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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, July 15, 2003, Vol. 4, No. 138


                            Headlines


C Z E C H   R E P U B L I C

SPOLANA: Minority Shareholder to Seek Liquidation at EGM


F R A N C E

ALSTOM SA: Union to Stage Strikes to Halt U.K. Plant Closure
BEGHIN SAY: Ratings Unchanged by Filing of Share Tender Offer


G E R M A N Y

BERTESLMANN AG: Seeks Dismissal of EUR17 Billion Napster Lawsuit
GERLING-KONZERN: CreditWatch Status Revised to Positive
INTERTAINMENT AG: FY2002 Results Far Better but Still in Red
LINOS AG: Misses Revenue Target Despite Improvement in 1st-half


H U N G A R Y

DUNAFERR RT: Attracts Interest from Several Potential Investors
KERESKEDELMI ES HITELBANK: Individual Rating on Watch Negative


I T A L Y

FIAT SPA: S&P Corporate Credit Rating Lowered to 'BB-'


L U X E M B O U R G

MILLICOM INTERNATIONAL: Moody's to Up 'Caa1' Rating After Review


N E T H E R L A N D S

AEGON N.V.: Adopts New Structure to Better Service Customers


P O L A N D

ELEKTROWNIA TUROW: Ratings Affirmed; Outlook Changed to Negative
NETIA HOLDINGS: To Release Financial Results August 12


S W E D E N

NCC AB: To Sell Part of Centralhuset Property in Gothenburg


S W I T Z E R L A N D

SWISS INTERNATIONAL: Mum on Deutsche Lufthansa Bid Rumors
SWISS INTERNATIONAL: Discloses New Route Network Starting Winter
SWISS INTERNATIONAL: Carried 5.3 Mln Passengers in 1st-half


U K R A I N E

CJSC PRIVATBANK: Fitch Ups Long-term Rating to 'B-' from 'CCC+'


U N I T E D   K I N G D O M

ANITE GROUP: Year-on-year Net Debt Widens by GBP5 Million
BIG FOOD: Execs Expected to Come Under Fire for Bonuses
BRITISH ENERGY: Appoints Sir Robert Walmsley to Board
CORDIANT COMMUNICATIONS: Publicis Denies Link to Ojjeh Bid
EDINBURGH FUND: Completes Sale of Private Client Subsidiary

HAMLEYS PLC: Soldier Posts Update on Takeover Offer
JJB SPORTS: Reviews Future of Discount Department Store Unit
LOMBARD MEDICAL: Sells Non-core Cardiovascular Products
MYTRAVEL GROUP: Another Senior Director Resigns from Board
SEYMOUR PIERCE: Shuffles Board After Sale of Investment Banking

SIMON GROUP: Posts Document Related to Seawheel Disposal
SHERWOOD INTERNATIONAL: Accepts 140p-per-share Offer of SunGard
SSL INTERNATIONAL: Reckitt Benckiser Surfaces as Possible Bidder
UK SAFETY: Administrative Receivers Offer Businesses for Sale
WORLD SPORTS: Creditors Convert GBP400,000 Debt into Equity
YELL GROUP: S&P to Up Rating to 'BB' at Start of Trading Today
YORKSHIRE GROUP: Subsidiary Sells South Carolina Property

* Large Companies with Insolvent Balance Sheets


                            *********


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


SPOLANA: Minority Shareholder to Seek Liquidation at EGM
--------------------------------------------------------
Spolana's extraordinary general meeting on July 28 promises to be eventful,
as a minority shareholder will reportedly demand for the dissolution of the
chemical company through liquidation.

Czech Happenings, citing weekly Euro Online, said Sokato owns 3% of Spolana
and may be able to convene the meeting; however, its demand has almost no
chance to succeed.  Pavel Svarc, head of Unipetrol -- the petrochemical
holding company that owns 81.78% of Spolana -- coined Sokato's move as
seeking an advantageous buyout of its shares.  He said Spolana ranks among
the most important Czech chemical producers and its state situation does not
seem to suggest that it should end up in liquidation.

Spolana lost CZK491.3 million last year, down from 2001's loss of CZK699.7
million.  In Q1 of this year the loss was extended yr/yr from CZK56 million
to CZK123.7 million, although the situation could improve in the second
half, Spolana's management told Czech Happenings.  Spolana spokesman Jan
Martinek said that although the extraordinary general meeting will end in
fiasco, the news about the proposed liquidation will frighten the company's
business partners who will request details about its state.

Sokato representatives cannot be reached for comment, according to Czech
Happenings.


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


ALSTOM SA: Union to Stage Strikes to Halt U.K. Plant Closure
------------------------------------------------------------
Amicus, U.K.'s largest private sector union, held a mass meeting of 1,400
workers last Friday at the Alstom Washwood Heath site in Birmingham.   The
meeting followed the French owned Multinations' decision to close the plant
despite winning a GBP100 million plus contract to build carriages for the
London Underground Jubilee Line.

The current Jubilee Line trains were built at the Birmingham site where the
expertise and capacity is available to fulfill the new order.  Alstom plans
to build these carriages in France or Spain.

The problem, according to the company, is the current work at the plant on
Virgins high tech Pendolino leaning trains finishes in September 2004 and
the work for the Jubilee Line trains doesn't come on line until February
2005.  Alstom is using this as the reason for closing the plant.  However,
Amicus suspects that the reason for closing this site is the weak employment
protection laws that exist in the U.K. as opposed to those in the rest of
Europe.  Amicus believes that because it's easier and cheaper to sack U.K.
workers Alstom are using this as a way to reduce plants and move this work
to either France or Spain.

The meeting reportedly considered plans for the next stages of the campaign
to keep the site open and looked at all avenues open to Alstom workers to
put pressure on both the company and the government.

Tom Keogh, Amicus Regional Officer said: "This meeting is a key part of our
campaign to put pressure on the company and the government to stop this
closure.  We are not ruling out anything form of action in our campaign.
This mass meeting will look at how and what we intend on doing in taking the
fight to Westminster, Alstom and local Government."

                     *****

Alstom bought the site when it acquired Metro Camell in 1998.  The GBP100
million order is for carriages for the Jubilee Line and was awarded under
the Governments PFI program.


BEGHIN SAY: Ratings Unchanged by Filing of Share Tender Offer
-------------------------------------------------------------
Standard & Poor's Rating Services said that the filing of a draft tender
offer for French sugar processor Beghin-Say's (BB+/Stable/NR) remaining
outstanding shares, to be followed by a mandatory squeeze-out, has no impact
on the ratings on the company.  The ratings on Beghin-Say do not factor in
any access to public equity markets.  The EUR20 per share offer has been
presented by Credit Lyonnais (AA-/Stable/A-1+) on behalf of Origny Naples
(unrated), a consortium that owns 95.92% and 96.57% of Beghin-Say's shares
and voting rights, respectively.  Origny Naples gained control of Beghin-Say
through a public bid that closed in January 2003, which included the 53.8%
shareholding from Beghin-Say's previous majority owner, Italian utility
Edison SpA (BBB/Stable/A-3).  Origny Naples is equally owned by two French
beet growers' cooperatives: USDA and Union BS, which have about 2,500 and
5,000 members, respectively.


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


BERTESLMANN AG: Seeks Dismissal of EUR17 Billion Napster Lawsuit
----------------------------------------------------------------
Bertelsmann AG, the German publishing giant whose outlook was deemed
"gloomy" by rating agency, Moody's, is expected to file an application in a
U.S. District Court in New York this Thursday to have a EUR17 billion
lawsuit against it dismissed.

AFX News cited a report by Spiegel magazine saying Bertelsmann will contest
the lawsuit, which alleges it committed copyright infringement by funding
now-defunct online music-swapping service Napster, by insisting it was a
third party financier of Napster.  According to EMI Group Plc, one of the
complainants in the legal battle, Bertelsmann made a copyright violation
when it invested in Napster in monetary and human resource terms.

An EMI spokesman was quoted, saying: "By investing both millions of dollars
and management resources in Napster -- which was an illegal enterprise built
on the unlawful distribution of copyrighted works -- Bertelsmann enabled and
encouraged the wholesale theft of copyrighted music".

Music publishing rival Universal Music Group is also a complainant in the
lawsuit.  It is reported that Universal had itself wanted to buy Napster
before Bertelsmann, but the deal collapsed because Napster valued itself too
highly.

CONTACT:  BERTELSMANN AG
          Carl-Bertelsmann-Straae 270
          33311 Gtersloh
          Germany
          Phone: ++49.5241.80-0
          Fax: ++49.5241.80-9662


GERLING-KONZERN: CreditWatch Status Revised to Positive
-------------------------------------------------------
Standard & Poor's Ratings Services said it revised the CreditWatch
implications to positive from developing on its 'BB+' long-term counterparty
credit and insurer financial strength ratings on Germany-based
Gerling-Konzern Allgemeine
Versicherungs-AG (GKA) and Gerling-Konzern Lebensversicherungs-AG (GKL), in
light of the imminent sale of the Gerling group's reinsurance operations,
Gerling-Konzern Globale Rueckversicherungs-AG (GKG; BB/Negative/--).  The
ratings were initially placed on CreditWatch on October 29, 2002.

