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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

          Thursday, September 4, 2003, Vol. 4, No. 175


                            Headlines


C Z E C H   R E P U B L I C

CZECH AIRLINES: First-half Results Underscore Gloomy Outlook
IPB: Government Demand Thwarts Possible Deal with Nomura


F R A N C E

ALSTOM SA: Abbey Gardy Files Securities Fraud Class Action
ALSTOM SA: Milberg Weiss Initiates Class Suit in U.S.
ALSTOM SA: Charles J. Piven Lodges Class Action in New York
FRANCE TELECOM: Debt Significantly Reduced in First-half
VIVENDI UNIVERSAL: Chairman Prefers NBC Bid, Report Says


I T A L Y

TELECOM ITALIA: Halves First-half Loss to EUR7 Million
TELECOM ITALIA: Cuts Net Debt by EUR1.1 Billion in First-half


N O R W A Y

PETROLEUM GEO: Disclosure Statement Hearing Set September 10


P O L A N D

POLSKIE HUTY: Picks LNM's US$1 Billion Bid


R U S S I A

ALJBA ALLIANCE: S&P Ups Long-term Rating to 'CCC' from 'CCC-'
DELTACREDIT BANK: Long-term Ratings Raised to 'B-'
IMPEX BANK: Standard & Poor's Upgrades Long-term Rating to CCC+
INDUSTRIAL BANK: 'CCC+' Long-term Rating Raised to 'B-'
MOSCOW BANK: Standard & Poor's Upgrades Short-term Rating to 'C'
SURGUTNEFTEGAZBANK: S&P Ups Long-term Ratings to 'B-'


S W E D E N

PREEM HOLDINGS: Outlook Negative on Weak Financial Performance


S W I T Z E R L A N D

BARRY CALLEBAUT: 'BB' Ratings Unchanged by Brach Acquisition


U N I T E D   K I N G D O M

AIM TRUST: High Court Confirms Share Capital Reduction
ARIG INSURANCE: Scheme Creditors Meeting Set September 12
BAE SYSTEMS: Completes Purchase of GKN'S 29% Stake in Alvis
BIRTHDAYS: Gadget Shop Owners Offer to Turn Business Around
BOND HOMES: Calls in Receivers after Failing to Complete Project

BRITAX GROUP: 'B+' Ratings Affirmed; Outlook Negative
BRITISH AIRWAYS: Resolves Row with Union Over New Logon System
CARPETS INTERNATIONAL: To Make Hundreds Redundant in U.K.
EDINBURG FUND: Loses Edinburgh Worldwide Investment Trust
EURODIS ELECTRON: Directors, Shareholders to Forego Entitlements

MARCONI CORPORATION: Changes Venue for 2003 Annual Meeting
MYTRAVEL GROUP: Cancels Sale of Loss-making German Subsidiary
ROYAL & SUNALLIANCE: Details of Rights Issue Out Within the Week
SSL INTERNATIONAL: Could be Forced to Sell Divisions Separately


                            *********


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


CZECH AIRLINES: First-half Results Underscore Gloomy Outlook
------------------------------------------------------------
Czech Airlines is in a precarious situation with only the favorable rate of
the U.S. dollar keeping it alive, Czech Happenings said, citing the
company's first-half results.

The company, which made an aggregate loss of more than CZK1 billion in the
last ten years, is overstaffed, and its labor productivity is falling, the
report said.  But the airlines' President and Chairman Miroslav Kula does
not agree.

"[I would] not even [call it] as serious," Mr. Kula told Czech Television.

Mr. Kula is rumored to be on the way out and ex-defense minister Jaroslav
Tvrdik will reportedly replace him following a reshuffle.  The carrier is
already poised to shift to the so-called German management model.


IPB: Government Demand Thwarts Possible Deal with Nomura
--------------------------------------------------------
A possible out-of-court settlement between the Czech Republic and Japanese
bank Nomura over the collapse of IPB fell through after the Czech side
demanded more than what the Japanese are offering, Czech Happenings said,
citing weekly Tyden.

Bank Nomura is asking up to CZK40 billion in damages from the government for
its investment in IPB, which went bankrupt in June 2000.  A counter demand
from the Czech Republic is asking up to CZK263 billion for costs related to
IPB's rescue by another Czech bank, CSOB.

Bank Nomura had already agreed to billions of crowns of compensation to
avoid arbitration with IPB but the government is reportedly asking for more.
Earlier, Deputy Finance Minister Ladislav Zelinka, who is also the
government's chief negotiator, said he does not expect an agreement due to a
great number of parties involved.

According to the report, Nomura lawyer Jan Paulsson in an interview with
Tyden hinted the bank certainly could get something from the case, but the
question is what it will be offered by the Czech side.

Tyden said CSOB is keen on holding on to IPB, whose only assets left are
believed to be the Cayman Islands-based funds.  The parties involved neither
confirmed nor refuted the information to the weekly.  They are set to embark
on another round of negotiations in September.


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


ALSTOM SA: Abbey Gardy Files Securities Fraud Class Action
----------------------------------------------------------
Abbey Gardy, LLP commenced a Class Action lawsuit in the United States
District Court for the Western District of New York (03 CV 6419) on behalf
of a class of all persons who purchased securities of Alstom SA (NYSE:ALS)
between May 7, 2002 and June 30, 2003 inclusive.

The Complaint names as defendants Alstom SA, Pierre Bilger, Francois Newey,
Stephan Rambaud-Measson, Joe Janovec and Patrick Kron.  The Complaint
alleges that defendants violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a
series of material misrepresentations to the market during the Class Period
thereby artificially inflating the price of Alstom securities.  A copy of
the Complaint is available from the Court or from Abbey Gardy, LLP.  Please
email us at slee@abbeygardy.com to request a copy of the Complaint.

The Complaint alleges that defendants issued a series of materially false
and misleading press releases, public statements and filings with the
Securities and Exchange Commission starting on May 7, 2002 and continuing to
June 30, 2003 concerning the company's financial condition.  In particular,
the Complaint alleges that Alstom Transportation Inc., the company's United
States subsidiary, had:

     (i) Materially understated losses;

    (ii) Failed to recognize costs when incurred in anticipation
         of shifting the costs to other more profitable
         contracts; and

   (iii) Understated forecast costs to completion.  On June 30,
         2003, Alstom reported that the SEC and the FBI had
         initiated investigations into accounting improprieties
         at Alstom Transportation Inc.  On August 12, 2003,
         Alstom announced that the SEC had opened a formal
         investigation into Alstom Transportation Inc.  The
         company further reported that it has uncovered
         "accounting improprieties" at Alstom Transportation and
         as a result would be taking a US$58.2 million charge
         for the year ending March 31, 2004.  Alstom also
         announced the suspension of Stephan Rambaud-Measson and
         Joe Janovec pending the completion of the
         investigation.  On this news the company's securities
         fell to US$2.51 from a class period high of US$12.65.

Plaintiff seeks to recover damages on behalf of all those who purchased or
otherwise acquired Alstom securities during the Class Period.  If you
purchased or otherwise acquired Alstom securities during the Class Period,
and either lost money on the transaction or still hold the securities, you
may wish to join in the action to serve as lead plaintiff.  If you purchased
Alstom securities during the Class Period, you may, no later than October
28, 2003 request that the Court appoint you as lead plaintiff.

A lead plaintiff is a representative party that acts on behalf of other
class members in directing the litigation.  In order to be appointed lead
plaintiff, the Court must determine that the class member's claim is typical
of the claims of other class members, and that the class member will
adequately represent the class.  Under certain circumstances, one or more
class members may together serve as "lead plaintiffs."  Your ability to
share in any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff.

Abbey Gardy, LLP has been retained as one of the law firms to represent the
Class.  The attorneys at Abbey Gardy, LLP have extensive experience in
securities class action cases, and have played lead roles in major cases
resulting in the recovery of hundreds of millions of dollars to investors.
If you would like to discuss this action or if you have any questions
concerning this Notice or your rights as a potential class member or lead
plaintiff, you may contact Nancy Kaboolian, Esq. or Susan Lee of Abbey
Gardy, LLP at (212) 889-3700 or 800-889-3701, or e-mail them at
nkaboolian@abbeygardy.com or slee@abbeygardy.com

CONTACT:  ABBEY GARDY, LLP
          Nancy Kaboolian, Esq.
          Phone: (212) 889-3700
                  800-889-3701
          E-mail: nkaboolian@abbeygardy.com
                  slee@abbeygardy.com


ALSTOM SA: Milberg Weiss Initiates Class Suit in U.S.
-----------------------------------------------------
Milberg Weiss (http://www.milberg.com/cases/alston/)on Tuesday announced
that a class action has been commenced, on behalf of an institutional
investor, in the United States District Court for the District of
Connecticut on behalf of purchasers of ALSTOM SA (NYSE:ALS) securities
during the period between Nov. 17, 1998 and June 29, 2003.

