/raid1/www/Hosts/bankrupt/TCREUR_Public/031003.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

            Friday, October 3, 2003, Vol. 4, No. 196


                            Headlines


C Z E C H   R E P U B L I C

DAEWOO AVIA: Creditor Files Involuntary Bankruptcy Petition


F R A N C E

BULL SA: E.U. Orders France to Seek Loan Repayment or Face Suit


G E R M A N Y

EM.TV & MERCHANDISING: Junior TV Programs to Air in U.S.
HEIDELBERGCEMENT AG: To Convert One Plant into Grinding Facility
HVB GROUP: Subsidiaries Off CreditWatch after Spin-Off
JENOPTIK AG: Expects to Raise EUR48 Mln in Latest Capital Hike
SALAMANDER AG: Garant Completes Takeover of Footwear Chain
VIVANCO GRUPPE: Sells Christian Schwaiger to Reitz


H U N G A R Y

KERESKEDELMI ES HITTELBANK: Financial Strength Rating Cut to 'D'


I R E L A N D

IWP INTERNATIONAL: Sale Not in Agenda, Says New Chief Executive


I T A L Y

ALITALIA SPA: Prepares for Merger with Air France-KLM
CIRIO FINANZIARIA: Not Selling Assets Just Yet Despite Offers


L U X E M B O U R G

IFCO SYSTEMS: APAX Modifies Offer for Major Shareholders


N E T H E R L A N D S

JOMED N.V.: Bankruptcy Trustees Issue Second Public Report


R U S S I A

METROMEDIA INTERNATIONAL: PeterStar Buys Baltic Communications
MMK FINANCE: Standard & Poor's Rates Senior Unsecured Notes 'B'


S W I T Z E R L A N D

ABB LTD.: Corners US$30 Million Contract in Russia
ZURICH FINANCIAL: Closes Sale of Threadneedle to U.S. Buyer


U N I T E D   K I N G D O M

BRITISH BIOTECH: Changes Name to Vernalis Plc
BRITISH ENERGY: Creditors Approve Restructuring Proposal
BRITISH ENERGY: Fitch Labels Any Rating on New Bonds Speculative
BRYANSTON INSURANCE: Creditors Approve Early Closure of Scheme
CALEDONIA INVESTMENTS: Cayzer Has Until October 17 to Offer Bid

CANTERBURY FOODS: Scrambles to Trim Debt After Reporting Losses
CHRISTIAN SALVESEN: Investors Shy Away Ahead of Trading Update
ELDRIDGE POPE: Sells 23 Pubs for GBP5.4 Million
LAURA ASHLEY: Exit from Continental Europe on Track
MYTRAVEL GROUP: Sale of Loss-making Units to Cost GBP86 Mln

ROYAL MAIL: CEO Raps Union for Unnecessary Strike
SAFEWAY PLC: Losing Bidders Want Ban on Future Buyout Shortened
SOUTHFIELDS COACHWORKS: Appoints Joint Administrators
SPRINGWOOD PLC: Chairman Resigns to Keep Bankers' Confidence
SPRINGWOOD PLC: Names Restructuring Expert Chairman
STIRLING COOKE: Creditors Meeting Set October 14

* Latest S&P Study Explains Varying Ratings on European Debt


                            *********


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


DAEWOO AVIA: Creditor Files Involuntary Bankruptcy Petition
-----------------------------------------------------------
A bankruptcy petition has been filed against Daewoo Avia, the largest
producer of light and medium trucks in Czech Republic.  Petitioner, Parvat
V.H., in a statement said, it filed the bankruptcy petition on September 18
to collect debts topping CZK0.5 million.

"After all standard steps have failed, the creditor is trying to attain its
rights and the rights of the other creditors and satisfy at least part of
its claims on Daewoo Avia," Parvat said.

In an August 2000 issue of TCR-Europe, it was reported that Daewoo Avia
turned a profit only once in the past seven years, in 1998 when it earned a
mere CZK11 million (roughly $300,000).  In 1999, Daewoo Avia lost CZK1.42
billion ($40 million).  The company is the exclusive importer of Daewoo cars
to the Czech Republic.


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


BULL SA: E.U. Orders France to Seek Loan Repayment or Face Suit
---------------------------------------------------------------
The European Commission attacked the French government anew with a threat to
file legal case against France for illegal subsidies to the struggling
computer firm, Bull.  Brussels and Paris had just clashed over France's
rescue package for troubled engineering group, Alstom.

The Commission is demanding that Bull repay France its emergency short-term
loan of EUR450 million in November.  The loan had not been repaid,
effectively converting it into a bailout.

"The fact that France did not claim the money back in our view constituted a
grave violation of state-aid rules.  The current situation left us with no
choice," said European Commissioner Mario Monti, according to the Telegraph.

The case will go to the European Court in Luxembourg, which usually takes 18
months to reach a verdict.  Mr. Monti's warning comes as reports surfaced
that the French government faces fines of up EUR7.5 billion (GBP5.3 billion)
for failing to reach requirements under the Stability and Growth Pact.  The
French budget deficit is approaching 4% of GDP, far above the 3% limit.


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


EM.TV & MERCHANDISING: Junior TV Programs to Air in U.S.
--------------------------------------------------------
EM.TV & Merchandising AG, through its partner Comarex, has signed a free-TV
deal with the largest Hispanic Media Group in the U.S., Univision, for a
series of its leading programs under EM.TV's Junior TV brand.

Univision's fledgling Telefutura Network, aimed more at the younger audience
and reaching more than 75% of the 39 million Hispanics living in the U.S.,
will air a one hour content of Junior TV programming each week on Saturday
and Sunday at 9:00 a.m., according to Patrick Elmendorff, president of TV
Distribution, and Ernesto Ramirez, head of operations at Comarex.

The deal, which gives exclusive Spanish language rights for the U.S. and
Puerto Rico, includes EM.TV co-productions Fairy Tale Police Department
(F.T.P.D.) season one, F.T.P.D. season two, Mummy Nanny and Junior
wrap-around clips. These 30-second clips, which have been produced in-house
by EM.TV, feature three animated characters: Junior, Jaz and Jane.

"The Hispanic population in the U.S. is a significant target group.  With
Univision/Telefutura we have gained an ideal partner for this audience," Mr.
Elmendorff said.

"We are thrilled that Telefutura has acquired F.T.P.D. and Mummy Nanny.
These series will become very popular among children and adults, due to
EM.TV's excellence in developing entertaining and non-violent animated
series," Mr. Ramirez added.

With the intention of establishing the Junior program brand in Latin America
and the U.S. Hispanic market, EM.TV and Comarex started their strategic
alliance in 2000.

About EM.TV

Within the entertainment segment, the 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.

About Comarex

Headquartered in Mexico City, Comarex S.A. de C.V. ranks among the leading
entertainment distribution companies serving the global marketplace.
Established in 1982, the company maintains dedicated distribution operations
involved in television, theatrical features, home video, satellite and
merchandising.  The company is a major supplier of quality movie,
telenovela, documentary, sports and series programming for mainstream adult
audiences, and is also a significant force in children's entertainment.
Comarex began its successful association with TV Azteca in 1996,
distributing the prolific production company's award-winning telenovelas,
sports, news, comedy and dramatic series to over 86 countries worldwide.

                              *****

EM.TV & Merchandising AG 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:  Michelle Rodriguez, Denmead Marketing
          Phone: +1 (323) 462 8444
          Fax: +1 (323) 462-8448
          Email: michellerodriguez@denmead.com

          EM.TV & MERCHANDISING AG
          Celia Purrnhagen
          Phone: +49 (0) 89 99 500 451
          Fax: +49 (0) 89 99 500 466
          Email: celia.purrnhagen@em-ag.de

          COMAREX
          Viviana Rivas
          Phone: + (5255) 5251-1410 ext. 503
          Email: vrivas@cmx.com.mx


HEIDELBERGCEMENT AG: To Convert One Plant into Grinding Facility
----------------------------------------------------------------
HeidelbergCement intends to cease cement clinker production in the
Mainz-Weisenau plant at the beginning of 2004.  This measure affects 130 of
the 250 employees currently working at the plant, for whom a social scheme
is being prepared in collaboration with the works council.  The plant will
be run in future as a grinding plant.

Andreas Kern, the Managing Board member responsible for the Central Europe
West region at HeidelbergCement, justifies the cessation of cement clinker
production with the ongoing difficult situation on the German cement market:
"The kiln closure in Mainz-Weisenau is necessary for us for operational
reasons.  Increasing manufacturing costs, a capacity utilization that is too
low and the ongoing weak construction activity are the reasons for this
decision.  After we already had to close our Kiefersfelden plant in Bavaria
at the end of 2002, this measure serves to safeguard the capacity
utilization of our production sites in the long-term."

HeidelbergCement is sustainably realizing improvements in costs, capacity
and results for the entire Central Europe West region with the conversion of
Mainz-Weisenau into a grinding facility.

HeidelbergCement currently operates a further 10 cement plants in Germany
apart from the Mainz-Weisenau plant.  The company is the market leader in
the cement sector and employs 4,660 people overall in the Central Europe
West region.  On a global basis, 37,400 employees are working for
HeidelbergCement in 50 countries.


HVB GROUP: Subsidiaries Off CreditWatch after Spin-Off
------------------------------------------------------
Standard & Poor's Ratings Services removed the ratings on four subsidiaries
of Germany-based Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2)
from CreditWatch following the banks' spin-off from HVB, which became
effective on Sept. 29, 2003.  All of these entities were placed on
CreditWatch on March 31, 2003.  All rating actions are in line with Standard
& Poor's expectations, as announced in its media release on Aug. 20, 2003.

(a) The long-term 'BBB' and the short-term 'A-3' counterparty credit and
senior unsecured debt ratings on HVB Real Estate Bank AG (HVB REB) and
Westfaelische Hypothekenbank AG (WestHyp) were affirmed.  The outlook is
negative.

(b) The 'BBB+' long-term counterparty credit and senior unsecured debt
ratings on Wuerttembergische Hypothekenbank AG (WurttHyp) were raised to
'A-'.  The 'A-2' short-term ratings were affirmed.  The outlook is negative.

(c) The 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on
Pfandbrief Bank International S.A. (PBI) were affirmed.  The outlook is
negative.

(d) Standard & Poor's also assigned its 'A-' long-term counterparty credit
rating to Ireland-based Hypo Real Estate Bank International (Hypo
International, formerly HVB Bank Ireland) and affirmed the A-2 short-term
ratings.  The outlook is negative.

"Standard & Poor's rating actions reflect that the spin-off has been
executed as planned and anticipates that further steps will follow as
announced in the offering prospectus on Sept. 19, 2003," said Standard &
Poor's credit analyst Stefan Best.  The final ownership structure is:

(a) The newly created Germany-based Hypo Real Estate Holding will wholly own
Hypo International and HVB REB, and will hold more than 93% of WurttHyp, to
be completed by year-end 2003;

(b) Hypo International already wholly owns PBI; and

(c) Hypo Real Estate Holding is owned directly by the shareholders of HVB,
in place at the time of the spin-off.

The affirmation of the ratings on HVB REB and WestHyp anticipates the
planned merger of WestHyp into HVB REB in November 2003 and reflects
Standard & Poor's view that the banks' remaining credit risk during the
restructuring process has been reduced due to the combination of various
measures.  These are: the improved coverage of work-out exposures, including
the limited guarantee from HVB; the capital increase leading to a Bank for
International Settlements (BIS) Tier 1 ratio of 7% and the commitment to
maintain this level; and the improved credit-risk management and
transparency on the banks' troubled loan portfolios.

The ratings also reflect the expectation that HVB REB will resume new
business and will function as an operating bank once the workout has
progressed further.  The negative outlook reflects concerns about the
effects of the weakening economic and operating environment; the length of
the restructuring process and the ability to resume new business; and the
short-term implications of the spin-off and diminishing support from HVB on
both HVB REB's funding costs and access to investors. Setbacks during the
restructuring process would most likely have negative rating implications,
however.

The upgrade of the long-term counterparty credit ratings on WurttHyp
reflects its improved capitalization and commitment to maintain a BIS Tier 1
ratio of 6.75%, which Standard & Poor's previously considered a primary
negative rating factor besides its modest profitability levels as a result
of its low-yielding domestic loan portfolio, and lack of business and
revenue diversification due to the limitations of the Mortgage Bank Act.
The ratings continue to reflect WurttHyp's sound credit and market-risk
management, proven expertise in international property lending, lean cost
structure, and stable performance. Standard & Poor's expects WurttHyp to
continue its proven business model.  The negative outlook reflects concerns
about the implications of: the still difficult domestic market environment,
and the weakening economic and operating environment globally after a
prolonged period of unusually favorable market conditions for real estate
lending abroad; the short-term implications of the spin-off and diminishing
ties to HVB on WurttHyp's operations; and the weak business and risk profile
of HVB REB.