"The CreditWatch revisions also reflect Standard & Poor's expectation that
sufficient legal and regulatory limitations on the fungibility of capital
and liquidity are in place to adequately ring-fence GKL and GKA from the
rest of the Gerling group and to justify rating both entities on a
stand-alone basis rather than as core subsidiaries of the Gerling group,"
said Standard & Poor's credit analyst Karin Clemens.

In addition, Standard & Poor's understands that Gerling management is
currently in negotiations with a number of leading industrial companies and
other investors with a view to significantly increasing GKA's capital.

Management expects to receive binding commitments for a substantial amount
by July 18, 2003.  Once these commitments have been secured, Standard &
Poor's expects to raise the ratings on GKA to 'BBB-'; such rating action
will reflect the improvement in GKA's capitalization.  In addition, the move
demonstrates the commitment of large industrial corporations to support GKA
as one of Germany's leading industrial insurers.  The ratings would remain
on CreditWatch with positive implications, reflecting the possibility for a
further upgrade if GKA succeeds in finding additional substantial investors,
provided the sale of GKG has been completed.

Standard & Poor's expects this capital-raising process to be completed by
the end of September 2003.

Standard & Poor's expects to resolve the CreditWatch placement of GKL within
the next two weeks once it completes its review of GKL's stand-alone
financial strength.

The Gerling group is expected to complete the sale of GKG within the next
month, allowing the group to deconsolidate GKG from its balance sheet and to
thereby meet regulatory group solvency requirements.  Although it is not
obliged to do so under German law, Gerling is expected to wait for the
approvals of U.K. and U.S. regulators before completing the sale.

GKA's capitalization, although significantly reduced in 2002 as a result of
asset impairments and special provisions, is expected to recover comfortably
to the 'BBB' range in 2003, reflecting EUR71 million in additional capital
already called, improved earnings, and lower credit exposure to GKG.  The
quality of capital is impaired by the ongoing exposure to GKG, which was
formerly GKA's reinsurer and is currently in run-off.  GKA has already made
a EUR112 million provision with regard to GKG credit risk against a EUR1.1
billion exposure.  This exposure is expected to reduce by EUR400 million in
the normal course of run-off in 2003.

GKA's earnings performance under International Accounting Standards is
expected to improve, with the combined ratio expected to reduce to 99% in
2003 from 103% in 2002, and a further reduction to 95% is expected in 2004,
mainly reflecting the re-underwriting of large parts of the portfolio
enabled by improved market conditions.  Net income under International
Accounting Standards is expected to be EUR10 million in 2003 and EUR70
million in 2004.  GKA posted a net loss of EUR152 million in 2002, due
mainly to investment impairments and the GKG provision.

"GKA's business position has proven to be resilient despite the uncertainty
surrounding the group's future, demonstrating the strength of its franchise
as one of Germany's three leading industrial lines insurers," said Ms.
Clemens.  Standard & Poor's expects the company to be able to stabilize its
position at the current level, with the potential to further enhance its
franchise if the group succeeds in finding an investor.


INTERTAINMENT AG: FY2002 Results Far Better but Still in Red
------------------------------------------------------------
Intertainment AG significantly improved its result in fiscal year 2002.
However, the media company did not succeed in returning to profit.  This was
due to the ongoing negative effects of the fraud perpetrated on
Intertainment by film supplier Franchise Pictures in 2000.  Overall,
Intertainment posted a net consolidated loss of EUR16.1 million for the year
compared with a loss of EUR86.8 million in the previous year.

In line with expectations, Intertainment succeeded in substantially reducing
the level of unscheduled expenses resulting from the fraud to EUR3.3 million
compared with EUR142.4 million in fiscal year 2001.  Earnings from ordinary
activities amounted to (EUR13.7 million) [2001: (EUR6 million)].  This
figure includes unscheduled write-downs on film assets and provisions
totaling EUR5.8 million.

Sales amounted to EUR19.0 million (2001: EUR31.1 million).  EBIT improved by
EUR84.0 million to (EUR16.2) million [2001:(EUR100.2 million)].  Earnings
per share amounted to (EUR1.37 million) [2001:(EUR7.36 million)].

At December 31, 2002, Intertainment had cash and cash equivalents totaling
EUR3.9 million compared with EUR14.2 million on December 31, 2001.  The fall
is due to high investments made by Intertainment in film projects.

During the first quarter of fiscal year 2003, Intertainment continued to
reduce the loss.  Although consolidated sales declined to EUR0.7 million
(first quarter 2002: EUR2.5 million), the group succeeded in bringing down
the net loss for the quarter from (EUR3.7 million) to (EUR2.8 million).
Earnings from ordinary activities improved slightly to (EUR2.5 million)
(EUR2.6 million).  At the close of the quarter, Intertainment posted cash
and cash equivalents amounting to EUR3.8 million.

Intertainment is also anticipating restrained sales development during the
second quarter.  However, the management expects substantially higher
proceeds for 2003 as a whole compared with 2002.  This is because of the
thriller "Blackout" produced jointly with Kopelson Entertainment and US
Studio Paramount
Pictures.  Intertainment has successfully arranged pre-sales of numerous
territorial rights in "Blackout."  These pre-sales will impact on revenues
when the film is screened during the second half of the year.


LINOS AG: Misses Revenue Target Despite Improvement in 1st-half
---------------------------------------------------------------
LINOS AG (security identification number 525650 ISIN
DE 0005256507) generated revenue of EUR35.2 million in the first half year.
This amounts to a slight increase of EUR0.4 million compared to the same
period in the previous year (first half of 2002: EUR34.8 million).  However,
in the second quarter, the photonics specialist generated a revenue of
merely EUR16.7 million, approximately 10% less than in the first quarter
(EUR18.5 million).  Thus, the quarterly EBIT remains negative and is
expected to exceed the EUR1 million mark.  Compared to the same quarter in
the previous year (minus EUR5.8 million), this represents a clear
improvement; however, LINOS had expected better results.

Several reasons concur to explain this result.  Among other things, the
demand in the semiconductor market remained below expectations.
Furthermore, in spite of substantial enquiries from research institutes, the
poor state of public funds had a negative influence in the research &
laboratories sector. Additionally, the Euro's strength strained
U.S.-business.

Moreover, deliveries within the framework of the large Turkish order could
not begin as negotiations as to side conditions to the order were delayed.
The contract spans six years and has a total volume of EUR30.6 million.
"The project has already begun in Turkey.  This means that all negotiation
partners are working on clarifying the last details under high pressure",
said Professor Dr. Gerd Litfin, CEO of LINOS AG.

Without considering this large order, which inflated order intake in the
first quarter, order intake increased to EUR17.1 million in the second
quarter (first quarter without Turkish order: EUR15.5 million).  However, it
persists under the level of the same period in the previous year.  It
remains difficult to offer a clear forecast over the entire year for all the
market segments LINOS is active in.  However, as LINOS is relatively widely
positioned, difficulties in some areas can be partially compensated.

CONTACT:  LINOS AG
          Hubertus Dornieden, Investor Relations
          Phone: +49 551 6935-126
          E-mail: IR@linos.de


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


DUNAFERR RT: Attracts Interest from Several Potential Investors
---------------------------------------------------------------
Dunaferr Rt CEO Peter Honig said the ailing state-run steel company has
attracted interest from several potential buyers, according to Budapest
Business Journal.

Mr. Honig said U.S. steel and LNM Holding were interested, so are Russian
Mecsel and several Ukrainian and Hungarian investors.  Dunaffer Rt was put
up for sale in March this year with PricewaterhouseCoopers as consultant.
The government is expecting a buyer to be found by December 15.

According to Interfax, conditions for a possible sale include guarantees for
technological investments, environmental concerns and employment, as well as
commitment to maintain financial stability for the steel maker.  Dunaffer
had over HUF1 billion consolidated profits in the first half after its
merger with Acelmuvek Rt.


KERESKEDELMI ES HITELBANK: Individual Rating on Watch Negative
--------------------------------------------------------------
Fitch Ratings, the international rating agency, has placed the 'D'
Individual rating of Kereskedelmi es Hitelbank on Rating Watch Negative.
Its Long-term and Short-term ratings have been affirmed at 'A-' (A minus)
and 'F2', respectively and are constrained by the sovereign ceiling for
Hungary. The Support rating is affirmed at '3'.  The Outlook on the
Long-term rating is Stable.

Kereskedelmi es Hitelbank is 59.09%-held by the Belgian bancassurance group,
KBC (rated 'AA-' (AA minus)) and 40.23%-held by the Dutch bank ABN AMRO
(rated 'AA-' (AA minus)).  Its Long-term and Short-term ratings are based on
the extremely high probability that support will be provided by KBC and ABN
AMRO.  The two main shareholders are likely to support Kereskedelmi es
Hitelbank Bank in compensating K&H Equities' clients.

The rating action reflects the current investigation taking place at
Kereskedelmi es Hitelbank Bank's affiliate, Kereskedelmi es Hitelbank
Equities, which is 49.9%-held by Kereskedelmi es Hitelbank Bank and 50.1% by
ABN AMRO.  The investigation surrounds an individual broker charged with the
fraudulent mismanagement of client funds for personal use and which may
result in a large loss for Kereskedelmi es Hitelbank Equities.  The extent
of the loss has not yet been quantified.  Kereskedelmi es Hitelbank Equities
has stated that it will compensate its clients for their lost funds.