If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from Aug. 29, 2003.  If you wish to discuss this action or have
any questions concerning this notice or your rights or interests, contact
plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at
800-449-4900 or via e-mail at wsl@milberg.com  If you are a member of this
class, you can view a copy of the complaint as filed or join this class
action online at http://www.milberg.com/cases/alstom/. Any member of the pu
rported class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent class
member.

The complaint charges ALSTOM and certain of its officers and directors with
violations of the Securities Exchange Act of 1934.  ALSTOM is engaged in
power generation, power transmission, power distribution and ship
construction in France.  The complaint alleges that during the Class Period,
the individual defendants engaged in the scheme to conceal ALSTOM's problems
growing its Marine segment in order to prevent the decline in the price of
ALSTOM securities to:

     (i) Protect and enhance their executive positions and
         substantial compensation;

    (ii) Raise Euro 387 million in a share offering on June 19,
         2001, as well as EUR630 million in a rights offering on
         June 4, 2002; and (iii) enhance the value of their
         personal ALSTOM securities holdings and options.

It was important to ALSTOM to be perceived favorably and to minimize the
risks associated with its liquidity so that it could raise the necessary
financing to fund its business.  ALSTOM's bank borrowings increased from
Euro 839 million at March 31, 1999 to EUR2.7 billion at March 31, 2000, to
EUR4.5 billion at March 31, 2001.  Thus, defendants concealed the
off-balance-sheet risk associated with guarantees on debt incurred by
customers, including Renaissance Cruises Inc., making purchases from
ALSTOM's fastest growing segment.

The true facts, which were known to the defendants but concealed from the
shareholders were:

(a) That the Company's first half financial results for FY 2000 were grossly
overstated, as they overstated the Company's receivables and income
associated with the Company's sales of GT24B and GT26B turbines.  In fact,
of nearly 80 of these turbines, which had been sold, only 25 worked;

(b) That the disastrous problems associated with the company's GT24B and
GT26B turbines was causing customers to back out of their prior turbine
orders.  Thus, the company's well-publicized "backlog" for turbines was
grossly misrepresented;

(c) That the company had failed to timely and adequately account for the
liabilities associated with the company's gas turbines (customers requesting
compensation payment rather than a correction of the turbines) and transport
problems totaling in excess of Euro 1 billion and plunging the company into
a loss of Euro 1.4 billion in FY 2003;

(d) That the company's new compressor, which had been tested on the European
grid, required substantial modification and testing prior to being used on
the U.S. grid causing huge expenses in the business;

(e) That the company was hemorrhaging cash and would need to divest itself
of its higher margin businesses, causing material earnings dilution and
further rendering the company's projections for its revenue and income to be
false;

(f) That the company's "underfunding" of its pension liabilities was
materially "understated" by in excess of Euro 500 million;

(g) That the company failed to timely disclose its liabilities associated
with vendor financing and Renaissance cruise ships;

(h) That until November 2002, the Company concealed its exposure to 60
separate asbestos lawsuits involving 6,500 plaintiffs. T he Company failed
to account for these liabilities and thus overstated its financial statement
by as much as EUR60 million;

(i) That the company's asset disposal program was well behind schedule and
that its projected goal of raising proceeds of EUR1.4 billion by March 2003
was a fallacy;

(j) That even the company's November 2002 revised guidance associated with
restructuring the company's Transport business was grossly understated;

(k) That the company had materially understated its losses associated with a
rail car contract by in excess of EUR51 million;

(l) That the company had concealed the fact that the company had made
written guarantees to banks that had loaned money to cruise lines so they
could purchase ships from the company and thereby inflate the company's
revenue via ship sales; and

(m) That the company had actually understated the company's net debt by EUR2
billion via its vendor-financing scheme.

Plaintiff seeks to recover damages on behalf of all purchasers of ALSTOM
securities during the Class Period.  Milberg Weiss Bershad Hynes & Lerach
LLP, who has expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud, represents the plaintiff.

Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in
New York, San Diego, San Francisco, Los Angeles, Boca Raton, Fla., Seattle
and Philadelphia, is active in major litigations pending in federal and
state courts throughout the United States.  Milberg Weiss has taken a
leading role in many important actions on behalf of defrauded investors,
consumers and companies, as well as victims of World War II and other human
rights violations, and has been responsible for more than US$30 billion in
aggregate recoveries.  The Milberg Weiss Web site (http://www.milberg.com)
has more information about the firm.

CONTACT:  MILBERG WEISS BERSHAD HYNES & LERACH LLP
          William Lerach
          Phone: 800-449-4900
          E-mail: wsl@milberg.com


ALSTOM SA: Charles J. Piven Lodges Class Action in New York
-----------------------------------------------------------
Law Offices Of Charles J. Piven, P.A. announced Tuesday that a securities
class action has been commenced on behalf of shareholders who purchased,
converted, exchanged or otherwise acquired the common stock of Alstom SA
(NYSE:ALS) between November 17, 1998 and June 29, 2003, inclusive.

The case is pending in the United States District Court for the Southern
District of New York.  The action charges that defendants violated federal
securities laws by issuing a series of materially false and misleading
statements to the market throughout the Class Period which statements had
the effect of artificially inflating the market price of the Company's
securities.

No class has yet been certified in the above action.  Until a class is
certified, you are not represented by counsel unless you retain one.  If you
are a member of the Class, you may move the court no later than October 28,
2003 to serve as a lead plaintiff for the Class.  In order to serve as a
lead plaintiff, you must meet certain legal requirements.  To be a member of
the class you need not take any action at this time, and you may retain
counsel of your choice.

If you were a purchaser of shares of the company listed above during the
period indicated and want to discuss your legal rights, you may e-mail or
call Law Offices Of Charles J. Piven, P.A. who will, without obligation or
cost to you, attempt to answer your questions.  Law Offices Of Charles J.
Piven has been involved in securities litigation for over ten years.  You
may contact Law Offices Of Charles J. Piven, P.A. at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland
21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.

More information on this and other class actions can be found on the Class
Action Newsline at http://www.primezone.com/ca

CONTACT:  LAW OFFICES OF CHARLES J. PIVEN, P.A.
          Baltimore, Maryland
          Charles J. Piven, 410/986-0036
          E-mail: hoffman@pivenlaw.com


FRANCE TELECOM: Debt Significantly Reduced in First-half
--------------------------------------------------------
France Telecom released this latest financial result recently.  These are
the highlights:

(a) Current income from integrated companies: EUR2.3 billion, up
    86.8%;

(b) Net income: EUR2.5 billion;

(c) Free cash flow (5), excluding asset disposals, dedicated to
    debt reduction : EUR2.0 billion in H-1 2003;

(d) Significant reduction in net debt: down EUR18.7 billion to
    EUR49.3 billion;

Key figures at June 30, 2003 on a historical basis:

(a) Consolidated revenues: EUR22.9 billion, up 1.7% (+ 3.9% on a
    comparable basis);

(b) Operating income before depreciation and amortization (2):
    EUR8.5 billion, up 23.5%;

(c) Operating income: EUR4.6 billion, up 46%;

(d) Current income from integrated companies: EUR2.3 billion, up
    86.8%;

(e) Net income: EUR2.5 billion;

(f) Net financial debt: EUR49.3 billion, down by EUR18.7 billion
    compared to December 31, 2002;

(g) Investments in tangible and intangible assets, excluding
    licenses (CAPEX (4)): EUR2.2 billion, down 32.9%;

(h) Operating income before depreciation and amortization (2)
    less CAPEX (4): EUR6.3 billion, up 73.3%;

(i) Free cash flow (5), excluding asset disposals, dedicated to
    debt reduction: EUR2.0 billion;

(j) Total number of customers worldwide: 113 million

To View Full Report and Financials:
http://bankrupt.com/misc/France_Telecom.htm


VIVENDI UNIVERSAL: Chairman Prefers NBC Bid, Report Says
--------------------------------------------------------
Vivendi and NBC could soon enter exclusive negotiations regarding the merger
of the French group's U.S. film, television and theme park assets and
business of the broadcasting group, according to the Financial Times.

The parties were engrossed in talks aimed at reaching a preliminary merger
deal on Monday.  NBC's proposal would allow Vivendi to retain at least 20%
of the enlarged group, and cash in on the holdings in over five years.  It
would also free the firm from US$2.5 billion in debts.

The report said Chief Executive Jean-Rene Fourtou is reportedly keener on
making this deal than with Edgar Bronfman Jr., Vivendi's former
vice-chairman.  It quoted one person close to Mr. Fourtou saying: "The
chairman believes NBC is a proper strategic fit with a potential upside for
Vivendi's rump stake.  Edgar does not have any synergies to squeeze out."

