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            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, May 27, 2003, Vol. 4, No. 103


                              Headlines

* F R A N C E *

VIVENDI UNIVERSAL: Set to Show Around U.S. Entertainment Assets

* G E R M A N Y *

ALLIANZ GROUP: Ratings Under Review for Possible Downgrade
HEIDELBERG CEMENT: Ratings Cut to 'BB+/Neg/B'; Off CreditWatch
HVB GROUP: Bank Austria Keen to Win Central and Eastern Europe
HVB GROUP: Decides Against Listing Bank Austria Shares in Warsaw
HVB GROUP: Announces Key Personnel Decisions Made for Board
RINOL AG: Absorbs First-Quarter Decline in Turnover

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

GETRONICS N.V.: Welcomes Proposal to Amend Bonds Due 2004, 2005
KONINKLIJKE AHOLD: Banks Move Deadline for Delivery of Accounts
STORTEBOOM GROUP: Consortium Buys Business; Operations to Resume

* P O L A N D *

NETIA HOLDINGS: Terminates Deposit Agreement, Closes Books

* S P A I N *

CHUPA CHUPS: Closes Plant in France as Trouble Grows Deeper

* S W E D E N *

TELIASONERA AB: A/A-1 Ratings Affirmed; Sonera Raised to A/A-1

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

BANK ZURICH: Management Buys Bank From Controlling Group
4M TECHNOLOGIES: Assures Firm Is on Track to Profitability
SWISS INTERNATIONAL: Fleet Reductions, Job Cuts Seen in Future
SWISS LIFE: Group Increases Loss to CHF1.7 Billion for 2002
ZURICH FINANCIAL: Core Business in Need of Reorganization

* U N I T E D   K I N G D O M *

AMP LTD: Roger Yates Assumes Responsibility for U.K. Businesses
AQUILA NETWORKS: Baa3 Issuer Rating Under Review for Upgrade
AUSTIN REED: Sells Property at Coalville to Persimmon Homes
AUSTIN REED: Continues to Progress on Planned Developments
AVON ENERGY: Moody's Downgrades Senior Unsecured Debt Ratings
AVON ENERGY: Fitch Downgrades Ratings to 'CC' From 'BB-'
BRITISH AIRWAYS: Debt Load Likely to Deter Possible Alliance
CORDIANT COMMUNICATIONS: To Announce Disposals Soon--Report
DAISYTEK: Canadian Unit Unaffected by Bankruptcy
INVENSYS PLC: Could Announce Sale of Software Company Soon
IZODIA: To Press on Lawsuit Against Orb to Recover Missing Funds
KINGFISHER PLC: Completes Acquisition of Shares in Castorama
MARCONI CORP: Announces Completion of Capital Reduction
MIDLANDS ELECTRICITY: Debt Rating Under Review for Upgrade
SMF TECHNOLOGIES: To Sell Trading Operations

* Large Companies With Insolvent Balance Sheets


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


VIVENDI UNIVERSAL: Set to Show Around U.S. Entertainment Assets
---------------------------------------------------------------
Vivendi Universal will hold a series of presentations for its
movie, music and cable television units this week to advertise
the U.S. entertainment assets to potential bidders.

The roadshow will be held in New York and Los Angeles.  This is
expected to open the way for preliminary, non-binding offers, the
first round of which is believed due before the end of June,
according to people involved in the auction.

Vivendi Chief Executive Jean Rene Fourtou plans to sell Vivendi
Universal Entertainment--which includes Universal Music, studios
and theme parks--to trim down EUR11 billion in debts.

A U.S. consortium led by Marvin Davis, the oil tycoon, has
already made a putative US$20 billion offer for all of Vivendi's
entertainment assets including Universal Music, the world's
largest music recording business.  Other potential bidders
include General Electric Co's NBC network, Metro-Goldwyn-
Mayer Inc., the former head of Vivendi's U.S. business, Barry
Diller, and Liberty Media, the investment group controlled by
John Malone.

NBC, together with media group Viacom are thought to be
interested in the cable channels.

The latest addition was Edgar Bronfman Jr, former chief executive
of Seagram and a Vivendi board member.  His offer is expected to
be similar in structure with that of Mr. Davis'.

Mr. Bronfman and his father resigned from the board of Paris-
based communications giant Vivendi Universal to announce they
want to buy back Vivendi's Universal entertainment business

Cablevision also indicated it is interested in offering its cable
television channels in return for a minority stake.

The lead adviser on the disposal, investment bank Citigroup, is
understood to be preparing a data room, which will make detailed
financial information available as part of its due diligence.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291
          Laurence Daniel
          Phone: +33 (1).71.71.1233
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


ALLIANZ GROUP: Ratings Under Review for Possible Downgrade
----------------------------------------------------------
Moody's placed its ratings for the Allianz Group under review for
possible downgrade, and maintained its negative outlook on the
ratings of the group in connection with the company's rights
issue process announced in March.

The rating agency expressed concerns over the sustainability and
quality of earnings of certain major subsidiaries in the short-
term.

Moody's is particularly worried about Dresdner bank, which it
said is likely to "remain a material drag on the Group's earnings
for some time, given its reliance on the depressed German economy
and its exposure to capital markets slowdowns."

It also said that while 'turnaround' units such as Fireman's Fund
and Allianz Global Risks are showing improvements, AGF continues
to underperform.  It fears that weakness in the unit would hold
back earnings growth of the Group.

Moody's notes that the Group's capital position remains
relatively strong, although this is likely to be affected by the
company's exposure to equity market volatility.

The C- bank financial strength rating and A2 preferred stock at
Dresdner remain under review for possible downgrade.

The following ratings were placed under review for possible
downgrade

INSURANCE FINANCIAL STRENGTH RATINGS

AGF Vie: Aa2 IFSR

AGF IART: Aa2 IFSR

Allianz Elementar Versicherungs-AG: Aa3 IFSR

Allianz Elementar Lebensversicherungs-AG: Aa3 IFSR

Allianz Lebensversicherungs-AG: Aa1 IFSR

Allianz Life Insurance Co of North America: A1 IFSR

Allianz Suisse Lebensversicherungs-Gesellschaft: Aa3 IFSR

Allianz Suisse Versicherungs-Gesellschaft: Aa3 IFSR

Cornhill Insurance plc : A1 IFSR

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

Hermes Kreditversicherungs-AG: Aa3 IFSR

Lloyd Adriatico SpA: Aa3 IFSR

Riunione Adriatica di Sicurta SpA: Aa2 IFSR


INSURANCE DEBT RATINGS

Allianz Finance BV: Aa2 senior debt

Allianz International Finance NV: Aa2 senior debt

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


BANK RATINGS

Dresdner Bank AG: Aa3 long-term deposit and debt ratings; Aa3 MTN
programme; A1 subordinated debt ratings.

Dresdner Bank AG, New York Branch: A1 subordinated debt ratings.

Dresdner Bank Luxembourg SA: A1 long-term deposit and debt
ratings; A2 subordinated debt rating.

Dresdner Finance NV: Aa3 guaranteed long-term debt rating; Aa3
guaranteed long-term notes under their MTN programme.

Dresdner International Finance plc: Aa3 guaranteed long-term debt
rating.

Dresdner Bank Ireland: A1 deposit ratings.


The Following ratings remain under review for possible downgrade:


Dresdner Bank AG: C- FSR

Dresdner Funding Trusts: A2 preferred stock ratings.

Dresdner Bank Luxembourg: C+ FSR



The following ratings were confirmed with a stable outlook


INSURANCE SHORT-TERM

Allianz AG: P-1 Commercial Paper

Allianz Finance Corporation: P-1 Commercial Paper

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


BANKING SHORT-TERM

Dresdner Bank AG: Prime-1 short-term deposit and debt ratings

Dresdner Bank Ireland: Prime-1 deposit and debt ratings and C-
FSR.

Dresdner Bank Luxembourg SA: Prime-1 short-term deposit rating.

Dresdner Finance NV: Prime-1 guaranteed short-term notes under
their MTN programme

Dresdner U.S. Finance Inc: P-1 short term debt rating.


HEIDELBERG CEMENT: Ratings Cut to 'BB+/Neg/B'; Off CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term and short-term corporate credit ratings on
HeidelbergCement AG to 'BB+' and 'B', from 'BBB-' and 'A-3',
respectively, and removed the ratings from CreditWatch, where
they had been placed on April 2, 2003. The outlook is negative.

At the same time, the rating on HeidelbergCement's long-term
senior unsecured debt was lowered to 'BB+' from 'BBB-', and
remains on CreditWatch with negative implications. The watch
placement will be resolved once HeidelbergCement has completed
upcoming refinancing.

