extensions:

-- on June 3, 2002 until December 5, 2002
-- on December 19, 2002 until February 5, 2003
-- on February 5, 2003 until the public announcement of the
decisionon the ratification of the debt restructuring agreement.

Karl Wuthrich, Attorney-at-Law, c/o Wenger Plattner, Seestrasse
39, 8700 Kusnacht, remains SairGroup's Administrator.

Kusnacht-Zurich, March 17, 2003
The Administrator

Karl Wuthrich


SAIRLINES AG: Court Extends Debt Restructuring Moratorium
---------------------------------------------------------
The debt restructuring judge of the Zurich district court has
granted the definitive debt restructuring moratorium to SairLines
(AG), Hirschengraben 84, 8001 Zurich on December 3, 2001 and has
since granted the following extensions:

-- on June 3, 2002 until December 5, 2002
-- on December 19, 2002 until February 5, 2003
-- on February 5, 2003 until the public announcement of the
decisionon the ratification of the debt restructuring agreement.

Karl Wuthrich, c/o Wenger Plattner, Goldbach-Center, Seestrasse
39, 8700 Kusnacht, and Roger Giroud, c/o Giroud Anderes & Parner,
Seefeldstrasse 116, 8034 Zurich, Attorneys-at-Law, remain
SairLine's Administrator.

Kusnacht-Zurich, March 17, 2003
The Administrator

Karl Wuthrich & Roger Giroud


SWISS LIFE: Announces New Board of Directors for Holding
--------------------------------------------------------
At the General Meeting of Swiss Life Holding on May 27, 2003,
Bruno Gehrig, Paul Embrechts, Rudolf Kellenberger, Peter Quadri,
Pierfranco Riva and Franziska Tschudi will be nominated for
election as new members of the Board of Directors. Gerold Bhrer
and Georges Muller will be standing for reelection. All the other
Board members will be resigning their seats at the same time.

Rino Rossi will be stepping down from the Board of Directors at
Swiss Life Holding's General Meeting of May 27,  2003 for reasons
of age. Ulrich Oppikofer, Gilbert Coutau, Maria Luisa Garzoni and
Josef Khne have also decided to resign from the Board of
Directors at the same time. Andres F. Leuenberger already
announced his resignation in November last year. Henri B. Meier
did so in February 2003.

Incumbent Board members Gerold Bhrer and Georges Muller are
standing for reelection after completing their terms of office.
The following new candidates will be proposed to the shareholders
for election to the Board of Directors:

Bruno Gehrig, 56, Vice-Chairman of the Governing Board of the
Swiss National Bank

Paul Embrechts, 50, Professor of Mathematics at the Swiss Federal
Institute of Technology (ETH), Zurich

Rudolf Kellenberger, 58, Deputy CEO, Swiss Re

Peter Quadri, 57, Country General Manager, IBM Switzerland

Pierfranco Riva, 62, lawyer and notary (suggested by Fondiaria-
SAI)

Franziska Tschudi, 44, Chief Executive Officer and Managing
Director of the WICOR Group

The Board is also to be reinforced by another leading figure in
the life insurance industry from one of our core markets abroad.

The Board of Directors intends to elect Bruno Gehrig as Chairman
and Gerold Bhrer as Vice Chairman.

In the words of Andres F. Leuenberger, Chairman of the Swiss Life
Holding Board of Directors: "We are delighted that we could
recruit these outstanding individuals as candidates for Swiss
Life Holding's Board of Directors. I would also like to thank my
colleagues who are stepping down from the Board for the spirit of
cooperation they brought to our work. With the newly defined
strategy, the holding structure, the changes in top management
and the capital increase we have laid a solid foundation for the
Swiss Life Group's future."

The same changes and proposals also apply to the Swiss
Life/Rentenanstalt Board of Directors.


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


AES DRAX: Major Lenders Prepares to Take Over the Company
---------------------------------------------------------
Major lenders of AES Drax, which are involved in discussions with
the power station regarding a debt restructuring, are now
preparing to take control of the company in a GBP1 billion debt-
for-equity swap.