But people close to the process said the board could still choose Mr.
Bronfman's offer, or pursue an initial public offering.  One executive at
Vivendi Universal Entertainment also expresses concern that NBC will
restructure the television side of the business and push through heavy
redundancies."

"Among Vivendi Universal Entertainment management, there was a strong
preference for a takeover by Liberty or Comcast," the insider told the
Financial Times.


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


TELECOM ITALIA: Halves First-half Loss to EUR7 Million
------------------------------------------------------
Half-year figures of Telecom Italia Media S.p.A. and consolidated results
refer to the Group and Seat Pagine Gialle S.p.A. prior to the proportional
spin-off effective August 1, 2003:

Highlights:

(a) Consolidated operating income quadrupled in the six-month
    period, reaching EUR80 million;

(b) Consolidated revenues increased by 5.2% in uniform terms
    compared to the first half of 2002;

(c) Growth in the Internet area: revenues increased by 79% (+20%
    excluding the effect of the introduction of Decade 7), GOP
    increased (from EUR1 to 21 million) compared to the first
    half of 2002.  In Q2, operating income was in the black for
    the first time;

(d) Tin.it active customers increased 19% compared to the first
    half of 2002 and Virgilio confirmed its position as the
    leading Italian portal with EUR3.6 billion pageviews (+26%
    compared to the first half of 2002);

(e) Revenues in the Television area increased by 22% (+33%
    taking into account the new advertising sales method)
    compared to the first half of 2002.

    (1) Operating income improved (+16.5%)

    (2) Advertising sales increased by 39% compared to the first
        half of 2002

(f) In the six-month period, La7 reached important results in
    terms of share, which was constantly over 2%;

(g) SEAT Pagine Gialle S.p.A. spin-off became effective as of
    August 1, 2003;

SEAT PG GROUP

(a) Revenues: EUR863 million (-0.9% compared to the first half
    of 2002), +5.2% net of the exchange effect and the change in
    consolidation area

(b) GOP: EUR246 million (+17.3% compared to the first half of
    2002)

(c) Operating income before goodwill: EUR166 million (+53.4%
    compared to the first half of 2002)

(d) Operating income: EUR80 million (EUR19 million in the first
    half of 2002)

(e) Net result: -EUR7 million, with an improvement compared to
    the first half of 2002 (-EUR14 million)

(f) Net financial debt: EUR606 million (-EUR74 million compared
    to December 31, 2002)

SEAT PG S.p.A.

(a) Revenues: EUR520 million (+13.1% compared to the first half
    of 2002)

(b) GOP: EUR230 million (+10.3% compared to the first half of
    2002)

(c) Operating income: EUR135 million (+35.2% compared to the
    first half of 2002)

(d) Net income: EUR19 million (loss of EUR8 million in the first
    half of 2002)

The Board of Directors of Telecom Italia Media (Telecom Italia Group),
chaired by Riccardo Perissich, analyzed and approved the half-year report of
the Group for the period ended June 30, 2003.

SEAT PG GROUP

Revenues amounted to EUR863 million and decreased by 0.9% compared to the
same period of 2002, mainly due to the divestments carried out over the past
year: based on a uniform consolidation area and net of the exchange effect,
revenues increased by 5.2%.  Revenues in the Internet Area contributed to
reaching this results, increasing by 79% (+20% net of the effect of the
introduction of Decade 7), as did revenues in the Television Area, which
increased by 22% and in the Directory Assistance Area (+10%).  Revenues in
the Directories Area remained essentially stable, despite the negative
economic scenario and the poor performance of the advertising market.

Gross operating profit increased by 17.3% compared to the first half of 2002
to EUR246 million (EUR209 million compared to the first half of 2002).  The
ratio to revenues was 28.5%, up compared to the first half of 2002 (24%).

Operating income before goodwill amounted to EUR166 million, up 53.4%
compared to the first half of 2002 (EUR108 million).

Operating income (after amortization of goodwill) was positive at EUR80
million and quadrupled compared to the first half of 2002 (EUR19 million),
with a ratio to revenues of 9.3% (2.2% in the first half of 2002).

The income statement for the first half of 2003 posted an income before
taxes amounting to EUR19 million, with a sharp increase compared to the
first half of 2002 when a loss of EUR40 million was posted, and a net loss
of EUR7 million (-EUR14 million in the first half of 2002).

Operating free cash flow for the period reached EUR181 million, up EUR59
million compared to the first half of 2002.

Net financial debt amounted to EUR606 million, down EUR74 million compared
to December 31, 2002 (EUR680 million).

SEAT PAGINE GIALLE S.p.A.

Seat PG S.p.A.  revenues amounted to EUR520 million, up 13.1% compared to
the same period in 2002 (EUR459 million), thanks to the good performance of
Pronto PAGINE GIALLE (+41% compared to the first half of 2002) and the
revenues of the Tin.it Division that amounted to EUR107 million, up 90.4%
compared to the first half of 2002 (+20% net of the effect of the
introduction of Decade 7).

Gross operating profit amounted to EUR230 million, up 10.3% compared to the
first half of 2002 (EUR209 million) with a ratio to revenues of 44.3% (45.4%
in the first half of 2002).

Operating income amounted to EUR135 million, up 35.2% compared to the same
period in 2002 (EUR100 million) with a ratio to revenues of 26.1% (21.8% in
the first half of 2002).

Net income was EUR19 million, with an increase compared to the same period
of the previous year, when net loss was EUR8 million.

PERFORMANCE OF THE BUSINESS AREAS

INTERNET

In the first half of the year, revenues from the Internet Business Area
amounted to EUR118 million, up 79% compared to 2002, due also to the new
accounting procedure applied to dialup Internet traffic revenues introduced
in 2003 (Decade 7).  Net of its effect and in comparable terms, the growth
would have amounted to 20%.

Gross operating profit amounted to EUR21 million, with a strong increase
compared to the first half of 2002, when it amounted to EUR1 million.
Furthermore, in Q2 operating income of the Area was in the black for the
first time, due mainly to the new range of products, economies of scale and
cost-cutting measures.
Specifically:

(a) Revenues from the Tin.it Division amounted to EUR107 million (EUR56
million in the first half of 2002), with an increase of 90% mainly due to
the introduction of the new accounting procedure applied to dialup Internet
traffic revenues (Decade 7) introduced as of January 1, 2003.  Net of its
effect and in comparable terms, the growth would have amounted to 20%.
Gross operating profit amounted to EUR22 million (EUR10 million in the first
half of 2002).  Operating income amounted to EUR3 million (despite
amortization of goodwill amounting to EUR6 million) and increased by EUR15
million compared to the first half of 2002.  Active customers at June 30,
2003 increased by 19% to 2.4 million (1.9 million at June 30, 2002).

(b) Matrix revenues amounted to EUR15 million (EUR10 million in the first
half of 2002), with an increase of 54.7% and a gross operating loss of EUR1
million, for a sharp improvement compared to the first half of 2002 (-EUR8
million).  Virgilio confirmed its position as the leading Italian portal and
its users amounted to about 11 million browser units (+32.6% compared to the
first half of 2002); pageviews for the first six months of the year were 3.6
billion (+26% compared to the first half of 2002).

TELEVISION

Despite the ongoing recession in the advertising market, in the first half
of 2003 revenues from the Television Business Area increased by EUR51
million, up 22% (+33% in comparable terms, therefore taking into account the
different advertising sales method) compared to the first half of 2002.
Gross operating loss was EUR17 million, improving by 27.5% compared to the
first half of 2002 (-EUR24 million), despite higher costs incurred for the
new programming format.  Operating income (-EUR36 million) increased by
16.5% compared to the same period of the previous year (EUR-43 million).
There was a 39% growth compared with the first half of 2002, in advertising
sales for the Business Unit.  Furthermore, in the six-month period, La7
strengthened its publishing image and brand awareness, and increased the
recognition of its programs, increasing its share (source: Auditel) compared
to the first half of 2002, reaching a stable audience of over 2%.  MTV --
the leading broadcaster in the TV segment targeting young people -- also
strengthened its position in the advertising market.

OFFICE PRODUCTS & SERVICES

In the first half of 2003, revenues from the Office Products & Services
Business Area amounted to EUR110 million, decreasing by 6% compared to the
first half of 2002 in comparable terms, net of the impact of assets
transferred in April and excluded from the consolidation area.  This
decrease in revenues is mainly due to a slowdown in the consumer and office
products markets and to a drop in the sales of IT consumables.  Gross
operating profit improved by 1% in comparable terms, whereas operating
income decreased by 28% in comparable terms, compared to the first half of
2002.