K&H is the second largest bank in Hungary, with c. 15% market share of the
sector's assets.  Its track record, in terms of capitalization, revenue
generation, asset quality and cost efficiency had been poor but has been
improving, particularly with the entrance of KBC as majority shareholder.
The bank's competitive position has also improved from the merger with ABN
AMRO Magyar Bank in 2001.


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


FIAT SPA: S&P Corporate Credit Rating Lowered to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered the long-term
corporate credit rating on Italian industrial group Fiat SpA to 'BB-' from
'BB+'.  At the same time, Standard & Poor's affirmed the 'B' short-term
rating.  All ratings are removed from CreditWatch, where they were placed
with negative implications on June 26, 2003, following the announcement of a
series of restructuring measures.  The outlook is stable.

At the same time, Standard & Poor's lowered the corporate credit rating on
Fiat's 92%-owned CNH Global N.V. to 'BB-' from 'BB' and removed it from
CreditWatch, where it was placed on June 26, 2003.  The outlook on CNH
Global is stable.

The rating action on Fiat concludes a CreditWatch review that focused on the
extent to which recently announced measures would help offset the lower
probability of an imminent deconsolidation of Fiat Auto Holding B.V. (Fiat
Auto).

The ratings no longer assume that Fiat will soon exercise its put to General
Motors Corporation (BBB/Negative/A-2) on Fiat Auto--an auto unit that
management expects to generate negative cash flows until 2006.

"The ratings are constrained by prospects of fragile cash flow generation in
coming years and continued participation in cyclical sectors where Fiat
currently suffers from weak pricing and capacity utilization.  Yet Fiat has
little refinancing risk until the end of 2004," said Standard & Poor's
credit analyst Virginie Casin.  "Moreover, the company should derive
benefits from a cyclical improvement in market conditions affecting its
CNH Global unit, as well as from cost-cutting measures, and accelerated
product renewal efforts."

The group's main industrial activities consist of 90%-owned Fiat Auto,
unrated Iveco B.V., a midsize commercial vehicle producer, and CNH.

In the medium term, CNH is expected to be the group's core cash-flow
generating entity, and Fiat Auto will continue to be the main drain on cash
flows.  The imminent sale of Toro Assicurazioni SpA (BBBpi/--/--) and of
unrated FiatAvio SpA will reduce Fiat's ongoing earnings and cash flow
generating ability.

From 2004, operating cash-flow generation should improve gradually, thanks
to the recovery in the markets of CNH and Iveco and to recently announced
measures.  Nevertheless, Standard & Poor's does not expect free operating
cash flow to turn positive before 2006.

The group had EUR28.7 billion of total on-balance-sheet financial debt at
March 31, 2003. Management has stated that this figure will decline to less
than EUR23.6 billion following the impending deconsolidation of Fidis SpA,
Fiat Auto's consumer financing arm.  Fiat retains the right to put its stake
in Fiat Auto to GM from 2004 to 2009 at a "fair value" to be determined by a
group of investment bankers prior to exercise of the put.

Standard & Poor's expects that Fiat will not face difficulties in repaying
maturing debt in the short-term, despite negative free cash flow generation.


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


MILLICOM INTERNATIONAL: Moody's to Up 'Caa1' Rating After Review
----------------------------------------------------------------
The ratings of Millicom International Cellular are under review for
potential upgrade by Moody's following the completion of the company's
exchange offer earlier this year.  The decision affected Millicom's 'Caa1'
senior implied rating, 'Caa2' issuer rating, and 'Caa3' 13.5% senior
subordinated discount notes due 2006.

The offer provides the exchange of US$781 million of the company's 13.5%
senior subordinated notes due 2006 for US$562 million of new 11% senior
notes due 2006, US$64 million of 2% PIK senior convertible bonds due 2006,
and US$38 million in cash.  According to the rating agency, the transaction
has materially reduced Millicom's pro forma cash interest burden by
approximately US$43.5 million (to US$101.4 million from US$144.9 million).

Moody's said it will focus its review on Millicom's improved financial
flexibility; the company's longer-term strategy for investments,
acquisitions, and leverage levels; notching considerations with respect to
the company's new capital structure; and the overall prospects of the
company's different operations.


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


AEGON N.V.: Adopts New Structure to Better Service Customers
------------------------------------------------------------
AEGON The Netherlands* is to get a new organization structure so that it can
respond more quickly and flexibly to the needs and wishes of its customers.
After nearly ten years of working with independent business units, which
served specific groups of customers independently of one another, AEGON The
Netherlands believes that it can better serve its customers by creating
greater cohesion between the various business units.  According to the
management, the new structure will be a better match for the rapidly
changing financial services market and will also create the opportunity of
more cost-effective and efficient operations.  The management of AEGON The
Netherlands is aiming to implement the new organization structure in early
2004.

"In the current market, it is no longer enough just to offer good products
and services if you want to have a long-term relationship with customers,
who are increasingly thinking about the long-term and are taking control,"
is how CEO of AEGON The Netherlands, Johan van der Werf, explains the
philosophy behind the changes.  "The lifestyle of these customers is
constantly changing and with it their financial options and needs.  Choices
made today for pensions or insurance policies may no longer suit the
situation of tomorrow.  This means that we will have to keep pace with this
life pattern, more so than in the past.  We should not only retain our
customers by the product we have sold or are selling, but by the attention
we are constantly giving them.  Our products offer security, but we also
want to offer people the security that the products will continue to suit
them."

To achieve this, the existing business units will be replaced by five
service centers and four marketing and sales organizations with their own
features, characteristics and fields of expertise.  The service centers will
concentrate, among other things, on service provision and product processing
in the field of pensions, individual life, general insurance, banking
activities and asset management.  The service centers will be able to work
more efficiently as a result of further implementation of IT solutions and
by standardizing products and product components.  The marketing and sales
organizations, in which similar activities of the various business units are
concentrated, serve a 'multitude' of advisory and sales channels, such as
independent agents, AEGON affiliated organizations and our own advisers.

In the new structure, the nature of the work will change for many AEGON
staff.  The number of staff -- currently around 3,000 -- will be reduced the
next three years with 10 to 15% via natural wastage.  Compulsory
redundancies are not necessary.  Changes of work at AEGON's various sites
are not excluded, because similar jobs will be merged where possible.  A
part of the cost reduction will be used for training of staff and additional
investments in IT.

CEO Van der Werf doesn't want to talk about a reorganization.  "That's when
you move to an entirely new situation and that's not the case here," he
says.  "We are finishing something we started in the company a while ago.
The new structure does justice to the partnerships that have arisen in the
organization and with our agents to an increasing extent and provides what
the market needs.  All kinds of activities have already been clustered. In
practice therefore, part of this structure is already in place."

* AEGON Nederland N.V. is part of the AEGON Group, based in The Hague, the
international insurance group with interests in the United States, the
United Kingdom, Spain, Hungary and Canada, among other countries.  In 2002,
the Group generated revenues of more than EUR31 billion, 19% of which was
achieved in the Netherlands.  AEGON N.V. is the holding company of one of
the world's largest listed life insurance groups ranked by market
capitalization and assets.

CONTACT:  AEGON THE NETHERLANDS
          Jan Driessen,
          Phone: +31 (0) 70 344 8210
          Homepage: http://www.aegon.nl


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


ELEKTROWNIA TUROW: Ratings Affirmed; Outlook Changed to Negative
----------------------------------------------------------------
Fitch Ratings, the international rating agency, has affirmed the 'BB' Senior
Secured rating of Elektrownia Turow SA in respect of the debt secured by
Power Purchase Agreement backed revenues, including Elektrownia Turow B.V.'s
EUR270 million Guaranteed Secured bonds, maturing in 2011.  Fitch has
changed the Outlook to Negative from Stable given the uncertainties,
execution risk, and likely timing of the government's plan to restructure
the power sector in Poland.

Almost all of the company's revenue base is derived from a long-term Power
Purchase Agreement with PSE S.A., the state-owned transmission grid company.
Power Purchase Agreement-backed revenues are used as collateral for 73% of
Elektrownia Turow's debt (including the above 2011 bond).  The remaining 17%
and 10% of Elektrownia Turow's debt benefit from a state and export
guarantee, respectively.  The government's restructuring plan for the sector
includes the creation of a group, known as "BOT", consisting of power plants
in Belchatow, Opole and Turow (Elektrownia Turow), as well as two lignite
mines in Belchatow and Turow, and a cancellation of Power Purchase Agreement
's for cash compensation.

The rating affirmation is supported by the expected maintenance of
Elektrownia Turow's existing contractual base until July 2004, and,
following this, by a financial and structural solution that is unlikely to
materially impair the interests of creditors, to the extent that unanimous
consent from creditor parties is required for amendments to the current
security package.  Fitch is also mindful of the government's dependence on
the willingness of the capital markets to participate in a related
transitional levy securitization deal.  The agency currently anticipates
that an agreed settlement with the relevant secured creditors of Elektrownia
Turow and its Power Purchase Agreement will be reached prior to any
legislative changes.  It is understood that such a material change to the
Power Purchase Agreement could trigger an event of default under Elektrownia
Turow's 2011 bond.

