/raid1/www/Hosts/bankrupt/TCREUR_Public/030327.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

                 Thursday, March 27, 2003, Vol. 4, No. 61


                              Headlines

* C Z E C H   R E P U B L I C *

UNION BANKA: Investor Plans to Appeal Removal of License
UNION BANKA: Another Top Executive Resigns From Office

* F R A N C E *

ALCATEL: Agrees to Transfer Part of Alcatel Optronics Employees
ALSTOM: To Face Lawsuit From French Shareholders Group
VIVENDI UNIVERSAL: New Ratings Assigned to Bond and Credit Line

* G E R M A N Y *

BANKGESELLSCHAFT BERLIN: Commission May Allow City to Delay Sale
BERTELSMANN AG: Results Improve in Difficult Economic Times
DRESDNER BANK: Appoints Jung and Pisker to Managing Board
DRESDNER BANK: Appoints Jung and Pisker to Managing Board
ANTENNA TV: Ratings Lowered on Failure to Improve Financial

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

VANTICO GROUP: Issues Update Regarding Restructuring

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

GETRONICS N.V.: New Route Already Attracts 77% Support at EGM
GETRONICS N.V.: Revised Invitation to Tender Extended
KONINKLIJKE AHOLD: U.S. Unit Moves to Create More Control
KONINKLIJKE AHOLD: Considers Selling Assets in Latin America
ROYAL NUMICO: To Close Down Factories, Reduce Workforce
UNITED PAN-EUROPE: Creditor Appeals Ratification of Akkoord

* N O R W A Y *

NORSKE SKOG: Upgrades Investment at Norske Skog Saugbrugs
NORSKE SKOG: Standard & Poor's Removes Ratings From CreditWatch
PETROLEUM GEO-SERVICES: Changes Preferred Securities Symbol

* P O L A N D *

NETIA HOLDINGS: Announces Redemption of Restructuring Notes

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

CREDIT SUISSE: Announces Motions Proposed to Its AGM
4M TECHNOLOGIES: Narrows Net Loss to CHF 15.0 Million in 2002
SWISS INTERNATIONAL: Signs Cooperation Agreement With Finnair
SWISS INTERNATIONAL: Moves to Counter Negative Projections
SWISS INTERNATIONAL: Reorganizes Management, to Cut Capital
SWISS INTERNATIONAL: Posts CHF980 Million Loss for 2002
SWISS INTERNATIONAL: Gives New Impetus to Its Regional Fleet
SWISS LIFE: Streamlines Structures in Property Investment Sector

* U N I T E D   K I N G D O M *

BRITISH ENERGY: Faces Complaint for Getting Unfair Advantage
CABLE & WIRELESS: Settles Outstanding Corporation Tax
CABLE & WIRELESS: Investors Advise Shut Down of Loss-making Unit
CARLTON COMMUNICATIONS: Chairman Updates Public of Developments
INDIGOVISION GROUP: Resolution to Return Cash Passed
MACFARLANE GROUP: Ready to Deliver Benefits of Restructuring
MELROSE RESOURCES Rights Issue Taken Up, Proceeds to Lower Debt
WESTON MEDICAL: Founder Hopes for a Better Sell-off Price

* War Brings Further Uncertainty for Europe's Airport Operators


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


UNION BANKA: Investor Plans to Appeal Removal of License
--------------------------------------------------------
Invesmart, the majority shareholder of Union Banka, plans to
appeal the removal of the bank's license by the Czech National
Bank on April 2.

CNB has revoked the license on grounds that the rescue plan that
would guarantee a renewal of the bank's payment capacities is
unrealistic.  Ostrava-based Union Banka has 15 days to appeal the
decision after its pronouncement.

The rescue plan counted on receiving CZK12 billion from the
Insured Deposits Fund to be repaid over five years, with the
provision that UB kept its license.

Under the scheme, UB would pay out client deposits of up to CZK5
million over the same period, and clients with deposits above
that would receive shares in UB. The restructured UB would then
function as an investment bank.

But the Czech banking law only allows for the fund to guarantee
client deposits if a bank cannot meet its obligations.

In the recent development, the bank said it is working with
investment firm Goldman Sachs, with Hana Vyslouzilova as
consultant, to draft another plan.

James Woolf of Flow East, Goldman Sachs' partner in the Czech
Republic, confirmed the firm's involvement but declined to
discuss the matter in detail, according to Prague Business
Journal.

Aside from drawing out a rescue plan, Union Banka is believed to
be also preparing a possible legal action against both the
Finance Ministry, which refused to grant state aid to UB ushering
a liquidity crisis, and CNB, which motioned to remove UB's
license in February following the discovery of the troubles in
the bank.

Invesmart is demanding for the aid allegedly promised by the
Ministry when it took UB in October, but which the latter denied.


UNION BANKA: Another Top Executive Resigns From Office
------------------------------------------------------
Union Banka saw another executive leave within a month since the
discovery of a liquidity crisis in the Ostrava-based bank.

CEO Roman Mentlink, the main author of the bank's defunct rescue
plan, resigned less than a month after former CEO Radovan Vavra
was removed on February 24.

Mr. Vavra previously said that the hole in the bank's balance
sheet amounts to CZK4.5 bilion (US$150 million).

According to Prague Business Journal, Mentlink complained of the
"bureaucratic approach" of the institutions UB was negotiating
with to resolve the bank's crisis.

The one tipped to replace Mr. Mentlink is Petr Votoupal, formerly
of the Czech Consolidation Agency and Prvni Cesko-ruska Banka.

Paolo Catalfamo CEO of Invesmart, the bank's main investor, said
Mr. Votoupal will be officially appointed on Monday.

UB's problems go back to its foundation in 1991 when shareholders
were allegedly lent money to but shares in the bank.


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

ALCATEL: Agrees to Transfer Part of Alcatel Optronics Employees
---------------------------------------------------------------
Solutions Plastiques, a plastic moulding company well-known in
Europe for the manufacture of specialized agricultural and car
industry equipment, and Alcatel Optronics, a leader in opto-
electronic components for telecommunications systems, announced
Tuesday the signature of an agreement which would allow the
transfer of part of Alcatel Optronics' Lannion site (Brittany,
France) employees. Solutions Plastiques will develop jobs in
plastic moulding in the Tregor area and will offer 115 jobs to
employees of Alcatel Optronics' Lannion site, to be accepted on a
voluntary basis. Alcatel Optronics employs 180 people in Lannion.

Solutions Plastiques is growing in buoyant markets, such as the
car industry and horticultural-agricultural sectors. Solutions
Plastiques is positioning itself to benefit from the on-going
consolidation of the car industry business in the West of France.
In parallel, the company is strengthening its European leader
position on the booming specialized agricultural equipment
market.

"This agreement would allow us to increase our production
capacity, to integrate already qualified employees, to accelerate
our growth, to decrease our time-to-market, and to complete our
product portfolio," explained Philippe Jacob, Chief Executive
Officer of Solutions Plastiques. "We wish to enhance our
activities in the Tregor area and to reinforce our involvement in
the local economy."

"We are happy to announce the signature of this agreement, which
shows the first step of our conversion project of the Alcatel
Optronics' Lannion site", said Claude Amouroux, Chief Executive
Officer of Alcatel Optronics France. "The growth of Solutions
Plastiques and the quality of its positioning in its markets,
would provide strong and motivating opportunities to Alcatel
Optronics Lannion employees, while strengthening the employment
situation of the Tregor area."

The terms of the project will be presented to employee
representatives of both companies.

About Solutions Plastiques
The Solutions Plastiques group has an headcount of 170 people and
a consolidated turn over of around 14 million Euro in 2002. Its
products and know-how in plastic injection represent the largest
part of its business and sales. Nevertheless, other injection
related businesses are offered by the company: mould study and
manufacturing, mounting and finishing off (tampography and
serigraphy). Solutions Plastiques is present in different
business sectors with large industrial groups in the car
industry, the building industry, office automation and agro-
furniture.

About Alcatel Optronics
Alcatel Optronics designs, manufactures and sells high
performance optical components, modules and integrated sub-
systems for use in terrestrial and submarine optical
telecommunications networks. Alcatel Optronics is a leading
supplier of DWDM lasers, photodetectors, optical amplifiers,
high-speed interface modules and key passive devices such as
arrayed waveguide multiplexers and Fiber Bragg Grating filters.
It also has experience in integrating active and passive
components and modules into sub-systems.

                     *****

Optronics' fourth-quarter sales were down sequentially by 18.5%
to EUR 10.6 million. Loss from operations was registered at EUR
(32.4) million. Net loss amounted to EUR (115.5) million.


ALSTOM: To Face Lawsuit From French Shareholders Group
-------------------------------------------------------
The President of Association des Petits Porteurs d'Actif,  Didier
Cornardeau, told Dow Jones Newswires that the shareholders
association plans to sue Alstom for giving out false information
about the company's financial situation and its revenue in 2002.

Mr. Cornardeau said the suit will be filed with the Paris'
special body of judges, in charge with investigating financial
crimes, late this week or early next week.

A spokesman for the Anglo-French power and transport engineering
company couldn't immediately comment on the planned lawsuit, the
report said.

Earlier this month Alstom pre-announced a EUR1.3 billion net loss
for 2002, along with an admission that Alstom would not achieve
financial targets set out in its March 2002 "Restore Value"
restructuring plans.

2002 losses are blamed on the provisions taken to cover technical
faults with some gas turbines sold by ABB Ltd. that were later
acquired by Alstom.

The company's troubles started when Renaissance Cruises Inc., its
biggest customer, filed for Chapter 11 protection.  The latter
suffered a sharp fall in demand for cruises after the September
11 terrorist attack in the U.S.

During Renaissance's filing for creditors protection, Alstom said
its exposure was nearly EUR700 million.

CONTACT:  ALSTOM
          Investor relations
          Elisabeth Rocolle-Teyssier
          Phone: +33 1 47 55 25 78)
          E-mail: investor.relations@chq.alstom.com
          Home Page: http://www.alstom.com


VIVENDI UNIVERSAL: New Ratings Assigned to Bond and Credit Line
---------------------------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that it has
assigned its 'B+' long-term senior unsecured debt rating to
French media giant Vivendi Universal's (VU) planned high-yield
bond issue. The size (expected to be at least EUR1 billion) and
pricing will be determined at the close of the underwriting
period. At the same time, Standard & Poor's assigned its 'BB'
long-term debt rating to VU's planned EUR2.5 billion syndicated
secured credit facility, which should be finalized soon. Also,
the rating on the group's EUR3 billion syndicated credit facility
maturing in March 2007 was raised to 'BB' from 'B+'. The
corporate credit ratings and outlook (BB/Stable/B) are unchanged.

The rating on the high-yield bond reflects the issue's
subordination to VU's credit lines, which are secured by the
group's assets. These lines include the above-mentioned EUR3
billion syndicated credit facility, the new EUR2.5 billion credit
line (to mature in 2006), and the $1.62 billion bridge
loan of VU's entertainment subsidiary, VUE. The planned high-
yield issue will rank pari passu with the group's other senior
unsecured debt--primarily its public bonds. The rating upgrade on
the EUR3 billion syndicated credit facility reflects Standard &
Poor's belief that this facility now ranks pari passu with all
other secured bank lines and benefits from mandatory prepayment
features broadly similar to those of the new EUR2.5 billion
credit line.

"We believe that the planned refinancing--when completed-will
significantly improve VU's tight liquidity, which has been the
group's primary credit risk over the past year," said Milan-based
Standard & Poor's credit analyst Guy Deslondes.

Upon completion of these refinancing steps and following
repayment of all existing syndicated and bilateral loans due to
expire in 2003/2004, VU will benefit from cash balances exceeding
EUR1 billion and an undrawn revolving line of EUR1.5 billion (as
part of the new EUR2.5 billion syndicated line). This should be
sufficient to meet its debt obligations well into
2004, even if management's disposal plan cannot be achieved as
anticipated.

