/raid1/www/Hosts/bankrupt/TCREUR_Public/030923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, September 23, 2003, Vol. 4, No. 188


                            Headlines


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: Small Investors Rap Police Probe on COB


D E N M A R K

SEMCON: Danish Operation Files for Bankruptcy; Knud Unaffected


F R A N C E

ALSTOM SA: Siemens Eyes EUR11 Billion- Energy Business
ALSTOM SA: Canadian Unit Also in Trouble; Survival Doubtful
SUEZ SA: Sells 79% Coditel Stake to Altice One


G E R M A N Y

BAYER AG: Lawyer Disputes Company's Victory in Baycol Ruling
EM.TV & MERCHANDISING: JUNIOR Channel Available in Switzerland


P O L A N D

DAEWOO-FSO: Future Hazy as Korean Parent Junks Turnaround Plan
POLSKA TELEFONIA: On CreditWatch Positive Pending Acquisition
RMF FM: Shareholders Willing to Sell 50% to Orkla for PLN100 Mln


S W E D E N

PREEM HOLDINGS: Rating Affirmed on Buyout of Scanraff Refinery


S W I T Z E R L A N D

SWISS INTERNATIONAL: Decision on Alliance, Merger Out this Week


U N I T E D   K I N G D O M

ABBEY NATIONAL: Abandons Plan to Sell Offshore Life Insurer
ABBEY NATIONAL: Aviation Unit Inks US$950 Mln Deal With Boullion
BOXCLEVER: Management Plans to Lodge Buyout Offer
BRITISH ENERGY: Sells Amergen to FPL for US$277 Million
CANARY WHARF: Board Expected to Pick Morgan-Stanley Offer

ELDRIDGE POPE: Chairman Resigns Due to Failing Health
EMI GROUP: Plans to Offer Time Warner US$1 Billion Cash, Shares
EQUITABLE LIFE: Fraud Office Just Awaiting Penrose's Conclusion
HAWTIN PLC: Reports Progress in Trading, Debt Reduction
LE MERIDIEN: Rotch Investors Interested in Hotels

NETWORK RAIL: Gives in to Regulator's Demand to Slash Budget
ROYAL & SUNALLIANCE: Expects Investors to Support Rights Issue
SAFEWAY PLC: Wm Morrison Confident of Winning Bid
SBS GROUP: Banks Name Deloitte & Touche Receiver
SMF TECHNOLOGIES: Transfers Office to Dublin 2
WESTMOUNT ENERGY: Sells Westmount Resources to Sterling Energy
YELL GROUP: Appoints Goldman Sachs, Merrill Lynch Brokers

* Large Companies with Insolvent Balance Sheets


                            *********


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


INVESTICNI A POSTOVNI: Small Investors Rap Police Probe on COB
--------------------------------------------------------------
The unwinding of the controversial takeover of Investicni a Postovni Banka
has again attracted another lawsuit.  A group of small shareholders lodged a
case against the Czech Republic, criticizing the manner by which police are
investigating the criminal charges filed against Ceskoslovenska obchodni
banka and the finance ministry.  The lawsuit is now pending in the European
Court of Human Rights in Strasbourg, according to Prague Business Journal.


=============
D E N M A R K
=============


SEMCON: Danish Operation Files for Bankruptcy; Knud Unaffected
--------------------------------------------------------------
As a stage in the ongoing restructuring scheme of the Danish business,
Denmark Engineering and Management Consultants A/S has filed for bankruptcy.
The bankruptcy is not expected to have a negative impact on the Group's
results in Q3.  Knud E Hansen A/S, which runs a marine design business, will
not be affected by the closedown.

                     *****

Semcon is one of the leading design and development companies in the
Scandinavian Countries with approximately 1,600 employees and with a
turnover of more than SEK1.1 billion in 2001.  The consultants at Semcon
develop products, processes and persons together with the leading companies
in the Scandinavian Countries.  Semcon is an independent subsidiary company
of Semcon AB.

To See Interim Report: http://bankrupt.com/misc/Semcon_Denmark_Interim.htm

CONTACT:  SEMCON
          Hans Johansson
          Phone: +46 (0) 31 721 03 05
          Mobile: +46 (0) 70 591 43 34

          Bengt Nilsson
          Phone: +46 (0) 31 721 03 11
          Mobile: +46 (0) 70 447 28 68


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


ALSTOM SA: Siemens Eyes EUR11 Billion- Energy Business
------------------------------------------------------
Siemens, which previously acquired a gas turbine business from Alstom, is
planning to grab another asset from the troubled group, according to the
Financial Times.

It is considering acquiring Alstom's energy business should the French
company's conflict with the E.U. over a proposed state aid usher in a
takeover.  An inquiry into a possible Siemens-Alstom combination is already
underway, according to the report.  The investigation will find out whether
the relevant market is Europe rather than the U.S.  This is due to the fact
that while the groups' merged assets would outstrip their European rivals,
on a world scale their energy assets would still be less than General
Electric's, the report said.

European competition Commissioner Mario Monti is currently seeking a deal
that could both avoid the bankruptcy of the company and the subsequent
layoff of 110,000 workers, without further state subsidies.

"Brussels has to decide which [out] of the big [state aid] or the small
[competition concerns] devil they want to fight.
They cannot have it both ways," one company official said.  A decision in
the matter could come in a matter of weeks, he added.

Overall, Alstom's power business achieved sales of EUR11 billion in the 12
months to March 2003, or more than 50% of total group sales.


ALSTOM SA: Canadian Unit Also in Trouble; Survival Doubtful
-----------------------------------------------------------
Alstom's Birmingham unit is not the only site threatened following the
European Commission's rejection of an aid package for the troubled
engineering group.  It emerged that the future of Alstom's Canadian unit is
also hanging in the balance.