The possibility of a deliberate default through a legislative change in
respect of the secured debt is mitigated by the direct government guarantee
of 16.5% of Elektrownia Turow's debt, which cross defaults across all
secured debt of Elektrownia Turow. Nevertheless, significant risks remain
with regard to compensation, merger structure, and a post-restructuring
financial profile alongside a potentially worsening credit profile of PSE
should existing Power Purchase Agreements stay in place.  These factors
create the possibility of a rating downgrade and form the basis for the
agency's rating Outlook Negative.

Fitch will continue to monitor the restructuring plan closely and is likely
to put the rating on Rating Watch Negative closer to the date of the
necessary legislation changes, pending further details of the plan.  The
agency notes that Elektrownia Turow is not financially viable should the
current Power Purchase Agreement be cancelled and the company be exposed to
current electricity market prices.  However, the proposed competitive BOT,
and the cancellation of Power Purchase Agreements with an assumed cash
compensation at a level close to its combined total debt could conceivably
leave this new entity with a credit profile commensurate with the 'BB'
rating category.

Elektrownia Turow's gross debt increased during FY02 and is expected to peak
in FY03.  As forecasted, the company's FYE02 debt service coverage ratio
("DSCR") at 1.29x remained above the covenanted minimum level of 1.20x (the
PPA covenants to maintain this minimum ratio), despite lower profits due to
a new excise tax imposed on electricity generation.  Under an unchanged
contractual situation, the debt service coverage ratio is forecasted to
increase to 1.68x at FYE03 ahead of larger debt amortizations starting from
2005.  Elektrownia Turow's liquidity currently includes c. PLN190 million of
cash whilst debt service for 2003 is budgeted at PLN383m.

Elektrownia Turow is a 100% state-owned joint stock company, operating the
country's fourth largest single-plant lignite-fired generator, located at
the southwest tip of Poland.  A full research report on Elektrownia Turow,
discussing fully the sector restructuring and implications for Elektrownia
Turow, will be available to subscribers from the agency's web site at
http://www.fitchresearch.com


NETIA HOLDINGS: To Release Financial Results August 12
------------------------------------------------------
Netia Holdings S.A. (NET), Poland's largest alternative provider of
fixed-line telecommunications services, confirmed that its 2003 first half
and second quarter results will be released after the close of the Warsaw
Stock Exchange on Tuesday, August 12, 2003.

On Wednesday, August 13, 2003, President of the Management Board and CEO
Wojciech Madalski and Chief Financial Officer Zbigniew Lapinski will host a
conference call at 4:00 p.m. (CET)/3:00 PM (GMT)/10:00 a.m. (EST) to review
the results.  The conference call will be available for replay purposes as
well.  Netia followers will receive invitations to participate in this
conference call.

                     *****

Netia Holdings announced unaudited consolidated financial results for the
first quarter 2003 with a net loss of PLN80.3 million (US$19.8 million), a
year-on-year decrease of 67% achieved due to improved operating results and
lower financial expense following the financial restructuring.

CONTACT:  NETIA HOLDINGS
          Investor Relations
          Anna Kuchnio
          Phone: +48-22-330-2061


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


NCC AB: To Sell Part of Centralhuset Property in Gothenburg
-----------------------------------------------------------
NCC has signed a contract for the sale of a portion of the Centralhuset
property in Gothenburg.  The purchaser is Internationales Immobilien-
Institut GmbH in Munich, Germany.  The sale price will amount to about
SEK400 million.  Any gain on the project will be recognized as income when
the other parts of Centralhuset are sold.

The Centralhuset property is a public building with offices, hotels, and
shops adjacent to the railway station in central Gothenburg.  The property
is the final phase in the Gothenburg Travel Center, which also includes the
bus terminal and the railway station.  The portion of the Centralhuset
property included in the sale comprises 8,500 sq. m. of office space, as
well as 14 retail stores, restaurants and other service facilities.  Tenants
include Lindex, which has leased 6,440 sq. m. for its head office.  The
property will be completed in November 2003, and the new owner will take
possession on December 15, 2003.

"We are very pleased by the interest among foreign investors for central
Gothenburg.  The Centralhuset property is Immobilien-Institut's second major
acquisition in Gothenburg.  With this transaction, NCC Property Development
strengthens its position as the leading property developer in Gothenburg,"
said Stephan Ekstedt, Regional Manager, NCC Property Development.

Completion of the already initiated process for subdividing the property is
a prerequisite for the transaction.

All of NCC's press releases are available on http://www.ncc.infoNCC is one
of the leading construction and property development companies in the Nordic
region.  NCC had in 2002 sales of SEK45 billion, with 25,000 employees.

CONTACT:  NCC AB
          Stephan Ekstedt
          Regional Manager NCC Property Development
          Phone: +46 31 771 5333
                 +46 70 601 4181


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


SWISS INTERNATIONAL: Mum on Deutsche Lufthansa Bid Rumors
---------------------------------------------------------
Swiss International refused to comment on speculations that Deutsche
Lufthansa has offered to buy it, although it confirmed it is exploring the
possibility of fostering an alliance with a rival, potentially through a
merger.

Bloomberg citing Swiss weekly SonntagsZeitung said Europe's third-biggest
airline is willing to acquire its Swiss rival.  The report also said
Lufthansa may pay as much as CHF300 million (US$219 million) for one-third
of Swiss's share capital.   But any deal hinges on the condition that the
latter cut a third of its workforce and fleet, and settle its dispute with
pilots.  Lufthansa spokesman Klaus Walther did not return a call seeking for
comment, the report said.

Swiss International, which needs to cut CHF500 million (US$364 million) to
streamline operations, has been open about the possibility of renouncing its
independence.

Jean-Claude Donzel, a spokesman for the Basel, Switzerland-based airline,
who said Swiss won't make comment on the Deutsche buy-out rumor quoted chief
executive Andre Dose's statement: "independence of Swiss is not the first
priority, and we have to prepare ourselves for other forms of cooperation."


SWISS INTERNATIONAL: Discloses New Route Network Starting Winter
----------------------------------------------------------------
Swiss International Air Lines continues to put its new business plan swiftly
into practice.  The carrier's newly devised route network retains services
to all key business destinations around the world.  The company aims to
achieve the business viability it requires by focusing on profitable and
high-potential routes.  The new network, which will be introduced with the
2003/04 winter schedules on October 26, extends to 71 destinations and will
be operated by a 79-aircraft fleet.

SWISS is also making rapid progress with the further pillars of its new
business plan.  Discussions with suppliers over volume and cost reductions
are proceeding well; and the company's unions have also indicated a
willingness to contribute to the turnaround desired.

The new SWISS network puts a clear focus on profitable and high-potential
routes and destinations.  The modifications called for under the new
business plan are essential if the company is to achieve the profitability
required within a reasonable timeframe.

Network and fleet

While resizing its route network, SWISS will continue to serve all key
destinations.  Total available seat-kilometer capacity will be reduced by
27%.  The network will be operated by a 79-aircraft fleet.

The new European network will extend to 41 destinations (compared to the
current 56).  By streamlining its network and aligning aircraft size even
more closely to market demand, the company aims to raise European seat load
factors above 60%.  On the intercontinental front, SWISS will continue to
serve its 30 most important destinations (ten fewer than at present).

Destinations

From Zurich

A total of 70 destinations will be served from Zurich from the start of the
2003/04 winter schedules.

New network

Intercontinental
Bangkok, Benghazi, Boston, Buenos Aires, Cairo, Chicago, Dar es Salaam,
Douala, Dubai, Hong Kong, Johannesburg, Karachi, Los Angeles, Malabo,
Manila, Miami, Montreal, Mumbai/Bombay, Muscat, Nairobi, New York (JFK), New
York (Newark), Riyadh, Sao Paulo, Singapore, Tel Aviv, Tripoli, Tokyo,
Washington and Yaounde

Europe
Amsterdam, Athens, Barcelona, Basel, Belgrade, Berlin, Birmingham, Brussels,
Bucharest, Budapest, Copenhagen, Dublin, Dusseldorf, Frankfurt, Geneva,
Hamburg, Hanover, Istanbul, Lisbon, London (Heathrow), London (City),
Lugano, Luxembourg, Madrid, Malaga, Manchester, Milan, Moscow, Munich, Nice,
Nuremberg, Palma de Mallorca, Paris, Prague, Rome, Stockholm, Stuttgart,
Thessaloniki, Vienna and Warsaw

22 destinations will see their present services withdrawn.  In Europe:
Cologne/Bonn, Oslo, Graz, Venice, Florence, Bologna, Valencia, Kyiv, Zagreb,
Ljubljana, Prishtina, Sofia, Krakow and Skopje.  Intercontinental: Rio de
Janeiro, Lagos, Accra, Jeddah, Tehran, Libreville, Beijing and Delhi.

From Basel

Basel will have SWISS service to 13 destinations from the start of the
2003/04 winter schedules.

New network

Amsterdam, Barcelona, Berlin, Birmingham, Brussels, Dusseldorf, Hamburg,
London (Heathrow), Madrid, Manchester, Rome, Vienna and Zurich

Eight current destinations will no longer be served: Munich, Hanover, London
(City), Nice, Milan, Bern, Lugano and Geneva.

From Geneva

A total of ten destinations will be served from Geneva from the start of the
2003/04 winter timetable.