In addition, Standard & Poor's lowered its Nordic commercial
paper rating on HeidelbergCement's guaranteed subsidiary
HeidelbergCement Financial Services A.B. to 'K-4' from 'K-3', and
removed the rating from CreditWatch, where it had been placed on
April 2, 2003.

HeidelbergCement AG is the fourth-largest cement producer
worldwide. The group generated EUR6.6 billion of sales in 2002.
Unadjusted net financial debt was EUR4.3 billion at year-end
2002.
     The ratings actions were based on Standard & Poor's
reassessment of HeidelbergCement's credit profile in light of
recent developments, including:

-- The group's aggressive financial policy and its tight
financial flexibility;

-- The effect of the German cement market's ongoing price war on
the group's near-term cash generation; and

-- A EUR250 million cartel fine recently imposed on the group by
the German cartel office, against which the group has lodged an
appeal.

"We believes these factors, together with an overall cyclical
decline in most of HeidelbergCement's markets, are likely to
weigh on the group's financial profile in the medium term," said
Standard & Poor's credit analyst Xavier Buffon.

Low volumes and prices in Germany, declining construction
business in the U.S. and mature European markets, and the risk of
weaker prices spilling over into the Benelux region will put some
pressure on cash generation.

Cost improvements and the substitution of local production for
less profitable imports in the U.S., good prospects in Eastern
Europe, and the light materials division will likely provide only
partial relief.

The negative outlook reflects the execution risks related to
projected asset sales, and the group's heightened sensitivity to
a prolonged cyclical downside, and its tight financial
flexibility. Over the cycle, the adjusted ratio of funds from
operations to net debt should average around 20% to sustain the
rating. "The current ratings take into account Standard & Poor's
expectation that HeidelbergCement will successfully complete
required refinancing in 2003, thereby relieving any liquidity
concerns," added Mr. Buffon.


HVB GROUP: Bank Austria Keen to Win Central and Eastern Europe
--------------------------------------------------------------
Bank Austria, the unit which HVB Group is planning to float in
the coming years, said it wants to occupy the lead position in
the emerging markets of Central and Eastern Europe ahead of the
IPO.

Karl Samstag, Bank Austria's new chief executive, says that his
bank's clear objective is to become the 'undisputed number one'
in the Central and Eastern Europe region, according to the
Financial Times.

Mr. Samstag is speaking at a press conference in Warsaw at the
start of the marketing campaign for the IPO, which banking
sources predict could happen around July 9.

HVB plans to float its 25% stake in the Austrian bank to
refurbish capital eroded by heavy losses due to bad loan charges.
It expects to raise more than EUR1 billion from the sale of the
stake.

The report says Bank Austria is hoping it can benefit from the
growing demand for Central and Eastern European stocks whose
future is even more enhanced by the impending EU membership of
Central and Eastern European countries.

Central and Eastern Europe has a population 10 times more than
the size of Bank Austria's traditional home market and is much
more profitable and faster growing.

Bank Austria is second to Belgium's Kredietbank in terms of CEE
assets.  It has 860 offices in eleven countries in the CEE
region, ten of which are to join the European Union in 2004.

Bank Austria almost tripled its pre-tax profits in the Central
Eastern Europe region to EUR280 million in 2002.  It has tripled
its assets in the region since 1999.

But this trend is dependent on the continued profit turnaround of
BPH PBK, its Polish bank, which accounts for roughly half its CEE
assets and nearly two thirds of its CEE offices, according to the
report.  In the first quarter of 2003 BPH PBK more than doubled
its pre-tax profits, to EUR38.5 million.

Bank Austria plans to list on the Vienna stock exchange.

Investors comment that the IPO is being launched on a tight
timetable in order to satisfy HVB's urgent need to rebuild its
capital ratios.

JP Morgan and Goldman Sachs are the advisers and will act as
joint book runner for the IPO along with HVB and CAIB, Bank
Austria's investment bank.


HVB GROUP: Decides Against Listing Bank Austria Shares in Warsaw
----------------------------------------------------------------
German bank HVB has decided against listing a part of its 25%
initial public offering of Bank Austria in the Warsaw Stock
Exchange due to legal obstacles, according to Financial Times
Deutschland.

Puls Binznesu, meanwhile, learned that the Banking Supervisory
Regulation Office did not favor the proposal on fears that the
entrance of Bank Austria on the market, would lead to investors
withdrawing from HVB-owned, Polish bank, BPH PBK.

The German bank earlier proposed to withdraw the Polish bank's
shares from public trading and swap the shares for that of Bank
Austria.

BPH PBK accounts for roughly half of Bank Austria's Central
Eastern Europe assets and nearly two thirds of its Central
Eastern Europe offices.

In the first quarter of 2003 BPH PBK more than doubled its pre-
tax profits, to EUR38.5 million.

The bank's head Jozef Wancer said BHP PBK's goal is to increase
profitability rather than market share.


HVB GROUP: Announces Key Personnel Decisions Made for Board
-----------------------------------------------------------
-- Dr. Michael Kemmer (46), a new appointee to the Board, to act
as Chief Risk Officer (formerly held by Mendel)

-- Michael Mendel to take charge of the business segment Germany
(formerly Jentzsch)

-- Dr. Stefan Jentzsch (42) to be responsible for the business
segment Corporates & Markets (formerly Bub)

-- Stephan Bub (45) to leave the Group Board on May 31, 2003

The HVB Group has thus finalized the posts on the Group Board as
and from June 1, 2003, within the context of the implementation
of the transformation program. "The management team is now in
place," said Dieter Rampl, spokesman of the Board. "It has taken
up position for the period following the transformation and will
concentrate on the long-term targets of the Group in the heart of
Europe, namely on improving earnings and on value creation.

We have made clear progress in repositioning our Group."
Stephan Bub will take over the management of a financial services
company in the credit treasury sector, as announced at the
beginning of the year, and will leave the Group Board at his own
request.

Preparations for realizing this company have already been almost
completed - ahead of schedule. The HVB Group will retain a major
shareholding in this company. "We would like to thank Mr. Bub for
his work on the HVB Group Board and greatly appreciate his
contribution to our bank." stated Rampl.

Stephan Bub's segment will be taken over by Dr. Stefan Jentzsch,
who has been responsible for the business segment Germany.

Jentzsch, who came to the HVB Group in 2001 from Goldman Sachs,
is a proven capital market expert, who will heighten the profile
of the HVB Group in trading with interest and currency products
and services and will expand the market position of the HVB Group
in the sector Corporate Banking with Multinationals.
Michael Mendel, who joined the Board of Management at the
beginning of the year as Chief Risk Officer, can draw on his many
years of extensive experience in the segment Germany to press
forward with the initiated restructuring of this business segment
as conceived in the transformation program. His aim will be to
increase the market share in the core area of retail and
corporate banking in Germany and to improve earnings.

Dr. Michael Kemmer, who used to be on the Divisional Board in
charge of Accounts, will take over the post of Chief Risk Officer
from Michael Mendel. Kemmer, who has a doctorate in business
management, has been with the bank since 1988 (apart from a short
break), working in Accounts and Controlling, initially at the
former Bayerische Vereinsbank and subsequently at the merged
HypoVereinsbank in Munich. "With Dr. Kemmer we have gained a
person with tremenduous expertise who is highly competent in all
questions of accounting and controlling, and who is highly
regarded both inside and outside the bank," commented Mr. Rampl.

Gerhard Randa (COO and business segment Austria/CEE) and Dr.
Wolfgang Sprissler (CFO) will remain in charge of their segments.

CONTACT:  BAYERISCHE HYPO- UND VEREINSBANK AG
          Presseabteilung
          Am Tucherpark 16
          80538 Munchen
          Phone: (089) 378-2 58 01/-2 55 12
          Fax: (089) 378-2 56 99


RINOL AG: Absorbs First-Quarter Decline in Turnover
---------------------------------------------------
RINOL absorbs the decline in turnover in the first quarter of
2003

Compared with TEUR 77 976 for the first quarter of last year,
RINOL - market leader in industrial flooring - could manage
turnover figures of only TEUR 53 978 in the first quarter of
2003. This was a mere 70% of the previous year's result.

Unusually bad weather conditions from Poland across Italy,
Central Europe and Great Britain brought to a standstill every
kind of project subject to outdoor temperatures, a situation that
persisted right the way through to the first week of February.

In addition to this, the difficult business conditions prevailing
in our most important countries - Germany and France - were
compounded by the Iraq crisis and the generally reluctant
investment climate.

All these factors led to a number of firmly scheduled projects
having to be postponed. However, by taking firm action we
succeeded in reducing material costs and the amount of purchased
goods and services by more than the rate of decline in turnover.