Patrick Fragman, a company executive, said Alstom Canada will issue a
statement Tuesday to outline where the overall business stands.  According
to the Gazette, the unit received another blow with the loss of a crucial
$60 million contract with Quebec to build commuter rail cars to Bombardier.
The survival of its Point St. Charles rail yard depended on that deal.

In the U.K., ten thousand jobs are currently under threat of being axed.
Its Birmingham unit is in danger of closure after the French company decided
to build a contract for Jubilee Line rolling stock somewhere else.  Alstom
executives were still trying to find a rescue plan for the group during the
weekend.  The plan was due Monday.


SUEZ SA: Sells 79% Coditel Stake to Altice One
----------------------------------------------
SUEZ and Sofinim, a specialist private equity subsidiary of Ackermans & Van
Haaren, signed a draft agreement with the Altice One group to sell their
participations (79.46% and 20.54% respectively) in Coditel Brabant SA.

This sale is in line with Group strategy of concentrating on its energy and
environment businesses.  The transaction is subject to various customary
conditions precedent.

Coditel is the main cable operator in the Brussels-Capital region and in the
city of Luxembourg.  Coditel also designs, builds and maintains fiber optic
networks across Belgium and the Grand Duchy of Luxembourg in partnerships
with international telecommunications operators.  A platform of digital
services also offers customers high-speed Internet connectivity in addition
to cable TV.  Coditel has 215 employees.

SUEZ, a worldwide industrial and services Group, active in sustainable
development, provides companies, municipalities, and individuals innovative
solutions in Energy [electricity and gas] and the Environment [water and
waste services].  In 2002, SUEZ generated revenues of EUR40.218 billion
(excluding energy trading).  SUEZ is listed on the Euronext Paris, Euronext
Brussels, Luxembourg, Zurich and New York Stock Exchanges.

                              *****

Suez SA was able to rapidly reduce its net debt to EUR20.3 billion at the
end of June 2003, down from EUR26 billion at year-end 2002.  Its planned
divestments from its subsidiaries Nalco and Cespa is expected to further
trim down the figure to around EUR17 billion by year-end.

Standard & Poor's says Suez's operating performance during first-half 2003
has been satisfactory, with cost-cutting measures and organic growth of 5%
for its core utility businesses stabilizing EBITDA levels on a constant
group basis and on constant exchange rates.  But it warned that despite
these improvements, the company's free cash flow generation after dividends
may remain negative until at least 2005.  This will remain a credit concern.


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


BAYER AG: Lawyer Disputes Company's Victory in Baycol Ruling
------------------------------------------------------------
German drug giant, Bayer AG (NYSE:BAY), faced with thousands of Baycol
lawsuits across the country, now must assess what impact a Court Order,
denying class action status, will have on the company.  Instead of
proceeding in one, unified proceeding or in several coordinated proceedings,
the cases -- estimated at about 11,000 -- will proceed individually, trial
by trial.  To date, Bayer has paid out over US$477 million on only 1,342 of
the claims which have been brought by individuals injured by Baycol.

Lead attorney for the Plaintiffs, Charles Zimmerman, noted, "Our clients
will still have their day in court; it will just involve a lot more
courtrooms, more time, more lawyers and more expense."

Asked for a comment on announcements by Bayer's lawyers, declaring the
denial of class action status a victory, Co-lead attorney, Richard
Lockridge, responded, "Given the number of individual cases now facing
Bayer, this is a pyrrhic victory for them.  I think Bayer and its
shareholders are the practical losers here."

Without the consolidation afforded by a class, Bayer is likely to face
ongoing, costly and lengthy litigation, both in the federal case in
Minnesota, as well as in multiple state court cases.  Mr. Zimmerman observed
that "now, the calculus changes.  Now, Bayer must deal with the same
liability spread over multiple individual cases.  Such compounding of
expense without a reduction in liability must necessarily cause Bayer to ask
itself whether this is a real victory."

The costs related to the withdrawn drug have already been significant.  In
its latest Annual Report, Bayer AG reports expending EUR229 million in
"Other Operating Expenses" during 2001.  Of this amount, Bayer reports EUR57
million in charges related to the market withdrawal of Baycol.  During 2002,
the costs reported for this category rose to EUR298 million.  During the
same time period, Bayer also reported increased administrative expenses.
According to Zimmerman, "in light of this recent decision, which
contemplates thousands of individual trials, there is every reason to
believe that '03, '04 and '05 will witness a significant increase in
expenses."  Critically, Bayer has reported that it may not have adequate
insurance to cover the thousands of pending claims and, as of the end of
2002 had not made "provision" should the liability exceed the coverage.
Lockridge and Zimmerman suggested that the company may have to revisit that
position.  Zimmerman and Lockridge once again urged Bayer to get appropriate
compensation to the injured parties as promptly as possible and not allow
this procedural ruling to be a basis for delay.

Plaintiffs' attorneys also took issue with representations in a press
conference by one of Bayer's lawyers.  During the press conference, it was
represented that the Court rejected all arguments by Plaintiffs.  Mr.
Zimmerman responded that actually, "what the court confirmed is that the
injuries from Baycol were so serious, from so many different states, from so
many different doses, at so many different times...that Bayer had created an
overwhelming problem, too difficult to manage in one case.  I am not sure
how this amounts to a "significant victory" for Bayer."

According to Mr. Zimmerman and Lockridge, "There's a long way to go.  In the
past 24 hours, we have visited with dozens of attorneys around the country
about the court order.  These attorneys all agreed that they will begin to
prepare their cases for trial.   Everyone remains fully committed to doing
everything we can to obtain meaningful recovery to people injured by Bayer's
drug, Baycol."

