---

            T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Tuesday, April 15, 2003, Vol. 4, No. 74


                              Headlines

C Z E C H   R E P U B L I C

UNION BANKA: Remains Could Generate Up to CZK11 Billion


F I N L A N D

BENEFON OYJ: Warns of Bankruptcy on Failure to Strike Deal
NOKIA NETWORKS: To Downsize Research and Development Unit


F R A N C E

FRANCE TELECOM: Rights Offering Reached EUR15 Billion Mark


G E R M A N Y

ALLIANZ AG: Sets Subscription Price for New Shares at EUR38
MOBILCOM AG: Freenet Completes Takeover Of Fixed-Line Business


H U N G A R Y

MALEV HUNGARIAN: Cancels Flights Due to General Travel Downturn


L U X E M B O U R G

MILLICOM INTERNATIONAL: Plans to Amend Terms of Exchange Offer


N E T H E R L A N D S

JOMED N.V.: Shareholders Consortium Plans to Provide Loan
KLM ROYAL: Completes Sale of British Budget Airline to Ryanair
KONINKLIJKE AHOLD: Plans to Delay Submission of Annual Accounts


P O L A N D

NETIA HOLDINGS: Announces Board Changes, Strategic Plan Approval


S W E D E N

SAS GROUP: Rival Threatens to Report Cutthroat Prices to EU
SAS GROUP: Moody's Downgrades Senior Unsecured Debt Ratings


S W I T Z E R L A N D

CLARIANT AG: Shareholders Approve All Proposals at Meeting
SAIRGROUP FINANCE: Interim Payment to Creditors Set Tuesday
SWISS INTERNATIONAL: Board to Propose Two New Members in AGM


U N I T E D   K I N G D O M

ABERDEEN ASSET: Another Trust Succumbs to Crisis in Sector
ADAPTIVE VENTURE: Cancels AIM Trading Facility to Cut Costs
AQUILA INC.: Ratings Down to `B', Proposed Facility at `B+'
AQUILA INC.: Fitch Assigns Secured Bank Facility of 'B+'
AQUILA INC.: Announces Completion of New Refinancing Agreement

BAE SYSTEMS: Union Denies Reaching Deal Over Pension Fund Gap
BIG FOOD: Makes Steady Progress Despite Sluggishness in Market
BRITISH AIRWAYS: Union to Assess Support for Industrial Action
BRITISH AIRWAYS: Flights Canceled Due to Strike Action
CORUS GROUP: Bondholders Propose a Scheme to Recover Interest

IMPERIAL CHEMICAL: Chitwood & Harley Lodges Fraud Lawsuit
MOTOROLA: Closes East Coast Plant Ahead of Political Elections
ROYAL & SUNALLIANCE: Moody's Plans to Review Capital Position
SEYMOUR PIERCE: Disposes Investment Banking, Director Resigns
TADPOLE TECHNOLOGY: Share Subscription Reaches GBP660,000

THOMAS POTTS Advises Public Regarding Cancellation of Listing
WORLD SPORTS: Considers Options, Postpones General Meeting

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


UNION BANKA: Remains Could Generate Up to CZK11 Billion
-------------------------------------------------------
Liquidation of the remains of failed Ostrava-based Union Banka
could bring between CZK8 billion to EUR11 billion, according to
weekly Euro.

The valuation is based on the CZK8.8 billion net liquidation
worth of UB on the day it closed its branches, auditor HZ Praha
said.

UB's former head Roman Mentlik appointed the auditors for the
evaluation in the instant the Czech National Bank decided to
revoke UB's banking license, which actually happened last month.
The report indicated that that net book value of the bank's
assets was nearly CZK21 billion.

Euro said there is still a chance for UB's majority owner
Investmart and consulting firm Goldman Sachs to make money on the
transaction since the regional court in Ostrava asked UB to take
a stance on the bankruptcy petitions by April 15.

This gives the bank and its clients time to decide whether to
settle or just declare the company bankrupt.

In settlement, clients are entitled to 30% of their claims on the
bank, while they would get only 15% in bankruptcy.

A total of 19 petitions have been registered in the regional
court, filed by relatively smaller creditors and the Deposit
Insurance Fund, which registered claims worth Kc12.3 billion.

CONTACT:  UNION BANKA
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          Home Page: http://www.union.cz
          E-mail: union@union.cz



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


BENEFON OYJ: Warns of Bankruptcy on Failure to Strike Deal
----------------------------------------------------------
As informed in a bulletin on Friday, April 4, 2003 Benefon Oyj
announces that it has not by 16:30 Friday received payment from
Dr. Philippe Frangie for his share subscription. Dr. Frangie has
committed to pay his approximately 12 Meuros share subscription
latest on Friday, April 11, 2003.

Should the payment by Dr. Frangie not be received today [Friday],
the company will clarify next week the possibilities of finding a
credible and realizable funding solution by Dr. Frangie or NRJ
International. If no credible and realizable funding solution can
be created and if no other agreement can be reached with the
banks and the creditors, the company will need to file for
bankruptcy.

As reported in April 7, 2003, the company received from NRJ
International LLC a new funding offer, which has been studied
during this week. In the renewed offer by NRJI, there are certain
problematic parts mainly related with the timing of the offered
funding. Benefon has today provided NRJI with a counter-offer
which, regarding the amount of the funding and other main terms,
is in compliance with the new offer by NRJI and with the amount
needed by the company but where the company has proposed a
shorter timeline in compliance with the real needs of the company
in critical financing situation. In the provided counter-offer,
the company has emphasized its readiness to comply with the other
terms and conditions of the new offer by NRJI within the
applicable laws and regulations but pointed out the restricted
timeline for the funding solution set by the situation of the
company.

Without immediate additional funding, the cashflow of the company
would enable continuation of the operations for up to 1 to 3
weeks providing the compliance of the creditors and a credible
and realizable funding solution in sight. The current liabilities
of the company are about 16 Meuros, substantial part of it due to
the creditors.

In the recent weeks, the company has been able to maintain the
operations and serving the customers, manufacturing and
delivering the products and pursue the R&D programs needed for
near term sales. The uncertainty of the situation of the company
has naturally retarded the sales.

The core business of Benefon Oyj is to provide mobile telematics
terminals, solutions and services for saving lives, securing
assets and improving field management.

Benefon mobile telematics solutions comprise a range of terminals
as well as software products and services complementing them. The
terminal products range covers hand-held applications as well as
vehicle, M2M and asset tracking applications. Key technologies
underlying the Benefon mobile telematics solutions include mobile
location, mobile telecommunication and information technology.

Software products currently include products for application
development and map management. A tracking solution targeted at
businesses and integrators is planned to be launched.

The Company still sells legacy NMT and GSM mobile phones.
Especially the Benefon Exion NMT450 handset is estimated to
remain in production for a number of years.

The Company has sales operations in Finland (Turku), Russia
(Moscow) and France (Paris). The distributor network extends over
around 30 countries in Europe, Asia, Oceania, Africa and the
Americas. Target customer categories include enterprises,
authorities, integrators, service providers and distributors.
Application areas of Benefon's products include police forces,
social assistance, military, security companies, transportation
and logistics, lone worker protection, telemedicine, and animal
tracking.


NOKIA NETWORKS: To Downsize Research and Development Unit
---------------------------------------------------------
The worldwide downsizing of Nokia Networks' production will
mainly affect the company's research and development unit in the
Helsinki region, Tampere, Oulu, and Jyvaskyla.

The jobs of more than 500 research and development engineers and
some 300 production staff along with some 700 employees in the
United States, Germany and Italy are set to be axed as part of
the plan.  The redundancies will also affect sales, marketing,
and administrative personnel.

The job cuts follow the company's announcement in March that its
network arm continues to suffer from the weak demand in the
global mobile network business, and that its operating income in
the first quarter will be clearly negative.

The news surprised shop stewards who maintained the future of the
company and its competitiveness depends on its internal product
development.  The majority of Nokia's research and development
takes place in Finland.

Finnish employees are expressing their protest against the
dismissals by encouraging one another to refuse to work overtime.

According to Helsingin Sanomat, employee representatives hope the
move will spur Nokia to relocate employees within the group.

Nokia Networks President Sari Baldauf, who took job cuts as a
last recourse, assured there will be no more dismissals within
the network unit.

While investors consider the move a wise decision, it nonetheless
gave investors an idea that the company's trouble could be deeper
than perceived.

Nokia Networks currently employs 17,000, half of whom work in
Finland.

CONTACT:  NOKIA
          Investor Relations Europe Main Office
          P.O. Box 226, FIN-00045 NOKIA GROUP, Finland
          Phone: +358 7180 342 89
          Fax: +358 7180 387 87

          Mr. Antti Raikkonen
          Director Investor Relations
          P.O. Box 226, FIN-00045 NOKIA GROUP, Finland
          Phone: +358 7180 342 90
          Fax: +358 7180 387 87
          E-mail: investor.relations@nokia.com



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


FRANCE TELECOM: Rights Offering Reached EUR15 Billion Mark
----------------------------------------------------------
France Telecom raised EUR15 billion (US$16.2 million) for the
69.6 million shares it sold to new investors.  Existing
shareholders, including the government, bought 94% of the stock
available.