Standard & Poor' s ratings on Hypo International, which assumed HVB's
international real estate business, reflect: the sound asset quality due to
prudent underwriting policies and tight credit-risk management; the proven
track record in international real estate financing as losses have been
minimal to date; the capital increase leading to a BIS tier 1 ratio of 8.5%
and the commitment to maintain this level; lean cost structure; and
satisfactory levels of profitability in past years.  Key negative rating
factors are the lack of business diversification and the limited
diversification in its wholesale-oriented loan portfolio due to the larger
size of individual exposures, and its wholesale-oriented funding.  The
negative outlook on Hypo International reflects concerns about the
implications of: the weakening economic and operating environment after a
prolonged period of unusually favorable market conditions for international
real estate lending; the short-term implications of the spin-off and
diminishing support from HVB on Hypo International's funding costs, access
to investors, and ability to generate new business; and the weak business
and risk profile of HVB REB.

The affirmation of the rating on PBI reflects the 100% ownership by Hypo
International and the expectation that PBI will play an integral role for
Hypo International's funding strategy as PBI is authorized to refinance real
estate loans through the issuance of covered bonds.  Whereas the negative
outlook today reflects that on its new parent Hypo International, PBI's
future ratings will depend on developing its new role.  Should PBI become an
essential part of Hypo International's funding strategy, the ratings might
be equalized with those of its parent.  Failing this, the ratings are likely
to be lowered.


JENOPTIK AG: Expects to Raise EUR48 Mln in Latest Capital Hike
--------------------------------------------------------------
The board of directors of Jenoptik AG with the approval of the supervisory
board, determined the specific terms of the planned cash capital increase.

The share capital will be increased by EUR21,164,000 million from
EUR105,820,000 million to EUR126,984,000 million.  For every five Jenoptik
shares held, shareholders may subscribe to one new share at a subscription
price of EUR6.00.  With the capital increase, the number of Jenoptik AG
shares issued will increase by 8,140,000 from 40,700,000 to 48,840,000.  The
new shares will be entitled to full dividends for the current fiscal year
2003.

The subscription period is expected to commence on October 7, 2003 and to
end on October 20, 2003.  The pre-emptive rights are expected to be traded
on the official market segment (Amtlicher Markt) of the Frankfurt Stock
Exchange from October 7, 2003 up to and including October 16, 2003.
Deutsche Bank, Frankfurt, is managing the capital increase.

Based on the subscription price, the gross proceeds are expected to amount
to about EUR48.8 million.  Jenoptik intends to use the proceeds from the
contemplated capital increase to strengthen its capital base, reduce
short-term indebtedness and finance further growth, in particular in the
Photonics business division.

Not for distribution in the United States of America
This statement does not constitute an offer or invitation to subscribe for
or purchase any securities in the United States of America.  The securities
of Jenoptik AG that will be offered outside the United States as described
herein have not been and will not be registered under the applicable
securities laws of the United States and may not be offered, sold or
delivered within the United States or to, or for the benefit of, United
States persons absent registration under or an applicable exemption from the
registration requirements of the United States Securities Laws.

CONTACT:  JENOPTIK AG
          Steffen Schneider, Investor Relations
          Phone/Fax: +49(3641)-652290/2157
          Home Page: http://www.jenoptik.com


SALAMANDER AG: Garant Completes Takeover of Footwear Chain
----------------------------------------------------------
As of October 1, 2003, Garant Schuh + Mode AG has taken over Salamander AG's
retail chainstore group, which comprises 230 footwear stores across nine
European countries.  Furthermore, Garant has also acquired the rights to the
Salamander brand and a license for the children's shoe brand Lurchi.  By
implementing this measure, Garant Schuh + Mode AG is further expanding its
position as the leading retailer's group in the European independent
footwear and leatherwear sector through the affiliation of the chainstore
network of a globally operating retail group.  Salamander's shoe factory in
Hungary, which formed part of the takeover package, has now been sold to the
Austrian shoe producer HOGL since Garant -- as a purely specialist
retailers' group -- has no interest in pursuing shoe manufacturing
activities.

Garant board member Benno Siebert has been appointed as Commercial Director
and future Chairman of the Management Board of Salamander Schuh GmbH.
Siebert, who during the Nineties developed the Garant subsidiary Goldkrone
into Europe's leading player in the European specialist leatherwear sector,
will transfer from Dusseldorf to Kornwestheim as of January 1, 2004.  The
decision on the appointment of directors for the marketing und distribution
divisions will be announced shortly.

The failure of the planned merger of affiliated German Garant dealers with
retailer's association SABU, which is also based in Kornwestheim and which
operates exclusively in Germany, is in no way related to the takeover of the
Salamander AG's footwear operations.

In addition to the 230 Salamander footwear stores, some 5000 independent
retail dealers operating in the sectors for footwear, sport, leisure,
leatherwear and accessories, are now affiliated to the Garant Group.  These
independent dealers operate 6,850 specialist stores in 15 European
countries, generating a retail turnover of around 3.8 billion euro.

CONTACT:  GARANT SCHUH + MODE AG
    Jenny Bleilefens, Investor Relations
          Phone: +49 (0)211/3386-311
          Fax: +49 (0)211/3386-332
          E-Mail: jbleilefens@garantschuh.com
          Home Page: http://www.garantschuh.com


VIVANCO GRUPPE: Sells Christian Schwaiger to Reitz
--------------------------------------------------
Vivanco Gruppe AG has sold its subsidiary, Christian Schwaiger GmbH & Co.
KG, based in Langenzenn to Reitz GmbH, Bad Berneck with effect from July 31,
2003.  The sale is not subject to approval by the Antitrust authorities.
Both parties have agreed not to disclose the purchase price.

In accordance with its successful strategic realignment, Vivanco Gruppe is
thus concentrating on its core business.  The sale will serve to bring down
the debt as well as directly strengthen the future profitability as well as
the cash flow of the Group as a whole with its subsidiaries in Europe and
Hong Kong.


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


KERESKEDELMI ES HITTELBANK: Financial Strength Rating Cut to 'D'
----------------------------------------------------------------
Moody's Investors Service downgraded the financial strength rating of
Kereskedelmi & Hitel Bank to 'D' from 'D+' after concluding a review it
initiated following the discovery in July of the fraud case at K&H Equities,
its majority owned brokerage subsidiary.  The outlook for the rating is
stable.

The rating agency expressed confidence that Kereskedelmi & Hitel Bank would
be able to absorb the loss arising from the case, but it warned that the
Budapest-based group would still have to face some long-term negative
effects on this.

"The long-term business impact may be more difficult to assess," it said.

The bank's A1/P-1 deposit ratings remained underpinned by the support
repeatedly expressed publicly by majority owner KBC Bank and minority owner
ABN Amro.  Moody's said it expects the owners, especially KBC, to better
manage the Hungarian bank subsidiary.  Kereskedelmi & Hitel Bank is
Hungary's second largest banking group with consolidated assets amounting to
HUF1,337 billion (EUR5.3 billion) at the end of June 2003.


=============
I R E L A N D
=============


IWP INTERNATIONAL: Sale Not in Agenda, Says New Chief Executive
---------------------------------------------------------------
The newly appointed chief executive of IWP, Jim Murphy, ruled out a quick
sale of the troubled personal care group, according to BizWorld.

Mr. Murphy, a former Golden Vale boss, said he is conducting a strategic
review of IWP's operations, but a sale is not under consideration.  His
focus is the reduction of the company's huge debt.  Last week, the company
received a takeover offer from a team led by deputy chief executive Bernard
Byrne.  The board rejected the proposal, leading to the resignation of Mr.
Byrne.

IWP Chairman Joe Moran said during the company's annual general meeting the
bid of 44 cents per share did not reflect IWP's true worth.  He, however,
did not comment when asked about his idea of a fair offer.  Mr. Moran also
clarified that there were already designs to appoint Mr. Murphy as chief
executive before Mr. Byrne approached the board with an offer.  He also
dismissed talks about plans to sell the group's loss-making Polish
distribution division.  The company considers it prudent to keep a foothold
in Poland, he said.  IWP had invested almost EUR23 million in the area.


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


ALITALIA SPA: Prepares for Merger with Air France-KLM
-----------------------------------------------------
Italy's center-right government are preparing to sell part of its remaining
62% interest in Alitalia SpA, according to the Financial Times.

On Wednesday, a decree was drawn up authorizing the sale, but Alitalia
Chairman Giuseppe Bonomi said no more than 12% of the government stake will
be sold.  "The government... must adopt a decree that will allow the
treasury to go below the 50% threshold" to facilitate integration with
current and future alliance partners, Mr. Bonomi said on state television.

The flag carrier has outlined plans to co-ordinate a tie-up with the newly
formed Air France-KLM group.  Air France is under the SkyTeam alliance, of
which Alitalia is already a member. Alitalia Chief Executive Francesco
Mengozzi would like the carrier to complete a tie-up with Air France and KLM
by next April.  He is hoping that a merger will increase the carrier's value
the way it did for KLM's.  KLM was valued at EUR748 million (US$916 million)
after the announcement of the merger, a 40% premium over the Dutch carrier's
closing price on Monday.

Alitalia made a net loss of EUR315 million in the first half of this year
after a EUR49 million loss in the same period last year.


CIRIO FINANZIARIA: Not Selling Assets Just Yet Despite Offers
-------------------------------------------------------------
An Italian rival in the food industry is interested in acquiring the assets
of Cirio, a source close to the situation told Reuters recently.

The Italian agro-food firm, which defaulted on EUR1.1 billion of bonds in
November, filed for bankruptcy in August.  Its liquidators are currently
determining whether to declare the company bankrupt or put it under
administration and sell certain assets.  The review is aimed at seeing which
of the unprofitable businesses should be sold or shut down to raise funds
for those units that are considered going concerns.

Reports say international food companies such as Dole and Nestle have
expressed interest in bidding for the assets, but the source denied any
concrete offers.

"The formal expression of interest the commissioners have received is from
[canned goods cooperative] Conserve Italia," the source said.

There were also offers for some of its assets, but no current talks are
underway to sell them, the report said.


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


IFCO SYSTEMS: APAX Modifies Offer for Major Shareholders
--------------------------------------------------------
IFCO Systems N.V. announces that it has been informed by APAX Partners that
investment funds advised by APAX Partners, acting through Island
International Investment Limited Partnership, have made a modified
conditional private purchase offer to IFCO Systems' major shareholders with
respect to their shareholdings in IFCO Systems on October 1, 2003.

IFCO Systems has been further informed that APAX are advised by Deutsche
Bank AG in their Conditional Offer.  APAX Partners said the full details of
the Conditional Offer have been made available to the major shareholders of
IFCO Systems.

                              *****

IFCO Systems' long-term corporate credit rating was recently upgraded to
'B+' from 'D' following the Netherlands-based company's restructuring.  At
June 30, 2003, IFCO had total debt of $114 million.


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


JOMED N.V.: Bankruptcy Trustees Issue Second Public Report
----------------------------------------------------------
SECOND PUBLIC REPORT BY BANKRUPTCY TRUSTEES PURSUANT TO SECTION 73A OF THE
NETHERLANDS BANKRUPTCY ACT

In the bankruptcy of: JOMED N.V. of Amsterdam, The Netherlands, which
company was declared bankrupt by the Amsterdam District Court on May 2, 2003

Bankruptcy number: 03.0233-F (Suspension of payments number: 03.003-S)

Bankruptcy trustees: Mr. R.J. graaf Schimmelpenninck and Mr. M.Ph. van Sint
Truiden (Houthoff Buruma, Parnassusweg 126, NL-1076 AT Amsterdam, The
Netherlands)

Supervisory judge: Ms A. van Dijk

1. INTRODUCTION

1.1 Preliminary Remarks

The present report represents the second report by the bankruptcy trustees
in the bankruptcy of JOMED N.V.  The bankruptcy trustees -- in their then
capacity as administrators in the provisional suspension of payments which
the Amsterdam District Court granted to JOMED N.V. on January 23, 2003 --
prepared their First Public Report pursuant to Section 227 of the
Netherlands Bankruptcy Act on March 10, 2003.  The First Public Report
pursuant to Section 73a of the Bankruptcy Act was published on July 1, 2003.
This Second Public Report pursuant to Section 73a of the Bankruptcy Act,
builds on the earlier reports, in conjunction with which it should be read.