"VU's credit quality is still constrained by weak operating
performance and cash flow generation across a number of key
business divisions, as well as by the uncertainties regarding
management's future group strategy," added Mr. Deslondes.

The ratings assume that VU will continue to actively reduce debt
and further improve liquidity through asset disposals in 2003.
The new management's track record of timely and significant asset
disposals offers a material degree of downside protection.

"In the medium term, in order to enhance its credit potential, VU
will have to clarify its business strategy, as well as
substantially improve its free cash flow generation and credit
measures beyond Standard & Poor's expectations for 2003," Mr.
Deslondes maintained.

The financial impact of certain contingent liabilities arising
from class-action lawsuits and investigations by stock exchange
authorities (both in France and the U.S.) is not factored into
the ratings at this stage.


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


BANKGESELLSCHAFT BERLIN: Commission May Allow City to Delay Sale
----------------------------------------------------------------
The city of Berlin could opt to delay the sale of its stake in
troubled Bankgesellschaft Berlin AG without encountering a hitch
from the European Commission.

A person familiar to the situation told Reuters that the EU
Commission would have no problem if the city wants to delay
sales, although it would be satisfied if the city made a
commitment to sell its stake at a future date, when market
conditions are better.

The City has been trying to sell its 81% stake in the bank in
order to reduce its huge debt, estimated close to EUR50 billion.
However, the single bid it received by the deadline this week was
less than the EUR1.7 billion (USD1.8 billion) of emergency aid it
provided to the bank in 2001.

Meanwhile, the source further said that the Commission's primary
concern is not whether the bank is privatized, but whether the
bank can show that it is a viable business.

Privatization is attractive, however, because it clearly
demonstrates that the market considers the bank viable, the
source added.

Ailing German bank Bankgesellschaft Berlin has been in search for
a new investor to help it through its financial difficulties
since October last year.  It denied during that time speculations
of its insolvency.

The EU Commission last year gave its blessing to the emergency
aid and then received a restructuring plan for the bank, which
included the sales of several smaller units.

According to the source, the Commission review of the
restructuring plan would be completed in May.

CONTACT:  BANKGESELLSCHAFT BERLIN AG
          Alexanderplatz 2, Postfach 110801
          D-10178 Berlin, Germany
          Phone: +49-30-245-500
          Fax: +49-30-245-509
          Homepage: http://www.bankgesellschaft.de
          Contacts:
          Dieter Feddersen, Chairman, Supervisory Board
          Norbert Pawlowski, Managing Director


BERTELSMANN AG: Results Improve in Difficult Economic Times
-----------------------------------------------------------
-- Operating businesses strengthened against market trend
-- Improved performance in all divisions
-- Operating EBITA up by EUR 363m to EUR 936m
-- Operating Return on Sales of 5.1 percent
-- Net income high at nearly EUR 1bn
-- Financial debt below EUR 3bn, despite high investments
-- Cash Flow increased to EUR 1.1bn from EUR 294m

In 2002 Bertelsmann went against the market trend, improving its
results in a challenging economic environment. Operating EBITA
rose to EUR 936m from EUR 573m the previous year. All divisions
were able to improve their results, due to a resolute focus on
core businesses, creative successes in the content businesses,
and stringent cost controls. The operating Return on Sales
climbed to 5.1 percent, vs. 3 percent the previous year. Net
income before minority interests amounted to EUR 968m. Despite
high investments, net financial debt was below EUR 3bn. Cash Flow
increased from EUR 294m to EUR 1.1bn. Internet losses were
reduced by EUR 670m. At EUR 18.3bn, consolidated revenues were
slightly below previous year (pro-forma EUR 19.0bn) - mostly due
to the weak dollar. The number of employees was 80,632 as of
December 31, 2002 vs. 80,296 as of December 31, 2001.

Bertelsmann earned significantly more from operations in 2002
than in the previous year. All divisions were able to sustainably
improve their performance in 2002 and - all except DirectGroup -
were operating in the black. Consolidated Operating EBITA rose
from EUR 573m (pro-forma) to EUR 936m year-on-year. Operating
EBITA on the 2002 statements include Internet losses, while
Operating EBITA for the previous year does not include Internet
losses of EUR 808m. This presentation of the 2002 result reflects
the strategy of continuing Internet activities only as part of
the core businesses.

Bertelsmann was able to improve its results despite a decline in
revenues. The 3.5 percent decline vs. the previous year's pro-
forma figure was caused primarily by the weakness of the U.S.
dollar vs. the euro. The continuing decline in the advertising
markets as well as decreases in the music club business and the
distribution of independent music labels in the U.S. also
contributed to this development.

Net income before minority interests amounted to EUR 968m
(previous year: EUR 1.4bn). On the one hand, this reflects
capital gains totaling EUR 2.9bn (previous year: EUR 5.5bn), most
of which stemmed from the disposal of holdings in AOL Europe (EUR
2.8bn). However, amortizations of goodwill and similar rights and
impairments impacted net income in the amount of EUR 2.5bn
(previous year: EUR 1.4bn). The EUR 1.3bn impairment on the
goodwill of the Zomba music company, acquired in 2002, was a key
factor. Bertelsmann has now received all proceeds from the
gradual disposal of AOL Europe holdings.

In May 2003, a 15 percent dividend will once again be paid out on
Bertelsmann profit participation certificates, in accordance with
the Profit Participation Certificate Terms & Conditions.

At the Annual Press Conference in Berlin, Bertelsmann Chairman &
CEO Gunter Thielen declared : "Bertelsmann has focused its energy
on the core businesses, cut its losses, and markedly increased
its profitability. We earned significantly more than in 2001 in
our operating businesses and have stood our ground in a difficult
economic situation. We exploited synergy potential and
strengthened our market positions due to outstanding creative
achievements. For 2003, we expect stable group revenues and a
further increase in the operating result despite a persistently
difficult economic environment."

Other Key Financials
Special items: The special items, which were not included in
Operating EBITA, were significantly reduced year-to-year. In
2002, they amounted to minus EUR 111m (previous year: minus EUR
927m, plus Internet losses of EUR 808m) and were attributable to
restructuring and write-downs, especially at DirectGroup.
Amortization of goodwill and similar rights amounted to EUR 2.5bn
(previous year: EUR 1.4bn) and were mainly driven by an
impairment on the goodwill of Zomba (EUR 1.3bn). The acquisition
of Zomba, until then the world's biggest independent music label
with Top Acts including Britney Spears, Nick Carter and Justin
Timberlake, was based on a put option signed in 1991. The
worldwide decline in music markets necessitated an impairment on
the resulting goodwill.

Investments: Mainly due to the takeover of Zomba for EUR 2.3bn,
and the acquisition of another 22 percent in RTL Group for EUR
1.5bn, investments amounted to EUR 5.3bn in 2002 (previous year:
EUR 2.6bn). The acquisition price for Zomba has been netted by
EUR 470m in cash and cash equivalents which were taken over as
part of the acquisition.

Total Assets: Assets at the end of 2002 totaled EUR 22.2 billion
(December 31, 2001: EUR 23.7 billion). Total assets have thus
decreased despite considerable acquisitions, primarily due to a
reduction of current assets and of cash and cash equivalents. At
34.9 percent (previous year: 35.3 percent), the equity ratio was
well above the 25 percent target.

Net financial debt: Despite high investments, net financial debt,
i.e. the financial debt including finance leasing obligations
netted by cash and cash equivalents - amounted to EUR 2.7bn
(previous year: EUR 859m). The company's long-term target is that
net financial debt should not exceed one-and-a-half times the
cash flow. In 2002, this pay back factor was at 2.5 years.
Bertelsmann plans to increase its financial flexibility,
primarily with the initiated disposal of the BertelsmannSpringer
specialist-publishing group.

Revenues by Region: In 2002, 31.1 percent of total revenue was
generated in Germany, 35.5 percent in the other European
countries, 27.5 percent in the U.S. and 5.9 percent in other
countries. Revenue contribution from the U.S. was down due to the
weak dollar, as well as the slowdown in the U.S. music club
business and in the U.S. distribution of independent music
labels.

Divisions
RTL Group, Europe's No.1 in television, radio and TV production,
had revenues of EUR 4.4 billion in 2002 (previous year: EUR 4.1
billion). Despite weak advertising markets, the company achieved
Operating EBITA of EUR 465 million, a significant increase over
the previous year (EUR 385 million). Especially in Germany, RTL
Group's most important market, the advertising market was
considerably down for the second consecutive year. RTL Group was
able to compensate for this with internationally successful
formats, a broad portfolio - both in terms of types of business
and geography, cost management and a diversified revenue
structure. In major markets such as Germany, France and Great
Britain, the RTL Group TV stations were able to maintain or
increase their audience share. In Germany, the RTL family of
stations headed by market leader RTL Television was able to add
advertising market shares as well. It was an especially good year
for the production subsidiary FremantleMedia, which developed an
unprecedented number of program ideas and distributed them all
over the world. One particular international triumph was
FremantleMedia's TV format "Pop Idol," which enjoyed great
success upon its launch in 2001 in Great Britain and went on to
achieve record ratings in 2002 as "American Idol" in the U.S. and
as "Deutschland sucht den Superstar" in Germany.

Random House, the world's leading trade book publisher,
outperformed a persistently weak international book economy to
achieve ambitious earnings goals, thanks to excellent publishing
performance and rigorous cost management. The growth in revenues
was counterbalanced by the weak dollar. As a result, revenues, at
EUR 2.0 billion, remained stagnant at previous-year levels.
Meanwhile, Operating EBITA reached EUR 168 million for 2002
(previous year: EUR 33 million). During 2002, Random House made
significant reductions in corporate overhead and operating
expenses without compromising the editorial accomplishments of
its more than 100 publishing imprints worldwide. Book sales were
up after two economically weak years for the book industry,
especially in the English-speaking regions. This allowed Random
House to offset the recession in the German-speaking book market.
The Random House Group, comprising the United Kingdom,
Australasia, and South Africa, posted the best result of any of
the division's territorial companies, achieving, as in the past,
a 12 percent Return on Sales. In the U.S., U.K. and Germany,
Random House placed more than 300 titles on the leading national
bestseller lists in 2002. Random House led the publishing
industry with the most "New York Times" bestsellers -182 - for
the fourth consecutive year in the U.S.

Gruner + Jahr, Europe's biggest magazine publisher, generated
revenues of EUR 2.8 billion in 2002 (previous year: EUR 3.0
billion). Most of this decline in revenues was the result of the
disposal of the newspaper activities in Berlin, which were only
consolidated through June 30, 2002. The decline in the
advertising market, especially in Germany, put an additional
strain on revenues. Operating EBITA amounted to EUR 226 million
(previous year: EUR 198 million). 2002 Operating EBITA includes
Internet losses, while pro-forma Operating EBITA 2001 was
adjusted for Internet losses of EUR 88 million. Taking the
Internet losses for 2001 into account, Operating EBITA has
therefore doubled year-on-year from EUR 110 million to EUR 226
million. Gruner + Jahr was able to master the difficult general
conditions in 2002 with a number of countermeasures taken early
on and thanks to its international portfolio. Measures ranged
from innovations such as the launch of new magazine titles - for
example "Woman" in Germany - to extensive cost and efficiency
measures. The high share of revenues generated outside Germany,
i.e. more than 60 percent, was largely able to compensate the
negative trend in the German market. G+J USA increased its
advertising sales by over 13 percent.