Banks and bondholders are reported to be in talks with its owner,
the US power company AES, about restructuring the business.  The
talks involve 53 banks, including Deutsche Bank, Abbey National,
Barclays PLC and JP Morgan Chase.

According to TCR-Europe, Western Europe's biggest power station
is hoping to complete the restructuring by May 31, the date
bondholders set as the deadline for collecting money owed to
them.  Non-recourse debts to banks and bondholders total GBP1.2
billion.

It is also believed that AES hopes to retain a small equity stake
in Drax following the swap.

Refusing to comment on the plans, Drax's station manager Garry
Levesley however but said: "We have put substantial restructuring
proposals to creditors and preliminary negotiations are
progressing better than expected."

The 4,000-megawatt plant plunged into crisis last year after
after it failed to collect payment for power supplied to troubled
TXU Europe.

Under the terms of the deal TXU bought 60% of Drax's output at
rates significantly above current market prices that have dropped
40% since 1998 on increased competition and over-capacity.
Later, TXU Europe altogether cancelled its long-term contract
with the company, forcing Drax to sell its power on the open
market at prices far below what it had been getting from TXU
Europe.

In December, Drax was reportedly given six months' breathing
space when creditors signed a "standstill agreement" and provided
GBP30-million credit support while a restructuring plan was being
designed.


AGA FOODSERVICE: Admits Having Significant Pension Fund Deficit
---------------------------------------------------------------
AGA Foodservice, maker of classic iron cooker ranges, admitted it
has a pension fund deficit that would need millions of pounds a
year to stabilize.

According to the Financial Times, Chief Executive William McGrath
said the company would have to inject about GBP7.4 million a year
into the fund for the foreseeable future to bring it back into
balance.

Despite defensively moving from equities in 2000 and during 2001,
the pension fund incurred liabilities of GBP649 million versus
GBP585 in assets under the FRS 17 accounting treatment.
Including deferred tax, the deficit was GBP45 million.

Michael Blogg of Arbuthnot Securities, the company's broker,
said: "No one should be surprised by the shift from surplus to
deficit. The amount is less than expected. Some analysts were
forecasting it would be GBP90 million."

Investors are worried that the bad news--the first one since Mr.
McGrath became chief executive in 2001-- would lower demand for
group products despite record sales in 2002.

CONTACT:  AGA FOODSERVICE
          4 Arleston Way, Shirley
          West Midlands B90 4LH Solihull
          Home Page: http://www.agafoodservice.com


AWG PLC: Parts With Mellor, Chief Executive of 24 Years
-------------------------------------------------------
Chris Mellor, the AWG chief executive who was responsible for the
company's diversification into management services, a venture
that has yet to earn its keep, was asked to resign from his
post.

Chairman Peter Hickson, with the blessing of the non-executive
directors who deemed the company needed a change of leadership,
asked Mr. Mellor to step down following 24 years of service.

Analysts see the development to likely clear the way for an
agreement to be reached between the AWG board and WestLB, which
made an unwelcome takeover approach for the company.

WestLB has offered an unsolicited GBP900 million bid, which the
water company rejected for being "too low and opportunistic."

Robert Miller Bakewell, utilities analyst at Merrill Lynch, said:
"Without Chris Mellor, we believe AWG may be more willing to talk
to WestLB. Indeed, WestLB has been lobbying key shareholders
about AWG's stalling tactics."

With Mr. Mellor the board would have had difficulty recommending
the break up the business over the acceptance of the WestLB offer
of 510p a share to achieve greater value, according to the
Financial Times.

Mr. Mellor was behind the GBP263 million purchase of Morrison
construction group in 2000, an investment that has produced
losses and write-downs of about GBP100m, analysts said.

Mr. Mellor was on a 12-month rolling contract thought to be worth
about GBP350,000 a year. He is also thought to be eligible for a
substantial pension.