As a result, gross profit improved from 44.61% to 45.44%.
Since we started to undertake structural and organisational
changes as early as 2002 to cope with a significant fall in
turnover we were able to lower personnel costs by as much as
14.8% and other operating costs by 10.0% vis-.-vis the previous
year's quarter. Earnings before interest and taxes (EBIT) fell
from TEUR -3 450 to TEUR -7 623. We can hardly regard this result
as satisfactory since it means we will fail to reach this year's
turnover target.

However, in view of the extremely difficult operating environment
we consider it to be a "narrow escape with minor bruises". The
number of orders on the books amounted to a total of TEUR 83 336
on 31.03.2003. The current volume of orders received confirm our
belief that we can stand by our goal of exceeding last year's
results.

The complete quarterly report will be published on 28th May 2003.

CONTACT:  RINOL AG
          Hermann Hahn
          Phone: 07159/164-151
          Fax: 07159/164-163
          E-mail: info@rinol.com
          Home Page: http://www.rinol.com


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


GETRONICS N.V.: Welcomes Proposal to Amend Bonds Due 2004, 2005
---------------------------------------------------------------
A group of holders of the subordinated convertible bonds due 2004
and 2005 has requested that the Trustee calls bondholders'
meetings to amend the terms of the bonds and receive partial
early repayment in cash of EUR 325 million. The amendment of the
terms would entail:

-- Repayment of the remaining EUR 250 million of outstanding
subordinated convertible bonds due 2004 and 2005 through
quarterly payments until September 2008

-- An interest rate of 13%

-- The removal of the option to convert the bonds into equity,
thereby eliminating any potential dilution in Getronics' issued
share capital

-- A waiver of rights, if any, concerning events of default

-- The possibility for Getronics to repay the Bonds in full prior
to September 2008

-- The level of Bondholder support for this proposal is such,
that it is expected that the amendment of terms will be adopted
in the bondholders' meetings

-- The proposal is consistent with Getronics' entrepreneurial
solution, as presented on 21 March 2003, and would help to
further restore stakeholders' confidence

A group of holders of the subordinated convertible bonds due 2004
and 2005 (the Bondholders Group) has informed Getronics N.V. of
its request to the Trustee to convene bondholders' meetings to
vote on proposals regarding an amendment of the terms of the
outstanding subordinated convertible bonds due April 2004 and
March 2005, respectively (the 2004 Bonds and the 2005 Bonds,
respectively and together, the Bonds) by way of an alteration of
rights under the Bonds.

At the respective bondholders' meetings, all holders of the Bonds
present will be asked to vote on the proposals for the amendments
of the terms of the Bonds and agree to receive a partial early
repayment of EUR 325 million in cash (EUR 114.4 million in
relation to the 2004 Bonds and EUR 210.6 million in relation to
the 2005 Bonds). The amendments of the terms as proposed by the
Bondholders Group include changes to, among other things, the
rate of interest, an early repayment of part of the principal
amount of the Bonds and a rescheduling of the repayments (in
installments) of the remainder of the principal of the Bonds (see
table in the Appendix), the possibility for Getronics to redeem
the Bonds in full prior to September 2008, the due dates for
payment of interest, the removal of the right of conversion, the
removal of the 'accretion' of the principal amount of the Bonds,
the 2004 Bonds and the 2005 Bonds (expected) to be traded as one
series effective on or about 1 July 2003 (to be further
announced) and a waiver of rights, if any, under Article 8.2
(Events of Default).

It is expected that the Trustee will convene the bondholders'
meetings as soon as practically feasible and that the amendments,
if the proposals are adopted at the meetings and subsequently
agreed to by Getronics, could be completed by 30 June 2003.

Getronics welcomes the initiative by the Bondholders Group, as it
is consistent with its entrepreneurial solution, as communicated
on 21 March 2003, and would help to further restore stakeholders'
confidence.

Getronics' Vice-Chairman, Klaas Wagenaar comments: "This
bondholders initiative is good news for the company and its
stakeholders. The proposed new annuity scheme would allow the
company to repay the remaining EUR 250 million over a five year
period, thereby creating additional cash headroom that can be
used for strengthening the Company's market position and ensuring
continuing excellent operational delivery to our clients."

ING Investment Banking is acting as financial adviser to
Getronics in connection with the proposals to amend the terms of
the Bonds. If the proposals are adopted and Getronics accepts the
amendments, ING Bank is to act as Exchange Agent and Paying Agent
for the amended Bonds.

About Getronics
With approximately 23,000 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 are in Amsterdam, with
regional head offices in Boston and Singapore. Getronics' shares
are traded on Euronext Amsterdam ('GTN').


Further details of the proposals from the Bondholders Group are
as follows:

Summary of the proposed amendments to the terms of the Bonds

Principal Amount:             EUR 250.1 million
Revised Final Maturity:            30th September 2008
Effective Amendment of Terms Date: 30th June 2003
Cash Pre-payment             The company will pay to
bondholders the sum of EUR 325 million on the Effective Amendment
of Terms Date, split pro-rata between holders of 2004 and 2005
Bonds in proportion with the accrued value of each series. This
pre-payment will be effected in the form of a pro-rata reduction
in the principal amount of each Bond. Assuming that the
Effective Amendment of Terms Date is 30th June 2003, the amounts
payable to 2004 and 2005 bondholders will be apportioned as
follows:ú

Repayment of accrued interest and accreted principal on 2004
Bonds:EUR 20 million;ú

Repayment of accrued interest and accreted principal on 2005
Bonds: EUR 34.7 million;ú

Repayment of principal on 2004 Bonds: EUR 94.4 million; andú
Repayment of principal on 2005 Bonds: EUR 175.9 million.

Following these payments, at the proposed Effective Amendment of
Terms Date the principal value of each EUR 1,000 principal 2004
and 2005 Bond would be reduced to EUR 480.58.

Amortisation: The Bonds to be repaid in accordance with the
amortisation schedule as set out below in table A.

Conversion to shares: The conversion entitlements of the Bonds
to be deleted from the Terms and Conditions.

APPENDIX: (continued)

Interest: The 0.25% coupons and existing accretion payable on the
Bonds to cease to be payable from the Effective Amendment Date.

Interest to be paid so as to provide an internal rate of return,
from the Amendment Date over the remaining life of the amended
Bonds, of 13.00% per annum, payable quarterly in arrears on the
outstanding principal amount at each interest payment date.

Interest to be calculated using the following formula: P x
(1.13^(d/dc) - 1); whereú

"P" is the principal sum outstanding on the previous date for a
particular payment of interest and principal;ú

"d" is the number of calendar days between the previous interest
payment date and the following interest payment date; andú

"dc" is the number of calendar days in the relevant year in which
an interest payment date falls (365 or 366 days as appropriate).

Optional Redemption: The Bonds to be redeemable in full at the
option of Getronics on any interest payment date through payment
of the outstanding principal amount and any accrued and unpaid
interest free of any penalty.

Table A - Illustrative cash flows per bond in Euros (assuming
adoption of the proposals at the bondholders' meetings and
acceptance of amendment of the terms of the Bonds by Getronics)
DATE Payments Interest Principal Principal Outstanding
30-Jun-03                            480.58
31-Mar-04         76.87    46.22        30.65 449.93
30-Jun-04         38.44  13.88        24.56 425.37
30-Sep-04         38.44 13.27        25.17 400.20
31-Dec-04         38.44 12.49        25.95 374.25
31-Mar-05         38.44 11.45        26.99 347.26
30-Jun-05         38.44 10.74        27.70 319.56
30-Sep-05         38.44 10.00    28.44 291.12
31-Dec-05         38.44 9.11         29.33 261.79
31-Mar-06         28.83 8.01        20.82 240.97
30-Jun-06         28.83 7.46        21.37 219.60
30-Sep-06         28.83 6.87        21.96 197.64
31-Dec-06         28.83 6.18        22.65 174.99
31-Mar-07         28.83 5.35        23.48 151.51
30-Jun-07         28.83 4.69        24.14 127.37
30-Sep-07         28.83 3.98        24.85 102.52
31-Dec-07         28.83 3.21        25.62 76.90
31-Mar-08         28.83 2.37        26.46 50.44
30-Jun-08         28.83 1.56        27.27 23.17
30-Sep-08         23.89 0.72        23.17  0.00

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


KONINKLIJKE AHOLD: Banks Move Deadline for Delivery of Accounts
---------------------------------------------------------------
-- Completion of internal accounting investigations expected over
next two weeks

-- Estimated additional USD 29 mln reduction of pre-tax earnings
as a result of internal investigations

Ahold has announced that its syndicate of banks has agreed to
extend the deadlines for the provision of audited 2002 financial
statements for Stop & Shop from May 31, 2003 to June 30, 2003 and
audited 2002 consolidated financial statements for Ahold from
June 30, 2003 to August 15, 2003. The Albert Heijn audited 2002
financial statements are to be provided no later than June 2,
2003.