DIRECTORIES

In the six-month period the Directories Area recorded essentially stable
revenues amounting to EUR453 million (-0.8% compared to the first six months
of 2002) and a gross operating income of EUR233 million, slightly higher
than in the first half of 2002.  Operating income was EUR143 million
(+9.7%).  In an advertising market that is still strongly recessive, and due
also to the devaluation of the pound against the euro, the Directories Area
just ended what will probably be the most difficult quarter of the year
(based also on the trend seen in the order portfolio): revenues for Q2 2003
amounted to EUR315 million, 1.8% lower than in the same period of 2002.
This decrease was due to the less-than-positive advertising sales for the
directories published in the large cities of northern Italy, including
Milan, whereas in central and southern Italy revenues continued to grow
steadily.

DIRECTORY ASSISTANCE

In the six-month period, revenues of the Directory Assistance Area increased
by 9.6% to EUR87 million, due to the good performance of all the activities
of the Area, especially the 89.24.24 Pronto PAGINE GIALLE and Telegate
services.  Gross operating profit amounted to EUR16 million, increasing
sharply compared to the first half of 2002 (EUR5 million).  Operating loss
was EUR1 million, compared to EUR14 million in the first half of 2002.

BUSINESS INFORMATION

Revenues from the Business Information Area amounted to EUR51 million.
Gross operating profit amounted to EUR1 million (EUR6 million in the first
half of 2002).  Operating income before the amortization of goodwill was
negative by EUR2 million.

EVENTS SUBSEQUENT TO JUNE 30, 2003

(a) SEAT PAGINE GIALLE S.p.A. SPIN-OFF

The extraordinary operation for the proportional partial spin-off of Seat
Pagine Gialle S.p.A., approved by the General Shareholders' Meeting held on
May 9, 2003, became effective as of August 1, 2003.

The company effecting the Spin-off  has taken on the company name Telecom
Italia Media.  The Spun-off company has been named Seat Pagine Gialle and
has received all the activities of the Directories, Directory Assistance and
Business Information areas.

(b) SEAT PAGINE GIALLE S.p.A. TRANSFER

On August 8, 2003 the Telecom Italia Group finalized the transfer of its
stake of about 61.5% in the new Seat Pagine Gialle S.p.A. to the consortium
made up of BC Partners, CV Capital Partner, Permira and Investitori
Associati.

The spin-off of Seat Pagine Gialle S.p.A. having become effective, pro-forma
results of the company effecting the spin-off (Telecom Italia Media) and of
the spun-off company (Seat Pagine Gialle) are reported hereinafter.  They
were reconstructed based on the consolidated financial statements of Seat
Pagine Gialle S.p.A. at June 30, 2003, as if the spin-off had become
effective January 1, 2003.

Pro-Forma Figures of Telecom Italia Media (company effecting the spin-off)
for the first half of 2003

Consolidated revenues of Telecom Italia Media amounted to EUR300 million,
increasing EUR8 million compared to the first half of 2002 (EUR292 million).
Gross operating profit amounted to EUR4 million, increasing by EUR22 million
compared to the first half of 2002.  Operating loss was EUR48 million, for a
EUR28 million improvement compared to the first half of 2002 (-EUR76
million).  The net financial position of Telecom Italia Media amounted to
EUR89 million and included spin-off adjustments calculated based on equity
values at June 30, 2003, that the Spun-off Company will pay to the company
effecting the Spin-off.

Pro-Forma Figures Of Seat Pagine Gialle (Spun-Off Company) For The First
Half Of 2003

Consolidated revenues of Seat Pagine Gialle amounted to EUR572 million, down
EUR15 million compared to the first half of 2002 (EUR587 million).  Gross
operating profit was EUR240 million, up EUR14 million compared to the same
period in 2002, and operating income amounted to EUR126 million, with an
increase of EUR32 million (EUR94 million in the first half of 2002).  Net
financial indebtedness of Seat Pagine Gialle amounted to EUR695 million and
included spin-off adjustments calculated based on equity values at June 30,
2003, that the Spun-off Company will pay to the Company effecting the
Spin-off.

The Board of Directors of Telecom Italia Media also adopted its own Code of
Conduct, thus explaining the company's choices regarding Corporate
Governance, in line with international best practices.


TELECOM ITALIA: Cuts Net Debt by EUR1.1 Billion in First-half
-------------------------------------------------------------
Telecom Italia released this latest financial results recently.  These are
the highlights:

(a) Revenues: EUR5,534 million, +6.7 with respect to the first
    half-year 2002 (+15.3% when exchange-rate effects are
    excluded);

(b) Gross operating profit:  EUR2,624 million, +5.5% (+7.8% when
    exchange-rate effects are excluded), gross operating
    profit/revenues ratio equal to 47.4%;

(c) Operating income: EUR1,826 million, +8.4%;

(d) Operating income/revenues ratio: 33% (32.5% in the first
    half-year 2002);

(e) Consolidated net income attributable to the parent company \
    TIM: EUR993 million, (EUR1,295 million in the first half-
    year 2002): excluding the extraordinary capital gains from
    disposals posted in the first half of 2002 (EUR 647
    million), net income growth stands at  53.2%;

(f) Free operating cash flow: EUR1,909 million (a growth of
    EUR353 million with respect to the same period in 2002),
    with a free operating cash flow/revenues ratio of 34.5%;

(g) Net borrowings: EUR734 million (a EUR1,188 million reduction
    with respect to December 31, 2002)

(h) TIM Group mobile lines: 41.3 million as of June 30 (a 5.7%
    increase with respect to December 31, 2002); the positive
    trend in acquisitions continued through July bringing the
    total number of the Group lines to 42.1 million

TIM S.p.A. financial statements

(a) Revenues: EUR4,499 million, + 7.4% with respect to the first
    half-year 2002;

(b) Gross operating profit: EUR2,388 million, +9.4%;

(c) Gross operating profit/revenues: 53.1% (52.1% for the first
    six months of 2002);

(d) Operating income: EUR1,824 million, +13.1%;

(e) Operating income/revenues ratio: 40.5% (38.5% for the same
    period in 2002);

(f) Net income for the period: EUR1,134 million (+15.5%);

(g) Over 26 million lines by the beginning of August;

The Board of Directors of TIM (Telecom Italia Group), chaired by the
Chairman Carlo Buora has examined the first half-year results for 2003 as
submitted by the Chief Executive Officer Marco De Benedetti.

TIM Group

TIM Group's revenues for the first half-year 2003 stand at EUR5,534 million
representing a growth of 6.7% with respect to the same period in 2002
(EUR5,185 million).  Net of exchange rate effect, this growth is 15.3%.

Gross operating profit at EUR2,624 million records a 5.5% increase with
respect to the first half 2002 (EUR2,488 million).  Net of exchange-rate
effect this increase stands at 7.8%.  At 47.4% (48% in the first-half 2002),
the gross operating profit/ revenues ratio remains an outstanding result,
especially taking into account the relative impact of the Brazilian start-up
operations.

Operating income at EUR1,826 million represents an 8.4% growth with respect
to the same period in 2002 (EUR1,684 million).  The operating income/
revenues ratio is 33%, higher than the figure of 32.5% posted in the first
half of 2002.

Consolidated net income attributable to the parent company TIM for the
period is EUR993 million (EUR1,295 million for the first six months of
2002).  In the first-half of 2002 extraordinary capital gains amounting to
EUR647 million were realized through the disposal of shareholdings in
Bouygues Telecom and Mobilkom Austria.  Therefore, net of the foregoing
capital gains, the first half-year results represent a growth of 53.2%.

Investments made by the TIM Group amount to EUR458 million.  In the first
half-year of 2003 investment activities were mainly concentrated in
technology with particular reference to network improvements and the
development of value-added services.  In particular, industrial investments
in the period amount to EUR406 million and financial investments to EUR52
million.

Free operating cash flow  (Operating income + depreciation and
amortization - industrial investments - variations in operating working
capital), amounting to EUR1,909 million shows an improvement of EUR353
million with respect to the first half-year of 2002.  The free operating
cash flow/ revenues ratio is 34.5%, an improvement on the figure recorded
for the same period in 2002 (30%).

Net borrowings stand at EUR734 million (a EUR1,188 million reduction
compared to the figure posted on December 31, 2002) after a dividend
distribution of EUR428 million.

The number of mobile lines of the TIM Group now stands at about 41.3
million, representing a 5.7% increase with respect to the data posted on
December 31, 2002 (39.1 million).  Altogether the international lines amount
to 15.7 million representing a 13.8% increase with respect to December 31,
2002 (13.8 million).  As of July 31, 2003, with the successful continuation
of the acquisitions campaign, the total number of foreign mobile lines
reached 16.2 million.  The performance of the GSM start-up in Brazil is
noteworthy for having reached 1.2 million lines.

The TIM Group's personnel amounts to 18,963 units with an increase of 261
units with respect to December 31, 2002, which is correlated to the
development of South American operations.

TIM S.p.A.