Following extensive restructuring and strategic realignment, BMG
delivered a year of strong chart performances and increasing
market shares. With Operating EBITA of EUR 125 million (previous
year: minus EUR 79 million), BMG successfully managed a return to
profitability. Due to the weak dollar and a decline in the U.S.
distribution of independent labels, revenues declined to EUR 2.7
billion (previous year: EUR 3.0 billion). But because BMG's own
U.S. labels sustained their revenues, BMG improved its market
share in a globally declining music market from about eight
percent to nearly ten percent. In the U.S., BMG improved its
current-album market share to over 17 percent, making it the
country's No.2 music major. This was achieved with a series of
successful releases by stars including Carlos Santana, Christina
Aguilera and Rod Stewart, new CDs commemorating the 25th
anniversary of Elvis Presley's death, and the introduction of
young, innovative artists such as Avril Lavigne and P!nk. A total
of 22 BMG albums sold more than a million copies each in 2002,
seven more than in 2001. BMG further strengthened its position by
taking over Zomba and buying up the remaining 50 percent in the
joint venture J Records. The Zomba takeover will be reflected in
revenues and earnings as of 2003.

In 2002, the media services provider arvato achieved revenues of
EUR 3.7bn (previous year: EUR 3.5bn) and Operating EBITA of EUR
217m (previous year: EUR 167m). arvato's business units grappled
with a downbeat economy, insolvent customers and pricing
pressure. However, seen overall, the division proved its dynamic
force yet again, with increases in revenues and earnings. In
particular, the arvato direct services unit, which services
roughly 35 million consumers in more than 20 languages, was able
to accelerate its growth rate again and strengthen its position
as one of Europe's biggest providers of customer programs and
service centers. The Distribution division, part of arvato
logistic services, registered strong growth. arvato print's
printing facilities were largely working at capacity in 2002.

The print services provider MOHN Media concluded the biggest
investment program in its history (over EUR 75 million). In the
U.S., the printers experienced stronger than expected growth.
arvato storage media was able to compensate for an overall
decrease in CD production volumes by increased production in the
DVD sector. The storage media manufacturer Sonopress achieved
turnaround in the U.S. In September 2002, Hartmut Ostrowski took
over as CEO of arvato.

DirectGroup, which comprises book clubs, music clubs and e-
commerce activities in 20 countries, generated revenues of EUR
2.7bn (previous year: EUR 3.1bn) in 2002. The decline in revenue
is mainly attributable to an adjustment of the membership base in
the U.S. music club, an extensive withdrawal from pure media e-
commerce and - due to the strong presence in the U.S. - to the
weak dollar. Operating EBITA amounted to minus EUR 150m, well
below the previous year's Operating EBITA of minus EUR 61m.
Operating EBITA 2002 includes Internet losses, while the pro
forma Operating EBITA 2001 was adjusted for Internet losses of
EUR 399m. Taking the Internet losses for 2001 into account, the
Operating EBITA has improved by EUR 310m. In August 2002, Ewald
Walgenbach, formerly Bertelsmann's Chief Operating Officer,
succeeded Klaus Eierhoff as the CEO of DirectGroup. As part of
the change, the division focused on its Club businesses,
streamlined its portfolio and carried out extensive
restructuring.

This included, in particular, the withdrawal, integration or
restructuring of BOL and CDNOW. The majority of Club businesses
showed an operating profit again in 2002. Of the big Clubs, only
Germany and the U.K. did not manage a return to profitability.

The specialist-publishing division BertelsmannSpringer, an
internationally renowned provider of science and trade
information, achieved revenues of EUR 731m in 2002 (previous
year: EUR 748m). This decline is mainly attributable to a
significant deterioration in business-to-business advertising,
which constitutes a considerable portion of BertelsmannSpringer's
revenue. Operating EBITA amounted to EUR 71m (previous year: EUR
59m). The division, which publishes approx. 25,000 book titles
and 700 magazines, has been under Arnold Bahlmann's management
since August 2002 and is intended to be divested during the first
half of 2003.

To See Tables:
http://bankrupt.com/misc/Tables_for_Bertelsmann.pdf


DRESDNER BANK: Appoints Jung and Pisker to Managing Board
---------------------------------------------------------
The Supervisory Board of Dresdner Bank made the following
executive appointments at its extraordinary meeting today. Dr.
Herbert Walter, 49, was appointed as Chairman of the Board of
Managing Directors with immediate effect. He succeeds Dr. Bernd
Fahrholz, 55, who had asked the Supervisory Board to relieve him
of his responsibilities before the end of his term of office. The
Supervisory Board complied with this request with today's
resolution.

Walter commented on his appointment as follows: "I am looking
forward to the challenge of further developing Dresdner Bank as
an independent brand and the core banking competency within the
Allianz Group."

In addition, the Supervisory Board has appointed the two current
co-heads of the Corporates & Markets division as full members of
the Board of Managing Directors. The two men will share
responsibility for the division at Board level with immediate
effect.

Andrew Pisker, 42, is Chief Executive Officer of Dresdner
Kleinwort Wasserstein and responsible for Corporates & Markets'
investment banking activities.

Karl Ralf Jung, 41, is Chief Executive Officer with
responsibility for Corporate Banking, and hence for business with
large enterprises, groups and multinationals within the
Corporates & Markets division.

Supervisory Board Chairman Dr. Henning Schulte-Noelle thanked
Bernd Fahrholz for his many years' service to the Bank and his
commitment in a difficult market environment. As a result,
Fahrholz had made his mark in the history of Dresdner Bank, he
said.

CONTACT:  DRESDNER BANK
          Dr. Hartmut Knuppel
          Phone: +49-(0) 69/2 63-49 74
          Karl-Friedrich Brenner
          Phone: +49-(0) 69/2 63-8 36 37
          Elke Pawellek
          Phone: +49-(0) 69/2 63 1 67 12


SYZYGY AG: Publishes Financial Statements, Prospects for 2003
-------------------------------------------------------------
-- Sales up on previous year; positive earnings per share of EUR
0.03
-- EBIT of EUR 408,000; EBIT margin of 4.8% for the second half
of the year
-- Liquid funds increased by EUR 3.7 million to EUR 58.3 million
-- Sales growth and positive EBIT planned in 2003

After the disposal of its French subsidiary, syzygy achieved
deconsolidated sales of EUR 14.2 million (previous year EUR 14.7
million) in 2002 which was a difficult year for the industry.

The net income amounts to TEUR 408 (previous year TEUR -7,182),
this corresponds to earnings per share of EUR 0.03. syzygy AG
outperformed its internal planning and achieved  an operating
income (EBIT) of TEUR 369 (which corresponds to an EBIT margin of
4.8% at sales of EUR 7.7 m.) in the second half of the year.

In the first six months the company achieved sales of EUR 6.5 m.
and EBIT of TEUR -1,350, including one-off restructuring expenses
of TEUR -600. For the year the EBIT amounts to TEUR -940 at sales
of EUR 14.2 m. The operating cash-flow development was extremely
positive with EUR 3.3 m. in 2002. syzygy has liquid funds of EUR
58.3 m. (previous year EUR 54.6 m.) - this corresponds to a cash
per share of EUR 4.86.

In the 4th quarter syzygy increased its liquid funds by EUR 4.6
m.The interest income for 2002 amounts to EUR 3.0 m. For 2003
syzygy expects increasing sales and a positive EBIT in spite of
the continuous difficult market  environment. The result per
share will increase according to the forecast from EUR 0.03 in
2002 to EUR 0.16 per share in the year 2003.

Particulars: Sven-Roger von Schilling (35), Chief Financial
Officer of syzygy AG, will leave the company on mutual agreement
as of march 31, 2003. The supervisory board gives procuration to
Erwin Greiner (34), who has been Group Controller of syzygy AG
since the beginning 2001 and the executive board appoints him
Finance director.
Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:

     Total year2002 Total year2001 4th Quarter 02 4th Quarter 01
Sales   TEUR 14,222    TEUR 14,699    TEUR 4,023     TEUR  3,534
EBIT    TEUR -940  TEUR  -1,131        TEUR 240      TEUR -676
EBIT margin  -6.6 %          -7.7%           6.0%         -19.1%
Net income TEUR 408   TEUR  -7,182       TEUR 882    TEUR -6,979
Earnings/share EUR 0.03   EUR  -0.60     EUR 0.07      EUR -0.58

CONTACT:  SYZYGY AG
          Joachim Sorg, Investor Relations
          Im Atzelnest 3-61352 Bad Homburg
          Phone: +49-6172-9488-251
          Fax: +49-6172-9488-270
          E-mail:j.sorg@syzygy.net
          Home Page: http://www.syzygy.net


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


ANTENNA TV: Ratings Lowered on Failure to Improve Financial
----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and senior unsecured debt ratings on Greece-
based TV broadcaster Antenna TV S.A. to 'B+' from 'BB-', as the
company has been unable to improve its very aggressive financial
profile. The outlook is negative.

"Antenna has not showed a sufficient improvement in its financial
profile in 2002 and Standard & Poor's does not expect the company
to improve its credit protection measures significantly in 2003,"
said Standard & Poor's credit analyst Olli Rouhiainen.

Antenna had about EUR234 million ($250 million) of outstanding
debt at Dec. 31, 2002. Although Greece was among the best
performers in the European TV advertising market in 2002, strong
competition in the Greek market led to increased program costs
and reduced profitability for Antenna. The key reason for the
lower profitability was the 26% increase in the company's cash
program costs to EUR54 million in 2002 from EUR43 million in
2001.

The increase in program costs relates to competition for viewing
share in uncertain advertising market conditions; the increase in
the company's program inventory; and the cost of reality TV
programs, which are expensive for Antenna to produce. Antenna's
profitability in 2002 was also negatively affected by loss-making
operations including Daphne (a magazine publisher) and Nova TV (a
Bulgarian TV station).

"Although we expect some reduction in Antenna's program costs in
2003, this reduction is not expected to be enough to offset the
company's current financial situation," added Mr. Rouhiainen.

"Antenna has to manage its program costs and loss-making
operations, and repay debt from its current liquidity to improve
its financial profile."

The negative outlook reflects uncertainty over the company's
ability to improve its financial profile in the medium term,
which could leave Antenna vulnerable if recent improvements in
the Greek advertising market are not sustained and if the company
cannot control its program costs. To maintain the current
ratings, Antenna needs to make progress in reducing gross debt,
generate positive free cash flow, and reduce total debt.


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


VANTICO GROUP: Issues Update Regarding Restructuring
----------------------------------------------------
Vantico Group S.A. announces that further progress has been made
in negotiations with an informal committee of Vantico noteholders
(the Committee) that owns in excess of 73 per cent. of Vantico 12
per cent. Senior Notes due 2010 and Morgan Grenfell Private
Equity in relation to the Company's proposed balance sheet
restructuring.

The Company is now finalizing the detailed terms of a debt for
equity swap, which will substantially de-leverage the business.
As part of the proposed transaction, the Company will also
benefit from an equity injection of CHF150 million upon closing.
Other terms of the restructuring are as described in Vantico's
press release dated January 29, 2003.

As part of this process, the Company and the Committee are now in
advanced discussions with a number of providers of finance with
the intention of refinancing the Company's existing senior bank
debt. The Company intends to complete the debt for equity swap,
equity injection and the senior bank debt refinancing during the
second quarter of 2003.

Following the balance sheet restructuring, MatlinPatterson Global
Opportunities Partners L.P., a member of the Committee, is
expected to become the majority shareholder in Vantico.

MatlinPatterson expects to transfer this equity interest to the
Huntsman group of companies, which is jointly owned by the
Huntsman family and MatlinPatterson.

The Company continues to elect not to pay the Notes coupon which
was due on 1st February 2003 and the members of the Committee
have undertaken not to enforce their rights in respect of the
unpaid coupon whilst the restructuring is being implemented.

Dr Helmut Strametz, Chief Executive Officer of Vantico said:
"We continue to be encouraged by the support of our key financial
stakeholders during this restructuring process. We remain
committed to this process which we believe will provide a
stronger Vantico for the benefit of our customers."

About Vantico
Vantico was created through a management buy-out of the
Performance Polymers Division of Ciba S.C., backed by Morgan
Grenfell Private Equity. Vantico operates as a global leader in
providing solutions in the field of innovative coatings,
structural composites, adhesives, tooling materials, and
electrical and electronic insulation for the automotive,
electronic, electrical, aerospace and consumer-durable
industries.