CONTACT:  ZIMMERMAN REED
          Charles S. Zimmerman, Esq.
          Phone: 612.341.0400

          Richard A. Lockridge, Esq.
          Phone: 612.339.6900


EM.TV & MERCHANDISING: JUNIOR Channel Available in Switzerland
--------------------------------------------------------------
EM.TV & Merchandising AG has sealed a distribution contract, structured
around a long-term working relationship, with Swiss cable distributor and
pay TV provider Cablecom.  Starting September 22, 2003, the Zurich-based
company will broadcast the JUNIOR channel on its pay TV platform.  JUNIOR
will be distributed within Cablecom's family package alongside channels such
as Planet, 13th Street, Einstein TV, Sci Fi and others.  Subscribers in
Switzerland and Liechtenstein can receive the package for CHF9.90 per month.

Cablecom's cable network currently reaches around 1.5 million households.
Since fall 1999, Cablecom has been operating digital pay TV platform
Cablecom Digital TV, which presently has about 80,000 customers.  The family
package has been offered since April 2001 and, since then, has been
continuously expanded with new programs.

JUNIOR offers Cablecom customers high-quality entertainment for children and
families 24 hours a day -- ranging from proven animated classics and cartoon
series, through feature films and live action suspense series to fairy tale
productions -- for pre-school children, kids, teens and the entire family.
JUNIOR's program schedule on Cablecom is identical to that on German pay TV
via subscription channel Premiere.  It distinguishes itself through its wide
range of genres, such as action, adventure, comedy, fantasy, science fiction
and Japanese animes as well as, after 10:00 p.m., offering alternative and
kult cartoons under the program label JUNIOR XL.

October's program highlights include the Peanuts, Bugs Bunny, Garfield,
Vicky the Viking, Weird-Ohs and the animated film Pippi Longstocking.

Within the entertainment segment, the business activities of EM.TV &
Merchandising AG include the production of high-quality programs for
children and youth markets, the worldwide distribution of TV rights and the
marketing of merchandising rights.  With around 26,000 half-hour episodes of
entertainment for children and youth markets, the company's library is among
the world's largest.  The second strategic core segment, Sport, encompasses
the European merchandising rights for the 2006 FIFA World Cup GermanyTM, as
well as shareholdings in sports broadcaster DSF and the online platform
Sport1. EM.TV also holds 100% of PLAZAMEDIA, Germany's largest TV production
company in the sport sector.

With distribution to ca. 1.5 million households and around 1,400 employees,
Cablecom is Switzerland's leading cable network provider.  As a
multi-service provider, Cablecom offers solutions in the analog and digital
cable TV sectors, as well as in radio, broadband internet, telephony and
business applications.

                              *****

Media company, EM.TV & Merchandising AG listed in the SDax, said last month
it made great progress in its restructuring process and strategic
reorientation in the second quarter 2003.

Its earnings improved, yet the result still reflect the weak market
environment and the high ongoing write-offs and interest charges.

EBITDA reported for the quarter amounted to -EUR 6.9 million (Q2 2002: EUR
7.8 million).  For the first half year of 2003, the group reports an EBITDA
of -EUR 11.3 million (same period in the previous year: EUR 8.2 million).

Net loss after minority interests, however, was reduced -- due to a
significantly improved financial result -- from EUR70.2 million by 18.2% to
EUR57.4 million.  Net loss after minority interests decreased in the second
quarter from EUR45.7 million by 39.8% to EUR27.5 million.

CONTACT:  EM.TV & MERCHANDISING AG
          Celia Purrnhagen
          Phone: +49 89 99500 455
          Fax: +49 89 99500 466
          E-mail: celia.purrnhagen@em-ag.de


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


DAEWOO-FSO: Future Hazy as Korean Parent Junks Turnaround Plan
--------------------------------------------------------------
The future of troubled Polish carmaker Daewoo-FSO was put in jeopardy after
Korean representatives of Daewoo-Motor Co. shot down the company's
restructuring proposals at the General Shareholders Meeting Thursday.

Daewoo-Motor Co. is the main shareholder of Daewoo-FSO, which is presently
carrying a PLN4.8 billion debt burden.  Warsaw Business Journal reported
Daewoo-Motor representatives refused to increase the capital of the company
through a new share issue needed to implement a debt for equity swap.

However, further talks with the State Treasury bought time for the company
as it was agreed that another meeting be held again on September 29.  The
decision was arrived at after it was known that Won Keun Hwang, the
representative of Daewoo Motor, was not aware of the details concerning the
agreement of Daewoo-FSO's debt restructuring.  The postponement also led the
trade union to suspend its plan to protest in front of the Korean Embassy on
Tuesday, the report said.  The incident does not affect the Economy
Minister's plan to sign the agreement with creditor banks concerning debt
restructuring.

Trouble for the Polish carmaker started brewing when it posted a net loss of
PLN2.3 billion in 2000.  General Motors took over most of Daewoo's
operations, although it did not include the Polish investments in the
acquisition.  General Motors offered to hand over intellectual property
rights that concern production of the company's Matiz and Lanos models by
the plant owned by Daewoo-FSO.

Britain's MG Rover agreed to revive the company, but mounting financial
legal problems necessitated the inter-ministerial team working on the
restructuring of Daewoo-FSO.  Also, the lack of financial agreement with
banks has frustrated the plans of the company's annual shareholder's
meeting.

CONTACT:  DAEWOO-FSO MOTOR CORPORATION
          Ul. Jagielloivska 88
          03-215 Warszawa
          Phone: +48-22-676-3955
          Fax: +4822-676-1501
          Homepage: http://www.daewoo.com.pl


POLSKA TELEFONIA: On CreditWatch Positive Pending Acquisition
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Polish mobile
telecommunications operator Polska Telefonia Cyfrowa Sp. Z o.o., including
its 'BB+' long-term corporate credit rating, on CreditWatch with positive
implications.