New investors paid EUR19 a share, while existing shareholders
bought shares at EUR14.50 apiece, according to Chief Financial
Officer Michel Combes.

Chief Executive Officer Thierry Breton will use proceeds of the
offering to trim down the phone company's EUR68 billion debt by
40% before the end of 2005.

The rights offering is part of his three-part plan that also
included refinancing EUR15 billion of debt and saving EUR15
billion in costs.  It will see about two-thirds of France Telecom
shares being controlled by foreign investors, mainly U.K. and
U.S. money managers, Mr. Combes said.

The new shares will start trading on April 16.

Mr. Combes told journalists during a conference call: ``France
Telecom has regained investors' confidence and is back to
business.''

Terry Nguyen, an analyst with Wargny, who rates the stock
``hold'' and did not recommend buying shares, considers the move
as "one more step in the right direction."

He nonetheless insists on seeing cost cuts, saying "much needs to
be done there."



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


ALLIANZ AG: Sets Subscription Price for New Shares at EUR38
-----------------------------------------------------------
With the approval of the supervisory board, the board of
management of Allianz AG set the subscription price for the new
shares that will be offered to shareholders within the framework
of the rights offering at 38 Euros per share.

Due to the positive market reception the total volume of the
rights offering has been increased from initially 3.5 to 4.0
billion Euros to about 4.4 billion Euros. As already announced on
March 20, 2003, Allianz intends to raise a total volume of 5
billion Euros. This represents a discount of about 41 percent,
based on the closing price of the Allianz share on March 19, 2003
(64.80 Euros), the day prior to the announcement of the capital
measures. Compared to the closing price of April 11, 2003 (56.95
Euros) the discount is about 33 percent. The subscription price
for the new profit participation certificates has been set at
59.20 Euros. The syndicate banks have agreed to underwrite the
rights issue, subject to customary terms and conditions, at the
subscription price.

Allianz has already announced that shareholders will be issued
rights to subscribe to 7 new Allianz shares with dividend
entitlement for the fiscal year 2003 for each 15 existing Allianz
shares. The holders of profit participation rights will also be
issued rights to subscribe to new profit participation
certificates at a ratio of 15:7. The subscription period for new
Allianz shares and profit participation certificates will start
on April 15, 2003 and is expected to end on April 29, 2003. In
the time period starting April 15 up to and including April 25,
2003 the subscription rights will be traded on the stock
exchange. During the trading period of the subscription rights,
Allianz shareholders and holders of profit participation
certificates can also buy or sell partial subscription rights on
the stock exchange. Therefore it will be possible to acquire
rights to subscribe for a single new Allianz share or Allianz
profit participation certificate. New shares and profit
participation certificates will be available for Allianz
shareholders and holders of profit participation certificates
after the subscription period has ended, but at the earliest from
April 30, 2003.


MOBILCOM AG: Freenet Completes Takeover Of Fixed-Line Business
--------------------------------------------------------------
-- Economic transfer effective April 1, 2003
-- freenet.de expects radical leap in revenues
-- Entry into the telephony business with discount 01024 and
01019

Freenet.de AG, Germany's second-biggest online service, and
mobilcom AG have finalized their contract to transfer mobilcom's
fixed-line business. The transfer will be retroactively effective
as of April 01, 2003. It is subject to reversal should mobilcom
AG's lending banks and guarantors fail to approve it. The
purchase price for mobilcom's fixed-line business division
amounts to Euro 35 million. Due to its ability to offer Internet,
telephony and DSL from a single source, freenet.de will now
become a full-service telecommunications provider.

To boost its competitiveness, freenet.de AG will be investing
approx. Euro 25 million in network extension over the next 12 to
18 months. For 2004, the first full business year following the
takeover, freenet.de AG expects revenues to exceed Euro 600
million and over Euro 75 million in earnings before interest,
taxes and depreciation/amortization (EBITDA).

"Our purchase of the fixed-line division is a quantum leap in our
company's development. The volume of sales and the earnings
prospects will multiply thanks to the fixed-line business
takeover," declared freenet.de AG CEO Eckhard Spoerr.



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


MALEV HUNGARIAN: Cancels Flights Due to General Travel Downturn
---------------------------------------------------------------
Malev Hungarian Airlines cancelled several flights as the
conflict in Iraq and the threat of SARS virus dampened general
interest in traveling by plane.

The airline suspended one flight to New York and two flights to
Toronto for the months of April, and a further five flights to
New York in May.

The move follows current trend for airlines operating flights to
the Mediterranean-, North-American- and the Far-Eastern regions.

APV owns 97% of the Hungarian national carrier, which posted
losses of USD26.5 million in 2001 and expects to have losses of
about USD8.5 million in 2002.

CONTACT:  MALEV HUNGARIAN AIRLINES
          D�sseldorfer Stra�e 19-23
          60329 Frankfurt am Main
          Phone: +49-(0) 69-23 85 80-0
          Fax: +49-(0) 69-23 85 80-10



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


MILLICOM INTERNATIONAL: Plans to Amend Terms of Exchange Offer
--------------------------------------------------------------
Millicom International Cellular S.A., the global
telecommunications investor, announces that it is extending the
private exchange offer and consent solicitation to holders of 13-
1/2% Senior Subordinated Discount Notes due 2006, or the "Old
Notes", who are not U.S. persons, or who are U.S. persons that
are either "qualified institutional buyers" or institutional
"accredited investors" (as each of those terms are defined under
the Securities Act of 1933, as amended) and who can make the
representations to exchange, upon the terms and subject to the
conditions set forth in the private offering documents, until
5:00 p.m. New York City time on April 16, 2003, unless further
extended by Millicom.

The rights of withdrawal for those bondholders who have already
tendered their acceptance to the exchange offer and consent
solicitation shall continue until the new expiration date in
accordance with the terms of the private offering documents.
Millicom also announces that the commitments it has received from
approximately 50% of the holders of the Old Notes to exchange
their Old Notes for new securities in the ongoing private
exchange offer under certain revised terms have become binding on
such holders and are no longer subject to the satisfactory
completion of a due diligence review.  Subject to the remaining
members of the ad hoc committee of holders of Old Notes
(representing an additional 18% of the holders of the Old Notes)
entering into similar binding commitments (no later than April
16, 2003) to tender their Old Notes, Millicom has agreed to amend
the terms of the ongoing private exchange offer and circulate the
related private offering documents under the proposed revised
terms described below.  Millicom can make the exchange offer on
these or any other amended terms at any time.

If the ongoing private exchange offer is amended and subject to
the satisfaction of applicable conditions precedent, Holders of
the Old Notes who tender their Old Notes would receive for each
$1,000 of Old Notes validly tendered $720 of Millicom's newly
issued 11% Senior Notes due 2006, or the "11% Notes", and $81.7
of Millicom's newly issued 2% Senior Convertible PIK (payment in
kind) Notes due 2006, or the "2% Notes," both maturing June 1,
2006 (which, when issued, could result in a maximum dilution to
existing Millicom stockholders of approximately 30%, assuming no
issuance of PIK notes in lieu of cash interest).  The 11% Notes
would have the right to receive semi-annual amortization payments
due June 1, 2004, December 1, 2004, June 1, 2005 and December 1,
2005.  The 2% Notes would be convertible into Millicom's common
stock at a conversion price of $10.75 per share (taking into
consideration Millicom's recent reverse stock split).  At
maturity or upon redemption, Millicom would have the right to, at
its option, in whole or in part, pay the then outstanding
principal amount of the 2% Notes, plus accrued and unpaid
interest thereon, in cash or in shares of its common stock.
Millicom International Operations B.V., a wholly owned subsidiary
of Millicom, would irrevocably and unconditionally guarantee the
11% Notes and 2% Notes.  Millicom would continue to solicit
consents to certain amendments to the indenture under which the
Old Notes were issued.  For each $1,000 of Old Notes who validly
deliver a consent and are entitled to vote, Millicom would pay a
cash fee of $50, provided that at least a majority of the holders
of Old Notes so consent.

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

Millicom's securities referred to herein, if and when offered,
will not have been registered under the Securities Act of 1933,
as amended, and such securities may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries.  Millicom's cellular
operations have a combined population under license (excluding
Tele2) of approximately 369 million people.  In addition,
Millicom provides high-speed wireless data services in seven
countries.  Millicom also has a 6.8% interest in Tele2 AB, the
leading alternative pan-European telecommunications company
offering fixed and mobile telephony, data network and Internet
services to over 16 million customers in 21 countries.
Millicom's shares are traded on the Nasdaq Stock Market under the
symbol MICC.

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

           SHARED VALUE LTD, LONDON
           Andrew Best
           Phone: +44 20 7321 5022



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


JOMED N.V.: Shareholders Consortium Plans to Provide Loan
---------------------------------------------------------
-- Shareholder consortium intends to provide loan with attached
warrants of EUR 55m to JOMED N.V.