New network

Europe
Athens, Barcelona, Lisbon, London (Heathrow), Madrid, Moscow, Paris, Rome
and Zurich

Intercontinental
New York (JFK)

Services from Geneva to eight destinations - London (City), Nice, Warsaw,
Basel, Lugano, Malaga, Tunis and Casablanca - will be withdrawn.

From Lugano

SWISS services between Lugano and Zurich will be operated with Avro RJ
Jumbolino equipment instead of the current Saab 2000s from the start of the
winter schedules.  The slightly larger aircraft will keep total seat
capacity at current levels despite a reduction in frequencies to four daily
flights.  The new arrangement will also allow SWISS to offer an attractive
fare structure on the route.

From Bern

SWISS services from Bern will be withdrawn.

SWISS is currently in discussions with various codeshare partners on their
possible assumption of services no longer operated by SWISS from the
stations concerned.

The new business plan

Alongside the above network modifications, work is continuing apace on the
further cornerstones of the new business plan, and the restructuring of the
company is proceeding at all levels.

The new European concept, which is currently being developed as a top
priority, will be crucial to the plan's success.  The new concept will
provide both a Premium Business Class and an extremely reasonably-priced
Economy Class product.  Fares will be geared directly to demand: when demand
is low, the fares will be comparable to those of the low-cost carriers; but
if demand increases, fares will rise, too.

All seats on intra-European flights will be bookable on transparent terms
and at clear and understandable prices.  SWISS will also guarantee to always
offer the lowest fare available at the time of booking.

Inflight service will be specifically tailored to each customer's individual
wishes and needs.  Passengers will also be able to combine different fares
and classes for their travel, i.e. take Economy Class for their outward
journey and return in Business Class.

The entire range of products and fares will be bookable via travel agencies
or through a new booking tool available on the http://www.swiss.comwebsite.
Whatever fare they pay, customers will also continue to earn Swiss
TravelClub miles.

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: http://www.swiss.com


SWISS INTERNATIONAL: Carried 5.3 Mln Passengers in 1st-half
-----------------------------------------------------------
In the first six months of 2003, SWISS carried a total of 5.3 million
passengers on its scheduled flights.  SWISS continues to be challenged by
strong competition and the continuing weak economic environment.  The
average seat load factor from January to June was 68.7%.

On the European network, an overall seat load factor of 54.7% was achieved
during the first six months.  This figure is marginally below the previous
year level of 55.0%. This half-year figure reflects a weak first quarter,
with demand picking up strongly in May and June.  The seat load factor in
June was 66.0%.  In the first six months, high seat load factors were
achieved on services to Ireland, Sweden, Denmark, Romania, Norway and the
Czech Republic.  These results benefit from the implementation of the
previously announced measures concerning the use of smaller aircraft and/or
reductions of frequencies on these routes.  The reduced demand in Germany,
Italy, Luxembourg, the Netherlands and the UK resulted in seat load factors
below expected targets on these services.

The overall seat load factor on the Intercontinental network was, with
75.3%, slightly below that of the previous year, where the figure was 76.9%.
Despite the negative impact of the Iraq war, the Palestinian conflict and
the SARS virus, a satisfactory seat load factor was delivered.  This result
was achieved due to the reduction of capacity that has been made during the
last three months, particularly to the Middle East, Far East, Africa and
North America.  Flights to Beijing have also been suspended, and services to
Hong Kong drastically reduced due to the heavy impact of the SARS virus on
traffic flows.  On the South Atlantic routes, high seat load factors were
achieved.

Key figures of SWISS scheduled traffic production in the first half of 2003

Total passengers: 5'312'872
Total number of flights: 103'980
Available seat kilometers (million): 17'479
Revenue passenger kilometers (million): 12'007
Seat load factor: 68.7%

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


=============
U K R A I N E
=============


CJSC PRIVATBANK: Fitch Ups Long-term Rating to 'B-' from 'CCC+'
---------------------------------------------------------------
Fitch Ratings, the international rating agency, has upgraded the Long-term
rating of CJSC Privatbank to 'B-' from 'CCC+' and the Short-term rating to
'B' from 'C'.  The rating action follows the upgrade of Ukraine's sovereign
Long-term foreign currency rating to 'B+' on June 25 and reflects the bank's
growing importance to the Ukrainian banking sector and, hence, some
potential for state support in extremis.  The Outlook for the Long-term
rating is Stable.

However, Fitch says Privatbank's Individual Rating of 'D' remains on
Negative Rating Watch, pending a review of its financial condition following
the publication of its audited 2002 IAS financial statements, expected
imminently.  The Negative Rating Watch reflects Fitch's continuing concerns
over the bank's low profitability and weak capitalization.  The Individual
Rating was first placed on Negative Watch on February 18, 2003.

Privatbank is based in Dnepropetrovsk, a large city in southeast Ukraine.
It was the largest domestic bank by assets at end-1Q03 and has a sizeable
presence in both the corporate and retail banking markets on national, and,
in particular, local levels.  In 2H02 it became the largest bank by retail
deposits in Ukraine, with a market share of 15%.


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


ANITE GROUP: Year-on-year Net Debt Widens by GBP5 Million
---------------------------------------------------------
Anite Group plc, the worldwide IT solutions and services company, announces
its unaudited preliminary results for the year ended April 30, 2003, key
features of which are:

(a) Underlying profit before tax* of GBP18.6 million (2002:
    GBP30.0 million) on revenues* up 10% to GBP209.3 million
    (2002: GBP190.2 million)

(b) Total reported losses before tax of GBP112.5 million (2002:
    profit GBP5.8m) includes impairment and goodwill
    amortization, closed businesses and exceptional items
    totaling GBP131.1 million

(c) Underlying basic earnings per share* 4.3p (2002: 7.8p);
    total loss per share 34.2p (2002: loss per share 0.6p)

(d) Underlying operating margin* fell to 10.0% (2002: 16.3%)

(e) Net debt of GBP16.3 million (2002: GBP11.5 million), in line
    with expectations and after GBP26.8 million paid in
    acquisition, earnouts and disposal costs

(f) Strong cash generation and conversion of ongoing operating
    profits* to Group net cash inflow

(g) 100% of the Group's total potential earnout liabilities
    realized, renegotiated or capped

(h) Christopher Humphrey commenced as new Group Finance Director
    on February 3, 2003 and David Thorpe as interim Chief
    Executive on May 22, 2003 (search initiated for new CEO)

(i) Strong order intake of GBP206 million with a healthy Group
    book to bill ratio of 1.0x; opening order book of GBP93
    million of which approximately GBP76 million relates to the
    current year

* Ongoing businesses (before exceptional items and restructuring costs,
amortization and impairment of goodwill and closed businesses).

Commenting on the results, David Thorpe, interim Chief Executive, said:
"This has been a year of transition for Anite and the current financial year
is expected to be one of consolidation.  Against this background we have
examined the business in depth looking critically at our cost base, the
structure and management of the Group.

"The current year has started slowly but in line with our expectations.  As
markets remain tough with no immediate signs of improvement, a similar
trading pattern to last year is expected in the current year.  First half
profits will be less than those of the first half of the previous year as a
result of further restructuring and continued development spending.

"A further update will be provided on the Group's progress at the time of
the Annual General Meeting on 24 September."

To view full report and financials: http://bankrupt.com/misc/ANITE_GROUP.htm

CONTACT:  ANITE GROUP PLC
          Homepage: http://www.anite.com
          David Thorpe, interim Chief Executive
          Phone: 020 7067 0700
          Christopher Humphrey, Group Finance Director
          Phone: 0118 945 0121

          Weber Shandwick Square Mile
          Reg Hoare/Sara Musgrave
          Phone: 020 7076 0700


BIG FOOD: Execs Expected to Come Under Fire for Bonuses
-------------------------------------------------------
Shareholders are expected to grill Big Food Group over its potential rewards
for executives during the company's annual meeting this week, This is London
said.

The award includes almost GBP6 million, plus any bonuses, for its four
executive directors once the firm is sold or they lose their jobs, an
analysis for Financial Mail shows, according to the report.  Analysts
calculate that chief executive Bill Grimsey, who had his contract changed as
bid speculation for the firm mounts, could potentially receive GBP2.3
million payoff.  Under a contract in force before Icelandic retailer Baugur
built up a 22% stake in Big Food, Mr. Grimsey was only entitled to a
GBP600,000 payoff, equivalent to his annual salary.

The company insisted: "The new contract is less generous than his old one.
The shares awarded under a long-term incentive scheme are separate to his
employment contract and are awarded every year by the remuneration
committee."

The Iceland chain had suffered a 2.1% decline in sales in the previous
quarter.  Its management has been trying to turn the company around for more
than two years.


BRITISH ENERGY: Appoints Sir Robert Walmsley to Board
-----------------------------------------------------
British Energy announces the appointment of Sir Robert Walmsley to the Board
with effect from August 1, 2003.

Sir Robert, 62, was most recently Chief of Defense Procurement, Ministry of
Defense, a post that he held from 1996 until 2003. Under the rules on the
acceptance of outside appointments by Crown servants, Sir Robert applied for
and received permission to accept this appointment.