AWG has temporarily placed Mr. Hickson as executive chairman
while the company looks for a replacement.

CONTACT:  Anglian House, Ambury Rd.
          Huntingdon, Cambridgeshire PE29 3NZ
          United Kingdom
          Phone: +44-1480-323-000
          Fax: +44-1480-323-115
          Home Page: http://www.awg.com
          Contact:  Peter Hickson, Chairman
          Elliott M. Mannis


BRITISH BIOTECH: To Consolidate Operations With RiboTargets
-----------------------------------------------------------
Britain's ailing biotechnology sector received good news when
British Biotech and cancer treatment specialist RiboTargets
announced they have reached agreement to merge operations.

The deal, which signals Biotech's rebound in the market and
was negotiated by Biotech's new chairman Peter Fellner,
will seal Biotech's acquisition of RiboTargets for GBP26 million.
The merger will create a firm having a market value of
GBP52 million and is expected to enable the company to
continue trading and researching new drugs.

British Biotech, formerly an FTSE 100 contender, suffered a
string of failed deals before Fellner joined as chairman in
December.  It failed to regain credibility since the failure of
its cancer and pancreatitis drug.

The transaction will also see British Biotech's shareholder
owning 50% of the new group.  The merger, though, is still
conditional on shareholder approval.  British Biotech assured it
had the support of its two largest investors and an indication
from more than 99% of RiboTargets shareholders that they would
accept the offer.

Mr. Fellner sid the new company will have net cash of GBP43.5
million.  Certain RiboTargets shareholders are further due to
inject GBP7.9 million into the business.

The consolidation will save GBP6.4 million in cost each year,
mainly through headcount reductions.

The chairman expects the company to thrive on the funds for three
years.  But analysts still doubt the merger would significantly
enhance the group's prospect since--according to Sam Fazeli at
Nomura--"the resulting company is not a very enticing investment
opportunity at the moment."

The merger aims to use RiboTargets' strengths in drug discovery
to boost British Biotech's research capability while further
acquisitions will be designed to provide products with revenues
to finance further research.

But Mr. Fazeli said, "The next deal will be much more difficult."


CALDER HALL: Set to Close Operations at the End of the Month
------------------------------------------------------------
Weak power prices following market liberalization in the U.K.
forced BNFL to close the world's oldest industrial scale nuclear
power station Calder Hall.

"The depressed price for electricity coupled with the relatively
high overheads of smaller stations such as Calder Hall makes its
continued operation uneconomic," said state-owned BNFL in a
statement.

U.K. power prices have slid 40% since 1998.

The power plant in northwest England, which opened in 1956, will
halt its production on March 31.  The schedule is ahead of the
earlier plan to shut down the operation in 2006.

Market liberalization in the U.K. exposed excess capacity and
left high-cost nuclear power in trouble, including British
Energy.

This prompted anti-nuclear groups to call for the early closure
of all the nation's nuclear power stations, which supplies 25% of
the power demand in the region.


CHELSFIELD PLC: Posts GBP36.8 Million Loss Due to Global Switch
---------------------------------------------------------------
Preliminary announcement of results for 2002

Highlights

Summary financial information

                            2002       2001
Gross rental income
(excluding Global Switch)  GBP82.3 m   GBP86.3 m
Net rental income
(excluding Global Switch)  GBP58.6 m   GBP67.0 m
Global Switch attributable
   losses and provisions  (GBP36.8)m   GBP(76.3)m
Loss before taxation      (GBP1.2)m    GBP(25.6)m

Loss per share              (5.8)p     (18.0)p

Dividends per share:
Interim (paid)               2.0p        2.0p
Final (proposed)             2.8p        2.8p
                        ----------     ----------
                             4.8p        4.8p
                        ----------     ----------

Net assets            GBP1,023.1m   GBP966.5m
Net assets per share         364p        395p
Net assets per share allowing for land valuations
at Paddington Basin and White City
                             382p        420p
not recognised in the accounts


Commenting on the results, Elliott Bernerd, Chairman of
Chelsfield plc, said:

'It is obviously disappointing to have to report further
writedowns on Global Switch. Nevertheless, the lettings to Shell
and IBM provide evidence that we are starting to convert the
pipeline of enquiries needed to bring about a recovery in values.
I am confident that the 13 million square feet of applications at
Stratford, the recent consent for almost one million square feet
at Paddington Basin and the start of construction at White City
will prove of more enduring significance to the group.'