-- Creditors appeal against Amsterdam Court's 2 April decision

-- Request to install a creditors commit

JOMED N.V., a medical technology company incorporated in the
Netherlands and listed on the SWX Swiss Exchange on Friday
announced that it has signed the principal terms and conditions
of a senior loan to JOMED N.V. available as of May 2, 2003. The
loan, which is offered through a consortium of JOMED's existing
shareholders and is subject to the approval of JOMED N.V.'s
shareholders, extends to EUR 55m and has warrants attached,
granting rights to shares in JOMED N.V. The Amsterdam Court of
Appeal will on April 15, 2003, handle the admissibility of the
appeal against the decision of April 2, The Amsterdam District
Court will in a hearing on April 16, decide on the request of
certain creditors to install a creditors committee.


Today [Friday], JOMED N.V. announced that Schweizerische
Gesellschaft fur Aktienhandel und Research AG (SGA) arranged a
consortium consisting of Swiss, European and American entities
that together already hold a majority of the shares in JOMED
N.V., which signed a letter of intent for an 8%, 2 year- senior
loan with attached warrants to JOMED N.V. in the amount of EUR
55m. The senior loan will be secured by shareholdings in JOMED
N.V.'s subsidiaries and its material assets. It will be split
into certificates of EUR 100'000 each. Each certificate has
20'000 warrants attached to it. Each warrant shall grant the
right to subscribe at any time after the shareholder approval for
one share in JOMED N.V. at CHF 6 per share.

The loan is intended to repay all bondholders as well as the
banks and other creditors. The loan is conditional upon
satisfactory due diligence as well as agreement between the US
bondholders and JOMED N.V. regarding the settlement of the claims
of these bondholders at acceptable terms. Furthermore, JOMED N.V.
shareholders will have to approve the transaction at an
extraordinary general meeting, late April in Amsterdam.

Subject to the termination of the suspension of payments granted
to JOMED N.V., the funds shall be available as of May 2, 2003,
which is the same day as the planned next hearing before the
Amsterdam District Court mentioned above.

The April 2 Amsterdam District Court decision to postpone the
voting on the conversion of the currently preliminary suspension
of payments into a definitive suspension of payments until Friday
May 2, 2003 has been appealed by some of the larger creditors.
The admissibility of the appeal will be handled by the Court of
Appeals on April 15, 2003. If admissible, the appeal as regards
content will be handled by the Court of Appeals at a later date.

A request for a creditor's committee has been submitted to the
Amsterdam District Court. The District Court will consider the
request on April 16, 2003.

Earlier this week, two of JOMED N.V.'s subsidiaries raised EUR 5m
for their operation from an external lender. This secured loan
will be repaid once the EUR 55m loan is in place. The parent
company, JOMED N.V., has another EUR 15m available since its sale
of the Mitral Valve Repair System to Edwards Lifesciences in
February this year.

JOMED N.V. is continuing discussions with other parties regarding
a sale of assets in the company.

JOMED in brief
JOMED is the leading European developer and manufacturer of
products for minimally invasive vascular intervention. It
currently provides a range of over 2,000 products in over 70
countries. JOMED's shares are listed on the main segment of the
SWX Swiss Exchange (SWX: JOM). For more information, please visit
http://www.jomed.com

CONTACT:  JOMED N.V.
          Jorgen Peterson, Acting CEO
          Phone: +46 42 490 6014

          Lars-Johan Cederbrant, Acting CFO
          Phone: +46 42 490 6048


KLM ROYAL: Completes Sale of British Budget Airline to Ryanair
--------------------------------------------------------------
KLM Royal Dutch Airlines on Friday announced that it has
completed the sale of buzz to Ryanair.

Effective April 11, 2003, the activities of buzz will be formally
transferred to Ryanair. The transaction will be included in KLM's
results for the 2002/03 fiscal year.

                     *****

KLM agreed last month to sell its low cost subsidiary Buzz to
Ryanair after a strategic review of the business in light of the
increasing competition in the European low cost sector.

It also recently announced it is taking further measures to
"effect a direct improvements in results" due to the adverse
effects on transport brought by the crisis in Iraq and the SARS
virus.

CONTACT:  KLM ROYAL DUTCH AIRLINES
          Amsterdamseweg 55
          1182GP Amstelveen, The Netherlands
          Phone: +31-20-649-9123
          Fax: +31-20-648-8069
          Homepage: http://www.klm.nl
          Contacts: Floris A. Maljers, Chairman
                    Leo M. van Wijk, President


KONINKLIJKE AHOLD: Plans to Delay Submission of Annual Accounts
---------------------------------------------------------------
The Supervisory Board of Ahold confirmed it will convene a
General Meeting of Shareholders on May 13, 2003.

As provided for under Section 37.2 of the Company's Articles of
Association, at the General Meeting the Company will request an
extension of the May 29, 2003 deadline for the completion of its
annual accounts for fiscal year 2002.

The Company will request a six-month extension, although Ahold
intends to complete the audited consolidated financial statements
by June 30, 2003, as required under its credit facility announced
on February 24, 2003. Other items to be voted on include the
appointment of Dudley Eustace to the Ahold Corporate Executive
Board and the appointment of Jan Hommen to the Ahold Supervisory
Board.

Dudley Eustace has been acting as interim Chief Financial Officer
since March 11, 2003. Ahold announced on February 27, 2003 its
intention to appoint Jan Hommen, currently Finance Director of
Royal Philips.

The venue for the Ahold shareholders' meeting will be the Fortis
Circustheater in The Hague. The meeting will start at 3:00 p.m.
CET.

All further details will be announced through the appropriate
publications on or about April 15, 2003.

CONTACT:  KONINKLIJKE AHOLD
          Ahold Corporate Communications
          Phone: +31.75.659.5720
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02
          Home Page: http://www.ahold.com



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


NETIA HOLDINGS: Announces Board Changes, Strategic Plan Approval
----------------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services, on Friday announced that
its Supervisory Board appointed Elizabeth McElroy as member of
the Management Board, effective as of April 10, 2003.

Ms. McElroy (46) joined Netia in November 2002 holding the
position of Chief Commercial Officer, responsible for marketing,
sales and customer care. Her professional career includes over 20
years of experience in various managerial positions with
telecommunications companies worldwide.

She also worked in Poland for Centertel (representing Ameritech
International) and Polska Telefonia Cyfrowa (representing
MediaOne International). Prior to joining Netia, she held the
position of Chief Marketing Officer in Hrvatski Telekom, Croatia.

Elizabeth McElroy graduated from DePaul University of Chicago,
USA, with Bachelor of Arts degree in Marketing. She holds Polish
and American citizenship. Ms. McElroy does not conduct directly
or through legal entities any activities that would compete with
the activities of Netia or its subsidiaries.

At the same meeting, Netia's Supervisory Board accepted Stefan
Albertsson's resignation from his position as member of the
Management Board. Stefan Albertsson will remain a member of
Netia's senior management team as Deputy Chief Commercial
Officer.

In addition, Netia's Supervisory Board adopted the detailed
conditions in order to implement the Stock Option Plan adopted by
the Supervisory Board on June 28, 2002. The aim of the Stock
Option Plan is to create the incentives that will encourage and
motivate highly qualified persons holding senior management
positions, employees, co-operators, consultants and members of
the management board of Netia and its subsidiaries by granting
them options (the "Options") to acquire Netia's series K shares.

Netia's Supervisory Board was authorized to implement the Stock
Option Plan and determine the list of its participants. The
Options will not be exercisable prior to the issuance of the
subscription warrants to be issued pursuant to the Restructuring
Agreement, dated March 5, 2002. Upon exercise of the Options,
Netia will issue to each exercising participant the number of
shares representing such participant's gain resulting from the
exercise of the Options. The participant will not be required to
pay the exercise price.

Netia's Supervisory Board granted Options to three members of the
Management Board and four employees of the Netia Group. Netia's
Chief Executive Officer, Wojciech Madalski, obtained Options
representing 1.25% of Netia's share capital on a fully diluted
basis. Elizabeth McElroy and Zbigniew Lapinski, members of the
Management Board, obtained Options representing 0.5% and 0.3% of
Netia's share capital on a fully diluted basis, respectively.
These Options will expire on December 20, 2007.

In addition, Netia's Supervisory Board adopted principal guiding
directives for finalization of Netia's five-year strategic plan.



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


SAS GROUP: Rival Threatens to Report Cutthroat Prices to EU
-----------------------------------------------------------
Scandinavian Airline Systems could face formal complaints for
price dumping from Norwegian airline Sterling, according to
financial newspaper Dagens Naeringsliv.

Sterling is planning to report SAS to the European Union tribunal
if the latter continues to offer cheaper costs for routes it
shares with Sterling via budget airline Snowflake.

SAS offers below NOK500 from Sweden to Denmark compared with
Sterling's 598.

"You can't run an airline with those prices," Sterling marketing
director Lars Rafn said.

He said attention-grabbing fares during start-up were
understandable, but anything more suspicious will certainly reach
the EU.