Prior to his MOD appointment, Sir Robert's career was in the Royal Navy
during which time he was a nuclear propulsion specialist and one of his
roles was as Chairman of the Naval Nuclear Technical Safety Panel.

Sir Robert will chair British Energy's Safety, Health and Environment
Committee, replacing Sir Robert Hill whose retirement from the Board was
announced on June 16, 2003.

Adrian Montague, chairman, said "I am delighted to welcome Sir Robert to the
Board of British Energy.  His nuclear expertise, combined with his
commercial experience" will be a great asset".

                     *****

British Energy, which announced losses of GBP4.3 billion last month, is
currently undertaking a major financial restructuring that involves job
cuts.

CONTACT:  BRITISH ENERGY
          Paul Heward, Investor Relations
          Phone: 01355 262 201
          Homepage: http://www.british-energy.com


CORDIANT COMMUNICATIONS: Publicis Denies Link to Ojjeh Bid
----------------------------------------------------------
In light of recent press reports in the United Kingdom, Publicis Groupe SA
would like to make clear its position regarding Cordiant Communications
Group plc:

(a) At the Supervisory Board meeting of June 17, 2003, Maurice
    Levy, Chairman and CEO, recommended that Publicis not enter
    into an auction process for Cordiant and that it withdraw
    from all further negotiations regarding the acquisition of
    Cordiant.  This recommendation was unanimously approved by
    the Board.

(b) In this matter, Publicis Groupe has only an interest limited
    to a few specific assets including Cordiant's 25%
    shareholding in ZenithOptimedia Group and the franchises
    operating under the name of Zenith. On this specific
    subject, Sir Martin Sorrell committed to sell those
    interests to Publicis.  Since then, no further negotiations
    have occurred.

(c) Publicis Groupe SA is in no way involved either directly or
    indirectly in recent developments regarding Cordiant's
    shares.

(d) Neither Publicis nor its advisors have had any contact or
    held any discussion of any kind regarding Cordiant with Mrs.
    Ojjeh, or with her advisors, save that Publicis Groupe SA
    was informed of the fact that she had become a shareholder
    of Cordiant; Publicis has no knowledge of Mrs. Ojjeh's
    intention in respect of Cordiant.

(e) Publicis Groupe has been approached by UK Active Value and
    its advisors with proposals regarding Cordiant.  Publicis
    Groupe has rejected these proposals.

(f) Publicis Groupe has no intention to participate either
    directly or indirectly in any possible attempt to gain the
    control of Cordiant.

(g) Publicis Groupe SA remains interested solely in the Cordiant
    assets to which Publicis is linked by shareholding, by a
    brand belonging to Publicis or through clients that have
    selected Publicis.  Therefore, Publicis Group does not
    intend to do anything further, before the situation
    regarding Cordiant is clarified.

Maurice Levy said, "Our position has always been very clear and we will not
accept that intentions or actions contrary to reality be attributed to us."

Publicis Groupe SA (Euronext Paris: 13057, NYSE : PUB) is the world's fourth
largest communications group, as well as world leader in media counsel and
buying.  Its activities span 109 countries on six continents.

Groupe activities cover advertising, through three autonomous global
advertising networks: Leo Burnett Worldwide, Publicis Worldwide, Saatchi &
Saatchi Worldwide, as well as through its two multi-hub networks Fallon
Worldwide and Bartle Bogle Hegarty, 49%-owned; media counsel and buying
trough two worldwide networks ZenithOptimedia and Starcom MediaVest Group;
marketing services and specialized communications including direct
marketing, public relations, corporate and financial communications,
multicultural and healthcare communications.

Web sites: http://www.publicis.comand http://www.finance.publicis.com

CONTACTS:  PUBLICIS
           Corporate Communications
           Eve Magnant
           Phone: 00 33 (0)1 44 43 70 25

           Investor Relations
           Pierre Benaich
           Phone: 00 33 (0)1 44 43 65 00


EDINBURGH FUND: Completes Sale of Private Client Subsidiary
-----------------------------------------------------------
This refers to the announcement on June 2, 2003. Edinburgh Fund Managers
Group plc confirms that it has completed the sale of its private client
subsidiary, Edinburgh Fund Managers (Private Clients) Limited, to Tilney
Holdings Limited.

This announcement, for which the Directors of Edinburgh Fund Managers Group
plc are solely responsible, does not constitute an offer or invitation to
purchase or subscribe for any securities.

Hawkpoint Partners Limited, which is authorized and regulated by the
Financial Services Authority, is acting exclusively for Edinburgh Fund
Managers Group plc (within the meaning of the Rules of the Financial
Services Authority) and for no one else. Hawkpoint Partners Limited will not
be responsible to anyone other than Edinburgh Fund Managers Group plc for
providing the protections afforded to the customers of Hawkpoint Partners
Limited, nor for providing advice in relation to the contents of this
announcement or any matter referred to herein.

                     *****

Edinburg Fund Managers recently admitted it was in breach of its borrowing
powers under the company's own articles of association.  It is calling a
special meeting of shareholders to meet an obligation to issue GBP2.4
million of loan notes in relation to its acquisition of Northern Venture
Managers in June 2000.

CONTACT:  POLHILL COMMUNICATIONS
          Penny Clarke/Lucy Copeman
          Phone: 0207 655 0540


HAMLEYS PLC: Soldier Posts Update on Takeover Offer
---------------------------------------------------
The board of Soldier announces that the Offer to acquire the entire issued
and to be issued ordinary share capital of Hamleys not otherwise acquired or
contracted to be acquired by Soldier has been extended and remains open for
acceptance until 3:00 p.m. on July 25, 2003.  Since the posting of the
Original Offer Document, Soldier has announced that the Offer will be
revised and increased.  The Revised Increased Offer announced on July 3,
2003 will be kept open for at least 14 days following the date on which the
Revised Increased Offer Document is posted to Hamleys Shareholders.

As at 3:00 p.m. on July 10, 2003, valid acceptances of the Original Offer
had been received in respect of, in aggregate, 556,031 Hamleys Shares,
representing approximately 2.4% of the entire existing issued ordinary share
capital of Hamleys.  This total includes valid acceptances received from
certain Independent Directors in respect of 53,000 Hamleys Shares,
representing approximately 0.2% of the entire existing issued ordinary share
capital of Hamleys.

Further to the announcement of the Revised Increased Offer, A Holding S.A.,
a subsidiary of Baugur and a party acting in concert with Soldier, purchased
2,531,264 Hamleys Shares, representing approximately 11.0% of the entire
existing issued ordinary share capital of Hamleys, at a price of 254 pence
per Hamleys Share.  On July 7, 2003, A Holding S.A. purchased a further
25,000 Hamleys Shares, representing approximately 0.1% of the entire
existing issued ordinary share capital of Hamleys, at a price of 254 pence
per Hamleys Share.

Soldier has received irrevocable undertakings to accept (or to take steps
within the undertaker's power to cause acceptance of) the Revised Increased
Offer from certain Hamleys Shareholders in respect of, in aggregate,
2,845,175 Hamleys Shares, representing approximately 12.3% of the entire
existing issued ordinary share capital of Hamleys.  Of these, irrevocable
undertakings in respect of 1,752,175 Hamleys Shares will cease to be binding
in the event that a higher competing offer is made which, including any
future dividend paid by Hamleys, is equal to or greater than 267 pence in
cash per Hamleys Share.  Irrevocable undertakings in respect of 1,093,000
Hamleys Shares will cease to be binding in the event that any higher
competing offer is made.

Soldier has also received irrevocable undertakings to accept (or to take
steps within the undertaker's power to cause acceptance of) the Revised
Increased Offer from each of the Independent Directors in respect of their
entire beneficial holdings of Hamleys Shares comprising, in aggregate,
62,250 Hamleys Shares, representing approximately 0.3% of the entire
existing issued ordinary share capital of Hamleys (acceptances in respect of
53,000 of these shares have already been received, as described above).
These irrevocable undertakings will lapse only in the event of the Revised
Increased Offer lapsing or being withdrawn.

In addition, by virtue of the Hamleys Management Share Exchange Agreement
(which was amended by a supplemental agreement dated June 27, 2003), Soldier
has conditionally contracted to acquire, in aggregate, 36,585 Hamleys Shares
from Hamleys Management, representing approximately 0.2% of Hamleys' entire
existing issued ordinary share capital, together with a further 439,741
Hamleys Shares upon exercise of certain options held under the Hamleys plc
Unapproved Executive Share Option Scheme.

Accordingly, as at 3:00 p.m. on July 10, 2003, Soldier and its concert
parties have acquired or conditionally contracted to acquire, or have
received acceptances of, or undertakings to accept (or to take steps within
the undertaker's power to cause acceptance of) the Revised Increased Offer
in respect of, in aggregate, 6,003,305 Hamleys Shares currently in issue,
representing approximately 26.0% of Hamleys' entire existing issued ordinary
share capital.  In addition, Soldier has conditionally contracted to acquire
439,741 Hamleys Shares upon exercise of certain options under the Hamleys
plc Unapproved Executive Share Option Scheme.

Prior to the Offer Period, Hamleys Management held an interest in 36,585
Hamleys Shares, representing approximately 0.2% of the entire existing
issued ordinary share capital of Hamleys.  In addition, prior to the Offer
period, the Hamleys Management held options to subscribe for, in aggregate,
a maximum of 515,819 Hamleys Shares under the Hamleys Share Schemes.