The CreditWatch placement follows the announcement by the owners of Polska
Telefonia Cyfrowa of an agreement in principle to accept the offer from
Deutsche Telekom AG  (BBB+/Stable/A-2) for the remaining 51% of PTC that the
German telecoms group does not own for EUR1.1 billion (US$1.2 billion) in
cash.  Standard &
Poor's previously indicated on Aug. 26, 2003, that the ratings on Deutsche
Telekom would be unaffected by the cash-financed transaction as the offer
was not seen as inconsistent with the group's debt reduction strategy.

This remains valid despite the slightly increased price for the transaction.
At June 30, 2003, PTC had lease-adjusted total debt of PLN5.1 billion ($1.3
billion).

"The control by Deutsche Telekom of 100% of Polska Telefonia Cyfrowa would
represent a major credit event for Polska Telefonia Cyfrowa, and the ratings
on the company would likely be raised to a level equal or close to the
ratings on Deutsche Telekom upon closing of the transaction," said Standard
& Poor's credit analyst Simon Redmond.  "We expect Deutsche Telekom to have
a major influence on PTC's financial policy and capital structure after the
transaction, leading to a significant effect on the latter's credit
quality."

Significant intercompany or senior unsecured refinancing of the bank
facilities will highly likely result in the equalization of the ratings on
PTC's bonds with the corporate credit rating on the company.  Standard &
Poor's will resolve the CreditWatch status on closure of the acquisition,
presently expected in the first week of January 2004.


RMF FM: Shareholders Willing to Sell 50% to Orkla for PLN100 Mln
----------------------------------------------------------------
Cash-strapped Polish commercial radio station, RMF FM, majority owned by
Broker FM, is currently in talks with Norwegian Orkla Press after
negotiations with investment bank Rothschild and investment fund Innova
Capital failed.

According to Warsaw Business Journal, Broker FM is hoping to find an
investor for the indebted broadcaster.  However, talks with the publisher
are in jeopardy after hitting a snag over pricing.  A source close to the
negotiations said: "The shareholders have demanded over PLN100 million for a
50% stake in Broker.  This is an unacceptable price, taking into account the
financial standing of the company."

Broker FM had run up debts of PLN106 million by the end of 2002, of which
PLN46 million were short-term liabilities.  Its main creditor, Millennium
Bank, has previously agreed to change these into long-term debts.

Broker FM President Marek Dworak and Orkla's Jan Kopka declined to
officially confirm the information, although Mr. Kopka said it is
"considering investing in other media."


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


PREEM HOLDINGS: Rating Affirmed on Buyout of Scanraff Refinery
--------------------------------------------------------------Standard &
Poor's Ratings Services has affirmed all of its ratings (including its 'BB-'
corporate credit rating) on Sweden-based oil refiner Preem Holdings AB,
following the company's announcement that it will take full control of its
currently 75%-owned Scanraff refinery and buy out Norsk Hydro ASA's 25%
stake in Scanraff for a consideration of about SEK1.5 billion ($180
million).  The outlook is negative.

The acquisition follows Preem's earlier decision to invest about SEK3.3
billion in the refinery in order to equip it with an iso-cracker.  The
company's total debt at June 30, 2003, was SEK5.8 billion (about $0.7
billion).

"The rating action reflects Standard & Poor's expectation that a significant
portion of Preem's investment and acquisition needs will be funded through
equity, with a capital increase taking place in the near term," said credit
analyst Eric Tanguy.

The company is not expected to have other significant investment needs in
the near future and should receive a significant syndicated credit line
before the transaction closes to meet the non-equity portion of the Scanraff
investments.

The negative outlook reflects the company's challenge to improve its key
credit measures to the levels required for the current rating by 2005
(EBITDA net-interest coverage of 3x, FFO to net debt of about 20%, and a net
cash-pay debt-to-capital ratio maintained at between 60% and 65% (treating
shareholder loans as equity).

"The company's ratings would come under renewed pressure in the absence of a
significant capital injection in the short term or if its debt-financed
investments were not adequately covered by a syndicated credit line," added
Mr. Tanguy.


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


SWISS INTERNATIONAL: Decision on Alliance, Merger Out this Week
---------------------------------------------------------------
The management of Swiss International Air Lines Ltd. is to decide this week
whether to join OneWorld Alliance or hold out for a buyout offer from
Deutsche Lufthansa, according to Bloomberg.

The Basel, Switzerland-based company is looking for a partner to help it
increase passenger numbers, further reduce expenses and attract investment
on the way to posting a profit since its creation from bankrupt Swissair
Group.

"OneWorld continues to be Swiss International's favorite as British Airways
probably would inject some cash -- Lufthansa wouldn't do that," said Juergen
Pieper, an analyst at Frankfurt- based Backhauls Metzler.

Lufthansa is reportedly planning to offer Swiss International 7% of the
German carrier.  The offer requires Swiss International shareholders to pay
CHF500 million to boost the airline's capital.  Lufthansa spokesman Karin
Weber declined to comment, according to the report.

Christopher Bole, an analyst at Bank Sarasin & Cie in Zurich, believes Swiss
will join OneWorld, but he said the airline "will have to make concessions
such as further cost cuts."

"However, joining OneWorld doesn't solve the carrier's problems as the it
needs about 1 billion francs in loans and capital increase," he said.

Joining an alliance is expected to likely help it secure a loan since it
would usher in more passengers and revenue.  Swiss airline said it is
discussing about obtaining a CHF500 million loan from banks.

Patrik Schwendimann, an analyst at Zurich-based Zuercher Kantonalbank, on
the other hand, believes Swiss may not be able to decide this week due to
Swiss politics and the government's reluctance to inject more money.  Swiss
International's biggest shareholders are the Swiss government, which has a
20 percent stake, the canton of Zurich, and the country's two biggest banks,
UBS AG and Credit Suisse Group.