But SAS, which started Snowflake on March 30, dismissed the
threats explaining that Snowflake had a price multi-level fare
structure, with the highest being SEK 1,529.

"It is naturally this mix of different prices that provides our
total income. I cannot understand that someone can call this
price dumping," said Ludmilla Lindecrantz at Snowflake.

Snowflake uses four planes and SAS employees.  It is scheduled to
begin flights from Norway in the autumn.


SAS GROUP: Moody's Downgrades Senior Unsecured Debt Ratings
-----------------------------------------------------------
The US credit rating institute, Moody's Investor's Service, has
today downgraded SAS's credit rating to Ba1 for the Group's
senior implied rating, a downgrade of the credit rating by one
level.

The downgrade is based on such aspects as the uncertain situation
in which the airline industry in general finds itself as a result
of a low level of economic growth, which affects the demand for
air travel. A further factor of uncertainty is the development in
Iraq and concern surrounding the effects of the SARS epidemic on
travel. Moody's appreciates the SAS Group's new restructuring
measures aimed at achieving sustainable profitability and
competitiveness. An overall evaluation, however, led to Moody's
downgrade of SAS's credit rating. Several other airlines have
also been downgraded recently and SAS's credit rating remains
better than the industry average.

The SAS Group is in a situation with a healthy cash flow and
favorable access to unutilized contracted loan guarantees. The
changed credit rating does not affect the SAS Group's existing
loan portfolio.

CONTACT:  SAS GROUP
          Gunilla Berg
          Executive Vice President & Chief Finance Officer
          Phone: +46 8 797 5006
          Johan Torngren
          Vice President SAS Group Finance & Asset Management
          Phone: + 46 70 997 1707
          Sture Stoelen, Head of Investor relations
          Phone: + 46 8 797 1451



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


CLARIANT AG: Shareholders Approve All Proposals at Meeting
----------------------------------------------------------
The shareholders attending the 8th Annual General Meeting of
Clariant Ltd in the Congress Center of Messe Basel approved the
Annual Report. They also endorsed the motion to offset the major
portion of the loss carried forward with the non-statutory
reserves.

The shareholders granted the Board of Directors and the
Management Board discharge.

A total of 655 shareholders attended the 8th Annual General
Meeting of Clariant Ltd, representing (directly or indirectly)
43'261'008 or 28.2 % of the total number of 153,440,000 shares.
In his welcoming address, Chairman of the Board Robert Raeber
expressed his regret about the unsatisfactory result posted in
the past business year. He was confident, however, that the
measures that Clariant has taken in recent weeks would soon put
it back on the track to success.

Clariant CEO Roland Losser stressed his determination to regain
shareholders' confidence through greater transparency and a
policy of open communication.

Priority will be given to defining and implementing a clear-cut
strategy and to improving the results. CEO L�sser also identified
the goals of ensuring liquidity, reducing net debt and
strengthening the equity base. As Losser further explained,
business in the first quarter of 2003 has developed in accordance
with expectations.

The AGM furthermore approved an amendment to the Articles of
Association, stipulating that in future the Board of Directors
shall consist of a minimum of six members and a maximum of ten.
Following the resignation of Reinhard Handte, Stephen Hannam has
now also announced his resignation. Both departing members were
thanked for their services. Tony Reis was re-elected for a
further four-year term of office.

As Board Chairman Robert Raeber also explained, suitable new
candidates would be recommended for election to the Board of
Directors at the 2004 AGM.

CONTACT:  CLARIANT AG
          Investor Relations
          Phone:
          Fax: +41 61 469 67 67
          Iris Welten
          Phone: +41 61 469 67 47
          Holger Schimanke
          Phone: +41 61 469 67 45
          Daniel Leuthardt
          Phone: +41 61 469 67 49


SAIRGROUP FINANCE: Interim Payment to Creditors Set Tuesday
-----------------------------------------------------------
The distribution list for the first interim payment to the
creditors in the bankruptcy of SairGroup Finance (NL) B.V. has
become irrevocable on April 4, 2003. The Trustee in Bankruptcy
will make the first interim payment to the creditors of 4.5% of
their claims on Tuesday April 15, 2003.

With respect to bonds, the Trustee in Bankruptcy will make the
payment to the Paying Agent, Citibank NA on that date. The Paying
Agent is expected to make the payment to the bondholders on
Wednesday April 16, 2003.

CONTACT: CITIBANK, N.A.
         P.O. box 18055
         5 Carmelite Street
         London EC4Y


SWISS INTERNATIONAL: Board to Propose Two New Members in AGM
------------------------------------------------------------
The Swiss Board of Directors will propose two candidates for
election to its ranks by the company's Annual General Meeting of
May 6: airline specialist Jan Audun Reinas and Swiss marketing
and communications specialist Walter Bosch.

SWISS intends to reduce its Board of Directors to nine members.

As already announced, Riccardo Gullotti will be stepping down
from the present Board for health reasons.  Kevin Benson and
Philip H. Geier will also be relinquishing their seats with
effect from the 2003 General Meeting in view of the sizeable time
commitments required.  Peter Wagner left the Board at the end of
December 2002.

Nine Board members

With a view to further enhancing its efficiency, the SWISS Board
of Directors will comprise nine members in future.  The Board is
delighted to propose Jan Audun Reinas, an acknowledged airline
specialist, and Walter Bosch, a proven expert in the marketing
and communications fields, for election to its ranks.

Jan Audun Reinas, a 58-year-old Norwegian national, has been
President & CEO of Norske Skog since 1994.  Prior to this, he
held a number of senior management posts, including CEO of the
entire SAS Group.  A graduate in economics, he has spent most of
his professional career in the transport sector, and occupied
various functions with Norwegian State Railways and Scandinavian
airline SAS.

Walter Bosch, aged 58 and a Swiss national, studied economics in
St. Gallen and Berlin and spent the next 20 years working as a
journalist and editor-in-chief before founding the Bosch & Butz
advertising agency in 1987.  The successful agency was sold to
IPG in 1998, since when he has been involved in various business
and consulting projects.

CONACT:  SWISS
         Corporate Communications
         P.O. Box, CH-4002 Basel
         Phone: +41 848 773 773
         Fax: +41 61 582 3554
         E-mail: communications@swiss.com
         Home Page: http://www.swiss.com



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


ABERDEEN ASSET: Another Trust Succumbs to Crisis in Sector
----------------------------------------------------------
Shares in Aberdeen Asset Management's Murray Japan Growth &
Income Trust were suspended after shareholders decided to put the
fund in liquidation early last week.  Shareholders first proposed
the move in January.

The fund was heavily invested in the split capital trust sector,
which recently bore the collapse of 20 split trusts, four of
which are managed by Aberdeen.  Aberdeen leads 19 of 130 split
capital trusts in the region.

Aberdeen's shares have crashed more than 90% since the start of
the year as sliding stocks, heavy borrowing and cross-
shareholdings in other trusts hit the split capital sector.

As of September 30, the bank had debt of about GBP136 million,
and net debt of GBP240 million--GBP100 million of which are
convertible bond issue.

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

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

          Gavin Anderson & Company
          Neil Bennett
          Lindsey Harrison
          Phone: 020 7554 1400

          JPMorgan
          Terry Eccles
          Phone: 020 7742 4000


ADAPTIVE VENTURE: Cancels AIM Trading Facility to Cut Costs
-----------------------------------------------------------
In the recent Report and Accounts the Directors, referring to the
company's financial position, stated that, over recent months,
they had been taking action to stabilize the company's position
by reducing operating costs.

They also believe it is in the best interests of the Company to
reduce costs further by withdrawing its listing from AIM.

Consequently notice is hereby served that the company's listing
on AIM will be canceled and shares will cease to trade at close
of business on Tuesday May 13, 2003.

                     *****

Adaptive recently recorded pre-tax losses for the year to
September 30 of GBP1.075 million (losses in the 12 months to
December 31, 2000 which was the previous full year period was
GBP154,000). In the nine months to September 30, 2001, losses
were GBP669,000.

Operating losses were also up sharply to GBP840,000 from
GBP215,000 for the nine month period and GBP168,000 for the
previous 12-month results.


AQUILA INC.: Ratings Down to `B', Proposed Facility at `B+'
-----------------------------------------------------------
Standard & Poor's Rating Services lowered its corporate credit
and senior unsecured rating on electricity and natural gas
distributor Aquila Inc. to 'B' from 'B+'. The ratings have also
been removed from CreditWatch where they were placed with
negative implications on Feb. 25, 2003. The outlook is negative.

The rating actions reflect concerns resulting from the company's
reliance on asset sales to reduce debt levels and projected weak
cash flows from operations. At the same time, Standard & Poor's
Rating Services assigned a 'B+' rating to Aquila's proposed $430
million senior secured credit facility. The issuer rating of
Aquila Merchant Services Inc. was withdrawn.

Kansas City, Mo.- based Aquila has about $3 billion of
outstanding debt.