In this Second Public Report more detailed attention has been devoted to
events having unfolded in the period from July 1 to September 30, 2003.
Where the wind down of JOMED N.V. and its subsidiary companies (the JOMED
Group) is concerned, a provisional insight is provided into the status of
the bankrupt estate (boedel) of JOMED N.V. An updated organizational chart
of the JOMED Group has been appended by way of Schedule 1.

As the wind down of the JOMED Group progresses, the scope of assets and
liabilities and the interrelationships between the various JOMED Group
companies is slowly but surely surfacing.  In view of the vast number of
past intercompany transactions, the countless financial cross-links and the
many uncertainties in the wind down of the JOMED Group, caution is called
for in analysing the information provided hereinafter.

It should furthermore be borne in mind that the financial information
included in this report as well, in part, as other information has largely
been obtained from the JOMED Group itself.  This information has not always
been shown to be reliable, and is still being studied in more detail.  It
may at a subsequent stage be shown to have been inaccurate and thus, in need
of revision.

2. ACTIONS TAKEN BY BANKRUPTCY TRUSTEES

2.1 Disposals to Abbott and Volcano
Following the transaction involving Abbott Laboratories (Abbott) dated June
30, 2003 the bankruptcy trustees were primarily involved in the disposal of
the Intravascular Ultra Sound (IVUS) and Functional Measurement (FM)
businesses, for which a buyer was found in the shape of Volcano
Therapeutics, Inc. (Volcano).

This transaction was duly completed on July 18, 2003.  The two transactions
referred to above have resulted in the lion's share of JOMED Group's
activities (assets and liabilities) now having been disposed of and handed
over.  As the activities in question were largely carried out by the
subsidiary companies of JOMED N.V., it is to these subsidiaries that the
majority of the proceeds have logically accrued.

The transactions in question have resulted in JOMED Group's banks having
largely been paid off, given that

     (i) these banks, in addition to being a creditor of JOMED
        N.V., were also a creditor of various JOMED subsidiaries
        (joint and several liability) and

    (ii) the level of collateral security with which the banks
        had been furnished necessitated the redemption of what
        they were owed in order for the aforementioned
        transactions to be executed.

The Abbott transaction has largely preserved employment at the JOMED Group
because to the majority of the JOMED Group staff has been transferred to
Abbott, including those who were managing directors of JOMED Group
companies.  It was agreed with Abbott that the managing directors in questio
n would remain in office until 16 October 2003 at the latest, for the sake
of an efficient wind down of the JOMED Group companies.  This is without
prejudice to the fact that Abbott employees will continue to assist in the
wind down of the JOMED Group companies, also on the basis of arrangements
agreed upon with Abbott.

As coverage pursuant to directors' and officers' liability insurance (D&O
insurance) has ceased to be available to the managing directors of the JOMED
Group since April 1, 2003, the relevant JOMED Group companies have
indemnified their own managing directors against personal liability
resulting from acts or omissions in the period from July 1, to October 16,
2003 (except where resulting from malicious intent or deliberate
recklessness).  In so far as the JOMED Group companies are incapable of
satisfying their indemnification commitments, these would be guaranteed by
the bankruptcy estate (boedel) of JOMED N.V.  The indemnification and
guarantee in question do not apply if coverage pursuant to a D&O insurance
is available (which is currently the case for JOMED, Inc. JOMED USA, Inc.
and JOMED Catheter, Inc.).

2.2 Notice of Liability on (Supervisory) Directors

On June 27, 2003 the bankruptcy trustees served notice of liability on the
full complement of incumbent and former managing directors of JOMED N.V. and
the latter's subsidiary companies and on the supervisory directors of JOMED
N.V. for any and all losses (to be) suffered by JOMED N.V. due to
mismanagement on the part of the relevant managing directors and supervisory
directors. The bankruptcy trustees took this step in view of the fact that
the deadline for filing claims under the D&O insurance was imminent.

The bankruptcy trustees intend to launch an investigation into the causes
underlying the bankruptcy of JOMED N.V. in October 2003.  They may come to
the conclusion, either in the course of this investigation or on its
completion, that certain managing directors or supervisory directors are not
liable or that other natural persons or legal entities (e.g. the auditors)
should be held liable.

2.3 Listing on SWX Exchange

On July 4, 2003 JOMED N.V. filed an application with SWX Swiss Exchange for
delisting of the shares in JOMED N.V., which request was duly granted by SWX
Swiss Exchange.  September 30, 2003 has been set as the final trading day
for shares in JOMED N.V.; no regulated market for JOMED N.V. stock will be
available after this date.

2.4 Wind Down and Assistance PricewaterhouseCoopers

In the wake of the Abbott and Volcano transactions, the various JOMED Group
companies have mutually agreed that in principle they will for the time
being refrain from calling their intercompany claims.  It is in this context
that it was agreed that the proceeds from the Abbott transaction accruing to
the various JOMED Group companies (with the exception of JOMED Poland
Sp.zo.o, JOMED SA (Pty) Ltd. and JOMED N.V.) would in principle be kept in
escrow.  Both arrangements were made with the aim of creating sufficient
time to come to a proper wind down and prevent an intercompany claims war
erupting, with all the negative effects that this would have (e.g. legal
proceedings, ballooning costs, et cetera).  It is subject to prior approval
by the bankruptcy trustees that payments can be made from the escrow account
(except where a JOMED Group company which has entitlement to a part of the
escrowed amount goes bankrupt, in which scenario the appointment of a local
bankruptcy trustee or receiver should be regarded as a sufficient guarantee
for a proper local wind down).

JOMED N.V. and most other JOMED Group companies have engaged
PricewaterhouseCoopers (PwC) as auditor of their respective annual accounts
for the year 2002 (see Schedule 2 to the First Public Report pursuant to
Section 73a of the Netherlands Bankruptcy Act dated 1 July 2003), in
addition to which PwC is assisting in the (financial) wind down of the JOMED
Group.  PwC is drawing up wind down analyses per company, except where it
concerns the JOMED Group companies in the United States of America and South
Africa.  Such analysis will reveal the residual assets and liabilities of
each of the JOMED Group companies in the wake of the transactions referred
to above.

Clearly the existence and level of intercompany claims constitutes a major
point for attention in this context.  The bankruptcy trustees, on behalf of
JOMED N.V. as indirect or direct shareholder-cum-creditor of the relevant
JOMED Group companies, and the management of the companies in question will
decide on the basis of the analyses whether the wind down of the companies
in question should be achieved through local insolvency proceedings or
through voluntary liquidation proceedings.  Obviously the regulations set
out in local laws must be complied with, which makes it impossible to apply
a standard wind down mechanism.  Clearly the choice to be made in this
respect will primarily be inspired by the question which of the wind down
methods will yield a greater creditor and/or shareholder balance for JOMED
N.V.

2.5 Creditor Instituted Lawsuits

Reference has been made in the previous reports to four major creditors,
which at the time were referred to as "the U.S. Bondholders".  On June 27,
2003 three of these four creditors instituted interim injunction
proceedings.  The substance of their claim was that the bankruptcy trustees
should keep the entire proceeds of the Abbott transaction in escrow until
the intercompany relationships had been charted in detail.  The court
rejected the their claim on the same date.

Moreover, three of the four U.S. Bondholders have recently submitted to the
Supervisory Judge a number of petitions pursuant to Section 69 of the
Netherlands Bankruptcy Act and also filed interim injunction proceedings,
primarily with the aim of obtaining in-depth information on the JOMED Group.
All petitions pursuant to Section 69 of the Bankruptcy Act have been turned
down.  As for the interim injunction proceedings, the three creditors
requested to be presented with the full complement of documents pertaining t
o the assets having been disposed of as well as a large quantity of other
documents.  This claim was primarily anchored in Section 15j of Book 3 of
the Netherlands Civil Code.  On August 7, 2003 this claim was turned down
too by the court in a ruling against which the petitioners lodged an appeal
on September 4, 2003.

2.6 Criminal Investigations

Some developments where the criminal side of things is concerned can be
reported from Sweden, Switzerland and the Netherlands.  In the context of
criminal investigations, information was compiled by a police unit in Sweden
in April 2003.  As for Switzerland, before the end of this year the former
CEO of JOMED N.V. will be interviewed, in the context of a preparatory
criminal/economic law investigation, by a duly appointed examining
magistrate based in Schaffhausen.  In the Netherlands, a report of criminal
offence was filed earlier this year.  The Public Prosecutor in Amsterdam
apparently takes the view that there will be no evidently adequate link with
the Dutch legal sphere to warrant prosecution in the Netherlands as no
criminal offences appear to have taken place from the Netherlands and none
of those who are currently potential suspects are currently domiciled or
resident in the Netherlands.

3. JOMED N.V. ASSETS AND LIABILITIES

3.1 Residual Assets
JOMED N.V. has these assets at its disposal:

(a) Some residual intellectual property rights ("IP
         rights");

(b) Participations in JOMED Group and other companies;

(c) Intercompany claims against JOMED Group companies; and

(d) Cash in the bankruptcy account.

3.1.1 IP Rights

With respect to the IP rights it should be pointed out that in so far as any
value continues to accrue to these, they largely relate to the Cardiac
Surgery product group (including the Solem Graft Connector).  A list of
JOMED N.V.'s remaining IP rights is appended by way of Schedule 2.

3.1.2 Participations

JOMED N.V. still has three minority participations left: an approximately
33% stake in Pathway Medical Technologies, Inc. based in the state of
Washington, United States of America (Pathway), an approximately 33% stake
in Belgian-based @MT N.V. (AMT), and an approx 5% stake in Trans Vascular,
Inc. based in the state of California, United States of America (TVI).

Pathway

In 2002 JOMED N.V. invested a sum of US$9 million in a participation in
Pathway, which currently represents 32.2% of Pathway's share capital.  An
initial tender for sale of this participation has been turned down by the
bankruptcy trustees.  A higher offer was subsequently made and the
bankruptcy trustees can accept this offer until October 10, 2003.  However,
this new offer comes across as low especially in comparison with the
investment made at the time.  Pathway develops and manufactures an
application that is inserted into a vein to scrape off and dispose of
vascular obstructions.  This product will require further development and
testing prior to being ready for marketing, which will involve significant
costs for which Pathway is yet to attract funding.  If JOMED N.V. fails to
dispose off its participation in Pathway, its stake will be further diluted
as a result of subsequent funding rounds and/or granting of options.  The
entire investment could go to seed if no (adequate) funding is secured and
the further development of the product is thus jeopardized.

TVI

TVI has very recently sold its assets and the majority of its liabilities to
Medtronic, Inc. (Medtronic).  The TVI shareholders will receive Medtronic
shares in return. JOMED N.V.'s participation in TVI is so modest that any
genuine control on its part where in respect of this transaction should be
ruled out.  Although the precise proceeds of the transaction to accrue to
JOMED N.V. is not yet known, JOMED N.V. is expected to receive a market
value of approximately US$1.4 million worth of Medtronic shares.

AMT

AMT is a Belgian-based company that started out as a manufacturer of wire
for mobile telephone aerials.  According to the management of AMT,
operations have since been transformed -- subject to substantial
investments -- to manufacture high-grade nickel-titanium tubes from which
stents can be made.  According to AMT, it had proceeded to the point of
launching actual production of tubes around the time that the JOMED Group
went into insolvency.  An agreement involving AMT as licensee and U.S.-based
Memry as licensor bans AMT from manufacturing its products for -- or
supplying them to -- companies with their headquarters in the United States
of America.  In view of the fact that the vast majority of the relevant
market players are US-based companies, this effectively boils down to the
JOMED Group being the sole (potential) customer for AMT's products.
According to the management of AMT, fresh investments are needed in order to
achieve the company's further transformation as a manufacturer of other
products for which a market can be identified.  If these investments are not
made, the possibility should definitely not be ruled out of that the
management shortly will decide to file for AMT's bankruptcy.

3.1.3 Intercompany Claims and balances after liquidation of subsidiaries

The wind down analysis (Schedule 5) contains a first indication of the
amounts, which could potentially be recovered in connection with
intercompany claims and the balance after liquidation of the subsidiaries.