The Revised Increased Offer Document and Revised Form of Acceptance will be
dispatched to Hamleys Shareholders and (for information only) to
participants in the Hamleys Share Schemes as soon as is practicable.

Words and expressions defined in the Original Offer Document dated June 19,
2003 and set out in the Revised Increased Offer announcement dated July 3,
2003 shall apply for the purposes of this announcement.

This announcement does not constitute an offer or an invitation to purchase
or subscribe for any securities.

KPMG Corporate Finance, a division of KPMG LLP, which is authorized in the
United Kingdom by the Financial Services Authority for investment business
activities, is acting exclusively for Soldier as financial adviser in
relation to the Offer and is not acting for any other person in relation to
such Offer.  KPMG Corporate Finance will not be responsible to anyone other
than Soldier for providing the protections afforded to its clients or for
providing advice in relation to the contents of this announcement or any
transaction or arrangement referred to herein.

CONTACT:  GAVIN ANDERSON & COMPANY
          Phone: 020 7554 1400
          Neil Bennett
          Halldor Larusson

          Soldier
          Phone: 020 7479 7313
          John Watkinson

          KPMG Corporate Finance
          Phone:  020 7311 1000
          David McCorquodale
          Michael McDonagh


JJB SPORTS: Reviews Future of Discount Department Store Unit
------------------------------------------------------------
Lancashire-based sportswear and sports equipment retailer JJB Sports Plc
plans to review options for its T.J. Hughes discount department store unit
following shareholder pressures.

The company will consider whether to concentrate on its sports-retailing
business -- as suggested by shareholders -- and return more cash to
investors, or focus more closely on reviving revenue at the troublesome
449-store sports chain.

JBB bought T.J. Hughes for GBP42.3 million (US$69 million) in April last
year, after which time the value of the shares in the company continued to
go down until it is now half of what it has been at that time.

JJB and its investors could not quite agree on how to regard the deal: JJB
thinks its a way of diversifying its business, but some investors are wary
it could prevent the company from keeping at pace with rivals' efforts to
speed up competition in sports retailing.

Finance Director David Greenwood said: "We're reviewing the whole
situation," he said, according to Bloomberg.  "It doesn't necessarily mean
we're going to change the policy."

Same-store sales at the unit fell 3.4% and the gross profit margin narrowed
0.5 percentage point in the first 23 weeks of the fiscal year.

Mr. Greenwood also said the company will ask shareholders about buying back
more of its stock and may increase dividends as ways of returning more cash
to investors.  JJB also plans to shutter four unprofitable stores, including
one in Amsterdam and one on London's Oxford Street, later this year at a
cost of GBP4 million, he said.

CONTACT:   JJB SPORTS
           Martland Park
           Challenge Way
           Wigan, Lancashire
           WN5 0LD

           Phone: (01942) 221400
           Fax: (01942) 629809
           E-mail: investor_relations@jjbsports.com


LOMBARD MEDICAL: Sells Non-core Cardiovascular Products
-------------------------------------------------------
Lombard Medical plc announces that on July 8, 2003 it entered into separate
agreements to dispose of the entire issued share capitals of DMC Medical
Limited and AME Medical Limited.

Pursuant to rule 10 of the AIM Rules, the sale of DMC falls to be disclosed
as a substantial transaction but the sale of AME does not.

DMC, based in Shannon, Republic of Ireland, manufactures and distributes a
range of cardiovascular accessories.  In the year ended September 30, 2002,
DMC achieved sales of approximately GBP202,000 and a loss before tax of
approximately GBP173,900.  At September 30, 2002, DMC had net liabilities of
approximately GBP251,200.  The cash consideration receivable by Lombard
Medical on the sale of DMC is GBP1.

The effect on the Company of the sales of DMC and AME is to terminate any
involvement of the Company in the distribution of non-core cardiovascular
products.  Following these disposals, the Company's focus is that of
research and development in the areas of graft stents, staples and coatings
principally for minimally invasive cardiovascular surgical applications.

                     *****

Lombard Medical said last month its loss for the year ended September 30,
2002, before amortization and impairment of goodwill, amounted to
GBP4,111,000.  The loss at the same period a year ago was GBP2,440,000.

CONTACT:  Simon Stock
          Director
          Phone: 020 7710 4500


MYTRAVEL GROUP: Another Senior Director Resigns from Board
----------------------------------------------------------
Tour operator MyTravel, former Airtours, lost another member of its board
with the resignation of senior director Dave Betts.

The departure of the executive, which ran the company's charter airline
subsidiary, follows the exit in March of aviation chief Mike Lee, whom Betts
succeeded.  As a result of the recent resignation, Frank Pullman will be
pulled out of MyTravel's Sun Cruise subsidiary to assume the position Mr.
Bett left vacant.

The tour operator, which suffered after a string of accounting scandals and
profit warnings, recently reported a GBP619 million first-half loss of
GBP619 million, including GBP248 million write-off on assets such as planes
and ships.  It plans to cut 2,000 jobs in a bid to turn the company around.


SEYMOUR PIERCE: Shuffles Board After Sale of Investment Banking
---------------------------------------------------------------
The company announces that regulatory change of control approval has been
received and completion of the disposal of Investment Banking has taken
place.

As announced on April 11, 2003 Investment Banking has been disposed of to
Alchemy Partners and a management team led by Keith Harris and Richard
Feigen.  Investment Banking comprises the corporate finance, corporate
broking, institutional sales, research and trading, and private client
stockbroking businesses of Seymour Pierce Limited and Seymour Pierce Ellis
Limited and under the terms of the transaction, the name Seymour Pierce and
all rights to the trading name have been transferred.  A resolution
proposing a change of name for the company will be put to shareholders in
due course.

As part of the completion arrangements, Richard Feigen has resigned from his
current role as executive director of the Company from Friday.  The Board
wishes to thank Richard for the significant contribution he has made to the
company over the last five years.

In addition, Keith Harris steps down from his current role as Executive
Chairman of the company but remains on the Board as non-executive Chairman.

ING Bank (London Branch) N.V., which is regulated in the United Kingdom by
The Financial Services Authority, is acting exclusively for Seymour Pierce
Group Plc and no one else in connection to the matters described in this
announcement and will not be responsible to anyone other than Seymour Pierce
Group Plc for providing the protections afforded to its customers or for
providing advice in relation to the contents of this announcement or any
transaction or arrangement referred to herein.

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

          David Bick/Chris Steele
          Holborn Public Relations
          Phone: 020 7929 5599


SIMON GROUP: Posts Document Related to Seawheel Disposal
--------------------------------------------------------
The Board of Simon Group announces that the company has conditionally agreed
to sell, or procure the sale of, all of the issued share capital of Seawheel
Holdings to Silbury 274 Limited, a company under the control of Alan Jones,
Thomas Naylor, Gerald Ruffell and David Bardsley each of whom are directors
of Seawheel Limited, for a cash consideration of GBP1.  In addition, the
company will make certain cash contributions, of up to GBP2.0 million, to
Seawheel's ongoing business following completion, together with retaining a
GBP4.0 million loan repayable by Seawheel Limited in the circumstances set
out in a loan agreement to be entered into prior to completion of the
Disposal and against which the Company intends to make a full provision.
The company entered into a bridging loan agreement with Seawheel Limited on
July 11, 2003 and will advance to Seawheel Limited GBP1.25 million for
additional working capital in the period prior to completion.  The bridging
loan is secured by a fixed charge over certain assets of Seawheel Limited
and is repayable at completion.  The principal terms of the disposal are set
out in this announcement.

As the purchaser is a company under the control of the Managers, each of
whom is a director of Seawheel Limited (a wholly owned subsidiary of
Seawheel Holdings), and therefore a related party of the Company, the
disposal is a related party transaction under the Listing Rules of the
United Kingdom Listing Authority. For this reason and because of the size of
Seawheel Holdings and its subsidiary undertakings in relation to the Company
the disposal is conditional upon the approval of shareholders of the
company, which is to be sought at an extraordinary general meeting of the
company.

A circular containing, inter alia, details of the disposal, notice of an
extraordinary general meeting and form of proxy, will be posted to
shareholders as soon as practicable.

Timothy Chadwick, Chairman, commenting on the proposal said:
"The Board has reviewed the various options that we had for Seawheel given
its weak performance over the last few years and have concluded that a sale
to its management provides the best solution for Simon shareholders.  Simon
and Seawheel will continue to have a close working relationship, with
Seawheel using Simon's Humber Sea Terminal and we wish the management team
every success in their new venture."

"Simon can now concentrate on its successful ports operations. The Directors
view the continuing group's prospects for the current financial year with
confidence."

To view full report: http://bankrupt.com/misc/SIMON_GROUP.htm

CONTACT:  SIMON GROUP PLC
          Phone: 01737 372660

          Timothy Chadwick
          Tim Redburn
          Hoare Govett Limited
          Phone: 020 7678 8000

          Philip Dayer
          Gavin Anderson & Company
          Phone: 020 7457 2345


SHERWOOD INTERNATIONAL: Accepts 140p-per-share Offer of SunGard
---------------------------------------------------------------
The Board of SunGard Data Systems Inc. announces that SunGard Insurance
Services Limited, its wholly owned subsidiary newly incorporated for the
purposes of the offer for Sherwood announced earlier, has acquired in the
market, for cash at a price of 140 pence per share, a total of 13,700,000
Sherwood Shares representing approximately 29.46% of the issued share
capital of Sherwood.  These market purchases were carried out by Citigroup,
acting as agent for the Offeror.