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


ABBEY NATIONAL: Abandons Plan to Sell Offshore Life Insurer
-----------------------------------------------------------
Abbey National is shelving plans to sell Scottish Provident International
after failing to find a buyer for the offshore life insurer, according to
the Telegraph.

The report cited a spokesman saying, "We are still in contact with
interested parties."  But bankers say the sale talks have failed.  Britain's
sixth largest bank put a GBP100 million price tag on Scottish Provident
International in April, calling on Hawkpoint, the boutique investment bank,
to manage the transaction.  The sell-off price is equivalent to the embedded
or net value of Scottish Provident International's assets.

It offered to sell the operations as part of Chief Executive Lugman Arnold's
plan to concentrate on core retailing banking and personal financial
services business.  It had then emphasized its intention to sell or close
non-core assets, which have been placed in a so-called Portfolio Business
Unit.

According to the report, bankers say Abbey is now planning to stop Scottish
Provident International writing new policies.  The move is expected to
likely wipe out most of the business' 250 staff.  Abbey also made a similar
move involving two other offshore life insurance operations, Scottish Mutual
International and Scottish Provident Ireland, five months ago.
Scottish Provident International is based in the Isle of Man.  It has about
GBP1.5 billion in funds under management, mainly in unit-linked products.


ABBEY NATIONAL: Aviation Unit Inks US$950 Mln Deal With Boullion
----------------------------------------------------------------
WestLB's Boullion Aviation services has reached a US$950 million- deal with
British bank, Abbey National Plc, regarding the management of Abbey's fleet
of aircraft, Reuters news agency said Friday.

Under the deal, the aircraft lessor will manage a portfolio of 30 aircraft
held by Abbey starting October 2, bringing Bullion's total portfolio of
owned and managed aircraft to 121 with a market value of more than US$3.6
billion.

The additional aircraft consists primarily of narrow-body Boeing Co. 737s
and Airbus A320s, which are already on lease to a variety of carriers in
Europe and Asia, Reuters said.

CONTACT:  ABBEY NATIONAL PLC
          Rohith Chandra-Rajan, Investor Relations
          Phone: +44 (0) 20 7756 4184
          E-mail: rohith.chandra-rajan@abbeynational.co.uk


BOXCLEVER: Management Plans to Lodge Buyout Offer
-------------------------------------------------
The management of troubled television rental business BoxClever is planning
to buy the company in a transaction potentially worth GBP200 million.  The
plan is reportedly backed by Alchemy Partners and led by BoxClever CEO Roger
Mavity.

Alchemy and the BoxClever management team believe the television rental
company is a viable business but one that has been crippled by too much
debt, according to the report.  NM Rothschild advises the buyout team.

WestLB, which has written off GBP473 million of loans to BoxClever, is
discussing the restructuring of the unit's debt mountain with two other
banks, CIBC World Markets and French CDC IXIS.  The parties must reach an
agreement to avert the company's going into liquidation.  The talks are at a
critical stage because the standstill agreement on BoxClever's debt,
negotiated in July, will expire in weeks.

Robin Saunders, the head of WestLB's principal finance group, which provided
BoxClever with GBP748 million in loan in May 2002, is reportedly not
interested in lodging a rival bid.

BoxClever rents televisions and other electrical goods to 1.5 million
customers in the U.K.  It has a turnover of GBP350 million and generates
underlying profits of GBP160 million.


BRITISH ENERGY: Sells Amergen to FPL for US$277 Million
-------------------------------------------------------
Nuclear energy generator British Energy said Sunday it agreed to sell its
50% stake in Amergen for US$277 million (GBP174 million) to FPL, according
to the Financial Times.

The move enabled the company to meet a crucial requirement under a GBP5
billion government-backed rescue, which is currently under investigation by
the European Commission.  British Energy owed banks and bondholders GBP1.3
billion.  In March, the lenders agreed to swap loans for a mixture of new
British Energy shares and bonds.  Under the deal, shareholders will end up
owning less than 5% of the company.

The transaction with lenders, however, is not yet final.  Failure to reach
an accord would mean an administration for the generator, which supplies
more than 20% of Britain's electricity.

Exelon Corporation holds the rest of Amergen.  The Chicago-based partner
dropped plans to sell its 50% stake earlier this year after rejecting offers
as "too low."  It has the right to buy its former partner's stake within 30
days at the same price offered by FPL, in which case British Energy will pay
a break-up fee of US$8.3 million to FPL.

British Energy will use the proceeds of the Amergen sale to repay government
loan facilities.


CANARY WHARF: Board Expected to Pick Morgan-Stanley Offer
---------------------------------------------------------
The board is widely seen as favoring the GBP1.76 billion- bid of Morgan
Stanley and Goldman Sachs for Canary Wharf Group, according to the Financial
Times.  The offer, which values the company at 300p per share, is higher
than analyst's original estimate, and is the best price for Canary Wharf in
nearly a year, the report said.

Canadian group Brascan is understood to have made a similar 300p offer for
the group, but the Morgan Stanley-led offer may gain more favor with
independent directors committee, which is keen on recommending the highest
cash offer possible, as it presents better cash component and certainty of
completion.  Both offers include an equity participation, to allow investors
to remain shareholders in a privately held Canary Wharf, and note
alternatives that would let investors receive profits for future development
either at the time of development or at the estimated current cash value of
future development, the report said.

Brascan owns just over 9% of Canary Wharf's shares and is still continuing
its negotiations.  Morgan Stanley and Goldman Sachs will also continue talks
this week.


ELDRIDGE POPE: Chairman Resigns Due to Failing Health
-----------------------------------------------------
Eldridge Pope regretfully announces that its Non-Executive Chairman,
Christopher Pope, has stepped down as Chairman of the Company due to ill
health, although he is remaining a Non-Executive Director.