3.1.4 Status of Bankruptcy Account

Bankruptcy accounts EUR19.5 million

The above amount comprises the balances in bank accounts over which the
bankruptcy trustees have immediate control.  A variety of costs have already
been deducted from this amount.  Allowance should be made for an estimated
EUR 700,000 in costs made until the end of September 2003 and which still
need to be deducted
from the amount mentioned above. A summary of receipts and costs is included
in Schedule 3.
3.2 Liabilities

As regards claims against the bankrupt estate (boedel): the consortium of
shareholders to which reference was made in the First Public Report pursuant
to Section 73a of the Netherlands Bankruptcy Act dated July 1, 2003 has
filed a claim against the bankrupt estate in the amount of approximately
EUR0.5 million against which the bankruptcy trustees have challenged in
writing.  No response to this challenge has been received to this date.  Mr.
and Mrs. Wilson have submitted their claim of EUR7.4 million primarily as a
claim against the bankrupt estate and alternatively as an unsecured claim.
The bankruptcy trustees have challenged this claim.  Some of the claims made
by supervisory directors should in part be paid as a claim against the
bankrupt estate.

As regards first-ranking and unsecured claims: a list of claims received as
per September 23, 2003 has been appended hereto as Schedule 4.

The following comments are applicable hereto.  A choice was made to hold a
meeting of creditors at an earlier date than customary in the Netherlands in
order to gain a first overview of the debts and to assess these claims using
the sources currently available.  During this process, claims were also
received after the formal date of submission (September 18, 2003).  In
connection with the relatively short term and the fact that some of the
creditors are foreign, all creditors that submitted claims after September
18, 2003 have been included in the lists.  A claim by GE Healthcare
Financial Services Europe in France for an amount of EUR3,464,773.22 which
was received after the closing date for the creditors' list on September 23,
2003, was not included.  The bankruptcy trustees suggest including this
claim in the list of provisionally disputed claims.  The bankruptcy trustees
also suggest to allow any other creditor who submitted its claim up to two
days prior to October 2, 2003 to participate in the claims admission
meeting.

The bankruptcy trustees note that new claims can also be submitted by
creditors after the claims admission meeting.  If this does not occur, it
may appear that the total amount of claims will be lower.  There are a
number of Reasons for this:

1) disputes generally lead to lower claims;

2) claims made by shareholders due to misleading information will
presumptively be considered subordinated (Amsterdam Court,
November 29, 2002, JOR 2003, 28); and

3) recourse claims by subsidiaries that appear to be solvent at the
termination of the wind down will be cancelled because deleted, because
distribution of such claim would after all lead to a higher liquidation
payment to JOMED N.V.

4. STATUS OF JOMED GROUP COMPANIES AS PER 30 SEPTEMBER 2003

4.1 JOMED i Helsingborg International AB (Sweden)
It appeared in July 2003 that JOMED i Helsingborg International AB (JOMED
AB) had lapsed into insolvency.  The company's management filed for
bankruptcy for this reason.  The Helsingborg court declared JOMED AB
bankrupt on July 30, 2003.  Mr. Leif Ljungholm, an attorney at law who works
at the law firm Wistrand in Malmo, Sweden (also see http://www.wistrand.se),
was appointed as bankruptcy trustee.

4.2 JOMED Benelux SA (Luxembourg)

It followed from the wind down analysis of JOMED Benelux SA (Benelux SA)
that the solvency of this company would depend on it being reimbursed in
full on all its intercompany claims.  As Benelux SA has a substantial
intercompany claim against JOMED AB and it is not to be expected that JOMED
AB will be able to pay off this debt -- in its entirety -- it was decided to
file for the bankruptcy of Benelux SA.  On September 19, 2003 the Luxembourg
court of the Grand Duchy of Luxembourg declared Benelux SA bankrupt.  Mr
Gaston Stein, an attorney at law who works for the at the law firm of Weber,
Stein, Thiel & Knaff in Luxembourg, Grand Duchy of Luxembourg, was appointed
as bankruptcy trustee.

4.3 JOMED, Inc. and JOMED USA, Inc. (United States of America)
As for the U.S. situation, it should be noted that the interim management
recruited in this country has taken charge of the wind down of JOMED, Inc.
and JOMED USA, Inc, to which end it has engaged legal counsel to assist it
in the wind down.

JOMED Inc. develops an application called the Catheter Pump (the "C-Pump").
The C-Pump is an application that when inserted into the arteries opens
small propeller blades which then rotate and improve the blood circulation
in places where the blood circulation is poor.  To the extent that the
bankruptcy trustees as the representatives of the shareholder (i.e. JOMED
N.V.) have a vote therein, they are following these developments critically.
Significant investments are necessary for further development and testing.
The situation with respect to the patents is unclear.  The original inventor
still has certain rights.  To date, no interested buyer or financier has
been found for the C-Pump.  JOMED GmbH has invested approximately USD 6
million and JOMED Inc. invested approximately the same amount.

4.4 JOMED Catheter, Inc. (United States of America)

The management of JOMED Catheter, Inc. has also engaged legal counsel to
assist in the wind down of this company.

4.5 JOMED GmbH and JOMED Deutschland GmbH (Federal Republic of Germany) Both
German companies may be facing substantial additional tax claims imposed by
the German tax authorities.  Discussions between the relevant parties are
still under way.  At present it is not possible to make any concrete
statements concerning the outcome of these discussions and the potential
impact on the two companies (including the wind down mechanism to be applied
to them).

4.6 JOMED AG (Switzerland)

It is expected that JOMED AG will be able to cease to exist through
voluntary liquidation following the settlement of all its debts, with the
residual balance -- if any -- accruing to JOMED N.V. JOMED AG paid ING Bank
N.V. (ING) EUR6 million pursuant to a declaration of joint and several
liability in July 2003.  This was a necessary payment as the financing
documents of ING contained a negative pledge provision, which provision
prohibited the sale of the assets of, inter alia, JOMED AG without the prior
permission of ING.  The recourse claim is booked as a claim on JOMED Benelux
SA, but JOMED AG has also submitted this claim to JOMED N.V.  JOMED AG can
also submit this claim to other JOMED companies that were jointly and
severally liable to ING.

4.7 JOMED Distribution Centre B.V. (Netherlands)

The Amsterdam District Court on September 16, 2003 declared JOMED
Distribution Centre B.V. bankrupt.  Mr. Christiaan R. Zijderveld, an
attorney at law who works for the Amsterdam based law firm of Houthoff
Buruma, was appointed as bankruptcy trustee.

4.8 JOMED Benelux B.V. (Netherlands)

The same is applicable as for JOMED Distribution Centre B.V. (See 4.7).

4.9 JOMED France S.a.r.l. (France)
Insufficient information is currently available on JOMED France S.a.r.l. to
go into detail on the wind down of this company.

4.10 JOMED Italia S.p.a. (Italy)
Insufficient information is currently available on JOMED Italia S.p.a. to go
into detail on the wind down of this company.

4.11 JOMED Belgium SA (Belgium)

For now it appears from the wind down analysis which has been prepared for
JOMED Belgium SA that this company will be able to cease to exist through
voluntary liquidation following the settlement of all its debts, with the
residual balance -- if any -- accruing to JOMED N.V.

4.12 JOMED Poland Sp.zo.o (Poland)

For now it appears from the wind down analysis which has been prepared for
JOMED Poland Sp.zo.o that this company will be able to cease to exist
through voluntary liquidation.  In this respect the intercompany claim from
JOMED AB will probably be repaid to a larger extent.

4.13 JOMED SA (Pty) Ltd. (South Africa)

For now it appears from the wind down analysis which has been prepared for
JOMED SA (Pty) Ltd. that this company will be able to cease to exist through
voluntary liquidation following the settlement of all its debts, with the
residual balance -- if any -- accruing to JOMED N.V.

4.14 JOMED Austria GmbH (Austria)

Insufficient information is currently available on JOMED Austria GmbH to go
into detail on the wind down of this company.

4.15 JOMED UK Ltd. (United Kingdom of Great Britain and Northern Ireland)

Insufficient information is currently available on JOMED UK Ltd. to go into
detail on the wind down of this company.

4.16 JOMED Singapore Ltd. (Singapore)

Having been dormant for some time, JOMED Singapore Ltd. is to be wound down
through voluntary liquidation, with any residual balance accruing to its
shareholder.

4.17 EndoSonics Europe B.V. (Netherlands)

The Amsterdam District Court on 23 September 2003 declared EndoSonics Europe
B.V., bankrupt.  Mr Christiaan R. Zijderveld, an attorney at law who works
for the Amsterdam based law firm of Houthoff Buruma, was appointed as
bankruptcy trustee.

4.18 EndoSonics Nederland B.V. (Netherlands) and EndoSonics France S.a.r.l.
(France)

EndoSonics Nederland B.V. is merely a holding company, and has no other
assets other than the shares it holds in the capital of EndoSonics Europe
B.V.  As far as is currently known, EndoSonics France S.a.r.l. appears to be
a dormant and empty company which has no assets of its own.

4.19 JOMED Imaging Ltd. (United Kingdom)

JOMED Imaging Ltd. is a company that, to the extent known to the bankruptcy
trustees, currently has no activities and only holds Intellectual Property
rights.  On the grounds of its obligations under the agreement with Volcano,
JOMED N.V. supports the managing directors of JOMED Imaging Ltd. in
negotiations on the issue of a patent license to Volcano and JOMED N.V. has
offered the shares it holds in JOMED Imaging Ltd. to Volcano Imaging Ltd.
The managing directors of JOMED Imaging Ltd. are currently investigating
together with the bankruptcy trustees of JOMED N.V. how JOMED Imaging Ltd.
can be wound down.

4.20 Valvetech AB and Syndeon AB (Sweden)

Valvetech AB and Syndeon AB are two companies which JOMED N.V. acquired in
November 2002.  These companies are currently empty. JOMED N.V. took over
the companies' full complement of assets (consisting of a handful of
patents) immediately following acquisition, for an amount which is yet
unknown.

4.21 Corline Systems AB (Sweden)

Insufficient information is currently available on Corline Systems AB to go
into detail on the wind down of this company.

4.22 JOMED Canada Inc.

In the First Public Report pursuant to Article 227 of the Netherlands
Bankruptcy Act dated 10 March 2003, mention was made of a loan furnished by
JOMED N.V. of CAD 2.5 million.  This loan was furnished in August 2002 to
the ultimate shareholders of the joint venture partner of JOMED Canada Inc.
not being JOMED AB.  These shareholders dispute that the amount of CAD2.5
million can be qualified as a loan and argue that this is an advance payment
on a share option. In addition, JOMED Canada Inc. argues that it has claims
on JOMED AB and JOMED N.V. on the grounds of, inter alia, mismanagement.

In order to avoid lengthy and expensive proceedings, the bankruptcy trustees
and the bankruptcy trustees of JOMED AB on the one hand, and JOMED Canada,
Inc. and the other joint venture partner on the other hand, have commenced
discussions in order for the parties to settle their differences. In this
respect the parties have agreed on a distribution of the possessions of
JOMED Canada Inc.  The settlement arising from this will yield a maximum of
EUR0.8 million for JOMED N.V. and EUR1.8 million for JOMED AB.  This
agreement has been made subject to the approval of the supervisory judge in
the bankruptcy of JOMED N.V. and the supervisory authority for the
bankruptcy of JOMED N.V.

4.23 JOMED de Venezuela, SA, JOMED do Brasil Ltda. and JOMED Australia PTY
Ltd.

The bankruptcy trustees assume that the wind down of the participations in
JOMED de Venezuela, SA, JOMED do Brasil Ltda. and JOMED Australia PTY Ltd.
will not result in a positive liquidation balance for JOMED N.V.
Nevertheless, as a creditor of these companies JOMED AB will attempt to
recover the claims it has on these companies.

5. FINANCIAL ANALYSIS OF JOMED GROUP

Reference is made to Schedule 5 to this Report for a financial analysis of
the JOMED Group, which has been prepared with the assistance of PwC.

6. MISCELLANEOUS

6.1 Filing of Claims

The Supervisory Judge has set September 18, 2003 as the date, as per Section
108 of the Netherlands Bankruptcy Act, for the filing of claims in the
bankruptcy of JOMED N.V.  The bankruptcy trustees have duly notified such
creditors as are known to them and put an advertisement in "Het Parool" and
"Het Financieele Dagblad" publicizing this date.