As disclosed in the announcement of the Offer, SunGard and the Offeror have
received irrevocable undertakings and letters of intent to accept (or
procure the acceptance of) the Offer in respect of, in aggregate, 20,764,969
Sherwood Shares, representing approximately 44.66% of the issued share
capital of Sherwood.  10,288,466 Sherwood Shares acquired by the Offeror on
Friday were previously included in the Committed Sherwood Shares.

Accordingly, SunGard and the Offeror now own or have received irrevocable
undertakings and letters of intent in respect of, in aggregate, 24,176,503
Sherwood Shares, representing approximately 51.99% the issued share capital
of Sherwood.

Terms herein have the same meaning as in the announcement of the Offer dated
July 10, 2003, save where the context requires otherwise.

CONTACT:  CITIGROUP GLOBAL MARKETS LIMITED
          Financial Adviser to SunGard and Broker to the Offer
          Anthony Parsons
          Phone: +44 (0)20 7986 4000
          Simon Alexander

          M: COMMUNICATIONS
          Public Relations Consultants to SunGard
          Martin Forrest
          Phone: +44 (0)20 7153 1531
          Nick Fox
          Phone: +44 (0)20 7153 1540


SSL INTERNATIONAL: Reckitt Benckiser Surfaces as Possible Bidder
----------------------------------------------------------------
Anglo-Dutch company, Reckitt Benckiser, could offer a GBP560 million bid for
healthcare group SSL International, and may endorse a formal bid over the
coming months, according to The Scotsman.

SSL has in its portfolio of assets condom maker, Durex and Scholl footwear,
prompting one City figure to say he "would not be surprised if Reckitt was
interested because Durex and Scholl are two very big brand names," according
to the report.

But while the company is clearly interested in an acquisition, it is
understood to be reluctant to spend too much.  It was thought unwilling to
spend more than 330p per share on an acquisition last month, when it first
made signs of interest in SSL.

A spokesman for the company declined to make comment on "market
speculations," according to the report.  Neither would SSL.

Shares in SSL, which was valued at 346p, went down to 166p in April this
year.


UK SAFETY: Administrative Receivers Offer Businesses for Sale
-------------------------------------------------------------
UK Safety Group Limited, Totectors Limited And Rex Regal Limited (all in
administrative receivership)

The joint administrative receivers, Daniel Smith and Malcolm Shierson, offer
for sale the business and assets of one of the UK's leading manufacturers
and distributors of safety footwear, military footwear, workwear and
corporate clothing.  The business has market-leading brands and the
principal assets comprise:

(a) Footwear and workwear turnover approximately GBP32 million
    and GBP8 million respectively

(b) Market leading brands

(c) Substantial manufacturing capability at Totectors' modern
    leasehold premises in Rushden

(d) Warehousing and administrative functions operating from
    leasehold premises in Yate (UK Safety), Hinckley (Tuskers)
    and Romford (Rex Regal)

(e) Major Strategic sourcing relationships

(f) Major contract supplier of military and security footwear to
    UK MOD and international government agencies

(g) Bespoke corporate clothing and workwear solutions to a well
    established customer base

(h) Approximately 390 skilled employees

CONTACT:  GRANT THORNTON
          Grant Thornton House
          Melton Street, Euston Square
          London NW1 2EP
          Contact: Daniel Smith or Charlie Hodgson
          E-mail: charles.a.hodgson@gtuk.com
          Homepage: http://www.grant-thornton.uk/recovery


WORLD SPORTS: Creditors Convert GBP400,000 Debt into Equity
-----------------------------------------------------------
The company was informed Thursday that Placifor Investment Corporation has
sold 748,238 ordinary shares in the company and no longer has a notifiable
interest.

SP Active Ltd., the company's marketing subsidiary, has been appointed by
JVC to develop third-party relationships for the Euro 2004 football
championships.  SP Active Ltd. has also been appointed to develop and manage
the commercial development of 'Beagle 2 Mission to Mars', Britain's first
space mission to another planet, which successfully launched on June 6 and
is due to land on Mars on Christmas Day this year.

As part of its growth strategy, SP Active Ltd. has identified and is in
negotiation with a potential acquisition target in the complementary area of
entertainment and promotions and will make a fuller announcement about this
matter before the end of the month.

The company announces that following the restructuring of the business, a
number of significant creditors of the company have agreed to convert the
monies owed to them into ordinary shares in the capital of the company at 10
pence per share.

Accordingly, GBP399,543.96 of debt has been eliminated from the balance
sheet of the Company and 3,995,439 new ordinary shares have been issued and
allotted.  These will be admitted to trading on July 14, 2003.

CONTACT:  WORLD SPORTS SOLUTIONS
          Phone: 020 7292 8950
          Matthew Patten

          Hudson Sandler
          Phone:  020 7796 4133
          Nick Lyon


YELL GROUP: S&P to Up Rating to 'BB' at Start of Trading Today
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' corporate credit
rating on U.K.-based classified directories publisher Yell Group PLC remains
on CreditWatch with positive implications, where it was placed on July 1,
2003, following the group's IPO announcement.  Once unconditional trading in
Yell's shares starts on July 15, Standard & Poor's will raise its corporate
credit rating on Yell to 'BB', and its senior unsecured rating will be
raised to 'B+' from 'B'.  The outlook will be positive.

The ratings are conditional on the completion of the IPO in accordance with
the issued listing particulars.  The 'BB-' senior secured rating on Yell'
GBP1.13 billion (US$1.9 billion) syndicated loan facility should be
withdrawn based on the expectation that the facility will be replaced with
new bank loan funding on completion of the IPO.

"The new rating indication reflects the fact that Yell's aggressive
financial profile is set to improve after the IPO due to proposed debt
reduction," said Standard & Poor's credit analyst Anna Overton.  "Stock
exchange listing should provide the added benefit of a wider equity capital
markets access in the future."

Pro forma for the IPO, Yell is expected to have net debt of about GBP1.34
billion, or 4.3x lease-adjusted EBITDA in the year to March 2003, compared
with the pre-IPO level of about 5x.  Based on the indicative IPO price range
of 250 pence sterling to 300 pence sterling, Yell should have market
capitalization of about GBP2 billion.  Yell's venture capitalist sponsors
Apax and Hicks Muse Tate & Furst are expected to retain between 30% and 40%
of equity in the company and management a further 5%.

"The ratings on Yell may be raised if the group demonstrates the ability to
sustain a lease-adjusted net debt-to-EBITDA ratio at the mid-3x level," said
Ms. Overton.


YORKSHIRE GROUP: Subsidiary Sells South Carolina Property
---------------------------------------------------------
Yorkshire announces that its wholly owned subsidiary, Yorkshire Americas
Inc., has completed the sale of its freehold property at Worley Road,
Greenville, South Carolina.  The disposal forms part of the company's
previously announced strategy of reducing debt through the pursuit of asset
disposals.

The property has been sold to Southern Warehouse Associates LLC for a net
cash consideration of US$660,000 (GBP405,000), which compares to a net book
valuation of GBP590,000 as at December 31, 2002.  Yorkshire has incurred
additional costs of GBP65,000 in preparing the site for sale.  The property
comprises a warehouse and former dye production facility, both of which are
surplus to the Group's operational requirements.

On completion, the proceeds of the disposal will be used to reduce group
indebtedness.

CONTACT:  YORKSHIRE GROUP
          Phone: 0113 244 3111
          Andrew Dick, Chief Executive



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

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Mobistar SA               MOSG       (30)       1,039      (61)
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A
BSN Glasspack                       (102)       1,151       179
Bull SA                   BULP       (39)       1,512       (17)
Centrest Societe
   de Developpement
   Regional                         (132)         252       N.A.
Compagnie
   des Machines Bull                  (6)         231        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (66)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP         0          187        28
European Computer System            (110)         682       377
Financiere St. Fiacre                 (1)         111        33
France Telecom            FTE       (180)     111,959   (31,035)
Grande Paroisse SA                  (845)         383       107
Immobiliere Hoteliere     HOIN       (66)         185       (54)
Pneumatiques Kleber SA               (34)         480       139
Sa des Usines Chausson               (23)         249        35
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN         0          134        10
Usines Chauson                       (23)         249        35

GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
Edel Music AG             EDLG       (66)         353      (159)
Eurobike AG               EUBG       (32)         158       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)
Schaltbau AG              SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding AG             VBHG       (24)         306       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
Credito Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Northern Oil ASA          NOI         (9)         204      (272)
Pan Fish ASA              PAN       (117)         806       259
Petroleum-Geo Services    PGO        (32)       2,963     5,250

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Tableros de Fibras SA     TFI        (43)      (2,107)      116

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (64)         515       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (459)       3,364       (40)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (606)         664      (133)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425       (67)
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827        (3)
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY        (86)         961        (7)
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)  Seton
Healthcare                     (11)         157        (0)
Yell Group PLC                      (196)       3,964       289


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.  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 * * *