To See Preliminary financial statements:
http://bankrupt.com/misc/Chelsfield.htm

CONTACT:  CHELSFIELD PLC
          Elliott Bernerd, Chairman
          Phone: 020 7493 3977
          Nigel Hugill, Managing Director
          Phone: 020 7493 3977

          FINANCIAL LIMITED
          Bell Pottinger
          Charlotte Lambkin
          Phone: 020 7861 3232


EDINBURG FUND: In Danger of Losing Business of Biggest Client
-------------------------------------------------------------
Concerns that Edinburg Fund Managers may lose the business of its
biggest client, Bank of Scotland, are mounting.

According to The Scotsman, Bank of Scotland said trustees of its
pension fund have been in talks with rival managers about
overseeing UK stocks, non-UK equities, bonds and real estate
assets for the GBP1.4 billion plan.

This move upsets the market since EFM and Legal & General has
been known to manage all the bank's assets.

It is noted that during the dismissal of the company's former
chief executive, Iain Watt, last year, the executive said he
expected to lose some of the bank's cash.

The company is valued at GBP22.4 million after its shares dived
down 9.9% to 79p on Thursday.

EFM last month named Charles Nunneley, chairman of the National
Trust and former chairman of the Nationwide Building Society, as
new chairman.

EDF's board seat has been idle since November when the firm's
leading shareholders, including 29%-owner Hermes, kicked its
directors.

Bidders have eyed the investment firm since then, according to
reports.

CONTACT:  EDINBURGH FUND MANAGERS GROUP
          Donaldson House
          97 Haymarket Terrace
          Edinburgh
          EH12 5HD
          United Kingdom
          Phone: (0131) 313 1000
          Tlx: 72453
          Fax: (0131) 313 6300


INDITHERM PLC: Continues to Incur Pre-Tax Losses
------------------------------------------------
Inditherm plc, the specialist heating technology company,
announces its preliminary results for the year ended December 31,
2002.  Inditherm's technology is based on an innovative flexible
polymer that heats uniformly across its entire surface powered by
an energy-efficient, low voltage charge.  Current uses include
heated products for maintaining core body temperature during
operations and heated solutions and frost protection for a wide
range of pipelines and storage containers.  Other products
include heated inserts for steering wheels and pizza delivery
bags, plus a heating system for pharmaceutical transportation.

Highlights

-- The year saw good progress across the Group

   -- Industrial Solutions technology continues to gain
acceptance for many critical temperature applications and is now
a preferred solution for a growing number of companies operating
in food processing and maritime cargo vessels. Customer enquiry
numbers have increased significantly and an international network
of distributors is being established in Europe
   -- Medical Products successfully launched new operating
theatre and physiotherapy products with plans to establish an
international presence in 2003
   -- Custom Products brought new innovative solutions to the
market during the year. Orders have been received for steering
wheel inserts and production requirements received for the
extended range of heated inserts for take-away food delivery
systems.

-- Turnover for the year increased 43% to GBP683,000 (2001:
GBP477,000); product sales increased by 61%.

-- Loss before tax was GBP739,000 (2001: loss GBP256,000),
reflecting investment in development, marketing and establishment
costs to underpin future growth.

Current Trading and Prospects

Mark Abrahams, Chairman said:
'Though trading patterns are still likely to be somewhat erratic
until the second half of this year, we are now seeing an
encouraging growth in enquiries in each of our target markets,
both in the UK and overseas.  We have also been improving our
manufacturing efficiency and exercising stringent controls on our
cost base to maximize our opportunity to move into profitable
operation.