6.2 Claims Admission Meeting

The supervisory judge had scheduled the claims admission meeting for 10.00
a.m. on October 2, 2003.  The claims admission meeting was held - contrary
to earlier reports - in the Purple Room (Paarse Zaal) of the Amsterdam
District Court building on Parnassusweg 220 in Amsterdam.

The Netherlands bankruptcy law stipulates that only creditors of JOMED N.V.
are entitled to attend the claims admission meeting.  In the course of such
meeting the bankruptcy trustees will announce which claims they will
acknowledge and if so, for what amounts and which claims they are
challenging.  According to the Netherlands bankruptcy law the debtor itself
(i.e. JOMED N.V.) and such creditors as are in attendance have the right to
challenge the claims brought by other creditors.  In the event of either the
bankruptcy trustees and/or any of the creditors mounting such challenge, the
debate concerning the existence and/or level of challenged claims is to be
continued in the form of claim validation proceedings before the Amsterdam
District Court.

This Second Public Report pursuant to Section 73a of the Netherlands
Bankruptcy Act also serves as the report pursuant to Section 137(1) of the
Bankruptcy Act.

The supervisory judge will furthermore consult attending creditors on the
possible installation of a creditors committee.  No draft composition has
been tendered on the part of JOMED N.V.

6.3 Dissemination of Information to Creditors

The bankruptcy trustees' Public Reports can be consulted by logging on to
http://www.houthoff.com/JOMED. The Third Public Report will be published in
three months time.  The bankruptcy trustees will provide the creditors with
interim information where such is called for.

Creditors wishing to be informed by E-mail of the publication of reports by
the bankruptcy trustees are invited to submit their E-mail address to
c.zijderveld@houthoff.com

This is an English translation of the official Dutch-language Second Public
Report pursuant to Section 73a of the Netherlands Bankruptcy Act, which is
also available for inspection at http://www.houthoff.com/JOMED. In the
event of any discrepancy between the Dutch source text and the English
transaction, the former will prevail.  Hard copies of the public reports are
available for complimentary inspection at the Court Registry of the
Bankruptcy Division of the Amsterdam District Court.  The Court does not
provide free copies.

Amsterdam, 30 September 2003

CONTACT:  Mr. R.J. graaf Schimmelpenninck
          Mr. M.Ph. van Sint Truiden
          Parnassusweg 126
          NL-1076 AT Amsterdam, The Netherlands
          Address for correspondence:
          P.O. Box 75505
          NL-1070 AM Amsterdam, The Netherlands
          Phone: +31 20 5772326
          Fax: +31 20 5772734


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METROMEDIA INTERNATIONAL: PeterStar Buys Baltic Communications
--------------------------------------------------------------
Metromedia International Group, Inc. (currently traded as: OTCPK:MTRM -
Common Stock and OTCPK:MTRMP - Preferred Stock), the owner of interests in
various communications and media businesses in Russia, Eastern Europe and
Georgia, announces that PeterStar, the leading competitive local exchange
carrier in St. Petersburg, Russia, of which the company has a 71% business
interest, acquired the company's 100% ownership interest in Baltic
Communications ZAO, a local and long distance telephony operator in St.
Petersburg, Russia.  Approval for the transaction has been received from the
Russian Committee on Antimonopoly Policy.

The total consideration for this transaction is approximately US$3.8
million, which will be self-financed by PeterStar.  Of this amount, the
company will receive, within the next couple of weeks, US$1.0 million for
its equity interest in Baltic Communications with the remaining US$2.8
million being paid to the company prior to June 30, 2004 for the settlement
of Baltic Communications's outstanding shareholder debt owed to Metromedia
International Group.

In making this announcement, Ernie Pyle, Senior Vice President and Chief
Financial Officer of the company, commented: "This transaction lays a
foundation for more coherent organization of Company-owned business
interests in St. Petersburg and will serve to increase the enterprise value
of both Baltic Communications and PeterStar.  This is also accomplished with
the Company retaining control over Baltic Communications and rights to
consolidate its financial results."

Mark Hauf, Chairman and Chief Executive Officer of the Company, commented
further: "This transaction facilitates the integration of Baltic
Communications's client base, infrastructure and supporting staff into
PeterStar.  Costs to serve Baltic Communications's current customers will be
substantially lowered as the result of scale advantages achieved thereby
offering us the realistic prospects for improving the profitability of
revenues now generated by Baltic Communications.  In addition, PeterStar
will also benefit from the redeployment of Baltic Communications's already
well-trained staff and approximately 95 kilometer fiber network
infrastructure in St. Petersburg and the Leningrad district."

About Metromedia International Group

Through its wholly owned subsidiaries, the company owns communications and
media businesses in Russia, Eastern Europe and Georgia.  These include
mobile and fixed line telephony businesses, wireless and wired cable
television networks and radio broadcast stations.  The company has focused
its principal attentions on continued development of its core telephony
businesses in Russia and Georgia, while undertaking a program of gradual
divestiture of its non-core media businesses.  The company's non-core media
businesses are comprised of seven cable television networks, including
operations in Russia, Romania, Belarus, Moldova, Lithuania and Georgia.  The
company also owns interests in seventeen radio businesses operating in
Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech Republic.  The
company's core telephony businesses include Peterstar, the leading
competitive local exchange carrier in St. Petersburg, Russia, and Magticom,
the leading mobile telephony operator in Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 212-527-3800, ext. 112
          Homepage: http://www.metromedia-group.com


MMK FINANCE: Standard & Poor's Rates Senior Unsecured Notes 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to the proposed
issue of five-year senior unsecured notes by MMK Finance SA (the amount will
be finalized during the placement, but is expected to be about $300 million
to $350 million).  The notes are guaranteed by related Russian steel company
OAO Magnitogorsk Metallurgical Kombinat (B/Positive/--).

The proceeds of the notes will be used to refinance a portion of OAO
Magnitogorsk Metallurgical Kombinat's existing debt and to fund its facility
modernization program.

The rating on the bond reflects the long-term corporate credit rating on OAO
Magnitogorsk Metallurgical Kombinat.  In the short term, the key uncertainty
for OAO Magnitogorsk Metallurgical Kombinat is the privatization of the
Russian government's 23.76% stake in OAO Magnitogorsk Metallurgical
Kombinat, which is scheduled for later this year.  OAO Magnitogorsk
Metallurgical Kombinat's management currently controls a 62% stake in the
company and is expected to seek control of the government stake.

The effect of the privatization process on the company's credit quality is
still uncertain and will depend on the identity of the successful buyer, the
price to be paid, and the structure of the transaction.

In addition, the ratings on OAO Magnitogorsk Metallurgical Kombinat reflect
the steel industry risks, the company's position as a land-locked
export-oriented commodity manufacturer with high capital requirements, and
the risks of operating in the Russian Federation (foreign currency:
BB/Stable/B; local currency: BB+/Stable/B).

These risks are offset, however, by the company's low, albeit eroding, cost
base, supported by access to low-cost energy and labor resources, and by its
currently strong financial profile. This improves the company's resilience
to industry downturns.  Furthermore, OAO Magnitogorsk Metallurgical Kombinat
has been able to demonstrate high profitability and healthy debt protection
ratios.

Standard & Poor's believes OAO Magnitogorsk Metallurgical Kombinat 's
current strengths are likely to warrant a one-notch upgrade if the
privatization does not significantly drain the company's financial resources
or threaten to alter its demonstrated strategy of measured investment in
modernization. OAO Magnitogorsk Metallurgical Kombinat 's credit quality is
expected to benefit from the improving sovereign environment in Russia and
the company's resilience to industry pressures, if the company maintains its
competitive cost base and curbs working capital outlays.


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


ABB LTD.: Corners US$30 Million Contract in Russia
--------------------------------------------------
ABB, the leading power and automation technology group, has won a major
share of the contract to create a telecommunications system for the giant
Sakhalin II oil and gas development on Sakhalin Island, in eastern Russia.
ABB's participation in the project is worth more than US$30 million.

"This award represents a breakthrough for our telecommunications business in
the oil and gas markets, especially in the Commonwealth of Independent
States," said Dinesh Paliwal, head of ABB's Automation Technologies
division.  "The Sakhalin development is attracting the largest direct
foreign investment in Russia to date, and ABB will play a major role in its
completion."

Under the contract, ABB is one of two principal subcontractors to Summit
Kriljon-Service Telecom, a joint venture company established by the Japanese
Sumitomo Corporation and the Russian telecommunications engineering company
Kriljon-Service for the Sakhalin II telecommunications project.  Summit
Kriljon-Service Telecom is the project leader responsible for project
services and contract maintenance.

ABB is responsible for project management, engineering, quality assurance,
health, safety and environment, as well as supply, installation and
commissioning of all telecommunication equipment for Sakhalin II.  In July
2002, ABB signed a US$987 million contract with Exxon Neftegas Limited to
develop onshore oil and gas processing and well-site support facilities for
Sakhalin 1.

For Sakhalin II, ABB will develop 18 different telecommunications systems
for three offshore platforms; an onshore processing facility, LNG plant and
oil export terminal; 800 kilometers of pipeline and about 110 valve
stations; two ports; temporary telecom systems for six construction camps;
and infrastructure upgrades.

The main project office will be in Bergen, Norway, for the engineering
phase, and move to Sakhalin Island for installation and commissioning.
Russian engineers from Kriljon-Service will work alongside their Norwegian
counterparts to maximize knowledge transfer and information exchange.

ABB (http://www.abb.com)is a leader in power and automation technologies
that enable utility and industry customers to improve performance while
lowering environmental impact.  The ABB Group of companies operates in
around 100 countries and employs about 133,000 people.

                              *****

ABB Ltd. is currently disposing assets to reduce debt to US$6.5 billion by
year's end.  The engineering company's debt burden reached US$8.3 billion at
the end of the second quarter.


ZURICH FINANCIAL: Closes Sale of Threadneedle to U.S. Buyer
-----------------------------------------------------------
Zurich Financial Services Group announced Wednesday the completion of the
sale of Threadneedle Asset Management Holdings Ltd. to American Express
Financial Corporation.  This transaction was announced on June 16, 2003.
The transaction value of approximately GBP340 million (approximately US$565
million at current exchange rates) was paid in cash on completion.

Threadneedle will maintain its close working relationship with Zurich's U.K.
distribution network, which will continue to have access to Threadneedle
investment products and services.

Zurich Financial Services is an insurance-based financial services provider
with an international network that focuses its activities on its key markets
of North America, the United Kingdom and Continental Europe.  Founded in
1872, Zurich is headquartered in Zurich, Switzerland.  It has offices in
more than 50 countries and employs about 64,000 people.

CONTACT:  Zurich Financial Services
          Media and Public Relation
          8022 Zurich, Switzerland
          Phone: +41 (0)1 625 21 00
          Fax: +41 (0)1 625 26 41
          Homepage: http://www.zurich.com


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


BRITISH BIOTECH: Changes Name to Vernalis Plc
---------------------------------------------
British Biotech plc announces that all the resolutions tabled at the Annual
General Meeting held October 1, 2003, including the resolution to change the
name of the company to Vernalis plc, were passed.  The resolutions relating
to special business have been sent to the U.K. Listing Authority and are
available to the public for inspection at the Document Viewing Facility in
accordance with the Listing Rules.  From October 1, the company will be
called Vernalis plc.

Vernalis plc ordinary shares will, until on or about October 22, 2003, trade
on the London Stock Exchange under the ticker 'BBG' and its American
Depository Shares will trade on the NASDAQ National Market under the ticker
'BBIOY'.

Vernalis Group plc will continue to trade under the ticker 'VER' until the
cancellation of its listing on the London Stock Exchange becomes effective
on or about October 22, 2003.  At this date, Vernalis plc, the post merger
company, will adopt the 'VER' ticker on the London Stock Exchange.  The
company will adopt the ticker 'VNLS' in respect of its American Depository
Shares in due course.

CONTACT:  BRITISH BIOTECH PLC
          Phone: +44 (0) 1865 781166 (thereafter)
          Contact:
          Simon Sturge, Chief Executive Officer
          Tony Weir, Chief Financial Officer

          BRUNSWICK GROUP
          Contact:
          Jon Coles
          Phone: +44 (0) 20 7404 5959


BRITISH ENERGY: Creditors Approve Restructuring Proposal
--------------------------------------------------------
The Board of British Energy announced on Wednesday that it has agreed to the
terms of a proposed restructuring of the British Energy group of companies
(the Group) with certain of its creditors and the Secretary of State for
Trade and Industry.  The Proposed Restructuring gives effect to the heads of
terms signed on February 14, 2003.  Completion of the Proposed Restructuring
is subject, among other things, to receipt by the Secretary of State of a
satisfactory notification from the
European Commission that insofar as the proposals involve the grant of State
aid by the U.K. Government, such aid is compatible with the common market.
The Secretary of State expects to receive this notification by mid 2004.