"The ratings on Aquila reflect Standard & Poor's analysis of the
company's restructuring plan, financial condition, and available
liquidity to meet near-term obligations," noted Standard & Poor's
credit analyst Rajeev Sharma. Aquila's restructuring plan is
dependent on continued asset sales. Standard & Poor's is
concerned with the heavy execution risks involved with Aquila's
asset sales strategy. Weak market conditions may lead to
increased execution risks for future asset sales, as evidenced by
the delay in the sale of Avon Energy Partners Holdings. Due to
weak cash flow generation from operations, asset sales will be
necessary for Aquila to reduce its debt levels and shore up the
company's balance sheet.

However, cash flow generation relative to total debt is likely to
remain weak and not exceed 15% in the near term.

Cash flows from Aquila's regulated utilities are projected to be
stable, however, depressed power prices and negative spark
spreads will continue to be a drag on Aquila's cash flow from
operations on the nonregulated side of the business. Overall cash
flow will be strained, as the company faces restructuring charges
in 2003 and debt maturities in 2004. Expected cash flow from the
company's reconstituted business plan is insufficient to fully
offset Aquila's massive amount of debt leverage.

Aquila's liquidity will be highly dependent on continued asset
sales as the company faces $400 million in debt maturities in
2004 ($250 million in senior notes due in July and $150 million
in senior notes due in October).

Aquila's liquidity will be further strained by the cash outflows
associated with its prepaid gas delivery contracts and tolling
agreements.

The aggregate cash flows for these commitments are estimated to
be $245 million in 2003 and $263 million in 2004. In addition,
substantial projected capital expenditures of $316 million in
2003 and $210 million in 2004 and working capital needs will
continue to be a drain on cash flows.

The negative outlook reflects uncertainties regarding the timely
execution of Aquila's future asset sales, the level of debt
reduction from asset sale proceeds, and the company's ability to
restructure tolling commitments and gas prepay contracts. Ratings
could fall further if Aquila is unable to execute asset sales,
significantly reduce debt leverage, and stabilize credit measures
in the next nine months. Maintaining current ratings is dependent
on Aquila's ability to successfully restructure its business,
develop a new tolling strategy, and attain additional cost
reductions.


AQUILA INC.: Fitch Assigns Secured Bank Facility of 'B+'
--------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to the new $430 million
senior secured 3-year credit facility (Facility) of Aquila, Inc
(ILA). Concurrently, Fitch has downgraded the senior unsecured
rating of ILA to 'B-' from 'B+'. Approximately $3 billion of debt
has been affected. The senior unsecured rating of ILA is removed
from Rating Watch Negative. The Rating Outlook for ILA's secured
and unsecured ratings is Negative.

The Facility rating is based on the structural protections of the
Facility as well as the senior secured lenders' enhanced recovery
prospects relative to unsecured creditors. Secured and
structurally senior debt together account for approximately 25%
of total debt excluding pre-payment obligations. Facility
collateral includes first mortgage bonds registered in the name
of the collateral agent (Credit Suisse First Boston) on the
regulated gas distribution utilities in MI and NE, a pledge of
stock of the holding company of the Canadian regulated
electricity distribution businesses and a second lien on certain
independent power plant investments.

No regulatory approvals were necessary to pledge utility assets
in MI and NE. Under the terms of the Facility, ILA must make
reasonable efforts to obtain regulatory approvals to pledge
utility assets of its remaining domestic utilities located in MO,
KN, CO, IA and MN, though the continued availability of the
Facility is not conditional upon any eventual achievement of this
approval. If any additional domestic regulated utility assets are
successfully added to the collateral package and the value of the
pledged domestic regulated assets at that time exceeds 167% of
the outstanding amount under the Facility, then ILA may request
release of the pledge of the stock of the Canadian distribution
assets from the package.

The net proceeds received by ILA from any sale of the Canadian
assets must be used to pay-down the Facility, irrespective of the
pledge status of these assets. ILA does not require regulatory
approvals to secure non-regulated assets, but currently they are
largely encumbered.

The senior unsecured rating of ILA of 'B-' reflects subordination
to new secured lenders, execution risks related to the ongoing
business restructuring plan, high leverage, the persistent drag
on cash flow stemming from long-term tolling agreements, and a
larger than previously anticipated amount of secured debt in the
capital structure. Additional concerns include liquidity risks
relating to a potential adverse judgment in litigation with a
surety provider regarding a long-term gas delivery contract and
the potential for risk, given previous regulatory actions within
the region, that regulators may attempt to pursue a separation of
regulated and non-regulated loans and security.

Improvement in ILA's Rating Outlook will depend upon further
progress made towards achievement of the strategic restructuring
plan as well as debt pay-downs and reducing losses from non-
regulated activities. The main objectives of the restructuring
plan are to return the company to its roots as a domestic
regulated utility operating in 7 states, and restore credit
quality. The strategy for achieving the objectives is to sell
international assets located in the U.K., Australia and Canada
and exit from non-regulated activities. There has been widespread
anticipation of an imminent announcement of the sale of
Australian assets, which would be another step in the right
direction. Fitch believes timely asset sales and tolling contract
restructurings are necessary for the plan to succeed. The
domestic regulated businesses provide a stable source of cash
flow and face limited retail competition.

The 'B+' ratings of Aquila Asia Pacific (ILA Asia Pacific) and
Aquila Canada Finance (ILA Canada Finance), guaranteed by ILA,
remain on Rating Watch negative pending further review.

New rating:

--$430 million senior secured term loan facility 'B+'.

Rating downgraded:

Aquila Inc.

--Senior unsecured debt to 'B-' from 'B+'.

ILA provides network distribution of electricity and gas in the
U.S., Canada, Australia and the UK. It also is in the wholesale
power generating and trading business in North America. ILA is in
the process of selling the Australian and U.K. operations.


AQUILA INC.: Announces Completion of New Refinancing Agreement
--------------------------------------------------------------
Aquila, Inc. (ILA) announced today that it has completed a new
financing agreement that replaces its short-term credit
facilities.

The package consists of two secured loan facilities -- a one-year
$200 million loan to UtiliCorp Australia, Inc. and a $430 million
three-year term loan to Aquila. The initial amount drawn under
the one-year loan will be $100 million, and the company will have
an option to draw another $100 million within the next 30 days.
The one-year loan is non-recourse to Aquila, Inc.

"Completing this financing package is a key component of the
overall plan we've been pursuing to achieve financial stability
and return Aquila to its regulated utility roots," said Rick
Dobson, Aquila's interim chief financial officer. "We clearly
have more work ahead, but with this financing in place, plus our
existing cash and cash flow from operations, the company should
have sufficient liquidity to execute the remainder of its
restructuring plan."

Proceeds from the loan package will be used to terminate the
company's existing 364-day senior bank facility, repay synthetic
leases associated with two power plants in Illinois, and cash
collateralized outstanding letters of credit. Initial interest
rates on the loans are 7 percent for the one-year loan and 8.75
percent for the three-year term loan.

Collateral for the one-year loan includes the company's interests
in its Australian investments, interests in its portfolio of
U.S.-based independent power plants and two non-regulated power
plants in Illinois.

Collateral for the three-year term loan will include a
combination of the company's non-regulated and regulated utility
assets. Later this month Aquila will initiate regulatory
proceedings to secure the three-year loan with additional U.S.-
based regulated utility assets. Upon regulatory approval, the
interest rate on the three-year loan will be reduced to 8.00
percent.

Credit Suisse First Boston served as the sole arranger for the
new loans.

Additional details on the refinancing will be discussed when
Aquila reviews its 2002 fourth-quarter and year-end results
during a webcast scheduled for April 15 at 9:00 a.m. Eastern.

Based in Kansas City, Missouri, Aquila operates electricity and
natural gas distribution networks, serving customers in seven
states and in Canada, Australia and the United Kingdom. The
company also owns and operates power generation assets. More
information is available at http://www.aquila.com

CONTACT:  AQUILA, INC.
          Investor Relations:
          Neala Clark
          Phone: 816/467-3562


BAE SYSTEMS: Union Denies Reaching Deal Over Pension Fund Gap
-------------------------------------------------------------
BAE Systems and the Transport and General Workers Union are still
in disagreement on what to do with the deficit in the defense
company's UK pensions fund, according to the union.  BAE has a
GBP2.3 billion hole in its pension scheme.

"Reports in one national newspaper today [Friday] that a deal has
been struck between BAE and the trade unions on pensions are
premature and not accurate," the union commented in a statement.

The report refers to a Financial Times article citing Nigel
Tinsley, BAE's pensions manager, saying BAE Systems has reached
an agreement with its unions.

The company is proposing to sharply increase employee and company
contributions over the next three years, and Mr. Tinsley had said
the members had agreed to increase their basic contribution rate
by 1.43% in each of the next three years. This raises overall
contribution rates to 9.29 pct from 5 pct last year.

For its part, BAE indicated to increase its contribution rate
over three years to 18.21% of payroll from 11.7%, according to
the report.

While recognizing that "progress has been made," Jack Dromey, T&G
national organizer, said: "there is no agreement yet on how much
our members will pay."

He said the "threat" posed by the company at one time is to take
the final salary scheme if workers do not agree to paying up to
GBP20 per week more.