In the first half-year of 2003 revenues at EUR4,499 million represent an
increase of 7.4% (EUR4,190 million with respect to the first half-year
2002).  The main factor behind this increase is traffic revenues amounting
to EUR3,457 million (EUR3,283 million in the first half of 2002, +5.3%),
sustained in particular by a growing volume of "on net" traffic.  Another
significant growth factor is represented by earnings from value-added
services (VAS), which at EUR471 million represent a growth of 41.4% (with
respect to the same period in 2002) and VAS/service revenues ratio of 10.9%
(8.3% in the first half of 2002).  This growth is the combined result of the
development of traditional VAS and the strong growth in interactive VAS,
whose sales doubled with respect to the same period last year.

ARPU (average revenue per user) for the first six-month period of 2003
amounts to EUR27.6 representing a 2% growth rate with respect to the
equivalent figure for the same period last year.

Gross operating profit stands at EUR2,388 million with a 9.4% increase with
respect to the first half-year 2002 (EUR2,182 million).  The gross operating
profit/revenues ratio reaches 53.1% (52.1% in the same period last year).

Operating income rises to EUR1,824 million: a 13.1% increase with respect to
the first half-year 2002 (EUR1,613 million) with an operating
income/revenues ratio of 40.5% (38.5% in the same period last year).  These
results are inclusive of the fiscal depreciation of the UMTS license, which
began in January 2002 (EUR60 million).

Net income for the period is EUR1,134 million representing a growth of 15.5%
with respect to the same period in 2002 (EUR982 million).

Investments in the period amount to EUR264 million, of which EUR243 million
for industrial investments and EUR21 million in financial investments mostly
in subsidiaries.

Free operating cash flow for the period is EUR2,058 million (EUR1,842 in the
first half-year 2002), producing a free cash flow/ revenues ratio of 45.7%
(44% in the first six months of 2002).

Net borrowings stand at EUR71 million (a EUR1,421 million reduction with
respect to December 31, 2002).

TIM, with 25.6 million lines as of June 30, 2003 (+1.2% compared to December
31, 2002), confirms its leading position in the domestic market, further
enhanced by the success of the summer campaign which brought the total
number of lines recorded in the first days of August to over 26 million.

TIM S.p.A.'s personnel as of June 30, 2003 amounts to 10,074 units a
reduction of 187 units with respect to December 31, 2002.

FIRST HALF-YEAR RESULTS OF THE MAIN FOREIGN SUBSIDIARIES AND ASSOCIATE
COMPANIES OF THE TIM GROUP

Subsidiaries

LATIN AMERICA

BRAZIL (average exchange rate real/euro 0.279470906)

TIM Brasil Group

The first half-year of 2003 shows very encouraging developments in the
operations of the TIM Brasil Group.  In particular TIM Celular, the company
operating GSM technology, as of June 30, 2003 reached a total of 976
thousand lines.  Altogether the lines of TIM in Brazil amount to 6,279
thousand as of June 30, 2003, with an increase of 944 thousand lines with
respect to December 31, 2002.

TIM Brasil consolidated revenues, amounting to EUR1,948 million reais record
an increase of 51.2% with respect to the same period in 2002, mainly thanks
to the development of traffic volumes driven by the increase in the number
of managed lines.

Consolidated gross operating profit amounting to BRL311 million, falls by
29.3% with respect to the same period last year on account of the costs
sustained for the expansion of the TIM Brasil Group as well as for the start
up of the company operating GSM technology, whose commercial launch took
place last October.

Consolidated operating income of the company post a loss of BRL194 million,
which reflects the start-up costs of the company operating GSM technology,
in part compensated for by the positive performance of the companies
operating TDMA technology which, altogether, posted a 31% increase in their
operating income compared to the corresponding period in 2002.

TIM Brasil Group main results are:

The Tele Nordeste Celular Group, which operates the mobile network services
in the northeastern region of the country, posts revenues for BRL528 million
an increase of 12.6% with respect to the same period in 2002

Gross operating profit stands at BRL245 million (-0.8% with respect to the
first half-year 2002) with a gross operating profit/revenues ratio of 46.4%.

Operating income at BRL124 million increases by 2.5% with respect to the
first half-year 2002.  The operating income/ revenues ratio for the first
half-year 2003 stands at 23.5%.

The Tele Celular Sul Group, which runs the mobile network services in the
southern region of the country, post revenues for BRL573 million, for the
first half-year of 2003, a 23% increase compared to the same period in 2002

Gross operating profit stands at BRL231 million (+6.9% with respect to the
first half-year 2002) with a gross operating profit/revenues ratio of 40.3%.

Operating income at BRL119 million reveals an increase of 26.6% with respect
to the first half-year 2002.  The operating income/revenues ratio for the
half year 2003 is 20.8%.

Maxitel, which operates the mobile network services in the areas of Minas
Gerais, Bahia and Sergipe, records revenues for BRL440 million in the first
half-year of 2003, an increase of 23.2% with respect to the same period in
2002.

Gross operating profit stands at BRL168 million (+23.5 % with respect to the
first half-year 2002) with a gross operating profit/revenues ratio of 38.2%.

In terms of operating income the Company posts a profit of BRL72 million, an
increase of 188% with respect to the first half-year 2002.  The operating
income/revenues ratio for the half year 2003 is 16.4%.

TIM Celular, which launched mobile GSM telephony services on October 18,
2002, in the north of Brazil and in the states of Sao Paulo, Rio de Janeiro
and Espirito Santo, posts revenues for BRL409 million for the first
half-year of 2003.

Gross operating profit reflects a loss of BRL359 million while as regards
the operating income the Company returns a loss of BRL514 million,
reflecting the costs sustained for the start-up phase.

PERU' (average exchange rate of PEN/EUR0.260071936)
In the first half-year of 2003 the company doubles its revenues, posting
PEN223 million (PEN112 million in the first six months of 2002).

Gross operating profit posts a loss of PEN15 million soles, compared to a
loss of PEN70 million recorded in the first half-year of 2002 and an
increase of 78.6% with respect to that same period.

Operating income posts a loss of PEN87 million against a loss of PEN122
million for the first half-year 2002, an improvement of 28.7% with respect
to  the first half-year 2002

The Company, which provides mobile services as of January 2001, has
confirmed its excellent growth performance by reaching 484 thousand lines at
the end of June 2003 with a 19% market share.

VENEZUELA (end-of-period exchange rate BEV/EUR0.000546950, note that the
company follows accounting principles for high-inflation countries)

Notwithstanding the slowdown of the economy resulting from of the political
difficulties experienced by the country, the company registered an
improvement in half-year results compared to those for the same period last
year.

In particular, Digitel records revenues for BEV131,367 million representing
an increase of 17.8% with respect to the same period in 2002 (BEV111,486
million).

Gross operating profit is BEV42,574 million against BEV22,433 million for
the first half-year 2002.

Operating income posts a loss of BEV1,992 million against BEV2,590 million
in the same period last year.

As of June 30, the Company's managed lines totaled over one million (894
thousand at December 31, 2002).

EUROPE

GREECE

Stet Hellas performance in the Greek market has been outstanding: revenues
for EUR379 million; with an increase of 24.7% with respect to the first six
months of 2002 (EUR304 million).

Gross operating profit is EUR134 million, an increase of 22.9% with respect
to the first half-year 2002 (EUR109 million) and a gross operating
profit/revenues ratio of 35.4%.

With an operating income of EUR75 million there is an increase of 41.5% with
respect to the same period in 2002 (EUR53 million).  The operating
income/revenues ratio for the period is 19.8%.

As of June 30, the company totaled 2,672 million lines (+ 6% with respect to
December 31, 2002).

Associate companies

TURKEY (end-of-period exchange rate TRL/EUR0.000000616, note that the
Company follows the accounting principles for high-inflation countries)

The integration process with the Turkish operator AyCell is still underway,
in the meantime, Aria-Is TIM has posted excellent results for the first
half-year in terms of new activations and increase in traffic volumes,
thanks to a policy of new offers and promotional campaigns.  As a result, by
the end of June 2003, the customer base had increased 44% with respect to
December 31, 2002, totaling 1,672 thousand lines and a market share of 7%.

In the first half-year 2003, the Company posts revenues for TRL92,031
billion.

Gross operating loss stands at TRL89,863 billion.  Operating income posts a
loss of TRL381,691 billion.

*  *  *

Other resolutions passed by the Board of Directors
The Board of Directors has also adopted a new Code of Conduct, which
replaces the previous code approved in July 2000.  The new code will take
account of the new rules of Corporate Governance, that reflect specific
company conditions in compliance with the best practice of international
companies.


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


PETROLEUM GEO: Disclosure Statement Hearing Set September 10
------------------------------------------------------------
Petroleum Geo-Services ASA filed its proposed Plan of
Reorganization along with an accompanying Disclosure Statement
with the U.S. Bankruptcy Court for the Southern District of New
York on July 29, 2003.