On February 14, 2003, the Board announced that it had reached agreement in
principle with certain creditors of the Group for the standstill, compromise
and restructuring of their claims.  The formal documentation to implement
the Proposed Restructuring has now been agreed with certain creditors and
the Secretary of State who have signed conditional agreements, for the
implementation of the Proposed Restructuring including the restructuring of
the Group's nuclear liabilities agreed with the Secretary of State on
November 28, 2002.

The objectives of the Proposed Restructuring are to ensure the long term
viability of the Group and to enhance its liquidity position through the
implementation of a series of measures, including the maintenance of cash
reserves to enable the Group to meet its operating costs, capital
expenditure requirements and debt service obligations in a variety of
trading and operating environments.

Adrian Montague, Chairman of British Energy, said: "This is a major step
forward in the Group's financial restructuring.  With the commitment and
agreement of its creditors, the company can make progress towards maximizing
the Group's operational performance to the benefit of all its stakeholders.
The restructuring recognizes the overwhelming claims of creditors and
preserves some value for shareholders if we can proceed with their
co-operation."

Mike Alexander, Chief Executive of British Energy, said: "Formal agreement
on the Group's financial restructuring will allow us to focus our energies
on our nuclear performance improvement program.  We are determined to see
British Energy return to being a prominent and respected participant in the
U.K. energy market."

Terms of the Proposed Restructuring

(a) The terms of the Proposed Restructuring are set out in a restructuring
agreement entered into today by certain Group companies, Enron Capital &
Trade Europe Finance LLC, Teesside Power Limited, Total Gas & Power Limited,
The Royal
Bank of Scotland plc and British Nuclear Fuels plc (the Creditor
Restructuring Agreement).

(b) The Creditor Restructuring Agreement has also been entered into by the
members of the ad hoc committee of British Energy's bondholders.  The
steering committee of the lenders and swap providers in the Eggborough Bank
syndicate (each lender and swap provider in the syndicate an 'Eggborough
Bank') has also agreed to enter into the Creditor Restructuring Agreement
subject to receipt of credit committee approvals.

(c) These creditors has agreed (subject to certain conditions) to extinguish
their existing claims against the Group in exchange for GBP275 million of
new bonds, GBP150 million of CTA Bonds (see below) and 97.5% of the issued
ordinary shares of the restructured group.

(d) The terms of the Proposed Restructuring in respect of the arrangements
between the Secretary of State and the Group are set out in a restructuring
agreement entered into by certain Group companies, the Secretary of State
and the Nuclear Generation Decommissioning Fund Limited (to be renamed
Nuclear Liabilities Fund Limited) (the NLF) (the Government Restructuring
Agreement).  Under the agreements to be entered into pursuant to the
Government Restructuring Agreement, the NLF will assume financial
responsibility for discharging certain of the Group's uncontracted nuclear
liabilities and the costs of decommissioning the Group's nuclear power
stations and the Secretary of State will assume financial responsibility for
certain of the Group's contracted nuclear liabilities and any shortfall in
the NLF.

(e) In consideration for this assumption of financial responsibility, the
restructured Group will issue GBP275 million in new bonds to the NLF.  In
addition, members of the Group will make the following payments to the NLF:
(i) fixed decommissioning contributions of GBP20 million per annum (indexed
to RPI and tapering as stations are scheduled to close); (ii) GBP150,000
(indexed to RPI) for every ton of fuel loaded into the Sizewell B reactor
after completion of the
Proposed Restructuring; and (iii) an annual contribution equal to a
percentage of the Group's adjusted cash flow (initially, and not to exceed,
65% subject to adjustment) (the 'NLF Cash Sweep Payment').

(f) The entitlement of the NLF to a percentage of the Group's adjusted cash
flow is convertible into an equity shareholding in the Group equal to the
same percentage of the thereby enlarged issued share capital.  The terms of
the convertible ordinary shares into which such entitlement will convert
will limit the general voting rights attaching to such shares to a maximum
of 29.9%.

(g) The Eggborough Banks, as creditors with security over Eggborough Power
Limited, have agreed (subject to certain conditions) to replace their
existing claims with a right to payments under an Amended and Restated
Credit Agreement having a payment profile equivalent to GBP150 million of
new bonds (the CTA Bonds).  In addition, the Eggborough Banks will have an
option to acquire the Eggborough station either through a share or asset
purchase in 2010 upon payment of a GBP104 million break fee and the
extinguishments of the then GBP83 million of outstanding CTA Bonds.  This
option may be accelerated in the event of a default under the Amended Credit
Agreement.  The security over Eggborough Power Limited under the Amended
Credit Agreement will secure both the GBP150 million bond-equivalent
payments and, through an indemnity for non-performance, the option
acceleration.

(h) The restructuring proposals set out in the Creditor Restructuring
Agreement are subject to:
     (i) sufficient additional bondholders signing up by October
        13, 2003 to reach 75  % of the combined amount owing to
        the bondholders and RBS (or such lesser percentage as
        may be agreed);
    (ii) approval prior to October 31, 2003 by the credit
        committee of RBS; and (iii) a majority in number of the
        Eggborough Banks holding over 75  % (or such lesser
        percentage as may be agreed) of the combined amount
        owing to them signing up by October 31, 2003 with full
        credit committee approvals.

(i) As part of the Proposed Restructuring, the Company has agreed with
certain creditors that British Energy's existing shareholders will, if they
approve the Members' Scheme, receive new ordinary shares equal to 2.5% of
the share capital of the Group immediately following implementation of the P
roposed Restructuring as well as warrants to subscribe for a further 5.0% of
the Group's fully diluted share capital (excluding the impact of conversion
of the NLF Cash Sweep Payment) immediately following implementation of the
Proposed Restructuring.  This will result in a very significant dilution to
the holdings of the existing shareholders. If the shareholders do not vote
in favor of the Members' Scheme but instead vote in favor of the Disposal
Route, they will receive only the warrants.  If the shareholders do not vote
in favor of either proposal, they will receive no shares or warrants (see
'Mechanics for Implementation' and 'Shareholder Allocation' below).

(j) The standstill arrangements entered into by British Energy and certain
of its creditors on February 14, 2003 have been extended and will continue
while the Proposed Restructuring is being implemented (subject to the
occurrence of certain termination events).

(k) The secured loan provided to British Energy by the Secretary of State
will also continue to be available while the Proposed Restructuring is being
implemented, subject to the terms and conditions of the relevant agreement.
The proceeds from the disposal of AmerGen (subject to completion), when
received, will be used to repay drawings under the facility and to fund the
cash reserves.

If the required approvals are not forthcoming within the timescales
envisaged, or if the assumptions underlying the Proposed Restructuring are
not fulfilled, or the conditions to the Proposed Restructuring are not
satisfied or waived, then the Group may be unable to meet its financial
obligations as they fall due and therefore the Group may have to take
appropriate insolvency proceedings.  The Board considers that, in the event
of insolvency, distributions, if any, to unsecured creditors may represent
only a small fraction of their unsecured liabilities and there is unlikely
to be any return to shareholders.

The above is a summary only and investors and others are strongly advised to
read the entire announcement, which contains additional important
information not included in this summary.

To See Full Copy of Restructuring Agreement:
http://bankrupt.com/misc/British_Energy_Restructuring.htm

CONTACTS:  BRITISH ENERGY
           Paul Heward, Investor Relations
           Phone: +44 1355 262 201


BRITISH ENERGY: Fitch Labels Any Rating on New Bonds Speculative
----------------------------------------------------------------
British Energy plc has announced the agreement of certain significant
creditors to a Creditor Restructuring Agreement.  The Creditor Restructuring
Agreement has been entered into by members of the ad hoc committee of the
holders of British Energy's bonds.  The agreement is subject to sufficient
additional bondholders signing up by October 31, 2003 to reach 75% of the
combined amount owing to the bondholders and the Royal Bank of Scotland (or
such lesser percentage as may be agreed).  The Creditor Restructuring
Agreement is also subject to approval, prior to October 31, 2003, by inter
alia the credit committee of Royal Bank of Scotland.

At the same time, agreement has been reached with the steering committee of
the lenders and swap providers in the bank syndicate which financed the
Eggborough power plant on a secured project finance basis.  The Creditor
Restructuring Agreement is further subject to the consent, with full credit
committee approval, of a majority in number of the Eggborough banks holding
at least 75% of the combined amount owing to them, such consent to be
received by October 31, 2003.  The standstill arrangements entered into on
February 14, 2003 and currently in force will remain in place until
completion of the proposed restructuring.  Ordinary creditors will continue
to be paid in full as the relevant amounts fall due.

Obtaining approval for the Creditor Restructuring Agreement, successful
execution of which will not be capable of being implemented until summer
2004, avoids for the moment an insolvency under which existing unsecured
creditor recoveries (including bondholders) would most likely be reduced to
a de minimis or zero level.  In addition to the creditor approvals announced
today, the Creditor Restructuring Agreement will also remain conditional
upon receipt of satisfactory state aid approval from the European Commission
and U.K. tax and regulatory clearances; and various agreements with the U.K.
government and fuel supplier BNFL becoming unconditional.  The Creditor
Restructuring Agreement will automatically terminate if these conditions are
not met in full by the earlier of January 31, 2005 or the date falling 120
days after the initial conditions have been satisfied.

New Bonds

In addition to receipt of 52.3% of the ordinary share capital of the
restructured entity, the core of the restructuring for existing bondholders
revolves around the proposed issue of GBP700 million in new bonds (the New
Bonds) to replace the compromised claims of existing unsecured significant
creditors of the British Energy group.

At the request of British Energy, Fitch has undertaken a rating assessment
of a variety of possible scenarios for the New Bonds.  The rating assessment
examined a number of potential future scenarios, and a number of potential
structures, elements of which may not be valid or applicable for the final
restructuring of the group.

As part of its statement on progress with the proposed restructuring,
British Energy wishes to provide generic feedback to the markets on the
conditional ratings communicated to British Energy at the conclusion of this
assessment.  While the detail of the feedback, and conditional rating
levels, remain confidential, Fitch can confirm that the conditional ratings
on the possible scenarios outlined by British Energy fell within the
speculative grade.  The conditional ratings communicated to British Energy
are contingent upon the eventual restructuring taking place in essentially
the form of the information and scenarios provided by British Energy to
Fitch and no other significant change of circumstances which would in the
normal course of events result in a change in Fitch's rating.  As noted
above, any final restructuring may conceivably take a form different from
that considered in the rating assessment, at which time any public ratings
assigned by Fitch to the New Bonds may also differ from those indicated to
British Energy as part of this rating assessment.

Existing Bonds

The conditional ratings are independent of the existing published ratings
assigned to British Energy's existing bonds (the Existing Bonds) - GBP110
million 5.95% Guaranteed Bonds, originally due in 2003; GBP163 million 6.08%
Guaranteed Bonds due in 2006 and GBP135 million 6.20% Guaranteed Bonds due
in 2016.  The ratings assigned to the Existing Bonds have been downgraded on
Wednesday from 'C' to 'D' following increased certainty that a restructuring
event will occur in respect of the senior unsecured bondholders to a level
which would indicate that a default is now the most appropriate rating.  The
'D' rating additionally reflects the lowest likely recovery band anticipated
for the Existing Bonds of below 50%.

Next Steps The next material date for British Energy will be October 31,
2003, by which date the remaining creditor consents required to meet the 75%
acceptance thresholds must be received.  Over the medium-term, successful
conclusion of the Creditor Restructuring Agreement would allow British
Energy to increase the flexibility of its cost base (due to the renegotiated
agreements with BNFL); reduce the group's substantial long-term
non-financial liabilities and create a structure, which initially benefits
from a sizeable cash reserve.  British Energy would nonetheless retain a
material residual exposure to the volatility of U.K. wholesale prices for
electricity, and pronounced leverage to the output volumes of its nuclear
operating fleet.