'The potential for the year ahead appears encouraging, with
requests for quotations on a substantial volume of work. The
result in the short term will be dependent upon the rate at which
these quotes can be converted into production orders.'

To See Financial Statement:
http://bankrupt.com/misc/Inditherm.htm

CONTACT:  INDITHERM PLC
          Phone: 01709 761000
         Contact:
         Colin Tarry, Chief Executive
         Keith Lees, Finance Director

         WEBER SHANDWICK SQUARE MILE
         Phone: 020 7067 0700
         Ben Padovan


PIZZAEXPRESS PLC: Expects GBP280 Million Offer for Business
-----------------------------------------------------------
After opening talks with private equity firms last week,
PizzaExpress is now expecting to receive a buyout offer of about
GBP280 million, topping an earlier bid of GBP263 million.

The Scotsman, citing a weekend newspaper report, said Capricorn
Ventures International and TDR Capital are preparing to unveil an
offer of between 380p and 390p per share.  This tops the 3967p-
per-share offer from former PizzaExpress chairman Luke Johnson.

Private equity firms TDR Capital and Capricorn Ventures had set
up GondolaExpress as their own bid vehilce, from which they hope
to launch a rival offer for PizzaExpress PLC against that of
Venice Bidder, led by Johnson.

PizzaExpress, which admitted having tough trading following a
slump in tourism and downturn in the economy, posted a year of
dwindling sales and falling share value.

CONTACT:  PIZZAEXPRESS PLC
          1 Union Business Park
          Florence Way
          Uxbridge
          UB8 2LS
          Contacts:
          Nigel Colne, Chairman
          David Page, Chief Executive
          Paul Campbell, Group Finance Director
          Phone: 01895 618618
          Sue Pemberton, Citigate Dewe Rogerson
          Phone: 020 7638 9571


P&O PRINCESS: Announces the Release of Carnival's Q1 Results
------------------------------------------------------------
Carnival Corporation has informed P&O Princess Cruises plc ('P&O
Princess') that Carnival today released certain financial
information for the period ended February 28, 2003 and will file
a copy of its earnings release on a Form 8-K with the US
Securities and Exchange Commission ('SEC').

The full text of Carnival's earnings release is set out in the
schedule to this announcement.

P&O Princess is issuing this notice of the filing in accordance
with the requirements of the UK Listing Authority, following P&O
Princess' recommendation of the proposed dual listed company
combination with Carnival.

The earnings release will be available for viewing on the SEC
website at http://www.sec.govand on the Carnival website at
http://www.carnivalcorp.comIn addition, a copy of the earnings
release will be available for inspection at the Document Viewing
Facility at the Financial Services Authority, 25 The North
Colonnade, London E14 5HS.

CARNIVAL CORPORATION REPORTS FIRST QUARTER EARNINGS
Carnival Corporation (NYSE:CCL) reported net income of $126.9
million ($0.22 diluted EPS) on revenues of $1.03 billion for its
first quarter ended February 28, 2003, compared to net income of
$129.6 million ($0.22 diluted EPS) on revenues of $906.5 million
for the same quarter in 2002.

Earnings for the first quarter of 2003 included non-operating
income of $14.7 million, resulting from net insurance proceeds of
$19 million, less certain other non-operating expenses. Earnings
for the first quarter of 2002 included $5 million of non-
operating income.

Cruise revenues for the first quarter of 2003 were up 14 percent
compared to the same quarter in 2002 due to an increase in
capacity of 14.7 percent, partially offset by a decline in the
number of guests purchasing air transportation from the company.
Net revenue yields (net revenue per available lower berth day
after deducting the cost of air transportation and travel agent
commissions) for the quarter were approximately equal to the
first quarter of last year. However, excluding the impact of an
increase in capacity weighted toward the lower priced
contemporary cruise products, net revenue yields for the 2003
quarter were 2 percent higher.