Vantico is incorporated in Luxembourg and operates globally in
two Divisions: Polymer Specialties, and Adhesives, Tooling and
Optronics.

Close Brothers Corporate Finance is acting for Vantico Holding
S.A. and its in connection with the Restructuring and no-one else
and will not be responsible to anyone other than Vantico Holding
S.A. and its subsidiaries for providing the protections offered
to clients of Close Brothers Corporate Finance.

CONTACT:  VANTICO
          Helmut Strametz Chief Executive Officer
          Phone: +44 (0) 20 8814 7940
          Fax: +44 (0) 20 8814 7962
          E-mail: helmut.strametz@vantico.com

          Justin Court
          Chief Financial Officer
          Tel: +44 (0) 20 8814 7940
          Fax: +44 (0) 20 8814 7950
          E-mail: justin.court@vantico.com

          Financial Adviser to Vantico
          Close Brothers Corporate Finance
          Richard Grainger
          Phone: +44 (0) 20 7655 3100
          Fax: +44 (0) 20 7655 8906
          E-mail: richard.grainger@cbcf.com

          Jason Clarke
          Phone: +44 (0) 20 7655 3100
          Fax: +44 (0) 20 7655 8906
          E-mail: jason.clarke@cbcf.com


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


GETRONICS N.V.: New Route Already Attracts 77% Support at EGM
-------------------------------------------------------------
Getronics is able to announce that the Stichting
Administratiekantoor van Cum Prefs in Getronics N.V., holder of
21,950,000 Cumulative Financing Shares A, B and C, representing
approximately 77% of the total voting rights registered to vote
at the Extra-Ordinary General Meeting of Shareholders scheduled
to take place on 27 March 2003, have confirmed to the Company
that they support the alternative scenario, as outlined in the
press release of 21 March 2003. Accordingly, the "Stichting" have
confirmed to the Company that the votes attached to the shares
held will be cast against the resolutions relating to the Revised
Invitation To Tender and in favor of the appointment of  the new
members of the Board of Management, as proposed at the Extra-
Ordinary General Meeting of Shareholders scheduled to take place
on March 27, 2003.

Revised Invitation To Tender
Management and the Supervisory Board clearly prefer the
alternative route consisting of the steps outlined in the press
release of March 21, 2003, 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.

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

About Getronics
With approximately 25,000 employees in over 30 countries,
Getronics is one of the world's leading providers of vendor
independent solutions and services to professional users of
Information and Communication Technology (ICT). Through
consulting, integrating, implementing and managing Infrastructure
Solutions and Business Solutions, Getronics helps many of the
world's largest global and local organisations to maximise the
value of their technology investment and improve interaction with
their customers. Getronics' headquarters is in Amsterdam, with
regional head offices in Boston and Singapore. Getronics' shares
are traded on Euronext Amsterdam ('GTN'). For further information
about Getronics, visit www.getronics.com

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


GETRONICS N.V.: Revised Invitation to Tender Extended
-----------------------------------------------------
-- Following the decision of the Enterprise Chamber
('Ondernemingskamer') of the Amsterdam Court of Apeal, Getronics
has decided to extend the Tender period.

-- At 15:00 hrs on March 25, 2003, 30.40% of the accrued value of
the 2004 Bonds and 37.44% of the accrued value of the 2005 Bonds
had been tendered for exchange.

Following Tuesday's decision of the Enterprise Chamber
('Ondernemingskamer') of the Amsterdam Court of Appeal that no
resolutions can be adopted at the Extra-ordinary General Meeting
of Shareholders, scheduled for Thursday March 27, 2003, the
Company announces that it further extends the revised invitation
to tender. The new Expiration Date and Expiration Time will be 30
May 2003, 15.00 hours CET, unless the Company will have
determined an earlier Expiration Date and Expiration Time. All
other terms of the revised invitation to tender will continue to
apply, including without limitation the right of the Company to
terminate, extend or amend the Revised Invitation to Tender prior
to midnight, CET on the Expiration Date.

The Revised Invitation to Tender remains subject to certain
conditions as described in the Revised Preliminary Prospectus
dated February 14, 2003, as supplemented by the Supplement, dated
March 12, 2003.

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 May 30, 2003, 15.00 hrs (CET),
unless the Company will have determined an earlier Expiration
Date and Expiration Time.

Until May 30, 2003, 15.00 hrs (CET), unless the Company will have
determined an earlier Expiration Date and Expiration Time,
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 May 30, 2003, 15.00
hrs, (CET), unless the Company will have determined an earlier
Expiration Date and Expiration Time, 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 1March 12, 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.

Tender results on March 25
At 15:00 hrs on March 25, 2003, 30.40% of the accrued value of
the 2004 Bonds and 37.44% of the accrued value of the 2005 Bonds
had been tendered for exchange.

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

About Getronics
With approximately 25,000 employees in over 30 countries,
Getronics is one of the world's leading providers of vendor
independent solutions and services to professional users of
Information and Communication Technology (ICT). Through
consulting, integrating, implementing and managing Infrastructure
Solutions and Business Solutions, Getronics helps many of the
world's largest global and local organisations to maximise the
value of their technology investment and improve interaction with
their customers. Getronics' headquarters is in Amsterdam, with
regional head offices in Boston and Singapore. Getronics' shares
are traded on Euronext Amsterdam ('GTN'). For further information
about Getronics, visit www.getronics.com

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


KONINKLIJKE AHOLD: U.S. Unit Moves to Create More Control
---------------------------------------------------------
U.S. Foodservice, a unit of Dutch retailer Ahold, initiated a
staff reshuffling aimed at increasing centralized control of the
company's operation, the Washington Post reports.

Chief operating office James Sutton is to become special
assistant to Chief Executive James Miller-- the CEO himself said
at a private meeting of the unit's managers.  Mr. Sutton will
also help Miller manage the U.S. unit.

Further, longtime employees David Ickes and Richard Barnhart will
become executive vice presidents of operations and marketing and
purchasing, respectively.  They will directly report to Mr.
Miller.

Referring to the issue of the US$500 million overstatements in
profits in the subsidiary, Mr. Miller says in a prepared speech
to customers that these unfortunate events do not affect the
fundamental strength of our company."

U.S. Foodservice representatives could not immediately be reached
to provide comment early Tuesday morning, the report said.

CONTACT:  CONTACT:  KONINKLIJKE AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Home Page: http://www.ahold.com
          Contact:
          Henny de Ruiter, Interim CEO
          Dudley Eustace, Interim CFO


KONINKLIJKE AHOLD: Considers Selling Assets in Latin America
------------------------------------------------------------
Grocery retailer and distributor Royal Ahold is reportedly
considering the possibility of selling its assets in Brazil,
which include supermarket chains Bompreco and G. Barbosa and the
credit card management company Hipercard.

NewsEdge reported that profit from the sales would cover the
Dutch group's liability of US$12 billion.

Brazil's second-ranked retailer, French Carrefour, has expressed
interest in acquiring the Brazilian assets, as well as those in
other countries around the world.

US Wal-Mart, which has 22 outlets in Sao Paulo, Rio de Janeiro,
Minas Gerais and Parana states, also aims to acquire Bompreco to
strengthen operations in the region.

Bompreco has 119 units in the Northeast region, which jointly
turned over R$3.2 billion in 2001.  It reportedly aims to regain
the third position in the market which it lost to the Portuguese
Sonae in 2001 by reducing prices of 3,000 items in 2002 and
conquering the ISO 9000 certification to 5 of its stores based in
Recife (Pernambuco).

The supermarket chain was the first retailer in Brazil and the
second in the world to conquer a total quality certification--the
operation demanding R$800,000 and the goal being to conquer ISO
to the whole chain until 2005.

Moreover, Bompreco is erecting its second hypermarket in Piaui,
based in Teresina, to be inaugurated this month.

Analyst earlier said Ahold, which revealed accounting errors in
the previous months, is likely to be forced to unload businesses
to stay afloat.  Assets that are likely to go are units in Asia,
Eastern Europe and Spain, according to TCR-Europe.

CONTACT:  KONINKLIJKE AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Home Page: http://www.ahold.com
          Contact:
          Hendrikus de Ruiter, Chairman, Acting CEO


ROYAL NUMICO: To Close Down Factories, Reduce Workforce
-------------------------------------------------------
Baby food group Numico will close factories and cut jobs mainly
in the baby food division of its European operations as part of a
move to restructure the company's supply chain.  The company also
plans to part with Rexall Sundown, a U.S. vitamin producer.

Chief Executive Jan Bennink is set to officially announce the
plan in May, according to the Financial Times.

The Dutch company, which has 18 factories, 52 warehouses and
employs 28,500 people world-wide, is paying hard for its attempt
to run the world's largest vitamin business GNC.

Mr. Bennink said: "There definitely will be some closures and
some people touched."

He added that many investors would not return until the 5,000-
store US vitamin chain is sold.  The would-be sell-off follows
the unloading of Unicity, a wholesale supplements supplier.

Troubles in the business, which the company bought for US$2.5
billion in 1999, drained income and resources, and pulled down
shares from above EUR30 to below EUR5.

Mr. Bennink said he was utterly shocked by the state of Numico's
core business of infant and clinical nutrition during his
appointment nine months ago.

The chief executive is known to oppose a merger plan for the
company, but is open to a joint venture, with Numico remaining in
control of the business.

CONTACT:  ROYAL NUMICO N.V.
          Rokkeveenseweg 49
          2712 PJ Zoetermeer
          The Netherlands
          Phone: +31-79-353-9000
          Fax: +31-79-353-9620
          Home Page: http://www.numico.com


UNITED PAN-EUROPE: Creditor Appeals Ratification of Akkoord
-----------------------------------------------------------
United Pan-Europe Communications N.V. gives notice that InterComm
Holdings L.L.C., a creditor in the Dutch moratorium proceeding
with a EUR 1.00 claim and one vote, has appealed the Dutch
Court's ratification of the Akkoord. The Dutch Court of Appeals
has scheduled an expedited hearing for the appeal on April 1,
2003 and is expected to rule on the appeal shortly thereafter.
UPC believes the appeal is without merit. The U.S. Court has
already overruled an objection brought by ICH in the parallel US
Chapter 11 process.

UPC does not expect that this appeal will affect the successful
completion of UPC's restructuring which is in its final stages.
UPC's restructuring has had overwhelming creditor support and has
been ratified by the Dutch District Court and confirmed in the
U.S. Court. The appeal will however delay completion of the
restructuring into the second quarter, 2003. UPC is currently
negotiating and expects to receive an extension to the waiver on
its senior bank facility with the Coordinating Committee of
senior bank lenders. The company will provide more information on
the expected timing of completion of the restructuring as soon as
it is available.


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


NORSKE SKOG: Upgrades Investment at Norske Skog Saugbrugs
---------------------------------------------------------
Norske Skog will invest 90 million NOK at Norske Skog Saugbrugs
in Halden. A rebuild of the mill's biggest paper machine (PM6)
will be carried out to maintain its leading position as a
producer of high quality magazine paper.

The PM6 at Halden is one of Norske Skog's biggest paper machines
and produces supercalendered magazine paper (SC)*. The investment
is a quality improvement initiative, and will not change the
machines production capacity.

The paper machine was built ten years ago, and was a substantial
part of the 3 billion NOK investment made at Norske Skog
Saugbrugs at that time. The current rebuild secures Norske Skog's
position as a supplier of magazine paper to demanding customers
in Europe and USA - also for the future.

In addition to a new headbox, quality-improving equipment will be
installed in the calender and technical improvements will be made
in the dryer section. The rebuild is scheduled to start in
approximately one year.

On Tuesday, PM6 at Norske Skog Saugbrugs produces approximately
300,000 tonnes of the mill's total capacity of more than 550,000
tons per year.

* Supercalendered magazine paper (SC) is wood-containing uncoated
publication paper. The paper is given a mechanical surface
treatment to give it a smoother surface and better printing
characteristics. It is used in catalogues, magazines, periodicals
and printed advertising.