Alternatively, failure to satisfy the conditions to the Creditor
Restructuring Agreement is likely to reduce the level of recoveries from the
already low level assumed by Fitch to a de minimis figure or zero.  The
agreements concerning both the group's GBP3.9 billion of back-end fuel and
decommissioning costs and the revised terms of fuel cycle services provision
by BNFL are conditional upon successful implementation of the proposed
restructuring.  In addition, British Energy has received legal advice that
the uncontracted nuclear liabilities and nuclear decommissioning liabilities
would have effective priority over other creditors in a liquidation.
Administration would also have materially adverse implications for the
group's liquidity position, given the collateral requirements of British
Energy's trading operations.

Fitch will comment further as the restructuring progresses.

CONTACT:  FITCH RATINGS
          Richard Hunter, New York
          Phone: +1 917 864 0434
          Isaac Xenitides, London
          Phone: +44 20 7417 4300
          Graeme Marks, London
          Phone: +44 20 7862 4086


BRYANSTON INSURANCE: Creditors Approve Early Closure of Scheme
--------------------------------------------------------------
Subject to a Scheme of Arrangement with its Scheme Creditors, Pursuant to
Section 425 of the Companies Act 1985, which became effective on April 13,
1994.

At the Special Meetings of Scheme Creditors with Potentially Protected
Liabilities and Scheme Creditors with Scheme Liabilities other than
Potentially Protected Liabilities, both held at Chartered Insurance
Institute, 20 Aldermanbury, London EC2V 7HY on June 26, 2003, the Special
Resolution designed to bring about the early closure of the Scheme was
approved by the requisite majority of Scheme Creditors.  A copy of this
notice verifying the outcome of the vote has been published on Bryanston's
website, http://www.bryanstoninsurance.co.uk

As detailed in the Special Resolution, all Scheme Creditors to whom the
notice of the Special Meetings was given will receive a Claim Form from the
Scheme Administrator.  Scheme Creditors with Scheme Liabilities other than
Potentially Protected Liabilities have until the Bar Date, January 27, 2004,
to submit details of their claims on their Claim Forms.  Any such Scheme
Creditors who do not return their Claim Form before the Bar Date will be
deemed to have accepted as their total claim against Bryanston the amount
shown on their Claim Form as sent or made available to them, which may be
nil.

Scheme Creditors with Potentially Protected Liabilities are subject to the
same provisions as other Scheme Creditors for the agreement of claims in the
Scheme, except that the Bar Date does not affect their right to make claims
in respect of Potentially Protected Liabilities if and when they
subsequently mature into payable claims.  As and when they mature, all
future claims should be presented, as they have been throughout the Scheme,
to Bryanston's run-off managers.

Scheme Creditors should return the completed Claim Form by email to
bryanston@omniwhittington.co.uk or by post to the Scheme Administrator at
the following address:

Bryanston Insurance Company Limited,
C/o Omni Whittington Insurance Services Limited,
Omni Whittington Court, Whitfield Street,
Gloucester GL1 1NA, England.

If you have any questions please contact the Bryanston team at Omni
Whittington on the following telephone and fax numbers:

Phone: +44 (0) 1452 428000
Fax: +44 (0) 1452 301387

Pab Evans, PricewaterhouseCoopers LLP
Scheme Administrator


CALEDONIA INVESTMENTS: Cayzer Has Until October 17 to Offer Bid
---------------------------------------------------------------
Following recent representations made by the respective advisers to
Caledonia and Cayzer Continuation Limited and Caledonia Realisation Limited,
the Panel Executive has been considering the application of Rule 35.1(b) of
the Code to the announcement made by Cayzer Continuation Limited and
Caledonia Realisation Limited on September 5, about proposals which, if
implemented, would lead to the restructuring of Caledonia and The Cayzer
Trust Company Limited.  The Proposals, insofar as they relate to Caledonia,
would be effected through a transaction, which would be subject to the Code.

The Panel Executive has noted the announcement made by Cayzer Trust Company
on September 15, that it has convened an EGM of Cayzer Trust Company
shareholders to be held on October 2, to consider a resolution that the
decision of the Board of Cayzer Trust Company to reject the Proposals be
endorsed.

The Panel Executive has ruled that, if the Resolution is passed at the EGM,
Cayzer Continuation Limited and Caledonia Realisation Limited must, by 12
noon on Friday October 17, either announce an offer for Caledonia under Rule
2.5 of the Code or announce that the Proposals have been withdrawn.  No
extension to this deadline will be granted, except with the consent of the
Panel.  In the event that Cayzer Continuation Limited and Caledonia
Realisation Limited announce that the proposals have been withdrawn, Cayzer
Continuation Limited and Caledonia Realisation Limited and each of the
parties named below (being those persons acting in concert with Cayzer
Continuation Limited and CR) will, except with the consent of the Panel, be
prohibited for a period of six months from the date of that announcement
from:

(a) further promoting the Proposals;

(b) promoting any other transaction or proposal that would be
    governed by the Code;

(c) acting in concert with any person to do either of the above.

For the avoidance of doubt, this would not prevent Cayzer Continuation
Limited, Caledonia Realisation Limited or any of the parties named below
from taking any action in respect of a transaction or proposal that would
not be governed by the Code or otherwise exercising any rights attaching to,
or in respect of, any shares held in Cayzer Trust Company or Caledonia.

The parties bound by this ruling are Cayzer Continuation Limited, Caledonia
Realisation Limited, the directors of Cayzer Continuation Limited and
Caledonia Realisation Limited and the members of the Cayzer-Rotherwick Group
being Lord Robin Rotherwick, Sir James Cayzer, Mr. Nigel Cayzer, Mr. Ian
Molson and family members acting in concert with any of them.

In the event that the Resolution is not passed at the EGM, the Panel
Executive will at that time consult with the parties as to the appropriate
steps to take.

The parties concerned have accepted this ruling.


CANTERBURY FOODS: Scrambles to Trim Debt After Reporting Losses
---------------------------------------------------------------
Hull-based Canterbury Foods is planning to speed up efforts to cut its
GBP16.5 million debt, according to just-food.com.  The announcement came as
the debt-ridden company, formerly called Global Group, reported pre-tax loss
of GBP3.4 million (US$5.6 million) during the first half.  This contrasts
with the pre-tax profit of GBP1.8 million a year earlier.

Canterbury Foods previously sold its meat trading operation that helped
reduce its GBP26.8 million debt at the start of the year to GBP16.5 million.
Chief executive Paul Ainsworth said the recent disposal meant that
Canterbury could "focus on adding value in food manufacturing instead of
being reliant on buying and selling of meat on the world markets."

The company is one of the largest manufacturers of beef burgers and sausages
in the United Kingdom.


CHRISTIAN SALVESEN: Investors Shy Away Ahead of Trading Update
--------------------------------------------------------------
Fears of disappointing first-half trading results have prompted small-cap
investors to avoid logistics group, Christian Salvesen, on Wednesday, The
Times reported.

Investors were concerned that the continued economic weakness in continental
Europe, which still accounts for a large slice of sales despite Salvesen's
exit from Germany, could badly hit the group whose shares have
underperformed the U.K. market by 30% over the past year.

Salvesen's last investor briefing was at the end of July when Finance
Director Peter Aspden resigned and the logistics groups issued an update
saying trading was in line with expectations. But Salvesen has made
over-optimistic outlook in the past.

In June Christian Salvesen reported loss before tax of GBP5.5 million for
financial year to March 31, 2003.  Edward Roderick, Chief Executive of
Christian Salvesen, commenting on the results said: "This has been a
difficult year for Christian Salvesen, but we are now confident that the
restructuring is
beginning to produce real progress and should result in an improved
performance going forward."

A key indication of vagueness is an update from rival Wincanton, which
reported lower volumes in Spain and France, Salvesen's key overseas markets.
Bears noted that the profit contribution from Spain, which is expected to
break even this year, remains one of the more uncertain elements of this
year's forecasts.

Salvesen's exposure to the automotive market, given indications of falling
sales across Europe, has also caused worries among investors, the report
said.  Alastair Gunn, transport analyst at Arbuthnot Securities, repeated
his sell advice, suggesting the shares contain a takeover premium, which is
unlikely to be realized over the short term.

Shares in Salvesen fell 2 1/2p at 49p, against a 16.4 point rise in the FTSE
250 to 5,474.2.


ELDRIDGE POPE: Sells 23 Pubs for GBP5.4 Million
-----------------------------------------------
Eldridge Pope is pleased to announce that it has exchanged contracts for the
sale of 18 pubs to Inntown Pub and Property Company for a cash consideration
of GBP3.9 million and the additional recent disposals of a further five pubs
to different purchasers for a cash consideration of GBP1.5 million.  These
disposals are consistent with the Group's strategy of selected disposals of
subscale and leasehold pubs set out at the time of its interim results
announcement in June.

The units being sold to Inntown Pubs comprise eight leasehold and 10
freehold properties.  Completion is subject to landlord consent on the
leasehold properties and is expected by December 1, 2003.  The aggregate net
book value as at April 5, 2003 of the Inntown Pubs is GBP5.5 million and
they generated operating profits (pre overheads) of GBP0.2 million in the
year ended September 30, 2002 and were break-even in the six month period
ended 5 April 2003.

In addition, Eldridge Pope has entered into unrelated agreements for the
disposal of the Toad-branded pubs at Milton Keynes and Rugby, and for the
disposal of the Portsmouth Hoy, the Crown and the Rising Sun.  The aggregate
cash consideration for these properties is GBP1.5 million, with completion
of the Crown, Portsmouth Hoy and Rising Sun expected by October 3, 2003.
The disposal of the two Toad pubs are subject to landlord consent and
completion is expected by the end of October.  The aggregate net book value
as at April 5, 2003 of the five pubs is GBP3.1 million and they generated
operating losses (pre overheads) of GBP0.2 million and GBP0.3 million for
the year ended September 30, 2002 and the six month period ended April 5,
2003, respectively.

All the disposals announced are in line with management's expectations of
achievable value.  Losses on disposal of GBP3.2 million will be offset
against the provision of GBP9.5 million recognized in the company's interim
results for the period ended April 5, 2003.

Prior to the anticipated receipt of GBP5.4 million from the disposals
announced, the company's estimated net debt position as at October 4, 2003
is expected to be GBP44.5 million.  The proceeds of these disposals will be
used to reduce bank debt.

Susan Barratt, Chief Executive, said: "The disposal of these pubs is a
further step in our 'back to basics' strategy which has already seen
improved trading performance across the Group's Inns and Pubs divisions.
The management looks forward to reporting further progress to shareholders
at the time of the Company's preliminary results for the year to October 4,
2003 in early December."

CONTACT:  ELDRIDGE, POPE & CO., P.L.C.
          Phone: 01305 251 251
          Susan Barratt, Chief Executive

          COLLEGE HILL
          Phone: 020 7457 2020
          Justine Warren / Matthew Smallwood


LAURA ASHLEY: Exit from Continental Europe on Track
---------------------------------------------------
Laura Ashley issued this latest financial results, covering the 26 weeks to
July 26, 2003, recently.  These are the highlights:

(a) Strong performance from the U.K business

(b) U.K. like-for-like sales up 5%
    (1) U.K. Home like-for-like sales up 6%
    (2) U.K. Fashion like-for-like sales up 2%

(c) Exit from Continental Europe progressing on schedule.   Turnover GBP12.0
million (2002: GBP16.7 million)

(d) Group turnover GBP137.9 million (2002: GBP140 million)

(e) GBP1.0 million (2002: GBP0.2 million) loss before tax and exceptional
items, of which GBP700,000 directly attributable to Continental Europe

(f) Fundamental restructuring of the Fashion business

Ainum Mohd-Saaid, Joint Chief Executive Officer said: "We are seeing the
benefit of our multi-channel retail approach covering stores, mail order and
the Internet.  We are encouraged by the progress we are making in the U.K.
business and look forward to growth in both Fashion and Home Furnishings."

Rebecca Navarednam, Joint Chief Executive Officer, added: "2003 is a year of
progress for Laura Ashley as we continue to negotiate our exit from
Continental Europe, implement fundamental changes to our Fashion division
and stabilize the business."

To view full results and financials:
http://bankrupt.com/misc/LAURA_ASHLEY_Interim_Report.htm

CONTACT:  LAURA ASHLEY HOLDINGS PLC
          Phone: 020 7404 5959 (30 Sept)

          David Cook, Chief Financial Officer
          Phone: 020 7880 5100 (thereafter)
          Diana Bourne, Head of Public Relations

          BRUNSWICK
          Phone: 020 7404 5959
          Tom Buchanan
          Katya Reynier


MYTRAVEL GROUP: Sale of Loss-making Units to Cost GBP86 Mln
-----------------------------------------------------------
MyTravel Group plc announces the disposal of its loss-making business in
Germany and its smaller business in Poland.