Cruise costs per available lower berth day were 6.3 percent
higher compared to the same quarter in 2002 due primarily to
increased fuel costs, the front-loading of advertising expenses
into the first half of 2003 and increased insurance,
environmental and security expenses. Higher fuel costs accounted
for 60 percent of the increase in cost per available lower berth
day.

"Our first quarter 2003 results were impacted by concerns about a
war with Iraq, an uncertain worldwide economy and historically
high fuel costs," said Carnival Corporation Chairman and CEO
Micky Arison. "These factors created an extremely challenging
environment for leisure travel businesses around the world.
Despite these adversities, we had a reasonably satisfactory
quarter, again demonstrating the resiliency of our cruise
business," Arison noted.

During the first quarter of 2003, Holland America Line launched
the new 1,848-passenger Zuiderdam from Fort Lauderdale, Fla., the
first ship in its new Vista-class series, which offers about 85
percent of its cabins with ocean views, of which approximately 80
percent have balconies.

Arison noted that the ship has been receiving rave reviews from
consumers and travel agents alike, as well as receiving a premium
price compared to the other Holland America ships.

Looking to the remainder of 2003, the factors which affected the
first quarter are also impacting the balance of the year,
particularly the second quarter.  Bookings for the second quarter
slowed as concerns over the war with Iraq heightened, causing a
close-in booking curve and resulting in a reduction in cruise
prices. Because of the Iraqi war and its impact on consumer
travel, the company is not able to give specific guidance for
second quarter net revenue yields, other than they are expected
to be less than last year. Costs per available lower berth day
are expected to rise approximately 10 to 12 percent in the second
quarter compared to last year's levels due primarily to the same
cost areas, which affected the first quarter of 2003.

Booking volumes for the second half of 2003 remain slightly ahead
of last year's levels but not commensurate with the increase in
capacity expected for the second half of the year. Pricing
remains slightly below last year's levels.

Because of the close-in booking pattern and the uncertain
geopolitical environment, it is too early to give net revenue
yield guidance for the second half of 2003. Excluding the impact
of higher fuel costs, operating costs per available lower berth
day in the second half of 2003 are expected to be down slightly
as compared to the second half of 2002.

"Although in the short term bookings have been impacted by the
external factors discussed above, we believe that the fundamental
long-term drivers of the cruise industry's growth, such as
favorable demographics and low penetration of the vacation
market, remain intact," Arison said.

Arison also added:
"It is primarily because of these factors that we have entered into
our proposed combination with P&O Princess Cruises plc. Now
that we are within sight of the completion of this transaction, we are
particularly excited about the future prospects for the combined
group and believe that our 16-month effort to combine with P&O
Princess will bring enhanced value and opportunity to the
shareholders and employees of both companies."

Documents regarding Carnival's dual listed company ('DLC')
combination with P&O Princess were mailed to Carnival and P&O
Princess shareholders this week.

Extraordinary General Meetings for shareholder approval of the
DLC proposal are scheduled for April 14, 2003 for Carnival
shareholders and April 16, 2003 for P&O Princess shareholders.
Subject to shareholder approval, Carnival expects closing of the
transaction to occur shortly thereafter.

Assuming the transaction closes in April, Carnival would include
P&O Princess' operations in its consolidated operating results
commencing with Carnival's 2003 second quarter. The guidance
provided above does not take into account the consolidation of
P&O Princess.

Carnival has four new ships scheduled for delivery this year.
Costa Cruises' 2,114-passenger Costa Mediterranea is expected to
be delivered in May 2003, Carnival Cruise Lines' 2,974-passenger
Carnival Glory and Holland America's 1,848-passenger Oosterdam in
June 2003, and Costa's 2,720-passenger Costa Fortuna in November
2003.