Oxenoen, 25 March 2003

CONTACT:  NORSKE SKOG
          Corporate Communications

          For financial market:
          Jarle Langfjf?~ran, Vice President Investor Relations
          Phone: + 47 67 59 93 38
          Mobile: +47 909 78 434


NORSKE SKOG: Standard & Poor's Removes Ratings From CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday it removed its
ratings on Norway-based forest products company Norske
Skogindustrier ASA (Norske Skog) from CreditWatch, where they had
been placed on Feb. 5, 2003, with negative implications. The
outlook is negative.

At the same time, Standard & Poor's lowered its short-term
corporate credit rating on Norske Skog to 'A-3' from 'A-2'. All
long-term ratings, however, were affirmed at 'BBB'.

"The negative outlook and the downgrade of the short-term rating
reflect Norske Skog's weakening financial performance--primarily
as a result of weak market conditions and relatively high
leverage--and challenges to improve the financial profile in the
medium to longer term," said Standard & Poor's credit analyst Alf
Stenqvist.

"Although Standard & Poor's expects that Norske Skog will
continue to post positive free cash flows in 2003, any further
weakening of Norske Skog's credit measures in 2003, or an absence
of signs of recovery in market conditions and the group's
operating cash flow in the medium term, could lead to ratings
being lowered," added Mr. Stenqvist.

Although the near-term outlook for publication papers in Europe
is bleak, expected cost savings from internal rationalization
efforts and lower interest expenses should offset further erosion
in Norske Skog's credit measures in 2003. A gradual recovery in
market conditions is expected in 2004, but it will still be
challenging in the longer term for Norske Skog to achieve credit
measures at levels appropriate for the current ratings.

In 2002, funds from operations to net debt was down to 16% and
EBITDA net interest was 4.3x.

Norske Skog has started to implement several cost-cutting
initiatives to counter the effects of the persistent weak market
conditions for its main products of newsprint and magazine
papers. Standard & Poor's believes, however, that it will be a
challenge for Norske Skog to achieve and maintain its targeted
Norwegian krone (Nkr) 2 billion ($270 million) in cost savings by
the end of 2004, as these assume the successful implementation of
a number of restructuring and rationalization plans in
production, administration, supply, sales and distribution. In
addition, a continued strong Norwegian krone puts the group's
Norwegian mills at a competitive cost disadvantage.

Nevertheless, despite weak credit measures in 2002, Norske Skog
still generated sufficient operating cash flows to cover capital
expenditures by almost 3x, and also paid down debt by more than
Nkr2 billion (reported debt levels decreased further because of
currency effects). Although investments are expected to increase
in 2003, they are still expected to remain at a relatively low
level, which provides scope for positive free cash flow and
further debt reduction. Norske Skog also sold power plants with a
gross value of Nkr1.3 billion at the beginning of 2003, and the
proceeds have been used to repay short-term debt.


PETROLEUM GEO-SERVICES: Changes Preferred Securities Symbol
-----------------------------------------------------------
Petroleum Geo-Services ASA on Tuesday announced that the Over-
The-Counter and Pink Sheet symbol for its PGS Trust I 9 5/8%
Trust Preferred Securities will change from "PGOAY" to "PGOAP"
effective as of Tuesday, March 25, 2003.

PGS' American Depositary Receipts (ADRs) currently trade OTC and
are quoted on the Pink Sheets under the ticker symbol "PGOGY."

Petroleum Geo-Services will continue the deferral of distribution
payments on the preferred securities issued by its wholly owned
trust subsidiary PGS Trust I for the quarterly distribution
payment period ended March 31, 2003, and such quarterly deferrals
will continue until further notice by the Company. Under the
terms of the securities, PGS has the option to defer distribution
payments for up to 20 consecutive quarterly periods without
causing a default.

CONTACT:  PETROLEUM GEO-SERVICES
          Sverre Strandenes, SVP Corporate Communications
          Dag W. Reynolds, Director European
          IRPhone: +47 6752 6400
          Suzanne M. McLeod, U.S.
           IRPhone: +1 281-589-7935


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


NETIA HOLDINGS: Announces Redemption of Restructuring Notes
-----------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services, on Tuesday announced that
pursuant to the redemption notice published in the European
edition of the Financial Times on February 21, 2003, the
redemption of 49,837 outstanding Senior Secured Notes due 2008 in
an aggregate principal amount of EUR 49.8 million took place on
March 24, 2003.

Upon the redemption of the Notes, Netia does not have any
substantial long-term liabilities under any notes.

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061


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


CREDIT SUISSE: Announces Motions Proposed to Its AGM
----------------------------------------------------
The Board of Directors of Credit Suisse Group on Tuesday
announced several proposals to its Annual General Meeting of
Shareholders on April 25, 2003. The Board proposes to the
shareholders that a dividend of CHF 0.10 per share be
distributed. In addition to other agenda items, it proposes that
Hans-Ulrich Doerig, currently Vice-Chairman of the Group
Executive Board, be newly elected to the Board of Directors.
Credit Suisse Group's Annual Report for 2002 will be published on
March 27, 2003.

The Board of Directors of Credit Suisse Group proposes to the
Annual General Meeting of Shareholders on April 25, 2003, that
Walter B. Kielholz, Chairman of the Board of Directors since
January 1, 2003, be re-elected for a term of three years. The
Board also proposes that Hans-Ulrich Doerig, currently Vice-
Chairman of the Group Executive Board, be newly elected to the
Board of Directors.

Hans-Ulrich Doerig joined Credit Suisse Group in 1973, after five
years at J.P. Morgan in New York. He has held various senior
management positions at Group level and at Credit Suisse First
Boston, as well as at the former Credit Suisse (SKA), where he
was a Member of the Executive Board from 1982. In 1998, he was
appointed Vice-Chairman of the Group Executive Board and Chief
Risk Officer. Hans-Ulrich Doerig is also actively involved in a
number of academic and cultural organizations. Subject to his
election by the shareholders, Hans-Ulrich Doerig will step down
from the Executive Board and will assume the role of Chairman of
the Board of Directors' Risk Committee, which is to be newly
created.

In addition, Credit Suisse Group announced that, after six years
on the Board, Daniel Vasella has decided to step down as of the
Annual General Meeting 2003. The Board of Directors wishes to
thank Daniel Vasella for his considerable contribution to the
company.

Dividend and other proposals
The Board of Directors proposes to the Annual General Meeting
that a dividend of CHF 0.10 per share be distributed. Subject to
approval by the shareholders, the dividend will be paid on May 2,
2003. Further proposals by the Board of Directors relate to the
adjustment of conditional capital for convertible bonds and bonds
with warrants, as well as the adjustment of authorized capital.
No proposals from shareholders in accordance with Article 7
section 4 of the Articles of Association have been received.

Publication of the Annual Report
Credit Suisse Group was actively involved in the definition of
the Swiss Code of Best Practice and the corporate governance
guidelines of the SWX Swiss Exchange. The Group's 2002 Annual
Report, which will be published on March 27, has for the first
time been drawn up on the basis of these guidelines. The Report
will also include the most important information required by the
U.S. Securities and Exchange Commission and the New York Stock
Exchange in order to achieve the greatest level of transparency
possible.

See also:
Invitation to the Annual General Meeting of Shareholders
Annual General Meeting of April 25, 2003, live webcast

Credit Suisse Group
Credit Suisse Group is a leading global financial services
company headquartered in Zurich. The business unit Credit Suisse
Financial Services provides private clients and small and medium-
sized companies with private banking and financial advisory
services, banking products, and pension and insurance solutions
from Winterthur. The business unit Credit Suisse First Boston, an
investment bank, serves global institutional, corporate,
government and individual clients in its role as a financial
intermediary. Credit Suisse Group's registered shares (CSGN) are
listed in Switzerland and Frankfurt, and in the form of American
Depositary Shares (CSR) in New York. The Group employs around
78,000 staff worldwide. As of December 31, 2002, it reported
assets under management of CHF 1,195.3 billion.

CONTACT:  CREDIT SUISSE GROUP
          Investor Relations Telephone
          Phone: +41 1 333 4570


4M TECHNOLOGIES: Narrows Net Loss to CHF 15.0 Million in 2002
-------------------------------------------------------------
Dear Shareholders,

2002 was a year of major reform at 4M.  During the first quarter
the company was at a standstill due to the moratorium and
discussions on refinancing the company. The second quarter was
characterized by finalization of the composition, discharge of
the concordat and a dividend being paid to creditors by means of
the refinancing and recapitalization.  Thereafter, the delicate
task of re-establishing the confidence of clients and suppliers,
plus reanimating the business structure, was able to be started.

Initial provisions and write-down on inventories totaling CHF 3.0
million were made in the quarter. Approximately CHF 3 million of
sales were made, principally from inventory. A new Chairman, Mr.
Georges Blum, and a new CEO, Mr. Stephen Grey, were appointed in
May.  The 3rd quarter saw a further profound review of the
company's market and business model. The company management
decided that the "virtual" manufacturing techniques generally
employed in the industry, lead to higher real overall costs, with
deficiencies in design, industrialization and quality control.

To set 4M ahead of its competition and create the foundations of
a solution, the company acquired in July ASCII Ingenierie S.A. -
a highly qualified Swiss manufacturing company, with the relevant
personnel, skills, machinery and premises.

Several developments and projects previously underway at 4M and
ASCII were reviewed, deemed to hold insufficient promise and
stopped.

Work on those remaining was intensified. A further CHF 6.375
million sales of largely old inventory were made in the quarter.
During the 4th quarter, stock provisions and write-down for the
full year were raised to a total of CHF 7.851 million, compared
to the dissolution or write back of provisions amounting to CHF
16.45 million in 2001. Full year sales of inventory and parts
reached CHF 11.9 million and a net loss of CHF 15.0 million
resulted after the provisions, compared to a net loss of CHF 50.0
million in 2001.

At the end of the year, 4M released to market a newly developed
integrated optical disc production machine. This resulted in the
signature of an initial significant contract which, together with
others under negotiation, should impact positively on financial
results during the second half of 2003.

Further products will be released from development to the market
in the first two quarters of 2003, thereby adding to the
company's offerings and opportunities.  The unfavorable worldwide
economy is not assisting 4M's return to growth but the first
signs of welcome by new and former clients are encouraging.

The market for CD-R discs continues to grow and is displacing the
worldwide production overcapacity suffered in 2000/2001. The new
recordable DVDñR disc market is now firmly launched and growth
projections from all sources are promising. 4M is poised to
participate in the opportunity with its new structure and
products.

The Group has put a very difficult year of initial reconstruction
behind it. The first half of 2003 will also be difficult but our
clear objective is to bring the organization into the zone of
profit and to create value for our shareholders, our clients, our
suppliers and our colleagues.

We are grateful for your continued confidence and loyalty to your
company.

CONTACT:  4M TECHNOLOGIES HOLDING
          Avenue des Sports 42
          CH-1400 Yverdon-les Bains
          Phone: ++41 (0) 24 4237 111
          Fax: ++41 (0) 24 4237 181
          Contacts:
          Investor relations: Jean-Claude Roch
          E-mail: jclaude.roch@4m-inc.ch


SWISS INTERNATIONAL: Signs Cooperation Agreement With Finnair
-------------------------------------------------------------
On Wednesday, March 26, 2003, SWISS and Finnair are to sign a co-
operation agreement that will guarantee both airlines a stronger
and more diversified partnership at many levels. The agreement
builds on the successful code share arrangement that already
exists between Switzerland and Finland.

SWISS will submit the co-operation agreement to the European
Commission for examination in the next few days. The EU will then
decide whether the agreement meets the requirements of European
competition law. This process is a matter of a formal legal
vetting, and SWISS expects to receive EU approval in the near
future.

SWISS and Finnair already operate a successful code share
agreement between Switzerland and Finland, and offer numerous
connecting flights. Customers also already enjoy the advantages
of a joint worldwide Frequent Flyer program.