In Germany, the Group sold Frosch Touristik GmbH (FTi) to RM3366, a
privately owned German company.  FTi also operates in Austria and
Switzerland.  In the year to September 30, 2002, this business made an
operating loss before goodwill and exceptional operating losses of GBP31.2
million on sales of GBP422.6 million and losses have continued in 2002/03.
In view of its record and the difficult trading environment, FTi was not
considered likely to make a positive contribution to the Group's turnaround.
At September 30, 2002, FTi had net liabilities of GBP30.0 million, funded
primarily by loans from the Group.  Since that date FTi has been
recapitalized by MyTravel (including through capitalizing the intragroup
loans) and it has been sold for a nominal consideration.

In Poland, the Group sold its two tour operators, Ving Sp z o.o. and Itaka
Sp z o.o., to a consortium including members of its management team.  There
was no material cash consideration for the sale.  The disposals will result
in an exceptional loss in the year to September 30, 2003 of GBP86 million.

In addition, the Civil Aviation Authority has confirmed that it will be
renewing the Group's Air Travel Organizers' Licenses with effect from
October 1, 2003.

CONTACT:  Brunswick
          Phone: 020 7404 5959
          Fiona Antcliffe
          Sophie Fitton


ROYAL MAIL: CEO Raps Union for Unnecessary Strike
-------------------------------------------------
Royal Mail on Monday apologized to customers in London whose mail deliveries
and collections were interrupted by strike action taken by some members of
the Communication Workers Union.

Chief Executive Adam Crozier said, "We're sorry that our customers are
having to pay the price for a strike which isn't necessary and from which no
one will benefit."

Despite the strike, virtually every branch opened for business with more
than 60% of people turning up for work, and all Parcelforce Worldwide
services were operating normally.  Strong picket lines in central London
kept all but one in twenty postmen and women away from work, but in outer
London one in ten postmen and women worked as usual.

More than 6,500 volunteers kept Royal Mail's Special Delivery service going
in the capital and maintained collections from business premises.

Mr. Crozier said the strike was unnecessary given the fair pay recently
offered the workers: "Postmen and women in London are already in line for
increases in basic pay of 14.5% over 18 months as well as immediate, no
conditions, increases in London Weighting of between 8.6% and 12.6%. That's
a great offer. It puts people in the top third of any London Weighting
league table."

"There is no more money to give.  We are investing GBP340 million a year in
this pay offer, plus a further GBP100 million a year in new pension
contributions.  That is the limit of what we can afford -- and a strike only
hits our service quality and loses us more money we can ill afford.   We've
already seen that fines will be imposed if we continue to miss our service
targets and performance in London is already lagging behind the rest of the
country," he added.

Postmen and women in inner London will earn GBP19,437 in basic pay after the
deal, before any shift allowances or overtime, up from GBP17,151 now.

Mr. Crozier said there was little appetite for a protracted dispute from the
majority of postmen and women.  "Only 40% of our people in London supported
the strike call in a ballot.  The majority -- just like in the rest of the
U.K. -- want to get on with changes and get hold of the pay rise they
deserve.  Strike action in London is delaying the progress on change and pay
that the rest of the country just wants to get on with."

CONTACT:  ROYAL MAIL
          148 Old Street
          LONDON
          EC1V 9HQ
          Homepage: http://www.royalmail.com


SAFEWAY PLC: Losing Bidders Want Ban on Future Buyout Shortened
---------------------------------------------------------------
J Sainsbury and Wal-Mart's Asda are expected to propose to the Office of
Fair Trading that the period of the ban on their buying all or part of
Safeway be reduced, according to the Telegraph.

The Competition Commission last week prevented the parties from proceeding
with the acquisition in favor of Wm Morrison.  It effectively blocked the
group from acquiring all or any part of Safeway, except for the 53 stores Wm
Morrison will be forced to sell if it buys Safeway.  The Competition
Commission, however, did not specify the span of the ban when it published
its report.

The Office of Fair Trading are thought to have given both J Sainsbury and
Asda draft undertakings, and negotiations are believed due to begin shortly.

According to the report, an OFT spokesman said: "As part of the negotiations
on undertakings, there will be a discussion on the duration of a ban."

Sainsbury is believed likely to ask whether it could buy Safeway's smaller
convenience stores some time in the future as Morrison could sell smaller
stores later in order to repay debts.  At the present time, Morrison is
planning to keep the smaller stores and trade it under the Safeway name.

The Office of Fair Trading wants to care of undertakings with blocked
bidders ahead of negotiations with Morrison in order to "minimize the risk
of a judicial review," a source close to the talks said, according to the
report.

Sainsbury has hired lawyers Linklaters for the negotiations; Asda has
employed Slaughter & May.


SOUTHFIELDS COACHWORKS: Appoints Joint Administrators
-----------------------------------------------------
Insolvency Rules 1986
Southfields Coachworks Limited
Registered number: 667954 in the Birmingham District Registry No 2792 of
2003

Nature of business: Manufacturers of Commercial Vehicle Bodies

Trade classification: 11

Administrator Appointment made: September 19, 2003

CONTACT:  RSM ROBSON RHODES LLP
          Centre City Tower
          7 Hill Street, Birmingham B5 4UU

          Gerald Smith and John Whitfield
          Joint Administrators


SPRINGWOOD PLC: Chairman Resigns to Keep Bankers' Confidence
------------------------------------------------------------
The results are disappointing, trading has been depressed throughout the
sector but we have also been hit by other factors.  However our core brand,
Zanzibar, continues to perform well, our margins are excellent.  We need to
resolve the issue of medium term funding to enable us to complete the
extensive redevelopment program and we are currently in discussion with the
bank to this end.  In order to maintain the continuing support of our
bankers I am retiring with immediate effect and will be replaced by Bill
Gore as Executive Chairman.

I take this opportunity of giving my assurance to the Directors that I will
give them my full support in effecting this management transition.

It is a condition of Bill Gore's appointment that he be given power of
attorney for a period of six months to exercise voting rights in relation to
my shareholding in the company and I accept this condition.

Adam Page
Executive Chairman


Financial Highlights

(a) Trading loss (before exceptional items) GBP0.7 million (2002: profit
GBP2.6 million)
(b) Turnover down by 5.5% to GBP14.1 million
(c) Operating profit/(loss) GBP(0.4) million
(d) Adjusted Loss Per share 6.8p

Trading Highlights

(a) Continuing good performance from the Zanzibar brand
(b) Refurbished clubs in Nottingham and Manchester now reopened
(c) Margins at 82%
(d) 12 Clubs held for development in 2004
(e) Disposal program of closed and under performing venues in progress
(f) Planned reduction in overhead costs achieved in past 6 months
(g) Good prospects following further redevelopments

To view full result and financials:
http://bankrupt.com/misc/Springwood_plc_Interim_Report.htm

CONTACT:  SPRINGWOOD PLC
          Bill Gore, Executive Chairman
          Phone: 0116 234 2700

          Steven Mugglestone, Finance Director
          Phone: 0116 234 2700


SPRINGWOOD PLC: Names Restructuring Expert Chairman
---------------------------------------------------
Springwood announces the appointment of William Hornby Gore (aged 58) as an
Executive Chairman with immediate effect.  Mr. Gore is an experienced
company doctor with over 16 years in reorganizations of companies and is a
founding partner in the Rosewood Partnership, a specialist turnaround and
advisory and investment company.

In accordance with paragraph F of Schedule 2 of the AIM Rules Mr. Gore's
past and present Directorships over the past five years are:


Current                           Previous
Directorships                     Directorships

Assured Communications            Bousfield Holdings Limited
Group Limited

Cartel International Limited      Bousfield Properties Limited

The Children's Legal              Bousfield (No 2) Limited
Centre Limited

Crane Fruehauf Limited            Bousfield Limited

Cranes Trailers Limited           Bousfield Coatings Limited

Deanur Limited                    Bousfield Graphics Supplies
                                   Limited

Fruehauf Holdings Limited         Bousfield Trading Group
                                   Limited

Fruehauf Limited                  Cafe Saint-Honore Limited

Fruehauf Parts & Services Limited Cartel Holdings Limited

Fruehauf Properties Limited        DMWS 369 Limited

Fruehauf Trailers Limited          DMWS 537 Limited

General Trailers                   Donside ESOP Trustee Limited
United Kingdom Limited

Guide Flyfishing Limited           F.C. Heaton Limited

The Kirkliston Property            Hamsard 2504 Limited
Company Limited

Runway Properties Limited          Heaton Electronics
                                    Imaging Limited

Scotmalt Trading Limited
Society of Turnaround Professionals
Venture One (IP) Limited
VFG Hire Limited
VFG Holdings Limited
VFG Trustee Limited

Springwood confirms that no other details are required to be disclosed under
paragraph F of Schedule 2 of the AIM Rules with respect to Mr. Gore, except
that:

He was a director of The Donside Paper Company Limited, a Scottish based
paper company, which went into receivership in 1999, resulting in a
deficiency to creditors of GBP10 million.

He is a director of SM Reorganization 2003 Limited, a company established to
reorganize Scotmalt Limited, a malt extract manufacturing company, which
went into liquidation in July 2003, resulting in a full settlement of all
creditors.

He was a director of Oakstead Holdings Limited, a distressed petrol retail
company, which went into receivership in September 1997, resulting in a
small shortfall to creditors.


STIRLING COOKE: Creditors Meeting Set October 14
------------------------------------------------
Notice is hereby given that a Meeting of Creditors of Stirling Cooke Brown
Insurance Brokers Limited (formerly Stirling Cooke Insurance Brokers
Limited, Stirling Insurance Brokers Limited) (In Administration) will be
held at PricewaterhouseCoopers LLP, 1 Embankment Place, London WC2N 6RH on
October 14, 2003 at 2 p.m. to consider our proposals under s23(1) of the
Insolvency Act 1986 and to consider establishing a creditors' committee.

A proxy form should be completed and sent to us at PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT by the date of the meeting if you
cannot attend the meeting and wish to be represented.  In order to be
entitled to vote at the meeting you must give to us, not later than 12.00
hours on the business day before the day fixed for the meeting, details in
writing of your claim.

CONTACT:  Paul Anthony Brereton Evans
          Dan Yoram Schwarzmann
          Joint Administrators


* Latest S&P Study Explains Varying Ratings on European Debt
------------------------------------------------------------
In a report, Standard & Poor's Ratings Services outlines how the conditions
for originating and rating corporate securitizations in Europe are affected
by a jurisdiction's treatment of insolvency.

"The secured debt structure of most corporate securitizations requires
Standard & Poor's to rate the transaction through insolvency," said Dominic
Crawley, vice president at Standard & Poor's Credit Market Services group in
London.  "As a result, the effect of insolvency legislation on the
transaction structure and the structure's ability to withstand challenges
from the courts before and during any insolvency proceedings are key rating
considerations."

Mr. Crawley explained that the relative rights of secured and unsecured
creditors are greatly influenced by the insolvency regimes of individual
European countries, together with their respective security and contract law
structures.

"For corporate securitizations, in particular, these factors determine the
level of protection that secured debtholders enjoy in an insolvency
scenario," he said.  "They are also important in determining debt tranche
sizing and the level of ratings that can be assigned to these debt
tranches."

The report details the levels of protection provided to secured creditors,
which differ widely among European countries.

"The U.K. is at one end of the spectrum while France is at the other,"
stated Mr. Crawley.  "Generally, there is a trend toward new legislation
that will support corporate rehabilitation and the interests of all
creditors over the sole interests of secured creditors.  This is certainly
the case with EU regulations and the new laws that are soon to take effect
in Spain and Italy."

The report, entitled "Bridging the Insolvency Gap in European Corporate
Securitization," was published Sept. 29, 2003 and is available to
subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. Alternatively, call one of
Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33)
1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or
Moscow (7) 095-783-4017.  Members of the media may contact the Press Office
Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com

This article forms part of a collection to be published in a credit survey
for Standard & Poor's Corporate Securitization Seminar in London on Oct. 21,
2003.

ANALYST E-MAIL ADDRESSES

dominic_crawley@standardandpoors.com

CorporateFinanceEurope@standardandpoors.com

StructuredFinanceEurope@standardandpoors.com

CONTACTS:  STANDARD & POOR'S
           Dominic Crawley, London
           Phone: (44) 20-7826-3784


                            *********


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.,
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Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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