Negotiations are expected to conclude in May.


BIG FOOD: Makes Steady Progress Despite Sluggishness in Market
--------------------------------------------------------------
The Big Food Group announces today its fourth quarter trading
statement of the 2002/03 reporting year in respect of the 13
weeks to March 28, 2003.

Introduction
The Group has made steady progress during a period when the
market has slowed. Booker non-tobacco sales are growing, while
Iceland sales show an improving trend. The sales uplifts at
Iceland refurbished stores continue to impress.

Sales
Like for like sales for the thirteen-week period to the March 28,
and the year were as follows.

                      Thirteen       Thirteen        Year 2002/03
                      Weeks %       Weeks %          %
                                    Adjusted
                                   for Easter
Group                 -3.6          -2.8              -2.0 Booker
-4.0          -3.5              -1.3
- Tobacco             -9.4          -9.1              -4.4
- non tobacco          0.8           1.6               1.2
Woodward              10.2          12.3              10.6
Iceland               -3.4          -2.1              -4.3

At Iceland, continued focus on the promotional and advertising
strategy in the post Christmas period has maintained the
improving sales trend.

Like for like sales in the final quarter were -3.4% (-2.1% when
adjusted for the later Easter this year) compared to -3.6% in the
13 weeks to 27th December 2002.

Meanwhile, like for like sales in the 3 new Iceland store formats
that the Group is developing continue to impress. The original 3
refurbished stores in these formats had average uplifts of 16%
since conversion almost a year ago. While for all 33 stores, the
number converted to the new formats, average sales increased by
14.1%.

These sales uplifts are being driven by a 15.5% rise in customer
transactions. This demonstrates how much shoppers like the new
stores and the new ranges, which include fresh produce, ready
meals and ethnic foods. The Group is now engaged in a major roll
out program and plans to convert 100 stores in the coming year at
a rate of 3 stores a week excluding Easter and Christmas.
Approximately 150 stores will be operating in the new format by
the beginning of April 2004.

At Booker non-tobacco sales have improved markedly from the
previous quarter, growing by 0.8% in the 4th Quarter, (+1.6%
Easter adjusted.) This improvement has been led by a focus on
competitive pricing and promotional activity. The Premier fascia
recruitment program also gathers pace with the 1000th customer
joining in March.

Woodward Foodservice continued its strong performance with
existing customers and has made several new account wins.

Net Debt
Average net debt for the period since 18th June 2002 was
approximately GBP273 million.

Commenting on this statement, Chief Executive, Bill Grimsey said:
"The Group has made steady progress at a time when the market
generally has slowed. The performance of our refurbished Iceland
stores is particularly pleasing and the Group is now geared up
for a major rollout of the new format stores across the estate.
Meanwhile Booker non tobacco sales have performed well and
Woodward continues ahead strongly."

The Preliminary Results will be announced on May 29, 2003.

CONTACT:  THE BIG FOOD GROUP
          Bill Grimsey, Chief Executive
          Bill Hoskins, Finance Director
          Phone: 01933 371148
          David Sawday, Corporate Affairs
          Hudson Sandler
          Andrew Hayes
          Phone: 020 7796 4133
          Noemie de Andia


BRITISH AIRWAYS: Union to Assess Support for Industrial Action
--------------------------------------------------------------
Pilot's union Balpa will conduct a consultation to gauge the
possibility of launching an industrial action at British Airways'
regional subsidiary CitiExpress.

This was after talks about restructuring the division broke down.

BA is set to make further changes at CitiExpress later this
month, and Balpa fears that latest reorganization will mean
closure of bases at some airports and job losses.  Details of the
plan could be released April 23.

According to union officials, relations with CitiExpress's
management are at a record low.  They had appealed to BA chief
executive Rod Eddington to intervene, but it seems that a meeting
is unlikely.

TCR-Europe recently reported that union officials wanted Mr.
Eddington to "take control" after CitiExpress cut 21 routes,
along with bases at Cardiff and Leeds-Bradford, as part of the
restructuring in British Airway's short-haul operations.

Employee discontent is the least issue British Airways needs as
it seeks to hasten plans to cut another 3,000 jobs, the report
said.

Meanwhile, managing director of CitiExpress David Evans
acknowledged that management and the union needed to "rebuild the
relationship" because of the difficulty in achieving a
constructive dialogue".

Balpa says it does not like the way CitiExpress changes working
practices and reorganizes business without consultation.  They
claim that CitiExpress failed to bring in outside mediators-a
claim the company maintains only an option and has not been
discounted.

The union has already started sending consultative ballots to the
600 CitiExpress pilots.  One Balpa official was confident that
members wanted to "draw a line in the sand".

The restructuring in CitiExpress is part of a bigger haul in BA's
operations in the wake of a severe downturn in business.


BRITISH AIRWAYS: Flights Canceled Due to Strike Action
------------------------------------------------------
British Airways has canceled and re-scheduled a number of its
services to and from Italy as a result of planned strike action
by Italian air traffic controllers between 9am and 5pm on Monday
April 14.

It is likely that more than two thirds of British Airways'
services to and from Italy on Monday will experience some form of
disruption.

At this stage the airline plans to cancel up to 24 individual
flights and re-schedule the times of up to another 20 others to
avoid the hours when Italian air space will be closed.

British Airways flights to and from Italy will be affected at
Heathrow, Gatwick, Birmingham, Manchester and Edinburgh.

British Airways apologizes to all customers for any inconvenience
caused by the industrial action which is beyond its control.

At this stage British Airways plans to cancel the following
services to and from Italy on Monday April 14:

Heathrow/Rome Fiumicino
BA552/BA553
BA548/BA549

Heathrow/Milan Malpensa
BA572/BA573

Heathrow/Milan Linate
BA564/BA565

Gatwick/Rome Fiumicino
BA2540/BA2541

Gatwick/Verona
BA2596/BA2597

Gatwick/Venice
BA2582/BA2583

Gatwick/Bologna
BA2560/BA2561

Gatwick/Pisa
BA2600/BA2601

Manchester/Rome Fiumicino
BA1654/BA1655

Manchester/Milan Malpensa
BA1658/BA159

Birmingham/Milan Malpensa
BA8370/BA8371

All passengers who have bookings for Monday April 14 are urged to
check http://www.ba.comto see how their flight is affected
either in terms of cancellations or rescheduling.

Passengers whose flights have been cancelled are advised to:

(i) Contact British Airways on 0845 77 999 77 to make an
alternative flight reservation or to organize a refund.

(ii) Contact their travel agent for assistance with alternative
flight arrangements.


CORUS GROUP: Bondholders Propose a Scheme to Recover Interest
-------------------------------------------------------------
A group of Corus bondholders is taking the refinancing process of
the Anglo-Dutch company as an opportunity to be bought out of
their investments.

The bondholders, who each own a GBP150 million 25-secured debt
issue, plan to propose that Corus buy back their secured debt in
order to simplify the negotiations regarding a three-year loan
which the company is discussing with a group of banks led by ABN
Amro, CSFB and HSBC.

The new credit facility will replace an existing EUR1.4 billion
(EUR890 million) credit line that matures in January.

The debt issue, which was sold in 1991 by British Steel before
its merger with Hoogevens to become Corus, is tied to assets of
Corus' UK business and therefore comes in priority above the
banks and other unsecured bondholders in case of Corus'
insolvency.

But Corus is likely to need the assets as collateral for the new
credit facility.

If it is to redeem the bonds, Corus is likely to pay GBP250
million, inclusive of the bond's GBP150-million face value and
compensation for lost future interest.

According to the Financial Times, the bondholders are expecting
Corus' banks to support the plan since it would raise the
priority of the bank's claims in case of Corus' fall into
insolvency.

The bondholders have hired Norton Rose, the law firm, to
represent their interests.  The firm claims to represent a group
of five UK investors, who own 75% of the secured bonds.


IMPERIAL CHEMICAL: Chitwood & Harley Lodges Fraud Lawsuit
---------------------------------------------------------
Chitwood & Harley LLP announces that a class action lawsuit is
pending in the United States District Court for the Southern
District of New York, against Imperial Chemical Industries PLC,
(ICI), and certain of its officers and directors. The suit was
filed on behalf of purchasers of the publicly traded securities
of Imperial Chemical Industries between August 1, 2002 and March
24, 2003, inclusive.

The complaint charges Imperial Chemical Industries PLC and
certain of its officers and directors with issuing false and
misleading statements concerning its business and financial
condition. Specifically, the complaint alleges that defendants
issued numerous press releases in which they stated that they had
resolved the Company's distribution and software problems that
the Company had experienced at its Quest division's Fragrance &
Food businesses. Defendants further stated that the Company was
on track to report strong financial results, that the Company had
cleared its backlog of customer orders and that the Company had
not lost any customers as a result of its production problems.