Robert Colvill, the Company's Senior Non-Executive Director will be
assuming, with immediate effect, the role of acting Non-Executive Chairman.
Mr. Colvill was a former Finance Director of Marks & Spencer's plc and
Chairman of Marks & Spencer's Financial Services.  He was appointed to the
Board of Eldridge Pope in March 2002 and as Senior independent Non-Executive
Director in November 2002.

                             *****

Eldridge Pope owns 121 managed and 54 tenanted pubs, mostly in its heartland
of Devon, Dorset and Hampshire.  Earlier this year Michael Johnson was
ousted as chief executive after takeover talks with a number of groups
collapsed.


EMI GROUP: Plans to Offer Time Warner US$1 Billion Cash, Shares
---------------------------------------------------------------
British music group EMI is preparing to launch a bid for Time Warner's music
business that could pit it in a bidding war with German media giant
Bertelsmann, according to the Telegraph.

EMI is preparing to offer a cash and shares deal worth about US$1.5 billion
(GBP920 million) this week, the report said.  It is believed to have
approached Time Warner regarding an offer of US$1 billion in cash and US$500
million in shares.  The share deal could give Time Warner 25% ownership of
the company, creating the world's second-largest recorded music group behind
Universal Music.

But EMI is unlikely to come unrivaled as Bertelsmann is reportedly still
interested in merging its music business BMG with Warner Music, despite the
fact that its exclusive rights to discuss a possible 50-50 joint venture
with Time Warner had already lapsed.

The sticking point during the negotiation was Time Warner's demand that
Bertelsmann pay it a cash fee of about US$200 million to equalize the
contributions both companies make to the joint venture.  Yet Bertelsmann is
believed to have continued talking with Time Warner as it reconsiders its
position on the cash payment.  The Financial Times previously said that
Bertelsmann's designs with Time Warner could isolate EMI from other music
groups.

EMI is proposing to keep most of Warner music's management team.  It plans
to finance most of the cash payment with either new bank debt, or backing
from a private equity partner. It has already held talks with Blackstone,
the U.S. private equity group.


EQUITABLE LIFE: Fraud Office Just Awaiting Penrose's Conclusion
---------------------------------------------------------------
The Serious Fraud Office said it is ready to probe the collapse of Equitable
Life once the publication of Lord Penrose's inquiry in the next few weeks
turns up a complaint.

Equitable was forced to close towards the end of 2000 after losing a test
case regarding guaranteed annuities it sold in the 1970s and 1980s.  Lord
Penrose launched an inquiry into the demise of the life company after
policyholders questioned the role of the regulators, the Department of Trade
and Industry, the Bank of England, and the Financial Services Authority, in
the failure.  Its report is due in the next few weeks, though the conclusion
of the investigation has been delayed twice.

Previously it was feared that the report might not be published until the
next year.  Policyholders were also concerned that somebody involved in the
continuing litigation surrounding the collapse of the society will get an
injunction barring the publication of the report.


HAWTIN PLC: Reports Progress in Trading, Debt Reduction
-------------------------------------------------------
Chairman's Statement for the six months to June 30 2003

In the Chairman's Statement included in the annual report for 2002 I
referred to the new strategy that would lead to a re-based Group with a
smaller range of trading activity and greatly reduced indebtedness.  I am
pleased to report that considerable progress has been made towards this
goal.

During 2003 to date, asset disposals have yielded GBP15 million in gross
sale proceeds that has materially reduced Group borrowings.  Furthermore,
through these disposals, the Group has been released from the onerous highly
seasonal working capital requirements of the trading businesses we have
sold.

The Group now consists of property interests, spa manufacturing (Spaform and
Aquamarine) and sunbed distribution (Barclay Leisure).

DISPOSALS

The sale of the investment properties, Hawtin Park and the ex-Singlams
factory at Treforest, did not affect the results for the period as those
property assets had been revalued to their known realizable value in the
accounts to December 31, 2002.  The transfer between the Revaluation reserve
and Revenue reserves of
GBP4,348,000 shows the realized profit over their original cost.

In March 2003, the trade of Ultrabronz America, together with intellectual
property of Barclay was sold for US$1 million.  After a number of years of
losses the Board decided that the shareholders would be best served by
cessation of this activity.  Hawtin retained certain assets in U.S. which
have been written down to expected realizable value.  Write-downs and
trading losses in the period associated with the business disposal amounted
to GBP919,000.

Barclay Leisure continues to trade at a low activity level to complete
commitments to the new owner of Ultrabronz and other U.K. customers.  The
intellectual property rights yielded a profit on disposal, although this has
effectively curtailed sunbed manufacturing.  A provision has been made for
costs of cessation of manufacturing activity amounting to GBP300,000.
Barclay continues to trade as a distributor of sunbeds and ancillary
equipment while the Group evaluates future operations at Macclesfield.

During May, the business and trading assets of Powersport was sold to its
management for GBP685,000 that represented a loss on disposal of GBP200,000.
The half-year results include a loss on trading up to the date of disposal
of GBP175,000.

Gul was sold to its management in June for GBP335,000 which realized a loss
against net assets of  GBP500,000.  The real benefit of the sale however was
the release from bank borrowing that rises significantly in the summer
months when the Group is under pressure from the peak working capital
demands of the water-based businesses.  Gul has struggled to make
significant returns to shareholders and represented relatively high levels
of investment and trading risks.

Powersport and Gul remain as tenants in the premises that form part of the
property investments managed by Norfleet, the Group's property management
company.  The Board wishes the management teams of these businesses the best
of fortune outside of the Group.