Once approval has been obtained from the EU authorities, the
partners will strive for closer consultation on harmonizing route
networks, enhanced co-ordination of timetables and targeted
linking of marketing activities. Optimum use of synergies means
that customers will benefit by a range of attractive and improved
links between the Nordic countries, Switzerland and southern
Europe.


SWISS INTERNATIONAL: Moves to Counter Negative Projections
----------------------------------------------------------
In view of the currently unfavorable economic projections for
2003, SWISS has revised its ongoing fleet renewal program. The
company is reducing its firm orders for EMBRAER 170 and EMBRAER
195 aircraft from 60 to 30, with the first deliveries rescheduled
to 2004. The number of options held on the new types is also
being reduced, from 100 to 20 aircraft.

SWISS is also in negotiations with Airbus. The first seven A340s
will be delivered to plan. Talks aimed at rescheduling delivery
of the final five A340s are currently in progress with Airbus.

SWISS is responding to the continuing crisis in the air transport
industry by modifying its current fleet renewal program.
Adjustments are being made to both the number of EMBRAER aircraft
ordered and the timetable for their delivery.  At the same time,
however, SWISS has expressly confirmed its commitment to its
chosen fleet concept and its partner EMBRAER; and the aircraft
ordered remain a cornerstone of the company's future business
strategy.

In view of the current economic situation and the presently far-
from-favorable business projections, SWISS and EMBRAER have
agreed to modify the carrier's order with the manufacturer from
60 to 30 aircraft (15 EMBRAER 170s and 15 EMBRAER 195s).  The
number of options is also being reduced, from 100 to 20 aircraft.

Delivery of the first aircraft has also been rescheduled to one
year after August 2003, the original handover date. The simulator
for the 70-seat EMBRAER 170 will, however, be installed in Basel
this summer according to plan, enabling SWISS Aviation Training
to offer corresponding training services to its customers.
Delivery of the 108-seat EMBRAER 195 remains unchanged, i.e. from
2006 onwards.

These changes will reduce SWISS's capital spending by close to
CHF 1 billion.  They will also lower the company's expenditure
for 2003 by a good CHF 170 million.  A large part of the advance
payments already effected on the new fleet will be refunded, and
the expenditure involved in introducing a new aircraft type will
not be incurred until 2004.

Airbus deliveries

During 2003 a total of seven A340-300's will be delivered to
SWISS. The first delivery will be in June 2003. Airbus is
providing support with the financing of these aircraft. For
certain of the outstanding deliveries in 2004, SWISS started
discussions with Airbus in order to obtain additional flexibility
on the delivery dates of these aircrafts.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


SWISS INTERNATIONAL: Reorganizes Management, to Cut Capital
-----------------------------------------------------------
With the appointment of Ulrik Svensson as Managing Director
Finance responsible for Finances and Corporate Services and
Manfred Brennwald as Managing Director Operation responsible for
Engineering and Flight Operations, the new management level at
SWISS is now complete. The appointments were made in the context
of the previously announced introduction of a new management
level in the Top Management structure.

The SWISS Board of Directors appointed two new Managing Directors
at its meeting on 24 March.

Managing Director Finance

Ulrik Svensson (42), our newly appointed as Managing Director
Finance responsible for Finances and Corporate Services, will
head up both Finances and Corporate Services from 12 May 2003.
Svensson has a proven track record as a turnaround manager.

As CFO of the international Esselte Group based in London (6000
employees, balance sheet total Euro 1.3 billion), he helped the
company out of a difficult financial situation. Esselte's profit
turnaround and debt reduction made the company fit to be acquired
by an American private equity firm.

He has accumulated an impressive stock of in-depth know-how in
his 18 years as a Chief Financial Officer with various
international companies. Having started out in the
telecommunications industry, Svensson knows the "high volume, low
margin" problem well and is also very familiar with a turnaround
company situation. Ulrik Svensson is highly regarded in
international banking circles. His most recent post was in
London. A Swedish citizen, Ulrik Svensson obtained a degree in
Business Administration from the School of Economics in
Stockholm. He is married with three children.

Managing Director Operation

Manfred Brennwald (50) will replace Karel Ledeboer, the Chief
Operating Officer (COO) to date, with effect from 1 April 2003.
Karel Ledeboer joined SWISS in August 2002 as Head of Engineering
and Flight Operations; he exercised this function on an interim
basis as planned from the outset, and lent his active support to
the search for a permanent Managing Director Operation.

A qualified engineer, Manfred Brennwald (Dipl. Ing. HTL) has
already spent 25 years in the airline industry: he worked for the
former Swissair as a flight captain and as President and CEO of
the Swissair Training Center AG. He was promoted to the post of
Executive Vice President Swissair Operations in May 2001. He has
worked as Deputy to the Head of Flight Operations and as a flight
captain since SWISS took off in the spring of 2002. He is a Swiss
citizen, is married and has one daughter.

Top Management complete

The Board of Directors and the SWISS Management are delighted to
have successfully concluded the reorganization of the management
structure with the appointment of Ulrik Svensson and Manfred
Brennwald. Our Managing Director Commerce, William L. Meaney
started work back on 1 January 2003. He heads up Strategy &
Network, Product & Services, Sales & Marketing and Cargo. The
three Managing Directors will form the future executive
management under the leadership of CEO Andr, Dos,. As a staff
function, Human Resources will report directly to CEO Andr, Dose.

Reduction in capital

The Shareholders' Meeting on May 6, 2003 will be called on to
vote on a possible cut in capital. Given that the company cannot
operate profitably in the current environment, net equity may end
up falling below half the level of the share capital, in which
case the Swiss Code of Obligations requires action to be taken
(Art. 725, para. 1, OR). The Board of Directors wishes to prevent
net equity from falling below 50% and will therefore propose that
the par value of the shares be reduced from 50 to 32 francs at
the forthcoming ordinary Shareholders' Meeting. This pre-emptive
measure may be enough to obviate the need to convene an
extraordinary Shareholders' Meeting. It will also reduce the
discrepancy between the nominal value and the market value of
SWISS shares and bring tax benefits for the company.

Contract for new A340 with SR Technics

SWISS intends to outsource maintenance work on the new Airbus
A340-300 jets, which will join the fleet in June, to SR Technics.
This contract will supplement the existing maintenance contract
between SWISS and SR Technics for the Airbus A320s and A330s. The
contract will run for six years. Valuable synergies will be
captured by having all SWISS Airbus aircraft serviced by SR
Technics.

SR Technics looks after SWISS aircraft under a "Total Maintenance
Contract". This means it is responsible for all the technical
work on the cells, components and engines of the above jets.

SWISS modifies aircraft orders

SWISS is responding to the continuing crisis in the air transport
industry by modifying its current fleet renewal program.
Adjustments are being made to both the number of EMBRAER aircraft
ordered and the timetable for their delivery. At the same time,
however, SWISS has expressly confirmed its commitment to its
chosen fleet concept and its partner EMBRAER; and the aircraft
ordered remain a cornerstone of the company's future business
strategy.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


SWISS INTERNATIONAL: Posts CHF980 Million Loss for 2002
-------------------------------------------------------
SWISS generated total revenue of CHF 4278 million in 2002 and
sustained a loss of CHF 980 million. Overall, this result has
been negatively burdened by non-recurring exceptional expenditure
of CHF 322 million. With these non-recurring expenses excluded,
the loss for the year amounted to CHF 658 million.


SWISS is clearly focused on its core flight operations business:
no less than 98.8 per cent of its total operating revenue of CHF
4278 million was earned from scheduled passenger, charter and
cargo operations. And the majority of this - CHF 3630 million -
stemmed from scheduled passenger services. After a modest first
quarter, load factors rose substantially from April onwards
following the launch of SWISS and reached highly encouraging
levels, especially in the summer months. Traffic volumes remained
healthy through in October; but, despite reductions in capacity,
load factors for November and December were less than
satisfactory, especially on European routes. Declining yields -
average revenue per revenue seat-kilometre - were a further cause
for concern, though their impact was partially offset by higher
load factors.

Additional operating income of CHF 117 million

Alongside the total operating revenue of CHF 4278 million, a
further CHF 117 million in additional operating income was also
generated. CHF 107 million of this derived from the leasing-out
of aircraft, income from call centre activities, commissions on
ticket sales for other airlines and further income sources. Book
gains of CHF 10 million were also realised on disposals of
assets.

Cargo business generated operating revenue of CHF 421 million.
The cargo division also saw its operations enter a new dimension
from the second quarter onwards with the addition of widebody
transports to the aircraft fleet. Charter operations in 2002
produced total revenue of CHF 177 million. Other operating
revenue, which includes revenue from technical services performed
for other air carriers and from duty-free sales, amounted to CHF
50 million.

Fierce pricing competition among airlines

The reasons for the decline in yields are to be found in sizeable
market overcapacity, in the fierce pricing competition among
airlines and in the increased competition from no-frills
carriers. The proportion of Business Class passengers also fell,
as companies reduced their business travel volumes, often booking
in a lower class of travel. Customer spending was also markedly
more restrained in the vacation travel market.

The cost of materials, which includes fuel purchases, expenditure
on technical maintenance and the cost of inflight catering,
amounted to CHF 1309 million. The price of aviation fuel rose
steadily throughout 2002. But the impact on the profit and loss
account of the increases in this key cost item - fuel accounts
for some ten per cent of operating costs - was mitigated by
hedging transactions concluded at the beginning of the year. The
cost of services totalled CHF 1713 million. Regrettably, the year
saw rises in sizeable cost items here such as handling fees,
landing charges and air traffic control fees - items over which
SWISS has only limited influence or control. Commissions paid to
distribution partners also reached very high levels. Personnel
expenses amounted to CHF 983 million, while depreciation for the
year totalled CHF 323 million. The CHF 940 million in other
operating expenditure includes administration, advertising, IT
and insurance costs.

Results depressed by realignment costs

The company incurred some CHF 180 million in non-recurring costs
associated with its expansion from a European regional carrier to
an intercontinental airline and the introduction of the new SWISS
brand. These are included under expenditure in the profit and
loss account. These costs include management consultancy fees,
expenditure on IT systems, legal fees and other expenditure
items. They will not burden the profit and loss account in future
years.

Non-recurring exceptional expenditure

The difficulties currently being experienced in the air transport
sector also resulted in adverse aircraft value trends. The market
value of aircraft declined in the course of the year. The book
value of the regional aircraft fleet was adjusted to take account
of these developments, and special depreciation was effected on
Saab 2000 and Avro RJ85/100 aircraft. Impairment was also
effected on the Business Class lounge at EuroAirport Basel-
Mulhouse-Freiburg. The 2002 profit and loss account included a
total of CHF 107 million in exceptional value adjustments. A
further exceptional expense was incurred in relation to the
administration of the SAirGroup. The provisions already effected
for losses on receivables associated with the group's
administration were increased by a further CHF 35 million after
the court-appointed administrator contested a payment which
Swissair had made to Crossair in autumn 2001.

Sizeable loss in the first year of operations

Results from operating activities showed a loss of CHF 909
million after deductions of exceptional expenditure and non-
recurring costs. After a net financial loss of CHF 71 million and
income taxes and minority interests, the company posted a loss
for the year of CHF 980 million.

Investing in the launch of the airline

SWISS invested substantial funds in acquiring the fleet to launch
the new airline its aircraft fleet in the course of the year.
Seventeen medium-and long-haul aircraft were acquired on fully-
paid-out financial leases at the end of March to permit the
expansion of the route network, while a further 37 aircraft were
obtained on operating leases to the same end. Work also continued
on renewing the regional aircraft fleet, with the entry into
service of seven new Embraer 145s. And the renewal of the long-
haul fleet was initiated with the placement of an order for
twelve Airbus A340 jets. The extension to the Basel head-office
building, together with new parking and hangar facilities, is
proceeding according to plan.