The USD 915 million unsecured tranche of the Euro 2.65 billion
credit facility announced on March 5, 2003, will remain available
subject to the satisfaction of various conditions, including
delivery of the 2002 audited financial statements on or before
the new dates specified. In any event, based on the company's
current cashflow projections, Ahold does not foresee the need for
any drawings on the unsecured tranche prior to August 15, 2003.
The deadline extensions under the facility confirm the company's
continued access to sufficient liquidity notwithstanding the
later than anticipated delivery of accounts.

The audit of Stop & Shop's 2002 financial statements is far
along, but delays have occurred in particular with regard to
accounting implications of treating Stop & Shop on a standalone
basis.
As a result, more time is required to complete the audit.

With respect to the audit of Ahold's 2002 consolidated financial
statements, Deloitte & Touche confirmed that an important
condition for resuming the audit was the completion of several
internal investigations (or completion of certain identified key
steps of such investigations) at U.S. Foodservice and at various
operating and joint venture companies, all of which have been
initiated by Ahold. Deloitte & Touche noted that, while important
progress had been made in these investigations, various delays in
the completion of these investigations had placed the resumption
of important parts of the audit some four to six weeks behind
schedule. The auditors did not provide any indication of the
expected timing for the completion of the audit of the 2002
financial statements, but did give assurances of their commitment
to an effective audit process once the conditions for resumption
have been met.

Ahold also announced that internal forensic accounting
investigations at 14 of its operating and joint venture companies
were substantially complete and expected the investigations at
the remaining three entities to be completed within the next two
weeks. Based on the information received to date, intentional
accounting irregularities involving earnings management and
misapplications of generally accepted accounting principles were
found, principally at the
Tops Markets U.S. subsidiary. The amount of these accounting
irregularities is approximately USD 29 million, which will
require adjustments to reduce Ahold's pre-tax earnings.

The investigations completed thus far have also preliminarily
identified or confirmed various accounting issues and internal
control weaknesses. Management is studying the findings to assess
whether additional adjustments may be required to correct any
accounting errors that may affect results of operations and to
identify needed improvements in controls and procedures at the
relevant companies.

The adjustments referred to above exclude those required by the
overstatement of pre-tax earnings at U.S. Foodservice as
announced on May 8, 2003, adjustments that may be required at
Disco with respect to the investigation underway there, and
adjustments due to Ahold's decision to consolidate its joint
ventures on the equity method.

The separate internal investigation at Disco in Argentina is
expected to be completed shortly. Ahold is currently discussing
with its local auditor, Ernst & Young, issues with respect to the
resumption of the audit at Disco.

Once all the investigations are completed, the company intends to
review all findings with the audit committee to determine the
necessary accounting adjustments. Ahold will also determine what
steps must be taken to strengthen internal controls, to eliminate
any improper accounting practices and to take whatever remedial
actions are deemed necessary.

CONTACT:  ROYAL AHOLD N.V.
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02
          Homepage: http://www.ahold.com


STORTEBOOM GROUP: Consortium Buys Business; Operations to Resume
----------------------------------------------------------------
A consortium made up of the Dutch Investment and Development
Agency for the Northern Netherlands, Dutch recruitment company
Sterk Advies and Dutch poultry processor Berg Holding will take
over bankrupt Dutch poultry company Storteboom.

According to the Development Agency for the Northern Netherlands,
the poultry processor will be resuming operations after its
slaughterhouses were closed when it was declared bankrupt on May
14.  Under the takeover deal, at least 250 of Storteboom's 1,000
employees will keep their jobs.

Storteboom's slaughterhouse in Putten, central Netherlands,
however, will remain temporarily closed due to the avian flu
virus in the region.

Storteboom Group is the largest poultry processing company in the
Netherlands, with a market share of 20%.  However, intense
competition from poultry producers in Thailand and Brazil had
adversely affected the business.

The Dutch poultry processor, based in the north of the country,
previously sought for an investor to help it fund its operations.

The company posted losses in 2001 and 2002, and two of its
processing facilities in the Gelderse Vallei, western
Netherlands, have been closed.  Such dire financial state was
aggravated by the recent outbreak of bird flu in the country.

CONTACT:  STORTEBOOM INTERNATIONAL B.V.
          Netherlands
          Phone: + 31 (0) 594 677 519
          Fax: + 31 (0) 594 677 518
          E-mail: oleksandr.antonyuk@storteboom.nl
          Hompage: http://www.storteboom.nl/


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


NETIA HOLDINGS: Terminates Deposit Agreement, Closes Books
----------------------------------------------------------
Netia Holdings S.A. (WSE: NET, NET2), Poland's largest
alternative provider of fixed-line telecommunications services,
on Friday announced that its management decided to terminate the
Deposit Agreement dated August 3, 1999, as subsequently amended,
between Netia, The Bank of New York and the owners and beneficial
owners of the American Depositary Shares issued thereunder.
Netia is taking all steps required to terminate the Deposit
Agreement, as stipulated therein. Netia also requested that the
Depositary immediately close the transfer books kept by it for
the ADSs. Following the closing of the transfer books, the
Depositary may not issue any new ADSs or accept any new shares
for deposit under the Deposit Agreement. Netia expects that these
decisions will permit it to apply for assimilation of the two
trading symbols for its ordinary shares on the Warsaw Stock
Exchange and all shares will thereafter trade under the same
trading symbols.

In addition, pursuant to the Management Board's resolution, Netia
informed the Nasdaq Stock Market that it would not seek to apply
for re-listing of Netia's securities to the Nasdaq SmallCap
Market at this time.

Netia's Management Board took into consideration the following
factors in reaching these decisions:

-- Following its delisting in October 2002 from the Nasdaq
National Market, the liquid market for Netia's securities in the
United States was extremely limited;

-- After completion of our restructuring, Netia's shares covered
by the Deposit Agreement and therefore entitled to be exchanged
for ADSs represent approximately 9% of Netia's share capital on a
fully diluted basis;

-- As of May 22, 2003, Netia's shares actually deposited with the
Depositary under the Deposit Agreement represented approximately
0.57% of Netia's share capital on a fully diluted basis; and

-- Closing of the transfer books for Netia's ADSs and termination
of the Deposit Agreement will enable Netia to assimilate two
separate trading lines for Netia's shares on the Warsaw Stock
Exchange and, consequently, significantly enhance the liquidity
for Netia's shares on the Warsaw Stock Exchange.

Netia's Management Board decided that it will be in Netia's best
interest to concentrate its capital markets activities in Poland.


=========
S P A I N
=========


CHUPA CHUPS: Closes Plant in France as Trouble Grows Deeper
-----------------------------------------------------------
The Spanish confectioner Chupa Chups has closed its plant in
Bayonne, southwestern France, putting the jobs of 67 permanent
staff and 30 seasonal staff redundant.

According to reports, the Spanish company closed the plant
because the mature European confectionery market does not justify
numerous production facilities there, adding that its sales in
Europe has fallen 13% by volume in 2002.

Chupa Chups has been spiraling deeper into trouble this year.  It
has been forced to sell off its non-strategic assets after
reporting a loss of EUR20 million (US$23.4 million) for 2002.

This year, the Spanish company ceased production at its Brazilian
plant, sold its Chinese facility to its local partner, reduced
staffing levels in Mexico to a bare minimum and closed its French
facility in Bayonne.

Only its confectionery production unit in St Petersburg, Russia
has been left from its foreign divisions.  The Pasteleria
Ballabriga, a pastry production facility that the company
operates in Russia is likely to be closed or sold soon, however.

The company will now focus on its Spanish production facilities
in Barcelona and Asturias, aiming to increase productivity at
these two facilities by transferring production from the sites
that have been shut down and by introducing a range of new
products.

CONTACT:  CHUPA CHUPS SA
          Avda. Diagonal, 662
          08034 Barcelona, Spain
          Phone: +34-93-495-27-27
          Fax: +34-93-495-27-07
          Homepage: http://www.chupachups.com



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


TELIASONERA AB: A/A-1 Ratings Affirmed; Sonera Raised to A/A-1
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'A/A-1'
corporate credit ratings on Nordic telecommunications services
provider TeliaSonera AB. The outlook is stable.

At the same time, Standard & Poor's raised its corporate credit
ratings on TeliaSonera's Finnish subsidiary Sonera Corp. to 'A/A-
1' from 'BBB/A-2', thereby equalizing the ratings with those of
its parent. The outlook is stable.