On July 3, we announced an agreement to sell Certikin and MMC.  Shareholder
approval was given at an Extraordinary General Meeting on August 21 and the
sale was duly completed on September 1.  Sale proceeds of GBP5.7 million
have been received and the company's bank overdraft released from Group
facilities, which at completion amounted to GBP2.7 million.  Although this
transaction falls outside the period of the interim results, the Board
considers that due to its size and impact readers of the accounts would
benefit if this transaction is recorded as having occurred as at June 30.
Accordingly we have issued a proforma balance sheet on this basis.

TRADING RESULTS

Following the active disposal process, the half-year results include both
trading and exceptional items.  Under exceptional items is a charge for
GBP1.6 million in respect of Goodwill that arose on the original acquisition
of businesses sold in the period.  This Goodwill had been written off
through reserves in the year of acquisition.  Recent accounting rule changes
require that this goodwill is now charged to the Profit and Loss account in
the year of disposal.  This is effectively a transfer from reserves and has
no effect on the net assets of the Group.

The Profit and Loss account in the Interim Results includes the effect of
all of the disposals listed above together with each company's trading up
until their date of sale or for the six months.  Companies no longer part of
the Group at the date of this report are treated as Discontinued.

Following trading losses in 2002 and the restatement of results in 2001, it
is pleasing to report a return to operating profitability at Spaform.  The
management team has improved quality, efficiency and customer satisfaction
in an increasingly competitive market.

Head office costs in the first half included the settlement of contractual
obligations to a former director.  With a restructured Board and a more
concentrated area of activity, the cost base going forward is much reduced.

The premises occupied by Spaform, Gul and Powersport generate annual rental
income of GBP700,000 for Norfleet although this was not fully reflected in
the first half as property assets were reorganized through that period.
Since the half year, the Group has sold for a modest profit a vacant
leasehold premises in Manchester.  Property transactions will continue as
the Board seeks opportunities to expand its portfolio.

PROSPECTS

During the past six months the Group has undergone significant structural
change.  Operational and financial risks have been diminished.  The future
of the continuing trading businesses is under review as the main focus of
Group activities will be in property investment and development.

The Group has significantly lower borrowings and a more compact financial
base dominated by property assets.  The restructured Board has proven
expertise in property matters and is set to expand its property interests as
opportunities arise.  I look forward to a return to profitability in the
near future.

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


LE MERIDIEN: Rotch Investors Interested in Hotels
-------------------------------------------------
Rotch Property Group, a closely held U.K. company created by brothers Robert
and Vincent Tchenuiz, has reportedly expressed interest in buying some of
the Le Meridien hotels.

Le Meridien's hotels, including London's Grosvenor House and the Hotel Eden
in Rome, fell into the hands of Royal Bank of Scotland after the hotel
operator failed to pay its rent.  The Scotsman recently quoted a Rotch
official saying investors are "ready to pounce" on the hotels as soon as the
bank puts them on the market.  Royal Bank of Scotland owns 10 of Le
Meridiens in the U.K. and one in Ireland.

Le Meridien has about GBP1 billion of debt.  It owes GBP750 million in
senior debts to 14 banks, and at least GBP16 million in rent to Royal Bank
of Scotland.  Recession, war in Iraq and the SARS outbreak have led to a
slump in the number of tourist guests, hitting earnings across the hotel
sector.


NETWORK RAIL: Gives in to Regulator's Demand to Slash Budget
------------------------------------------------------------
Network Rail, the successor to Railtrack, has agreed to cut its financial
requirements by GBP5 billion over the next five years, according to the
Telegraph.

The rail operator in June said it will need GBP29.5 billion between April
2004 and April 2009.  But due to pressure from the rail regulator, Tom
Winsor, it now consented to trimming this to GBP24.5 billion by postponing
some renewal work -- such as replacing track -- for two years and instead
increasing maintenance.  Railtrack handed its revised business plan to the
regulator Friday.

The renewal work relates to a "bow wave" of 4,000 miles of track that needed
replacing.  But Mr. Winsor wants to make sure Network Rail acquaints itself
with its assets first and trim down costs so that it would not waste money
on the project.  Network Rail now wants to clarify plans regarding the West
Coast main line.  The regulator wants to delay the job for a year to save
GBP1 billion.


ROYAL & SUNALLIANCE: Expects Investors to Support Rights Issue
--------------------------------------------------------------
An extraordinary general meeting of Royal and SunAlliance shareholders in
London on Monday was expected to give backing to the insurer's GBP960
million rights issue, according to the Financial Times.

There are initial fears that U.S. shareholders, who own 29.3% of the
company, would receive the rights issue coldly, but given the size of the
discount observers said shareholders would back the rights issue, the report
said.

Under the fund-raising, shareholders holding an existing ordinary share may
buy one new ordinary share for 70p.  RSA shares closed at 118p on Friday.

"It was never really in doubt that it would go through," said Ben Cohen at
UBS Warburg.

One banker involved in the fund raising said: "There is a recognition of the
company's past [problems], but they [the U.S. investors] have been impressed
with the new management team."

Recently appointed chief executive Andy Haste spent a week rallying investor
support in the U.S.

But other analysts were less cautious about its recommendation.  One said:
"The rights issue will get away and most of the shareholders will buy the
shares.  But taking up their rights is a very different thing to supporting
what management are doing."

Royal & SunAlliance plans to exit the U.S. market to concentrate on the
U.K., Scandinavia and Canada.

To recall, Royal & SunAlliance dropped its plans for a rights issue just
months before after shareholders refused to support the fund raising
campaign.

The rights issue is fully underwritten by Goldman Sachs, Merrill Lynch and
Cazenove.  The underwriters stand to receive up to GBP34 million in fees for
the transaction.

Proceeds of the exercise will be used to plug an GBP800 million-hole in the
insurer's reserves.


SAFEWAY PLC: Wm Morrison Confident of Winning Bid
-------------------------------------------------
The chairman of supermarket chain Wm Morrison -- believed to be the
frontrunner in the bidding for Safeway plc -- said he had the "best chance"
to buy the group, as the company unveils half-year results.