A hearing to consider the adequacy of the Disclosure Statement
within the meaning of Section 1125 of the Bankruptcy Code will
convene before the Honorable Burton Lifland on September 10, 2003, at 10:00
a.m. New York Time.

Objections, if any, to the Disclosure Statement must be in writing and must
contain suggestions to amend the Document in a manner that will resolve the
objections. Objections must be filed with Bankruptcy Court before 4:00 p.m.
today.  Copies must also be served on:

        1. Counsel for the Debtor
           Wilkie Farr and Gallagher
           787 Seventh Avenue
           New York, NY 10019-6099
           Attn: Matthew A. Feldman, Esq.
                 Paul V. Shalhoub, Esq.

        2. Petroleum Geo-Services ASA
           PGS House
           Strandveien 4
           N-1366 Lysaker, Norway
           Attn: Stale Gjengset

        3. Counsel for the Ad Hoc Committee (to the extent
            different than Counsel for the Creditors' Committee)
           Bingham McCutchen LLP
           One State Street
           Hartford, Connecticut 06103
           Attn: Anthony J. Smiths, Esq.

        4. Office of the United States Trustee
           33 Whitehall Street
           21st Floor
           New York, NY 10004
           Attn: Brian Masumuto, Esq.

        5. Counsel for the Creditors' Committee, if any

Petroleum Geo-Services ASA, headquartered in Lysaker, Norway is a
technology-based service provider that assists oil and gas
companies throughout the world.  The Company filed for chapter 11
protection on July 29, 2003 (Bankr. S.D.N.Y. Case No. 03-14786).
Matthew Allen Feldman, Esq., at Willkie Farr & Gallagher
represents the Debtor in its restructuring efforts.  As of May 31, 2003, the
Debtor listed total assets of $3,686,621,000 and total debts of
$2,444,341,000.


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


POLSKIE HUTY: Picks LNM's US$1 Billion Bid
------------------------------------------
The world's second largest steel producer LNM Group has agreed with the
Polish government to buy Polskie Huty Stali, Poland's largest steelworks,
according to Bluebull.

The terms of the deal were not disclosed, but it is estimated to be worth
over US$1 billion, the report said.  Earlier it was reported that Poland
wants investors to buyout at least PLN1.6 billion of Polskie's debt, inject
around US$150 million in fresh capital, accept the terms of Poland's steel
support scheme agreed with the E.U., and take the state's shareholdings on
an agreed timetable.

LNM is now finalizing a social package with trade unions for Polskie Huty's
16,000 employees in order to complete the deal.  The transaction is still
subject to regulatory approvals.  U.S. steel previously sought to buy
Polskie Huty, but it lost the battle to acquire exclusive negotiating rights
to LNM.

PHS has four mills across Poland and produces 70% of their steel.  It was
able to improve its results in the first-half, recording a 77% decrease in
net losses compared to the previous year.  The firm's net loss was PLN67.2
million on sales of PLN3.5 billion.


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


ALJBA ALLIANCE: S&P Ups Long-term Rating to 'CCC' from 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services upgraded from 'CCC-' to 'CCC' the
long-term rating on Aljba Alliance.  The short-term ratings were affirmed at
'C'.  The action reflects improvements in the economic and operating
environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


DELTACREDIT BANK: Long-term Ratings Raised to 'B-'
--------------------------------------------------
Standard & Poor's Ratings Services upgraded from 'CCC+' to 'B-' the
long-term ratings on DeltaCredit Bank.  The short-term ratings were affirmed
at 'C'.  The action reflects improvements in the economic and operating
environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


IMPEX BANK: Standard & Poor's Upgrades Long-term Rating to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services upgraded from 'CCC' to 'CCC+' the
long-term rating on Impex Bank.  The short-term ratings were affirmed at
'C'.  The action reflects improvements in the economic and operating
environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


INDUSTRIAL BANK: 'CCC+' Long-term Rating Raised to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services upgraded from 'CCC+' to 'B-' the
long-term ratings on International Industrial Bank.  The short-term ratings
were affirmed at 'C'.  The action reflects improvements in the economic and
operating environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


MOSCOW BANK: Standard & Poor's Upgrades Short-term Rating to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services upgraded the long-term counterparty
credit rating on International Moscow Bank from 'B' to 'B+', and the
short-term rating to 'B' from 'C'.  The action reflects improvements in the
economic and operating environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


SURGUTNEFTEGAZBANK: S&P Ups Long-term Ratings to 'B-'
-----------------------------------------------------
Standard & Poor's Ratings Services upgraded from 'CCC+' to 'B-' the
long-term ratings on Surgutneftegazbank.  The short-term ratings were
affirmed at 'C'.  The action reflects improvements in the economic and
operating environment in Russia.  The outlook is stable.

Russia's economic and operating environment is now into its fourth year of
rebound and expansion, according to Standard & Poor's credit analyst Scott
Bugie.  The development is influenced by Russia's oil and gas exports,
high-energy prices, as well as progress in economic reforms.  The
government's balanced budged and reduced debt also contributed to the
favorable condition.

"A direct consequence of these trends is that the loan and security
portfolios of Russian banks are in better shape than a few years ago," added
Standard & Poor's credit analyst Irina Penkina.

But Standard & Poor's credit analyst Ekaterina Trofimova warns that upward
potential for Russian bank ratings remains limited.

"The Russian banking industry is still vulnerable to a reversal of the
fortunes of the national economy," she said.


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


PREEM HOLDINGS: Outlook Negative on Weak Financial Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Sweden-based oil refiner Preem Holdings AB to negative from stable,
following the announcement of weak second-quarter results that prevented
credit measures from being in line with the current rating category.  At the
same time, the 'BB-' long-term corporate credit and 'B' senior secured debt
ratings were affirmed.

"The negative outlook reflects Preem's challenge to swiftly and
significantly improve its earnings generation and financial profile to the
level required for the current rating following the company's weak financial
performance in the second quarter of 2003," said Standard & Poor's credit
analyst Maria Gillholm.

"Despite enjoying a relatively favorable refining environment during this
period, financial performance has been negatively affected by the six weeks
of planned shutdown for maintenance at the Preemraff refinery, lagging
refining product prices, and adverse hedging results."

EBITDA net interest coverage for the second quarter of 2003 was extremely
weak, as this ratio was negative, compared with 2.9x in the corresponding
period in 2002 and midcycle requirements of 3.0x at the current rating
level.

Despite the fact that Preem has reduced debt by about SEK1.2 billion (US$143
million) over the past quarter, its financial profile is highly leveraged.

"This high leverage, in combination with the considerable volatility in
refining margins and capital spending on the Scanraff refining facility,
will challenge Preem to reach the financial targets that Standard & Poor's
expects at the current rating level," added Ms. Gillholm.  These include
funds from operations to net debt at about 20%.  Moreover, with regard to
liquidity, Preem does not have committed bank lines.

Preem is a midsize, growth-oriented, independent refiner and petroleum
product marketer and retailer.


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


BARRY CALLEBAUT: 'BB' Ratings Unchanged by Brach Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and outlook on
Switzerland-based cocoa and chocolate products manufacturer Barry Callebaut
AG (BB+/Stable/--) remain unchanged following the group's acquisition of
U.S. confectionary manufacturer Brach's Confections Holding Inc.

"The Brach acquisition will incrementally strengthen Barry Callebaut's
finished products business, while the financial implications of this
transaction on the group are limited," said Standard & Poor's credit analyst
Hugues de la Presle.

Brach will increase Barry Callebaut's finished product sales by 45% to
represent one-third of the group's consolidated pro forma sales.  The
transaction will also give the group a foothold in the large U.S. market.

From a financial standpoint, Barry Callebaut is only making a US$1 token
payment and will assume $16 million of Brach's existing debt.  In addition,
the group will fund Brach's ongoing restructuring program, which should
represent US$48 million over the next four to five years.


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


AIM TRUST: High Court Confirms Share Capital Reduction
------------------------------------------------------
Notice is hereby given that the Order of the High Court of Justice (Chancery
Division) dated July 28, 2003 sanctioning the Scheme of Arrangement and
confirming the reduction of the share capital of the Aim Trust Plc from
GBP50,000,000 to GBP39,934,637.50 and the Minute approved by the Court
showing with respect to the capital of the Company as altered the several
particulars required by the Companies Act 1985 were registered by the
Registrar of Companies on July 9, 2003.

Further notice is hereby given that the Order of the High Court of Justice
(Chancery Division) dated July 30, 2003 confirming the reduction of the
share capital of the company from GBP50,000,00 to GBP47,360,000 and the
Minute approved by the Court showing with respect to the capital of the
company as altered the several particulars required by the above-mentioned
Act were registered by the Registrar of Companies on August 2, 2003.