All ratings were removed from CreditWatch where they were placed
on March 27, 2002, following the news that the two companies were
to merge.

"The affirmation of the ratings on TeliaSonera reflects the
group's strong market positions in its core Swedish and Finnish
markets, strong free operating cash flow, conservative financial
profile, and moderate emerging market exposure," said Standard &
Poor's credit analyst Leandro de Torres Zabala.

The ratings on the two entities have been equalized, reflecting
expectations of the highest level of mutual support and
cooperation, other than explicit debt support. Standard & Poor's
sees the Sonera business as strategically important to
TeliaSonera.

TeliaSonera does not guarantee Sonera's debt, but is expected to
operate a centralized treasury and refinance the outstanding
Sonera debt at maturity, as well as providing the new financing
required for Sonera operations.

The TeliaSonera group is expected to maintain its strong market
position in the Nordic and Baltic regions; generate strong
operating margins and positive discretionary cash flow; maintain
a conservative strategy in terms of acquisitions; and maintain a
conservative financial policy and experience no weakening of its
business risk profile.


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


BANK ZURICH: Management Buys Bank From Controlling Group
--------------------------------------------------------
Swiss investor Martin Ebner, Rosmarie Ebner as well as management
board members Alfred Boni and Ralph Stadler bought Bank Zurich
(BZ Bank) for an undisclosed amount from BZ Group, the investment
empire also controlled by Mr. Ebner.

BZ Bank earlier paid an extraordinary divided of CHF170 million
to its former parent BZ Group, reducing its equity to CHF30
million in the process.

Bankers are currently demanding that the heavily indebted
financier divests assets.  Earlier sell-offs include the group's
holdings in Credit Suisse, Lonza, Investor and Pirelli, which
trimmed down Mr. Ebner's investment portfolio, once worth CHF30
billion.

Mr. Ebner is currently understood to have a one-year standstill
agreement with his bankers, but the agreement covering CHF3
billion worth of loans is said to expire at the end of July.

BZ Group's debt is estimated by observers to be at around CHF4.6
bilion.

In April this year the group sold its 33% stake in VP Bank of
Liechtenstein after cutting its 11.1% stake in engineering group
ABB to less than 5% in January.

Worries regarding the financial health of the group scared
investors in BZ bank, so that clients funds of BZ Bank dwindle by
more than 90% over the last two years.  At the end of 2002, the
bank's managed assets fell to CHF3 billion from a height of CHF52
billion.

BZ bank managed to survive by drawing on its reserves.  Swiss
bank regulators said the bank still hasn't breached legal and
regulatory requirements.


4M TECHNOLOGIES: Assures Firm Is on Track to Profitability
----------------------------------------------------------
Since the refinancing, the discharge of the moratorium and the
formation of the new Board of Directors, the whole company has
been hard at work on the following outline objectives:

(1) To restitute a climate of confidence with its clients and
suppliers after the damage caused by suspension of payments.

(2) To provide the company with the products it needs, profitably
to compete in the market place.

(3) To face the principal competitors on equal terms.

(4) To provide transparency to shareholders in circumstances
where much reformation work has taken place.

(5) To provide shareholders with the signals of success.

Gross sales amounted to CHF 2.736 million, generating a gross
margin of CHF 0.586 million. Operating expenses and financial
costs produced a net loss of CHF 3.626 million.  The "turnaround"
is nevertheless underway. 4M is now well on the road to recovery,
although this does not yet appear in the Q1/2003 results. During
Q1/2003, the company produced machines mainly to be delivered for
clients' orders in Q2.

Despite the economic, political and medical (SARS) uncertainties
in our principal markets, the Q2 and following quarters should
show more clearly the slow but sure recovery of 4M.The new
products in CD and DVD sectors are attracting former and
new clients, willing to develop serious long-term business
relations with 4M. We hope to show you the first concrete signs
of this trend in the coming months.

The Group is most appreciative of the continuing support of its
shareholders and the significant efforts of its staff.

CONTACT:  4M TECHNOLOGIES HOLDING
          Investor Relations
          Jean-Claude Roch
          Avenue des Sports 42
          CH-1400 Yverdon-les Bains
          Phone: ++41 (0) 24 4237 111
          Fax: ++44 (0) 24 4237 181
          E-mail: jclaude.roch@4m-inc.ch


SWISS INTERNATIONAL: Fleet Reductions, Job Cuts Seen in Future
--------------------------------------------------------------
Swiss International Airlines AG, which has been loss making since
last year, may face a restructuring that could involve a
substantial fleet reduction and job cuts.

A report by SonntagsZeitung news agency said the airlines, whose
biggest single shareholder is the Swiss government, is currently
working on a new radical business plan that could take effect for
the winter 2003/04 schedule.

Citing corporate insiders, the report said the new plan sees the
long-haul fleet reduced to 18 from 26 planes, with the mid-haul
fleet facing a similar level of reductions.

Roughly 3,000 jobs could also be cut out of the current 9,000
employees at the airline, with 2,000 jobs affected at other
airport-related companies.

Swiss was created last year out of the remains of former flag
carrier Swissair and regional airline Crossair.  It has since
been loss-making and was further made to suffer by the slump in
demand due to the war in Iraq and the outbreak of SARS this year.

The troubled airline is seeking a partner after posting a net
loss of CHF1 billion in 2002.  The carrier created from bankrupt
Swissair and regional carrier Crossair cuts its fleet and staff
to counter losses, but current conditions dashed its hope to
return to black this year.

Swiss' stock fell more than 70% this year after going down by
more than a half last year.

CONTACT:  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: www.swiss.com


SWISS LIFE: Group Increases Loss to CHF1.7 Billion for 2002
-----------------------------------------------------------
Since Swiss Life/Rentenanstalt shares (RAN) are also listed on
the SWX Swiss Exchange alongside Swiss Life Holding shares
(SLHN), we are obliged to publish consolidated accounts for the
Swiss Life/Rentenanstalt Group as a subsidiary in addition to the
Swiss Life Group Financial Statements, which were the subject of
a detailed press release on 8 April 2003. The Swiss
Life/Rentenanstalt Group reported a loss of CHF 1.7 billion for
2002 (after a loss of CHF 115 million the previous year).

Swiss Life/Rentenanstalt became a subsidiary of Swiss Life
Holding on 19 November 2002. As of 15 May 2003, the latter
company holds 92.7% of the Swiss Life/Rentenanstalt share capital
and votes. Of the outstanding 7.3%, the Fondiaria-SAI Group
reported a stake of more than 5% as of 31 December 2002. Since
Swiss Life/Rentenanstalt shares (RAN) are also listed on the SWX
Swiss Exchange in addition to those of Swiss Life Holding (SLHN),
the Swiss Life/Rentenanstalt Group, as a subsidiary, must also
publish its consolidated accounts.

Differences in the scope of consolidation between Swiss Life
Holding and Swiss Life/Rentenanstalt

The Swiss Life/Rentenanstalt Group's figures differ from those of
the Swiss Life Group as a whole (Swiss Life Holding) principally
due to the fact that the companies Swiss Life Holding, Swiss Life
Funds and Swiss Life Cayman Finance do not fall within Swiss
Life/Rentenanstalt's scope of consolidation and are thus treated
in the financial statements as third parties. This also means
that the capital increase effected by Swiss Life Holding had no
impact upon Swiss Life/Rentenanstalt's annual financial
statements, since no capital was transferred from the former
(SLH) to the latter (SL/RA). Another major difference can be
found in reference to minority interests: Since Swiss Life
Holding was in possession of 92.2% of Swiss Life/Rentenanstalt
shares as of 31 December 2002, this left minority interests in
Swiss Life/ Rentenanstalt and its subsidiaries to be taken into
account in its financial statements. These minority interests do
not feature in the Swiss Life/Rentenanstalt Group's statement of
income.

Swiss Life/Rentenanstalt's key figures

The Swiss Life/Rentenanstalt Group reported a loss of CHF 1.7
billion for 2002 (after a loss of CHF 115 million the previous
year). Gross premium volume was 1% higher than the previous year
at CHF 15.8 billion. Gross written premiums, including deposits
under policyholder investment contracts (e.g. fund-linked
products) decreased 3% in 2002 to CHF 19.5 billion. In
traditional insurance business premiums remained at the level of
the previous year in the life segment at CHF 14.7 billion, while
increasing 12% in the non-life segment to CHF 1.1 billion. By
contrast, the outlay on policyholder bonuses and participation in
surplus was around 50% lower at CHF 340 million. The amount
reserved for payment of future bonuses came to CHF 4.4 billion
(down by 14%). The financial result was down 18% at CHF 4.7
billion. Net investment income contracted to CHF 5.5 billion, a
decline of 2%. Realised and unrealised net losses stemming from
efforts to safeguard equity by cutting the proportion of shares
in the investment portfolio amounted to CHF 2.3 billion (previous
year's loss: CHF 141 million). Adjusted for hedging transactions,
the profit from which has been included in net trading income,
realised and unrealised net losses amounted to CHF 800 million.
Operating expenses were reduced by CHF 144 million to CHF 3.5
billion as a direct result of the cost-cutting programmes which
have been introduced. In insurance business operating expenses
fell by 7% to CHF 2.8 billion.