The government could announce its preferred bidder in the battle to takeover
supermarket group Safeway this week, most likely Thursday or Friday,
according to reports.  The Department of Trade and Industry is currently
looking at three controversial takeover reports from the Competition
Commission.

Sir Ken Morrison said he did not expect the ruling to preserve the status
quo as Wm Morrison posted a 10% rise in half-year pre-tax profits to GBP126
million.  But "I think something is going to be done, somehow," he said.  He
added of all the rival bidders "I'm confident we've got the best chance,"
according to the Telegraph.

The report also quoted one analyst saying: "I think Morrison will be
cleared, will bid and will win."  The analyst at the same time aired
concerns over whether Morrison could integrate Safeway.

But Bob Stott, joint managing director of Morrison, assured: "Integrating
Safeway will be hard work, but it's not brain surgery."

He declined to comment on the possibility that Morrison could lower its
January offer of 1.32 new shares for each Safeway share.  According to him,
it depends on the conditions of the sale.  Mr. Stott ruled out a joint bid
with a rival.  The sell-off of Safeway is attached to the disposal of a
number of stores.


SBS GROUP: Banks Name Deloitte & Touche Receiver
------------------------------------------------
On September 17, 2003, SBS shares were suspended from trading on the
Alternative Investment Market whilst discussions continued with the Group's
bankers regarding its banking facilities.  These discussions have proved
unsuccessful and the bank has appointed Nick Dargan and Nick Edwards of
Deloitte & Touche as Administrative Receivers on the invitation of the
Directors.

CONTACT:  DELOITTE & TOUCHE
          Emma Thorogood
          Phone: 020 7303 6264


SMF TECHNOLOGIES: Transfers Office to Dublin 2
----------------------------------------------
The Board of SMF Technologies plc announces that, further to the
announcement issued on September 10, 2003 and with the placing having now
completed with the admission of the new ordinary shares to AIM, the
resignations of Mr. William Henebry and Mr. Martin O'Donoghue have become
effective.  In addition, the registered office of the company is now 40
Lower Baggot Street,
Dublin 2.

                              *****


In May, SMF Technologies said its proposed acquisition was not going ahead,
and that trading conditions for the company have continued to be very
difficult.

It also said its major shareholder indicated he could not continue to
underwrite the company's operations into the future.  As a result, the board
is considering disposing its trading businesses to prevent the company from
becoming insolvent.


WESTMOUNT ENERGY: Sells Westmount Resources to Sterling Energy
--------------------------------------------------------------
The Board of Westmount Energy Limited sold its Jersey based wholly owned
subsidiary company Westmount Resources Limited to the AIM listed Sterling
Energy plc.  The assets of Westmount Resources consist of 20 million fully
paid shares of Fusion Oil & Gas plc representing 20.4% of the Fusion plc
shares in issue and 500,000 partly paid shares of Fusion Oil & Gas NL, which
are convertible into Fusion plc shares.  Westmount has agreed to accept
71,375,000 fully paid Sterling shares in exchange, which it has undertaken
to retain for at least a year from admission.

Derek Williams, Chairman of Westmount stated:

"We believe this deal represents excellent value for Westmount and reflects
our continuing confidence in the judgment of the Sterling board.  Our
decision to sell follows mounting disappointment in the performance of our
investment in
Fusion since the flotation, and our strong belief in the merits of combining
Sterling's strengths with Fusion's exploration portfolio."

Sterling is building an excellent cash flow from its North American
operations and has an experienced management team with a track record in the
oil industry.

As a result of the transaction Westmount will own 17% of Sterling and become
the second largest shareholder after the Sterling management, which controls
approximately 18% of the company.

Westmount Energy Limited is a Jersey, Channel Islands, based independent oil
and gas investment company with its shares traded on AIM of which there are
presently 13,701,530 in issue, held by some 1,800 shareholders.  There are
also outstanding share options over 750,000 shares exercisable at 33.5p per
share by
December 31, 2004.

CONTACT:  WESTMOUNT ENERGY LIMITED
          Derek G. Williams, Chairman
          Phone: 020 7351 2925

          ORIEL SECURITIES LIMITED
          Andrew Edwards
          Phone: 020 7710 7614

          MERLIN FINANCIAL & CORPORATE PUBLIC RELATIONS
          Paul Downes
          Tom Randell
          Phone: 020 7606 1244


YELL GROUP: Appoints Goldman Sachs, Merrill Lynch Brokers
---------------------------------------------------------
Yell on Friday announced the appointment of Goldman Sachs International and
Merrill Lynch International as the company's joint corporate brokers.

Goldman Sachs International and Merrill Lynch International were Joint
Global Co-ordinators and Joint Bookrunners to Yell's Global Offer in July
2003.

                     *****

Standard & Poor's placed its 'BB-' long-term corporate credit rating on Yell
on CreditWatch with positive implications following the announcement that
U.K.-based classified directory publisher Yell Group PLC intends to float on
the London stock exchange.

Yell wants to reduce its cash paying net debt to GBP1.30 billion (US$2.20
billion) in financial 2003/2004 from GBP1.55 billion at the end of March
2003, to repay GBP100 million of vendor loan notes held by British
Telecommunications PLC.

The ratings on Yell reflect the group's leading position in U.K.
printed classified telephone directories, but offset by the group's highly
leveraged capital structure, according to the rating agency.


* 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
-------
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                       (101)       1,151       179
Bull SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP         0          187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (845)         383       107
Pneumatiques Kleber SA               (34)         480       139
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)         307       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396) Credito
Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.

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

NORWAY
------
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 Energy            BGY     (5,342)       3,438       229
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       (211)         762       (66)
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       (161)         949        41
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.


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