Successful collaboration with financial partners

SWISS can look back on a successful year in terms of its
relations with its financing sources. December saw the conclusion
of a sale-and-leaseback agreement for seven Embraer 145s along
with a new aircraft pre-delivery facility worth a total of CHF
450 million. Capital increases by various cantons raised the
company 's share capital from CHF 2322 million to CHF 2627
million. All in all, CHF 2561 million of new equity flowed into
the company between December 2001 and November 2002 in connection
with its new strategic alignment. December 2002 saw core
shareholders (who account for over 90 per cent of total share
capital) agree to extend the existing lockup agreement until
August 2004.The extension ensures that SWISS can continue to
count on a stable shareholder base.


A balance sheet total of CHF 4668 million

The balance sheet total stood at CHF 4668 million at the end of
2002, a CHF 429 million increase on the prior-year figure. Fixed
assets accounted for 54.9 per cent of total assets. The aircraft
fleet is the biggest single tem here, with a current balance-
sheet value of CHF 2066 million. Cash, fixed- term deposits and
securities amounted to CHF 1256 million at year-end.
Shareholders' equity stood at CHF 1709 million following the loss
sustained for the year, giving an equity ratio of 36.6 per cent.

Outlook

In view of the difficult economic situation (especially in
Europe) and the current geopolitical uncertainties, which, by
their very nature, tend to have a strong effect on people's
travel behaviour, demand for air services is expected to be
modest at best in 2003. Revenues are also likely to suffer from
lingering global overcapacity - large parts of many airlines'
fleets have been mothballed but could be returned to traffic all
too easily - and from fierce pricing competition among air
carriers. Higher fuel prices also pose a substantial threat.
SWISS will be exercising strict cost management in 2003 - an
essential activity in today's tough air transport marketplace.
Programs to this end have already been launched, and the first
effects have already been felt.

In view of the economy's continuing poor health and the
fundamental crisis that is currently afflicting the air transport
sector all over the world, our objective of achieving a breakeven
result for 2003 cannot be maintained. With the revenue situation
uncertain in the extreme, it is currently impossible to make any
firm prediction of results for the year.

To see financials:
http://bankrupt.com/misc/Swiss_International.htm

CONTACT:  SWISS Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone:  +41 (0) 848 773 773
          Fax:  +41 61 582 35 54
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


SWISS INTERNATIONAL: Gives New Impetus to Its Regional Fleet
------------------------------------------------------------
A team of specialists from all of the SWISS Divisions will devote
itself to improving the regional fleet product over the coming
months. The areas to be examined under the "Regional Excellence"
project include Operations, Engineering and Marketing & Sales.

The SWISS regional fleet has been particularly hard hit by the
economic crisis in recent months. The reasons are many and
varied. Clear market positioning and an integrated strategy are
essential. Technical reliability will also have to be
significantly improved.

The SWISS executive management has therefore set up a competent
team whose mission will be "Regional Excellence".

Daniel Weder (Vice President Cabin Crews) has been appointed Head
of the "Regional Excellence" task force. He will manage the
project in close consultation with Bill Meaney (Chief Commercial
Officer) and Bj"rn N"f (Executive Vice President Product &
Services). The task force will be organised on an
interdisciplinary basis and will include representatives from
Operations, Crews, Product and Sales & Marketing. The aim is to
implement initial measures by early May. The project is limited
to six months maximum.

Daniel Weder, who already manages the Cabin Crews unit, will be
required to bring his full commitment to bear on leading the
"Regional Excellence" Task Force. He will therefore hand over the
management of the Iraq Task Force, having successfully set that
up over the past few weeks, to Bj"rn N"f, a member of the
Executive Management and representative of the Iraq Task Force
Steering Board. Bj"rn N"f will take over with immediate effect.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


SWISS LIFE: Streamlines Structures in Property Investment Sector
---------------------------------------------------------------
As a result of the new strategic direction pursued by the Swiss
Life Group, Swiss Life Property and Swiss Life Real Estate
Partners, both of which are active in real estate portfolio
management, the businesses will be merged. The merger will permit
the streamlining of portfolio management structures in the real
estate sector and the elimination of duplication. The
reorganization will involve the loss of ten jobs, which will be
achieved essentially through natural turnover and early
retirement.

Swiss Life has decided not to open up the group of real estate
investment companies known collectively as SWISSVILLE to third
parties, as was originally planned when it was founded in 2000.
This decision has been taken in the context of Swiss Life's
strategic realignment and the associated move to a more
conservative investment strategy. The importance of real estate
in the investment portfolio has risen sharply as a result of low
interest rates and the reduction in our equity exposure. Instead
of making the attractive real estate portfolio of the SWISSVILLE
companies (currently comprising 101 properties, including
building projects, and worth CHF 2 billion) available to third
parties within the framework of an investment company, it will
remain entirely in the hands of Swiss Life.

This decision entails the merger of Swiss Life Real Estate
Partners (SLREP), Zug, a 100% subsidiary of Swiss Life, with
Swiss Life's property unit in Zurich, along with the transfer of
SLREP's 24 members of staff to the restructured business area.
These changes will enable the company to simplify processes and
avoid duplication. The reorganisation involves the loss of ten
jobs, which will be achieved essentially through natural turnover
and early retirement.

Real estate and mortgages play an important role in Swiss Life's
investment portfolio. With a total of 45 000 rented properties,
including 24 000 apartments, Swiss Life is one of the largest
private property owners in Switzerland. The properties include
office buildings at prime locations in all parts of the country,
such as those belonging to the former Oscar Weber Holding (EPA
department stores). This latter acquisition by SWISSVILLE in the
summer of 2001 sustainably improved the structure of the real
estate portfolio.


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


AMEY PLC: Agrees on the Extension of Maintenance Contract
---------------------------------------------------------
Amey, the support services specialist, announces that it has
agreed the extension of the Exeter Infrastructure Maintenance
Contract and the Reading Infrastructure Maintenance Contract with
Network Rail.

The Exeter Infrastructure Maintenance Contract, covering the
railways in Devon and Cornwall, has been extended to April 2004.
The value of the extended contract is projected to be worth
around GBP25 million to Amey.

In January 2003, Amey and Network Rail announced an agreement in
principle to transfer the maintenance contract for the Reading
Area of the Great Western Zone to Network Rail at its expiry in
March 2003. As part of the transition process Amey has now agreed
an extension of the existing Reading Contract. Network Rail is
expected to fully take over the contract later in the year. The
Reading Infrastructure Maintenance Contract covers the main line
from Swindon and the West Country into London Paddington.

Mel Ewell, Amey's Chief Executive, commented:

"This announcement confirms Amey's commitment to consolidate its
position as a principal supplier to the Rail industry and
illustrates its close working relationship with Network Rail."

CONTACT:  Anthony Cardew/Nadja Vetter
          CardewChancery
          Phone: 020 7930 0777


BRITISH ENERGY: Faces Complaint for Getting Unfair Advantage
------------------------------------------------------------
Nuclear generator British Energy faces complaint from a unit of
German utility E.On AG for unfairly offering low power prices to
an industrial electricity customer.

Powergen has filed a complaint to the Department of Trade and
Industry that British Energy was getting an unfair advantage,
according to a source. The companies are competing for a very
large contract to supply an industrial consumer.

The government loan provided to British Energy is what allegedly
enables British Energy to offer lower prices, a move British
Energy denied.

The U.K. government bailed out British Energy last year with a
GBP650-million loan to avert a collapse forced by weak wholesale
electricity prices in the region.

"We refute the implication that British Energy has somehow been
behaving improperly in its direct sales activities," said a
British Energy spokesman adding that it lost the contract to
another bidder.

As for the report that one British Energy account executive sent
an e-mail message offering power below the wholesale market
price, the spokesman accepted that the move was "clumsy and
inappropriate."  The source refused to detail more of the content
of the message.

Powergen declined to comment on its move since as a spokeswoman
said, "any discussions between Powergen and the DTI are private."

British Energy has been trying to increase its share in the
industrial and commercial market for several months in a bid to
revive its commercial business.

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113


CABLE & WIRELESS: Settles Outstanding Corporation Tax
-----------------------------------------------------
Cable & Wireless announces on Tuesday that it has reached
agreement with the Inland Revenue to settle the Group's
outstanding U.K. Corporation Tax Affairs for the ten years up to
31 March 2001. This agreement involves the payment on Tuesday by
the Group of GBP380 million to the Inland Revenue in respect of
all previously unsettled matters for this period.

On January 13, 2003 Cable & Wireless paid GBP1.5 billion into
escrow for the benefit of T-Mobile Holdings Limited, a subsidiary
of Deutsche Telekom, pursuant to an obligation in a tax indemnity
given to Deutsche Telekom by Cable & Wireless at the time of the
disposal of One2One in October 1999. As a consequence of this
settlement with the Inland Revenue the Company expects the
release of the GBP1.5 billion currently held in escrow shortly.

Richard Lapthorne, Chairman of Cable & Wireless, said
"Establishing clarity over the Group's tax position was an
essential element in our planning for the future financial shape
of the Group. With the settlement in place and consequent
anticipated release of funds under escrow we now expect to have a
firm financial base for securing the future of the company".

CONTACT:  CABLE & WIRELESS
          Investor Relations
          Samantha Ashworth
          Phone: +44(0) 207 315 4460
          Caroline Stewart
          Phone: +44(0) 207 315 6225
          Virginia Porter
          Phone: +(1) 646 735 4211


CABLE & WIRELESS: Investors Advise Shut Down of Loss-making Unit
----------------------------------------------------------------
Investors are urging U.K. phone company Cable & Wireless to use
the extra money allotted for its tax liability to shut down its
loss-making unit Global.

Cable & Wireless allotted GBP1.5 billion for a possible tax
liability related to its disposal of mobile-phone company One2One
to Deutsche Telekom, but was only able to use GBP380 million to
settle the obligation on Tuesday.

Chairman Richard Lapthorne shouldn't pour more money into the
unit, Bloomberg reported, citing investors including Colin
Morton, who manages about GBP155 million at BWD Rensburg.

A reorganization of the Global would cost 800 million pounds this
year, the company has said.   Global had a loss before interest,
taxes, depreciation and amortization in the six months to
September 30 of GBP58 million.

The unit, which provides voice and data services to companies in
Europe and the U.S., suffered after excess capacity led to
plunging prices, and slowing economic growth prompted companies
to lower investment in telecommunications.

The extra amount means they won't run out of money this year,''
said Andrew Darley, an analyst at ING, "``But they still have to
execute the Global restructuring properly before they win back
investors' confidence,'' he added.


CARLTON COMMUNICATIONS: Chairman Updates Public of Developments
---------------------------------------------------------------
Carlton Communications Plc held its Annual General Meeting in
London Tuesday.

Michael Green, Chairman, said:

"The advertising market showed signs of improvement in the first
quarter of our current financial year, but, as we stated at our
year-end, we expected the following months to be challenging.

"Carlton's ITV1 advertising revenue for the first six months of
our current financial year is anticipated to be at a similar
level to last year.

"The benefit of Easter falls in our third quarter which has begun
well. However, the threat of war caused uncertainty amongst our
advertisers and it remains to be seen how they react to the
conflict.

"ITV1 saw an improvement in its autumn peak-time ratings which
has been carried through into this year. ITV1 is now more
attractive to advertisers.

"ITV2, ITV1's digital sister channel, enjoyed the highest year-
on-year growth in audience share of any UK channel in 2002 and is
becoming increasingly valued by advertisers.

"Carlton and Granada acquired ITN's 65% stake in the ITN News
Channel and relaunched it in October as the ITV News Channel.'

"ITV's three channels have delivered an overall peak-time share
of commercial audiences of 53% during the first five months of
our current financial year.

"U.K. cinema admissions were their highest for 30 years with
Carlton Screen Advertising - our market leading cinema
advertising business - now representing 2,200 screens and 63% of
all cinema admissions in the country. CSA's revenue is expected
to show a healthy increase and we continue to develop our screen
advertising businesses in North America and Europe.