Delisting planned in third quarter 2003

The Swiss Life/Rentenanstalt shares will be delisted in the third
quarter of 2003. The relevant application has been submitted to
the SWX Swiss Exchange.

Swiss Life
The Swiss Life Group is one of Europe's leading providers of
long-term savings and protection and life insurance. The Swiss
Life Group offers individuals and companies comprehensive advice
and a broad range of products via agents, brokers and banks in
its domestic market, Switzerland, where it is market leader, and
selected European markets. Multinational companies are serviced
with tailor-made solutions by a network of partners in over fifty
countries.

The Swiss Life Group, registered in Zurich, was founded in 1857
as the Swiss Life Insurance and Pension Company. Shares of Swiss
Life Holding are listed on the SWX Swiss Exchange (SLHN). The
company employs around 11 000 persons.


ZURICH FINANCIAL: Core Business in Need of Reorganization
---------------------------------------------------------
Zurich Financial Services CEO James Schiro said life insurance
business remains a core business, but admitted it needs
reorganization.

Mr. Schiro told Finanz und Wirtschaft Zurich Financial will no
longer underwrite unprofitable business, including collective
business such as Swiss private pension funds.

He said that if guaranteed minimum pension fund rate is not
reduced the management has no choice but to cancel Swiss private
pension fund policies starting in the second half, adding that he
"would rather see the rate tied to a market rate instead of the
perpetuation of a politicized rate."

Zurich Financial Services recently announced a net income of USD
114 million for the first quarter of 2003 in spite of financial
market headwinds.

Mr. Schiro said the insurer targets 12% return on equity in the
next one and one-half to two years.


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


AMP LTD: Roger Yates Assumes Responsibility for U.K. Businesses
---------------------------------------------------------------
AMP has announced that current head of Henderson Global
Investors, Roger Yates, will assume management responsibility for
all AMP's U.K.-based businesses, reporting to Chief Executive
Officer, Andrew Mohl.

The U.K. Life Services business (headed by Ian Laughlin) and the
U.K. Contemporary Financial Services business (headed by John
Drabble) will both report to Mr. Yates, who will also remain as
Managing Director of Henderson Global Investors.

"These reporting changes mean that AMP is now moving to manage
the businesses along geographic lines, in line with the demerger
announcement on May 1, 2003," Mr. Mohl said.

"We have set ourselves an aggressive but achievable timetable to
implement the demerger proposal.

"This is a logical first step in starting to manage our
businesses geographically as Roger will be CEO of the 'new'
Henderson business if the demerger receives necessary approvals
from shareholders and regulators."

Mr Yates said his immediate focus is to review the U.K.
operations and to determine the optimal structure and strategy
for 'new' Henderson.

"This is an important move for our U.K. businesses, allowing us
to focus on the issues and opportunities in this market.  I am
very much looking forward to building 'new' Henderson, and to
sharing our plans for the new business in the coming months," Mr.
Yates said.

The appointment of Mr. Yates is subject to regulatory approval.

The Managing Director of AMP Henderson Global Investors, Jack
Ritch, who is responsible for the asset management business in
the Asian-Pacific region, will now report directly to Mr. Mohl.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien, Investor Relations
          Phone: 61 2 9257 7053


AQUILA NETWORKS: Baa3 Issuer Rating Under Review for Upgrade
------------------------------------------------------------
Moody's Investors Service placed the Baa3 issuer rating of Aquila
Networks on review for upgrade following its announcement
recently of an intention to sell Avon Energy Partners Holdings.

Aquila Inc. and partner FirstEnergy Corp. wanted to sell Avon
Energy to Scottish and Southern Energy plc subject to AEPH
bondholders agreeing to tender their bonds as part of the sales
process for 86% of their nominal value plus accrued interest.

The enterprise value of the acquisition is estimated at GBP1.112
billion (including the assumption of GBP502 million of existing
obligations).

The rating action was prompted by the fact that under the
agreement, the debt of Aquila Networks and the guaranteed bonds
of Midland Electricity, a unit of Avon Energy, will be assumed by
Scottish and Southern.

Aquila Networks is the fourth largest electricity distribution
company in England and Wales and is at present wholly owned by
AEPH through an intermediate holding company, Midlands
Electricity plc, whose bonds are guaranteed by Aquila Networks.

The Regulated Asset Base of Aquila Networks at 31 March 2003 was
valued at GBP980 million; its turnover in the year to 31 December
2002 was GBP310 million and it had a pre-tax profit GBP115
million.

Moody's says it will "evaluate how the financial profiles and
strategies of those entities will be impacted by their
acquisition by an entity with a materially higher rating."


AUSTIN REED: Sells Property at Coalville to Persimmon Homes
-----------------------------------------------------------
On 22 May 2003 Austin Reed Group PLC exchanged contracts with
Persimmon Homes Limited for the sale of a freehold property in
Coalville.

The cash consideration for the property sale is GBP4.0 million
(less any costs in connection with the offsite works, up to a
maximum of GBP0.2 million) payable 5% on exchange of contracts
with the remaining 95% due on completion.  The consideration
compares with a net book value for the land of GBP0.5 million at
31 January 2003.  The profit on sale, after taking into account
expenses, which are estimated to be a maximum of GBP0.2 million,
will be used to reduce the indebtedness of the Company.

Completion of the sale is expected to occur on or prior to 5
December 2003 subject to two remaining conditions.  These are the
receipt of local authority approval to offsite works required to
the public highway and the obtaining of an insurance policy in
connection with rights of way over the property.  In the event
that either of these conditions is not met within six months,
either party could withdraw from the contract.

The unoccupied Coalville property was acquired as part of the
acquisition of Country Casuals Holdings PLC in 1998.   It
represents an 8.0 acre industrial site which has never been used
by the Company.  Upon the instigation of the Company, the site
was merged with two neighboring properties to form an 18.5 acre
site, which received planning approval for residential use in
2002.  The sale of the Coalville property is part of the
Company's strategy to maximize shareholder value by exploiting
its strong asset base.  The post tax profit from the sale
represents a realization of at least 10 pence of value per share.

CONTACT:  AUSTIN REED GROUP
          Roger Jennings, Group Chief Executive
          Phone: 020 7534 7703
          Geoff Gibson, Group Finance Director
          Home Page: http://www.austinreedgroup.co.uk

          GAVIN ANDERSON & COMPANY
          Deborah Walter/Charlotte Stone
          Phone: 020 7554 1400


AUSTIN REED: Continues to Progress on Planned Developments
----------------------------------------------------------
Trading Statement

At the company's AGM, Austin Reed Group PLC made the following
comments on current performance:

'We continue to make good progress across all of our planned
development areas.

In line with our strategy to use our strong asset base to
maximize shareholder value, we announced today that we have
exchanged contracts for the sale of a freehold property in
Coalville. The cash consideration for this disposal is GBP4.0
million compared to the net book value of GBP0.5 million. The
post tax profit from the disposal represents approximately 10
pence per share. The industrial property was acquired as part of
the acquisition of Country Casuals since when we have merged the
site with neighboring properties and received planning approval
for residential use.

The Regent Street redevelopment remains on schedule. The new
entrances and the Ground Floor North are scheduled to reopen in
June and the project will be completed in August.

We have opened 5 new stores and 9 new concessions in the U.K.
this year, including the new Austin Reed regional flagship store
in Manchester which opened on 1 May, and we are on track to open
a further 2 stores and 7 concessions during the remainder of the
year as planned.

We recently signed a new Austin Reed licence for India. Our
licensee is Shoppers Stop Ltd, a premier department store chain
that is rapidly expanding its network of stores across the
continent. The market launch will be later this year. The new
Sportswear license in the USA continues to perform well and is
exceeding our expectations.

The cost reduction program announced earlier in the year is being
implemented on plan and will generate cost savings of GBP0.9
million in the current year and GBP1.5 million per annum
thereafter.