The Complaint alleges that these statements were materially false
and misleading because they failed to disclose and/or
misrepresented the following adverse facts, among others: (a)
that ICI's software, distribution and production problems at its
Quest division were not ``temporary'' problems or ``unique'' to
the Naarden, The Netherlands location, but impacted company-wide
operations and profitability; (b) that ICI's software,
distribution and production problems at its Quest division had
not been ``essentially'' or ``largely'' ``resolved'' or
``rectified''; and ( c) that contrary to ICI's representations
that it had cleared its backlog of orders and not lost any
customers as a result of the software, distribution and
production problems at Quest, ICI's customers were, in fact,
obtaining new sources of supply and discontinuing their
relationships with ICI.

On March 25, 2003, before the open of trading, ICI shocked
investors when it issued a profit warning with respect to its
fiscal 2003 first quarter. Defendants announced that its first
quarter profit would drop approximately 24%, as a result of,
among other things, ``business lost following the customer
service problems in 2002.'' Following this announcement, shares
of ICI fell from a close of $9.60 per share on March 24, 2003 to
$6.05 per share on March 25, 2003, or a single-day decline of
more than 36%, on nearly ten times normal trading volume.

Chitwood & Harley LLP is currently investigating these claims. If
you wish to discuss this action or have any questions concerning
this notice or your rights with respect to this matter, you may
contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-
mail at jlm@classlaw.com  You may also contact us through our
website, http://www.classlaw.comby clicking on Imperial Chemical
Industries. If you wish to serve as lead plaintiff in this
action, you must file a motion to do so no later than June 9,
2003. Any member of the purported class may move the Court to
serve as lead plaintiff through counsel of his or her choice, or
may choose to do nothing and remain an absent class member. A
complaint is available from the court or can be emailed to you
upon request.

Chitwood & Harley LLP is a class action firm that concentrates
its practice in representing victims of securities fraud and
corporate mismanagement, as well as other complex litigation.
Chitwood & Harley has been appointed lead counsel in major
actions throughout the United States and has been instrumental in
recovering billions of dollars on behalf of its clients. Clients
and courts alike have praised the results achieved by Chitwood &
Harley. Recently, the federal judge in In re BankAmerica
Securities Litigation, which resulted in the highest recovery
last year in a securities class action, commented favorably on
counsel's performance stating: "Class members were well served by
experienced attorneys who, through considerable time and effort,
obtained a significant recovery for their clients," and, "(a)s
the Court has remarked throughout this litigation, class counsel
... have performed at exceptionally high levels, and all parties
have been exceedingly well represented."

For more information about Chitwood & Harley LLP, please visit
our website at http://www.classlaw.comor contact Jennifer Morris
at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or
at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.

CONTACT:  CHITWOOD & HARLEY LLP
          Lauren S. Antonino, Esq.
          Jennifer Morris, Director of Investor Relations
          Phone: (888) 873-3999 or (404) 873-3900


MOTOROLA: Closes East Coast Plant Ahead of Political Elections
--------------------------------------------------------------
Motorola has decided to close its plant in South Queensferry on
April 30, signaling the end of the mobile phone giant's
operations on the east coast.

A loss of 300 jobs is expected on that day, two years after 3,100
workers became unemployed when the firm shut its operations at
Bathgate, in West Lothian.

Scottish newspaper, The Scotsman, reported that some 150 of the
450-strong workforce at South Queensferry have agreed to transfer
to the Motorola plant at East Kilbride, while the remainder will
be made redundant.

National Secretary of engineering union AEEU Danny Carrigan said:
"This is extremely bad news.  We thought we'd heard the end of
Motorola's job cuts with the closure of the plant in West
Lothian."

He added that the news is yet another "devastating blow" for the
Scottish economy and that they believe it is Motorola's "cynical
ploy" ahead of the election so as they won't have any opportunity
to make a case before they move out.

Considering the dissolution of the Scottish Parliament, it will
be difficult to garner political pressure to challenge Motorola's
decision.

The union also confirmed the offer of transfers to all of the
workers affected by the South Queensferry closure.  They said
that the posts offered at East Kilbride were impractical and some
options included late shifts.  According to the report, other
workers said the round trip of up to four hours made the offers
unrealistic.

Meanwhile, a spokesman dismissed claims that the closure was
timed to coincide with the political lull in the run-up to the
elections.

He said: "We have been very open with the employees. We are not
trying to do something sneaky at this point just because
Parliament is not sitting."

Scottish National Party's economic spokesman, Andrew Wilson, also
criticized the decision, saying: "This is further bleak news,
coming just a day after the Budget, which shows neither the
Chancellor nor the First Minister have any real grasp of the
extent of the problem in Scotland's economy.

"We need a step change in our actions and a step change in our
power to compete. We need to get used to the fact that businesses
will go where they can be most competitive, and we need to step
up to that challenge," he added.

Nevertheless, a spokesman for Scottish Executives said ministers
are now "wearing their party political hats", while technically
holding their portfolios.

Motoral blamed the closure on the continuing global slump in the
semi-conductor and consumer electronics sectors.


ROYAL & SUNALLIANCE: Moody's Plans to Review Capital Position
-------------------------------------------------------------
Moody's Investors Service will review the capital position of
Royal & Sun Alliance Insurance Group and its subsidiaries with a
view to possibly downgrade the company's ratings.

The insurer's capital position weakened considerably in 2002 as a
result of factors such as high combined ratio, the development in
the underwriting loss attributable to prior years, large goodwill
impairment charges, and equity market related losses.
Consequently, RSA posted a retained loss of GBP1.6 billion.  The
figure is at the high end of expectations and depleted
shareholder funds.

Moody's review will also assess the company's potential need for
further capital support from the UK. The rating agency says it is
particularly concerned about the capital position in the USA.

The review will further focus on the adequacy of loss reserves,
underwriting leverage, reliance on reinsurance and a high level
of reinsurance recoverables, group liquidity, and the potential
outcome of current litigation issues facing the group.

On a positive note, Moody's acknowledged the positive progress
made by the RSA's restructuring program announced in November.
But the rating agency reiterated the importance of the IPO of
RSA's Australian business, which, along with the sale of RSUI in
the USA, is at a crucial stage of progress.

The companies placed under review for possible downgrade are:

- Royal & Sun Alliance Insurance Plc: IFSR Baa1 and Commercial
Paper P-3


- Royal & Sun Alliance Insurance Group Plc: Subordinated debt Ba1


- Royal & Sun Alliance Life & Pensions Ltd: IFSR Baa3


- Sun Alliance & London Assurance Company Ltd: IFSR Baa3


-Sun Alliance & London Insurance Plc: IFSR Baa1


- Codan Insurance Company Ltd: IFSR Baa2


-Trygg-Hansa Insurance Company Ltd: IFSR Baa2


- American & Foreign Insurance Company: IFSR at Baa2


- Globe Indemnity Company: IFSR at Baa2


- Royal Indemnity Company: IFSR at Baa2


- Royal Insurance Company of America: IFSR at Baa2


- Safeguard Insurance Company: IFSR at Baa2


- Connecticut Indemnity Company: IFSR at Baa2


- Fire & Casualty Insurance Company of Connecticut: IFSR at Baa2


- Guaranty National Insurance Company: IFSR at Baa2


- Landmark American Insurance Company: IFSR at Baa2


- Security Insurance Company of Hartford: IFSR at Baa2


- Sea Insurance Company of America: IFSR at Baa2


- Viking Insurance Company of Wisconsin: IFSR at Baa2


- Phoenix Assurance Company of New York: IFSR at Baa2


- Atlantic Indemnity Company: IFSR at Baa3


- Atlantic Security Insurance Company: IFSR at Baa3


- Guaranty National Insurance Company of Connecticut: IFSR at
Baa3


- Orion Insurance Company: IFSR at Baa3


- Peak Property & Casualty Insurance Corporation: IFSR at Baa3


- Unisun Insurance Company: IFSR at Baa3



The following ratings have been withdrawn:


- Design Professionals Insurance Company: IFSR at Baa2


- EBI Indemnity Company: IFSR at Baa2


- Employee Benefits Insurance Company: IFSR at Baa2


SEYMOUR PIERCE: Disposes Investment Banking, Director Resigns
-------------------------------------------------------------
Further to the announcements of November 29, 2002 and March 21,
2003 regarding a possible offer for the Group and further
possible offers for Investment Banking, the Group on Friday
announced it has entered into a contract for the disposal of
Investment Banking to Alchemy Partners and a management team led
by Keith Harris, currently Chairman of the Group, and Richard
Feigen, who is head of Investment Banking.

Investment Banking comprises the corporate finance, corporate
broking, institutional sales, research and trading, and private
client stockbrokerage businesses of Seymour Pierce Limited and
Seymour Pierce Ellis Limited. Under the terms of the transaction,
the name Seymour Pierce and all rights to the trading name will
be transferred.

The consideration, which is payable in cash on completion, is
GBP7.35 million. It comprises payment for net assets of
approximately GBP4.35 million and goodwill of GBP3.00 million.
The loss before tax attributable to these assets in the year
ended September 30, 2002 was GBP0.49 million.

Depressed markets and uncertainty in respect to the international
situation continue to negatively affect the business. Given this
background, the board believes the strategic review currently
underway is the best way of maintaining value for all our
shareholders. The disposal of Investment Banking will increase
the cash balances of the Group and will immediately strengthen
the position of shareholders.