To See Selected Financial Statements:
http://bankrupt.com/misc/Carnival.htm

CONTACT:  CARNIVAL CORPORATION
          Carnival Place, 3655 N.W. 87
          Avenue, Miami, Florida 33178-2428
          For Investor relations
          Beth Roberts
          Phone: 1-305-599-2600, ext.19066,


ROYAL MINT: Under Administration, Business Is Up for Sale
---------------------------------------------------------
Privately-owned Birmingham Mint was placed under the
administration of KPMG, which is currently seeking a buyer for
the coin producer.

Rowland Vernon, executive director of Birmingham Mint until he
was sacked Thursday, blamed the company's fall into receivership
on the Treasury's ending of the group's long-standing contract.

Birmingham Mint is currently challenging the government's
awarding of orders from overseas to state-owned Royal Mint.  It
alleged that the government failed to keep a 40-year agreement to
share the orders, and is demanding GBP5 million from the
Treasury.

The company indicated to pursue the case after it finds an
investor.

Mr. Vernon said: "We hope the company survives and prospers and,
if it does, then I'm sure that it will continue to pursue fairer
competition conditions."

The fall of the 209-year-old Birmingham Mint into administration
endangers the jobs of 50 people.  It also raised questions
regarding the future of state-owned Royal Mint, the sole producer
of UK coinage.

It is known that MPs are urging the government to open up the
sector to competition, and that Edward Leigh, chairman of the
public accounts committee, had supported Birmingham last year.

It particularly backed the private-sector rival of Royal Mint in
the former's complaint that the latter had an unfair advantage in
competing for government contracts.

With the fall into receivership of Birmingham Mint, Mr. Leigh is
likely to push further for the entry of other players in the
industry, according to The Scotsman.  Mr. Leigh is unavailable
for comment, according to the report.


THISTLE HOTELS: Orb Sells Thistle Hotels Portfolio to Rankins
-------------------------------------------------------------
Jersey-based Orb Estates announced a year after it bought 37 of
Britain's Thistle Hotels that it has exchanged contracts to
dispose of the portfolio to a new company controlled by investor
Allan Ratkin.

Recently valued in excess of GBP900 million (US$1.41 billion),
the 37 hotels will still be managed by Thistle Hotel Group, which
agreed last April to sell, but retain management control of the
portfolio to Orb for GBP598.6 million.

Orb said Thistle has guaranteed no less than GBP45 million of
income to the new owners.

Meanwhile, the new owners have stated that they intend to
continue the strategy of enhancing the asset value of the
properties.

Reports say the three hotels that surround Hyde Park are
currently subject to planning applications for change of use to
residential.  In fact, it is anticipated that Rankin will develop
these properties in partnership with a high-end residential
developer.

Orb said talks have reached an advanced stage with Northacre PLC
to assist in the process.

Orb has been putting a number of assets up for sale, and is
understood to be under pressure to raise cash and pay down debts.

Thistle, on the other hand, is trying to fend off a GBP300
million bid from Singaporean company BIL International, which
owns 46% of the company.


TXU EUROPE: Requests to Enter Into Information Sharing Deal
-----------------------------------------------------------
The Joint Administrators of TXU Europe Group Plc (in
administration), TXU (UK) limited (in administration) and TXU
Europe Energy Trading Limited (in administration) hereby give
notice of their application to the High Court that they do enter,
alternatively that they be at liberty to enter, in to an
Information Sharing Agreement with the Joint Administrators of
TXU Europe Limited (in administration), TXU Acquisitions Limited
(in administration) and the Energy Group Limited (in
administration) which came before the Court on Tuesday March 18,
2003 has been adjourned.  The adjourned application will now be
heard at the Royal Courts of Justice before Justice Blackburne in
Court 56 on Friday march 28, 2003 at 10:30 am.

Should any interested party require further details,

CONTACT:  Simon Edel
          Ernst & Young LLP
          Becket House, 1 Lambeth Palace Road,
          London SE1 7EU
          Phone: +44 (0) 20 7951 2000


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

      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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