The effect of the redevelopment of the Regent Street store, which
represents 18% of total Austin Reed selling space, will as
expected, continue to be felt in the first half of the year.
Austin Reed is also experiencing weaker sales in the City of
London and airport stores and Country Casuals sales remain under
pressure, reflecting weaker demand in the quality classics
womenswear sector.

For the first 16 weeks of the year sales remain below last year
by 9% in line with the level announced with our preliminary
results.

The results for the full year will be dependent on trading in the
second half of the year and the successful relaunch of the Regent
Street store.'

CONTACT:  AUSTIN REED
          Home Page: http://www.austinreedgroup.co.uk
          Roger Jennings, Group Chief Executive
          Geoff Gibson, Group Finance Director
          Phone:: 020 7534 7703

          GAVIN ANDERSON & COMPANY
          Deborah Walter
          Charlotte Stone
          Phone: 020 7554 1400


AVON ENERGY: Moody's Downgrades Senior Unsecured Debt Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured debt
ratings of Avon Energy Partners Holdings to Caa1 from B2
following the conditional agreement announced recently by its
ultimate owners to sell the company.

Owners Aquila Inc. and FirstEnergy Corp recently announced its
intention to sell Avon Energy to Scottish and Southern Energy plc
subject to AEPH bondholders agreeing to tender their bonds as
part of the sales process for 86% of their nominal value plus
accrued interest.

The enterprise value of the acquisition is estimated at GBP1.112
billion (including the assumption of GBP502 million of existing
obligations).

Moody's "believes it appropriate at this time to reflect the
potential acceptance of this distressed purchase offer within the
ratings given the circumstances that exist at present."

The rating outlook on the AEPH bonds remains negative due to
uncertainty inherent in the process.

Avon Energy Partners Holding is the parent company of Midlands
Electricity plc, whose principal operating subsidiary is the
fourth largest electricity distribution network in England and
Wales, with total connected customers of 2.3 million.


AVON ENERGY: Fitch Downgrades Ratings to 'CC' From 'BB-'
--------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
the ratings of Avon Energy Partners Holdings to 'CC' from 'BB-'
('BB minus'). The Outlook on the ratings remains Negative. At the
same time the agency has affirmed the ratings on Midlands
Electricity plc and Aquila Power Network at 'BBB-'('BBB
minus')/'F3' and 'BBB+'/'F2' respectively.

The rating action follows the announcement made by Scottish &
Southern Energy plc (SSE), that agreement has been reached with
Aquila Inc. and First Energy in relation to the sale of Aquila
Sterling Limited, the U.K. ultimate holding company of Aquila
Power Networks, the distribution company, and various ancillary
subsidiaries.

The total offer price amounts to GBP1,112 million comprising an
agreed GB43m for the equity and GBP1,068m in assumed debt and
discounted purchases. The offer from SSE is conditional upon the
acceptance by Avon Energy Holding Partners' bondholders which
have been offered 86% of their nominal value plus accrued
interest. Total outstanding bonds at AEPH amount to c.GBP660m
equivalent, comprising the GBP360m sterling bond due 2006, the
USD250m senior note due 2007 and the USD senior notes due 2008.

The downgrade is predicated upon the visible open market
valuation of the business in the light of this formal offer,
representing a marginal shortfall to the value of the debt held
in the group, and brings to an end the competitive six month
auction. Refusal by bondholders to accept the current and
possibly final offer would increase the uncertainty relating to
any sale and the likelihood that they may become owners of the
business.

Estimation of the recovery rate for bondholders, should they
decide to oppose the offer from SSE is uncertain and would be
affected by the evolving regulatory factors and framework in
relation to electricity distribution.

The total offer price represents c.9% premium over RAB, which was
GBP980m at March 2003.

CONTACT:  FITCH RATINGS
          Francesca Fraulo, London
          Phone: +44 (0)20 7417 4337
          Isaac Xenitides, London
          Phone: +44 (0)20 7417 4300


BRITISH AIRWAYS: Debt Load Likely to Deter Possible Alliance
------------------------------------------------------------
The heavy debt load of Europe's biggest airline is likely to
dissuade it from bidding for Virgin Atlantic Airways Ltd. or BMI
British Midland Airways Ltd., an analyst observes.

Stephen Clapham, an analyst at Williams de Broe Plc, who has a
``buy'' rating on the stock of British Airways told Bloomberg ``I
think it's unlikely'' British Airways will bid for either
airline."

``BA is fairly debt-laden and making an acquisition would put its
balance sheet under further strain,'' he said.

Virgin Atlantic, the U.K.'s second largest airline is currently
holding takeover talks with BMI British Midland, the rival
running behind it.

The combination of Virgin's trans-Atlantic operation and its
worldwide network, and BMI's 60,000 slots at London's Heathrow
airport and its short-haul flight network could challenge British
Airways position as the biggest U.K. airline.

On reports suggesting British Airways might bid for Virgin
Atlantic, British Airways spokesman Paul Parry said ``We're not
ruling anything in or anything out...We're aware of the whole
issue of consolidation in the European aviation industry and are
looking at where we fit in.''

The move may face opposition from the U.K. Office of Fair
Trading, and the two airline's minority shareholders, according
to Mr. Clapham. Virgin's Branson and Sir Michael Bishop, who
controls BMI, might also oppose a bid, he added noting that both
executives "have spent many years competing with British
Airways.''

In contrast, ``The competition issues arising from a merger of
BMI and Virgin are relatively limited," Clapham of Williams de
Broe said.

BMI, though said, there are ``no on-going discussions'' about a
merger.

British Airways has net debt of GBP5.15 billion as of March 31,
the company said when it posted fourth-quarter results last week.
The ratio of net debt to total capital was 60.7 percent at the
year-end, down 5.3 percentage points from a year earlier.


CORDIANT COMMUNICATIONS: To Announce Disposals Soon--Report
-----------------------------------------------------------
Advertising company Cordiant Communications could announce soon
the divestment of its Public Relations group Financial Dynamics,
and its Australian business, George Patterson Bates, according to
The Independent.

The report says the transaction will fetch up GBP50 million for
the company which is currently trying to secure long-term funding
to sustain operations.

Cordiant Communications, which reported pre-tax loss of GBP228.2
million (2001: GBP270.8 million loss), is rescheduling GBP150
million of debts with its banks.  It is selling parts of its
business to reduce debts.

It has been negotiating with the management of Financial Dynamics
for at least three months about a buy-out.  The agreement
reportedly reached provides for the sell-off of the group for
GBP25 million to a buyer backed by Advent International.

George Patterson Bates, meanwhile, is accordingly being sought by
Pacific Equity Partners.  The venture capital group is willing to
pay EUR25.4 million for the group, but the transaction provides
that Cordiant retains a 20%, according to the report.

CONTACT:  CORDIANT COMMUNICATIONS
          Phone: +44 (0) 20 7457 2020
          David Hearn, Chief Executive Officer
          Andy Boland, Finance Director

          COLLEGE HILL
          Phone: +44 (0) 20 7457 2020
          Alex Sandberg
          Adrian Duffield


DAISYTEK: Canadian Unit Unaffected by Bankruptcy
-----------------------------------------------
Daisytek Canada reports that Canadian operations continue to
remain unaffected by the May 7, 2003 filing of bankruptcy under
Chapter 11 of the United States Bankruptcy Code by U.S.-based
Daisytek, Inc. and its U.S. subsidiaries.

"Daisytek Canada is independently financed by Canadian bankers
and not by Daisytek, Inc.'s U.S. banking syndicate," stated
Peter Wharf, president, International division.

"More than 95% of Daisytek Canada's business is supported by
Canadian vendors, and vendors continue to supply Daisytek Canada
with product as required.  Staffing, product shipments,
inventory and fill rates remain at normal levels," said Alan
Miller, vice president of operations for Daisytek Canada.

"We continue to operate independently and conduct business as
usual, as we have done in Canada for more than 14 years," said
Suzanne Barrette, vice president of sales and marketing for
Daisytek Canada.  "I encourage our Canadian partners to call me
directly with any concerns they may have."

Daisytek is a global distributor of computer supplies, office
products and accessories and professional tape media.  Daisytek
is a registered trademark of Daisytek, Incorporated.  All rights
reserved.

Daisytek, Incorporated, and its affiliates are leading global
distributors of computer and office supplies and professional
products. The company filed for chapter 11 protection on May 7,
2003 (Bankr. N.D. Tex. Case No. 03-34762).  Daniel C. Stewart,
Esq., Paul E. Heath, Esq., and Richard H. London, Esq., at
Vinson & Elkins LLP represent the Debtors in their restructuring
efforts.  When the company filed for protection from its
creditors, it listed $622,888,416 in total assets and
$450,489,417 in total debts.