As a result of these changes Richard Feigen will resign on
completion as a director of the Group. Keith Harris and the other
board members will remain with the Group to see through the
strategic review.

The disposal of Investment Banking is a related party transaction
under the AIM Rules. The independent directors of the Group, who
exclude Keith Harris, Richard Feigen and Nigel Wray, (the
'Independent Directors') consider, having consulted
the Group's Nominated Adviser, the investment banking division of
ING Bank N.V., London branch ('ING Barings'), that the terms of
the disposal of Investment Banking are fair and reasonable
insofar as the shareholders of Seymour Pierce
Group Plc are concerned. In giving its advice to the Independent
Directors of the Group, ING Barings has taken into account the
Independent Directors' commercial assessments.

The disposal is conditional upon receiving regulatory change of
control approval.

As announced on March 21, 2003, it remains the board's intention
to return substantially all of the Group's cash to shareholders,
subject to the successful completion of the strategic review and
necessary approvals.

CONTACT:  ING BARINGS
          Jeremy Garrett-Cox
          Phone: 020 7767 1000

          HOLBORN
          David Bick
          Phone: 020 7929 5599


TADPOLE TECHNOLOGY: Share Subscription Reaches GBP660,000
---------------------------------------------------------
The Company announces that it has on Friday conditionally raised
GBP659,680 by way of a subscription by investors and certain
directors for 21,700,000 ordinary shares of 1p each ('Ordinary
Shares' and 'the Subscription') at a price of 3.04p per Ordinary
Share representing a discount of approximately 9.9 %. to the
current mid market price. The directors believe that now is an
appropriate time to take advantage of the availability of funds
from investors. As set out in the announcement dated 24 March
2003 current trading and the outlook for the year ending 30
September 2003 remain in line with the Board's expectations and
the strategic review of the Endeavors business continues.

Mr. David Lee and Mr. Tony Caplin have subscribed for 657,894 and
164,473 Ordinary Shares respectively representing 0.29 and 0.07
%. of the existing ordinary issued share capital. Following this
they will have a beneficial interest in 712,439 and 164,473
Ordinary Shares each representing 0.32 and 0.07 %. respectively
in the ordinary issued share capital of the Company. In addition
Dr. Mark Ketteman, General Manager of the Tadpole Cartesia
Division has subscribed for 164,473 Ordinary Shares.

The Subscription remains conditional on the admission of the
21,700,000 Ordinary Shares to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange's main
market for listed securities.

Application has been made for the 21,700,000 Ordinary Shares to
be so admitted and it is expected that admission will become
effective on April 17, 2003.

                     *****

Tadpole Technology in January posts operating loss before
goodwill amortization and foreign exchange of GBP0.5 million for
year ended September 30, 2002. The goodwill of GBP3.8 million
includes an impairment of GBP2.9 million in connection with the
disposal of the hardware division after the year-end.

Following the successful completion of the sale of the hardware
business, Graham Brown, who served as president of the business
unit has resigned as a director.


THOMAS POTTS Advises Public Regarding Cancellation of Listing
-------------------------------------------------------------
Further to the announcement on February 27, 2003, trading in the
Company's shares will cease at close of business Friday, April
11, 2002, after which time there will be no regular market for
the shares.

Shareholders who are in any doubt as to any action to take are
recommended to consult immediately their stockbroker, bank
manager, solicitor, accountant or other professional adviser
authorized under the Financial Services and Markets Act 2000.

                     *****

In the six months to the end of September the Group made a pre-
tax loss of GBP988,000, including GBP233,000 of exceptional
charges.

CONTACT:  THOMAS POTTS
          Mark Scanlon, Chief Executive
          Phone: 07720 296 515
          Stephen Hargrave, chairman
          Phone: 020 7242 0735
          Richard Fookes
          Phone: 029 2036 5900


WORLD SPORTS: Considers Options, Postpones General Meeting
----------------------------------------------------------
The Extraordinary General Meeting of creditors and shareholders
that was scheduled for March 28, 2003 to wind up the Company
voluntarily was postponed until today [April 11, 2003].

The Board of the Company has now canceled this meeting while it
considers a number of options that have very recently presented
themselves which may prevent the Company from being wound up. The
Company will keep shareholders informed of any developments.




* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (120)         189     (182)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding            (3,337)       7,175    (2,186)
Prazske Pivovary AS               (1,275)       3,398       190

BELGIUM
-------
Real Software             REAL       (39)         275        (1)
Mobistar SA               MOSG       (33)       1,167       (61)

DENMARK
-------
Elite Shipping                      (176)         642        19

FRANCE
------
BSN Glasspack                       (114)       1,293       179
Bull SA                   BULP       (44)       1,698       (17)
Centrest Societe
   de Developpement
   Regional                         (132)         252       N.A.
Compagnie
   des Machines Bull                  (7)         259        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (49)         192        21
Cofidur SA                            (6)         114        19
Docks Des Alcool                     (31)        (162)       46
European Computer System            (539)       3,347       377
France Telecom            FTE       (171)     106,587   (31,035)
Grande Paroisse SA                  (947)         430       107
Immobiliere Hoteliere     HOIN       (70)         197       (54)
Pneumatiques Kleber SA              (198)       2,843       139
Sa des Usines Chausson               (17)         187        35
SDR Picardie                        (722)       2,206       N.A.
Soderag                               (2)         329       N.A.
Sofal SA                            (248)       5,385       N.A.
Spie-Batignolles                     (13)       4,297        75
Trouvay Cauvin            TRCN         0          147        10

GERMANY
-------
Brau Und Brunnen AG       BBAG       (16)         570      (210)
Dortmunder
   Actien-Brauerei        DABG       (14)         125       (29)
Edel Music AG             EDLG       (72)         388      (159)
Eurobike AG               EUBG       (35)         173       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         102       N.A.
Kaufring AG               KAUG       (20)         161       (51)
Nordsee AG                           (18)         431       (31)

ICELAND
-------
Hydrafrystistod
   Thorshafnar hf                    (56)       2,138      (173)

ITALY
-----
Binda SpA                 BND        (10)         110       (20)
Credito Fondiario
   e Industriale SpA      CRF       (199)       4,190       N.A.
Vemer Siber Group SpA     VEM         (3)         264       (79)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         607        46
Laurus N.V.                         (156)       1,489      (822)

NORWAY
------
Northern Oil ASA          NOI        (83)       1,830      (272)
Loki ASA                  LOI        (39)         699      (265)
NETnet International SA              (12)         225       134

POLAND
------
Animex SA                             (2)         446       (86)
Centrozap                            (82)         262      (102)
Exbud Skanska SA          EXBUF      (35)       1,250      (330)
Lodzka Drukarnia
   Akcydensowa Invest SA             (29)         107       (72)
Ocean Company SA                    (128)         149      (145)

RUSSIA
------
Samson                               124          386      (304)

SPAIN
-----
Altos Hornos de Vizcaya SA          (100)       1,104      (278)
Santana Motor SA                     (36)         174        41
Tableros de Fibras SA     TFI        (41)      (2,006)      116

SWEDEN
------
Infinicom AB              INFIb      (15)         150       (74)
Nordifagruppen                       (18)         106        70

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (94)         765       252

TURKEY
------
AlternatifBank AS                    (20)         759       N.A.
Yasarbank                           (948)         623       N.A.

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (1)         102       (16)
Alldays Plc               ALD        (84)         176      (202)
Bonded Coach
   Holiday Group Plc                  (4)         114       (44)
Blenheim Group                       (98)         128       (34)
Booker Plc                BKRUY      (38)         816        (8)
Bradstock Group           BDK         (1)         171         5
Brent Walker Group                (1,034)         506    (1,157)
British Nuclear Fuels Plc         (1,843)      25,510     1,948
British Sky Broadcasting  BSY       (301)       2,202       (40)
British Telecom Group               (286)      27,673       732
Compass Group             CPG       (452)       2,011      (298)
Cox Insurance
   Holdings Plc           COX        (11)       1,318       N.A.
Easynet Group Plc         ESY         (7)         206      (53)
Electrical and Music      EMI
   Industries Group                 (889)       1,916    (1,158)
Euromoney Institutional   ERM        (76)         110        20
Global Green Tech Group              (96)         251       (18)
Heath Lambert
   Fenchurch Group PLC                (7)       2,883       (10)
HMV Group PLC             HMV       (416)         456      (133)
Imperial Tobacco Group    ITY        (75)       6,472      (190)
Intertek Testing Services ITRK      (236)         219       (12)
IPC Media Ltd.                      (463)         172        16
Lambert Fenchurch Group               (1)       1,132        (3)
Lattice Group                       (905)       8,707    (1,228)
Misys PLC                 MSY        (59)         658        (7)
Orange PLC                ORNGF     (358)       1,749         7
Rentokil Initial Plc      RTO       (641)       1,815      (178)
Saatchi & Saatchi         SSI        (74)         436       (41)
Yell Group PLC                       (50)       2,201       325



Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.



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 * * *