CONTACT:  CITY LAW PARTNERSHIP
          (Solicitors of the Company)
          99 Charterhouse Street
          London EC1M 6NQ
          Phone: 020 7253 5505
          Fax: 020 7253 5525


ARIG INSURANCE: Scheme Creditors Meeting Set September 12
---------------------------------------------------------
Notice is hereby given that, by an order dated July 31, 2003 made in the
matter of Arig Insurance Company Limited and the Companies Act 1985 the
Court has directed that a meeting of the Scheme Creditors of the above-named
company be held on September 12, 2003 at the offices of
PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2 6RH, commencing
at 10 a.m. (London Time).  All Scheme Creditors are requested to attend at
such place and time either in person or by proxy.

The purpose of the Creditors' Meeting will be to consider, and if thought
fit, to approve (with or without modification) a scheme of arrangement
proposed to be made between the Company and the Scheme Creditors pursuant to
Section 425 of the Companies Act 1985.

Scheme Creditors may vote in person at the Creditors' Meeting or may appoint
another person, whether a Scheme Creditor or not, as their proxy to attend
and vote in their place.

The proposed Scheme and the statement required to be provided to creditors
pursuant to Section 426 of the Companies Act 1985, together with voting
forms for use at the Creditors' Meeting, have been circulated to known
Scheme Creditors as well as brokers and other intermediaries.  Copies of
these documents, as well as bank voting forms, may be obtained by attending
at, or on written application to, the offices of PwC at 3 St. Philips
Central, Bristol, BS2 0XJ, marked for the attention of Emma Pugsley or the
offices of Clifford Chance Limited Liability Partnership, at 200 Aldersgate
Street London EC1A 4JJ (prior to August 26, 2003) and at 10 Upper bank
Street, London E14 5JJ (after August 26, 2003) marked for the attention of
Rachel Huh-Jones.

Scheme Creditors are requested to lodge the voting form with PwC at the
above Bristol address, marked for the attention of Emma Pugsley, by 4 p.m.
London time on September 10, 2003.  Voting forms may also be handed in at
the registration desk prior to the Creditors' Meeting.  A faxed copy of the
voting form will be accepted if legible but Scheme Creditors are requested
to send the originals, to be received by PwC at the above address by 9.30
a.m. London time on September 12, 2003, or to hand them in at the
registration desk prior to the Creditors' Meeting.

The Court has appointed Dan Yoram Schwarzmann or, failing him, Mark Charles
Batten both of PwC, to act as chairman of the Creditors' Meting and has
directed the chairman of the Creditors' Meeting to report the result of the
Creditors' Meeting to the Court.

If approved by the requisite majority of Scheme Creditors, the Scheme will
be subject to the subsequent approval of the Court.

CONTACT:  CLIFFORD CHANCE LIMITED LIABILITY PARTNERSHIP
          200 Aldersgate Street, London EC1A 4JJ


BAE SYSTEMS: Completes Purchase of GKN'S 29% Stake in Alvis
-----------------------------------------------------------
BAE SYSTEMS plc having received regulatory clearance in Germany, has
completed the purchase of 31,882,534 shares, representing approximately 29%
of the issued share capital, in Alvis plc from GKN plc for GBP73 million in
cash (equivalent to 230p per Alvis share).

Alvis is one of the world's leading manufacturers of armored fighting
vehicles.  It has operations in the U.K., Scandinavia and South Africa.  Its
vehicles combine advanced software and electronic systems with leading-edge
vehicle, weapon and protection technology.

                     *****

Commenting on the transaction, Mike Turner, Chief Executive of BAE Systems,
previously said: "Alvis is an excellent company.  We believe that this
investment will result in new opportunities to work together, in a
combination that is good for U.K. Land Systems capability, and will further
enhance Alvis's strong growth potential."


BIRTHDAYS: Gadget Shop Owners Offer to Turn Business Around
-----------------------------------------------------------
Two Scottish entrepreneurs are willing to take over struggling greeting
cards and party retailer, Birthdays, and return it to profit, according to
The Telegraph.

Tom Hunter, an investor in Gadget Shop, and Chris Gorman, executive chairman
and major shareholder of Gadget Shop, are joining forces to offer more than
GBP60 million to take the company from venture capitalists 3i, PPMV and
Permira, the report said.

Mr. Gorman, who will reportedly took a larger shareholding in the possible
acquisition, revealed that it first approached the venture capitalists about
a possible deal two months ago.  Bank of Scotland is providing debt
financing for the transaction.

"They were facing challenging trading, with declining like-for-like sales...
The ownership structure wasn't helping.  The three VCs [venture capitalists]
couldn't see an end in sight," he said.

3i holds a 39% stake in Birthdays after paying GBP25 million four years ago,
while PPMV and Permira each holds 20%.  The company did not fare well under
the current owners.

Mr. Gorman said: "We want to grow it [Birthdays] and make money out of it."

Taking as basis the drastic improvements he has done in Gadget Shop in the
15 months he took ownership of the firm, Mr. Gorman said he is anxious to
undertake what he has to do.

"I like to do things quickly. I go at 100mph," he said.

Mr. Hunter also said: "Three years ago Birthdays was making the same profits
as Clinton Cards, but Clintons has grown and Birthdays has gone backwards.
We think there's a good opportunity for improving profits."


BOND HOMES: Calls in Receivers after Failing to Complete Project
----------------------------------------------------------------
Receivers were called in for property developer Bond Homes (Glasgow Green)
just months after a similar move was done for its parent company, Bond Homes
(Scotland).

Grant Thornton was called in after Bond Homes failed to complete the second
phase of a housebuilding project near Glasgow Green, according to The
Scotsman.  The construction is part of a plan to develop an existing
building and build 80 homes in a 2.5-acre site owned by the company.  The
company's receivers are now looking to sell the property.

Matt Henderson from Grant Thorton said: "This is a valuable site with
considerable property development potential and we expect to be able to sell
this to a developer."

Bond Homes (Scotland), the group's parent, also called in receivers in June.


BRITAX GROUP: 'B+' Ratings Affirmed; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' long-term
corporate credit and 'B-' subordinated debt ratings on U.K.-based
engineering group Britax Group PLC and removed the ratings from CreditWatch,
where they were placed on March 18, 2003.  The outlook is negative.

"The affirmation is based on Britax's adequate liquidity, the group's
progress in improving its overall trading performance after a disappointing
2002, and expectations that the group's credit profile will not deteriorate
from the current levels," said Standard & Poor's credit analyst Leigh
Bailey.

During the first half of 2003, Britax's aircraft interior systems division
was affected by order deferments for seating related to the outbreak of
Severe Acute Respiratory Syndrome (SARS) but, given the strong demand for
galleys and lavatories, Britax's trading performance has remained relatively
stable.  At June 30, 2003, the group had total lease-adjusted debt of
GBP241.5 million (US$378.7 million).

The level of improvement in profitability from the group's less cyclical
businesses -- public safety and childcare -- has, however, been slower than
anticipated and has flattened the recovery of Britax's financial profile.

Public safety has suffered from depressed volumes in important segments such
as in-car video equipment given the budgetary constraints on its main
customer, the U.S. federal authorities. In the childcare market, difficult
economic conditions have intensified sales pressure as competing lower
priced product alternatives have gained share in German retail markets.

Trading conditions across Britax's portfolio of businesses remain difficult
and meaningful recovery in the aircraft equipment and public safety markets
is unlikely in the intermediate term. The ratings assume that the group's
financial performance in 2003 will be sufficient to allow it to continue to
generate free cash flow while maintaining its credit profile at the current
levels.

"In 2004, Standard & Poor's expects Britax to continue to generate free cash
flow and, through the benefit of the group's restructuring initiatives,
improve financial measures," added Mr. Bailey.  "If the group's financial
ratios weaken further, a review of the ratings would be likely."


BRITISH AIRWAYS: Resolves Row with Union Over New Logon System
--------------------------------------------------------------
The controversial clocking on system that led to a string of walkouts by
British Airways staff has now been introduced by the airline following an
agreement with unions.

According to Ananova, British Airways confirmed that the new system will
start at Heathrow as well as Gatwick Airport where industrial actions did
not take place.  Last month hundreds of British Airways workers at Heathrow
airport walked out in opposition to the introduction of the new electronic
swipe card clocking-in system.  They feared the system would lead to
dramatic changes in working practices, including the possibility of
employees being sent home at slack periods and recalled at busier times.
Flights were cancelled and tens of thousands of passengers were forced to
wait in specially erected marquees outside airport terminals because of the
disruption.

The dispute ended after several days of talks between the airline and
leaders of three trade unions -- Amicus, the GMB and the Transport and
General Workers Union.  British Airways claims the dispute has cost it
between GBP30 million and GBP40 million.  These are in addition to a pre-tax
loss of GBP45 million for the April-to-June period, which was due to the
Iraq war and the outbreak of the SARS virus.