                     *****

Administrators of office equipment supplier Daisytek-ISA was able
to sell the group's U.K. and Irish operations to a newly-formed
acquisition vehicle backed by Brett Palos and the Gold family.

Administrators PricewaterhouseCoopers, who were appointed last
week, also previously secured a sale for Daisytek-ISA in Sweden
and Norway.


INVENSYS PLC: Could Announce Sale of Software Company Soon
----------------------------------------------------------
The GBP80 million acquisition of a U.S. private equity group of
the software company, Baan, owned by engineering group Invensys'
could be announced as early as this week, industry sources told
The Business.

According to the report, Invensys has narrowed the list of
potential buyers down to Texas Pacific Group (TPG) and an unnamed
rival U.S. fund.

Invensys issued a profit warning in February, which caused a
domino reaction in the Dutch company.  It dropped out of the FTSE
100 index of blue chip shares, left its strategy, kick out its
chairman and postpone its dividend.  It also announced that it
would sell two-thirds of its businesses, with sales of GBP2.9
billion, to concentrate on factory automation and rail systems,
with sales of about GBP1.6 billion.

Divesting Baan is seen as a positive step for the company since
it can write off the full GBP650 million at which Baan is valued
in its books when it announces full-year results on May 29.

Invensys has been badly hit by the continued trading downturn in
its key markets.  The slump forced the company to take the
drastic step of breaking up the group.


IZODIA: To Press on Lawsuit Against Orb to Recover Missing Funds
----------------------------------------------------------------
Former e-commerce software company Izodia is intent on recovering
some GBP33 million that mysteriously disappeared from its
accounts last year, through a lawsuit.

Izodia will continue the legal action it filed with its largest
shareholder, Orb, despite a promise from Andy Ruha--the Midlands-
based entrepreneur who has agreed to buy Orb's hotel business for
GBP650 million--to return the amount.

Mr. Ruhan offered to pay Izodia the GBP33 million within the next
two years under the deal that would transfer ownership of 37
Thistle hotels owned by Orb Estates.  The buyout deal could be
signed this week, according to the report.

He has also promised to repay GBP11 million that is missing from
the accounts of the hotels portfolio's bondholders, as well as a
GBP70 million bridging loan provided to Orb by Morgan Stanley.

Izodia chairman Rory Macnamara said the development was clearly
positive, but Izodia will press on with its court appointment
with Orb in mid June.

Izodia is filing a suit against Orb in Jersey to try to discover
how the funds disappeared.  Its shareholders are also trying to
recover the cash since last year.

The funds are believed to have gone to Lynch Talbot, an
investment company that has common shareholders with Orb.


KINGFISHER PLC: Completes Acquisition of Shares in Castorama
------------------------------------------------------------
Kingisher notes that the following announcement has been issued
by the Conseil des Marches Financiers in Paris, concerning the
acquisition by Kingfisher of the final minority shares in
Castorama.  As a result, Kingfisher now owns 100% of the issued
share capital of Castorama.

'Goldman Sachs International has notified the Conseil des Marches
Financiers (CMF) that, as a result of the public buyout offer and
compulsory buyout offer for the shares of Castorama Dubois
Investments (Castorama), that was opened on
8 May and closed on 21 May 2003, Kingfisher plc has acquired in
the market 185,382 Castorama shares at the unit price of 67
euros.

Following the close of the public buyout offer, Kingfisher plc
holds directly and indirectly 158,951,894 Castorama shares,
representing 99,57% of the issued share capital and 99,77% of the
voting rights of Castorama.

As stated in its notice number 2003-1326  issued by Euronext
Paris SA on 7 May 2003, Castorama shares are to be delisted from
the Premier marche on 22 May 2003.  This is the date on which, in
accordance with the provisions of articles 5-7-1 and 5-7-3 of the
General Regulation of the CMF, number 98-25, dated 18
November 1998, all remaining Castorama shares that have not been
tendered to the public buyout offer by the minority shareholders
are transferred to Kingfisher plc.'

CONTACT:  Broker and Institutional Enquiries
          Loraine Woodhouse, Head of IR, U.K. & USA
          Phone: +44 (0) 20 7644 1032
          Frederique Lepelletier, Head of IR, Continental Europe
          Phone: +44 (0) 20 7644 1030

          KINGFISHER PLC
          Phone: +44 (0) 20 7372 8008


MARCONI CORP: Announces Completion of Capital Reduction
-------------------------------------------------------
Marconi Corporation (London: MONI) confirms that its capital
reduction, carried out as part of its financial restructuring,
became effective yesterday [Thursday].

Accordingly, all of its non-voting deferred shares held by
Marconi plc and its nominee, and all its share premium account,
have been cancelled.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications equipment,
services and solutions company. The company's core business is
the provision of innovative and reliable optical networks,
broadband routing and switching and broadband access technologies
and services. The company's customer base includes many of the
world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI.

CONTACT:  MARCONI PLC
          Heather Green, Investor Relations
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MIDLANDS ELECTRICITY: Debt Rating Under Review for Upgrade
----------------------------------------------------------
Moody's Investors Service placed the Baa3 guaranteed debt rating
of Midlands Electricity plc on review for upgrade following the
conditional agreement announced recently by the ultimate owners
of its parent company, Avon Energy Partners Holding, of its
intention to sell the venture.

Aquila Inc. and partner FirstEnergy Corp. wanted to sell Avon
Energy to Scottish and Southern Energy plc subject to AEPH
bondholders agreeing to tender their bonds as part of the sales
process for 86% of their nominal value plus accrued interest.

The enterprise value of the acquisition is estimated at GBP1.112
billion (including the assumption of GBP502 million of existing
obligations).

The rating action was prompted by the fact that under the
agreement, the debt of Aquila Networks and the guaranteed bonds
of Midland Electricity will be assumed by Scottish and Southern.

Moody's says it will "evaluate how the financial profiles and
strategies of those entities will be impacted by their
acquisition by an entity with a materially higher rating."


SMF TECHNOLOGIES: To Sell Trading Operations
---------------------------------------------
On 19 March 2003, the Board of SMF Technologies plc announced
that the proposed acquisition, announced as part of the Interim
Announcement, was not going ahead.  In that announcement it also
confirmed that trading continued to be at an acceptable level but
that the short term revenues from license fees, expected by
exploitation of the Company's technologies, would be constrained.
Since then, trading conditions for the company have continued to
be very difficult given the current economic climate.

As a result of the proposed acquisition not going ahead, the
major shareholder, who has supported the company since August
2001 through the provision of a loan note from a company
controlled by him, indicated to the Board that he could not
continue to underwrite the Company's operations into the future.

The Board is considering the options available to the Company,
including disposing of its trading businesses, so as to prevent
it becoming insolvent and trying to preserve the possibility of
returning some value to shareholders.

A further announcement is expected to be issued shortly.

Astaire & Partners has notified the company that it is resigning
as the Company's broker for AIM, such resignation to take effect
from 30 June 2003. The Board expects to announce the appointment
of a replacement broker shortly.


* 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)

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

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


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

FRANCE
------
Banque Nationale
   de Paris Guyane                   (33)         286       N.A
BSN Glasspack                       (114)       1,293       179
Bull SA                   BULP       (44)       1,698       (17)
Centrest Societe
   de Developpement
   Regional                         (131)         250       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                  (949)         430       107
Immobiliere Hoteliere     HOIN       (70)         197       (54)
Pneumatiques Kleber SA              (198)       2,843       139
Sa des Usines Chausson               (17)         187        35
SDR Centrest                        (131)         250       N.A.
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      (209)
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)

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)         606        46

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

POLAND
------
Animex SA                             (2)         447       (86)
Centrozap                            (82)         262      (102)
Exbud Skanska SA          EXBUF      (35)       1,250      (330)
Lodzka Drukarnia Akcydensowa S.A Invest
                                     (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)         107        70

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (95)         765       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (1)         102       (16)
Alldays Plc               ALD        (84)         176      (202)
Amey Plc                  AMY        (30)         578       (47)
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)
Costain Group             COST       (21)         204       (12)
Easynet Group Plc         ESY         (7)         206      (53)
Electrical and Music      EMI
   Industries Group                 (889)       1,916    (1,158)
Euromoney Institutional   ERM        (76)         110        20
Gallaher Group            GLH       (337)       3,432        68
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       (83)         264       (67)
IPC Media Ltd.                      (463)         172        16
Lambert Fenchurch Group               (1)       1,132        (3)
Lattice Group                       (905)       8,707    (1,228)
Misys PLC                 MSY        (60)         658        (7)
Orange PLC                ORNGF     (358)       1,749         7
Rentokil Initial Plc      RTO       (702)       1,744       (37)
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.


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