"Carlton International is expanding its client base, licensing
programs for leading independent producers. Thunderbirds, the
movie, went into production this month - licensed by Carlton. Our
Rudy Giuliani film, starring James Wood, will play on the USA
Network in America in a few days time. Carlton has licensed four
of the UK's top five exported shows over the last five years.'

Michael Green continued:

"We are focused on managing our business through an uncertain
period, reducing costs, working towards the merger with Granada
and building one of the largest commercial broadcasters in
Europe. Sir Brian Pitman, who joined the Board in 1998, has been
appointed senior non-executive director.

"The merger is with the Competition Commission, which will report
on June 25.

"The benefits of a consolidated ITV are clear. Shareholders will
see greater efficiency, lower costs and more ability to exploit
growth opportunities.

"Viewers will benefit from a stronger programme schedule, as will
advertisers with improved audience share and commercial impacts.

"The merger will not affect the competition for viewers. ITV is
already one network and advertisers follow viewers and viewers
follow programs. We look forward to working with the Competition
Commission over the coming months."

This document is not an offer of securities for sale in the
United States.

Securities may not be offered or sold in the United States absent
registration or an exemption from registration.

                     *****

Carlton Communications posted a full-year loss of GBP156 million,
including a GBP98.8 million loss from failed ITV Digital venture
last year.  The figure is down from losses of GBP390 million a
year ago.

CONTACT:  CARLTON COMMUNICATIONS
          Peter Rushton
          Phone: 020 7663 6363


INDIGOVISION GROUP: Resolution to Return Cash Passed
----------------------------------------------------
IndigoVision Group PLC announces that at the Extraordinary
General Meeting of the Company held earlier Tuesday, shareholders
passed all of the resolutions proposed, including those relating
to the proposed return of 17p per share to shareholders
(representing in excess of GBP 11.6 million in aggregate).  The
return is being structured as a Court approved reduction of share
capital and share premium account and is to be accompanied by a
share consolidation, as detailed in the circular sent to
shareholders on February 28, 2003.

The return is conditional on the approval of the Court of Session
and the Company will now proceed to apply to the Court for
confirmation of the return.

Subject to Court confirmation, monies are expected to be sent to
qualifying shareholders prior to the end of May 2003, although
the exact date will depend on the timetable of the Court.  The
Record Date for the return will be announced in due course.

A copy of the resolutions passed at the Extraordinary General
Meeting has been submitted to the U.K. Listing Authority for
publication on its Document Viewing Facility.

                     *****

In December, TCR-EU wrote: Technology firm IndigoVision would
like to give back GBP11 million to shareholders, although a good
offer for a takeover may yet persuade the company to reconsider.

Bridgewell Securities analyst Richard Lucas said: "There's
clearly been quite a bit of shareholder pressure to release some
of the cash. This should help defend themselves against a
takeover."  The GBP11 million equates to about 16 p per share.

The struggling Edinburg technology is currently a takeover target
after being hit by the slump in the technology stock.

CONTACT:  INDIGOVISION
          Oliver Vellacott (CEO)
          Phone: + 44 (0)131 475 7200

          FINANCIAL DYNAMICS
          James Melville-Ross/Juliet Clarke
          Phone: + 44 (0)207 831 3113


MACFARLANE GROUP: Ready to Deliver Benefits of Restructuring
------------------------------------------------------------
-- Pre-exceptional losses of GBP2.4m and net exceptional items of
GBP3.3m, give a loss before taxation of GBP5.7m

-- Final dividend maintained at 3.20p per share, giving full year
dividend of 5.00p as in 2001

-- Cash restructuring costs of GBP1.6m and exceptional property
cost of GBP0.7m incurred to streamline the business

-- Assets gains of GBP2.3m generated GBP8.5m cash, with GBP12.0m
cash generation from asset disposals expected 2003/04

-- 11 of the 15 regional sites now fully operational with the
remainder due to complete in 2003

-- Completed sites demonstrate readiness to benefit from the
strategy and create a platform for growth

Sir John Ward, Chairman of Macfarlane Group PLC, today said:

'Macfarlane Group's 2002 results reflect the ongoing transition
within our distribution business, which will conclude in 2003.
Recently issued economic statistics, identifying lower levels of
activity in the manufacturing sector in the first two months of
this year, are confirmed by our activity levels. The difficult
market conditions, referred to in my previous statements,
continue with no indication of improvements in the short-term.
Management effort continues to focus on the transition programme
to change fundamentally the shape and scope of our business,
enabling the Group to provide best in class service to all our
customers whilst at the same time seeking reductions in overheads
to right-size our cost structure to match prevailing levels of
activity. The majority of this program is now completed and the
teams in our new locations are now ready and eager to deliver the
expected benefits.

Your Board remains fully committed to the strategic direction
which will see the replacement of over 45 trading branches and
manufacturing sites with the creation of a national network of
15, state-of-the-art, regional distribution centers coupled with
two manufacturing centers of excellence, providing a solid
platform for future growth. Although we made the expected
progress towards our objectives in the second half of the year,
with 11 of the 15 locations now fully operational and our new
management information system in place at all UK locations, the
transition has taken longer to achieve and caused greater costs
and disruption in the business than originally envisaged, with a
consequent impact on results. Consolidation at four remaining
locations, originally scheduled in 2002, will now take place in
2003. The considerable dislocation of the business, which is
inevitable during a program of such magnitude, is now starting to
recede enabling our staff to focus on increasing market share. As
announced last October the Chief Executive will continue to focus
on the recovery in the Distribution business. The Board has now
initiated a process to recruit a Chief Operating Officer with
wide business experience, who should have
the potential to become Chief Executive.

As I have stated previously, this is a bold and challenging
realignment of our business, particularly in the current economic
climate. The program will complete this year with further
disposals of surplus properties continuing to deliver cash and
earnings to support the costs of the transition. As reported in
previous statements, although the benefits are taking longer to
achieve than originally envisaged, your Board remains confident
that Macfarlane Group can secure a strong market position,
particularly once the trading cycle starts to show signs of
improvement. We are not relying on the economy to make any
recovery in 2003 and consequently we are cautious in terms of the
immediate trading outlook, nevertheless your Board expects to
make further progress streamlining the business in the current
year.'

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

CONTACT:  MACFARLANE GROUP
          Sir John Ward, Chairman
          Phone: 0141 333 9666
          Iain Duffin, Chief Executive
          Phone: 0141 333 9666
          John Love, Finance Director
          Phone: 0141 333 9666


MELROSE RESOURCES Rights Issue Taken Up, Proceeds to Lower Debt
---------------------------------------------------------------
Melrose Resources plc, the oil and gas exploration and production
company with interests in Bulgaria, Egypt and the USA, on Tuesday
announced that, by 3.00 p.m. on March 24, 2003, the latest time
and date for acceptance and payment in full for new
Ordinary Shares under the terms of the 19 for 11 Rights Issue
announced on January 30, 2003, valid acceptances had been
received in respect of 24,671,237 new Ordinary Shares,
representing approximately 87.1% of the total number of new
Ordinary Shares offered to shareholders.

A further 2,946,000 new Ordinary Shares have been placed at 50
pence per share by Seymour Pierce on behalf of the Company in
respect of new Ordinary Shares not taken up under the Rights
Issue. In aggregate, 97.5% of the new Ordinary Shares offered in
the Rights Issue have been subscribed for.

Total proceeds of the Rights Issue of GBP13.8 million will be
used to repay indebtedness and for working capital purposes.
Definitive share certificates are expected to be dispatched by
March 31, 2003.

Terms in this announcement shall bear the same meaning, unless
the context otherwise requires, as defined in the Prospectus
dated January 29, 2003 in respect of the Rights Issue.

CONTACT:  MELROSE RESOURCES PLC
          David Curry, Chief Executive
          Phone: 0131 225 6678
          Chris Thomas, Corporate Development Director
          Phone: 0207 462 1600

          Noble & Company Limited
          Alasdair Robinson
          Phone; 0131 225 9677

          Binns & Co PR Limited
          Judith Parry/Sophie Morton
          Phone: 0113 242 1171


WESTON MEDICAL: Founder Hopes for a Better Sell-off Price
---------------------------------------------------------
The founder of Weston Medical hopes that should the company be
sold it would be valued more than the equivalent market
capitalization it had when its shares were suspended from trading
in February.

Terry Weston, the inventor of Weston Medical's IntraJect device
said: "In view of the promising clinical trials results, which
the administrator, KPMG, announced last week, the company must be
valued at more than the closing price and it will be interesting
to see if the administrators recognize that fact."

Mr. Weston, who valued the company under administration at GBP100
million, expressed fears that it may be sold for just GBP3
million, or 3% of its value.  Shares in Weston Medical were at
2.5 p during its suspension.

Weston Medical went into trouble when it admitted in September it
would have to delay the launch of its device.  It finally
collapsed into administration when investors 3i, Phildrew
Ventures and Nomura withdrew from discussions on an emergency
GBP10 million fundraising, after the group ran out of cash.

He was also concerned that the 10% deposit required for potential
bidders are damping interest.

But Jane Moriarty, administrator for KPMG, maintained that this
requirement was "standard practice for KPMG."  She explained tht
the sum will be refunded to unsuccessful bidders, but will not be
returned to the successful bidder.

Weston Medical's U.S. rival Bioject, The Technology Partnership,
and Don Greaves, former managing director of Courtaulds Rigid
Packaging, Europe and the USA, are believed to be interested in
the business.

Mr. Greaves is understood to have put up a financing to buy the
company and pay GBP15 million to GBP20 million to finance it
until production could begin.




* War Brings Further Uncertainty for Europe's Airport Operators
------------------------------------------------------------------
According to a research study published recently by Standard &
Poor's Ratings Services, the outbreak of war in Iraq could
threaten the credit quality of European airport operators over
the medium term.

"For the second time in two years, Europe's airport operators
will likely face potentially significant disruptions in passenger
traffic levels, at a time when a full recovery has yet to
materialize following the events of Sept. 11, 2001," said Jan
Plantagie, a credit analyst and director at Standard & Poor's
Infrastructure Ratings Europe.

"To date, the only direct rating action arising from the current
hostilities has been the lowering of the long-term corporate
credit rating on Aeroporti di Roma SpA (AdR; BBB+/Stable/A-2) to
'BBB+' from 'A-' on March 21, 2003. Nevertheless, similar actions
or a change in outlook on other rated European airport operators
cannot be ruled out, although any further downgrades are expected
to be restricted to a single notch," he continued.

Rated European airports have shown resilience to major shocks.
Furthermore, management actions since Sept. 11, 2001, have been
constructive: most airports have successfully reduced costs,
increased charges, effectively administered their investment
program, and continued to manage their conservative balance
sheets. In addition, airport operators are at present well
financed.

The current hostilities, however, introduce several additional
factors, namely:

-- The likely disruption to passenger traffic to and from the
U.S., and possibly other long-distance destinations, as a result
the war in Iraq and the threat of (or actual) terrorist attacks
that could negatively affect passenger confidence.

-- Uncertainty with regards to the credit quality of airlines,
and charter airlines in particular, during and after the war in
Iraq.

-- The operators' ability to further reduce costs from levels
that existed prior to Sept. 11, 2001, which could be limited
given the increased costs arising from additional security
measures.

Passenger traffic disruption due to the current hostilities could
be considerable. Looking back over the first four months
following the start of the Gulf War in 1991 and also after Sept.
11, 2001, airport traffic declined on average by 12% and 11%,
respectively. With traffic already weak in 2003 because of the
general economic slowdown, it remains to be seen whether these
patterns will be repeated following the outbreak of war in Iraq.

Existing ratings incorporate the expectation that airports will
maintain their respective business profiles and achieving a
target financial profile over the next three years. The ratings
factor in stress scenarios based on either the Gulf War or the
events of Sept. 11, 2001. Given that airports are now faced with
a second stress scenario without having fully recovered from the
previous stress scenario, the key concern for Standard & Poor's
focuses on the airports' ability to absorb the financial
consequences.


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

       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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                  * * * End of Transmission * * *