The airline was privatized in 1987 and embarked on a major restructuring
program in February 2002.  At the time, unions cooperated with the loss of
10,000 jobs and have raised no opposition to 3,000 more scheduled this
month.


CARPETS INTERNATIONAL: To Make Hundreds Redundant in U.K.
---------------------------------------------------------
Carpets International, the largest carpet manufacturer in Britain, is making
296 people redundant in the U.K. after its fall into administrative
receivership last month, according to the Telegraph.

The redundancies include 60 positions at its head office, 74 at its
Hartlepool factory and 22 at its distribution center in Hull, along with 140
in its Northern Ireland factories.  After the job-cuts, Carpets
International will be left with a total staff of just over 900.

Joint administrative receiver Roger Mars said he regretted the redundancies
but it is necessary to keep the company's carpet manufacturing sites at
Newbridge in South Wales and Donaghadee operating while his colleagues seek
a buyer for the business and its assets.  Administrative receivers
PricewaterhouseCoopers blamed changes in fashion, declining consumer
spending and overseas competition for the company's collapse.

A detailed review of the receivers on the firm's financial position and
trading prospects showed the company's current sales orders and available
funding meant it could only continue to trade if it cuts costs.  The royal
carpet manufacturer makes more than 6,000 rolls of carpet a week for
retailers nationwide under brand names Wilton Royal, Kosset, Abingdon,
Lancaster and Weavercraft.


EDINBURG FUND: Loses Edinburgh Worldwide Investment Trust
---------------------------------------------------------
Edinburgh Fund Managers confirms it will cease to act as investment manager
for Edinburgh Worldwide Investment Trust (EWIT), which has gross assets of
GBP106.4 million (as at July 31, 2003), with effect from December 2, 2003.

The manager had been aware for some time of the Board's concerns over the
historical performance of the Trust, and took a number of significant steps
to improve performance in February of this year.  These included a change of
fund manager, and the introduction of a strengthened investment process.
The benefits of these changes have been demonstrated by the stabilization of
performance under the new management team.

Edinburgh Fund Managers is disappointed that the Board has chosen to
terminate the contract given the improving performance trend in the Trust's
performance.  However, we will be working closely with the Board of EWIT and
its advisers to ensure a smooth transition for EWIT's shareholders.

We remain firmly committed to our Investment Trust clients, who are a core
part of our business.  We continue to invest in enhancing our investment
process that is demonstrated by an improving performance trend with 67% of
our actively managed investment trusts outperforming their benchmarks year
to date.

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


EURODIS ELECTRON: Directors, Shareholders to Forego Entitlements
----------------------------------------------------------------
On August 8, 2003 Eurodis Electron announced the conditional placing of
89,159,739 New Ordinary Shares at an issue price of 20p each, subject to
clawback, by way of an Open Offer to existing Shareholders on the basis of
23 New Ordinary Shares for every 20 Existing Ordinary Shares.

Irrevocable undertakings were obtained from certain Directors and
Shareholders not to take up their entitlements under the Open Offer of, in
aggregate, 13,103,555 New Ordinary Shares.  Such New Ordinary Shares were
placed firm by Dresdner Kleinwort Wasserstein Securities.

Of the remaining 76,056,184 New Ordinary Shares available for take-up under
the Open Offer and conditionally placed with institutional investors by
Dresdner Kleinwort Wasserstein Securities, valid applications had been
received by the close of the Open Offer at 3.00 p.m. on September 1, 2003
for 53,890,718 New Ordinary Shares.  This represents approximately 70.9 % of
the New Ordinary Shares offered under the Open Offer that were not subject
to irrevocable undertakings as described above.  Those not applied for have
been placed with institutional investors.

The Placing and Open Offer remains conditional upon admission of the New
Ordinary Shares to the Official List and to trading on the London Stock
Exchange's main market for listed securities, expected to take place on
September 5, 2003.

CONTACT:  EURODIS ELECTRON PLC
          Robert Leigh, Chairman
          Phone: 01737 242 464
          Steve Swayne, Chief Executive

          DRESDNER KLEINWORT WASSERSTEIN LIMITED
          Charlie Batten
          Phone: 020 7623 8000
          Christopher Baird


MARCONI CORPORATION: Changes Venue for 2003 Annual Meeting
----------------------------------------------------------
The board of directors of Marconi Corporation plc (London: MONI) gives
notice that the venue for its 2003 Annual General Meeting has been changed.
This decision has been taken due to unexpected, essential building
maintenance work that is currently taking place at Central Hall, the
originally planned venue, and which will not be completed by September 8,
2003.

The 2003 Annual General Meeting will now be held at the Queen Elizabeth II
Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE, which is
adjacent to Central Hall, on Monday, September 8, 2003 at 11.00 a.m.

                     *****

Marconi earlier said the telecoms equipment business will not recover within
the next three months after sales went down to only GBP367 million from
GBP533 million a year ago and GBP429 million in the previous quarter.


MYTRAVEL GROUP: Cancels Sale of Loss-making German Subsidiary
-------------------------------------------------------------
Struggling British tour operator, My Travel, has abandoned plans to sell
loss-making German subsidiary, FTI Frosch Touristik, although it is still
interested in selling individual companies in the U.S.

According to Kiplinger.com, FTI is not for sale at present despite
speculations that MyTravel was interested in selling all or part of its
German subsidiary last winter and that discussions had been held with Thomas
Cook.

MyTravel had an operating loss of almost EUR400 million in the 2002/2003
winter half-year.  Severe losses are further expected for 2003.  In June,
the company was in a EUR1.87 billion debt-restructuring negotiations.  The
company's woes have been blamed on the general stagnation in the travel
industry and on management errors, which has led to the resignation of those
on top.

FTI is itself in the red, recording an operating loss of EUR50 million last
year.

CONTACT:  MYTRAVEL GROUP
          Brunswick
          Phone: 020 7404 5959
          Sophie Fitton
          Roderick Cameron

          FROSCH TOURISTIK GMBH
          Friedenstrabe 30-32
          81671 Munchen
          Phone: 089/25 25-0
          Fax: 089/25 25-65 65


ROYAL & SUNALLIANCE: Details of Rights Issue Out Within the Week
----------------------------------------------------------------
Royal & SunAlliance could announce this week plans for a more than GBP500
million rights issue to fund the expansion of its core business, according
to the Financial Times.

The U.K.-based general insurance group is expected to ask shareholders for
additional capital for the investment, as retained earnings would not be
enough to undertake the expansion, according to analysts.  The decision to
push through with the plan, however, still depends upon market conditions.
Royal & Sun declined to comment, according to the report.

The article quoted Williams de Broe analyst Charles Graham saying: "It is a
concern that the group has only been able to improve the capital position by
selling some of the better-performing assets and shrinking the ongoing book
of business.

"This puts great reliance on the adequacy of the group's reserves. Without
new capital for growth, the risk is that the tail continues to wag the dog."

Royal & Sun did not tap the market for a capital increase under former CEO
Bob Mendelsohn.  It disposed assets instead to raise funds to finance the
company's existing book of business.  Mr. Mandelsohn was replaced by Andrew
Haste in April.  In May, it raised US$1.2 billion (GBP0.76 billion) by
floating its Australasian business.


SSL INTERNATIONAL: Could be Forced to Sell Divisions Separately
---------------------------------------------------------------
The senior management of SSL International are mulling over acquiring a
number of the company's divisions as buyout interests for parts of the
business from outside parties extend.
The maker of Durex condoms and Marigold rubber gloves put up for sale its
struggling medical products division in March, and appointed NM Rothschilde
investment bank to manage a sale.  But it was surprised when it also
received offers for its consumer division -- a unit it wants to keep.

SSL sources now expect the company to be completely broken up and its brands
sold to different buyers, according to The Times.  But SSL insists it only
wants to unload the medical division.

An SSL spokesman said: "The company has recognized that is has a skill in
consumer healthcare products and they have decided the best way to deliver
was to dispose of medical.  Management made the right decision at the time
of the review and they will retain and build the consumer healthcare
business."

The consumer brand, home to health products such as Durex and Scholl foot
products, has reportedly attracted venture capital firms, such as Apax
Partners, as well as chemical company Reckitt Benckiser, and rival Ansell.

Analysts value the Durex business at about GBP220 million.  The Hibi
antiseptics is believed worth GBP50 million, while the Regent Medical, which
makes surgical gloves, could be worth as much as GBP160 million.  Marigold,
which analysts say has not attracted interest in the two years it was put
for sale, could fetch about GBP45 million.

The report said the company is likely to dispose its medical products
businesses first before considering any sale from within the consumer
division.

An SSL source said: "We've been approached by many people about an MBO.  We
are watching what happens but there is a lot of interest if it can be done
at the right price."

Previously, the company said the cash it will raise from its disposal
program will be used to reduce group borrowings.


                            *********


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
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Information contained herein is obtained from sources believed to be
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